Business News Highlights: GST Collections Soar To Record Rs 2.10 Lakh Crore In April
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The Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) will remain shut on Wednesday on account of Maharashtra Day (Labour Day). This closure will include trading activities in derivatives, equities, SLBs, currency derivatives, and interest rate derivatives for the day.
In the previous trading session on Tuesday, the two primary equity indices, Sensex and Nifty, experienced a late-session decline, primarily attributed to profit booking and a decrease in metal and IT stocks. The BSE Sensex concluded at 74,482, marking a drop of 189 points from its intraday high of 75,111. Meanwhile, the NSE Nifty50, which reached an intraday peak of 22,783, closed 39 points lower at 22,605.
Furthermore, according to data released by the Ministry of Commerce and Industry on Tuesday, India's eight core sectors recorded a growth rate of 5.2 per cent in March. Although this growth rate was slower than the 7.1 per cent recorded in February 2024, it surpassed the 4.2 per cent growth reported in March 2023. The eight core sectors include coal, crude oil, steel, cement, electricity, fertilisers, refinery products, and natural gas. The combined output of these sectors in 2023-24 registered a year-on-year decline of 7.5 per cent, compared to 7.8 per cent in 2022-23.
The slowdown in core sector growth in March was attributed to five of the eight sectors either contracting or experiencing slower growth than the previous month. For instance, crude oil production growth decelerated to 2 per cent in March, down from 7.9 per cent in February 2024.
In addition, Kotak Mahindra Bank said on Tuesday that K V S Manian, the joint managing director and a long-standing figure at the private sector lender, has resigned from his position. Having devoted almost three decades to the institution, Manian was appointed to his role during a management restructuring in January. His decision to step down follows the imposition of stringent business restrictions by the Reserve Bank of India, which include a suspension of new credit card issuance due to technological infrastructure shortcomings, as reported by news agency PTI.
Maruti Suzuki Reports 5% Surge In April Sales, Reaches 1,68,089 Units
Automobile manufacturer Maruti Suzuki India announced a 4.7 per cent rise in total sales, reaching 1,68,089 units in April. According to a statement from the company, it delivered 1,60,529 units to its dealers during the corresponding month last year. Domestic passenger vehicle sales were 1,37,952 units, slightly up from 1,37,320 units in the same period the previous year.
Edelweiss Financial Services Arm Faces Rs 28.78 Crore Tax Demand
Edelweiss Financial Services announced on Wednesday that its subsidiary, Ecap Equities, has been served an income tax demand notice amounting to Rs 28.78 crore for the assessment year 2022-23. Ecap Equities Ltd's subsidiary received the assessment order and demand notice dated April 30, 2024, under Section 143(3) of the Income Tax Act, 1961.
This notice entails a tax demand of Rs 28.78 crore, inclusive of interest, attributed to certain disallowances, as disclosed in Edelweiss's filing to the Bombay Stock Exchange (BSE).
Ambuja Cements Q4 Result: Profit Stands At Rs 1,525.78 Crore
Ambuja Cements Ltd, a subsidiary of the Adani Group, recorded a consolidated net profit of Rs 1,525.78 crore for the fourth quarter ending in March 2024. This marks a significant increase from the net profit of Rs 763.30 crore reported in the January-March quarter of the previous year, as indicated by a regulatory filing on Wednesday. The company's consolidated revenue from operations during the quarter amounted to Rs 8,893.99 crore, compared to Rs 7,965.98 crore in the corresponding period of the previous fiscal year, according to the filing.
Tata Motors Hit With Nearly Rs 25 Crore Tax Demand
Tata Motors Ltd announced on Wednesday that authorities have issued a tax demand of nearly Rs 25 crore, including penalties and interest, due to discrepancies in tax payment and credit utilisation. The order, issued on April 30, 2024, by the Sales Tax Officer Class II / AVTO Ward 204, Zone 11, Delhi, was received by the company on May 1, 2024.
FirstCry CEO's Monthly Pay Slashes By 49% To Rs 8.6 Crore
Supam Maheshwari, the Co-Founder and CEO of FirstCry, saw a substantial decline in his monthly remuneration, plummeting by at least 49 per cent to Rs 8.6 crore, according to the revised Draft Red Herring Prospectus (DRHP) of FirstCry. The company has resubmitted its DRHP for an Initial Public Offer (IPO) with the Securities and Exchange Board of India (SEBI), aiming to raise Rs 1,816 crore by issuing fresh shares.
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