Corporate tax collections climb 34% till July

India’s corporate tax collections this year have grown by a ‘robust’ 34% by July 31, compared with a year earlier, the Income Tax Department said on Friday, without sharing the exact tax revenues during the period. Noting that the simplified tax regime with low rates and no exemptions had lived up to its promise, the […]

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India Cements Q1 net doubles to ₹76 crore

The India Cements Ltd. reported standalone net profit for the first quarter more than doubled to ₹76 crore over the year-earlier period. Revenue from operations rose by 41% to ₹1,446 crore and total expenditure by 57% to ₹1,526 crore. Total comprehensive income more than doubled to ₹80 crore, the company said in a filing. “The […]

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ADIA arm to pick up 10% stake in Aditya Birla Health Insurance

A  wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA) has agreed to picked up 9.99% stake in Aditya Birla Health Insurance Co. Ltd. (ABHI) for ₹665 crore. The boards of Aditya Birla Capital Ltd. (ABCL) and ABHI have approved the proposal. The investment is subject to regulatory and other statutory approvals. ABHI is a 51:49 joint venture between […]

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LIC Q1 Q1 net profit surges to ₹683 crore

Life Insurance Corporation of India (LIC) Ltd. reported standalone first-quarter net profit surged to ₹682.88 from ₹2.94 crore in the year-earlier period. Total premium income rose 20.35% to ₹98,351.77 crore. LIC said marketing activity picked up pace and the overall business momentum was strong. The market share of the first year premium Income stood at […]

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Automobile dispatches to dealers jumped 10.6% on easing chip supply: SIAM

Automobile dispatches to dealers jumped 10.6% in 17,06,545 units in July, aided by increased production following improved semiconductor availability. However, the markets for entry-level passenger cars, two-wheelers and three-wheelers are yet to recover, ahead of the festive season, according to the Society of Indian Automobile Manufacturers (SIAM). “In July 2022, sales in the passenger vehicle […]

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Retail inflation slips below 7% for first time since April

India’s retail inflation slipped below the 7% mark for the first time since April, easing to 6.71% in July from 7.01% in June. This is the seventh month in a row that the pace of price rise has been over the upper tolerance limit of 6% pursued by the central bank’s monetary policy committee. Rural […]

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No GST on residential premises if rented out for personal use, says government

In a tweet, the government said GST would be levied only when the residential unit is rented out to a business entity In a tweet, the government said GST would be levied only when the residential unit is rented out to a business entity The government on August 12, 2022 said GST will not be […]

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Sensex drops 155 points in early trade

The broader NSE Nifty slipped 37.25 points,. The broader NSE Nifty slipped 37.25 points,. Equity benchmark Sensex fell 155 points in early trade on Friday, August 12, 2022, tracking losses in index-heavyweights TCS, Infosys and Maruti amid a mixed trend in global markets. The 30-share BSE index was trading 155.21 points or 0.26 per cent […]

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Harmony and Nomad crypto bridge hacks show where blockchains are weak

Crypto hackers have stolen assets worth around $1.2 billion from bridges in this year alone Crypto hackers have stolen assets worth around $1.2 billion from bridges in this year alone Another day, another hack – and another blockchain bridge burned. When thieves stole an estimated $190 million from U.S. crypto firm Nomad last week, it […]

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