BUSINESS
Liaison offices of MNCs without revenue or clients not liable to GST
The Rajasthan bench of AAR has ruled that if the liaison office in India does not render any consultancy or other services directly or indirectly, with or without any consideration and such office does not have significant commitment powers, except those which are required for normal functioning of the office, on behalf of Head Office, then the reimbursement of expenses and salary paid by the head office to it Liaison Office in India.
Optiemus joins Wistron to boost 'make in India', to invest Rs 1,350 cr
Optiemus said that it targets a revenue of nearly Rs 38,000 crore in multiple product segments while ramping up its manpower significantly to reach a figure of around 11,000 in the next three-five years. The strategic alliance will offer a unique proposition in Indian Electronics Manufacturing Services (EMS) market backed by joint product development, engineering capabilities, software and firmware development.
Harvard Business Publishing features merger of Indian Bank, Allahabad Bank
The first-of-its-kind seamless merger of equal sized Indian banks with prominence in the southern and eastern region of the country has been well recognized and published by Harvard Business Publishing as a case study. Curated by Indian School of Business (ISB), this case study titled 'Merger of Equals: The Amalgamation Story of Indian Bank and Allahabad Bank' encapsulates the journey that Indian Bank embarked on, to successfully execute the amalgamation process.
Tata Power Renewables commissions 150 MW Solar PV Project at Loharki, Rajasthan
Spreading across 756 Acre of land, this project has been completed by TPREL within the stipulated timelines. The plant is expected to generate more than 350 million units annually. Approximately 6,56,700 modules were used in the project and the installation is expected to reduce 3.34 lakh tons of carbon emission every year. For the smooth processing of the installation, 48 Inverters, 720 KM of DC cable and 550 manpower have been used in the project.
Bajaj Finserv gets SEBI nod to sponsor mutual fund
Following the approval, it will now set up an asset management company. It has received the in-principle approval from the capital market regulator through a letter dated August 23, 2021, Bajaj Finserv said in a regulatory filing. "Accordingly, the company would be setting up an Asset Management Company and the Trustee Company, directly or indirectly i.e., itself or through its subsidiary in accordance with applicable SEBI regulations and other applicable laws," it said.
Infosys shares reach record high, market capitalization crosses $100 billion
With this rise in share price, Infosys’s market capitalization crossed Rs 7.45 lakh crores ($100 billion). The sharp rise has helped Infosys become the 4th company in India to enter the $100 billion club in market capitalization after Reliance Industries, Tata Consultancy Services, and HDFC bank.
India's mobile phone exports log over 3-fold growth in April-June
Mobile phone exports for the first quarter of 2021-22 was valued at Rs 4,600 crore compared to Rs 1,300 crore in 2020-21. The massive year-on-year growth in exports can also be attributed to the impact of the first wave of Covid-19 and the nation-wide lockdown during the corresponding period last year. Electronic goods export has also shown a tremendous rise of 100 per cent (YoY) in Q1 2021-22.
India on course for a double digit growth in FY22
The report authored by Barclays chief India economist Rahul Bajoria has projected upside risks to its FY 2021- 22 GDP projection of 9.2 per cent and says that if all its forecast is realized, GDP growth could be close to double digits for the current fiscal year. The banker's projection on India's FY22 GDP is close to RBI's which had retained GDP forecast for the year at 9.5 per cent.
'Pandemic pushed 75-80 mn more people in Asia-Pacific into extreme poverty'
The ADB warned that the pandemic is threatening Asia and the Pacific's progress toward critical targets under the Sustainable Development Goals (SDGs), reports Xinhua news agency. The report titled 'Key Indicators for Asia and the Pacific 2021', said that the pandemic, which ravaged the world early last year, "has magnified long-standing social and economic inequities experienced by millions living below or near the poverty line."
Fintech startup Khatabook raises $100 mn at $600 mn valuation
With fresh funds, Khatabook will focus on financial services disbursement through its software ecosystem, catering to 10 million monthly active MSMEs. The company said that it plans to accelerate hiring to strengthen its engineering, product, design, analytics, and data science capabilities. The first phase of our journey was enabling digital transformation by building a tech ecosystem for Indian MSMEs.
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