Author: Authur
RRPR Holding, the promoter group firm of NDTV, does not require any approval from the Income Tax Department for the conversion of warrants into equity shares, Adani Group firm VCPL has informed the media company. In a regulatory filing, NDTV said RRPR Holding and the company has received a letter from Vishvapradhan Commercial Private Ltd (VCPL) informing that the Adani Group firm had approached the IT department on the issue, which in its reply said no such restriction applies on the conversion of warrants. “The reply dated September 7, 2022, from the Additional Commissioner of Income Tax, Central Range-02, New…
Terra Classic (LUNC) was the top loser among cryptocurrencies this morning, and according to data from CoinMarketcap, it lost about 16 per cent of its value in the last 24 hours. On the other hand, the Terra (LUNA) crypto rose by 202.96 per cent in the last 24 hours. Although both the events are not related in any way, but the stance of several crypto exchanges on the newly-approved Terra Classic tax burn proposal could be probably influencing the price of both the Terra cryptos. The Tax Burn Proposal According to the official Terra.Money blog post, the two proposals, number…
Cryptocurrency prices rose in the last 24 hours, including that of Bitcoin (BTC) and Ethereum (ETH). The global crypto market capitalisation soared by 1.65 per cent to $1.04 trillion, and the total crypto market volume increased by 7.7 per cent to $93.3 billion in the last 24 hours, according to Coinmarketcap.com. Today’s top gainer was Terra LUNA, and it was trading at $6.96. It increased by 249.99 per cent in the last 24 hours. The top loser was Terra Classic, which was trading at $0.0004176 with a 19.91 per cent decrease in the last 24 hours. Major Currencies Bitcoin (BTC):…
The long-standing animosity between India and its hostile neighbour China has forced the country to be constantly aware of the advancements in warfare to avoid being blindsided. In his latest book The Last War: How AI Will Shape India’s Final Showdown with China, author Pravin Sawhney gets into what the Indian Army needs to do in the growing digital realm of warfare. “The cognitive dilemma of the Indian Army will be compounded since the PLA (People’s Liberation Army—China’s army) will fight by bringing all domain capabilities across the entire combat zone. This could be done in two ways: as mission…
The Indian mutual fund industry’s net assets under management (AUM) reached an all-time high of Rs. 39.33 lakh crore in August 2022. Mutual fund folios of retail investors also stood at a staggering Rs. 10.89 crore, while the monthly contribution of systematic investment plans (SIP), used mainly by retail investors, stood at Rs. 12,693.45 crore, also an all-time high. The rise in the number of retail investments in mutual funds is not an isolated trend, as the stock market is also experiencing a similar trend. According to Central Depository Services (India) Limited (CDSL), the total number of demat accounts grew…
The Supreme Court said on Friday it cannot stop the government from bringing a legislation in Parliament on crypto currencies and dismissed a plea challenging constitution of an inter-ministerial committee to make recommendations to the Centre on virtual currencies. Crypto currencies are digital or virtual currencies in which encryption techniques are used to regulate generation of their units and verify the transfer of funds while operating independently of a central bank. A bench of Justices DY Chandrachud and Hima Kohli termed the PIL filed by a private firm “misconceived” and dismissed it. “There is no actionable cause for a petition…
Direct tax collection, including personal income tax, rose by 35.46 per cent to Rs 6.48 lakh crore in the current fiscal up to September 8, reflecting an uptick in the economy. The country recorded a GDP growth of 13.5 per cent during the first quarter ended on June 30, 2022. Direct tax collection, net of refunds, stands at Rs 5.29 lakh crore which is 30.17 per cent higher than the net collections for the corresponding period of last year, according to the data released by the Income Tax Department. This collection is 37.24 per cent of the total Budget Estimates…
India’s trucking market is expected to grow over four times by 2050, a Niti Aayog report said on Friday and suggested that financial institutions can work to structure more-favourable financing solutions for zero-emission trucks. The report titled ‘Transforming Trucking in India: Pathways to Zero-Emission Truck Deployment’ further said as road freight travel continues to grow, the number of trucks is expected to more than quadruple, from 4 million in 2022 to roughly 17 million trucks by 2050. “India’s trucking market is expected to grow over 4x by 2050 — fuelling the nation’s economy and transportation emissions,” it said. Pointing out…
India’s rice production could fall by 10-12 million tonnes during the Kharif season of this year, due to a fall in paddy sowing area, the government said on Friday. However, Food Secretary Sudhanshu Pandey asserted that the country will have surplus production in rice. He pointed out that the paddy acreage is lower by 38 lakh hectare so far this kharif season, because of less rains in many states. The Kharif season contributes about 80 per cent of India’s total rice production. “Loss of production of rice may be 10 million tonnes and in the worst case it can be…
The European Central Bank made its largest-ever interest rate increase Thursday, following the US Federal Reserve and other central banks in a global stampede of rapid rate hikes meant to snuff out record inflation that is squeezing consumers and pushing Europe toward recession. The bank’s 25-member governing council raised its key benchmarks by an unprecedented three-quarters of a percentage point for the 19 countries that use the euro currency. The ECB usually moves rates by a quarter-point and had never raised its key bank lending rate by three-quarters of a point since the euro’s launch in 1999. The jumbo increase…