BUSINESS
28% GST on online gaming 'unconstitutional, irrational, egregious'
The 50th GST Council has announced its decision to levy a 28 per cent GST on online gaming, along with horse racing and casinos which comes as a drawback to online gaming companies. The GST will be applicable to gross revenue/total prize pool.
Nifty trading in a range for last six sessions
Even on Tuesday, Nifty held on to its gains despite profit booking in several banking and Financial heavyweights. "Going forward, we expect the positive momentum to continue on the back of healthy earnings, consistent FII inflows, and improving monsoon," he said.
19 people across world become billionaires via cryptocurrency
Satoshi Nakamoto, the pseudonym for the creator of Bitcoin, is widely assumed to have the most Bitcoin wealth. Though the creator has not officially revealed the amount of Bitcoin he holds, estimates predict he has a wallet containing around 1.1 million BTC, according to data shared by niche news publisher BanklessTimes.com.
Foxconn working on application seeking incentives under India's semicon policy
"We have been actively reviewing the landscape for optimal partners. Building fabs from scratch in a new geography is a challenge, but Foxconn is committed to invest in India," the company said in a statement. Foxconn and Vedanta had signed a MoU in 2022 to establish semiconductor and display production parts in Gujarat.
Markets appear capped due to elevated valuation of Indian equities, increasing Fed rate estimate
On elevated valuation, the report said Indian equities are trading at 20.2x 1-year forward P/E multiple (as against a long-term average of 18.4x) helped by strong FPI equity flows (highest among select EMs for fourth month in a row), resilient mutual fund SIP flow, benign crude oil prices, sharp pick-up in monsoon, resilient domestic macro and 13 per cent corporate operating earnings growth in Q1FY24 likely with minimal earnings downgrade.
Market moving from broad-based rally to specific stock-driven rally
He added that in spite of the weakness in IT and banking majors, Nifty rallied by 24 points on Monday, driven primarily by RIL. Bharti Airtel and Tata Motors also have been imparting resilience to the rally. There are no major triggers that can take the rally much higher from the present levels. Global cues also are uncertain, he added.
Why the Foxconn-Vedanta deal fell through
Foxconn stated that it had worked with Vedanta for more than a year to bring "a great semiconductor idea to reality", but they had mutually decided to end the joint venture and it will remove its name from an entity that is now fully-owned by Vedanta. Vedanta, on its part, said that it reiterates that it is fully committed to its semiconductor fab project and "we have lined up other partners to set up India’s first foundry.
CarTrade Tech acquires OLX Autos' India biz for Rs 537 crore
In a filing with the Bombay Stock Exchange (BSE), CarTrade Tech said it will buy 100 per cent of Sobek's shares and is making the purchase "to provide synergistic benefits to the existing businesses of CarTrade Tech" CarTrade Tech said the acquisition is in furtherance of the strategic objectives of the company to undertake investments that provide synergistic benefits to its existing businesses.
Adani-Hindenburg row: SEBI files observations on SC-appointed Expert Committee in apex court
In its application, the market regulator has sought "appropriate orders" from the apex court when the latter hears the case on Tuesday. Notably, all the offences under the SEBI Act (except offence under section 11C (6), SCRA Act and Depositories Act), the SEBI can initiate prosecution without any period of limitation.
Direct tax collections rise 15% to Rs 5.17 lakh crore in 2023-24
Direct tax collection, net of refunds, stood at Rs. 4.75 lakh crore which was 15.87 per cent higher than the net collections for the corresponding period of last year. This collection is 26.05 per cent of the total budget estimates of direct taxes for 2023-24.
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