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regulator, the Securities and Exchange Board of India (Sebi) will have a new look as two members exit after the end of their respective terms to make way for two incoming candidates. The Sebi chief, while also a full-time member of the board, reports to it. IIM Bangalore professor V Ravi Anshuman and bureaucrat Manoj Govil, who joined the board in 2019 and 2022, respectively, are exiting. The former's five-year tenure with the regulator has ended and the latter's role is being reassigned from corporate affairs secretary to expenditure secretary at the Centre.

National Company Law Tribunal (NCLT) approving its takeover of SKS Power Generation Ltd, winning bidder Sarda Energy and Minerals has deposited ₹1,950 crore into an escrow account with Bank of Baroda (BoB) — ahead of the 45-day deadline set by lenders. In a stock exchange filing Tuesday, Sarda Energy confirmed the payment, including ₹1,805 crore paid to financial creditors of SKS Power, State Bank of India and BoB, as well as additional expenses for the insolvency process. It also includes excess cash in the company to be given to lenders. The NCLT on August 13 approved the transaction, with BoB Capital as the process advisor. «The transfer was made on earlier this week well ahead of the 45-day timeline provided for in the resolution plan. Sarda has raised a majority of the funds from banks with about 30% from internal accruals,» said a person familiar with the deal.

IndiGo on Wednesday said it will contest two orders imposing penalties totalling Rs 3,50,299 on the company in relation to input tax credit. In Odisha, a penalty of Rs 1,77,046 was imposed on the company related to Goods and Services Tax (GST). «The appellate authority has rejected the appeal filed by the company and upheld demand on account of availment of input tax credit for FY 2017-18,» InterGlobe Aviation, the parent of IndiGo, said in a regulatory filing. According to the filing, IndiGo is in the process of contesting the appeal order before the appellate tribunal.

NEW DELHI : Sinch AB, a Swedish communications platform service provider, will enable rich communication services (RCS) messaging to users of major Indian telecom companies. After partnering with Vodafone Idea Ltd and Reliance Jio Infocomm Ltd, Sinch has now onboarded Bharti Airtel Ltd as well. Global chief executive Laurinda Pang told Mint in an exclusive interaction that Apple enabling RCS on iPhones has opened up an opportunity for the technology in markets like the US and Europe.

Public Sector Banks may have the largest network base in the country but their ability to garner deposits is much lesser than their private peers. HDFC Bank, the largest Indian private sector lender raced miles ahead in garnering deposits even though its branch presence remained a third of the largest Indian lender State Bank of India. State Bank of India recorded the largest deposit base at Rs 49.01 lakh crore at the end of the June 2024 quarter. It added Rs 3.70 lakh crore of deposits in one year, with the June 2023 deposit base at Rs 45.31 lakh crore. SBI has garnered these deposits with a mammoth branch network of 22,580. Private sector lender HDFC Bank was the top performer among banks in bagging deposits, it added a whopping Rs 4.66 lakh crore in one year. Its deposit base stood at Rs 23.79 lakh crore at the end of June 24 quarter versus Rs 19.13 lakh crore in the year ago period. What is noteworthy is that these deposits have been accumulated with a branch network of 8851, almost a third of SBI's network.

Karnataka Bank and financial services company Navi Technologies have announced the launch of credit line on UPI, an offering by the National Payments Corporation of India (NPCI). The private sector lender will be offering credit lines through a strategic partnership with Navi, marking Karnataka Bank as one of the early adopters of this next-gen credit product. «This is currently offered to a closed group of select users who are pre-qualified for the product, and it will be launched to more users based on customer feedback,» a release said. It further said the bank is starting with a short-term monthly loan product and is in discussions for adding other variants, like EMI facilities, and working capital credit lines in the future, aligned to customers evolving needs.

NCLAT on Wednesday directed the resolution professional of SKS Power Generation to submit and bring on record the e-mail sent to the successful bidder, Sarda Energy and Mining on May 8, 2023, seeking clarifications over its resolution plan. A three-member bench has directed the RP to file an affidavit with the e-mail having communications between the SRA (successful resolution applicant) Sarda Energy and the RP and directed to list the matter on August 30 for the next hearing. NCLAT was hearing the appeals filed by Torrent Power and Singapore-based Vantage Point Asset Management Pte, against the order of the Mumbai bench of the National Company Law Tribunal (NCLT), which on August 13, approved Sarda Energy and Mining's (SEML) bid. Both the petitioners were also in the race to acquire the debt-ridden thermal power producer and opposed the selection of SEML's bid by the CoC. NCLT had rejected their pleas against approval of SEML's bid.

Revenue Secretary Sanjay Malhotra on Wednesday said the income tax department has processed close to 4 crore ITRs for AY 2024-25 in 15 days. Over 7.28 crore income tax returns for Assessment Year 2024-25 were filed till July 31, 2024. About 4.98 crore ITRs (income tax returns) have already been processed by the tax department, and intimations sent to taxpayers. Of this, 3.92 crore ITRs were processed in less than 15 days. «We have made strides in digitisation...About 4 crore returns were processed within 15 days..,» Malhotra said at the 165th Income Tax Day celebration.

Domestic benchmark index NSE Nifty ended 71.36 points up at 24770.2, while the BSE Sensex closed 102.44 points up at 80905.3.

Union Finance Minister Nirmala Sitharaman on Wednesday asked the Income Tax department to work towards being identified as fair and friendly. The FM was speaking on the occasion of Income Tax day celebration, where she marked 165 years of Income Tax, and congratulated Indian taxpayers for the feat achieved. Furthermore, Sitharaman took this opportunity to emphasise on the need for the language of income tax notices and letters issued to the public to be simplified.

BP’s chief economist Spencer Dale has said. “Most of the consensus for next year is that oil demand will continue to grow. But many also point to strong growth in non-OPEC supply, with many of those scenarios suggesting the growth in non-OPEC supply will largely meet the growth in overall demand,” said Dale. “And that means the scope for OPEC to bring back production is likely to be relatively limited.” OPEC+, a grouping of nearly two dozen countries led by Saudi Arabia and Russia, has kept its production artificially low, keeping a record 5.8 million barrels per day of supply off the market. It plans to return these supplies to the market, starting October.

Aries Agro Ltd.(up 15.46%), Deepak Fertilisers & Petrochemicals Corporation Ltd.(up 9.62%), Khaitan Chemicals & Fertilizers Ltd.(up 5.11%), Chambal Fertilisers & Chemicals Ltd.(up 3.65%), Paradeep Phosphates Ltd.(up 2.34%), Madhya Bharat Agro Products Ltd.(up 1.98%), Gujarat State Fertilizer & Chemicals Ltd.(up 1.61%), The Fertilisers and Chemicals Travancore Ltd.(up 1.52%), Gujarat Narmada Valley Fertilizers & Chemicals Ltd.(up 1.45%) and Zuari Agro Chemicals Ltd.(up 1.12%) stood among the top gainers.

will consider a proposal to raise up to Rs 4,500 crore through issuance of shares in its meeting on August 29. The funds would be raised in one or more tranches through Further Public Offer (FPO) / Qualified Institutional Placement (QIP) / Right Issue / Preferential Issue or any other permitted mode or combination, subject to the statutory or government approval, a BSE filing said. IREDA, under Ministry of New & Renewable Energy, is engaged in providing finance to mainly renewable energy projects.

Shares of Sunteck Realty Ltd.(up 2.25 per cent) ended the day as top gainers in the pack.

Electrification and automation major ABB on Wednesday said it has surpassed 10GW in delivering solutions for renewable energy plants in India. This is a result of over 300 renewable energy projects across India utilizing ABB's IoT-based PLC solution, a company statement said. ABB's PLC-based SCADA (supervisory control and data acquisition) system is an automation control solution, which helps gather and analyze real-time data to run the plant optimally and enable low maintenance. With this, operators are also able to easily monitor and analyze key parameters of the plant and get complete visibility of plant operations.

Election Commission on Wednesday halted the release of the result of the ongoing recruitment process in Haryana until the completion of Assembly elections in the state. This follows a complaint from Congress MP Jairam Ramesh, alleging violation of Model Code of Conduct in the process of recruitment against 5600 vacancies for the post of Constable in the Haryana Police, 76 posts of TGT and PTI by Haryana Staff Selection Commission (HSSC) and recruitment for various posts by Haryana Public Service Commission (HPSC).

Indian Railways is gearing up to introduce the Vande Bharat Metro in Gujarat, marking a significant milestone in the nation's public transportation. This metro service, which is the first of its kind in India, will operate between Vadodara and Ahmedabad, with trial runs set to begin in the near future. JK Jayant, Chief Spokesperson of Western Railway, confirmed that the trials are scheduled to commence within the coming days, focusing on enhancing connectivity and efficiency, especially following recent upgrades to the railway route between Ahmedabad and Mumbai.

Shares of Exide Industries Ltd.(up 2.17 per cent), Samvardhana Motherson International Ltd.(up 2.13 per cent), Apollo Tyres Ltd.(up 1.45 per cent), MRF Ltd.(up 1.45 per cent) and Bharat Forge Ltd.(up 1.44 per cent) ended the day as top gainers in the pack.

Benchmark NSE Nifty closed 71.36 points up at 24770.2 amid buying in frontline bluechip counters.

GE Power India Ltd (GPIL) on Wednesday said its Managing Director Prashant Jain has resigned. The board has appointed Puneet Bhatla as Additional Director and Managing Director from September 1, 2024, to June 30, 2027 subject to the approval of members, the company said in an exchange filing. «The board in its meeting held today...accepted resignation of Prashant Jain from the position of Managing Director with effect from close of business hours of 31 August 2024,» it added.

kirana stores. After e-commerce, now quick commerce is eating into India's large kirana sector which comprises nearly 12 million stores, selling groceries and personal care and other items. People are starting to shift some of their grocery shopping from local stores to quick commerce platforms such as Blinkit, Instamart, Zepto and BB Now, which are often able to offer products 10%-15% cheaper than local stores. When time is money, especially in urban areas, people are willing to pay a little more to save on it. When quick commerce gained shape in India during the Covid pandemic, a large section of the industry had written it off. Their argument was that Indian consumers were not going to pay convenience fees, no matter what. Some even insisted that consumers would happily wait for a few hours or even a day, if that meant they would get their orders delivered free. Today, one after the other, leading FMCG companies in their 2023-24 earnings report state that quick commerce is now not just their fastest growing channel, it is what is driving their e-commerce business growth itself, ET has reported.