BUSINESS
Piramal Pharma completes acquisition of Hemmo Pharmaceuticals
In March, Piramal Enterprises, the parent company of Piramal Pharma, had announced the proposed acquisition. "We wish to inform you that PPL has completed the acquisition of Hemmo on 22nd June, 2021 and the transaction is now closed," Piramal Enterprises said in a regulatory filing on Wednesday.
Rs 9,371 cr seized assets of Mallya-Choksi-Nirav Modi transferred to banks: ED
The ED in a statement said that Mallya, Nirav Modi and Choksi have defrauded public sector banks by siphoning off the funds through their companies which resulted in total loss of Rs 22,585.83 crore to the banks. The ED has booked the three on the basis of the FIR filed by the Central Bureau of Investigation (CBI).
Microsoft 2nd US firm to pass $2 trillion market cap for alert
Despite hitting $2 trillion in intraday trading on Tuesday, Microsoft's valuation was about $300 million shy of the high-water mark by the time markets closed, AppleInsider reported. Like Apple, Microsoft has benefitted from the work-from-home and remote education boom created as a result of the Covid-19 pandemic. Since March 2020, when lockdowns began, Microsoft's stock has surged 64 per cent.
Equity indices shed gains post gap-up opening
The key Indian equity indices pared their initial gains after a gap-up opening to trade on a flat-to-negative note on Wednesday morning. Selling pressure was witnessed in oil and gas, power and banking stocks. Around 10.15 a.m., Sensex was trading at 52,555.34, lower by 33.37 points or 0.06 per cent from its previous close of 52,588.71.
Phase 1 of National Single Window System to be launched soon
The digital platform is aimed at allowing investors to identify and apply for various pre-operation approvals required for commencing business in India. There will be 17 ministries or departments and 14 states onboard in the first phase, which is likely to be launched soon, the minister said during the review meeting of the single window system held on Tuesday, said an official statement.
Create task force to look into issues in new IT portal: FinMin to ICAI
The Finance Ministry on Tuesday organised a meeting to review the glitches and issues related to the new I-T e-filing portal. The new portal has been facing issues ever since its launch on June 7. The meeting was chaired by Finance Minister Nirmala Sitharaman and was attended by Minister of State for Finance Anurag Thakur, Revenue Secretary Tarun Bajaj, and CBDT Chairman Jagannath Mohapatra among others.
'US Fed will not raise rates preemptively on inflation fears'
"We will not raise interest rates preemptively because we think employment is too high, because we fear the possible onset of inflation. Instead, we will wait for actual evidence of actual inflation or other imbalances," Powell told lawmakers at a hearing before the House Select Subcommittee on the Coronavirus Crisis, Xinhua news agency reported.
SEBI exempts Heineken from making open offer for share purchase in UBL
Heineken had sought exemption from the applicability of regulations 3(2) and 3(3) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 in the matter of its proposed acquisition of maximum number of 3,96,44,346 equity shares of UBL from the recovery officer of the Bangalore Debt Recovery Tribunal, under whose custody the transfer shares owned by the VJM Group are being held.
CBDT comes up with new functionality for compliance check of non-filers
Accordingly, the CBDT on Tuesday clarified that its new functionality -- Compliance Check for Sections 206AB & 206CCA -- is operational and would reduce the compliance burden by putting out the need to tax a person at higher rate by just feeding his/her PAN details.
Record run continues, Sensex crosses 53,000 mark
Oil and gas stocks led the rise in the market. Sensex has touched an all-time high of 53,018.71 points. Around 9.55 a.m., Sensex was at 52,976.76, higher by 402.3 points or 0.77 per cent from its previous close of 52,574.46. The top gainers on the Sensex were Maruti Suzuki India, ONGC and ICICI Bank, while the major losers were Nestle India, Bajaj Finance and Dr Reddy's Laboratories.
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