Economy Updates

  Lumax Industries Ltd has filed a suit in Delhi High Court seeking to restrain Hindustan Auto Industries Ltd in relation to a dispute on purported trademark infringement and device marks. Lumax Industries Ltd has filed a suit in Delhi High Court seeking to restrain Hindustan Auto Industries Ltd in relation to a dispute on purported trademark infringement and device marks. The dispute is already pending before a trial court, stated the petitioner Lumax. Justice Jyoti Singh, while allowing the petition on Monday, clarified that the court has not expressed any opinion on the merits of the case and the... read more

  The Sun Pharma's Halol facility was classified as 'Official Action Indicated (OAI)' in March 2020, and was awaiting re-inspection from the US regulator USFDA. The USFDA has issued a Form 483 with 10 observations after inspection of Sun Pharma's Halol facility, the company said. Halol facility, however, at present has a very low contribution to the company’s turnover. The Halol facility was classified as ‘Official Action Indicated (OAI)’ in March 2020, and was awaiting re-inspection from the US regulator. Due to the coronavirus (Covid-19) pandemic related travel restrictions, the re-inspection got delayed, and now the USFDA has issued Form 483 with observations, which is an improvement over the OAI status. In a notification to the stock exchanges, Sun Pharma said that the US Food and Drugs Administration (USFDA) did a... read more

  BharatPe said it has initiated action against ex-founder Ashneer Grover to "claw back his restricted shares as per the shareholders' agreement" and will take steps to enforce its right under law. ading fintech platform BharatPe on Tuesday said it has initiated necessary action against the company's former founder Ashneer Grover to "claw back his restricted shares as per the shareholders' agreement" and will take all steps to enforce its right under the law. As part of its corporate governance review of the company after the financial irregularities were unearthed during Ashneer and his wife Madhuri Jain Grover's time, the company found many vendors were involved in malpractices, such as incorrect or inflated invoices, who have been blocked for further business with the company. "These vendors were also identified during the GST Enquiry. The company has already issued legal notices to... read more

The kit is validated by the Indian Council of Medical Research (ICMR) and much more advanced than other RT PCR tests, the drug firm said Drug major Cipla on Tuesday said it has launched a COVID-19 RT PCR testing kit in the country in partnership with diagnostics firm Genes2Me. With the launch of the "RT-Direct multiplex COVID-19 RT PCR" test kit, the Mumbai-based drug firm is expanding its diagnostics offerings, it said in a regulatory filing. Cipla will be responsible for the distribution of RT Direct kits in India and has commenced supply of the same, it added. The kit is validated by the Indian Council of Medical... read more

Deposits of Rs 2 crore or above for 5-10-year tenor and 3-5 year tenor will fetch an interest rate of 4.50 % as against 3.60 per cent earlier, a hike of 90 bps, according to SBI's website. The country’s largest lender, State Bank of India (SBI), has raised the interest rate on its bulk term deposits (Rs 2 crore and above) by 40 – 90 basis, effective May 10. Consequently, deposits of Rs 2 crore or above for 5–10-year tenor and 3-5-year tenor will fetch an interest rate of 4.50 per cent as against 3.60 per cent earlier, a hike of 90 bps, according to SBI’s website. Bulk deposits for 2-3-year tenor will now fetch an interest rate of 4.25 per cent versus 3.60 per cent earlier, and deposits in the 1 – 2-year bucket will have an interest rate of 4 per cent as... read more

The revised interest rates by Bajaj Finance will be applicable to fresh deposits as well as renewals of maturing deposits Consumer financier Bajaj Finance has raised interest rates by up to 10 basis points on its fixed deposits (up to Rs 5 crore) for tenor between 36 months to 60 months, effective May 10. The revised interest rates will be applicable to fresh deposits as well as renewals of maturing deposits. Accordingly, deposits between 36 to 60 months will earn a return of 7 per cent. Deposits between 12 – 23 months will continue to fetch interest of 5.75 per cent, while deposits between 24 – 35 months will earn an interest rate of 6.40 per cent, as was the case earlier. For senior citizens, the interest rate will be 25 basis points higher in each category. The lender has come up with special interest rates for its... read more

  A set of changes related to income tax are coming into effect from the first day of the new financial year. One of the highlights is the 30% tax on cryptocurrency gains. What are the other changes? As the new financial year brings new tax rules, taxpayers should bear in mind that the deadline for filing late income tax returns for Assessment Year 2021-22 was March 31. If an assessee missed this deadline, he or she will have to pay a penalty and interest, and may even face imprisonment for violation. Further, not linking PAN with Aadhaar from today will carry a penalty... read more

The OMCs, on their part, according to earlier reports, said that there is no preference in awarding contracts for supply of ethanol The sugar industry has once again alleged that Oil Marketing Companies (OMCs) are hesitating in entering into long-term ethanol purchase contracts with established sugar firms and those who do not become part of the concessional loan scheme of the Central government. The millers, in a letter written few days back to the Union food and petroleum secretaries said that unless OMCs alter their purchase plans, the significant investments put in by sugar companies in... read more

Four companies have been selected to receive incentives under the government's Rs 18,100 crore PLI scheme for Advanced Chemistry Cell (ACC) battery storage, the government said Four companies including Reliance New Energy Solar Limited, Ola Electric Mobility Private Limited, Hyundai Global Motors Company Limited and Rajesh Exports Limited, have been selected to receive incentives under the government's Rs 18,100 crore Production Linked Incentive (PLI) scheme for Advanced Chemistry Cell (ACC) battery storage, the government said on Thursday. Commenting on the PLI Scheme for ACC Battery Storage, Union Minister for Heavy Industries Mahendra Nath Pandey said, "Increase in demand for... read more

PM Modi on Thursday hailed the govt procurement portal GeM achieving an order value of Rs 1 trillion in a single yr and said the platform is especially empowering the MSMEs. Prime Minister Narendra Modi on Thursday hailed the government procurement portal Government e-Marketplace achieving an order value of Rs 1 lakh crore in a single year and said the platform is especially empowering the MSMEs. Government e-Marketplace (GeM) portal was launched in August 2016 for online purchases of goods and services by all... read more

Paytm has clarified stating the RBI ban does not impact on the services provided in partnership with other financial institutions. Shares of One97 Communications, the parent company of digital payments major Paytm, tanked nearly 14 per cent to hit a new low of Rs 672 on the BSE in Monday’s intra-day trade after the Reserve Bank of India (RBI) barred Paytm Payments Bank (PPBL) from onboarding new customers with immediate effect because of certain supervisory concerns. The stock feel below its previous low of Rs 728.50 touched on March 8, 2022. The stock has now declined 69 per cent when compared with its issue price of Rs 2,150. The company made its market debut on... read more

The Mahanadi Coalfields Limited (MCL) has crossed 157 million tonne (MT) in coal production in the financial year of 2021-22, to become the leading coal producing company in the country The Mahanadi Coalfields Limited (MCL), a unit of the CIL, has crossed 157 million tonne (MT) in coal production in the financial year of 2021-22, to become the leading coal producing company in the country, a release said. On March 12, 2022, the company produced 7.62 lakh tonne of dry fuel which is the highest in a day during the current financial year reaching 157.7 MT with a growth of around 16 per cent over the last financial year, the company release... read more