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Supreme Court ruling that sought to address an issue that has been lingering for 35-years is now threatening to cripple India’s mining sector. According to the judgement, states now have the right to tax mineral lands and tax mining companies retrospectively. Stakeholders say this will put a heavy financial burden on the industry, affecting investment plans and overall economic stability of the segment. How the case started and progressed The issue has its roots in the Mines and Minerals (Development and Regulation) Act, 1957, which gave the Union government the power to regulate mines and minerals and the power to collect royalties from mining leaseholders. In 1963, the Tamil Nadu government gave a mining lease to India Cements. Later, it imposed a cess on the royalty, which the company challenged in the high court later in the Supreme Court. In 1989, a seven-judge bench of the apex court ruled in favour of India Cements. “… we are of the opinion that royalty is a tax, and as such a cess on royalty being a tax on royalty, is beyond the competence of the State Legislature…,” said the verdict.

Energy Development Company Ltd.(up 5.00%), Reliance Power Ltd.(up 4.34%), Transformers & Rectifiers(India)Ltd.(up 2.74%), Ravindra Energy Ltd.(up 2.34%), KEC International Ltd.(up 1.30%), ACME Solar Holdings Ltd.(up 1.25%), Indowind Energy Ltd.(up 1.07%), Hitachi Energy India Ltd.(up 0.94%), Voltamp Transformers Ltd.(up 0.85%) and NLC India Ltd.(up 0.78%) were among the top gainers.

Subscribe to enjoy similar stories. Imagine this: it’s 2015, and India’s largest airline by domestic market share—IndiGo, holding nearly 35%—is preparing for its initial public offering (IPO). But this isn’t just any IPO; it’s one backed by a profitable airline boasting a rare 10% net profit margin.

A group of high-profile ski racers and snowboarders, along with executives and board members, are challenging their sport’s governing body to reconsider a lucrative investment opportunity that could be worth more than $400 million

The NFL’s desire to become a global powerhouse is no secret

Macy’s is tightening financial accounting measures after completing a probe of a rogue employee who hid $151 million in delivery expenses over a span of nearly three years

Red Bull Arena has become Sports Illustrated Stadium in a 13-year partnership agreement announced by the Major League Soccer runner-up

US chocolate maker Hershey has rejected a preliminary takeover offer from Mondelez International, people familiar with the matter said, potentially ending a fresh pursuit that would've created a food giant with combined sales of almost $50 billion. Hershey Trust, which has roughly 80% of the voting power at the company, turned down the bid as too low, said the people, who declined to be identified because discussions are private. Securing the trust's backing is vital for any deal for Hershey as it owns almost all of the company's Class B stock. Bloomberg News reported earlier this week that Mondelez made a preliminary approach for Hershey, citing people familiar with the matter. It's not the first time Mondelez has sought a deal. In 2016, it walked away from discussions about a potential takeover after seeing a $23 billion bid rejected by the chocolate maker.

Mohan Yadav on Wednesday launched two programmes to highlight development works of his administration and link more eligible people with welfare schemes. "Jankalyan Parv" (public welfare festival) and "Mukhyamantri Jankalyan Abhiyan" (public welfare campaign) will run on different dates through December-January. «It is a happy coincidence that today, on the occasion of International Gita Jayanti, Jankalyan Parv and Mukhyamantri Jankalyan Abhiyan are being launched. During Janlakyan Parv, which will run from December 11 to 26, foundation stones of several development works will be laid and a number of completed projects will be inaugurated,» Yadav said. The three-time MLA, who was elected the BJP legislature party leader on December 11, 2023, and took oath as CM two days later, was speaking at a function organized at the Motilal Nehru stadium in the state capital Bhopal. During the Jankalyan Abhiyan, which will run from December 11 to January 26, people from poor families, youths, farmers and women, who are eligible to avail benefits of various welfare schemes, will be identified through a survey and linked with these plans, Yadav informed.

Subscribe to enjoy similar stories. FMCG and tobacco conglomerate Dharampal Satyapal Group's (DS Group) hospitality arm is aggressively expanding its hospitality division, with plans to increase its portfolio from six hotels to 10-12 by FY27. The company is focusing on both city and resort 4–5-star hotel category properties, primarily in "high-growth" regions across India, Rajiv Kumar, vice chairman of the company, said, speaking exclusively to Mint.

GMR Group which manages the Rajiv Gandhi International Airport here may consider adding another terminal and second runway once the passenger traffic hits 45 million annually, a senior official of the airport infra major said on Wednesday. SGK Kishore, Executive Director and Chief Innovation Officer of GMR Airports, at a press conference exuded confidence that the passenger traffic would hit 45 million (annually) by 2030 from the existing 30 million and said the ultimate of the airport would be 100 million passengers. «We are expecting 45 million (per annum) by 2030. It is only an estimate and anything can happen. Based on the projections and based on what we have seen, we have to be proactive. We have started the planning (for the capacity expansion),» he said. The GMR Hyderabad International Airport Ltd has already created the necessary infrastructure in a phased manner to handle 34 million passengers. The aerodrome was built in 2008 with a capacity of 12 million. Currently, the airport has one integrated terminal.

Nitin Gadkari on Wednesday said the logistics cost in India will come down to 9 per cent within two years. Speaking during bauma Conexpo India, the Road Transport and Highways Minister said that «presently our logistics cost is 14-16 per cent… I assure you that within two years… our logistics cost will be 9 per cent. So we will be more competitive in the international market.» In China, the logistics cost is 8 per cent and in the US and European countries it is 12 per cent, the minister said. The minister further said the automobile industry is one of the important industries that is giving maximum revenue as part of GST to the state governments and the Centre.

Shares of Hero MotoCorp Ltd.(up 1.36 per cent), Bharat Forge Ltd.(up 1.34 per cent), Ashok Leyland Ltd.(up 0.97 per cent), Bosch Ltd.(up 0.81 per cent) and Exide Industries Ltd.(up 0.74 per cent) ended the day as top gainers in the pack.

Khaitan Chemicals & Fertilizers Ltd.(up 0.90%), Gujarat State Fertilizer & Chemicals Ltd.(up 0.86%), Krishana Phoschem Ltd.(up 0.64%), National Fertilizers Ltd.(up 0.56%), The Fertilisers and Chemicals Travancore Ltd.(up 0.43%), Rashtriya Chemicals & Fertilizers Ltd.(up 0.41%) and Madhya Bharat Agro Products Ltd.(up 0.11%) stood among the top gainers.

He also condemned the Congress for the opposition's no-confidence notice against Vice President and Rajya Sabha Chairman Jagdeep Dhankhar. He said it was an attempt by the opposition party to divert attention from the issue of «ties between the top Congress leadership and Soros». The members of the treasury benches were on their feet soon after the House met and Deputy Chairman allowed the leader of the house to speak.

East Ocyon Bio, an allogeneic Cell & Gene Therapy (CGT) startup, on Wednesday, announced the closure of its $4.2 million seed round. The investment round was led by Aeravti Ventures and Micro Labs. The newly raised funds will be utilised to enable several initiatives like pre-clinical testing of CAR-NK and CAR-gamma delta T cell therapies, the creation of a GMP manufacturing facility, and Phase I clinical trials. Renu Kundu, Founder of East Ocyon Bio, said in a statement, «We are incredibly grateful for the support of Aeravti Ventures and Micro Labs, whose belief in our vision is instrumental in our journey toward clinical validation of this transformative technology.» Rishabh Singh, Managing Partner at Aeravti Ventures, said in a statement, “India is the cancer capital of the world but receives innovative therapies years after the west. Our partnership with East Ocyon Bio reflects our commitment to supporting impactful organisations that indigenise innovation and create cutting-edge products for the world.”

Subscribe to enjoy similar stories. Amid the recent maelstrom of political news was an important development for the future of technology-enabled public money.

U.S. Defense Secretary Lloyd Austin has met with officials in Japan to reaffirm the importance of their alliance and Washington's commitment to regional security as threats rise from China and North Korea

Britain will provide intelligence to a newly formed unit in Cyprus tasked with preventing Russia evade international sanctions

Alaska Airlines says it will launch service from Seattle to Tokyo and Seoul next year as part of a plan to boost international flying in the next several years

JP Morgan India chief executive officer PD Singh is among three candidates shortlisted by Standard Chartered Bank to succeed Zarin Daruwala as the chief executive officer for India and South Asia, people familiar with the matter said. Rahul Shukla, group head for commercial and rural banking at HDFC Bank, and Venugopal Ranganathan, chief risk officer (CRO) at Standard Chartered, are the two other names submitted to the Reserve Bank of India (RBI) for the CEO post, the people said. Daruwala retires from the bank in March after eight years at the top job.