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The Economic Times
The Economic Times RBI looks to soften blow of tighter infrastructure funding rules
RBI is considering a phased approach to increasing provisioning for project financing to ease the impact on lenders and protect profitability. Projects nearing completion may receive some leniency. Despite pushback from lenders and the finance ministry, the RBI is committed to raising provisions to address risks in a sector known for delays, while avoiding cost escalations that could jeopardize project viability.
The Economic Times HUL slapped with Rs 962 crore tax notice over TDS dispute in Rs 3,045 crore GlaxoSmithKline deal
Hindustan Unilever has received a tax demand of Rs 962.75 crore from the Income Tax Department over non-deduction of TDS for acquiring intellectual property rights from GlaxoSmithKline. The company intends to appeal the order and claims it has a right to recover the tax from relevant parties.
The Economic Times Regulators, ICAI agree to align key a/c standard
​Institute of Chartered Accountants of India (ICAI) also agreed to revise the Standard on Quality Management (SQM), a mechanism for quality management for audits or reviews of financial statements, where public consultations have been completed. ICAI will now share the paper with NFRA for further action.
The Economic Times Chauffeur to India Inc, Ecos Offers Growth Ride in Mobility
The company has access to over 12,500 vehicles, ranging from economy to luxury cars, but only 6% of the fleet is owned by the company. This asset-light business model supports a high return on equity (RoE). The growing share of the organised market for employee transportation services driven by the expansion of global capability centres (GCCs) augurs well for the company. Given these factors, investors may consider the IPO.
The Economic Times Ministers panel on GST reviews rates of several categories
The GoM on GST rate rationalisation deferred reworking slabs but reviewed rates in the 12% and 18% categories. Focus areas include health insurance, restaurants, and some food products. Despite strong lobbying, no changes were made to the 28% levy on online gaming. Further rate changes are expected after discussions at the GST Council meeting on Sept 9.
The Economic Times Apple appoints Kevan Parekh as new CFO, succeeding Luca Maestri effective January 1
Apple Inc. has appointed Kevan Parekh, an experienced finance executive, as its new CFO, succeeding Luca Maestri. Parekh, currently VP of Financial Planning, will start in January 2025.
The Economic Times Retail CFOs say inventory agility, consumer insight, and risk management key to success
With consumer preferences shifting rapidly, leading CFOs have stressed on efficient stock rotation, leveraging real-time data, and proactive risk assessment.
The Economic Times Raymond, V Mart CFOs see big opportunity for Indian Textile Industry in Bangladesh crisis
Raymond CFO Amit Agarwal says the company is already seeing interest from global brands which previously relied on Bangladesh, and while it's early days, the potential for business growth was substantial.
The Economic Times Gale Pacific appoints Arjun Bagawandas as Interim CFO
Gale Pacific has announced the appointment of Arjun Bagawandas as the Interim Chief Financial Officer, following the retirement of Sheryl Smith, effective 13 September 2024.
The Economic Times Jio Financial Services gets nod to raise foreign investment limit to 49%
Jio Financial Services Ltd has been granted approval to raise its foreign investment limit to 49%. Foreign investors currently hold 17.55% of the company's shares. The company's net profit fell 6% in the first quarter ending June. Jio Financial introduced new services such as mutual fund loans and auto insurance in July.
The Economic Times Supreme Court to see if Black Money Act can be used retrospectively
The Supreme Court decided to examine the retrospective application of a provision in the Black Money Act, 2015, permitting criminal prosecution for offences before the law was enacted. The SC put on hold a Karnataka High Court ruling that found such retroactivity unconstitutional. The tax department contended the HC judgment would weaken the Act's effectiveness.
The Economic Times GenAI will ensure strong hiring growth: Infosys CEO Parekh
Infosys CEO Salil Parekh discussed the company's current challenges and future prospects amid slow revenue growth and a competitive landscape. He highlighted the potential of generative AI to drive new projects and efficiencies. Parekh also addressed past investment decisions, current AI initiatives, and partnerships with global capability centres, emphasizing Infosys's strong tech capabilities and future goals.
The Economic Times Anil Ambani reviewing Sebi order, to take appropriate steps: Statement
Businessman Anil Ambani is reviewing a Sebi order imposing a fine and banning him from capital markets for five years in an alleged fund diversion case and will take appropriate next steps as legally advised, his spokesperson said in a statement on Sunday.
The Economic Times Auto Inc seeks policy boost for faster transition to green vehicles
India's adoption of electric and hybrid vehicles is significantly lower than China's, with EV penetration at 2.5% compared to China's 49%. Experts recommend incentivising plug-in hybrid electric vehicles (PHEVs) to address economic and infrastructural barriers. Major automakers support this strategy as a vital step towards promoting cleaner mobility solutions.
The Economic Times Plan in works to put FPI & FDI rules on equal footing
Currently, an FPI or an investor group can hold only up to 10% equity in a listed company. More than 10% is allowed through FDI. The fungibility would allow individuals the freedom to freely manage investments. Even portfolio investors can pick up more than 10% stake in a company. Foreign investment is classified under different buckets and faces different regulations, said the official cited above.
