BUSINESS
Amid coal imports, government says production to touch 900 million tonnes this fiscal
All efforts are being made by Coal India Ltd (CIL) and its subsidiaries to achieve this goal, he said at a function here. The target is ambitious, considering the fact that CIL's production in 2021-22 was 622 million tonnes. However what is more significant is the fact that owing to a huge spike in demand, for the first time ever in its history, CIL - which is the largest producer of dry fuel in the country - has been forced to import the commodity.
ITC books PAT of Rs 4,466 crore for Q2
During the period under review, the company had earned an operational revenue of Rs 16,971.18 crore (Rs 13,356.15 crore in Q2FY22) and a net profit of Rs 4,466 crore (Rs 3,697.18 crore). Economic activity continued to gather momentum during the quarter along with improvement in business and consumer sentiments, the company said. However, input prices remained elevated even as some commodities witnessed softening in the course of the quarter.
Vast GST system needs trained tax professionals with practical skill
The scope of GST has widened over the years, however, a gap has been observed in skilled tax professionals to cater to the demand. In this context, E-learning platform Tax4Wealth has prepared various training courses related to GST with a special focus on imparting practical skill training in the line of Skill India Mission.
ED freezes Bitcoins worth Rs 7.12 crore in E-nuggets case
The agency recently carried out search operations at two premises in Kolkata, leading to seizure of Rs 1.65 crore in cash and freezing of 44.5 Bitcoin (equivalent to Rs 7.12 crore as per exchange rate) and other incriminating documents under the provisions of the Prevention of Money Laundering Act (PMLA).
CCI imposes Rs 1,337 cr fine on Google for anti-market practices
Google has been given 30 days' time to submit the requisite financial details and supporting documents. The antitrust watchdog, which began investigating Google several years ago after receiving complaints from homegrown companies, also ordered the company not to offer any incentives to smartphone makers to exclusively carry its search services.
CCI clears acquisition of 10% stake in Yes Bank by CA Basque Investments
CA Basque is a newly-formed special purpose vehicle (incorporated in the Mauritius), and is fully owned by CA Marans Investments (Mauritius), which is ultimately controlled by the funds managed by the affiliates of The Carlyle Group Inc. It is an investment holding entity and does not have any business activities in India.
Asian Paints plans Rs 2,650 crore backward integration, including white cement JV in UAE
While the VAE and VAM investment will be made within India the manufacturing of the white cement will be under a 60:40 joint venture in Fujairah, United Arab Emirates (UAE), with Riddhi Siddhi Crusher & Land Transport (Riddhi Siddhi), Fujairah, UAE, Associated Soap Stone Distributing Company Private Limited (ASD), India and others.
IndiGo introduces 8 new flights to bolster domestic connectivity
Out of these new connections, Bhopal-Udaipur flight will be a regional connectivity scheme (RCS) route and will increase accessibility between the states. These destinations are known for their breath-taking scenic tourist locations and serve as manufacturing centres of various industrial goods.
Vodafone Idea's board to finalise fund raising plan on Friday
Vodafone Idea has been trying to raise funds for a long time but has not succeeded. It may try and raise funds through issuance of convertible debentures through private placement to a vendor. Vodafone Idea owes an estimated Rs 6,800 crore to mobile tower giant Indus Towers and also Rs 2,400 crore to ATC.
Air India moves forward on five-year transformation roadmap
The airline's aggressive expansion plan, which has already seen 17 long-grounded aircraft return to the skies with 12 more to follow, and the lease-in of 30 narrow- and wide-body aircraft over the next 12 months, also necessitates a significant expansion in flying crew.
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