Vedanta has secured creditor approval for its demerger, surpassing the required 75% support with 83%. This restructuring will divide the company into five separate businesses, enhancing individual business value and attracting investors, particularly in newer sectors like semiconductors.
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IndiGo's parent company, InterGlobe Aviation, faces a Rs 944.2 crore penalty imposed by the Income Tax department for the Assessment Year 2021-22. The company described the order as erroneous and plans to pursue legal remedies, stating it will not significantly impact its financials, operations, or other activities. The dispute arises from an appeal still pending adjudication.
Indian companies shattered fundraising records in 2024, raising over ₹1.2 lakh crore through Qualified Institutional Placements (QIPs) by November. This surge, driven by a robust stock market and high valuations, doubled the previous year's figures. Giants like Vedanta and Zomato led the charge, each raising ₹8,500 crore.
India needs a tax buoyancy of 1.2-1.5 to achieve a 6.5-7% growth rate, according to an EY report. To support this growth, the government may need to boost the tax-to-GDP ratio to 14% by FY31. Enhancing tax buoyancy, managing expenditures, and continuing structural reforms are crucial for sustainable growth. India's projected GDP growth for the next fiscal is 6.3-6.8%.
China's manufacturing activity expanded for the third month in a row in December, with the PMI reaching 50.1. This growth comes amid efforts to combat a property market crisis, weak consumption, and high government debt. However, experts believe more fiscal stimulus is necessary for full economic recovery. The non-manufacturing PMI also showed improvement, rising to 52.2.
The Indian government is actively engaging with the US to address mutual trade concerns and explore ways to enhance bilateral trade from $200 billion to over $500 billion. Ongoing talks aim to discuss measures that could mitigate the potential negative impacts of recent shifts in US trade policy.
GST collections rose by 7.3% to Rs 1,76,857 crore in December, despite weak urban demand. Domestic collections grew by 8.4%, and import-related collections increased by 3.9%. Refunds issued surged by 45%. Notable performers included Sikkim and Haryana, while states like Arunachal Pradesh and Meghalaya lagged.
Mercedes-Benz launches one of India's most-expensive electric cars, the G-Class G580 EV priced at Rs 3 crore. All 85 allocated units are sold out. The company leads in luxury car sales and sees a growing demand in the top-end vehicle segment, with a focus on expanding its EV portfolio and sales network across India.
Banks and UPI applications must conduct weekly updates of their mobile number records to prevent errors from recycled or modified numbers. Applications must obtain explicit user permission before assigning or updating numeric UPI IDs.
Global investors including Temasek, IHC, and Alpha Wave Global are investing in Haldiram's, valuing the company at $10 billion. These investments will help Haldiram's expand in the US and Middle East. The company plans to go public within the next two years.
Coffee Day Enterprises Ltd (CDEL) faces resumed insolvency proceedings as the NCLAT did not issue its order by the Supreme Court’s deadline. The insolvency process, initially started due to Rs 228.45 crore default claim, was previously stayed pending appeal.