Seven listed entities suffer a cumulative Rs 85,761 crore erosion in market value
Posts in category Business Standard
India should consider reducing 1% TDS rate on cryptocurrency trade: Report (25-01-2023)
India should consider lowering the 1 per cent TDS on crytocurrency trade as a high rate is causing a flight of capital and users to platforms in foreign jurisdictions and the grey market, a report said on Tuesday.
The ‘Impact Assessment of 1 per cent TDS on VDAs’ report by Chase India and Indus Law said the crypto platforms/exchanges must also perform customer due diligence which can help uncover any potential future risk.
“The existing 1 per cent TDS on crypto trade, combined with the absence of comprehensive regulations, is causing a flight of capital and users to platforms in foreign jurisdictions and the grey market,” it said.
The government, from April 1 last year, has brought in a 30 per cent income tax plus surcharge and cess on transfer of virtual digital assets (VDAs), including cryptocurrencies, like Bitcoin, Ethereum, Tether and Dogecoin.
Also, to keep a tab on the money trail, a 1 per cent TDS has been brought in on payments over Rs 10,000 towards virtual digital …
India’s first-ever green bond auction gets better-than-expected yield (25-01-2023)
The five-year bond was sold at a cut-off yield of 7.10% versus 7.13% estimate
Pidilite Industries dips 3%, hits six-month low on disappointing Q3 results (25-01-2023)
Ebitda remained under pressure due to higher input costs and impact of currency depreciation, the company said
Textile maker Arvind Ltd profit declines 11.62% to Rs 87 cr in Oct-Dec (25-01-2023)
Textile manufacturer Arvind Ltd on Wednesday reported an 11.62 per cent decline in consolidated net profit from continuing operations to Rs 87 crore in the third quarter ended December 31, 2022.
The company had posted a consolidated net profit from continuing operations of Rs 98.44 crore in the same period last fiscal, Arvind Ltd said in a regulatory filing.
Revenue from operations during the quarter under review were at Rs 1,979.79 crore as against Rs 2,270.07 crore in the year-ago period, it added.
Total expenses were lower at Rs 1,899.7 crore as compared to Rs 2,134.54 crore in the same period last fiscal, the company said.
In July 2022, Arvind Ltd said the parent company sold its 100 per cent stake of wholly owned subsidiary, Arvind Internet Ltd to Bigfoot Retail Solutions Pvt Ltd for a consideration of Rs 159 crore and accordingly, the group has considered its wholly owned subsidiary Arvind Internet Ltd as discontinued operations.
Overall textile revenues were lower as volume
Stock of this iron & steel company has zoomed 54% in 1 month; hits new high (25-01-2023)
In the past three months, stock price of Sunflag Iron & Steel has zoomed nearly 80 per cent, as compared to 1 per cent gain in the benchmark index.
Zomato plunges 15%, hits lowest level since July 2022 on heavy volumes (25-01-2023)
In the past three months, the stock price of Zomato has tanked 31 per cent, as compared to 1.5 per cent rise in the S&P BSE Sensex
TVS Motor gains 3% in weak market on stable Q3 performance (25-01-2023)
Domestic demand is expected to improve sequentially in 4Q, supported by better rural market sentiment on the back of strong rabi crop sowing and higher MSPs.
Gold, silver prices rise in early trade; yellow metal selling at Rs 57,490 (25-01-2023)
Silver prices rose Rs 200 from yesterday’s close to Rs 72,500 per kg
Indus Towers tanks 5%, hits over 2-year low on reporting net loss in Q3 (25-01-2023)
The loss in the books was a result of adoption of stringent accounting practices by the Company due to continued shortfall in collections from one of the major customers, the company said.