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STOCKS IN ACTION 2 March Zee Entertainment Enterprise: A Delhi court has ordered Bloomberg to take down an article that alleged corporate governance issues at the company and reported that the market regulator has found a $241 million accounting issue at the company. One 97 Communications: The Financial Intelligence Unit of India has imposed a penalty of Rs 5.49 crore on Paytm Payments Bank for violations of the bank’s obligations under the Prevention of Money Laundering Act, 2002. Jio Financial Services: The Bombay Stock Exchange announced its periodic reconstitution of S&P BSE Indices on Thursday, with Jio Financial Services being the only addition to the S&P BSE Large Cap. Axis Bank: The company approved the raising of Rs 4,000 crore via long-term bonds, non-convertible debentures, and other debt instruments. The fundraise will have a base issue size of Rs 1,000 crore and a green shoe option of Rs 3,000 crore. Asian Paints: The company will set up a new water-based paint manufacturing facility in Madhya Pradesh with a capacity of 4 lakhs KL per annum. The approximate investment for the facility is Rs 2,000 crore. Torrent Power: The company received a Rs 2,700 crore order from Railway Energy Management for installing about 325 MW of renewable capacity. The company received a letter of award from NTPC Vidyut Vyapar Nigam to supply power from a a gas-based power project. Info Edge: Google removes Info Edge’s job search app Naukri and property search app 99acres from Play Store enforcement action. Tanla Platforms, Vodafone Idea: Tanla Platforms has signed a definitive Memorandum of Understanding with Vodafone Idea Business Services Ltd. to deploy ‘Messaging as a platform’ in India. Cipla: The U.S. FDA conducted a pre-approval inspection at the manufacturing facility in China from Feb. 26 to March 1 and concluded with zero Form 483 observations. PVR Inox: The company opened a 4-screen multiplex in Patna and a 14-screen multiplex in Pune. Larsen and Turbo: The company’s arm has transferred the remaining 25% stake in step-down unit IIML to Allianz Infrastructure Luxembourg on Feb. 29. Maruti Suzuki India: The company reported total production volume at 1.78 lakh units vs. 1.59 lakh units year-on-year for the month of February. Hero MotoCorp: The company reported total sales at 4.68 lakh units vs. 3.94 lakh units year-on-year and total exports at 23,153 units vs. 12,143 units. Welspun Corp.: The company’s unit proposed to set up a manufacturing facility for plastic pipes and water storage tanks in Madhya Pradesh for an investment of Rs 400 crore. Rainbow Children Hospital: The company has inaugurated a new 80-bed hospital in Tamil Nadu. After this, the total bed capacity of the company will increase to 1,885 beds. The total project cost is Rs 60 crore. Lemon Tree: The company signed a franchise agreement for an upcoming hotel in Udaipur, Rajasthan, under its brand, ‘Keys Lite’. PFC: The company incorporated Bhuj II Transmission for the development of ‘Augmentation of Transformation Capacity at Bhuj-11 PS and Angul Sundargarh Transmission for the development of ‘Eastern Region Transmission Limited Generation Scheme-l’. FSN E-Commerce Ventures: The company expands its global footprint with the launch of Nysaa, the first ever beauty retail store in Dubai, in collaboration with Apparel Group. S H Kelkar and Company: The company incorporated a wholly owned subsidiary in New Jersey, USA. Angel One: The company collaborated with a group of seasoned wealth managers to lead its tech-led omnichannel wealth management business. Ganesha Ecosp The company announced the start of commercial operations at its subsidiary’s production lines for recycled polyester staple fibre and PET chips in Telangana. Harsha Engineers: The company has terminated HASPL Americas Corp., a wholly owned subsidiary of the company, in accordance with applicable laws as per a certificate issued by the state corporation commission
Sun. Mar 3rd, 2024

Direct Tax Collections for FY23-24 Show Strong Growth

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The direct tax collections for the financial year 2023-24 have shown strong growth, reaching 80.23% of the total revised estimate of direct taxes as of February 10, 2024. The gross direct tax collections have reached Rs 18.38 lakh crore, reflecting a significant increase of 17.30% compared to the previous year.

This growth in direct tax collections is a positive sign for the economy, indicating increased economic activity and higher compliance. It is also a testament to the government’s efforts in improving tax administration and widening the tax base.

The strong growth in direct tax collections can be attributed to various factors. Firstly, the revival of economic activities post the COVID-19 pandemic has led to increased business profits and individual incomes, resulting in higher tax liabilities. Additionally, the government’s focus on digitization and technology-driven reforms has facilitated better tax administration and compliance.

The increase in direct tax collections will have a positive impact on the government’s fiscal position, allowing for increased spending on infrastructure development, social welfare programs, and other priority areas. It also provides the government with the necessary resources to meet its budgetary targets and reduce the fiscal deficit.

Overall, the robust growth in direct tax collections for FY23-24 reflects the resilience of the Indian economy and the effectiveness of the government’s tax policies. It is a positive indicator of the country’s economic recovery and sets the stage for sustained growth in the coming years.

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STOCKS IN ACTION 2 March Zee Entertainment Enterprise: A Delhi court has ordered Bloomberg to take down an article that alleged corporate governance issues at the company and reported that the market regulator has found a $241 million accounting issue at the company. One 97 Communications: The Financial Intelligence Unit of India has imposed a penalty of Rs 5.49 crore on Paytm Payments Bank for violations of the bank’s obligations under the Prevention of Money Laundering Act, 2002. Jio Financial Services: The Bombay Stock Exchange announced its periodic reconstitution of S&P BSE Indices on Thursday, with Jio Financial Services being the only addition to the S&P BSE Large Cap. Axis Bank: The company approved the raising of Rs 4,000 crore via long-term bonds, non-convertible debentures, and other debt instruments. The fundraise will have a base issue size of Rs 1,000 crore and a green shoe option of Rs 3,000 crore. Asian Paints: The company will set up a new water-based paint manufacturing facility in Madhya Pradesh with a capacity of 4 lakhs KL per annum. The approximate investment for the facility is Rs 2,000 crore. Torrent Power: The company received a Rs 2,700 crore order from Railway Energy Management for installing about 325 MW of renewable capacity. The company received a letter of award from NTPC Vidyut Vyapar Nigam to supply power from a a gas-based power project. Info Edge: Google removes Info Edge’s job search app Naukri and property search app 99acres from Play Store enforcement action. Tanla Platforms, Vodafone Idea: Tanla Platforms has signed a definitive Memorandum of Understanding with Vodafone Idea Business Services Ltd. to deploy ‘Messaging as a platform’ in India. Cipla: The U.S. FDA conducted a pre-approval inspection at the manufacturing facility in China from Feb. 26 to March 1 and concluded with zero Form 483 observations. PVR Inox: The company opened a 4-screen multiplex in Patna and a 14-screen multiplex in Pune. Larsen and Turbo: The company’s arm has transferred the remaining 25% stake in step-down unit IIML to Allianz Infrastructure Luxembourg on Feb. 29. Maruti Suzuki India: The company reported total production volume at 1.78 lakh units vs. 1.59 lakh units year-on-year for the month of February. Hero MotoCorp: The company reported total sales at 4.68 lakh units vs. 3.94 lakh units year-on-year and total exports at 23,153 units vs. 12,143 units. Welspun Corp.: The company’s unit proposed to set up a manufacturing facility for plastic pipes and water storage tanks in Madhya Pradesh for an investment of Rs 400 crore. Rainbow Children Hospital: The company has inaugurated a new 80-bed hospital in Tamil Nadu. After this, the total bed capacity of the company will increase to 1,885 beds. The total project cost is Rs 60 crore. Lemon Tree: The company signed a franchise agreement for an upcoming hotel in Udaipur, Rajasthan, under its brand, ‘Keys Lite’. PFC: The company incorporated Bhuj II Transmission for the development of ‘Augmentation of Transformation Capacity at Bhuj-11 PS and Angul Sundargarh Transmission for the development of ‘Eastern Region Transmission Limited Generation Scheme-l’. FSN E-Commerce Ventures: The company expands its global footprint with the launch of Nysaa, the first ever beauty retail store in Dubai, in collaboration with Apparel Group. S H Kelkar and Company: The company incorporated a wholly owned subsidiary in New Jersey, USA. Angel One: The company collaborated with a group of seasoned wealth managers to lead its tech-led omnichannel wealth management business. Ganesha Ecosp The company announced the start of commercial operations at its subsidiary’s production lines for recycled polyester staple fibre and PET chips in Telangana. Harsha Engineers: The company has terminated HASPL Americas Corp., a wholly owned subsidiary of the company, in accordance with applicable laws as per a certificate issued by the state corporation commission

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