Hectic fundraising through initial public offerings (IPOs) is expected in October-November, with at least 30 companies are looking to collectively raise over Rs 45,000 crore through initial share-sales, merchant banking sources said. Of the total fundraising, a large chunk would be garnered by technology-driven companies. The successful IPO of food delivery company Zomato, which was overwhelmingly subscribed by over 38 times, encouraged new-age tech companies to come out with their primary share-sales.
The government has set a target of adding 1.3 crore income tax filers in the current financial year against 1.1 crore new filers added last year.
Rijiju made the remarks while responding to Delhi Chief Minister Arvind Kejriwal, who dubbed as 'extremely dangerous' the government's move to ask the Supreme Court to include its nominees in collegium.
Finance Minister Nirmala Sitharaman on Thursday presented her sixth Budget in a row, equalling the record of former Prime Minister Morarji Desai.
Life Insurance Corporation has mopped up over Rs 5,200 crore (Rs 52 billion) from Varishtha Pension Bima Yojana, but its market share from other products dipped further to 87.76 per cent till January.
Reflecting buoyancy in revenue sector, the central government's gross tax collection grew by over 18 per cent to Rs 1,94,231 crore (Rs 1942.31 billion) in the first nine months of this fiscal mainly due to robust growth in direct tax mop-up.
The net direct tax collection so far this fiscal rose 19.41 per cent to Rs 14.70 lakh crore, reaching about 81 per cent of the full-year target, the income tax department said on Thursday. "The provisional figures of Direct Tax collections up to January 10, 2024, continue to register steady growth," the Central Board of Direct Taxes (CBDT) said in a statement. Direct Tax collection, net of refunds, stood at Rs 14.70 lakh crore which is 19.41 per cent higher than the net collection for the corresponding period of last year.
Gujarat Chief Minister Narendra Modi on Tuesday targeted Prime Minister Manmohan Singh over the preparations for the Commonwealth Games, saying even if he mops the floor, the sports facilities will not be ready in time. Observing that the preparations were in a 'mess', Modi also taunted the CWG organisers, telling them that any government body in Ahmedabad would have ensured that all the stadia were ready before the commencement of the mega sporting event on October 3.
Rijiju also said the Centre respects judiciary as its independence is "absolutely necessary" for a thriving democracy.
Fundraising via the initial public offering (IPO) route by companies may touch Rs 1 trillion in financial year 2024-25 (FY25), according to a recent note by Pantomath Group - a mid-market investment bank. During the financial year 2023-24 (FY24), 76 companies tapped the markets through mainboard IPOs, Pantomath said, raising nearly Rs 62,862 crore. This is a 21 per cent rise compared to FY23, the note added.
The initial numbers for the last installment of advance tax payment on Thursday by top corporates based in the financial capital present a tepid growth in the levy mop-up, with banking and financial institutions leading the pack.
The public issue of 8.4 crore shares, which closed on Friday, was over-subscribed by 9.28 times, sources associated with the process said.
Collection will have to rise by 30 per cent in the remaining period of the financial year to achieve the Budget estimate.
Life Insurance Corporation, the country's largest insurer, has consolidated its position by recording 178 per cent increase in premium collection during April-September this fiscal
According to a report by Ernst & Young, 45 PE-backed companies raised $17.2 billion in proceeds, highest quarterly total since the second quarter of 2007.
The cryptocurrency exchanges in India have got a fresh lease of life following the bull run in Bitcoin, which briefly hit a new all-time high of more than $69,000. Siddharth Sogani, managing director of CREBACO, expects the price to cross $1,00,000 by the end of the year. This will see a sharp reversal in the Indian market, which has largely been dormant since the new tax regime was implemented in 2023.
The liquidity in the banking system moved into surplus almost after three months as the Reserve Bank of India (RBI) absorbed over Rs 40,000 crore from the market on Monday, predominantly on the back of increased government spending. However, this situation may be short-lived given the higher demand for funds to pay taxes and year-end targets, treasury executives said. Meanwhile, two variable reverse repo rate (VRRR) auctions held on Tuesday received weak response.
The income tax department has also launched a faceless e-assessment scheme to eliminate interface between an assessing officer and a taxpayer.
The net direct tax collection increased by 21.82 per cent to over Rs 9.57 lakh crore till October 9, helped by good inflow from corporates and individuals, the Finance Ministry said on Tuesday. The net collections have reached 52.5 per cent of the full-year budget estimates (BE) of Rs 18.23 lakh crore. The provisional figures of Direct Tax collections up to October 9, 2023, continue to register steady growth, the statement said.
As part of the procedure, the law minister writes to the CJI to name his or her successor.
For these dedicated folk, cosplay is more than just masks and costumes. Months of effort -- they often create their costumes from scratch -- go into making their outfits. Some even invest thousands of rupees to perfect their look.
Continuing the upward trend, GST collections rose 10 per cent to about Rs 1.64 lakh crore in December compared to Rs 1.49 lakh crore in the same month a year ago. During the April-December 2023 period, gross Goods and Services Tax (GST) collection witnessed a robust 12 per cent growth, reaching Rs 14.97 lakh crore against Rs 13.40 lakh crore mopped up in the same period of the previous year, the finance ministry said in a statement on Monday. The average monthly gross GST collection of Rs 1.66 lakh crore in the first nine-month period this year represents a 12 per cent increase compared to the Rs 1.49 lakh crore average recorded in the corresponding period of FY23, it added.
The government also sought approval from Parliament for equity infusion worth Rs 2,345 crore into struggling Air India and another Rs 1,300 crore for Air India Asset Holding.
The government had last fiscal exceeded the direct tax collection target set in the Budget.
Genset manufacturer Cummins India has seen its share price rise by 45 per cent in the past three months. The management has reaffirmed that growth would be in double digits over the coming two fiscal years. Growth is expected to be driven by a pickup in domestic infrastructure spending.
After overshooting its borrowing target last fiscal, Centre is again on a fund raising spree, mopping up Rs 33,000 crore (Rs 330 billion) from the market in one month, while states plan to raise Rs 7,000 crore (Rs 70 billion) next fortnight.
Having raised Rs 13,000 crore (Rs 130 billion) till May, the Centre now plans to mop up another Rs 10,000 crore (Rs 100 billion) this week as part of its Rs 1,50,818 crore (Rs 1,508.18 billion) market borrowing programme for 2004-05.
Williamson's 109 from 132 deliveries on another sun-kissed day at Mount Maunganui made him only the fifth New Zealander to score a hundred in each innings of a Test.
GST collections in March grew 13 per cent to the second highest ever at Rs 1.60 lakh crore, taking the growth rate of revenue mop-up for full 2022-23 fiscal to 22 per cent. March also saw over 91 per cent of the GST registered businesses filing returns and paying taxes - reflecting greater compliance and improving economic activity. Gross GST revenue collected in March 2023 is Rs 1,60,122 crore, of which Central GST is Rs 29,546 crore, State GST is Rs 37,314 crore, Integrated GST is Rs 82,907 crore (including Rs 42,503 crore collected on import of goods) and cess is Rs 10,355 crore, the finance ministry said in a statement.
All eyes will be on whether Sitharaman will deliver a populist budget leaving more money in hands of the common man or push the reform agenda by staying on the fiscal glide path to lower the fiscal deficit to 4.5 per cent of GDP by 2025-26.
IMAGES from Day 2 of the opening Test between Australia and Pakistan in Perth on Friday.
Pradosh then forged an alliance with Shardul Thakur (70 not out) as the duo added another 152 runs to overhaul South Africa A's total and take a 58-run lead.
Sunny Deol-starrer Gadar 2 was screened for all Lok Sabha members over three days starting August 25, marking the first time that a movie screening was arranged in the Parliament.
After an extremely stable 2023, the Indian rupee started 2024 on a promising note and has turned out to be the best-performing Asian currency so far in January, appreciating 0.1 per cent despite 2 per cent rise in the dollar index. All other Asian currencies depreciated by around 1.4-4 per cent during the month. The local currency regained its ground against the greenback on the back of foreign portfolio inflows, said market participants.
Corporation tax collection was up by 19.1 per cent to Rs 16,756 crore (Rs 167.56 billion) during the first eight months of this year, which was 34.5 per cent of the budgeted Rs 48,616 crore (Rs 486.16 billion) for the whole year.\n\n\n\n\n\n
Kotak Mahindra Bank is aiming to mop up Rs 500 crore (Rs 5 billion) through its private equity fund, which will invest primarily in unlisted companies, and another Rs 450-500 crore from the real estate venture fund.
As much as Rs 3.64 lakh crore has been collected as advance tax, which is 14.5 per cent higher than the advance tax collections during the same period last year.
