Department Financial News

₹1,000 crore (approximately) after it raided Polycab group, a prominent wires, cables, and electrical items manufacturer, according to an official statement by the Ministry of Finance. The I-T sleuths initiated search and seizure operations last year in December. The search action was conducted at more than 50 premises located in Mumbai, Pune, Aurangabad, Nasik, Daman, Halol and Delhi.

TOKYO—China’s near-monopoly on the solar-energy market has prompted the U.S. and allies to step up the search for workarounds. Engineers believe they have found one in a type of solar cell that looks and feels like camera film.

Polycab tanked 20% to the day's low of Rs 3930.55 in Thursday's trade after the Income Tax department detected «unaccounted cash sales» of about Rs 1,000 crore after it recently raided the Polycab group. «Unaccounted cash of more than Rs 4 crore was seized and more than 25 bank lockers were put on restraint after the searches were launched against the group on December 22 last year,» the Central Board of Direct Taxes (CBDT) said in a statement, according to a PTI report. It said a total of 50 premises in Mumbai, Pune, Aurangabad and Nashik in Maharashtra, Daman, Halol in Gujarat and Delhi were covered. The CBDT said a large number of «incriminating» evidence in the form of documents and digital data were seized during the raids. These reveal the «modus operandi of tax evasion» adopted by the group in connivance with some of authorised distributors, it said. Also Read | Tech growth woes pose risk to Dalal Street's sizzling rally «Credible evidences recovered during the search have established that the flagship company has made unaccounted cash sales of around Rs 1,000 crore which are not recorded in the books of accounts,» the CBDT claimed. Polycab India, however, issued a clarification to stock exchanges calling the reports of «tax evasion by the company» as «rumours». «Polycab India denies any rumours of tax evasion by the Company circulating in the media,» the company filing said, adding that «The company asserts its commitment to compliance and transparency, having fully cooperated with the Income Tax Department officials during the search proceedings in Dec 2023.

The BSE Sensex was trading 284 points or 0.40% higher at 71,942. Nifty50 was trading at 21,706 up 88 points or 0.41% at around 9.24 am. From the Sensex pack, Axis Bank, Bajaj Finserv, Reliance Industries, Bajaj Finance, and NTPC opened in the green, while only Infosys, HCL Tech, and Wipro opened in the red. In today's trade, IT stocks will be in focus as market leaders TCS and Infosys are due to report quarterly results post-market hours, kicking off the earnings season in earnest. Among individual stocks, Polycab India opened with a 10% lower circuit amid reports that the Income Tax department found unaccounted cash sales of Rs 1,000 crore. On the sectoral front, Nifty Consumer Durables rose 1.15%, and Nifty Auto surged 0.63%.

NEW DELHI : The Union ministry of food processing industries may get a lower allocation in the interim budget for FY2024-25 following lower expenditure in the ongoing financial year, a senior MoFPI official said. The ministry has spent about ₹2,912 crore so far in FY2023-24, against the budget estimate of ₹3,287 crore for the financial year.

Most Democrats at a House hearing Wednesday expressed support for a Department of Labor investment advice rule proposal that has come under fierce attack from Republicans and financial industry opponents.

Rajnath Singh on Wednesday said Beijing's perspective has altered drastically with the emergence of New Delhi as a 'strategic power'. «A columnist for the Global Times, which, in a way, is a mouthpiece for China, published an article with the headline 'What I see about Bharat narrative in India'. This article is a ringing affirmation of the changing Chinese perspective on India.

Pran Pratishtha' ceremony at Ram Temple in Ayodhya, several BJP leaders on Wednesday arrived in the temple town to take stock of the preparations for the event on January 22. Speaking to media persons, BJP national secretary Tarun Chugh said, «The Pran Pratishtha would signal the end of 450 years of exile. PM Narendra Modi will be here for the opening of the Ram Temple on January 22.

(Reuters) -SAP, the German software company, agreed to pay about $222 million to resolve two investigations into bribery schemes in seven countries, U.S. authorities said on Wednesday.

By David Shepardson

Federal investigators are looking into a dockside cargo ship fire that killed two New Jersey firefighters at Port Newark

NEW DELHI : Union finance minister Nirmala Sitharaman’s pre-election budget is set to focus on welfare schemes for five key sections of society—women, poor, youth, farmers and tribals—as the Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA) aims a third term in office on the back of Prime Minister Narendra Modi’s promise of inclusive growth. Accordingly, allocations for existing schemes for these sections of the society are likely to see an enhancement while new schemes may be announced, two persons privy to discussions in the government said.

Crypto companies received more fines for poor money controls than traditional financial firms for the first time ever in 2023, according to data compiled by the Financial Times.

By Laura Sanicola and Valerie Volcovici

Percy Jackson enthusiasts eagerly tread the mythological landscape, the countdown to Episode 6 of "Percy Jackson and the Olympians" on Disney+ intensifies. With the latest episode gracing screens on Tuesday, January 9, fans are already knee-deep in the second half of the eight-episode series, starring the talented ensemble of Walker Scobell, Aryan Simhadri, and Leah Sava Jeffries. The reception has been nothing short of resounding applause from both fans and critics, fueling hopeful whispers of an impending second season.

The move could irk some local carmakers. India's combined sales and additional taxes on hybrid vehicles sales are as high as 43%, based on the size of the car, compared with the highest rate of 50% imposed on petrol and diesel cars. India taxes electric vehicles (EVs) at just 5%.

home to a slew of electric vehicle (EV) manufacturers, and that the state's industrial landscape and robust infrastructure were among other draws that can entice a company like Tesla. Follow Vibrant Gujarat Summit LIVE Updates here "…So as far as Tesla is concerned, the government of Gujarat will be more than happy to facilitate them in case if they decide to come to the state," Gupta was quoted by PTI as saying.

The Hindu has stated that despite the strike, the state Transport Department has said that normal bus services are being run in Chennai city and across the State. Citing a senior official, the report further said that since today morning, the Metropolitan Transport Corporation (MTC) in Chennai operated 3,177 buses which is slightly below its usual 3,233 buses.

737 Max 9 last week mid-flight, leaving a gaping hole in the side of the plane, Bloomberg reported. “I’ve got kids, I’ve got grandkids and so do you. This stuff matters.

One of the world's largest renewable energy developers will be getting hundreds of wind turbines from General Electric business GE Vernova as part of a record equipment order and long-term service deal

The Biden administration enacted a new labor rule Tuesday that aims to prevent the misclassification of workers as “independent contractors,” a step that could bolster both legal protections and compensation for millions in the U.S. workforce