India's wheat exports could touch a new record of 10 million tonnes in 2022-23, up from a record seven million tonnes in the current financial year, if global market conditions remain choppy and no curbs are imposed on outbound shipments. That is the bullish estimate by officials from global trading firms and market watchers who say the Russia-Ukraine crisis has not only attracted global buyers to India but also pushed the price of Indian wheat from around $320 per tonne (FOB) to over $360 per tonne in less than 10 days. Food secretary Sudhanshu Pandey told reporters that wheat exports till February-end have already reached 6.6 million tonnes and by the end of March, outbound shipments will reach seven million tonnes.
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With the first quarter gross tax mop-up reaching Rs 5.6 lakh crore, Icra Ratings on Friday said the government is set to exceed the budgeted tax collection target of Rs 22.2 lakh crore for 2021-22, led by indirect taxes. The government has budgeted a modest 9.5 per cent growth in tax collections at Rs 22.2 lakh crore for FY22, over FY21 collections of Rs 20.2 lakh crore. However, despite the second wave of the pandemic, the April-June quarter tax collections rose to Rs 5.6 lakh crore, which is 39 per cent higher than Q1 of FY20.
The government has set a direct tax collection target of Rs 13.35 trillion, which includes Rs 7.66 trillion from corporation tax and Rs 5.69 trillion from personal income tax.
US-based boutique investment firm GQG Partners along with other investors on Wednesday bought an 8.1 per cent stake in Adani Power Ltd for over Rs 9,000 crore ($1.1 billion) as the marquee investor shrugged off damning report of a US short seller to invest in billionaire Gautam Adani's group.
Cement companies witnessed speculative support from investors through FY23 amid hopes of a rebound. After capex announcements in the FY24 Budget, there was further interest due to expectations that government expenditure would boost earnings, besides a generic macro-recovery. Cement earnings were under pressure in FY22 and FY23 due to high raw material and fuel costs; muted demand prevented them passing on the higher cost.
Morgan, who scored ducks in the first two matches of the series, missed out with a groin problem.
Markets regulator Sebi on Friday said it has lined up as many as 69 properties of Saradha Group of Companies for an auction on November 1 at a reserve price of Rs 30 crore. The move is part of Sebi's efforts to recover money raised by the company from public through illicit schemes. In a notice, the Securities and Exchange Board of India (Sebi) said the auction will be conducted between 11 am to 1 pm on November 1, 2022.
Captain Rohit Sharma revealed that team-mates call Shardul Thakur 'magician' for his ability to pick wickets at crucial junctures.
Jaiswal, who struck a sublime 213 in the first innings, scored a magnificent 144 out of his team's second innings total of 246, helping the side set a stiff target for the hosts.
Mumbai collected Rs 17,174 crore of advance taxes against Rs 7,356 crore in the same period last year. The tax authorities believe that such a staggering growth rate is a positive sign for the economy.
Fund mobilisation by companies through equity and debt routes has dropped 20 per cent in 2022 to nearly Rs 11 lakh crore, as exuberance dwindled this year due to expensive credit avenues and volatile markets. The first half of 2023 could continue to remain challenging. The year 2021 was extraordinary for fundraising from the equity and debt routes, while 2022 has seen a slowdown in capital raising owing to elevated volatility provoked by unprecedented inflation globally and the Russia-Ukraine war.
Alternative investment funds (AIFs) - pooled investment vehicles catering to high net worth individuals (HNIs) - saw a 30 per cent increase in investment commitments during financial year 2022-23 (FY23). At the end of March 2023, the total investment commitments raised stood at Rs 8.33 trillion, up Rs 1.92 trillion from Rs 6.41 trillion at the end of March 2022. A commitment is the money clients are willing to put into AIFs.
'Personal income tax collections have been high on account of impressive advance tax mop-up.'
Agrasain Gehlot has been asked to depose before the investigating officer on Wednesday in Delhi under the Prevention of Money Laundering Act, they said.
Rinku Singh stole the show with as he guided Kolkata Knight Riders to a thrilling three-wicket win over Gujarat Titans in Ahmedabad on Sunday.
Finance Minister Nirmala Sitharaman will be presenting her fifth Budget that may do a tightrope walk between staying fiscally prudent and meeting general public expectations of lower taxes and a wider social security net, while at the same time firing the engines of the economy.
England's "Bazball" revolution continued apace on Sunday when the tourists wrapped up a thumping 267-run victory over New Zealand in the opening session of the fourth day of the first Test.
Chidambaram to meet revenue boards on how to get much more and quickly; special audits and notices among measures likely.
During the first quarter ended June, gross tax collections fell 31 per cent driven down by a massive 76 per cent plunge in advance tax mop-up, as the country was in a full lockdown due to the pandemic.
The initial public offering of the country's largest insurer LIC will open on May 4 and close on May 9, sources said. The IPO, through which the government will sell 3.5 per cent stake in state-owned Life Insurance Corporation (LIC), will fetch Rs 21,000 crore to the exchequer. The IPO values LIC at Rs 6 lakh crore.
As much as 35 per cent to 40 per cent of all vehicles sold in the country across segments will be electric by 2030, up from a mere 2 per cent this year, says a Bain & Co report released today. This translates to 14-16 million new electric vehicles (EVs) selling in a year. The inflexion point, which is now being seen month on month in many segments (such as two-wheelers which hit around 4-5 per cent in December), will be more than visible in 2026, when 4-5 million EVs across segments are expected to be sold, accounting for 15-20 per cent of the total sales, says the report.
Yashasvi Jaiswal's childhood coach Jwala Singh said the focus should be on the hardwork put in by the youngster and not his 'panipuri selling' story.
The government may take a fresh look at BPCL privatisation, including revising the terms of sale, an official said. "We need to go back to the drawing board on BPCL. "There are issues in terms of consortium formation, geopolitical situation and energy transition aspects," an official said. The government is selling its entire 52.98 per cent stake in BPCL for which three expressions of interest (EoIs), including one from billionaire Anil Agarwal-led Vedanta Group, have been received.
Direct tax collections fell Rs 12,000 crore (Rs 120 billion) short of the Rs 3.87 trillion target last fiscal, largely owing to lower realisation from corporate tax payers.
Tax experts said historically in July and August indirect tax collections remain subdued and pick up with the onset of the festive season post Ganesh Chaturthi.
The 14th Finance Commission had recommended that states' share in the divisible tax pool be raised to 42 per cent, from 32 per cent earlier.
The fundraising through rights issues in the first 10 months of 2022 is the lowest since 2016 during a similar period.
'If it weren't for Om Puri, a whole range of our big city experiences wouldn't have found their honest representations on the screen.'
India's gross tax collections soared to a record high of Rs 27.07 lakh crore in the fiscal year ended March 31, led by impressive growth in corporate tax and customs, taking the tax-to-GDP ratio to an over two-decade high of 11.7 per cent, Revenue Secretary Tarun Bajaj said on Friday.
Countrywide raids are being conducted in connection with a money laundering case linked to a fertiliser scam.
March requires 20% jump to meet year's goal; CBDT chief tells staff to sweat it out to meet target
'The district administration failed and it was a very costly failure.'
In signs of acceleration in economic activity, India's tax collections on goods sold and services rendered returned to over Rs 1 lakh crore in July after the second wave of Covid-related restrictions caused a blip in the previous month. Goods and Services Tax (GST) mop-up grew 33 per cent year-on-year in July to over Rs 1.16 lakh crore, indicating that the economy is recovering at a fast pace. In July 2020, the collection was Rs 87,422 crore. This is the second highest collection so far this fiscal after a record Rs 1.41 lakh crore mop-up in April.
IndiGo had debt of Rs 3,912 crore at end of the June quarter.
England swept to a dominant 118-run victory as they dismissed South Africa for a paltry 83 to win the second One-Day International at Old Trafford on Friday and square the three-match series at 1-1.
Strong performance of past IPOs spurred investors' interest, with 87 small and medium enterprises (SMEs) garnering Rs 1,460 crore through initial share-sales in the first nine months of the year. This was way higher than 56 companies that had raised Rs 783 crore through initial public offering (IPO) in the entire 2021, the industry data showed. Further, the remaining part of the year 2022 can see more mature companies accessing the platform.
New Zealand thrashed reigning champions Australia by 89 runs in a rematch of last year's final
The Maharashtra Police said that based on a complaint by Shraddha Walkar in 2020, they had begun an investigation but the case was closed after she gave a written statement to withdraw the case.
The robust revenue collection reinforces hope of a good economic performance in the third quarter of financial year 2020-21 after the surprising pickup seen in Q2.
