Wed, Apr 3, 2024 12:05 PM
Adani Power hits fresh record high, stock surges 18% in last 4 sessions
A Flip by Shubhangi Gupta
The Supreme Court has ruled that royalty on minerals is not a tax, but a contractual consideration, giving states the power to tax mineral rights and mineral-bearing lands beyond collecting royalty. This judgment bolsters states' authority in mineral taxation, allowing them to use mineral yield or value as a measure to tax, and potentially altering the fiscal relationship.
Open Flip
Power Grid Corporation of India reported a 3.5% increase in net profit to ₹3,723.92 crore for the June quarter, despite revenue remaining flat at ₹11,006 crore. The company's EBITDA stood at ₹9,602 cr, with a margin of 87.2%. The transmission business contributed ₹10,727.97 crore in revenue. S&P Global reaffirmed its 'BBB-' rating, citing the company's ability to manage capex and dividend payouts.
Open Flip
ITC's demerger of its hotel business is on track to be completed within the next six months, with listing expected within 15-18 months, likely by the end of this year. ITC will hold 40% of the new entity, while shareholders will hold 60%, receiving one share of the hotel business for every 10 shares they hold in ITC. The demerger received CCI approval in May and shareholder approval in June.
Open Flip
