The Income Tax Department detected undisclosed income of over Rs 1,000 crore after it raided a “leading” bullion trader and south India’s “biggest” jewellery retailer based in election-bound Tamil Nadu, the CBDT claimed on March 7. The IT dept carried out the searches on March 4 at 27 premises in Chennai, Mumbai, Coimbatore, Madurai, Tiruchirappalli, Thrissur, Nellore, Jaipur, and Indore.

India Inc's overseas direct investment dipped by 31% to USD 1.85 bn in Feb 2021. Domestic companies made investments of USD 2.66 bn in their overseas subsidiaries and joint-ventures in Feb 2020. Of the total investment made by Indian companies in foreign markets, USD 1.36 bn was in the form of loans, USD 297.37 mn as equity investments and the rest of USD 183.82 mn was via issuance of guarantees.

The National Highway Authority of India (NHAI) has cautioned users against the sale of fake FASTags online. The authority said some fraudsters were selling fake FASTags online making them appear to be as those of NHAI/IHMCL. It said such FASTags are not valid to cross toll plazas. You should visit https://ihmcl.co.in/ or use MyFASTag App to buy original FASTags.

After Sebi cancelled Sahara India Financial Corporation Ltd's (SIFCL) certificate of registration as a sub-broker citing non-compliance with 'fit and proper' criteria on March 3, Sahara India on Sunday announced the company had "willfully" surrendered the licence two years back. On March 4, the group wrote to Sebi saying that on October 3, 2018, SIFCL had surrendered the sub-brokership license.

Rashtriya Ispat Nigam is looking to raise Rs 1,000 crore from the sale of its 22.19-acre land located in the heart of Visakhapatnam city. State-owned NBCC announced signing an MoU with RINL for redevelopment and monetisation of the land. The company, without any captive iron ore mine, produces over 19,000 tonnes of hot metal per day from its three fully operational blast furnaces at the plant.

China's February exports increased at an unprecendented pace from a year earlier when COVID-19 battered the world's second-biggest economy, customs data showed on Sunday, while imports rose less sharply. Exports in dollar terms skyrocketed 154.9% in February compared with a year earlier, while imports gained 17.3%, the most since October 2018. The data did not include figures for January alone.

MF pulled out Rs 16,306cr from equities in Feb, making it the 9th consecutive monthly outflow as small investors booked profit amid a rally in stock markets. Gopal Kavalireddi, Research Head, FYERS, said this trend of redemptions could continue till the time stock market rally slows down and consolidates. Overall, mutual funds withdrew a net amount of over Rs 56,400 crore in 2020.

The govt is considering to increase the authorised capital of Life Insurance Corporation of India (LIC) toRs 25,000 crore to facilitate its listing slated for the next fiscal. Currently, the paid-up capital of the life insurance company with over 29 crore policies is Rs 100 crore. Starting with an initial capital of Rs 5 crore in 1956, LIC has an asset base of Rs 31,96,214.81 crore.

Milestones achieved by the most popular cryptocurrency- Bitcoin: [1] 2009- The first-ever block of Bitcoins, known as the Genesis Block, was mined, [2] Feb 2011- 1 Bitcoin was worth $1 for the first time, [3] Nov 2013- Bitcoins passed a value of $1,000 for the first time, [4] Nov 2017- 1 Bitcoin was worth $10,000 for the first time, [5] Feb 16, 2021- Bitcoin reached $50,000 for the first time.

Cairn Energy plc on Sunday announced its shareholders, including top financial institutions of the world, expect the use of the company's "strong powers of enforcement" to recover USD 1.4 billion from the Indian government should it not keep its word of honouring the international arbitration tribunal awards on retrospective taxes.

Facebook launched a new phase of its consumer marketing campaign in India, "More Together", which celebrates the power of connections and communities one makes through its platform. The 360-degree campaign is conceptualized and executed by Taproot Dentsu and Dentsu Webchutney and will go live in multiple languages across TV, digital, print, radio and outdoor platforms.

Eight of the top 10 valuable firms added over Rs 1.94 lakh crore to their market valuation last week. These companies include RIL, TCS, Kotak Mahindra Bank, HUL, Infosys, ICICI Bank, HDFC Ltd, and Bajaj Finance. On the contrary, HDFC Bank and State Bank of India (SBI) witnessed losses in their valuations. RIL added Rs 60,034.51 crore to take its valuation to Rs 13,81,078.86 crore.

Reversing the two-month buying trend, foreign portfolio investors (FPIs) pulled out Rs 5,156 crore from Indian markets in the first week of March amid profit booking and rising bond yields in the US. According to FPI statistics available with depositories, overseas investors sold Rs 881 crore from equities and Rs 4,275 crore from the debt segment between March 1-5.

Market-cap is calculated by multiplying the number of shares in circulation by the current market price. Top 5 listed Maharatna Companies (according to m-cap value as of 28 Feb 2021): [1] ONGC Ltd (Rs 142641.41cr), [2] Power Grid Corporation of India (Rs 112374.55cr), [3] Bharat Petroleum Corporation Ltd (Rs 97594.68cr), [4] Indian Oil Corporation (Rs 95175.74cr), [5] Coal India (Rs 94445.73cr).

IFSC codes of e-Andhra and those of e-Corporation Bank branches have been changed. Old IFSC codes of branches of both banks will no longer be valid from April 2021 since the e-Andhra and e-Corporation Bank have been amalgamated with the Union Bank of India. IT integration of both the banks has been completed without changing the account number of customers but IFSC codes have been changed.