BUSINESS
Corporates need to be responsibly competitive and lead in climate action: Sanjiv Puri
This report marks two decades of sustainability reporting for ITC. The company’s innovative business models have positioned it as the sole enterprise worldwide, comparable in size and scope, to have achieved and maintained the three crucial global environmental sustainability indices.
Several states protest move to bring GST network within money laundering law's ambit
Delhi minister Atishi, who holds the Finance portfolio, told reporters outside Vigyan Bhavan, where the GST council is currently meeting under Union Finance Minister Nirmala Sitharaman. Even Punjab Finance Minister Harpal Singh Cheema told reporters during a break in the proceedings, that bringing GST under PMLA's ambit may even lead to tax terrorism.
28% GST to be levied on full value of online gaming, horse racing, casinos
Among other issues, the Council approved exemption of GST on import of cancer drug Dinutuximab and on Food for Special Medical Purposes (FSMP) that are used in the treatment of rare diseases. Maharashtra's Forest, Culture and Fisheries minister Sudhir Mungantiwar told reporters that the GST council also approved setting up of appellate tribunals.
28% GST on online gaming 'unconstitutional, irrational, egregious'
The 50th GST Council has announced its decision to levy a 28 per cent GST on online gaming, along with horse racing and casinos which comes as a drawback to online gaming companies. The GST will be applicable to gross revenue/total prize pool.
Nifty trading in a range for last six sessions
Even on Tuesday, Nifty held on to its gains despite profit booking in several banking and Financial heavyweights. "Going forward, we expect the positive momentum to continue on the back of healthy earnings, consistent FII inflows, and improving monsoon," he said.
19 people across world become billionaires via cryptocurrency
Satoshi Nakamoto, the pseudonym for the creator of Bitcoin, is widely assumed to have the most Bitcoin wealth. Though the creator has not officially revealed the amount of Bitcoin he holds, estimates predict he has a wallet containing around 1.1 million BTC, according to data shared by niche news publisher BanklessTimes.com.
Foxconn working on application seeking incentives under India's semicon policy
"We have been actively reviewing the landscape for optimal partners. Building fabs from scratch in a new geography is a challenge, but Foxconn is committed to invest in India," the company said in a statement. Foxconn and Vedanta had signed a MoU in 2022 to establish semiconductor and display production parts in Gujarat.
Markets appear capped due to elevated valuation of Indian equities, increasing Fed rate estimate
On elevated valuation, the report said Indian equities are trading at 20.2x 1-year forward P/E multiple (as against a long-term average of 18.4x) helped by strong FPI equity flows (highest among select EMs for fourth month in a row), resilient mutual fund SIP flow, benign crude oil prices, sharp pick-up in monsoon, resilient domestic macro and 13 per cent corporate operating earnings growth in Q1FY24 likely with minimal earnings downgrade.
Market moving from broad-based rally to specific stock-driven rally
He added that in spite of the weakness in IT and banking majors, Nifty rallied by 24 points on Monday, driven primarily by RIL. Bharti Airtel and Tata Motors also have been imparting resilience to the rally. There are no major triggers that can take the rally much higher from the present levels. Global cues also are uncertain, he added.
Why the Foxconn-Vedanta deal fell through
Foxconn stated that it had worked with Vedanta for more than a year to bring "a great semiconductor idea to reality", but they had mutually decided to end the joint venture and it will remove its name from an entity that is now fully-owned by Vedanta. Vedanta, on its part, said that it reiterates that it is fully committed to its semiconductor fab project and "we have lined up other partners to set up India’s first foundry.
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