BUSINESS
Bharti Airtel shares rise on announcement of Rs 21K cr rights issue
Its shares on the BSE surged 2.5 per cent to hit an intraday high of Rs 609.25 per share. Around 11.45 a.m., its shares were trading at Rs 603.00, higher by Rs 9.05 or 1.52 per cent from its previous close. On Sunday, Bharti Airtel's Board of Directors approved the raising of up to Rs 21,000 crore through a rights issue. The issue price has been fixed at Rs 535 per fully paid-up equity share, including a premium of Rs 530 per share.
MSIL plans to raise model prices in September
According to a regulatory filing, vehicles' cost continue to be adversely impacted due to increase in various input costs. "Over the past year the cost of Company's vehicles continue to be adversely impacted due to increase in various input costs," the filing said.
New Highs: Sensex up 500 points, Nifty crosses 16,800
Sensex has touched a new high of 56,630.52, while the Nifty50 on the National Stock Exchange hit a record high of 16,854.70 points. Around 10.10 a.m., Sensex was trading at 56,614.27, higher by 489.55 points or 0.87 per cent from its previous close of 56,124.72. It opened at 56,329.25 and has touched an intraday low of 56,309.86 points.
Former Unitech promoters shifted to Mumbai prisons from Tihar
Sandeep Goel, Director General of Tihar Prisons, said that Sanjay Chandra and Ajay Chandra both were taken under police escort to Mumbai by train on Saturday morning. "They reached Mumbai and were lodged in the respective jails there in the early hours of Sunday," Goel said. In the meantime, Delhi Police Commissioner Rakesh Asthana has initiated inquiry about the conduct of the Tihar Jail Superintendent and other staff for conniving with the Chandra brothers to flout the court orders and undermine its jurisdiction.
Govt extends deadline for availing GST amnesty scheme
The scheme was due to expire on August 31. The government had provided relief to the taxpayers by reducing or waiving late fee for non-furnishing form GSTR-3B for the tax periods from July 2017 to April 2021, if the returns for these tax periods are furnished between June 1 and August 31 this year.
Unicorns flipping to avoid Indian regulations
All of them have Indian founders who started off in India. A significant number have operations and their primary market in India. Nearly all have developed their IP using Indian resources in India (human, capital assets, government support etc.). Experts say flipping results in materially adverse impact on national economic interest as the nation loses out on significant tax revenues while ownership of critical data.
CBDT extends due dates for e-filing of various Income Tax forms
In a statement, the Finance Ministry said that the move comes on the back of difficulties reported by taxpayers and other stakeholders. The application for registration or intimation or approval under Sections 10(23C), 12A, 35(1)(ii)/(iia)/(iii) or 80G of the Act in Form No 10A required to be filed on or before June 30, 2021, and extended to August 31, may now be filed on or before March 31, 2022.
CBDT extends deadline for payment under 'Vivad Se Vishwas' scheme
"Considering the difficulties being faced in issuing and amending Form no 3, which is a prerequisite for making payment by the declarant under Vivad se Vishwas Act, it has been decided to extend the last date of payment of the amount (without any additional amount) to 30th September, 2021," said an official statement. Necessary notification to this effect shall be issued shortly, it said.
Bharti Airtel to raise up to Rs 21,000 cr via rights issue
The issue price has been fixed at Rs 535 per fully paid-up equity share, including a premium of Rs 530 per share. "The board approved the issuance of equity shares of face value of Rs 5 each of the company on rights basis to eligible equity shareholders of the company as on the record date (to be notified later), of an Issue size of up to Rs 21,000 crore," the company said in a regulatory filing.
Motherson Sumi eyes acquisitions, 'in talks with potential takeover cos'
A letter to the shareholders by Motherson Sumi Chairman Vivek Chaand Sehgal in the Annual Report of the company also noted that acquisitions must create value for the customers and must allow the company to achieve revenue and ROCE (return on capital employed) targets simultaneously. "We will not make acquisitions only to achieve our top-line goals," the Chairman added.
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