BUSINESS
Adi Godrej to step down as GIL Chairman, Nadir Godrej to take over
Adi Godrej, 79, will also step down from the GIL Board of Directors but will continue to serve as the Chairman of the Godrej Group and also as GIL Chairman Emeritus, while Nadir Godrej, 69, will become the Chairman and Managing Director at the Mumbai-headquartered GIL, as per the company.
DRIs notices, orders in customs tax assessment matters liable to be set aside at any stage
What this would mean is that, even if an Order-In-Original (OIO),which was a culmination of the proceedings initiated with the issuance of a show cause notice (SCN) by an incompetent authority (i.e., Additional Director General, Directorate of Revenue Intelligence, Bengaluru in this case) is liable to be set aside. So, the move is expected to limit the unlimited jurisdiction of intelligence units in matters of tax assessment.
GMR Infra receives Rs 1,692 cr in 1st tranche consideration for KSEZ stake sale
As part of the said transfer of stake of KSEZ and in terms of regulatory requirements, the 74 per cent equity stake of Kakinada Gateway Port Limited ("KGPL") held by KSEZ is also being transferred to Aurobindo Realty. Total revised consideration for the sale of equity stake as well as the sub-debt in KSEZ is Rs 2,719 crore.
No change in fuel prices
Accordingly, in the national capital, petrol continued to be sold at Rs 101.84 per litre, while diesel was unchanged at Rs 89.87 a litre. Global crude prices have now softened to just around $71 a barrel after it swung in all directions in July starting with a low of $70 a barrel to quickly rise to over $77 a barrel, only to fall soon below $70 a barrel and crossing $75 a barrel later in the month.
Global crypto market hits $2tn, Bitcoin surges again
Bitcoin has crossed the $46,000 mark (more than Rs 34 lakh for single coin) once again. The most popular cryptocurrency has been trading in the green with a market cap of more than $848 billion, according to CoinMarketCap. "The world's oldest cryptocurrency, Bitcoin has witnessed a fantastic rally recently and the latest Ethereum upgrade, also known as London Hard Fork, has boosted the Ether price," said Shivam Thakral, CEO, BuyUcoin.
New UP companies to get priority listing at BSE, NSE
According to additional chief secretary (ACS) MSME, Navneet Sehgal this was decided in a meeting with NSE senior manager Rakesh Kumar on Thursday. Sehgal said that virtual meetings would be organised between the two exchanges and industry bodies like FICCI and Laghu Udyog Bharti so that they could encourage their members to get listed on the stock exchange.
Sensex crosses 55,000 for the first time on improved macroeconomic data
Sensex has hit an all-time high of 55,199.42 and the Nifty50 on the National Stock Exchange touched a record high of 16,468.45. On Thursday, the Index of Industrial Production (IIP) for June showed a rise of 13.6 per cent from a decline of (-) 16.6 per cent reported for the like month a year ago.
Twin crises of Covid, climate change offer opportunities: Amitabh Kant
"The industry organisations have to 'restructure', 'resize' and 'redesign' and the role of the CII is to prepare and guide its membership to adapt to the new environment. The pandemic has presented the industry with an opportunity to be globally competitive by developing quality products and becoming a part of global supply chains."
Hero MotoCorp logs Q1 net profit of Rs 365.4cr
The net profit witnessed nearly 6-fold growth compared to Rs 61.31 crore reported during the same period of FY21. Its revenue from operations during the period under review increased 84.65 per cent to Rs 5,487.07 crore, compared to Rs 2,971.54 crore earned in Q1 FY21. In a statement, the company said that during the quarter the two-wheeler major recorded sales of 10.25 lakh units of motorcycles and scooters despite Covid-19 related disruptions.
B Govindarajan to lead Royal Enfield as Vinod Dasari quits
B. Govindarajan will take on the responsibility of leading Royal Enfield. Effective August 18, he will be inducted as a Wholetime Director on the Board of Eicher Motors Ltd and will take on as Executive Director - Royal Enfield. Govind has been the Chief Operating Officer at Royal Enfield since 2013.
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