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Cairn withdraws all lawsuits against India, to get Rs 7,900 cr tax refund
Britain’s Cairn Electricity has dropped all lawsuits against the Indian governing administration and its entities in courts from the US to France and to Singapore, to now be entitled for about Rs seven,900 crore refund of taxes that were gathered to implement a retrospective tax demand from customers. As aspect of the settlement reached with the governing administration in the 7-yr-aged dispute in excess of the levy of back taxes, the enterprise – which is now recognized as Capricorn Electricity PLC – has withdrawn all conditions that were introduced to collect the tax refund ordered by an intercontinental arbitration tribunal immediately after rescinding retrospective boosting of demand from customers, in…
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NCLAT stays CCI order imposing Rs 873 cr penalty on UBL, other beer makers
The Nationwide Enterprise Law Appellate Tribunal (NCLAT) has imposed a remain on the orders passed by the honest trade regulator CCI slapping penalties on a number of beer makers, like United Breweries Ltd that faces a high-quality of Rs 751.eight crore. Passing an interim buy, a two-member NCLAT bench has directed parties, like United Breweries Ltd, to deposit 10 for each cent of the penalty total by way of Fastened Deposit Receipt’ within just three weeks. The Opposition Fee of India (CCI) on September 24, 2021, imposed penalties totalling above Rs 873 crore on UBL, Carlsberg India, All India Brewers’ Association (AIBA) and eleven persons for cartelisation in the sale…
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Hero MotoCorp Q2 net profit declines 22% to Rs 748 cr; revenue falls 10%
Two-wheeler current market leader Hero MotoCorp on Friday documented a 22 for each cent decrease in consolidated web profit to Rs 747.79 crore in the next quarter finished on September 30, 2021, impacted by lessen sales. The firm, which posted a consolidated web profit of Rs 963.eighty two crore in the very same period of time previous fiscal, claimed its electrical car job is in innovative stages and is gearing up to start the to start with products by March 2022. Consolidated income from operations was at Rs eight,538.85 crore as against Rs 9,473.32 crore in the calendar year-in the past quarter, Hero MotoCorp claimed in a regulatory filing. The…
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MG Motor to invest Rs 2,500 cr by 2022-end to ramp up Halol plant capacity
MG Motor India is investing Rs 2,five hundred crore by the finish of subsequent year to improve the generation ability at its Halol plant in Gujarat, as it gears up to start its mid-dimensions SUV Astor, according to a top rated enterprise formal. Irrespective of the worsening semiconductor scarcity circumstance, which is probably to continue for at minimum an additional 6 months, the enterprise expects its income this year to develop by up to one hundred for every cent in excess of final year. “We have finished an financial commitment of Rs 3,000 crore previously, and by the finish of subsequent year, we will do an additional Rs 2,five hundred…
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Brookfield buys 30 acre land near Mumbai for Rs 600 cr to build data centre
In one particular of the most important land offers in the place in the last few of years, Canada’s Brookfield has acquired a thirty acre land parcel in Navi Mumbai, a satellite town of Mumbai, for Rs 600 crore from K Raheja Corp, resources mentioned. Brookfield designs to develop a info centre on the plot. K Raheja Corp, which acquired the land parcel in the Ghansoli area of Navi Mumbai from US chemical substances company Cabot Corporation in 2015 for Rs 210 crore, would be building 3 situations the returns from the sale of the land parcel to Brookfield. According to true estate experts the cost compensated by Brookfield is…
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HDFC Q1 profit falls 2% YoY to Rs 3,001 cr, misses estimates; NII up 22%
India’s largest property finance loan financial institution HDFC on Monday reported a one.six for each cent year-on-year (YoY) lessen in standalone web earnings at Rs 3,000.sixty seven crore for April-June quarter of FY22 (Q1FY22) on the back of reduce other money and bigger tax and personnel fees. In the year-in the past period of time, the earnings stood at Rs 3,051.five crore. The range missed Road expectation, which had believed up to nine for each cent YoY rise in PAT. Analysts at Nomura, for occasion, had pegged HDFC’s web earnings at Rs 3,318.five crore while people at HSBC projected the similar at Rs 3,253.six crore, suggesting a rise between seven-nine…
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Policybazaar files DRHP with Sebi, aims to raise over Rs 6,000 cr via IPO
PB Fintech, the parent company Policybazaar and Paisabazaar, has submitted a draft pink herring prospectus (DRHP) with markets regulator Securities and Exchange Board of India (Sebi), with an aim to increase Rs six,017.50 crore by using an initial community supplying (IPO). The IPO will consist of a refreshing challenge of shares truly worth Rs 3,750 crore and an offer for sale of shares to the tune of Rs two,267.five crore from buyers and existing shareholders. The marketing buyers include SVF Python II (Cayman) Limited, which is marketing shares truly worth Rs 1,875 crore, and other shareholders will provide shares truly worth Rs 392.50 crore, of which Yashish Dahiya, Chairman and…
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SC orders Rs 9,122 cr payment to investors in Franklin’s six shut schemes
The Supreme Court on Tuesday directed Franklin Templeton Mutual Fund to disburse Rs 9,122 crore to unitholders of its six shut personal debt techniques. SBI Mutual Fund has been entrusted the duty of disbursing the total. The cash has to be distributed to unitholders in twenty days and the parties are at liberty to shift applications in circumstance of troubles arising out of the course of action. The six techniques have obtained full hard cash flows of Rs 14,391 crore till January 29, 2021 from maturities, discount codes and prepayments. The full number of hard cash good techniques stands at 5. These techniques have Rs 9,770 crore hard cash readily…
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Infosys Q3 profit rises 17% YoY to Rs 5,197 cr; ups margin guidance to 5%
Infosys on Wednesday reported a 16.60 per cent year-on-year (YoY) growth in its consolidated net profit at Rs 5,197 crore for the third quarter of the financial year 2021 (Q3FY21). The firm had posted a net profit of Rs 4,457 crore in the same period last year. On a sequential basis, the profit rose 7.3 per cent per cent from Rs 4,845 crore posted for the September 2020 quarter. The company’s revenue came in at Rs 25,927 crore, up 12.27 per cent YoY and 5.52 per cent QoQ. In constant currency terms, the revenue grew 5.3 per cent which was its its highest Q3 sequential…
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Cabinet approves Rs 22,810 cr EPF subsidy scheme for job creation
The Cupboard on Wednesday accepted a proposal to provide employees’ provident fund (EPF) contribution to those using the services of added workforce for two yrs. This would price tag the government Rs one,584 crore in the present fiscal calendar year and Rs 22,810 crore in the course of the entire time period, from 2020 to 2023. The proposal, Atmanirbhar Bharat Rojgar Yojana (ABRY), introduced before by finance minister Nirmala Sitharman as part of stimulus package deal, aimed at generating 5-6 million jobs by June subsequent calendar year, resources explained. Beneath the package deal, the union government will provide subsidy for two yrs in respect of new staff engaged on or…