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.
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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.
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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.
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