BUSINESS
SC rejects Bharti Airtel's plea of Rs 923 cr refund in GST returns
A bench comprising justices A.M. Khanwilkar and Dinesh Maheshwari said: "the direction issued by the High Court being in the nature of issuing writ of mandamus to allow the writ petitioner to rectify Form GSTR-3B for the period from July to September 2017, in the teeth of express statutory dispensation, cannot be sustained".
Equities plunge on fund outflows; realty stocks sink
Accordingly, both the key indices ended the day's trade nearly 2 per cent lower from their previous closing mark, respectively. In the process, the Sensex plunged over a 1,000 points. It touched an intra-day low of 59,777.58 points. Besides, Nifty fell the most in the last 6 months. The FIIs sold Rs 3,818.51 crore on BSE, NSE & MSEI in the capital market segment.
Adani Green's operational capacity increased by 93% to 5,410 MW
Continued growth in EBITDA from Power Supply and Cash Profit is supported by increase in revenues and cost efficiencies brought in through analytics driven O&M. AGEL's overall renewable portfolio increases to 20,284 MW on account of completion of acquisition of SB Energy's India Renewable portfolio of 4,954 MW, which includes 1,700 MW operational assets and award of 450 MW Wind project from SECI in Oct 2021.
Winter schedule 2021: Down 4% from pre-pandemic levels
The Winter Schedule is effective from October 31, 2021 till March 26, 2022. Accordingly, the Directorate General of Civil Aviation (DGCA) approved a winter flight schedule of 22,287 flights. The Winter Schedule-2019 had an approved flight roster of 23,307 flights. "It may be noted that 22,287 departures per week have been finalised to and from 108 airports," the DGCA said.
99% of Indian firms adopt hybrid Cloud amid cyber risks: Report
Only 3 per cent of respondents reported using a single private or public cloud in 2021, down from 29 per cent in 2019 -- establishing hybrid cloud as the dominant IT architecture, according to the report by IBM Institute for Business Value (IBV) in cooperation with Oxford Economics. The findings also indicated that cyber threats are at an all-time high and infrastructure complexity is creating cracked doors that cybercriminals are exploiting.
Xiaomi-led Chinese brands capture 74% of India's smartphone market
Xiaomi led the market with a 22 per cent shipment share while Samsung captured the second spot with a 19 per cent share. Samsung led the mid-to upper-tier price segment (Rs 10,000-Rs 30,000) with a 25 per cent market share while OnePlus registered its highest ever shipments in India (Its Nord series cumulative shipments crossed 3 million units), according to the report from Counterpoint Research.
Different goods, services required to sustain export growth: Ind-Ra
Accordingly, the Indian export basket in 1HFY22 consisted of a healthy mix of both labour-intensive and high-value manufactured items. However, the ratings agency said that it will not be easy to maintain the current export growth momentum, as the stimulus-induced demand in developed economies might normalise in 2022. "Also, the political backlash against globalisation, which became pronounced 2012-2013 onwards, but has taken a backseat lately due to the C19 pandemic, may resurface."
Lotus Herbals acquires 32% stake in FixdermaIndia Pvt. Ltd
With this strategic 32% acquisition stake buy Lotus Herbals forays into the Dermaceutical segment offering a premium range of skincare and haircare products that bridge prescription-based products and over-the-counter cosmetics. Commenting on the acquisition, Nitin Passi, Joint Managing Director, Lotus Herbals, says, "Over the past 27 years Lotus has always been an innovation leader in the beauty industry.
Acko General joins the `billionaire' club
After selling vehicle insurance products directly, Acko General plans to focus on the health insurance segment.
The company will invest over $150 million to deepen the health insurance strategy, he said. "We believe health insurance products, claims innovation and a deeply connected ecosystem of health services that improve health outcomes for customers are today's most urgent needs," said Varun Dua, Acko General's Founder & CEO.
Sensex plunges around 1k points; realty stocks fall
Accordingly, both the key indices traded over 1.50 per cent lower from their previous closing mark, respectively. Notably, the Sensex plunged to nearly about a 1,000 points. It touched an intra-day low of 60,010.21 points. In the initial trade, the key indices opened on a flat note and started to fall from the opening. Globally, Asian stocks fell on Thursday amid concerns that the recovery from the pandemic will slow as elevated inflation forces tighter monetary policy.
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