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Friday, 27 December 2024

27 December 2024 News

27th December 2K24

πŸ“ India's coal-power plant growth holds near five-year high at 4 GW in 2024
πŸ“ CCI to intervene selectively, considering sector-specific dynamics
πŸ“ China revises up 2023 GDP by 2.7%, sees little impact on 2024 growth
πŸ“ IPO mop up could top Rs 2 trillion in 2025: ibanking firm Pantomath
πŸ“ Mangal Electrical Industries files draft papers for Rs 450 cr IPO
πŸ“ Healthcare sector in India to reach $320 billion by 2028, says report
πŸ“ Russian bank VTB says on track for record profit of $5.5 billion in 2024
πŸ“ Goldman Sachs eyes majority stake in Multiples PE-backed PeopleStrong
πŸ“ L&T eyes 20% growth in construction, mining machinery biz in FY26
πŸ“ Exporters ask for Rs 750 cr to target US market amid China's tariff woes
πŸ“ Branded hotels to log 13-14% growth in FY25 on demand surge: CRISIL report
πŸ“ India to drive global oil demand growth till 2035: IEA Report
πŸ“ Akums Group inks pact worth 200 million euros for European market
πŸ“ Expect economy to grow at around 6.5 per cent in FY25; outlook appears bright: FinMin review
πŸ“ India initiates anti-dumping probe into LNG fuel tanks imports from China
πŸ“ India's share in global trade doubled since 2005, comparatively moderated in last 10 years: Report
πŸ“ Despite strong volatility 35 lakh new investors joined the stock market in November: NSE Report
πŸ“ Mankind Pharma partners with Innovent to aid cancer treatment in India
πŸ“ Delhi HC seeks Patanjali stand on Dabur's plea over disparaging ad
πŸ“ Steelmakers may cut down on Capex amid price slump
πŸ“ PayU’s chief investment officer Vijay Agicha quits
πŸ“ Acme Solar Holdings secures Rs 1,988 cr loan from PFC to develop 300 MW hybrid project
πŸ“ Housing sales volume falls 4 pc in 2024 in top 7 cities; value up 16 pc to ₹5.68 lakh cr: Anarock
πŸ“ Sumitomo Mitsui infuses ₹3,000 cr in Indian subsidiary SMFG via rights issue
πŸ“ Indian banks' balance sheets stay robust, bad loans decline more, central bank report says
πŸ“ UP entity illegally using out tradename; ED action not against us: Kalpataru Group
πŸ“ Haier set to cross a billion revenue mark in 2024, aims ₹11,500 cr next year
πŸ“ Mutual fund asset size spikes 40% in a year, individuals own lion's share
πŸ“ Turkey Lowers Main Rate to 47.5% in First Cut Since 2023
πŸ“ Mining and steel firms in a limbo on tax uncertainty and weak prices
πŸ“ Airtel outage reported, users say mobile internet, broadband services down
πŸ“ Sri Lotus Developers and Realty files DRHP with SEBI to raise ₹792 cr via IPO
πŸ“ Redington looks at software, cloud for transformation play.
πŸ“ Nation stands still, mourns Dr Manmohan Singh
πŸ“ NCLT admits insolvency plea against Hero Electric
πŸ“ Banks told to integrate compliance systems with RBI's Daksh platform
πŸ“ Peak XV Partners sells 1.5 pc stake in MobiKwik for Rs 82 cr
πŸ“ Toll mopup may top Rs 70,000 cr in 2024
πŸ“ Tata AIA achieves 99.13% claim settlement ratio in FY 2023-24
πŸ“ Four infrastructure majors bid for TOT Bundle 15
πŸ“ Jubilant Foods signs MoU with Coca-Cola for purchase of beverages & food products
πŸ“ Gensol Engineering bags Rs 897 crore solar project contract from NTPC REL
πŸ“ IPO mop up could top Rs 2 trillion in 2025: ibanking firm Pantomath
πŸ“ Akums Group signs 200 million euro deal for European market expansion
πŸ“ L&T eyes 20% growth in construction, mining machinery biz in FY26
πŸ“ India eyes $25 billion export opportunity in US amid China tariff dispute
πŸ“ Over 600k loans worth Rs 27,000 cr disbursed on ULI platform: RBI report
πŸ“ Rupee falls to new low of 85.27 as importers stock up dollar at month end
πŸ“ RBI sets up 8-member panel to develop framework for ethical use of AI
πŸ“ Bank frauds jump to Rs 21,367 crore in first half of FY25, shows RBI data
πŸ“ IndusInd Bank seeks to offload Rs 1,573 crore of microfinance loans
πŸ“ Mangal Electrical Industries files draft papers for Rs 450 cr IPO
πŸ“ India third-best performing major market in 2024, domestic mcap soars 18.4%
πŸ“ NPA cases referred for resolution, amount involved drop in 2023-24
πŸ“ Small ticket transactions drag avg retail payments value by 48% in 3 years
πŸ“ CSR spending by CPSEs surge 19% to Rs 4,911 cr, reaches 4-year high in FY24
πŸ“ Govt imposes import restrictions on low ash metallurgical coke for 6 months
πŸ“ NBFCs maintain double-digit credit growth in FY24: RBI report
πŸ“ Reliance Power arm gets interim relief from HC against SECI order
πŸ“ Experts want PDS out of new inflation series
πŸ“ EatSure becomes first platform to launch multi-restaurant ordering
πŸ“ ACME Solar secures Rs 1998 crore financing from Power Finance Corporation
πŸ“ New York to fine fossil fuel companies $75 billion under new climate law
πŸ“ Government issues rules, regulations under Post Office Act
πŸ“ Govt focuses on traditional crops to enhance climate-resilient agriculture
πŸ“ Oil spikes 1% in holiday-thinned session over China stimulus; Brent hits $74
πŸ“ RBL Bank divests entire 8.16% stake via OFS in DAM Capital after IPO for ₹163
πŸ“ Sri Lotus Developers and Realty files DRHP with SEBI to raise ₹792 cr via IPO
πŸ“ Haier set to cross a billion revenue mark in 2024, aims ₹11,500 cr next year
πŸ“ Sumitomo Mitsui infuses ₹3,000 cr in Indian subsidiary SMFG via rights issue.

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Tuesday, 24 December 2024

24 December 2024 News and updates

24th December 2K24

πŸ“ India's emergency crude stockpile management firm ISPRL looks to trade part of stored oil
πŸ“ Pakistan plans to acquire 40 planes of China's latest stealth fighter J-35: Report
πŸ“ US FDA restricts imports of some Viatris products made in India
πŸ“ Apple approaches $4 trillion valuation as investors bet on AI momentum
πŸ“ PNB issues Rs 3,000 crore worth of bonds to 14 allottees
πŸ“ Chhattisgarh secures Rs 15,184 crore investment proposals
πŸ“ Retail inflation for farm, rural workers eases in November
πŸ“ Claims ratio of non-life insurers dips to 82.52% in FY24: Irdai report
πŸ“ Reliance Retail starts test launch of Shein labels on Ajio platform
πŸ“ TIL to invest Rs 20,000 cr to develop Vadhvan Port
πŸ“ European investment firm 360 Capital raises 140 million euros for climate tech fund
πŸ“ Wealthtech platform Univest raises $10 million in Series A round from Bertelsmann India
πŸ“ Chip startup Mindgrove Technologies secures $8 million in funding
πŸ“ Oyo completes G6 Hospitality acquisition from Blackstone Real Estate for $525 million
πŸ“ Tariff impact: Reliance Jio loses 3.76 million users in October 2024
πŸ“ Razorpay announces ESOPs of Rs 1 lakh each for over 3,000 employees
πŸ“ EPACK Prefab raises $20 mn in first funding round from GEF Capital Partners
πŸ“ Waaree Energies board approves Rs 850 cr investment in energy facilities
πŸ“ Rupee remains under pressure, touches new low of 85.12 per dollar
πŸ“ Over Rs 20k cr of unclaimed amounts lie with life insurers at end of FY24
πŸ“ New listings through IPOs add 3% to India's market capitalisation in 2024
πŸ“ IITs report rise in job offers, international placements in Phase-1
πŸ“ Centre mulls adding more Centres of Excellence for rare disease patients
πŸ“ Adani Defence acquires 86% shareholding in MRO firm Air Works at Rs 400 cr
πŸ“ Seed funding hits a 4-year low despite modest recovery in startup investments
πŸ“ PM Modi to seek ideas for sustaining growth amid global uncertainties
πŸ“ Govt may peg FY26 fiscal deficit lower than 4.5% of GDP: Finance Ministry
πŸ“ ReNew sells 300 MW solar asset in Rajasthan
πŸ“ Simplilearn cuts losses by 56 per cent on marginal revenue growth in FY24
πŸ“ OYO completes $525 million acquisition of G6 Hospitality from Blackstone
πŸ“ TPG in talks to acquire solar firm Altus Power, sources say
πŸ“ EPFO extends deadline for UAN activation, seeding of bank account to Jan 15
πŸ“ US New-Home Sales Rebound in November After Storm-Stricken Month
πŸ“ Karnataka approves ₹9,823.31 crore worth of industrial projects
πŸ“ ICAI expects to finalise int'l networking guidelines for CA firms this fiscal
πŸ“ Sebi to auction 28 properties of 5 companies next month.

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Monday, 23 December 2024

23 December 2024 News and Updates

23rd December 2K24

πŸ“ Hotel room rates set to rise in 2025, driven by strong demand growth
πŸ“ Nepal earns Rs 815 cr from electricity export to India in 5 months of FY25
πŸ“ Over-reliance on imports hampers India's edible oil self-sufficiency plan
πŸ“ Unsafe factories: A roadblock to India's manufacturing hub aspirations
πŸ“ GST Council paves way for CGST Act amendments during Budget session
πŸ“ Sterling and Wilson bags Rs 1,200 crore solar EPC order in Gujarat
πŸ“ Amazon, Flipkart plan to invest $1 bn each to catch up in qcom market
πŸ“ GST Council defers key decisions, tackles complexity of tax system
πŸ“ Titan's Taneira looks to expand market share with focus on metro cities
πŸ“ Healthcare, pharma sectors raise Rs 14,811 crore via IPOs in 2024
πŸ“ NPPA sets retail prices for 65 drugs, revises ceiling for 20 formulations
πŸ“ India, Kuwait sign four MoUs to strengthen cultural, defence cooperation
πŸ“ Number of "active" companies in India climbs 54% in just five years
πŸ“ I2U2 & IMEEC chart new course for global economic cooperation: Experts
πŸ“ Punjab presents slew of demands to boost infra at pre-budget meeting with Sitharaman
πŸ“ India has potential to be key sustainable aviation fuel producer, says IATA official
πŸ“ VOC Port earmarks Rs 41,860 cr to position itself as Green Hydrogen hub of India
πŸ“ Akasa Air expects to add a few more planes this fiscal
πŸ“ India signs $350 million loan agreement with ADB to expand manufacturing sector
πŸ“ Starbucks 'fully committed' to Indian market, says India JV Tata Starbucks
πŸ“ Good opportunity in chip fabrication in India; in talks with manufacturers for lithography machines: Canon
πŸ“ Govt to infuse ₹500 cr in IFCI to improve its financial health
πŸ“ UP govt to launch new export policy to increase its share to 7.5%
πŸ“ Crackdown on Private Equity in Health Care Flops in State Houses
πŸ“ BSNL Launches FREE Intranet TV for Mobile in Puducherry
πŸ“ CII seeks reforms in India's priority sector lending framework
πŸ“ IOC probes allegation of US firm bribing its officers
πŸ“ Leather exports likely to grow by over 12 pc to USD 5.3 bn this fiscal: CLE
πŸ“ Over 2,600 corporates labeled wilful defaulters, owe ₹1.96 lakh crore: RBI
πŸ“ India’s apex auto testing body looks to accelerate to the green lane
πŸ“ China Property Flare-Ups Resurface as Crisis Enters Fifth Year.
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πŸ”Ή Key Decisions Announced by FM

Following the 55th GST Council Meeting, FM Nirmala Sitharaman shared key decisions. Here's a quick summary:

🍚 Fortified Rice Kernels: GST reduced to 5%.

πŸ’‰ Gene Therapy: Fully exempted from GST.

πŸš€ Surface-to-Air Missiles: IGST exemption extended.

πŸ“¦ Compensation Cess: Reduced to 0.1% on supplies to merchant exporters.

πŸ—️ AAC Blocks: 12% GST for blocks with 50% fly ash.

🌢️ Black Pepper & Raisins: No GST when supplied by agriculturalists.

πŸ“ GST Registration Simplification: Concept note approved to ease GST registration for small companies.

πŸ” Food Deliveries: No decision yet on GST; no speculation encouraged.

🏒 Floor Space Index: No decision yet; it's under review for its impact on state revenues.

✈️ ATF under GST: No change; no GoM appointed.

πŸ›‘️ Insurance: Decision deferred due to pending input from insurance regulators. 
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πŸ‘‰πŸ»SEBI sets new benchmarks with comprehensive norms for Secretarial Auditors.
(With this SEBI move, the entire process of obtaining shareholders’ nod for appointment as Secretarial Auditor at an annual general meeting will be on a par with statutory financial auditors)
πŸ‘‡πŸ» πŸ‘‡πŸ» πŸ‘‡πŸ»
https://shorturl.at/SGaBU
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πŸ“² Download my Android app "Updates by CARJ" πŸ“š to stay connected with latest news and updates πŸ“

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Friday, 20 December 2024

20 December 2024 News

20th December 2K24

πŸ“ Commerce ministry may face possible repeat of 2011 trade data error
πŸ“ Zepto elevates Zepto Cafe's business head Shashank Shekhar Sharma as CXO
πŸ“ Bharti Airtel clears 2016 spectrum liabilities by paying Rs 3,626 crore
πŸ“ Air India orders 34 trainer craft for cadet pilots at planned flying school
πŸ“ India's tech funding grows 6%, number of deals falls 31.5% to 1,448 in 2024
πŸ“ NTPC plans to set up nuclear power project in Bihar, says CMD Gurdeep Singh
πŸ“ Coal-based power generation up 3.87% in Apr-Oct, coal imports drop 3%: Govt
πŸ“ IOC to invest over Rs 21,000 cr in Bihar refinery expansion, gas projects
πŸ“ BoE to hold key rate despite slow economic growth, high inflation
πŸ“ Adani Energy Solutions incorporates wholly owned subsidiary AESSTL
πŸ“ Road InvIT AUM to rise 68% to Rs 3.2 trillion by Mar 2026: CRISIL Ratings

*Economic Times*

πŸ“ Increasing tax on EVs will make it difficult for electrification journey: Kia India MD & CEO
πŸ“ Euro zone bond yields jump after Fed cuts but signals caution
πŸ“ Zetwerk logs 25% rise in FY24 operating revenue; loss triples to Rs 470 crore
πŸ“ Anand Mahindra praises Gwalior student's innovative 'drone-copter'; viral video stuns the internet
πŸ“ New Zealand enters recession, economy sees worst downturn since 1991, currency hits new low
πŸ“ Accenture Q1 Results: Co posts $17.7 billion in revenue, beats estimates
πŸ“ India's job market projected to grow 9 pc in 2025 led by IT, retail, telecom, BFSI sectors: Report
πŸ“ Property prices at Dwarka Expressway increases by 29% in 2024
πŸ“ Laxmi India Finance files DRHP with Sebi for IPO
πŸ“ Somany Ceramic’s balance sheet focus may drive 32% upside: Nuvama
πŸ“ Italy's FILA raises $95 million from sale of shares in Indian unit DOMS
πŸ“ Norway Keeps Rate Steady and Signals First Cut in March 
πŸ“ Increasing tax on EVs will make it difficult for electrification journeys: Kia India MD & CEO 
πŸ“ No impact of Swiss withdrawal of MFN status to India: Nestle India 
πŸ“ Investors’ wealth erodes by ₹9.65 lakh cr in four days of market sell-off 
πŸ“ Airtel pays off ₹3,626 crore spectrum dues to Telecom Dept. for purchases in 2016 
πŸ“ Nippon-US steel executives are running out of time to save $14 billion deal 
πŸ“ Google releases second developer preview of Android 16
πŸ“ TVS Credit to make a bid for Avendus Capital 
πŸ“ UK PM Keir Starmer hosts Indian business chiefs to boost investments
πŸ“ Delhi High Court denies tax plea against Western Union
πŸ“ Micromax, Phison Electronics form JV to develop storage chips
πŸ“ Realtors get notices questioning ₹3,500 cr input tax credit claims
πŸ“ Centre proposes bill to ban unregulated lending
πŸ“ IndiGo parent pledges $43 mn loan to IFSC arm for aircraft buys
πŸ“ Balaji Telefilms to raise Rs 131 crore via preferential share allotment
πŸ“ Senores Pharmaceuticals collects Rs 261 cr from anchor investors
πŸ“ Accenture Q1 Results: Co posts $17.7 billion in revenue, beats estimates
πŸ“ Healthtech startup Confido Health raises $3 million in round led by Together Fund
πŸ“ Quantum AI startup SandboxAQ valued at $5.3 billion after $300 million fundraising
πŸ“ Fintech startup Curie Money raises $1.2 million from India Quotient, others
πŸ“ Rupee slides past 85 vs $ to hit new low after hawkish US Fed outlook
πŸ“ Bharti Airtel clears all dues for 2016 spectrum, prepays Rs 3,626 crore
πŸ“ Kia India aims for 20% sales growth in 2025 driven by new launches
πŸ“ Zetwerk records Rs 17,564 cr GMV in 2023-24, valuation at $3.1 billion
πŸ“ BluJ Aero, Blade India sign deal for sustainable regional aviation
πŸ“ Air India orders 34 trainer craft for cadet pilots at planned flying school
πŸ“ JSW Infra plans 400 mtpa cargo handling capacity, Rs 30K cr capex by FY30
πŸ“ Commerce dept plans mega global meet to boost exports in six product areas
πŸ“ Sebi introduces new measures to curb misleading investment return claims
πŸ“ India's tech funding grows 6%, number of deals falls 31.5% to 1,448 in 2024
πŸ“ India prepares for possible trade talks with US after Trump takes office
πŸ“ Serum to make chikungunya vaccine in India
πŸ“ Curb subsidies to build critical infrastructure, RBI tells states
πŸ“ IPO-bound Rebel Foods raises funds from KKR
πŸ“ After Dubai, FedEx explores setting up regional ‘Air Hub’ in India
πŸ“ Roads assets in InVITs to surge 70 per cent to touch Rs 3.2 lakh crore in FY26
πŸ“ Stove Kraft enters into partnership with IKEA to develop, supply cookware to be sold through IKEA’S network
πŸ“ Ventive Hospitality raises ₹719.5 cr via anchor investors ahead of IPO
πŸ“ Ajmera bets on acquisitions, JVs to expand m-cap to $5 billion
πŸ“ Investors' wealth erodes by ₹9.65 lakh cr in four days of market sell-off
πŸ“ Govt urges sugar industry to diversify into ethanol-diesel, green hydrogen production
πŸ“ Jaipur-based NBFC Laxmi India Finance files DRHP with SEBI for IPO.

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Thursday, 19 December 2024

19 December 2024 News and Updates

19th December 2K24

πŸ“ US Fed cuts key interest rates by 0.25% in 3rd straight reduction
πŸ“‰
The Sensex tanked over 1,000 points today, December 19, 2024, primarily due to the US Federal Reserve's decision to slow down rate cuts in 2025. This move has led to a surge in Treasury yields and a stronger dollar, causing investors to become risk-averse and sell off stocks .

The Fed's cautious stance on future rate cuts has also led to a decline in Asian stocks, with Japan's Nikkei falling 1.8% and Australian shares sliding over 2%. The Dow Jones Industrial Average plunged over 1,000 points in response to the Fed's decision ¹.

Other factors contributing to the Sensex decline include:

- Weak Q4 Earnings: Muted cues from the Q4 earnings of large-cap companies have further dampened investor sentiment.
- FII Selling: Foreign Institutional Investors (FIIs) have been continuously selling in the Indian market, putting downward pressure on the Sensex.

Overall, the Sensex decline is a result of global market trends and investor sentiment, rather than any specific domestic factors.
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πŸ“ Sebi tightens rules for SME market, including financial stability before IPOs
πŸ“ NPPA ropes in patent office to decide on pleas for price cap exemption
πŸ“ Realty investments hit all-time high in 2024
πŸ“ Sanathan Textiles mobilises Rs 165 crore from anchor investors
πŸ“ Tire maker Continental plans IPO of automotive unit by end 2025
πŸ“ Grasim, Punjab & Sind Bank to issue Rs 5,000-cr bonds
πŸ“ Net direct tax collection grows 16.45% to Rs 15.82 lk cr so far this fiscal: Govt data
πŸ“ Investment push may spur GDP growth to 6.6% in FY26: Ind-Ra
πŸ“ Fintechs seek RBI nod for credit line on UPI platform
πŸ“ GIC buys a majority stake in hospital platform Asia Healthcare Holdings
πŸ“ Retail intelligence platform Bizom raises $12 million in round led by VC firm Pavestone
πŸ“ Quantum technology startup Quanfluence raises $2 million from Pi Ventures
πŸ“ Bill Gates firm gives $40 million for Canadian carbon tech test bed
πŸ“ Amazon exits Shoppers Stop; sells entire 4% stake for Rs 276 crore
πŸ“ myTVS enters B2B qcom for automotive parts; promises 2 hour delivery
πŸ“ AI firm Databricks raising $10 bn Series J Investment at $62 bn valuation
πŸ“ Piramal Capital & Housing Finance to sell Rs 550 cr of NPLs through auction
πŸ“ Shriram Finance raises $1.27 bn in multi-currency syndicated loan
πŸ“ Nissan, Honda consider merger to take on world's biggest carmaker Toyota
πŸ“ At $129 bn, India top recipient of remittances this year: World Bank
πŸ“ GoM proposes GST cuts for health insurance, exemption for term policies
πŸ“ Govt likely to target FY26 fiscal deficit at 4.4% of GDP to support growth
πŸ“ India replaces Italy to bag 10th spot in US trade deficit rankings in 2024
πŸ“ Mutual funds increase exposure to banking, IT stocks amid outperformance
πŸ“ Hotel rates hit all-time high in 2024, driven by domestic tourism, weddings
πŸ“ Bureau secures $30 m in Series B funding to combat growing cyber fraud
πŸ“ US Congress lines up stopgap Bill to avert partial government shutdown
πŸ“ Infosys unveils Rs 426-crore development centre in Kolkata
πŸ“ US announces wholesale changes to H-1B visa rules, a boon for Indian techies
πŸ“ NHPC in talks with Bhutan govt for hydro power JV
πŸ“ Welspun logistics arm looks to raise Rs 4,000 crore
πŸ“ Country Delight enters quick delivery market
πŸ“ Mumbai Airport handles 4.8 million passengers in November, CSMIA reports 11% growth in cargo volumes
πŸ“ Sembcorp Green Infra secures 150 mw solar project with 300 mwh battery storage from SECI
πŸ“ Indian firms turn to euro, yen swaps to trim borrowing cost
πŸ“ DAM Capital Advisors IPO raises ₹251.4 cr via anchor investors ahead of IPO
πŸ“ ITC acquires 2.44% stake in EIH and 0.53% in Leela Mumbai for ₹111 crore
πŸ“ US current account deficit hits record high in the third quarter
πŸ“ IvyCentral.com Empowers Students to Navigate the Competitive College
πŸ“ Employers can file wage details till Jan 31 for higher pension
πŸ“ Russia claims to have developed cancer vaccine, to be free for all from 2025
πŸ“ Sai Life Sciences shares list at ₹650 on NSE, up 18.4% from IPO price
πŸ“ Vishal Mega Mart shares make stellar debut, list at ₹104, 33% premium
πŸ“ Bihar sees 15-fold jump in data consumption, state goes big on infra.

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πŸ‘‰πŸ»CBDT launches campaign to intimate taxpayers on mismatch in ITR filed and AIS.
(The Income Tax dept said it is sending SMS and emails to taxpayers and non-filers where it has identified mismatch between transactions reported in Annual Information Statement (AIS) and income disclosed in ITRs for the financial years 2023-24 and 2021-22)
πŸ‘‡πŸ» πŸ‘‡πŸ» πŸ‘‡πŸ»
https://shorturl.at/GKTTC

πŸ‘‰πŸ»GST Annual Return Filing Process.
Step by Step Guide to Filing GSTR-9 Annual Return for F.Y. 2023-24.
πŸ‘‡πŸ» πŸ‘‡πŸ» πŸ‘‡πŸ»
https://shorturl.at/3FTfN
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Wednesday, 18 December 2024

18 December 2024 News

18th December 2K24

Business Standard

πŸ“ Embassy REIT raises Rs 1,000 cr through debentures to repay existing loans
πŸ“ Garment exports rise 11.4% in Apr-Nov despite global uncertainties: AEPC
πŸ“ Milk industry sounds the alarm as India's production growth sees steep fall
πŸ“ Reliance NU Suntech secures 930 MW solar, 465 MW battery energy projects
πŸ“ Parl panel suggests doubling PM Kisan Nidhi, commission for farm labourers
πŸ“ Only 6.68% of population filed income tax return in FY24: Govt tells House
πŸ“ Developing LLM to cut approval times further: Sebi member Narayan
πŸ“ NBFC player Aye Finance files draft papers with Sebi for Rs 1,450 cr IPO
πŸ“ VW, unions resume last-ditch round of talks for the year on cost cuts
πŸ“ India's tech industry to see a surge in women workforce, at 14.9% by 2027
πŸ“ Taiwan laptop maker MSI begins manufacturing in India with Chennai facility
πŸ“ Indoco Remedies received warning letter from USFDA for Goa unit

Economic Times

πŸ“ Tata Motors bags order for 1,297 bus chassis from UPSRTC
πŸ“ India's gold imports to plunge in December after record November
πŸ“ Stellantis to hike prices of Jeep, Citroen models from Jan
πŸ“ Granules India gets USFDA nod for generic drug
πŸ“ Mili secures $2 million in funding led by Chiratae Ventures, BoldCap
πŸ“ Pepperfry elevates Madhusudan Bihani to CFO
πŸ“ Indian Oil aims to raise Rs 15,000 crore via debt
πŸ“ Indian Pharma and healthcare sectors are poised for long-term growth: Centrum
πŸ“ Meity invites proposals to develop trusted AI ecosystem
πŸ“ GoKwik partners with Fi Money to boost prepaid payments for D2C brands
πŸ“ BN Group to invest $1 billion in Africa to expand edible oil business

Mint

πŸ“ India scraps duty-free import scheme for solar power equipment
πŸ“ Maruti Suzuki hits 2 mn cars produced in 2024, led by Baleno, Fronx and Ertiga
πŸ“ PTC India board resolves not to induct Rajib Mishra in CMD, Director role
πŸ“ Specialised investment funds: Sebi sets ₹10 lakh minimum threshold for investors
πŸ“ Indian Banking Liquidity Deficit Hits Highest in Six Months
πŸ“ Renewable energy & data centres outpace traditional infrastructure sector in investment outlook: UBS Report
πŸ“ Direct retail inflows hit a three-year high at nearly ₹1 trillion
πŸ“ JGB yields rise as weak yen drives bets for BOJ rate hike
πŸ“ ITC sets January 1, 2025 as effective date for demerger of hotel business
πŸ“ India's renewable energy capacity addition doubled to 15 GW in Apr-Nov: Pralhad Joshi
πŸ“ Antler India eyes record deals in 2025, signaling early-stage funding recovery.

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Tuesday, 17 December 2024

17 December 2024 News

17th December 2K24
 
πŸ“ Magenta Mobility to add 10,000 EVs over next FY; to expand to new cities
πŸ“ Oil prices decline as weaker Chinese retail sales pressure demand
πŸ“ RBL Bank re-appoints R Subramaniakumar as MD and CEO for a period of 3 yrs
πŸ“ Loan worth Rs 13,422 cr given to street vendors under PM SVANidhi scheme
πŸ“ President Murmu highlights need to expand trade between India, Armenia
πŸ“ NSA Doval may visit China soon to restart Special Reps boundary talks
πŸ“ Tata faces pressure in Starbucks venture as Indian consumers cut back
πŸ“ Lenovo to announce SteamOS-powered handheld gaming console at CES: Report
πŸ“ India's merchandise trade deficit widens to $37.8 billion in November
πŸ“ Hybrid tenders: A catalyst for achieving India's clean energy goals
πŸ“ Air India announces changes in its international routes with new aircraft
πŸ“ LG mulls raising India unit valuation to $15 bn from $13 bn ahead of IPO

πŸ“ Vedanta board approves 4th interim dividend of Rs 8.5/share amounting to Rs 3,324 crore
πŸ“ GK Energy files DRHP with Sebi, plans to raise Rs 500 crore via fresh issue
πŸ“ LTIMindtree sets up 100-seater cyber defense center
πŸ“ Indian IT services hiring to remain low till growth momentum picks up by H2 FY26: ICRA
πŸ“ Philippines ratifies key defence pact with Japan
πŸ“ Haldiram's Stake Sale: Blackstone said to emerge as lead bidder
πŸ“ Pakistan central bank cuts key rate by 200 bps, fifth in a row
πŸ“ Parliamentary panel pulls up govt for failing to achieve FCI godown construction target
πŸ“ Tamil Nadu CM lays foundation stone for Rs 1,500 crore Taiwanese footwear production unit in Panapakkam
πŸ“ Rs 13,422 crore disbursed to street vendors under PM SVANidhi scheme, Rajya Sabha told
πŸ“ Over 17.4 lakh opted for higher pension on higher contribution under EPS-95, Parliament told
πŸ“ India's Tata faces pressure in Starbucks joint venture as consumers cut back
πŸ“ Centre receives ₹8,625 crore as disinvestment receipts so far in 2024-25
πŸ“ Voltas’ fortune tied to AC business despite Voltbek optimism
πŸ“ WPI inflation declines to 3-month low of 1.89 pc on cheaper food, RBI may cut rate in Feb
πŸ“ upGrad Achieves 30% YoY Revenue Growth; EBITDA and PAT Loss drops by 50%
πŸ“ Anand Rathi Group’s brokerage arm files DRHP with SEBI for ₹745 crore IPO
πŸ“ Sebi's nod to retail algo trading levels the playing field with institutions
πŸ“ Private Equity Is Making Big Money from UK’s Most Vulnerable
πŸ“ India's fiscal deficit will be 4.8 pc in FY25, below budget estimate of 4.9 pc: CareEdge Ratings
πŸ“ Bitcoin soars to all-time high over $106,000 on Trump's strategic reserve plans
πŸ“ TCS partners with Landis+Gyr to deliver next-generation energy efficiency solutions
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πŸ“² Download my Android app "Updates by CARJ" πŸ“š to stay connected with latest news and updates πŸ“

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Monday, 16 December 2024

16 December 2024 News and Updates

16th December 2K24 News and Updates

πŸ“ India set for resilient growth in 2025 driven by urban consumption: S&P
πŸ“ Asset quality pressures intensifying in India, emerging markets: Fitch
πŸ“ Confident of Indian automobile industry becoming number 1 in 5 yrs: Gadkari
πŸ“ Equity mutual fund inflows decline 14% to Rs 35,943 crore in November
πŸ“ Industry body ISSDA seeks separate policy for stainless steel industry
πŸ“ Gold prices rise on expectations of Fed rate cut, inflation data on tap
πŸ“ Omnicom's Interpublic acquisition makes it the global ad industry leader
πŸ“ Star Health eyes 18% GWP growth this financial year despite data breach
πŸ“ Boeing restarts 737 MAX production a month after 7-week strike ended
πŸ“ Agarwal Holdings buys Rs 455 cr land parcel from Shapoorji Pallonji Group
πŸ“ India emerges global leader in generative AI enrollments on Coursera
πŸ“ Startup contribution to economy projected to reach $1 trillion by 2030
πŸ“ India Inc looking at year on-year growth of 9.75% in hiring for 2025-26
πŸ“ Government released Rs 122 crore to over 1,700 agri-startups in last 5 years: MoS Agri
πŸ“ Government says 3,000 MW electrolyser manufacturing capacity coming up in country
πŸ“ Air passenger numbers to top five billion in 2025: IATA
πŸ“ Govt says 18.74 crore farmers under agricultural loan obligations
πŸ“ Zepto and NX Logistics India setup one of the largest warehousing facilities at Sumadhura Logistics Park
πŸ“ DGTR initiated 43 anti-dumping investigations in 2024 so far
πŸ“ Poonawalla Fincorp appoints Fiserv’s Salil Hajarnis as CTO
πŸ“ India sugar output to rebound to record next year, could revive exports
πŸ“ Govt developing industrial corridor projects to compete with world's top manufacturing and investment destinations
πŸ“ Statiq partners with Vertelo to offer enhanced charging infrastructure
πŸ“ Amazon to introduce 15-minute deliveries in Bengaluru this month
πŸ“ FSSAI’s move to categorize packaged water as ‘high-risk’ a commendable step, says Nayan Shah of Clear Premium Water
πŸ“ Metropolis Healthcare cashes in on rich valuation to acquire Core Diagnostics
πŸ“ Women’s participation in labour force surged from FY18 to FY23, govt paper shows
πŸ“ MobiKwik, Sai Silk, Vishal Mega Mart IPOs to open tomorrow
πŸ“ RBI approves Burman family entities' open offer to acquire 26 pc additional stake in REL
πŸ“ Mintifi raises $180 million in funding, valuation soars to $850 million
πŸ“ China cuts 2024/25 corn production forecast in December outlook
πŸ“ Oil marketing companies eye a strong Q3, but LPG could be a dealbreaker
πŸ“ India's equity mutual fund inflows come off record highs in November
πŸ“ Ecomm cos must ensure transparency, trust, uphold consumer interest: Pralhad Joshi at Amazon event
πŸ“ IT import management system extended
πŸ“ Shriram Finance sells entire stake in housing finance arm for Rs 3,929 crore
πŸ“ Travel Food Services files draft papers with Sebi for Rs 2,000-cr IPO
πŸ“ Inflation global challenge; restoring normalcy top priority: FM Nirmala Sitharaman
πŸ“ OPEC makes deepest cut yet to world demand forecast
πŸ“ Cipla gets CDSCO nod to launch inhalation insulin
πŸ“ Adani Ports drops $553 million US loan for Sri Lanka terminal, opts for internal funding
πŸ“ Legitquest raises $660,000 in ongoing round from existing investors InfoEdge, WaterBridge Ventures
πŸ“ B2B AI startup RapidCanvas raises $16 million led by Peak XV Partners
πŸ“ Peak XV, ChrysCap sell Awfis shares worth Rs 606 crore in block deals
πŸ“ Kenro Capital buys stake in K12 Techno for $40 million
πŸ“ Jubilant Bhartia Group to acquire 40% stake in Coca-Cola's bottler HCCB
πŸ“ Blacksoil targets Rs 500 crore final close for second credit fund
πŸ“ Food delivery aggregator Swiggy launches invite only membership, One BLCK
πŸ“ Reliance NU Suntech wins India's largest solar and battery storage project
πŸ“ SC issues contempt notice to R Infra arm, Axis Bank over DMRC refund case
πŸ“ Tivolt Electric Vehicles sign MOU with TPREL to enhance EV charging infra
πŸ“ Maruti to add 2,760 service outlets by FY31: CEO Hisashi Takeuchi
πŸ“ SBI seeks counter bids to sell Rs 52k cr of consortium's loans in JAL
πŸ“ Asian Development Bank lowers India's growth forecast to 6.5% for FY25
πŸ“ Uttar Pradesh earmarks 17,000 acres for multimodal logistics parks
πŸ“ SIP account additions slip to 6-month low in November, shows Amfi data
πŸ“ InoxGFL enters solar manufacturing, first plant likely by early next year
πŸ“ OYO-owned Innov8 clocks Rs 62 crore net profit in FY24
πŸ“ FMCG companies count on urban revival by FY26
πŸ“ GMR launches country’s first AI tool for traffic management
πŸ“ Reliance Power arm bags 930 MW contract from SECI
πŸ“ Sebi expands insider trading net
πŸ“ Rupee slides to record lows of 84.86/$ amidst global weakness and economic concerns
πŸ“ Tech Mahindra gets board approval for merger of its subsidiary Eventus Solutions with parent company
πŸ“ Brazil Central Bank Pledges to Hike Rates to 14.25% by March
πŸ“ Inventurus Knowledge Solutions raises ₹1,120 crore via anchor round
πŸ“ US inflation rises 2.7% YoY in Nov, reports highest gain in 7 months
πŸ“ EU digital competition norms offer guidance, but local norms essential: CCI
πŸ“ Govt reduces wheat stock limits for traders and retailers
πŸ“ Google seeks to monetize AI, rival Microsoft with new Gemini model
πŸ“ ReNew promoters, Masdar offer to buy $800 mn shares to take it private
πŸ“ Indian govt. deactivates 85 lakh mobile connections, tightens KYC regulations
πŸ“ Trump pledges to speed permitting for companies investing over $1 billion
πŸ“ Datamaran Announces Deal With Deloitte to Use ESG Software.
πŸ“ India to become third-largest economy by 2027-28: Ashwini Vaishnaw
πŸ“ India’s FDI inflows hit $1 tn, Taiwan cos shift supply chains to India
πŸ“ Zomato gets tax demand of Rs 803.4 crore from Maharashtra GST authorities
πŸ“ Capital Group exits Neuland Labs; sells 3.77 pc stake for Rs 756 crore
πŸ“ ECB cuts key deposit rate by 25 bps to 3% amid concerns of tepid growth, impact of Trump trade policies
πŸ“ International Gemmological Institute garners Rs 1,900 crore from anchor investors ahead of IPO
πŸ“ NARCL has acquired 22 accounts with an exposure of Rs 95,711 cr
πŸ“ Govt seeks Parliament nod for Rs 44,143 crore extra spending in FY25
πŸ“ Tax refunds up by 46.31% to Rs 3.08 lakh crore in FY 2024-25: Finance Ministry
πŸ“ Tata Motors to hike trucks, buses prices by 2% from Jan 1
πŸ“ Zetwerk raises $70 million from Khosla Ventures, others; valuation inches up to $3 billion
πŸ“ Temasek leads $210 million funding in Rebel Foods
πŸ“ Legitquest raises $660,000 in ongoing round from existing investors InfoEdge, WaterBridge Ventures
πŸ“ Software startup ServiceTitan valued at $8.97 billion as shares jump 42% in Nasdaq debut
πŸ“ Rosneft inks record oil supply deal with RIL; to supply up to 500K bpd
πŸ“ Snapmint raises $18 mn in debt & equity to expand merchant network
πŸ“ Sterlite Power raises Rs 725 crore to fuel GPS business expansion
πŸ“ Delhi High Court junks Rs 5,454 crore demand against Indus Towers
πŸ“ CDMO player OneSource expands GLP-1 drug-device capacity as demand soars
πŸ“ CPPIB, RMZ to invest $750 million in commercial project in Mumbai
πŸ“ India lays stress on 'transition period' for European Union green norms
πŸ“ Rupee touches new intra-day low of 84.88 due to rise in crude prices
πŸ“ Nov retail inflation eases to 5.48%; industrial output grows 3.5% in Oct
πŸ“ Credit grows at 10.6% and deposits at 10.7% in November 29 fortnight
πŸ“ Nabard raises Rs 4,864 crore at 7.40%; IRFC raises Rs 2,345 cr at 7.09%
πŸ“ Irdai to introduce norms for more qualified insurance sales personnel
πŸ“ India's outward FDI halves to $2.28 billion in November, shows RBI data
πŸ“ Capacity utilisation of domestic steel may hit 4-year low in FY25: ICRA
πŸ“ Warehousing demand, rents witness surge amid diversified occupier base
πŸ“ SEBI board may widen UPSI scope, tighten SME rules
πŸ“ HDFC Bank’s investment banking gets SEBI warning 
πŸ“ Bluestone files papers for IPO
πŸ“ After tepid H1, realtors eye more launches, new cities to boost bookings
πŸ“ TCS extends 5-year IT partnership with Telenor Denmark
πŸ“ FTA talks with UK to resume by Jan-end
πŸ“ Collateral deposits of ₹4.5 tn show inefficiencies in system: Sebi's Narayan G
πŸ“ SBI-led panel to be set up to formulate new list of large stressed accounts
πŸ“ KKR to invest $50-75 mn in Rebel Foods at $860 mln valuation
πŸ“ IEA lifts 2025 oil-demand forecast but expects growth to remain subdued
πŸ“ ISRO achieves milestone with successful sea-level test of CE20 cryogenic engine
πŸ“ India may extend duty-free yellow pea imports by two months
πŸ“ Cumulative capex of airports expected to grow 12 pc at ₹60,000 cr in 3 yrs: Report
πŸ“ Over 540 mn bank accounts opened under Pradhan Mantri Jan Dhan Yojana: Report.
πŸ“ Dixon and Vivo team up to manufacture smartphones in India
πŸ“ Airbus leases 650,000 sq ft office in Bengaluru for 10 years for GCC set up
πŸ“ Reliance Brands to exit Replay, G-Star RAW partnerships
πŸ“ India Inc raises record Rs 1.21 lakh crore via QIPs till Nov in 2024
πŸ“ Hinduja Group firm hopes to take over RCAP by Jan-end; triple fin services biz to USD 50 billion in 5 years
πŸ“ GNG Electronics files DRHP with SEBI, plans to raise Rs 825 crore via fresh issue
πŸ“ UPL-SAS sees tech, climate solutions as key to growth after $200 mn investment
πŸ“ Interest burden haunts $29 trillion emerging debt pile
πŸ“ Karur Vysya Bank strengthens footprint with 4 new branches in TN
πŸ“ Indian state banks achieve Rs 1.41 lakh crore net profit; GNPA drops to 3.12 per cent in FY24
πŸ“ Flipkart-backed super.money plans credit and wealth management push
πŸ“ DGCA issues show-cause notice to Akasa Air over plane maintenance lapses
πŸ“ Apollo Tyres explores sustainable materials to cut costs, reduce impact
πŸ“ Govt aims to secure Russian crude oil term deal by next financial year
πŸ“ Nearly a decade on, New Zealand keen to restart free-trade agreement talks
πŸ“ Sebi enacts significant changes to disclosure and RPT regulations
πŸ“ Narayana Murthy bats for tech, cautions against 'unsupervised learning'
πŸ“ India's cement sector sees a concrete 2024 with over 10 major deals
πŸ“ India's smartphone exports breached Rs 20K crore mark in November
πŸ“ Bhilai Steel Plant to set up 200-Kw solar power plant at Maitri Bagh zoo
πŸ“ Auto Expo to see highest-ever participation of vehicle manufacturers: Siam
πŸ“ Traveltech startups taking to acquisitions to drive growth
πŸ“ RBI intervention ensures rupee stability in CY24
πŸ“ Crude import Bill up 5% in April-November 
πŸ“ India’s coal production hits new highs in November, while coal imports rise 4.2 per cent from April to October
πŸ“ Capacity utilisation by steel companies falls to a four-year low
πŸ“ Govt unveils Jalvahak incentive scheme to boost inland waterways
πŸ“ ITC Foods targets growth in north and west India amid shift to branded products
πŸ“ NCLAT sets aside EIH plea against NCLT order approving sale of Golden Jubilee Hotels
πŸ“ Scientists discover alien-like creature in deep ocean
πŸ“ Mexico, Canada, ASEAN gained more from US-China trade war than India: GTRI
πŸ“ Suchi Semicon begins chip plant without Centre's incentive, plans $100 mn investment in 3 yrs
πŸ“ Market cap of 5 of top-10 most valued firms jumps by ₹1.13 lakh crore.
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Reply to Notice on Alleged Excess ITC Claimed in FY 2023-24

✅This is in response to your notice dated __________ regarding alleged excess ITC claimed in FY 2023-24 for invoices of FY 2022-23.

✅ITC Details: We claimed ITC of Rs. _______ in FY 2023-24 for invoices of FY 2022-23, which were received and accounted for within the permissible time limits under GST law.

✅Legal Compliance : The claim aligns with Section 16(4) of the CGST Act, 2017, allowing ITC for prior financial year invoices until November of the subsequent year or the annual return filing date, whichever is earlier.

✅Reconciliation : A reconciliation of ITC claimed against invoices of FY 2022-23 is attached (Annexure-A). The invoices are reflected in our GSTR-2B and have been reported by suppliers in their GSTR-1 returns.

✅Good Faith Claim : The ITC was claimed in good faith without intent to evade tax. It was duly accounted for in compliance with the law.

✅Request : We kindly request you to drop the demand for excess ITC and consider the attached supporting documents:

✅Copy of relevant invoices (Annexure-B)
✅GSTR-2B summary (Annexure-C)
✅Reconciliation statement (Annexure-D)

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πŸ‘‰πŸ»GSTN Advisory on difference in value of Table 8A and 8C of Annual Returns FY 23-24.
(Form GSTR-9 of FY 23-24, values in Table 8A will be inflated in respect of FY 22-23 at the same time values will be lower than expected in respect of FY 23-24, hence there will be a mismatch between the two tables i.e. 8A and 8C.)
πŸ‘‡πŸ» πŸ‘‡πŸ» πŸ‘‡πŸ»
https://shorturl.at/kt4FA

πŸ‘‰πŸ»Revenue secretary Sanjay Malhotra appointed as new RBI Governor.
(Revenue secretary Sanjay Malhotra has been appointed as the new Reserve Bank of India governor, an official notification from the Centre's cabinet committee)
πŸ‘‡πŸ» πŸ‘‡πŸ» πŸ‘‡πŸ»
https://shorturl.at/QFG3g

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 Application for Rectification of Order under Section 73/74/107/108 of the CGST Act 2017, as per Circular No. 237/31/2024-GST dated 15th October 2024

✅This is in reference to the order dated [Insert Date], issued under Section [73/74/107/108] of the CGST Act, 2017, confirming the reversal of Input Tax Credit (ITC) due to contravention of Section 16(4).

✅With the issuance of Circular No. 237/31/2024-GST dated 15th October 2024 and Notification No. 22/2024-Central Tax dated 8th October 2024, ITC is now eligible for specified periods under the retrospectively inserted provisions of Section 16(5) and 16(6).

Case Details

✅Order Reference : [Insert Order Number and Date].
✅Period Covered : [Specify Period].
✅Disallowed ITC: ₹[Insert Amount]
✅Reason for Disallowance : ITC claimed beyond the due date under Section 16(4).

Grounds for Rectification:

✅ITC Eligibility : Provisions under Section 16(5) and 16(6), inserted retrospectively, allow ITC for specified periods if returns were filed by 30th November 2021. The disallowed ITC pertains to eligible invoices under these provisions.

✅Compliance with Circular: Circular No. 237/31/2024-GST allows rectification of orders under Sections 73/74/107/108 for ITC disallowed under Section 16(4), now eligible under Section 16(5) or 16(6).

✅No Fraud or Misstatement : The disallowance was procedural and not based on fraud, willful misstatement, or suppression of facts.

Enclosures:

✅Copy of the order.
✅Details of invoices and ITC claimed.
✅Copies of Circular No. 237/31/2024-GST and Notification No. 22/2024-Central Tax.
✅Any other relevant documents.


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🌍 AI, Data Protection, and Trademark Law: The New Legal Frontier 🌍  

As the EU AI Act inches closer to implementation, its synergy with the GDPR is setting the stage for a transformative era in AI governance. These regulations emphasize transparency, fairness, and accountability, raising critical questions for businesses and legal professionals:  

🧠 How does AI impact trademark protection?
AI-generated content is becoming more prevalent in branding and marketing. Under the EU AI Act, providers must label AI-generated materials to avoid consumer confusion—a crucial step for safeguarding trademarks.  

⚖️ The risk of misuse
Without robust oversight, AI could inadvertently infringe on trademarks, particularly through biased training data or automated tools that mimic protected designs. This emphasizes the importance of compliance with both the GDPR and AI Act.  

πŸ“‹ Steps to prepare
1️⃣ Build an inventory of AI systems and assess risks.  
2️⃣ Develop governance mechanisms to monitor compliance with emerging regulations.  
3️⃣ Ensure that AI-generated branding adheres to transparency and labelling requirements.  

The intersection of AI and trademark law is evolving rapidly. Staying informed and proactive is key to navigating this complex landscape.

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Reply to Notice Regarding Discrepancy Between GSTR-7 and GSTR-3B

✅This is in response to your notice dated [Insert Date] regarding the variance observed between TDS reported in GSTR-7 and the tax liability declared in GSTR-3B for FY [Insert Year].

Clarifications:

✅Timing Differences : TDS in GSTR-7 is based on payments received, while GSTR-3B reflects tax liability on outward supplies, causing timing mismatches.

✅TDS on Exempt/Nil-Rated Supplies: TDS was deducted on transactions not part of taxable turnover (e.g., exempt supplies).

✅Adjustments in TDS: Excess or short deductions in GSTR-7 were adjusted in subsequent periods, leading to discrepancies.

Supporting Documents:

✅Reconciliation statement highlighting differences.
✅Copies of GSTR-7 and GSTR-3B for the relevant period.
✅Any correspondence with deductors, if applicable.

Request:

✅Accept the provided reconciliation and explanation.
✅Drop any demand or proceedings initiated under the notice.
✅We remain available for further clarification if needed.

Enclosures:

✅Copy of Notice.
✅Reconciliation Statement.
✅Copies of GSTR-7 and GSTR-3B.
✅Supporting Documents.
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With regard to reporting issues faced by the taxpayers and consultants *CBIC has rolled out an advisory on 09th December 2024.

The advisory covers the following *reporting issues

1) ITC appearing in GSTR-2B of FY 24-25 however invoice pertaining to FY 23-24. 

2) ITC of FY 23-24 reclaimed in FY 24-25 on account of non-payment to vendors within 180 days. 

3) ITC of FY 23-24 reclaimed in FY 24-25 on account of non receipt of goods in FY 23-24

4) ITC of FY 22-23 appearing in GSTR-2B of FY 23-24.

5) ITC of FY 23-24 availed , reversed and reclaimed in FY 23-24. 

Refer advisory πŸ‘‡ 

https://services.gst.gov.in/services/advisoryandreleases/read/557

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✅ ICAI CPE HOURS DEADLINE EXTENSION: The time limit for completing CPE Hrs for Calendar Year 2024 has been extended 28th Feb 2025.

✅ ICAI EXAMS: Results of CA Final Examination will be declared on 25th December, 2024 around 12 noon.

✅ SEBI LODR Regulations amendments notified on 12th December 2024
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πŸ“² Download my Android app "Updates by CARJ" πŸ“š to stay connected with latest news and updates πŸ“

https://carohitjaiswal.blogspot.com/p/update-android-app.html?m=0

Thanks for reading

Tuesday, 10 December 2024

10 December 2024 News and Updates

10th December 2K24

πŸ“ BharatPe launches offering to protect users from digital transaction frauds
πŸ“ As tariffs loom, Gillette razor-maker P&G sources more steel from India
πŸ“ Apple's iPhone sales hit $10.7 bn in India, overtakes Samsung for 2nd year
πŸ“ India sugar prices hit 18-month low, mills struggle to make cane payments
πŸ“ Farm sentiments likely to cheer domestic tractor sales in H2 FY25
πŸ“ Axis MF launches new fund that tracks NBFC's, housing finance sectors
πŸ“ Oil prices slightly up ahead of decision on supply cut in Opec+ meet
πŸ“ NODWIN Gaming gets Rs 64 cr investment from parent Nazara Technologies
πŸ“ Norway's Equinor, Shell plan to form UK oil and gas joint venture
πŸ“ Fall of govt leaves France without clear path to cutting deficit: S&P
πŸ“ Fairfax India to get addl 10% stake in Bengaluru airport operator BIAL
πŸ“ Foreigners buy $1 bn in bonds, betting on policy easing after GDP data
πŸ“ Moody's revises global banking outlook to 'stable' from 'negative'
πŸ“ Support homegrown cybersecurity startups, MeitY secretary urges industry and government
πŸ“ Honda to recall over 205,000 US SUVs over fuel leak concern: NHTSA
πŸ“ UK electric vehicle sales surge 58% YOY in Nov, industry data shows
πŸ“ Govt open to idea of alternate financing model for MSME: Piyush Goyal
πŸ“ Boosting engineering goods exports: Industry body EEPC India's recommendations to govt
πŸ“ Apple plans $1 billion manufacturing plant investment in Indonesia, minister says
πŸ“ Russia's Rosneft investeFmynd $20 bn in India, govt quotes Putin as saying
πŸ“ Ericsson working on making network operations autonomous using GenAI agents
πŸ“ Avg housing prices up in 23 major tier II cities; rates fall in 5 small towns: PropEquity
πŸ“ NBCC arm HSCC bags work orders worth Rs 599.35 cr in Maharashtra
πŸ“ Star, Manipal among worst insurers in claims settlement; SBI General leads pack
πŸ“ Temasek-backed Star Agriwarehousing files DRHP for IPO with SEBI
πŸ“ Nisus Finance Services IPO booked 18.92x on the second bidding day
πŸ“ JLR UK sales down 11% at 5,558 units vs 6,251 units (YoY)
πŸ“ Myntra announced a multi-year franchise partnership with NYSE-listed Abercrombie & Fitch Co.
πŸ“ Citigroup has launched new AI tools, Citi Assist and Citi Stylus, for 140,000 employees across eight countries.
πŸ“ China’s export ban on key minerals may have a silver lining for the US
πŸ“ Swiggy plans fee hike for Instamart, eyes higher take rate from business
πŸ“ Aurobindo Pharma unit Eugia gets USFDA nod for Pazopanib tablets
πŸ“ High inflation likely to keep consumer demand muted in 2025: Kantar report
πŸ“ Financing will be among the top business categories for Cars24: CEO Chopra
πŸ“ Copper industry to end FY25 with 10-13% domestic demand growth: ICA India
πŸ“ Q2 GDP showing not a systemic slowdown, says FM Nirmala Sitharaman
πŸ“ SBI Card surpasses milestone of 20 million credit cards in circulation
πŸ“ EU probes Nvidia over potential bundling practices in AI chip market
πŸ“ Indian households expect inflation to rise further, says RBI survey
πŸ“ RBI to introduce new benchmark SORR based on secured money markets
πŸ“ Air India Express to add 65 planes, Air India 35 in next three years
πŸ“ Sharp drop in India-US 10-year bond yield spread in the past 4 years
πŸ“ Maruti, M&M join Hyundai in announcing price hikes as input costs rise
πŸ“ Irdai issues show cause notice to Star Health for violating norms
πŸ“ Govt taps MSMEs, startups for defence tech, sanctions Rs 1,264 cr projects
πŸ“ Goldman Sachs quits global climate coalition for banks
πŸ“ Finmin asks banks to use MuleHunterAI to check digital fraud
πŸ“ Weddings expected to generate record business for hotels this season
πŸ“ Sebi seeks public comments on draft circular to regulate association with prohibited entities
πŸ“ Kerala: Electricity charges increased by 16 paise per unit, another 12 paise hike next FY
πŸ“ Serentica to invest Rs 50,000 cr in renewables in Rajasthan
πŸ“ TVS Motor unveils next-gen RT-XD4 engine platform
πŸ“ Govt appoints Vaibhav Chaturvedi as RBI representative on IBBI board
πŸ“ JSW MG Motor India to hike prices by up to 3 pc from January
πŸ“ Semiconductor chip import increased 18.5% to Rs 1.71 lakh crore in FY24
πŸ“ Laurus Labs biotech unit raises Rs 120 crore from Eight Roads Ventures
πŸ“ Morgan Stanley, HSBC cut oil supply forecast; Brent avg pegged at $70 for 2025
πŸ“ CEAT to acquire Camso's off-highway tyre biz from Michelin for ₹1,905 crore
πŸ“ RBI hikes rate ceilings on banks FCNR deposits to support foreign flows
πŸ“ Union cabinet approves Delhi Metro expansion, new schools
πŸ“ RBI signals cautious optimism on growth-inflation balance
πŸ“ NCLAT upholds insolvency order against Jaiprakash Associates
πŸ“ Microfinance stress not alarming, says RBI deputy governor Swaminathan
πŸ“ India's forex reserves come off 5-month lows to hit $658 billion: RBI
πŸ“ Paytm's Singapore arm approves stake sale in Japan's PayPay
πŸ“ LG Electronics' India arm readies for IPO, files draft papers with SEBI
πŸ“ SBI looks to sell Rs 2,732 cr of bad loans in ARSS Infrastructure Projects 
πŸ“ Lockton aims to double business outside US in 4 Years, says CEO Chris Brown 
πŸ“ API cyberattacks dominate as India sees record 1.2 billion hits in Q3
πŸ“ Hotel asset management companies make room for international brands 
πŸ“ U'khand to impose green cess on out-of-state vehicles; EVs, bikes exempted 
πŸ“ CII urges govt to stick to fiscal deficit target of 4.9% of GDP for 2024-25 
πŸ“ Fintech firms embrace AI for credit, payments, customer insights, more 
πŸ“ Total recycling units in India reach 295; highest in UP, followed by K'taka 
πŸ“ Mergers & acquisitions make a comeback in 2024, up 13.5% till November 
πŸ“ Mumbai's infrastructure revamp takes centre stage as new govt takes charge 
πŸ“ Yum! Restaurants India FY24 results: Profit at Rs 162 cr, income up 13% 
πŸ“ Electronics component makers seek Rs 72,500 cr financial package to cut reliance on imports 
πŸ“ Ant Group's President Han to become CEO in March; Jing to stay as chairman 
πŸ“ Myntra turns in a profit in FY24, revenue jumps 15% to Rs 5,122 crore 
πŸ“ Insurance Amendment Bill proposing 100 per cent FDI unlikely in winter session 
πŸ“ Companies whose HY25 profits surpassed FY24 levels beating slowdown 
πŸ“ Natural gas prices hovering near 1-year high as peak winter season approaches 
πŸ“ Aadhar Housing Finance aims AUM of over Rs 25,000 cr by March 25 
πŸ“ Aligning Indian auditing with global standards to boost investor confidence, attract more funds: NFRA chief 
πŸ“ NCLT asks two Tata NBFCs to seek merger nod from stakeholders 
πŸ“ Battery innovations may boost e-car revolution in sub-₹20 lakh segment 
πŸ“ Indian unit of LG Electronic launches new rental business for its appliances 
πŸ“ Air India Express-AIX Connect merger will drive long-term sustainable profitability: MD Aloke Singh 
πŸ“ Lemon Tree eyes shared loyalty alliances with international hotel chains 
πŸ“ Govt asks lenders to hold off on insolvency for MTNL 
πŸ“ Norway plans to ratify India-EFTA trade pact next year 
πŸ“ Govt plans to decriminalise MSMEs’ minor defaults 
πŸ“ Cars set to get expensive from January as OEMs announce price hikes
πŸ“ Poonawalla Fincorp CTO Dhiraj Saxena steps down, cites harassment from CHRO 
πŸ“ FDI inflows to India surpass $1 trillion, with investment set to rise in FY25 
πŸ“ Easy Trip Planners enters into definitive agreements for three acquisitions
πŸ“ EV maker VinFast to build second production plant in Vietnam
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Mumbai ITAT post Rajeev Bansal quashes reassessment procedings for AY 2015-16 as well as for AY 2016-17 & 2017-18
Mumbai ITAT in its recent judgement dt 2nd December,2024 in the case of ACIT vs Manish Financial ITA No 5050 and 5055/Mum/2024 delivered post Rajeev Bansal judgement, has held that Reassessment proceedings for AY2015-16 are barred by limitation as TOLA will not apply to AY 2015-16. Takes note of para 19 of the statement made by ASG before Supreme Court “ Revenue concedes that for AY 2015-16 , all notices issued on or after 1st April,2021 will have to be dropped as they will not fall during the period prescribed under TOLA”
On the above reasoning holds that 148 notices issued post Aashish Aggarwal in July,2022 are invalid being barred by limitation. On this basis Asstt for 2015-16 has been quashed .
ITAT in this judgement has also quashed 148 notices for AY 2016-17
and 2017-18 applying para 76 of Rajeev Bansal judgement, whereby Supreme Court has held that grant of sanction by the appropriate authority is a precondition for AO to assume valid jurisdiction for issue of 148 notice. Since approval for these Asstt years 2016-17 and 2017-18 have been obtained by AO in July,2022 from 
 PCIT, the same is invalid as approval after 3 years was to be obtained from PCCIT as required under section 151. On this basis the Asstt for AY 2016-17 and 2018-18 have also been quashed. Copy of the judgement is annexed.
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Thursday, 5 December 2024

5 December 2024 News

5th December 2K24

πŸ“ Nearly 3,000 drugs failed quality test in FY24; 282 were spurious
πŸ“ ONGC, NTPC Green JV set to buy Ayana Renewable for $750 million
πŸ“ Vidarbha Industries Power dragged to NCLT by CFM Asset over Rs 3,800 crore unpaid dues
πŸ“ iPhone sales in India cross $10 billion by value in 2024; Samsung 2nd best
πŸ“ World Bank approves $188.2 million loan to Maharashtra
πŸ“ SBI MF, Tata MF buy Ratnamani Metals Tubes shares worth Rs 262 crore
πŸ“ Aaradhya Disposal Industries plans IPO; aims at Rs 180 cr revenue by FY27
πŸ“ India's external debt rises by $31 bn to $647 bn in 2023: World Bank report
πŸ“ Public investments in infra surpass pre-Covid level: Finmin
πŸ“ Kotak Pre-IPO fund to buy into diagnostic chain Neuberg
πŸ“ Oyo parent, Oravel launch premium hotels in UK & Middle East
πŸ“ LTTS bags $50 million deal from US telecom operator
πŸ“ Semicon company NXP to invest Rs 8,400 crore for R&D in Karnataka
πŸ“ Solar energy startup Glow raises $30 million from Framework, Union Square
πŸ“ Customer feedback analytics platform Enterpret raises $20 million from Canaan Partners, others
πŸ“ Green energy startup Glow raises $30 million for solar power expansion in Rajasthan
πŸ“ Moody's upgrades Oyo's rating to B2, highlights improved profitability
πŸ“ Airtel awards 'multi-year, multi-billion' extension deal to Ericsson
πŸ“ Mother Dairy's ice cream business crosses Rs 500 crore-mark in FY24
πŸ“ Brickwork Ratings settles matter with mkt regulator Sebi for Rs 1.54 crore
πŸ“ Suzlon, Jindal Renewables expand partnership with new wind power project
πŸ“ Akash Systems wins $27 mn contract from NxtGen to provide cooling servers
πŸ“ UK's Vodafone Group to sell remaining 3% stake in India's Indus Towers
πŸ“ EPS subscribers with Rs 1,000 pension increases by 3% to 3.66 mn in FY24
πŸ“ Banking system liquidity surplus touches Rs 1 trn, shows RBI data
πŸ“ RBI enhances UPI Lite wallet limits, updates offline payments framework
πŸ“ Net growth in deposits higher than advances by Rs 5.68 trn between 2020-24
πŸ“ Sebi issues rules for uniform nomination standards in securities markets
πŸ“ MFs funding to NBFCs rise almost 47% to Rs 2.33 trillion in Oct 2024
πŸ“ Kotak AMC set to enter AIF space; to launch Rs 2,000 cr private credit fund
πŸ“ Homes worth Rs 5.1 trn be sold across top Indian cities in 2024: JLL
πŸ“ SBI seeks RBI relief on inoperative accounts
πŸ“ Waaree Energies to set up 11.4 GW solar capacity by FY27
πŸ“ Fresher hiring for AI skills in IT sector jumps to 20-25% from 5-10% in 3 years
πŸ“ MGL partners with Nawgati to boost CNG adoption
πŸ“ Automobile component sector to record slower revenue growth at 6-8% this fiscal and next, says CRISIL
πŸ“ SpaceX sends 24 Starlink satellites into orbit, boosting global internet reach
πŸ“ Beverage association raises alarm over potential tax hike on aerated drinks
πŸ“ CBI conducts searches in Delhi-NCR in connection with ₹117 crore cyber fraud
πŸ“ OpenAI expands in Europe with Zurich office
πŸ“ Greenzo Energy, EODev partner to market hydrogen fuel cell power generators in India and Nepal
πŸ“ Govt to launch portal to ease regulatory burden on traders, protect consumers
πŸ“ Citigroup Faces $26 Million in Losses on Australian Block Trade.

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Wednesday, 4 December 2024

4 December 2024 News and Updates

4 December 2K24

πŸ“ India's power consumption rises 5% to 125.44 billion units in Nov
πŸ“ Coal India's total production up by 2% to 471 million tonnes in Apr-Nov
πŸ“ Block deal activity hits 6-month low at Rs 25,669 crore as markets wobble
πŸ“ India's potential GDP growth is in range of 6.5-7%, says CEA Nageswaran
πŸ“ SBI planning to open 500 new branches across India in FY25: MoS Finance
πŸ“ Tripura demands Rs 135 cr power dues from Bangladesh amid rising tensions
πŸ“ Skoda targets sales surge in 2024 with new compact SUV Kylaq launch
πŸ“ Commerce ministry reviewing India-US trade relations amid Trump statements
πŸ“ Govt deploys advanced tech to enhance oversight over retail fuel outlets
πŸ“ CBDT extends deadline to Dec 15 for taxpayers with overseas transactions
πŸ“ Zepto CEO sees clear path to IPO in 2025 with profitability in focus
πŸ“ Insurance premiums may drop if GST Council decides to reduce taxes: FM
πŸ“ O2 Power inks pact to supply 100 MW electricity to East Central Railways
πŸ“ India exports organic food products worth nearly $450 million till November 25 of FY2025
πŸ“ RBI lifts its supervisory restrictions on Sachin Bansal-led Navi Finserv Limited
πŸ“ AIFF signs commercial rights agreement with Shrachi Sports, Sony Sports to telecast I-League matches
πŸ“ RBI moves, asset quality to push NBFCs slow down asset growth to 15 pc in FY25, FY26: Crisil
πŸ“ Up to 75 pc of GST revenue comes from 18 pc slab: MoS Finance
πŸ“ Indian SMEs see sustainability as a key driver for commercial success: DHL Express Global Sustainability Survey 2024
πŸ“ India's wheat planting up 6.6%, rapeseed sowing drops
πŸ“ Rupee remains one of the best-performing Asian currencies: MoS Finance
πŸ“ MapMyIndia to spin off B2C unit; CEO Rohan Verma to head new venture
πŸ“ MG to launch Cyberster electric convertible in January, to be priced around Rs 65-70 lakh
πŸ“ Prosus invests $80 million in supply chain finance startup Mintifi for 10.6% stake
πŸ“ Indian real estate attracts ₹75,500 cr investment from AIFs; highest among all sectors: Anarock
πŸ“ Byju's insolvency: Riju Raveendran approaches NCLT to seek inclusion in case
πŸ“ Swiggy to take 10-minute food delivery to tier 2 and 3 cities
πŸ“ India rates market signals easing, likely via liquidity, after weak growth data
πŸ“ Global South not responsible for environmental damage: Piyush Goyal
πŸ“ GreenLine partners with Flipkart to power greener supply chains
πŸ“ KEC International has tailwinds of order wins, financial leverage
πŸ“ ₹200 cr recovered from realtors to compensate homebuyers, ₹500 cr more payable: MahaRERA
πŸ“ Avg housing prices up 11pc in Jul-Sep in 8 cities, highest 32pc rise in Delhi-NCR: Report
πŸ“ Ambuja Cements partners with Coolbrook for cement manufacturing with zero-carbon heating technology
πŸ“ Building Apple products has become a side hustle for China’s biggest EV maker
πŸ“ Rajya Sabha passes bill to boost investment in oil and gas exploration
πŸ“ Festivals lift India's edible oil imports to four-month high in Nov
πŸ“ TCS to modernise Bank of Bhutan's digital system, improve customer service
πŸ“ Japanese firms eager to set up semiconductor units in India: Deloitte
πŸ“ Electronics component manufacturers eye govt support in Budget 2025
πŸ“ Fintech firm MODIFI targets to finance 5,000 SMEs in next 2-3 years
πŸ“ India sees 92,000 patent filings in FY24, IP guidelines set for overhaul
πŸ“ Crisil upgrades rating on Vedanta's long-term debt instruments to 'AA'
πŸ“ China announces ban on Germanium, Gallium exports to US in tit-for-tat move
πŸ“ Tata Power subsidiary commissions 431 MW DC solar project in MP
πŸ“ Canara Bank increases fixed deposit rates, offers up to 7.90% interest
πŸ“ Nomura has room to cut further $187 mn in costs: CEO Kentaro Okuda
πŸ“ Indian airlines may take Rs 2,000-3,000 crore loss this fiscal even as more passengers rush to fly
πŸ“ Lectrix EV looks to raise USD 100 mn to fund future growth
πŸ“ Government not considering PSU bank merger: MoS Finance
πŸ“ BlackRock to buy HPS Investment for $12 bn in major private credit push
πŸ“ Hyundai Motor Group ties up with IITs to advance battery, electrification research
πŸ“ Karman Drones, TCL join hands to co-develop UAVs solutions
πŸ“ Amagi acquires Argoid AI to address streaming industry challenges
πŸ“ Indian tea prices surge 18% amidst decline in production
πŸ“ Warehousing construction cost surges by 6.7% in India
πŸ“ Russia approves $320 mln sale of Carlsberg assets to local businessmen, document shows
πŸ“ Novo Nordisk India execs urge early Wegovy launch as weight-loss rival looms
πŸ“ Russia's crude oil and LNG shipments to Asia slip slightly in 2024: Russell
πŸ“ Godrej Properties raises ₹6K cr via QIP mainly to acquire land for future development
πŸ“ Swiggy Q2 Results: Net loss narrows to ₹625 crore in first earnings post IPO
πŸ“ Demat accounts reach 179 million even as new additions decline to 3.5 million in October
πŸ“ Voda Idea's revenue market share falls to all-time low in Q2FY25
πŸ“ Quant hires mutual fund industry outsider as next CEO
πŸ“ Captain Fresh in talks to raise up to $100 mn from new and existing investors
πŸ“ Nigeria Raises $2.2 Billion in First Eurobond Issue Since 2022
πŸ“ SpaceX weighs tender offer at roughly $350 billion valuation
πŸ“ 2024 Honda Amaze set to launch tomorrow with a bold new look and advanced tech
πŸ“ Microsoft faces $1.27 billion antitrust lawsuit over cloud services in UK
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NICAI Updates:

1. Income Tax Department is actively urging taxpayers to voluntarily declare any missed reporting of foreign assets or income by December 31, 2024, otherwise the consequences can be very serious like Rs 10 lakh fine or even jail in some cases.

2. High Court of Delhi observed that the pending review petition filed by the Petitioner Assessee against the dismissal of its Special Leave Petition (SLP) should be considered a pending proceeding for the purposes of Direct Tax Vivad Se Vishwas Act, 2020 (DTVSV Act). The Court emphasized that the review petition, though distinct from an appeal, extends the appellate process. 

3. The Court observed that the pendency of the review petition qualifies the case for resolution under the DTVSV Act, aligning with its objective to reduce litigation. Court held that the rejection of the petitioner’s application based on the narrow interpretation of the term “pending appeal” was contrary to the purpose of the DTVSV Act. Accordingly, the court directed the Income Tax Department to process the petitioner’s revised declaration and grant the relief sought under the scheme. {Case: NRA Iron and Steel Vs Income Tax Department}.

4. Madras High Court held that recovery action against the Directors of the company under the provisions of the Tamil Nadu General Sales Tax Act, 1959, Central Sales Tax Act, 1956 and Revenue Recovery Act not justified since company is non-existent.

5. GST annual return has to be mandatorily filed for FY 2023-24 by every GST registered taxpayer with a few exceptions by on or before December 31, 2024. However, before you file the annual return make sure to file all the monthly returns first or quarterly returns if you are registered under the QRMP scheme.

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