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Portion of Adani Group's Capex Is Deferrable: Moody's

Chennai, Feb 3 (IANS) Global credit rating agency Moody's Investors Service on Friday said a portion of Adani Group's planned capital expenditure is deferrable. Moody's also said the adverse developments relating to the Adani Group - rapid decline in market value of the...
'Criminal conspiracy': Lawyer moves SC seeking a probe into Hindenburg report

New Delhi, Feb 3 (IANS) A PIL has been moved in the Supreme Court seeking a direction to the Centre and the SEBI to inquire into alleged "criminal conspiracy" behind the Hindenburg report into Adani Group of companies, leading to crashing of its stock and huge losses to...
Amid Adani Group Row, RBI Says Banking Sector Remains Resilient

New Delhi, Feb 3 (IANS) Amid doubts being raised over state-owned banks' exposure to Adani group, the Reserve Bank of India (RBI) on Friday said that "the banking sector remains resilient and stable". "There have been media reports expressing concern about the exposures of...
Apple Crosses 2 Billion Active Devices

Cupertino (California), Feb 3 (IANS) Apple has announced its financial results for its fiscal 2023 first quarter that ended December 31, 2022, in which the tech giant revealed that it has crossed two billion active devices. The company also reported quarterly revenue of...
Adani Enterprises Withdraws RHP, Cancels Agreements with Several Parties

Chennai, Feb 2 (IANS) The Adani Enterprises Ltd -- the flagship company of the Adani Group -- on Thursday said it is withdrawing the Red Herring Prospectus (RHP) filed with the Registrar of Companies (RoC) Gujarat. The move is a follow up to the company's decision on...
GST Collections Touch RS 1.55 Lakh Crore in January 2023

New Delhi, Jan 31 (IANS) Goods and Services Tax (GST) collections for January 2023 stood at Rs 1,55,922 crore, 4 per cent higher than Rs 1,49,507 crore collected in December 2022. January's collections are second only to Rs 1.68 lakh crore gross GST collections recorded in...
Oppn Parties Led by Cong Seek JPC Probe into Adani Group Issue (LD)

New Delhi, Feb 2 (IANS) Leader of Opposition in the Rajya Sabha, Mallikarjun Kharge on Thursday sought a probe by a joint parliamentary committee (JPC) or by a team under the Chief Justice of India's supervision into the Hindenburg research report on Adani group. Addressing...
Job growth in Indian IT sector slumps 25% amid layoffs

New Delhi, Feb 2 (IANS) Due to corrections in hiring in the IT industry, job growth in the Indian IT sector has declined by 25 per cent this year as compared to last year, a report showed on Thursday. The hiring intent declined across both large IT giants and unicorns,...
After Layoffs, Zuckerberg Now Wants 2023 to Be 'year of Efficiency'

San Francisco, Feb 2 (IANS) After laying off 11,000 employees, Meta Founder and CEO Mark Zuckerberg now wants 2023 to be the "year of efficiency". In his quarterly earnings call with analysts late on Wednesday, Zuckerberg said that "I just think we've entered somewhat of a...
Indian Start-ups Are Looking at Reverse Flipping

Chennai/New Delhi, Jan 31 (IANS) Indian start-up companies are looking at 'reverse flipping' - not a cricket terminology - with easy access to capital from private equity and venture capitals, changes in rules regarding round tripping, and the growing maturity of India's...
Cigarettes Set to Become Costlier as Budget Proposes 16% Hike in Duty

New Delhi, Feb 1 (IANS) Cigarettes are set to become costlier as the National Calamity Contingent Duty (NCCD) on specified cigarettes has been revised in the Union Budget 2023-24. Union Finance Minister Nirmala Sitharaman, while presenting the budget on Wednesday, proposed...
No News on Capital Gains Tax Is Good News for Markets

New Delhi, Feb 1 (IANS) Stock markets cheered the Union Budget 2023-24, as among other reasons, there were no changes in the treatment of capital gains tax. Suresh Surana, Founder, RSM India, said the widespread apprehension of enhancement of capital gains tax or new taxes...
Travel, Hospitality Trade Bodies List Old Demands That Remain Unmet

New Delhi, Feb 1 (IANS) Nakul Anand, Chairman of FAITH, the apex body of tourism and hospitality industry associations, said the Union Budget could have announced more direct support measures for the two sectors. The Federation of Associations in Indian Tourism &...
Union Budget Gives Major Emphasis on Increasing Ayush Services, Scientific Research

New Delhi, Feb 1 (IANS) The integration of the Ayush system in the National Health ecosystem has got a major boost in the Budget 2023-24 presented by Finance Minister Nirmala Sitharaman on Wednesday. The total allocation to the Ayush Ministry has increased by 20 per cent to...
Presumptive Tax Scheme for MSMEs to Reduce Unreported Cash Income

New Delhi, Feb 1 (IANS) The presumptive tax scheme for MSMEs announced in Union Budget 2023-24 seeks to reduce unreported cash income and increase transparency. K.V. Srinivasan, Executive Director and CEO at Profectus Capital, said the increased limit on presumptive tax to...
To Discourage Cheap Imports from China, Customs Duty on Imitation Jewellery Hiked to 25%

New Delhi, Feb 1 (IANS) Aiming to discourage cheap imports from China and encourage domestic manufacturing, Customs duty on imitation jewellery has been enhanced from 20 per cent to 25 per cent in the Union Budget 2023-24 that was presented by Finance Minister Nirmala...
No Great Sheen for Gold in Budget

Chennai, Feb 1 (IANS) While the Centre has given a digital boost for the gold sector, in terms of tax relief there is nothing for the sector, said an official of World Gold Council's Indian Chapter. "While the reduction in custom duty on gold from 12.5 per cent to 10 per...
G20 to Strengthen India's Role in World Economic Order: FM Sitharaman

New Delhi, Feb 1 (IANS) Union Finance Minister Nirmala Sitharaman said that the G20 Presidency has given a unique opportunity to strengthen India's role in the world economic order. "We are steering an ambitious people-centric agenda to address global challenges and...
Reduction in Customs Duty Rates on Goods

New Delhi, Feb 1 (IANS) To promote exports and enhance domestic manufacturing, Finance Minister Nirmala Sitharaman during her Budget speech on Wednesday announced a reduction in customs duty rates on various commodities and products. FM Sitharaman proposed a reduction in...
India Will Set up 100 5G Labs to Develop New Apps, Services

New Delhi, Feb 1 (IANS) With the 5G roll-out now gaining momentum in India, the Centre on Wednesday announced to set up 100 labs in the top engineering institutions to develop 5G apps and services. India rolled out 5G services in October last year and several hundred cities...
India's Robust Digital Infrastructure Can Push GDP, Says Chief Economic Adviser

New Delhi, Jan 31 (IANS) Chief Economic Adviser V. Anantha Nageswaran on Tuesday said that digital investments will mainly drive the country's growth, as they would act as "growth magnet" in the near future. Addressing a press conference after the release of the Economic...
Transfers of over RS 26.5L Crore in Central Schemes Made since Inception of DBT Route

New Delhi, Jan 31 (IANS) The JAM Trinity - Jan Dhan Yojana, Aadhaar and Mobile numbers - has allowed the government to offer support to identified households in a targeted and less distortive way in the form of direct benefit transfer (DBT), the Economic Survey for 2022-23...
Chip-maker Intel to layoff about 340 employees at California campus

San Francisco, Jan 31 (IANS) Calling it "difficult decisions,' chip-maker Intel is laying off nearly 340 employees at one of its campuses in the US. Intel told state and local officials that it plans to lay off about 340 workers at its Folsom campus in California, reports...
Musk Plans WeChat-like Payments System on Twitter That Includes Crypto

San Francisco, Jan 31 (IANS) Twitter under Elon Musk is now working on a payments system that will support accepted currencies with crypto functionality embedded into it. According to a report in The Financial Times, citing sources, the payments feature will support fiat...
Why Apple's Tim Cook Has Not Cut Workforce amid Mass Layoffs

San Francisco, Jan 31 (IANS) As every Big Tech company has announced job cuts running into thousands, Apple is yet to do so and may not plan to terminate employees as it never hired at the pace at which other tech giants did, according to analysts. Wedbush tech analyst Dan...