The government has informed the prospective asset valuers of IDBI Bank that the lender has deferred tax assets of Rs 11,520 crore and 120 properties in the top seven cities including Mumbai, Pune, and Chennai. In response to the pre-bid queries from prospective asset valuers of IDBI Bank, the Department of Investment and Public Asset Management (DIPAM) said the bank has as many as 68 properties in Mumbai, 20 in Pune, nine in Chennai and seven in Ahmedabad. Besides, it has six properties in Kolkata and five each in Delhi and Hyderabad.
Posts tagged Rediff
Aug tax mop-up gives boost to govt finances (15-10-2023)
The Union government’s finances witnessed significant improvement in August after a stressful first four months of the current fiscal year. India’s gross tax revenue, comprising both direct and indirect taxes, for the first five months of 2023-24 surged 16.5 per cent year-on-year (Y-o-Y) to Rs 11.8 trillion. During the April-July period, gross tax revenue increased by a mere 2.8 per cent compared to the Budget Estimate of 12.1 per cent growth for FY24.
IPO issuances in first half of FY24 hit 16-year high (15-10-2023)
As many as 31 mainboard IPOs raised a cumulative Rs 26,272 crore in this period, according to Prime Database. During the April-September 2007 bull run, 48 IPOs totalling Rs 21,243 crore were launched. The number of deals in H1FY24 was 2.2 times that of the same period of the last fiscal year, but the amount raised was 26 per cent lower.
Why rollout of new PLIs is unlikely (14-10-2023)
The government has decided to hold off introducing the production-linked incentive (PLI) scheme for additional sectors until it verifies the efficacy of existing initiatives. Top government officials have received mixed feedback on the scheme, including insights from the Economic Advisory Council to the Prime Minister, people aware of the matter said. “There are no new PLI schemes in the offing.
Share of salaried jobs declines in 12 states/UTs (14-10-2023)
The quality of employment has deteriorated in 12 of the 21 major states and Union Territories, as the proportion of workers in regular or salaried jobs declined between July 2022 and June 2023 compared to the previous year, according to a Business Standard analysis of the latest Periodic Labour Force Survey (PLFS) released by the National Statistical Office. Assam experienced the most significant decline in the share of workers in salaried work, dropping by 8.7 percentage points to 10.8 per cent in the July 2002-June 2023 period from 19.5 per cent in the July 2021-June 2022 period. This was followed by Delhi (6.2 percentage points), Uttarakhand (5.2 percentage points), and Chhattisgarh (1.6 percentage points).
2 major factors behind steel prices going up (14-10-2023)
Strong demand in the domestic market, coupled with an increase in raw material prices, is pushing up steel prices. According to SteelMint, a market intelligence and price reporting firm, the list price of flat steel has seen an increase of Rs 750-2,000 per tonne for October deliveries. The long steel price witnessed an increase of Rs 1,500 per tonne towards the end of September.
Tata Sons comes to the rescue of Tata Play (14-10-2023)
The reported buyback of Temasek’s 20 per cent stake in Tata Play by Tata Sons will be the third instance of Tata Group providing an exit to a foreign partner in recent years. In 2018, Tata Sons paid $1.27 billion to DoCoMo to buy back 26 per cent of the group’s telecommunication venture, Tata Teleservices. This was followed by Tata Sons acquiring AirAsia Berhad’s 49 per cent stake in AirAsia India in two tranches to make it a wholly owned subsidiary.
Imports from Russia up 67% to $30.42 bn in Apr-Sep (13-10-2023)
India’s imports from Russia rose by about 67 per cent to $30.42 billion during the April-September period this fiscal on higher shipments of crude oil and fertiliser, according to the commerce ministry data. With this, Russia has become India’s second-largest import source during the first half of this fiscal. The imports were $18.24 billion during April-September 2022.
Vivo PMLA case: Court extends ED custody of accused (13-10-2023)
A court in New Delhi on Friday extended by three days the ED custody of four people arrested in a money laundering case against Chinese smart phone maker Vivo, including the managing director of Lava International mobile company and a Chinese national. The four accused were produced before Additional Sessions Judge Devender Kumar Jangala on completion of their three-day ED custody. On Friday, the agency moved four separate applications seeking extension of their custody by 10 days but the court granted it only three more days for custodial interrogation of the accused.
Vivo PMLA case: Court extends ED custody of accused (13-10-2023)
A court in New Delhi on Friday extended by three days the ED custody of four people arrested in a money laundering case against Chinese smart phone maker Vivo, including the managing director of Lava International mobile company and a Chinese national. The four accused were produced before Additional Sessions Judge Devender Kumar Jangala on completion of their three-day ED custody. On Friday, the agency moved four separate applications seeking extension of their custody by 10 days but the court granted it only three more days for custodial interrogation of the accused.