Corporate News
Nestlé India Reports 5% Dip in Q4 Profit Amid Rising Input Costs and 8.6% Decline in Exports
The firm was also greatly affected by the rising prices of major commodities like coffee, cocoa, and milk, which hit its overall profitability in the quarter, as pointed out in its stock exchange filing.
Wipro Reports 6.4% Rise in Q4 Net Profit, Reaches ₹3,569.6 Crore
The organization posted gross revenues of ₹22,500 crore (about $2,634.2 million) during January–March, a modest growth of 0.8% over the previous quarter and an increase of 1.3% year on year.
TCS Q4 Profit Slips Nearly 2%; Board Declares ₹30 Final Dividend
The tech behemoth had made a profit of ₹12,502 crore during the same period last year. On a sequential level, the net profit fell 1.3%, according to the company's filing with the stock exchanges.
Vodafone Idea Shares Surge 10%, Hit Upper Circuit Limit
The share price rose to Rs 7.49 on the BSE, its upper circuit limit, while on the NSE, it hit Rs 7.48, the highest trading limit allowed for the day.
Renault Group to Acquire Nissan’s 51% Stake in India JV
The plant located in Chennai and with the capacity to produce 480,000 units a year produces models for both Nissan and Renault brands. Renault will continue to produce Nissan vehicles, including the Nissan Magnite, in the plant. In spite of the change, Nissan will still have its presence in India, and the two firms will still have their shared operation in the Renault Nissan Technology & Business Center India (RNTBCI), where Nissan will still hold a 49% stake.
IndiGo Slapped with ₹944 Crore Tax Penalty, Calls Order ‘Erroneous and Frivolous’
According to IndiGo, the penalty was levied by the Assessment Unit of the Income Tax Department and an extra fine of ₹2.84 crore was charged by the Chennai Joint Commissioner. The problem lies in the rejection of input tax credit on the grounds of discrepancy in financial statements between fiscal years 2018 to 2020.
Government to Boost Stake in Vodafone Idea to 49% with ₹37,000 Crore Investment
The government currently owns 22.6% in the financially troubled telecom firm, which makes it the largest individual shareholder.
Indian Companies Set Fundraising Record in FY25 Through Equity and Debt: Report
PRIME Database data showed that public equity raising shot up by a whopping 92% to ₹3.71 lakh crore. Including rights issues, the overall figure reached close to ₹3.88 lakh crore. At the same time, debt raising also reached an all-time high of ₹11.12 lakh crore, dominated by private placements.
Nestlé India Hit with ₹69 Lakh Tax Penalty
The firm had previously challenged the order issued by the Deputy Commissioner of Customs. But the Appellate Authority ordered in favor of the revenue department, upholding the customs duty demand of ₹69,45,387, along with interest and an equal penalty, as per the filing.
Bharti Airtel Prepays ₹5,985 Crore in High-Cost Spectrum Liabilities to Government
Also, Airtel's subsidiary Network i2i has voluntarily redeemed perpetual debt securities of $1 billion.
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