Companies and Markets

Companies & Markets

Advanced analytical tools help identify 3.71L undisclosed A/Cs

Use of advanced analytical tools and data received from banks, post offices and other agencies helped income tax (I-T) department identify 3.71 lakh undisclosed new accounts. These accounts had not been disclosed earlier by suspected tax-dodgers during the second phase of Operation Clean Money (OCM).

About 5.68 lakh new cases, other than the earlier 17.92 lakh cases, were also selected for scrutiny, an internal report compiled by the I-T department has revealed.

TCS bags 5-yr digital contract from Rolls

Rolls-Royce, the global leader in high performance power systems, has expanded its partnership with tech provider TCS to increase its focus on digital innovation.

Earlier, TCS was helping Rolls-Royce in engineering and manufacturing spaces and now with a deeper relationship in place, the IT major will offer digital transformation services to the engine giant. The new contract from Rolls-Royce will be TCS’ third largest digital deal in the UK.

Investors run for safety amidst weak macro numbers, global cues

Stock market's benchmark indices Sensex and Nifty-50 fell for third consecutive session as pressure mounted on investors to book some profit due to weak global cues and poor macro-economic economic data with trade deficit for October hitting aq three-year high, inflation for October rising to a seven-month high and the rise in crude oil price raising concerns of possible fiscal slippage.

The Sensex lost 181 points, closing at 32,760. The Nifty-50 closed at 10,118, down 68.55 points.

Sell rupee and buy Singapore dollar: currency strategists

Sell the Indian rupee and Philippine peso. Buy the Malaysian ringgit and Singapore dollar. Bet the ringgit will strengthen against Indonesia’s rupiah.

These are some of the trades that strategists are advocating as a surge of almost 40 percent in Brent crude since June clouds the outlook for Asian currencies, complicating the performance of local economies and the path of local monetary policy.

FMCG cos gear up to pass on tax reduction benefit to consumers

With the revised GST rates coming into force from today, FMCG majors such as Hindustan Unilever (HUL) and ITC said they are in the process of reducing prices of commonly used items to pass on the benefits to consumers.

In a relief to consumers and businesses, the GST Council last week reduced tax rates on over 200 items, ranging from shampoos to detergent, chewing gum, chocolates and beauty products.

Focussed on making UberEATS profitable in India: Uber

Cab hailing app Uber today said it is committed to making "serious investments" in its food delivery offering, UberEATS in the Indian market but is also mindful of ensuring profitability of the business.

The company, which introduced UberEATS in India six months ago, has already expanded the service to seven Indian cities including Mumbai, Delhi-NCR and Hyderabad.

IPOs are a rage, but retail participation is minuscule

Despite the ongoing boom in the primary market, the retail participation in initial public offerings (IPO) is woefully low in India. An analysis of IPOs that have hit the market in 2017 so far shows that less than 20 lakh retail investors are applying for an issue.

This is a miniscule number considering that India has close to three crore demat account holders. This means that only 6.66 per cent of the investing community is applying for IPOs.

10-yr bond yield rises to 7%; hopes of RBI rate cut diminish

For the first time in a span of nearly 14 months, the 10-year bond yield rose to 7.05 per cent on Tuesday. A steady uptick in inflation and rising global crude prices made investors jittery and they fear the Reserve Bank of India (RBI) may shift its stance from neutral to tightening which led to hardening of yield.

Govt seeks interim dividend, but CPSEs may not oblige

The government has sought interim dividend from profit-making CPSEs to guard against the fiscal deficit breach in view of a slowing economy and slow growth in tax receipts due to GST rollout. Cash-rich CPSEs such as Coal India, ONGC, NTPC, BPCL, IOC, NTPC, MMTC and NMDC are among the top notch CPSEs which have been sounded out to declare interim dividend as the government looks to raise Rs 15,000 crore onwards from these companies to shore up its increasingly fragile finances.