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Business / Rediff

Revenue dept plans to plug capital gains tax leakage

Having observed variations in capital gains tax computation, the revenue department is working on a mechanism to analyse futures and options (F and O) trade data and pre-initial public offering (IPO) transactions. The directorate of I-T systems is working on certain risk-assessment parameters to access the data, which could be on the basis of buying and selling prices of shares in F and Os, variations in margins, fair market value versus IPO prices, etc. The idea is to segregate and process the

9 Aug 2022 11:19 pm
Air India's load factor improves to 80% under Tata

Management and leadership changes, in addition to synchronising operations between all its airlines, are showing visible results for Air India. Data from the Directorate General of Civil Aviation (DGCA) show that there has been a marked improvement in key operational parameters of Air India after the Tata group took complete control of the national airline in January. One of the most dramatic improvements has been noticed in Air India's passenger load factor (PLF) - a crucial metric of capacity

9 Aug 2022 8:24 pm
Falling paddy acreage sparks concerns

The area under paddy - the biggest foodgrain during the kharif season - was almost 13 per cent lower in the week ended August 5 as compared to the same period last year despite a slight pick-up in rains in the main growing regions, triggering fears of a 10-12 million-tonne drop in final output. Sources said with the peak sowing season for paddy almost coming to an end in the big-growing states, any uptick in coverage from here onwards may not give the desired yields. With 30 per cent of normal a

9 Aug 2022 6:30 pm
Airtel to launch 5G services in August

Telecom operator Bharti Airtel will start rolling out 5G services this month and cover all towns and key rural areas of the country by March 2024, a senior company official said on Tuesday. Bharti Airtel managing director and CEO Gopal Vittal also said that the price of mobile services in India is very low and needs to go up. We intend to launch 5G starting August and extend to a Pan India roll out very soon.

9 Aug 2022 6:14 pm
India's smartphone market sees 1% decline in H1

India's smartphone market has fallen by one per cent in the first half of 2022, as shipments of Xiaomi - the top-selling brand - declined 28 per cent due to weak consumer demand in the quarter ended June. According to the International Data Corporation's (IDC's) Worldwide Quarterly Mobile Phone Tracker, 71 million smartphones were shipped from January to June this year. The highest decline was in the below-$100 segment, which lost its market share by 5 per cent.

9 Aug 2022 3:02 pm
Trade settlement in rupee: Banks seek clarity

Banks have raised concerns over the new international trade settlement in rupee, fearing that facilitation of such a mechanism could result in them facing the ire of economic sanctions by the West, people aware of the matter said. Large banks with overseas operations have sought clarity and assurance from the Reserve Bank of India (RBI) that they will not be targeted with sanctions for facilitating rupee trade with a sanction-hit country such as Russia. The present payment mechanism is a shift f

9 Aug 2022 2:21 pm
Aviation majors in fray to operate copter taxis in UP

After launching expressway projects worth almost Rs 1 trillion, the Uttar Pradesh government is now betting big on the aviation sector to propel the state's economic growth. Air travel, comprising both business and leisure, is expected to give a fillip to the socioeconomic landscape by attracting fresh investment. It would also ramp up infrastructure and create jobs.

9 Aug 2022 1:59 pm
5G: Samsung Looks Beyond Jio

With Chinese companies Huawei and ZTE excluded from participating in the 5G roll out, their absence leaves a vacuum in the market which will have to be filled by three vendors: Ericsson, Nokia and Samsung.

9 Aug 2022 9:45 am
Rupee drops 39 paise to 79.63 against US dollar

Lower crude oil prices and a rally in domestic equities restricted the losses to some extent, forex dealers said. At the interbank foreign exchange market, the domestic currency opened weak at 79.50 per dollar.

8 Aug 2022 10:02 pm
Infra assets worth crores to be monetised this fisca

Infrastructure assets worth over Rs 1.62 lakh crore are expected to be monetised during the current fiscal, Parliament was informed on Monday. The government had last year announced a Rs 6 lakh crore National Monetisation Pipeline (NMP) to unlock value in infrastructure assets across sectors, ranging from power to road and railways in four years till 2025. In a written reply to the Lok Sabha, Minister of State for Finance Pankaj Chaudhary said about Rs 97,000 crore worth of public assets were mo

8 Aug 2022 9:41 pm
Equity mutual funds inflow drops 43% in July

Equity mutual funds attracted Rs 8,898 crore in July, a 43 per cent decline compared to the preceding month as markets continued to remain volatile amid concerns over inflation and rate hike expectations. For the 17th straight month, equity mutual funds witnessed inflows in July. The net inflows in July were lower compared to Rs 15,495 crore seen in June, Rs 18,529 crore in May and Rs 15,890 crore in April, according to data released by Association of Mutual Funds in India (Amfi) on Monday.

8 Aug 2022 9:31 pm
Sensex climbs 465 points; Nifty ends above 17,500

The 30-share BSE gauge climbed 465.14 points or 0.80 per cent to finish at 58,853.07. During the day, it jumped 546.97 points or 0.93 per cent to 58,934.90.

8 Aug 2022 4:22 pm
Reliance invests Rs 30k cr in retail in FY22

Reliance Industries invested Rs 30,000 crore (around $3.76 billion) in its retail business and added 2,500 stores, taking the total store count to 15,196 in FY22. Besides, Reliance Retail added 11.1 million square feet of warehousing space during the year, nearly doubling the warehousing space to 22.7 million square feet, Reliance Industries Ltd (RIL) said in the annual report for FY22. In FY22, Reliance Retail added over 1.50 lakh jobs, taking its total headcount to 3.61 lakh.

8 Aug 2022 4:09 pm
Consumer product companies likely to pause price hikes

Indian consumers are likely to get respite from rising prices just before the festival season. Some consumer companies, including automakers, have indicated that they are planning to pause price hikes just before demand picks up in August, while keeping a close eye on volatile raw material prices.

8 Aug 2022 2:30 pm
Taxpayers fear notices due to I-T dept slips

Income-tax payers fear they will receive notices from the government because the annual information statement (AIS) provided by the I-T department in many cases is showing incomes in excess of their earnings. The Central Board of Direct Taxes (CBDT) has dismissed these fears as unfounded. The deadline for filing income-tax returns (ITRs) for the assessment year 2022-23 ended on July 31.

8 Aug 2022 1:28 pm
Tata Motors to acquire Ford's Sanand plant

Tata Motors has inked a pact to acquire Ford India's Sanand-based manufacturing plant for Rs 725.7 crore, as it aims to bolster its passenger vehicle production capacity. As part of the deal, Tata Motors will get the entire land and buildings, vehicle manufacturing plant along with machinery and equipment situated therein, the Mumbai-based auto major said in a statement. The deal also includes the transfer of all eligible employees, it added.

8 Aug 2022 12:40 pm
US retailer Macy's tech expense cut may hurt IT giants

The company's decision may impact new projects, which are likely to get delayed, said sources in the know. Among the IT players that work with Macy's are Accenture, Cognizant, Tata Consultancy Services (TCS), and Infosys. Macy's is among the top 5-10 clients of these companies.

6 Aug 2022 11:58 am
Funding winter hits start-up advertising spend

A long and bitter funding winter in the start-up world is beginning to take its toll on start-up advertising across properties. Earlier this week, Mastercard replaced Paytm as the title sponsor for all international and domestic cricket matches organised by the Board of Control for Cricket in India (BCCI). But this is just one part of the story. The other side is that organisers of high-impact shows and events on Hindi general entertainment channels, too, are feeling the winter chill.

6 Aug 2022 11:35 am
1,500 acres in UP on offer for investors

The Uttar Pradesh government is ramping up the inventory of an industrial land bank of an estimated 1,500 acres in the state ahead of the global investors' summit early next year. The state aims to garner private investments of Rs 10 trillion at the January 2023 event. The state government will showcase a proverbial 'ready to allot' menu of industrial land to woo domestic and global corporations.

6 Aug 2022 11:09 am
Over Rs 2,000 cr of M and As may come under CCI's purview

An additional criterion in mergers and acquisitions (M and As) may require digital businesses to secure approval from the Competition Commission of India (CCI), the anti-trust regulator. The government is set to introduce a minimum threshold ransaction value of Rs 2,000 crore (around $250 million) for any deal as a criterion for notification to the anti-trust regulator if the entity being acquired has substantial operations in India. The new criterion is learnt to be part of the proposed amendm

6 Aug 2022 10:09 am