Maruti Suzuki India has said it would need to increase provision for deferred tax liability by around Rs 850 crore due to the withdrawal of indexation benefit while calculating long-term capital gains on debt mutual funds. The company was making accounting provisions for deferred tax liability on fair value gains on these investments, Maruti Suzuki India said in a regulatory filing. A one-time impact on profit after tax will be felt in the second quarter of the ongoing fiscal, it added.
OMCs/upstream cosThe government has slashed windfall tax on domestically produced crude oil to Rs 2,100 per tonne, from Rs 4,600 per tonne with effect from Saturday. The tax is levied in the form of Special Additional Excise Duty (SAED). The SAED on the export of diesel, petrol and jet fuel or ATF, has been retained at ‘nil’. The new rates are effective from August 17, an official notification said.
Escorts Kubota is exploring various options for industrial land to set up a Greenfield facility in Uttar Pradesh. The project will involve direct and indirect investment of over ₹4,500 crore which will be done in phases and annual production revenue generation will be oevr ₹10,000 crore at full capacity. There will also be direct and indirect employment of more than 14,000 people at full capacity.
Hero MotoCorp has received a demand notice of over Rs 17 crore from Delhi GST authorities for disallowance of input tax credit for FY 2019-20 from the Office of the GST Officer, Government of NCT of Delhi. The company said the tax demand is for Rs 9,38,66,513, interest Rs 7,32,15,880 and penalty Rs 93,86,651 as per the notice. According to the company’s assessment, the tax demand is not maintainable in law, it added.
Caplin Point Laboratories informed the exchanges that ANVISA- Brazil conducted an inspection of Caplin Steriles’ injectable and ophthalmic manufacturing facility at Gummidipoondi between August 12 and 16 and concluded with zero observations.
Mphasis has appointed Aravind Viswanathan as the Chief Financial Officer with immediate effect, pursuant to the resignation of Manish Dugar. He will be available for transition support until the end of the quarter.
DCX Systems informed the exchanges that it has received contracts/orders for Rs 107,08,89,320 from domestic and overseas customers.
Realty firm Macrotech Developers said its net debt rose 43.5 per cent to Rs 4,320 crore during the first quarter of this fiscal year due to higher investment in land acquisition and construction, as against Rs 3,010 crore at the end of the March quarter of 2023-24.
Kolte-Patil Developers’ chief financial officer (CFO) Khiroda Jena has resigned on August 17 to “pursue professional opportunities outside the organisation”.
Purvah Green Power Private Limited, a ubsidiary of CESC Ltd has incorporated a wholly owned subsidiary — Ecovantage Energy Private Ltd on August 16.
Techno Electric has partnered with IndiGrid to develop two greenfield interstate transmission project. It also signed a securities subscription cum shareholders agreement with IndiGrid.
Jubilant Biosys, a wholly-owned subsidiary Jubilant Pharmova , has signed and issued a ‘Put Option Offer’ to Pierre Fabre Laboratories, which sets forth an offer To Acquire 80 per cent equity capital (Approx. Euro 4.4 Million over a period of 2 years) In a new company to be incorporated In France,
The Offer for Sale of Vedanta group firm Hindustan Zinc Ltd received a strong response on Day 1, with non-retail investors portion getting over-subscription or 1.23 times or 137.39 per cent. Bids were received at a price of Rs 494.54 per share against the floor price of Rs 486 per share. Hindustan Zinc promoter Vedanta had proposed to sell up to 5,14,40,329 equity shares of the company to non-retail investors on Friday, up to 6,36,05,891 equity shares representing 1.51 per cent of equity capital,” the filing said. Of these, 63,60,590 equity shares i.e. 10% equity shares of the offer would be reserved for allocation to Retail Investors, who can bid on Monday (Aug 19).
Pavan Kumar Bajaj and Karan Bajaj, the promoters of Electronics Mart India, on Friday, divested a 7.8 per cent stake for Rs 689 crore via open market transactions. According to the bulk deal data on the National Stock Exchange, Pavan Bajaj and Karan Bajaj sold 1.50 crore shares each, representing a 7.8 per cent stake in EMIL. SBI Mutual Fund (MF) purchased 1.51 crore shares, amounting to a 3.92 per cent stake in EMIL and Norges Bank – Government Pension Fund Global and Franklin Templeton MF acquired 99.41 lakh shares of Electronics Mart India.
Samvardhana Motherson International Ltd, which had earlier informed the. acquisition of 34% stake of Motherson Auto Solutions Ltd from Sojitz Corporation by its subsidiary Samvardhana Motherson Innovative Solutions Limited, now said that it has completed the acquisition. In a separate notice, it said incorporation of Motherson International Ltd, Abu Dhabi,
