The Goods and Services Tax officials busted a person for using and passing on fake tax credits to other businesses using bogus invoices of ₹479 crores. The arrested person was the director of a company in Navi Mumbai. The CGST Mumbai Zone has booked more than 730 cases of tax evasion, detected tax evasion of Rs. 6,380 Crore, in the last six months as a part of the anti-evasion drive.

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Finance minister Nirmala Sitharaman has said that the correction in anomalies of the Goods and Services Tax is required for drawing fresh investments into the textiles and apparel sector which the government is promoting through schemes like production linked incentives. The government wants to correct the inverted duty structure in the textile industry.

As per the Russian rating agency, ACRA estimates the country's banks imported $5 bn worth of banknotes in foreign currencies in Dec, up from $2.65 bn a year before, in a pre-emptive step in case of sanctions creating increased demand. calculations based on technical reports that banks submit to Russia's central bank each month showed that they had also imported $2.1 bn in foreign banknotes in Nov.

A crowdsourced platform for last-mile deliveries, Shadowfax Technologies aims to have 75% of its fleet in EVs by 2024 and full electrification by 2026 as part of its long-term growth goals. This adoption of EVs is part of a global effort to make logistics more sustainable with the zero pollution campaign. seeking to transform the industry & introduce a proactive measure to reduce carbon emissions.

NITI Aayog CEO Amitabh Kant said on Monday that the Indian economy is growing at 9.2% and is projected to grow at similar rates in the coming years. Kant said the government's production linked incentive (PLI) scheme for sunrise sectors will add USD 520 billion to India’s output in the next five years and make India a part of the global supply chain.

Happilo, a D2C healthy snacking brand, has secured 25 Mn in funding from Motilal Oswal Private Equity. The freshly infused funding will be utilized to scale up the business, expand product lines, acquire more food brands and streamline the distribution network. The company was founded in 2016 and is an omnichannel healthy snacking brand that offers a slew of products including dry fruits, etc.

The oil industry company Shell, expects the global liquefied natural gas (LNG) market to remain tight this year following last year’s volatility which saw demand rise 6% and gas prices hit an all-time high. Natural gas prices soared around the world in the previous year due to a combination of tightening supplies, weaker renewable power generation and a strong growth after COVID-19.

On Monday, the Reserve Bank of India (RBI) notified a US Dollar/Rupee two-year sell-buy swap auction. This is to elongate the maturity profile of its forward book and smoothen the receivables relating to forwarding assets. On 8 March, the apex bank will undertake a sell/buy swap auction of $5 billion that will enable access to a wider set of market participants.

As per HDFC Securities, Vardhman Textiles is a fully integrated textile firm. It is well placed to benefit from the strong demand uptick for cotton yarn post the ban imposed by the US on China’s Xinjiang region. Investors could buy the multibagger stock in ₹2580-2620 band & add on dips to ₹2230-2270 band for base case fair value of ₹2770 and bull case fair value of ₹3030 over the next 2 quarters.

Chevron is looking to sell its stakes in three oil and gas fields in Equatorial Guinea, hoping a recent rally in energy prices will help attract buyers. Also, Chevron has hired investment bank Jefferies to run the sale process which could raise as much as $1 bn. The U.S. company acquired the assets in the West African country as part of the $13 bn acquisition of Noble Energy in 2020.

Three more companies in the Indian market got the go-ahead from the markets regulator SEBI for their initial public offerings (IPO). Namely, API Holdings Ltd, the parent of online pharmacy PharmEasy, Wellness Forever Medicare Ltd and CMR Green Technologies Ltd. This indicates the strong momentum in India's IPO market is expected to continue.

👉PSU stock Punjab National Bank has been added to the stock ban list by the stock exchange for today, under the F&O segment as it has crossed 95% of the market-wide position limit. 👉Whereas, Indiabulls Housing Finance, and Escorts continues to be under the F&O ban. As per NSE, all clients shall trade in the derivative contracts only to decrease their positions through offsetting positions.

Multibagger stock, Ducon Infratechnologies Ltd, has announced that its board of directors will consider issuance of bonus shares on 25 February. The board of directors of the company will also consider a proposal to increase the authorised share capital. Over the past year, the company has given multibagger returns to its investors, rising nearly 255%.

The COVID-19 vaccine produced by Hyderabad based Biological E 'Corbevax' has now received regulatory approvals for administration in the 12-17-yr age group. Which is nearly two months after receiving the approval for the adults in the country. Drug Controller General of India gave its approval on February 21 for restricted use in an emergency situation in adolescents aged 12 to less than 18 yrs.