Stocks to Watch: RIL, Airtel, Bajaj Finance, LIC, IDFC First, Maruti Suzuki
RIL/Bharti Airtel: Bharti Airtel and Reliance Jio could face potential tax demands exceeding ₹14,000 crore due to the Supreme Court’s recent decision on licence fee categorisation, according to analysts. The judgment stipulated the treatment of the licence fee as capital, a departure from its previous classification as an expenditure.
While the judgment implies a heightened tax liability, the real impact may be mitigated by factors like depreciation and amortization spanning the 20-year licence tenure, brokerage firms noted. Bajaj Finance: Bajaj Finance Ltd on Tuesday reported a consolidated net profit of ₹3,550.80 crore in the second quarter of FY24, registering a growth of ₹27.7% from ₹2,780.65 crore in the corresponding quarter of last year.
Net interest income (NII) of the non-banking finance company (NBFC), on a consolidated basis, in Q2FY24 increased by 26% to ₹8,845 crore from ₹7,002 crore, year-on-year (YoY), according to company's exchange filing. Life Insurance Corporation: The Income Tax Department has approached the Bombay High Court to challenge a tribunal order that ruled in favour of the Life Insurance Corporation (LIC) in tax dispute cases involving a cumulative amount of ₹4,993 crore.
The issue is related to two tax dispute cases pertaining to amounts of ₹1,838.8 crore and ₹3,153.9 crore, respectively. Both cases are related to the assessment year 2013-14.
IDFC/IDFC First Bank: The Infrastructure Development Finance Company (IDFC) has received approval from the Competition Commission of India (CCI) for its merger with IDFC First Bank, a regulatory filing stated on October 17. The merger between the development finance institution and the private lender received approval from the board of directors of
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