India Financial News

₹7 lakh. Multiple rates and excessive rule variation by category cause taxpayer confusion, in addition to the financial burden of paying upfront for a tax adjustment with one’s actual dues much later—once returns for the fiscal year are filed and processed. In essence, TCS is an advance tax, with one’s money locked in for a period that could easily exceed a year.

The entire end-to-resolution process now is not online, but the application process is. Anil Bhardwaj, Secretary General of the Federation of Indian Micro and Small & Medium Enterprises (FISME) said: "Arbitral awards given by the MSME facilitation councils are often appealed in higher courts, and the issue of delayed payments to MSMEs takes that much longer to be resolved." He further said that the the execution of arbitral award given towards MSMEs currently takes considerable time period which impacts the finances of these small businesses.

Apple’s sales in India leapt 33% to nearly $8 billion in 2023-24 over what it recorded the previous year, according to a Bloomberg report on Monday, with iPhones notching up over half that total. While the company’s exports of locally assembled handsets were worth far more at $14 billion last year, the brand’s rising domestic offtake speaks of success on another front: its grand challenge of converting an Android-dominated market for smartphones to its iOS devices.

Usha Vance. The wife of Sen. JD Vance of Ohio, Donald Trump's newly announced running mate, certainly has the credentials. A corporate litigator at a prestigious San Francisco law firm, Usha Vance has clerked for Supreme Court Chief Justice John Roberts and Justice Brett Kavanaugh when he was an appeals court judge, and earned degrees from Yale and Cambridge. It's a conspicuous resume for a woman whose husband gave a speech in 2021 titled «The Universities are the Enemy,» and rarely missed a chance to bash the establishment as he campaigned for the Senate in 2022, as The New York Times previously reported.

Micron was the first major company to sign up for the Indian government’s $1 billion Indian Semiconductor Mission when it announced a chip assembly plant in Gujarat last year at an overall investment of $2.75 billion. The firm, which builds memory products and is currently riding a generative artificial intelligence (GenAI)-led boom, having seen its market cap rise about 117% in the past year to $145.92 billion. Its chief business officer, Sumit Sadana, told ET in an interview that the company hopes to start the India facility by 2025 which will complement some part of its global sales given its AI led products are sold out till 2025. He also spoke about whether the exorbitant cost of AI products will come down, productivity gains, investing in India’s startup ecosystem and more. Edited excerpts: On Micron’s upcoming India facility

«If I have to look at the complacency in the US particularly, particularly in technology, if I have to talk about the Nasdaq 100 instead of looking at the composite or even some narrow indices, we are seeing early signs or not even early signs; we are seeing that the complacency indicator has actually started spiking,» says Sandeep Tandon, Quant Mutual Fund. I know that your strategy, of course, is looking at sectors and stocks at those extreme inflection points. So, I am curious to understand your outlook when it comes to IT in particular. Do you believe that it has reached that inflection point? Would that be a contra call? What is the stance at the current juncture? Sandeep Tandon: Yes, it has reached a neglected territory some time back. In fact, you asked me if it was in September 2023 itself when you saw an extreme sort of neglected phase and some capitulation happened. Something happened at the beginning of the year also when the majority of analysts downgraded by the end of the first quarter of 2023-24. But I will also agree that when you look at it from the earnings visibility point of view or the traction point of view in the business, it is still on the lower side.

Samsung, in January this year, brought along Galaxy AI—a suite of features that add AI across voice calls, audio recording, photography, general web browsing and more. And, in the past two months, China-headquartered Oppo and Xiaomi have also made moves to bring similar AI features to their phones, too.

Professional community platform LinkedIn is set to launch its video offering in India, to tap into the burgeoning opportunity in the short-form video market which currently is worth $5.5 billion. LinkedIn has observed a 60% increase in video uploads in India, compared with 45% globally, which has given it the confidence that video could open new frontiers of engagement on the platform related to knowledge sharing, career coaching and professional development, LinkedIn vice-president of product management Gyanda Sachdeva told ET.

₹3.5 trillion of assets under management by 2030, from just over ₹63,200 crore as of 30 June, Das told Mint. The state-owned company has already filed an application with the government for its FPO, and subject to approval, it will be looking to raise ₹4,000-5,000 crore via an issue of fresh equity, he said. “We require at least ₹4,000-5,000 crore of equity infusion by this fiscal in order to ensure that a healthy CRAR is maintained," Das said. CRAR is capital-to-risk assets ratio, which is a measure of a bank’s capital to its risk-weighted assets.

domestic passenger traffic in June at around 13.28 million, more than 6% from a year earlier, and nearly 10% above pre-covid levels; however, airline capacity deployment in June was up by just 7% on year and lower by 3% over May. Separately, one of the terminals of Delhi's international airport, the country’s largest and busiest, remains out of service.

immovable assets such as real estate to bring about uniformity. Currently, any capital gain from the sale of real estate held for 24 months or less is treated as a short-term capital gain. In contrast, the holding period threshold for listed equities and equity mutual funds is 12 months. The proposal suggests that property held for more than 12 months be considered long-term assets, bringing this in line with equities and equity mutual funds, a person privy to the deliberations told ET. However, there may not be any change in the tax rates for both long-term and short-term capital gain. The long-term capital gains tax on property is 20% with indexation benefits to adjust for inflation.

Indian Oil Corp (IOC) received just two bids to build the country’s first green hydrogen plant at its Panipat refinery in Haryana, said two industry executives aware of the development. This is in response to the second tender for the project, the first having been scrapped amid accusations of preferential treatment. One of the two bidders, GH4India, is a joint venture owned equally by IOC, ReNew and engineering major Larsen & Toubro. GH4India was formed in FY23 for development of green hydrogen and its derivatives, including green ammonia and methanol, besides production and associated renewable assets. Repeat of Last Year

Funding for AI startups in India stood at $8.2 million in the April-June quarter, declining about 91% sequentially and by 82% year on year, data sourced by ET from market tracking firm Tracxn showed. This, however, comes on a nearly 110% sequential growth in funding in the previous quarter, and 56% in the quarter ended December 2023.

GenAI to improve their customer interface and get a leg up on their younger, disruptive competitors, report Beena Parmar & Annapurna Roy A slew of banks, including the country’s largest lender, State Bank of India (SBI), as well as its private sector peers HDFC Bank, Axis Bank and IndusInd Bank, are turning to generative artificial intelligence (GenAI) to radically change the way their services are consumed, leading to ease of use and better engagement with customers.

₹1 trillion through support from banks, two officials toldMint. The infra lender’s total capital as of 31 March was ₹28,560.8 crore. Although the discussions are not centred around any particular state-owned infrastructure lender, the move is expected to benefit NaBFID as it is the only development finance institution (DFI) created to fund long-term infrastructure, the officials said.

JP Morgan bond index, but a senior Citi executive said that number may be topped as the US Federal Reserve is likely to start cutting rates soon, turning Indian debt into a favourite within the emerging markets (EM) pack. «The last US inflation reading was softer than what the market expected, so we actually think that the Fed might commence with the rate cut cycle from September and could maybe do three rate cuts this year itself,» Aditya Bagree, head, markets, Citi-India & Indian subcontinent, told ET. «What generally does happen with US rate cuts is that EM bond funds attract more investment. As investments increase in EM bond funds, a part of that — almost 10% — will now get allocated to India. So, this $2 billion number can increase because of that,» he said.

Adani Group expects its ports business to grow at a robust pace, with the Indian operations expected to double by volume in five years, said a senior company executive. Speaking to ET, Karan Adani, managing director of Adani Ports and SEZ (APSEZ) said the aim is to transform India's leading port operator into a global ports hub by boosting the share of international traffic. The ports business currently gets about 5% of its total volume from international operations, which it is aiming to double by 2030, said Adani. The ports business has been seeing exponential growth in the past few years, and Adani expects the trajectory to continue. «Currently, the split between our ports and logistics segment is 70:30, and we expect the same to continue because while our logistics segment is growing, so is our ports segment, and that too at a much faster pace,» he said. Revenue from the ports segment grew to Rs 20,972 crore in FY24, from Rs 17,304 crore in the previous year. On the other hand, revenue from the logistics segment grew to Rs 2,079 crore from Rs 1,744 crore in the same period.

Eutelsat OneWeb and Reliance Jio are believed to have called on communications minister Jyotiraditya Scindia to consider early provisional allocation of satellite spectrum for around six months so that companies that have the requisite permissions can quickly launch broadband-from-space services commercially in India. Companies need a GMPCS (global mobile personal communications by satellite services) license and necessary regulatory approvals from Indian National Space Promotion & Authorisation Centre (IN-SPACe) before launching commercial satcom services in India, a nascent market but with a lot of potential, say experts. The issue came up during a meeting with key industry stakeholders of the satcoms ecosystem that was chaired by Scindia on Monday, two people aware of the matter said.

Stocks that traded heavily or had substantial price changes on Monday: Macy’s and Burberry fall; Trump Media and Tesla rise

A bench headed by Chief Justice of India (CJI) DY Chandrachud tagged the pleas with a similar plea filed by NTA earlier in which SC had already stayed proceedings before the high courts pertaining to NEET-2024. The petitions will come up for resumed hearing on Thursday. Last week, the Central Bureau of Investigation had submitted a status report of its investigation into the alleged irregularities in the NEET-UG to the apex court. The agency had submitted, in a sealed cover, the status report on its findings regarding the alleged exam paper leak in Bihar and the alleged irregularities in Gujarat and Rajasthan centres.

commercial messaging market is expected to more than double to $3.2 billion by 2028 from $1.3 billion in 2023, with global advanced messaging channels such as Google's RCS (rich communication services) and Meta's WhatsApp Business intensifying their competition for a bigger share of this growing market. WhatsApp currently has a head start over Google's RCS with some enterprises saying they have deployed a majority of their messaging on that platform. However, both are set to reach a combined market of $1.6 billion and capture 50% of value share of India's commercial messaging market, according to research firm Gartner. While basic messaging channels in India such as SMS are set to grow at an annual rate of 12% through 2028, advanced channels such as RCS and WhatsApp will grow at 58% at the fastest pace for any country globally, Gartner said. «Globally, while basic messaging is set to grow at a modest 4.2%, advanced messaging is scaling in double digits at 34.4%,» said Pankil Sheth, industry research analyst at Gartner.