Lok Sabha passes the Finance Bill, 2022
The Lok Sabha has approved the Finance Bill 2022 completing the budgetary exercise for FY 2022-23. The Finance Bill 2022 contains provisions that tighten the norms for taxation of Virtual Digital Assets (VDAs) or cryptocurrencies by disallowing set off of any losses with gains from other virtual digital assets.
Read more here.
Airtel prepays Rs 8,815 crore worth spectrum dues linked to 2015 auction
Bharti Airtel has prepaid Rs 8,815 crore to the telecom department, clearing a major chunk of its dues relating to spectrum auctions in 2015. The prepayment is for installments due in FY 2027 and FY 2028. Over the last four months, Bharti Airtel has cleared Rs 24,334 crores of its deferred spectrum liabilities much ahead of scheduled maturities
Read more here.
HDFC sells over 2% stake in private oil explorer HOEC
HDFC Ltd has sold over 28.89 lakh shares or nearly 2% stake held in Hindustan Oil Exploration Ltd (HOEC). The total consideration for the sale of28,89,638 equity shares is Rs. 61.04 crores. HOEC was the first private as the first private company in India to enter into the field of oil and gas exploration
Read more here.
Ruchi Soya FPO subscribed till 37% on Day 2
Ruchi Soya’s Follow on Public Offer (FPO) was subscribed till 37% on its second day. The largest number of bidders for the Rs 4,300 crore FPO were its employees who subscribed 3.15, followed by Qualified Institutional Buyers who subscribed 41% of their allotted quota and Retail Investors at 39% of the allotted quota.
Read more here.
IndusInd Bank to sell Future Retail loans to Edelweiss ARC
IndusInd Bank Limited sold off Rs 247 crore worth principal loans of Future Retail and Asian Hotels (North) to Edelweiss Asset Reconstruction Company for a consideration of Rs 195 crore. The loan will be restructured on a 15:85 basis where IndusInd shall get 15% of the amount upfront while the remaining 85% will be security receipts which would be redeemed as Edelweiss recovers dues from Future Retail and Asian Hotels.
Read more here.
Special CBI court denies bail to Anand Subramanian in NSE Co-location Scam
A special CBI court has denied bail to the NSE former MD Anand Subramanian for his involvement with the former NSE chief executive Chitra Ramkrishna in the alleged co-location scam. You can learn more about the scam here.
Read more here.
Future Enterprises defaults on Rs 93.99 crore payment to PNB and Canara Bank
In a regulatory disclosure, Future Enterprises Ltd. has disclosed that it has defaulted on a Rs 93.99 crore payment to PNB and Canara Bank under the one-time restructuring (OTR) plan. After the disclosure, the company’s share price tanked by nearly 5%.
Read more here.
UN cuts India growth forecast to 4.6% in 2022
The United Nations Conference on Trade and Development had cut down India’s projected economic growth for 2022 by over 2%. The new projected economic growth is 4.6%. The ongoing war in Ukraine is likely to reinforce the monetary tightening trend in advanced countries following similar moves that began in late 2021 in several developing countries due to inflationary pressures, with expenditure cuts also anticipated in upcoming budgets, said the UNCTAD report.
Read more here.
