Maruti Suzuki India on Tuesday said its board has approved issue of shares on preferential basis to Suzuki Motor Corporation (SMC) as consideration for the acquisition of 100 per cent stake in Suzuki Motor Gujarat. The transaction is expected to enhance SMC’s stake in Maruti Suzuki India to 58.28 per cent from 56.4 per cent…
Coal India on Tuesday posted a 10.1 per cent fall in its consolidated net profit to Rs 7,941.40 crore for the quarter ended on June 30, dragged by higher expenses. The coal major had clocked a net profit of Rs 8,834.22 crore in the April-June period of the preceding 2022-23 fiscal, the company said in…
Credit card default rose to Rs 4,072 crore or 1.94 per cent at the end of March 2023, Parliament was informed on Tuesday. Gross non-performing assets in credit cards have declined from 3.56 per cent in March 2021 to 1.91 per cent in March 2022, and stand at 1.94 per cent in March 2023 against…
India’s fabric care market is projected to grow from Rs 52,100 crore in 2022 to Rs 63,900 crore in 2025, with liquid detergents expected to dominate this market and lead in new product launches, according to a report by global market intelligence agency Mintel. Mintel pegs the India laundry care market to grow at a…
The Union Budget 2023 brought in amendments to angel tax provisions, widened its coverage, and added to the controversies surrounding it. Here is a detailed understanding of what is angel tax, how it works, and how recent amendments affect investors and corporates. What is Angel Tax? In 2012, the government introduced the taxation of unjustified…
Gold prices on Saturday, August 5, were higher in the afternoon trade in the spot market, rising Rs 200 to Rs 55,150 per 10 kg amid higher demand. In Delhi, the price of 22-carat gold stood at Rs 55,300 per 10 grams while that of 24-carat was at Rs 60,310 per 10 grams. The silver…
After tomatoes recently touched as high as Rs 250 per kg in various parts of the country, onion prices are now likely to start shooting up in the retail market towards the end of August, according to a report by Crisil. It said the onion prices may go up to around Rs 60-70 per kg…
Bank of Baroda on Saturday, August 5, reported an 87.7 per cent year-on-year jump in its net profit to Rs 4,070 crore for June 2023 quarter. Its net interest income (NII) during April-June 2023 grew 24 per cent YoY to Rs 10,997 crore in Q1FY24. The state-owned bank’s net profit had stood at Rs 2,168…
E-invoicing has revolutionised the way the Indian business community operates. The process of e-invoicing has brought about a positive change by streamlining the entire invoice cycle and reducing tax evasion to a certain extent. E-invoicing was implemented in a phased manner. From August 1, e-invoicing under the goods and services tax (GST) has become mandatory…
Punjab and Sind Bank on Saturday, August 5, reported a 25.37 per cent decline in its net profit to Rs 153 crore for the April-June 2023 quarter, compared with the Rs 205 crore reported a year ago. The state-owned bank’s asset quality, however, improved, with its gross NPA declining to 6.8 per cent of the…