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The Economic Times
The Economic Times IBBI proposes new liquidation mechanism to boost recovery
Stressed assets undergoing liquidation under insolvency laws will now be listed and auctioned on the eBKray platform, run by PSB Alliance. This move, facilitated by IBBI and Indian Banks' Association, aims to maximize recovery for creditors by improving transparency and making asset details continuously available to the public.
The Economic Times LG Electronic India FY24 revenue rises 7.5% to Rs 21,352 cr, profit grows 12.3% to Rs 1,511 cr
LG Electronics India saw a 12.35% increase in profit, reaching Rs 1,511.1 crore for FY24. Revenues rose by 7.48% to Rs 21,352 crore. The home appliances and air solution division drove most of the revenue, totaling Rs 15,681.1 crore. The company also reported decreased advertisement expenses and increased sales promotion.
The Economic Times Reliance plays catch-up to ride India quick commerce wave
Mukesh Ambani's Reliance is venturing into quick commerce with a 10-30 minute delivery target. Leveraging its vast supermarket network, Reliance plans to challenge players like Swiggy and Zepto. The move aims to adapt to changing shopping trends and bolster its business ahead of an IPO. The service is already available in selected cities and will expand further.
The Economic Times CCI clears Temasek, Apax Partners additional stake buy in Thoughtworks
Global private equity advisory firm Apax Partners (AP Funds) through its special purpose vehicle Tasmania Midco LLC is acquiring a stake in Thoughtworks. The London-headquartered firm has raised and advised funds with aggregate commitments of almost USD 80 billion.
The Economic Times GST returns to become time-barred after 3 years from early 2025
Starting early 2025, GST Network will prohibit filing of monthly and annual GST returns beyond three years from the original due date. Businesses need to reconcile and file outstanding returns promptly to avoid compliance issues and penalties, as the new rule aims to enhance timely compliance and data reliability.
The Economic Times India fastest growing major economy, likely to become third largest soon: President Murmu
The Indian government has an investor-friendly policy, where most sectors are open for 100 per cent FDI (foreign direct investment) under the automatic route, she said.
The Economic Times Incremental work from top clients is a bigger deal for IT
Top IT firms saw their top clients’ contribution to their total revenue jumping in the second quarter. HCLTech’s top 20 clients that contributed 27.3% of its revenue in Q2 of last fiscal, are now contributing 350 bps (100 basis points is 1%) more currently (at 30.8%).
The Economic Times Swiggy IPO: How does its valuation compare with Zomato?
Swiggy’s IPO, set to be open between November 6 and 8, aims for a notable jump from its $10.7 billion valuation in 2022.
The Economic Times Amazon India wholesale arm posts revenue of Rs 3,577 crore in FY24, trims loss by 44%
Amazon Wholesale, the ecommerce giant’s wholesale unit narrowed its net loss by 44% to Rs 342 crore in FY24 from Rs 616 crore the previous year, according to regulatory filings sourced from business intelligence platform Tofler.
The Economic Times FMCG, auto companies step up ad spends to revive demand
Consumer and automobile companies like Nestle, Colgate-Palmolive, Godrej Consumer Products, and major carmakers are significantly increasing advertising and marketing expenditures to boost demand amid urban demand stress and softening consumer sentiments. These efforts are aimed at leveraging the festive season and mitigating local competition.
The Economic Times Cipla Q2 hit by seasonal chill, but investors need not worry
Cipla's September-quarter performance saw a 5.6% increase in consolidated net sales and a 15% rise in net profit despite slow seasonal growth in the anti-infectives category. The company expects a resurgence in growth due to seasonal respiratory illnesses and plans to address supply challenges and facility remediations in upcoming quarters.
The Economic Times Musk’s xAI seeks $40 billion valuation in new funding round
The funding discussions are early, said the person, who asked not to be identified discussing private information, and the details could still change or the talks could fall apart.
The Economic Times India Inc wants employees to have a blast this Diwali
Firms like Vedanta, Ecom Express, PepsiCo, CashKaro, Titan Company, JSW MG Motor, Luminous Power, Thomas Cook, SOTC, Zopper, and Vantage Circle are doing all they can to engage employees and keep festive spirits up this Diwali.
The Economic Times High Court quashes GST demands on seconded employees of foreign firms; experts say gives clarity on liability
According to experts, this judgment is a substantial relief for businesses navigating the complexities of GST compliance, particularly in the wake of the Supreme Court's judgment in the Northern Operating System case. The clarity provided by this ruling is expected to encourage smoother operations for domestic entities engaged with foreign partners.
The Economic Times Gold taxation: Income tax laws for capital gains on gold have changed, know the new rules
New gold taxation rules: Capital gains tax rules on gold have changed from July 23, 2024. However, the new rules are applicable to physical gold and gold jewellery and not to gold mutual funds and gold ETFs. Know the new income tax rules for taxation of gold before buying or investing this Diwali.
