Petroleum products exports drop 15% in March on weak margins
Fri, Mar 29, 2024 12:46 PM

Petroleum products exports drop 15% in March on weak margins

India’s exports of refined oil products that have started to stabilize last month after a drastic decline in the beginning of 2024 have once again witnessed a downfall in March on the back of weakening export margins, as per latest ship-tracking data. The country exported a total of 1.28 million barrels per day of refined oil products in March, down 12.5% from the previous month.

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GOCL Corp hits upper circuit after Rs 3,402-cr land deal
Fri, Mar 29, 2024 12:46 PM

GOCL Corp hits upper circuit after Rs 3,402-cr land deal

Shares of GOCL Corporation, a Hinduja Group firm, hit the 20% upper circuit at Rs 453.35, a day after it said it has signed an agreement with Hyderabad-based developer to monetise 264.5 acre land in Kukatpally, Hyderabad. The company will get Rs 3,402 crore from the deal. Late on Wednesday, GOCL said it has signed a memorandum of understanding with Squarespace Builders to monetise the land.

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Govt updates list of banks authorised to import gold, silver during FY25
Fri, Mar 29, 2024 12:45 PM

Govt updates list of banks authorised to import gold, silver during FY25

The government on Thursday updated the list of banks authorised to import gold and silver during 2024-25. As per the list, 11 banks, including HDFC Bank and ICICI Bank, have been authorised by the Reserve Bank of India to import gold and silver for 2024-25 with effect from April 1. The authorisation will be valid up to March 31 next year. "List of banks authorised to import gold/silver.

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Sumant Rampal appointed as HDFC Bank's mortgage business head
Fri, Mar 29, 2024 12:39 PM

Sumant Rampal appointed as HDFC Bank's mortgage business head

The board of directors of HDFC Bank on March 28 approved the appointment of Sumant Rampal as Group Head- Mortgage Business with immediate effect in place of Arvind Kapil, the bank informed the exchanges. The approval is based on the recommendation of the nomination and remuneration committee, the lender said. Sumant Rampal has been with the bank for over 24 years.

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Godrej Agrovet buys 7.37 lakh shares in GCGPL for Rs 25 crore
Fri, Mar 29, 2024 12:39 PM

Godrej Agrovet buys 7.37 lakh shares in GCGPL for Rs 25 crore

Godrej Agrovet has bought 7.37 lakh shares in its subsidiary Godrej Cattle Genetics for Rs 25 crore through the rights issue. Godrej Cattle Genetics Pvt Ltd (GCGPL), the wholly-owned subsidiary of Godrej Agrovert, is engaged in agri-business and its principal business activities includes dairy farming and developing high-breed cattle and cattle embryo. In a regulatory filing on Thurusday.

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PTC India gets shareholders' nod to divest 100% stake in energy arm
Fri, Mar 29, 2024 12:38 PM

PTC India gets shareholders' nod to divest 100% stake in energy arm

New Delhi: Power trading solutions provider PTC India on Thursday received shareholders approval for selling 100 per cent equity stake in its arm PTC Energy to state-owned ONGC Ltd for an enterprise value of Rs 2,021 crore. As much as 93.61 per cent of votes were in favour of the special resolution to approve the proposal for 100 per cent disinvestment (by way of sale, transfer or otherwise).

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Congress gets fresh IT notice of Rs 1,700 crore, say party insiders
Fri, Mar 29, 2024 12:34 PM

Congress gets fresh IT notice of Rs 1,700 crore, say party insiders

The Income Tax department has served a fresh notice of Rs 1,700 crore to the Congress for discrepancies in tax returns for previous years, dealing another blow to the cash-strapped party ahead of the Lok Sabha polls, sources said on Friday. The tax penalties along with interest relate to discrepancies in tax returns for years 2017-18 to 2020-21, the sources said.

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Retail investors' favourite stocks that turned multibaggers in FY24
Fri, Mar 29, 2024 12:34 PM

Retail investors' favourite stocks that turned multibaggers in FY24

Indian equities had a stellar year in 2023-24, with the benchmark NSE Nifty 50 rising 30 percent and broader midcap and smallcap indices surging as much as 70 percent. Several stocks with very high retail investor base, rode the market rally to turn multibaggers, more than doubling during the year. Moneycontrol has listed top 30 firms with the largest retail shareholder base.

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Shapoorji Pallonji Group firm Afcons Infra files draft papers to raise
Fri, Mar 29, 2024 12:20 PM

Shapoorji Pallonji Group firm Afcons Infra files draft papers to raise

Diversified conglomerate Shapoorji Pallonji Group-backed construction and engineering player Afcons Infrastructure Ltd has filed draft red herring prospectus (DRHP) with Securities Exchange Board of India (Sebi) to raise Rs 7,000 crore through an initial public offer (IPO). The firm will raise Rs 1,250 crore through a fresh issue and Rs 5,750 crore through offer for sale.

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Japan's Nikkei posts biggest point gain on record for fiscal year
Fri, Mar 29, 2024 12:16 PM

Japan's Nikkei posts biggest point gain on record for fiscal year

Japan's Nikkei share average logged the biggest rise ever on an absolute basis for the fiscal year ended on Friday, rallying 12,328 points. The index hit successive record highs this quarter, after breaking levels on Feb. 22 that were last seen in 1989 during the nation's bubble economy. The rally was supported by better corporate governance, foreign buying on a weaker yen.

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What is tax loss harvesting and how can it help you save taxes?
Fri, Mar 29, 2024 12:15 PM

What is tax loss harvesting and how can it help you save taxes?

As the tax-saving season nears its end, many taxpayers turn to tax-harvesting strategies to reduce their tax burden. For those unfamiliar, this approach involves selling investments that are currently at a loss (purchased at a higher price than their current value) to offset the capital gains taxes owed on profitable investments.

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Akasa Air commences international operations
Fri, Mar 29, 2024 12:15 PM

Akasa Air commences international operations

Domestic carrier Akasa Air has commenced its international operations with its inaugural overseas flight departing from Mumbai to Doha, Qatar. In a statement on Thursday, the airline said it has been granted traffic rights for three other international destinations -- Kuwait, Jeddah, and Riyadh. Akasa will be rapidly expanding its global footprint in the coming months, the statement said.

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An Unconventional Strategy For Retirement In Today’s Time
Fri, Mar 29, 2024 12:15 PM

An Unconventional Strategy For Retirement In Today’s Time

Out of many interesting observations from the PGIM India Mutual Fund’s Retirement Readiness Survey 2023, two observations significantly struck my attention. One - that people plan for happy outcomes and disregard the importance of negative ones.Perhaps it's because we've witnessed our elders grappling with health issues, boredom, loneliness, and financial dependency on their children.

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Sebi annual inspections focus on PEPs and Mule accounts
Fri, Mar 29, 2024 12:12 PM

Sebi annual inspections focus on PEPs and Mule accounts

Market regulator Securities and Exchange Board of India (Sebi) has stepped up its vigil against potential misuse of stock markets for illicit purposes as India gears up for general elections. During the annual inspections of brokers conducted by Sebi for FY23-24, the market regulator has focused on the politically exposed persons (PEPs) and mule accounts, said two people with direct knowledge.

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Byju’s concludes EGM without objections to increase share capital
Fri, Mar 29, 2024 12:05 PM

Byju’s concludes EGM without objections to increase share capital

Embattled edtech company Byju’s concluded its extraordinary general meeting (EGM) to increase authorised share capital with no objections raised on the resolutions discussed, sources told Moneycontrol. This comes hours after Byju's welcomed dissenting investors to join the rights issue in the next 72 hours. The olive branch was extended to shareholders like Peak XV Partners, General Atlantic.

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