Zydus Wellness Ltd announced that its subsidiary, Zydus Wellness Products Ltd, has received a GST demand of Rs 56.33 crore with interest and penalties from the tax authority. The demand relates to the pre-acquisition period before January 30, 2019, concerning the acquisition of intellectual property rights from Heinz Italia S.P.A.
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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.
HCLTech celebrated its 25th IPO anniversary with a bell-ringing ceremony at NSE in Mumbai. Over 25 years, an Rs 58,000 investment during its IPO reached about Rs 32 lakh. The company announced a special dividend and highlighted its growth to over 220,000 employees worldwide.
Hindustan Petroleum Corporation Ltd (HPCL) reported a significant increase in its December quarter net profit to Rs 2,543.65 crore due to higher marketing margins. Despite unchanged income from operations, profits soared thanks to the retail fuel price freeze and operational efficiencies in refining and marketing divisions.
Australian inflation has eased to a three-year low of 3.2%, raising expectations for a potential interest rate cut by the Reserve Bank of Australia (RBA). This could provide relief to mortgage holders and boost government support ahead of the upcoming election. Economists anticipate the RBA may lower rates to prevent job market downturn and economic recession.
US stock markets had mixed reactions as Trump's new 25% tariff on imported cars affected automakers like General Motors and Ford. Tesla and Rivian, with more US-based production, saw gains. Positive economic reports showing fewer unemployment benefit claims and strong growth helped stabilize markets. European and Asian markets showed varied responses based on local conditions.
Indian banks are predicted to see a 12.5% credit growth by FY 2025, according to an HSBC report. Despite GDP slowdown risks and tight liquidity, the retail loan sector showed positive momentum in November 2024, driven by demand for personal, home, and gold loans, with an uptick in credit to MSMEs and corporates.
The Reserve Bank of India has reallocated the responsibilities of its deputy governors following the end of Deputy Governor Michael Debabrata Patra's extended term. M Rajeshwar Rao will now handle the monetary policy department among other key departments, while T Rabi Sankar and Swaminathan Janakiraman are assigned to various departments as part of the reshuffle.
BlueStone Jewellery and Lifestyle, a Bengaluru-based company, has filed for an initial public offering (IPO) to raise ₹1,000 crore ($118 million). The IPO includes a fresh issue of ₹750 crore for working capital and an offer-for-sale component where existing investors like Accel, Saama Capital, and Kalaari Capital will divest shares.
NPS Vatsalya offers parents a way to secure their children's financial future, including retirement, with a pension scheme for minors. Notable features include a market-linked voluntary contribution system and a unique PRAN for account management. Minimum initial investment is Rs 1,000.
Following the RBI's rate cut, SBI has reduced its deposit rates by 10 basis points across select tenors, while keeping MCLR-linked lending rates unchanged. The EBLR, linked to the repo rate, has been reduced by 25 basis points, lowering home and personal loan interest rates. Other banks are expected to follow suit, with HDFC Bank already cutting savings account rates.