Corporate News
Vodafone Idea Shares Surge 10%, Hit Upper Circuit Limit
The share price rose to Rs 7.49 on the BSE, its upper circuit limit, while on the NSE, it hit Rs 7.48, the highest trading limit allowed for the day.
Renault Group to Acquire Nissan’s 51% Stake in India JV
The plant located in Chennai and with the capacity to produce 480,000 units a year produces models for both Nissan and Renault brands. Renault will continue to produce Nissan vehicles, including the Nissan Magnite, in the plant. In spite of the change, Nissan will still have its presence in India, and the two firms will still have their shared operation in the Renault Nissan Technology & Business Center India (RNTBCI), where Nissan will still hold a 49% stake.
IndiGo Slapped with ₹944 Crore Tax Penalty, Calls Order ‘Erroneous and Frivolous’
According to IndiGo, the penalty was levied by the Assessment Unit of the Income Tax Department and an extra fine of ₹2.84 crore was charged by the Chennai Joint Commissioner. The problem lies in the rejection of input tax credit on the grounds of discrepancy in financial statements between fiscal years 2018 to 2020.
Government to Boost Stake in Vodafone Idea to 49% with ₹37,000 Crore Investment
The government currently owns 22.6% in the financially troubled telecom firm, which makes it the largest individual shareholder.
Indian Companies Set Fundraising Record in FY25 Through Equity and Debt: Report
PRIME Database data showed that public equity raising shot up by a whopping 92% to ₹3.71 lakh crore. Including rights issues, the overall figure reached close to ₹3.88 lakh crore. At the same time, debt raising also reached an all-time high of ₹11.12 lakh crore, dominated by private placements.
Nestlé India Hit with ₹69 Lakh Tax Penalty
The firm had previously challenged the order issued by the Deputy Commissioner of Customs. But the Appellate Authority ordered in favor of the revenue department, upholding the customs duty demand of ₹69,45,387, along with interest and an equal penalty, as per the filing.
Bharti Airtel Prepays ₹5,985 Crore in High-Cost Spectrum Liabilities to Government
Also, Airtel's subsidiary Network i2i has voluntarily redeemed perpetual debt securities of $1 billion.
Zomato Rebranded as Eternal After Approval from Corporate Affairs Ministry
Earlier this month, Zomato shareholders voted in favor of a special resolution to name the company "Eternal." Although the corporate entity will be renamed Eternal, the food delivery service brand name, Zomato, and app will not change. The stock ticker of the company will also be revised to incorporate the new name.
Hero MotoCorp Enters E-Three-Wheeler Market with 32.5% Stake Acquisition in Euler Motors
"Our strategic investment in Euler marks a bold move towards achieving our dream to be a leader in the mobility future," Hero MotoCorp Executive Chairman Pawan Munjal said in a regulatory filing.
Google to Purchase Cloud Security Platform Wiz for $32 Billion
Sundar Pichai, CEO of Google, said, "Since its first days, Google's deep commitment to security has established us as a leader at protecting people around the world in the online environment. Now, companies and governments that are living in the cloud are seeking yet more robust security solutions, as well as greater cloud computing provider choice."
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