The initial public offerings (IPOs) by small and medium enterprises (SMEs) hit a new high in 2023-2024 (FY24). In this financial year, data from the Prime Database showed that 190 companies raised Rs 5,579 crore through the SME IPO route. This financial year’s tally bettered the fundraising in the previous financial year when 125 companies raised Rs 2,235 crore.
Posts tagged Rediff
Rupee Rebound Expected in April-June (02-04-2024)
A potential risk to the rupee’s appreciation trajectory lies in the event of a delay in the Federal Reserve’s rate cut cycle, particularly if core inflation in the US remains elevated.
Despite dent in liquor taxes, Delhi maintains revenue (02-04-2024)
The new excise policy, introduced in Delhi in November 2021, made sweeping changes to the city’s liquor trade.
Infosys gets Rs 341 crore tax demand for 2020-21 (01-04-2024)
Infosys has received a tax demand of Rs 341 crore for assessment year 2020-21 from the Income Tax Department, the IT services company said on Monday adding it is evaluating filing an appeal against the said order. The Bengaluru-headquartered company said it is in the process of evaluating the impact of the order on its financial statements for the quarter and year ending March 31, 2024. Infosys also said it is evaluating filing an appeal against this order.
Investors richer by Rs 10.58 lakh cr in three days (01-04-2024)
Investors’ wealth soared by Rs 10.58 lakh crore in three days of the market rally, where the BSE benchmark jumped over 2 per cent, and hit an all-time high on Monday. Extending its winning momentum to the third day running, the 30-share BSE Sensex jumped 363.20 points or 0.49 per cent to settle at 74,014.55. During the day, it zoomed 603.27 points or 0.81 per cent to hit its record high of 74,254.62.
Govt collected Rs 20.14 lakh crore GST in FY24 (01-04-2024)
GST collections in March grew 11.5 per cent to Rs 1.78 lakh crore, buoyed by domestic transactions, the finance ministry said on Monday. The gross GST collection for the last fiscal (April 2023-March 2024) stood at Rs 20.14 lakh crore, 11.7 per cent higher than the mop-up in the preceding fiscal. The average monthly gross collection for FY24 stood at Rs 1.68 lakh crore, exceeding Rs 1.5 lakh crore in the preceding fiscal.
Stock markets begin new fiscal on bullish note (01-04-2024)
From the Sensex basket, JSW Steel, Tata Steel, UltraTech Cement, NTPC, Larsen and Toubro and HDFC Bank were the major gainers. Titan, Nestle, Bharti Airtel and IndusInd Bank were among the laggards.
MNCs look towards India for a booster dose (01-04-2024)
In recent months, several pharma multinational corporations (MNCs) are increasingly turning to Indian companies to expand market reach in the country’s pharmaceuticals sector. Sanofi’s partnerships with Dr Reddy’s, Cipla, and Emcure, AstraZeneca and Mankind Pharma – teaming up for asthma medication distribution – are a few instances of this trend. This strategy allows MNCs to leverage established Indian networks and reach a wider audience. Indian companies also benefit from global brands and expertise, say analysts.
Adani, 2 others keen to bag Rs 7K cr Tuticorin project (01-04-2024)
A Rs 7,056 crore outer harbour project by VO Chidambaranar (VOC) Port in Tuticorin is garnering interest from domestic and global majors in the sector, such as Adani Ports and Special Economic Zone, Singapore’s PSA International, Dutch major Van Oord, JM Baxi, and JSW, among others, according to sources close to the development. The project aims to capitalise on the newfound investor interest in the region, spurred by mega investments such as the Rs 16,000 crore electric vehicle manufacturing unit by Vietnamese major VinFast, the Indian Space Research Organisation’s second spaceport in Tamil Nadu’s Kulasekarapattinam, and Singapore’s Sembcorp’s Rs 36,238 crore investment in renewable energy.
M and A activity in slow lane, deal value down 43% (01-04-2024)
Mergers and acquisitions (M and As) in India have moved into the slow lane, dropping 43 per cent in terms of deal value to touch $13.37 billion since January this year to date, compared to the same period in the last year. According to data sourced from Bloomberg, Indian companies reported deal value worth $23.5 billion between January and March 22, 2023. Data Infrastructure Trust’s acquisition of American Tower Corporation’s India telecom towers business for $2.5 billion was the top deal for the ongoing quarter so far, followed by the Highway Infrastructure Trust’s acquisition of PNC Infratech’s road projects for $1.08 billion.