BUSINESS
Public issue application to be processed only after monies are blocked in investor's bank account
Accordingly, all intermediaries and market infrastructure institutions are advised to ensure that appropriate systemic and procedural arrangements are made within three months from the date of issuance of this circular, SEBI said. Stock Exchanges shall accept the ASBA applications in their electronic book building platform only with a mandatory confirmation on the application monies blocked.
184.58 lakh metric tonnes wheat, 810.05 LMT paddy procured: Govt
The wheat procurement under the central pool is progressing in Rabi Marketing Season 2022-23 in the states of Punjab, Haryana, Rajasthan, Uttar Pradesh and Bihar. The wheat procured till Sunday benefited about 17.50 lakh farmers with minimum support price (MSP) value of Rs 37,192.07 crore, data from the Ministry of Consumer Affairs, Food and Public Distribution showed.
Petrol pump dealers across 24 states to go for 'No Purchase' on Tuesday
Around 70,000 outlets across 24 states will not buy fuel from oil marketing companies. "Dealers across 24 states will join 'No Purchase Petrol and Diesel' campaign tomorrow to highlight the financial distress of the petrol pump owners across the country," Delhi Petrol Dealers Association President Anurag Narayan.
No restaurant can charge 18% tax on products, says complaint
"The rate of GST on sales by eateries is five per cent whereas on visit to the restaurant of Timber Trail Resorts, Pawanoo, on last May 27, it has been found that this taxable person is charging GST at rate of 18 per cent i.e. nine per cent under the state GST and equal per cent under the Centre GST, whereas the rate of five per cent i.e. 2.5 per cent state GST and 2.5 per cent under Centre GST," Jagga said in a complaint.
LIC Q4 net profits down 17% YoY, announces Rs 1.5 dividend for FY22
The insurance company's consolidated income from net premium income during the quarter rose nearly 18 per cent to Rs 144,158 lakh crore, the earnings report shared with the exchanges showed. This is the first earnings results reported by the company after it went public on the exchanges earlier this month. It has recommended a dividend of Rs 1.5 per equity share for FY22, which is subject to approval of shareholders in the annual general meeting, the filing said. The shares of the much-awaited LIC made a weak listing on the stock exchanges on May 17. It listed on the stock exchanges at a discount of 8.62 per cent at Rs 867, from its IPO issue price of Rs 949.
Myntra's 'end of reason sale' to start from June 11
The six-day fashion carnival will be a mega bonanza for shoppers of fashion and beauty, where millions of shoppers from across Tier-I and II cities and towns, and beyond can expect over 5,000 domestic and international brands to offer more than 14 lakh styles at attractive price points..
Centrum Broking gives 'buy' call for Adani ports
The target price for the scrip is pegged at Rs 862, as against Rs 735 at Monday's closing. The company's profit after tax during Q3FY22, at Rs 10.2 billion, was ahead of estimates of Rs 9 billion due to a lower tax provision, the brokerage said. It handled 312 million tonne cargos in FY22 and guided for a cargo handling of 350-360 million tonne for FY23 with a growth of 12-15 per cent.
Byju Raveendran set to focus on global biz as India edtech market shrinks
BYJU's, which was last valued at nearly $22 billion making it India's most valued start-up, declined to comment on the development but according to reliable sources, an official confirmation about Raveendran taking a bigger global role would come soon as new designations for Raveendran and Mohit are currently being discussed.
We are creating a simplified investing ecosystem: Crypto unicorn CoinSwitch
Crypto is an emerging yet attractive asset class. It is a $1.25 trillion market globally. The India adoption story is no different with nearly 20 million unique users, over $6.6 billion in investments and more than a billion dollars in venture capital funding. India is already the second-largest in terms of crypto adoption globally. Crypto in India has come a long way but this is just the beginning -- Crypto is a billion people industry in the making.
Indices start new week on a high, Sensex up over 1,000 pts
Inflation, as reported by the US Federal Reserve, rose 6.3 per cent in April from a year earlier, which is a notch below a four-decade high the country reported in March. It is reportedly the first slowdown since late 2020. Back home, Sensex closed Monday's trade at 55,926 points, up 1,041 points or 1.9 per cent, whereas Nifty at 16,669 points, was up 316 points or 1.9 per cent.
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