India’s #power sector, which has grappled with multiple challenges over the past years, is seeing renewed interest from global PE investors keen to capitalize on the vast potential of smart meter manufacturers.
https://www.livemint.com/industry/energy/pe-investors-get-powerhungry-11687804625180.html
https://www.livemint.com/industry/energy/pe-investors-get-powerhungry-11687804625180.html
mint
PE investors get power-hungry
Global private equity investors keen to capitalize on the vast potential in smart meter manufacturers in India
The options range from an inquiry in the form of seeking information, an inspection of books of account that is a more formal step meant to check compliance or a full-fledged investigation.
https://livemint.com/companies/news/centre-evaluates-action-after-byju-s-auditor-resigns-11687800740105.html
https://livemint.com/companies/news/centre-evaluates-action-after-byju-s-auditor-resigns-11687800740105.html
mint
Centre evaluates action after Byju’s auditor resigns
The options range from an inquiry in the form of seeking information, an inspection of books of account that is a more formal step meant to check compliance or a full-fledged investigation
#MintSnapView | #TCS has sacked 15 executives and is conducting stringent audits after Mint reported on alleged corruption in the company’s hiring process. But this problem isn’t restricted to India’s largest IT services firm.
https://www.livemint.com/opinion/online-views/indias-it-industry-must-weed-out-corruption-in-hiring-11687847889006.html
https://www.livemint.com/opinion/online-views/indias-it-industry-must-weed-out-corruption-in-hiring-11687847889006.html
mint
India’s IT industry must weed out corruption in hiring
TCS has sacked 15 executives and is conducting stringent audits after Mint reported on alleged corruption in the company’s hiring process. But this problem isn’t restricted to India’s largest IT services firm
The union government is reconsidering the timeline to bring cotton bales, a key element in the textile supply chain, under a quality control order (QCO).
https://www.livemint.com/economy/centre-may-defer-cotton-quality-order-11687796435580.html
https://www.livemint.com/economy/centre-may-defer-cotton-quality-order-11687796435580.html
mint
Centre may defer cotton quality order
A QCO bars manufacturers, importers and distributors from storing or selling a product without a Standard Mark, except under licence from the Bureau of Indian Standards (BIS).
The #power ministry is considering recommending slashing the goods and services tax on grid-scale battery storage to 5% in order to help India transition to an energy mix with a bigger share of renewables.
https://www.livemint.com/news/india/indian-power-ministry-may-recommend-gst-cut-on-grid-scale-battery-storage-to-boost-renewables-transition-11687796365980.html
https://www.livemint.com/news/india/indian-power-ministry-may-recommend-gst-cut-on-grid-scale-battery-storage-to-boost-renewables-transition-11687796365980.html
mint
Grid scale battery storage may get a GST sweetener
The GST on lithium ion batteries used for utility or grid-scale power projects is18% and that on non-lithium ion batteries is 28%.
Guyana has become the world’s newest oil power after discoveries of #crudeoil reserves equivalent to more than 11 billion barrels in 2015.
https://www.livemint.com/news/world/indiaguyana-talks-on-energy-sector-make-swift-progress-11687797326041.html
https://www.livemint.com/news/world/indiaguyana-talks-on-energy-sector-make-swift-progress-11687797326041.html
mint
India-Guyana talks on energy sector make swift progress
Guyana has become the world’s newest oil power after discoveries of crude oil reserves equivalent to more than 11 billion barrels in 2015.
Residents of #Delhi are set to see electricity bills rise—for the first time in nine years—after the Delhi Electricity Regulatory Commission allowed power distribution companies (discoms) to raise tariffs in specific areas.
https://www.livemint.com/news/india/electricity-bills-in-delhi-to-rise-for-first-time-in-nine-years-following-tariff-hike-by-power-distribution-companies-11687796551929.html
https://www.livemint.com/news/india/electricity-bills-in-delhi-to-rise-for-first-time-in-nine-years-following-tariff-hike-by-power-distribution-companies-11687796551929.html
mint
Delhi govt blames Centre as power bills set to rise
Delhi’s Power Minister Atishi said those who receive free electricity up to 200 units will not be affected by the tariff hike.
Private sector lender ICICI Bank Ltd said that its board would consider a proposal on 29 June to delist equity shares of its stockbroking arm ICICI Securities.
https://www.livemint.com/companies/news/icici-bank-to-consider-delisting-of-icici-securities-on-29-june-11687801868319.html
https://www.livemint.com/companies/news/icici-bank-to-consider-delisting-of-icici-securities-on-29-june-11687801868319.html
mint
ICICI Bank to consider delisting of ICICI Securities on 29 June
Following the announcement, shares of ICICI Securities rose as much as 15% to ₹647 apiece on an intraday basis before ending at ₹621.9
Audit watchdog, the National Financial Reporting Authority (NFRA) said that quitting audit assignment does not absolve a statutory auditor of his responsibility to report fraud noticed during the audit.
https://www.livemint.com/news/india/nfra-warns-auditors-quitting-audit-assignment-does-not-absolve-responsibility-to-report-fraud-11687799871439.html
https://www.livemint.com/news/india/nfra-warns-auditors-quitting-audit-assignment-does-not-absolve-responsibility-to-report-fraud-11687799871439.html
mint
‘Resigning auditor must flag if fraud is noticed’
National Financial Reporting Authority has said that quitting audit assignment does not absolve a statutory auditor of his responsibility to report fraud noticed during the audit
US electric truck maker #LordstrownMotors filed for bankruptcy protection after it failed to resolve a dispute over promised investment from Taiwan company #Foxconn.
Read here: https://www.livemint.com/companies/news/us-electric-truck-startup-lordstown-faces-bankruptcy-after-foxconn-deal-failure-11687853608401.html
Read here: https://www.livemint.com/companies/news/us-electric-truck-startup-lordstown-faces-bankruptcy-after-foxconn-deal-failure-11687853608401.html
#HDFC twins merger will create #India's second-largest financial institution by assets after the country's top lender #SBI.
https://www.livemint.com/money/personal-finance/hdfc-twins-merger-what-does-hdfc-hdfc-bank-merger-mean-for-depositors-and-borrowers-11687854056408.html
https://www.livemint.com/money/personal-finance/hdfc-twins-merger-what-does-hdfc-hdfc-bank-merger-mean-for-depositors-and-borrowers-11687854056408.html
mint
HDFC twins merger: What does HDFC-HDFC Bank merger mean for depositors and borrowers?
HDFC and HDFC Bank's $40 billion merger will create India's second-largest financial institution by assets
#ChandaKochhar and her husband Deepak have been named in the #CBI's 11,000 page chargesheet filed earlier this year. The case pertains to cheating and irregularities in sanctioning of loans to #VideoconGroup firms.
Read here: https://www.livemint.com/news/india/chanda-kochhar-husband-bought-rs-5-3-crore-flat-for-merely-rs-11-lakh-cbi-tells-court-11687857733986.html
Read here: https://www.livemint.com/news/india/chanda-kochhar-husband-bought-rs-5-3-crore-flat-for-merely-rs-11-lakh-cbi-tells-court-11687857733986.html
#India is likely to grow at 6.7 per cent for the next three years, retaining its tag as the fastest-growing major economy, said S&P Global Ratings.
Read here: https://www.livemint.com/news/india/india-will-be-among-fastest-growing-economy-in-asia-pacific-says-s-p-global-ratings-11687864952457.html
Read here: https://www.livemint.com/news/india/india-will-be-among-fastest-growing-economy-in-asia-pacific-says-s-p-global-ratings-11687864952457.html
Deepak Parekh dubbed the #HDFC-#HDFCBank merger as the biggest transaction in #India's corporate history and the proposed entity will have combined assets of ₹18 lakh crore
Read here: https://www.livemint.com/companies/people/hdfc-chairman-deepak-parekh-to-step-down-post-merger-with-hdfc-bank-11687867461546.html
Read here: https://www.livemint.com/companies/people/hdfc-chairman-deepak-parekh-to-step-down-post-merger-with-hdfc-bank-11687867461546.html
Byju's Founder and chief executive #ByjuRaveendran seeks to reconstitute the company's board only after the completion of the fundraising as new investors may possibly occupy some of the vacancies.
Read here: https://www.livemint.com/companies/news/byjus-likely-in-advance-talks-to-raise-1-billion-funding-to-prevent-investors-revolt-report-11687872889167.html
Read here: https://www.livemint.com/companies/news/byjus-likely-in-advance-talks-to-raise-1-billion-funding-to-prevent-investors-revolt-report-11687872889167.html
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Prosus had downsized the value of its 9.6 per cent stake in Byju's to around $493 million in the financial year ended March 31.
Read here: https://www.livemint.com/news/prosus-slashes-byjus-valuation-to-5-billion-dollars-11687878465990.html
Read here: https://www.livemint.com/news/prosus-slashes-byjus-valuation-to-5-billion-dollars-11687878465990.html
Foreign stocks have to be declared in the ITR every year as long as they are held in your name and not just report the capital gains or losses when you sell them.
https://www.livemint.com/money/personal-finance/how-to-report-foreign-stocks-in-your-income-tax-returns-11687886370675.html
https://www.livemint.com/money/personal-finance/how-to-report-foreign-stocks-in-your-income-tax-returns-11687886370675.html
mint
How to report foreign stocks in your income tax returns | Mint
It is mandatory to disclose your foreign stocks, dividends received in the income tax returns
With erratic rains in India in the last two-three months, FY24 has begun on a dull note. This would mean AC companies will likely face heat in the June quarter (Q1FY24).
https://www.livemint.com/market/mark-to-market/ac-cos-may-face-the-heat-in-june-qtr-11687889161517.html
https://www.livemint.com/market/mark-to-market/ac-cos-may-face-the-heat-in-june-qtr-11687889161517.html
mint
AC companies may face the heat in June quarter
With erratic rains in India in the last two-three months, FY24 has begun on a dull note. This would mean AC companies will likely face heat in the June quarter (Q1FY24).
A fresh European Union (EU) push to punish suppliers lax on the environment and human rights has sparked unease in New Delhi, given its potential to raise compliance costs and disrupt small businesses.
https://www.livemint.com/economy/eus-planned-due-diligence-law-sparks-unease-in-india-11687895216030.html
https://www.livemint.com/economy/eus-planned-due-diligence-law-sparks-unease-in-india-11687895216030.html
mint
EU’s planned due diligence law sparks unease in India
The EU directive on corporate sustainability due diligence mandates large companies ensure their suppliers follow labour laws, protect human rights, stay clear of child labour and forced labour, and ensure occupational health and safety
Islamabad hopes a bailout decision from #IMF in a day or two, #Pakistan PM Shehbaz Sharif said, after a telephonic conversation with IMF Managing Director MD Kristalina Georgieva about the bailout funds.
https://www.livemint.com/news/world/pakistan-hopes-for-imf-bailout-decision-in-a-day-or-two-pm-shehbaz-sharif-11687897165234.html
https://www.livemint.com/news/world/pakistan-hopes-for-imf-bailout-decision-in-a-day-or-two-pm-shehbaz-sharif-11687897165234.html
mint
Pakistan hopes for IMF bailout decision in a day or two: PM Shehbaz Sharif
Islamabad hopes a bailout decision from the IMF in a day or two, Pakistan PM Shehbaz Sharif said on Tuesday, after a telephonic conversation with IMF Managing Director Kristalina Georgieva about the bailout funds
#ShapoorjiPallonji Group has raised ₹14,300 crore from a clutch of private credit investors and high-net-worth individuals, pledging its shares in Tata Sons Ltd as collateral, primarily to refinance its debt.
https://www.livemint.com/companies/news/sp-raises-14-300-cr-via-high-yield-debt-11687888307623.html
https://www.livemint.com/companies/news/sp-raises-14-300-cr-via-high-yield-debt-11687888307623.html
mint
SP raises ₹14,300 crore via high-yield debt
Cerberus, Davidson Kempner, others buy SP Group’s bonds.The group has made strenuous efforts to monetize assets to reduce its debt by close to $1.4 billion