BUSINESS
Net direct tax collection reaches highest-ever figure in FY 22
The net direct tax collection has increased by 49.02 per cent during financial year 2021-22, while it has registered a growth of 34.16 per cent in FY 2021-22 over the collections of 2019-20 when the net collection was Rs 10,50,680.56 crore, and a growth of 23.90 per cent over 2018-19 when the net collection was Rs 11,37,718.48 crore, J.B. Mohapatra said.
TA'ZIZ, Reliance sign shareholder agreement Ruwais chemicals project
Reliance is India's largest diversified conglomerate and a strategic partner with Abu Dhabi National Oil Company (ADNOC) and ADQ, an Abu Dhabi-based investment and holding company, in TA'ZIZ EDC & PVC, a world-scale chemicals development at the TA'ZIZ Industrial Chemicals Zone in Ruwais
Local banks rebuffed $3.2 billion offer from Mukesh Ambani's conglomerate: Report
Debt-laden Future Retail Ltd.'s offshore bondholders -- a relatively smaller part of the creditor pool -- were promised 100 per cent payment in the rescue offer from billionaire Mukesh Ambani, according to people with knowledge of the matter. Indian lenders were asked to take a haircut of as much as 66 per cent, the people added, asking not to be identified discussing confidential information, Bloomberg reported.
Musk has to manufacture here to sell Tesla cars in India: Gadkari
Reiterating that Musk will not get any special treatment when it comes to customs duties, Gadkari said during the 'Raisina Dialogue 2022' that if Musk wants to manufacture in China and sell Tesla cars here, "it cannot be a good proposition for India". In February also, Gadkari had said that Musk has to manufacture in India first in order to roll out Tesla cars on the roads.
Shareholders, creditors of Jindal Steel & JSHL approve merger scheme
Notably, the scheme of merger was approved by an overwhelming majority, it said in a statement.
The meetings to approve the Scheme of Arrangement were organised on April 23, pursuant to the order pronounced by the National Company Law Tribunal (NCLT), Chandigarh Bench. The companies will now file the second motion application with the tribunal, it said in the statement.
Equity indices break two-day losing streak on value buying
Gains were mainly aided by a jump in shares in auto, realty, FMCG and PSU bank space. "Benchmark Indices gained one and a half percentage today on expectations of record GST collections for April even as FII ownership dropped to multi-year lows at 20 per cent," said S. Ranganathan, Head of Research at LKP securities.
India gets world-class mycelium research, production facility
The new Mycelium Sona Biotech (MSB) facility, which was set up in Tamil Nadu's Salem, will focus on nanotech research, IP development, extract manufacturing, milling, bottling and ecommerce. Billed as one of the largest mushroom laboratories in India with best global manufacturing practices, MSB laboratory will research and grow high end mushrooms, extract mushroom and mycelium compounds, and produce nutraceuticals that conform to FSSAI and FDA certification.
How Musk evinced interest in buying Twitter
Twitter announced late on Monday that it has entered into a definitive agreement to be acquired by an entity wholly owned by Musk for $54.20 per share in cash in a transaction valued at nearly $44 billion. Upon completion of the transaction, Twitter will become a privately-held company. The purchase price represents a 38 per cent premium to Twitter's closing stock price on April 1, which was the last trading day before Musk disclosed his nearly nine per cent stake in the platform.
S&P Global Ratings expects Future Retail to default, lowers rating
The issuer credit rating remains 'SD' given the continuing default on the onshore bank borrowings, the rating agency said. According to S&P Global Ratings, the termination of the proposed sale of assets to Reliance Retail Ventures Ltd (RRVL) has magnified the risk of a default on the next coupon payment on the rated notes, and of the initiation of bankruptcy proceedings against the company.
Sitharaman engages investors in Silicon Valley
The roundtable was attended by senior executives, private sector business leaders, venture capitalists, institutional investors, and representatives of pension and endowment funds, representing combined assets under management of over $1 trillion. Moderated by Atul Keshap, President, USIBC, this executive gathering was also joined by V. Ananth Nageswaran, Chief Economic Advisor, Taranjit Singh Sandhu, Ambassador of India to the US, among others.
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