Business News Highlights: LIC Gets Rs 84 Crore Income Tax Penalty Notice, Insurer To File Appeal
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The domestic markets observed a holiday on the occasion of Gandhi Jayanti on Monday. The two key equity benchmarks, Sensex and Nifty, on Friday, closed higher following a fall in crude oil prices globally. The S&P BSE Sensex soared 320 points to end at 65,828. On the other hand, the NSE Nifty50 quoted 19,638, up 115 points. The domestic indices surged to 66,152 and 19,726 during intraday trading. On the 30-share Sensex platform, NTPC became the lead gainer, up 3.30 per cent. Tata Motors, Sun Pharma, Tata Steel, SBI, UltraCemco were among the other gainers. On the downside, HCL, PowerGrid, TechM, Infosys, Titan, Nestle emerged losers.
Meanwhile, the rupee appreciated 14 paise to settle at 83.05 (provisional) against the US dollar on Friday, boosted by a firm trend in equity markets and a sharp correction in the greenback against major rivals overseas. However, selling pressure from foreign equity investors and rising crude oil prices in international markets weighed on the domestic unit, forex traders said. The rupee opened strong at 83.13 against the US dollar and moved in the range of 83.03 to 83.13 against the greenback. It finally settled at 83.05 (provisional), registering a gain of 14 paise from its previous close. On Thursday, the rupee settled 3 paise higher at 83.19.
Here are some important factors that can impact the market on October 3.
India is scheduled to release it’s manufacturing PMI data for September on Tuesday, and experts believe that this will fall from 58.6 (a month ago). Additionally, the services PMI data for September is set to be announced on Thursday.
Further, investors will keenly observe the Reserve Bank of India’s bi-monthly Monetary Policy Committee (MPC) meeting from October 4-6 this week. Experts believe the banking regulator will maintain the status quo on policy rates for the fourth consecutive time, as retail inflation remains high and the US Federal Reserve has given a hawkish stance for the extended period.
Globally, the US will announce it’s JOLTs job openings and quit data on Tuesday, followed by it’s global services and manufacturing PMI data along with other economic indicators through the week. The Eurozone is scheduled to release it’s HCOB services and composite PMI data on Wednesday. Japan will also announce it’s bank services and composite PMI numbers for September along with other macro data in the week.
JSW Infrastructure is set to make it’s debut in the markets on Tuesday after it’s IPO last week received subscriptions more than 37 times.
Plaza Wires IPO Oversubscribed By 27.78 Times On Day 2
The Initial Public Offering (IPO) of Plaza Wires saw strong demand on the second day of subscription. The IPO garnered bids for 26,37,76,020 shares, which is approximately 27.78 times the total offering of 94,96,114 shares, reported PTI. The Retail Individual Investors (RIIs) category was particularly active and subscribed 118.24 times, while non-institutional investors subscribed 53.06 times, and the Qualified Institutional Buyers (QIBs) portion saw a 42 per cent subscription.
The IPO consists of a fresh issue of up to 1,32,00,158 equity shares, with a price range of Rs 51-54 per share. Plaza Wires is engaged in the manufacturing and sale of wires, aluminium cables, electric fans, water heaters, and other fast-moving electrical goods.
Valiant Laboratories IPO Subscribed 29.75 Times On Final Day
The Initial Public Offering (IPO) of Valiant Laboratories saw strong demand on the final day of bidding. The IPO garnered bids for 22,68,13,020 shares, which is nearly 29.75 times the total offering of 76,23,030 shares, reported PTI. The non-institutional investors category was subscribed 73.63 times, while qualified institutional buyers subscribed 20.83 times.
Retail individual investors also showed significant interest, with their portion being subscribed 16.05 times. Valiant Laboratories' IPO comprised a fresh issuance of up to 1.08 crore equity shares with a price range of Rs 133-140 per share.
Titagarh Rail Systems Secures Rs 857 Crore Contract For Gujarat Metro Rail Corp
Titagarh Rail Systems Ltd, (formerly Titagarh Wagons Ltd), has signed a contract worth Rs 857 crore with the Gujarat Metro Rail Corporation. This agreement pertains to the production of 72 standard gauge cars for the first phase of the Surat Metro Rail project, with a total order value of approximately Rs 857 crores. The project's execution is set to commence 76 weeks after contract signing and is expected to be completed within 132 weeks.
The Surat Metro Rail Project encompasses two corridors spanning 40.45 kilometers, featuring 38 stations and an estimated cost of Rs 12,020 crore. Titagarh Rail Systems has embarked on capacity expansion with a capital expenditure of around Rs 650 crore over the next few years, a substantial portion of which has already been invested and is yielding results, according to the company's senior management.
RBI's e-Kuber To Operate On March 31, 2024 For Government Transactions
The Reserve Bank of India's core banking solution, e-Kuber, will be operational on March 31, 2024, despite it being a Sunday, the central bank said on Tuesday. Typically, e-Kuber remains non-operational on holidays like Republic Day (January 26), Independence Day (August 15), Gandhi Jayanti (October 2), all second and fourth Saturdays of every month, and Sundays.
The Controller General of Accounts, Government of India, has advised that in order to accurately record all government transactions related to receipts and payments in the fiscal year 2023-24, March 31, 2024, will be designated as a working day for such transactions. Transactions processed through integration with e-Kuber on March 31, 2024, will be included in the financial year 2023-24 for calculating the cash balance of the Government of India, according to an RBI notification issued on Tuesday.
LIC Gets Rs 84 Crore Income Tax Penalty Notice, Insurer To File Appeal
Life Insurance Corporation (LIC) on Tuesday said that it has received an income tax notice with a penalty of Rs 84 crore from the Income Tax Department for the last three assessment years. LIC said it intends to contest this order and has decided to file an appeal. The penalty amounts to Rs 12.61 crore for the assessment year 2012-13, Rs 33.82 crore for 2018-19, and Rs 37.58 crore for the assessment year 2019-20, LIC said in a regulatory filing.
The penalty pertains to violations of sections 271(1)(c) and 270A of the Income Tax Act, 1961, and the notice was issued on September 29, 2023.
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