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.
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BSE has suspended trading in Bharat Global Developers after a Sebi investigation revealed a pump-and-dump scam, leading to a 10,000% rise in its stock price. Sebi has barred several entities involved and accused the company of making false disclosures to boost stock prices.
The Reserve Bank of India (RBI) fined Citibank NA, JM Financial, and Asirvad Micro Finance for regulatory non-compliance. Citibank was penalized Rs 39 lakh for credit data breaches, JM Financial fined Rs 1.5 lakh for non-disclosure of interest rate rationale, and Asirvad Micro Finance fined Rs 6.2 lakh for failing to report borrower income and other omissions.
India is poised to become a global economic powerhouse, with reforms such as GST and infrastructure growth driving its rise to the world's fifth-largest economy. ITC Chairman Sanjiv Puri expressed confidence that India could be a developed nation by 2047, with its strategic focus on energy transition and digital transformation.
Leave Travel Allowance (LTA) allows salaried employees to claim tax exemptions on travel expenses within India. LTA can be claimed for a maximum of two journeys within a four-year block. Only transportation costs, such as airfare or train tickets, are covered. To claim LTA, employees must submit original travel documents and proof of expenses.
The government plans to transform India Post into a large logistics organization to support the rural economy. With 1.5 lakh rural post offices and the India Post Payment Bank, it aims to offer services like rural community hubs, institutional accounts, and credit services to micro enterprises.
The finance ministry has informed Parliament that the government's focus is on enhancing the quality of public spending, while also strengthening social security for the underprivileged. Despite global economic instability, the government is committed to reducing the fiscal deficit to under 4.5% by next financial year, emphasizing higher capital expenditure and reducing wasteful spending.
NSDL reported a 29.82% growth in consolidated net profit for Q3 2024, reaching Rs 85.8 crore. The depository's total income rose by 16.2% to Rs 391.21 crore. NSDL is set for an IPO after receiving SEBI approval, involving an offer for sale of over 5.72 crore equity shares.
Gold prices hit a record high of $3,160 per ounce as investors sought safe havens amid declining stock market futures following President Donald Trump's announcement of new tariffs on major trading partners. Stocks and futures markets experienced significant declines, particularly in technology and clothing sectors, with companies like Apple, Nvidia, and Gap seeing substantial drops.
Telecom regulator Trai has introduced new rules to combat pesky calls and messages, imposing financial disincentives ranging from Rs 2 lakh to Rs 10 lakh for repeated violations. The amendments require telecom operators to monitor call and SMS patterns to identify potential spammers in real-time and empower subscribers with extended time to report spam activities.
Stock market recommendations: Motilal Oswal Financial Services recommends DLF and HDFC AMC as top stock picks for the week. DLF boasts a strong portfolio with significant pre-sales growth projected, while HDFC AMC shows potential due to its high-margin equity segment and extensive distribution network.