IT major Infosys has been fined $3,142.02 (around ₹2.60 lakh) by the Texas Comptroller of Public Accounts, US. The penalty was imposed due to non-payment of sales tax for the period of April 2024, according to a regulatory filing.
The income tax department has imposed a penalty of over ₹4.68 crore on Larsen & Toubro Ltd, according to a regulatory filing. The department levied a penalty of ₹4,68,91,352 in connection to the tax proceedings of erstwhile L&T Hydrocarbon Engineering Ltd, a wholly-owned subsidiary, which was merged with the company on April 1, 2021.
Realty firm Puravankara Ltd has acquired 12.75 acres in the Mumbai Metropolitan Region (MMR) to develop a residential project, with an estimated revenue potential of ₹4,000 crore. In a regulatory filing, the company said the land in Patlipada on Ghodbunder Road, Thane, has been acquired by its wholly-owned subsidiary Purva Oak Pvt Ltd. The city-based company did not disclose the name of the seller and the deal value.
The government has reduced windfall tax on domestically-produced crude oil to ₹5,200 per tonne from Rs 5,700 with effect from Saturday. The tax is levied in the form of Special Additional Excise Duty (SAED). SAED on the export of diesel, petrol and jet fuel or ATF, has been retained at ‘nil’. The new rates are effective from June 1. Shares such as Oil India, ONGC, Reliance Industries, IOC, BPCL and HPCL will be in focus.
Shareholders of Wipro have approved payment of $4.3 million in a cash severance package for Thierry Delaporte, its former CEO and Managing Director, with 89.7 per cent voting in favour of the resolution. The Bengaluru-headquartered Indian IT major had announced the resignation of Delaporte in April this year, and had named Srinivas Pallia as the new Chief Executive Officer.
Aurobindo Pharma said its unit TheraNym Biologics has inked a pact with MSD to set up a plant as it looks to enter contract manufacturing operations for biologicals. TheraNym Biologics, a wholly-owned subsidiary of Aurobindo Pharma and an affiliate of CuraTeQ, has inked a Master Service Agreement (MSA) with MSD effective today. As part of the arrangement, Theranym will invest around ₹1,000 crore to establish a manufacturing facility with capacity of up to 25-30 million vials per annum, the Hyderabad-based drug firm said in a regulatory filing.
Udupi Cochin Shipyard Ltd (UCSL), a wholly-owned subsidiary of Cochin Shipyard, has secured a major order from Ocean Sparkle Ltd, a prominent Indian tug operator under Adani Harbour Services Ltd. The contract for construction of three ASD (Azimuth Stern Drive) Tugs of 70 T bollard pull power was signed by Harikumar A, CEO, UCSL and Hiren Shah, MD and CEO, OSL, according to a CSL statement here on Friday. UCSL had earlier contracted construction of two 62 T bollard pull ASD tugs for OSL.
BSE Ltd has completed the acquisition of S&P Dow Jones Indices’ entire equity stake in Asia Index Private Ltd (AIPL), making it a wholly-owned subsidiary of the bourse. AIPL was a joint venture between S&P DJI and BSE and is best known for calculating and maintaining the Sensex. In a statement, BSE said AIPL will continue to provide its services to clients who are subscribed to AIPL’s indices or data products.
Maruti Suzuki India has reported total domestic wholesales (dispatches to dealers) of 1,44,002 units in May, marginally up from the 1,43,708 units sold in the same month last year. Tata Motors reported a growth of 2 per cent YoY to 46,697 units (45,878 units). Mahindra & Mahindra’s May sales rose 17 per cent 43,218 units (32,883 units). In the two-wheeler segment, TVS Motor Company registered a seven per cent y-o-y growth in its domestic sales to 2,71,140 units in May . However, market leader Hero MotoCorp reported a decline of around six per cent to 4,79,450 units.
Titan Company Ltd plans to exit the belts and wallets category, launched over a decade ago, by next year. The company, which primarily operates in the jewellery, watches and eyewear categories, has also diversified into wearables, Indian dress wear, fragrances and fashion accessories, with the launch of brands such as Skinn, IRTH, Taneira, Bags by Fastrack and Titan Belts and Watches.
Essar Shipping has redeemed the entire 3,20,00,000 1% Secured, Redeemable, Unlisted, and Non-Convertible Debentures and paid aggregate amount of ₹320 crore.
Signpost India has entered an arrangement to generate additional non-fuel revenue for Bharat Petroleum Corporation Ltd. spanning across eight major metros, prominent business hubs, and key tourist and religious destinations. The award of the contract shall create strong network for the brands on the Signpost cloudbased platform with 20 per cent shared space for BPCL businesses, the contract shall grow the presence and increase the non-fuel revenue for the principal and create an innovative revenue stream for the stakeholders of Signpost India.
Cupid has announced that it has been approved as a vendor by Godrej Consumer Products Limited (GCPL) to provide Kamasutra condoms. This significant achievement includes an initial order from GCPL, valued at a substantial ₹2.4 crore, with the execution scheduled to begin on July 24.
The board of Inox Wind has approved the raising of funds in the company. With the board’s approval in place and further subject to shareholder and other regulatory approvals, the proceeds from the sale of IWL shares by IWL’s promoter Inox Wind Energy Limited (IWEL) via block deals on the stock exchanges on May 28 will be infused in IWL by way of issuance of 0.01 per cent Non-Convertible Non-Cumulative Participating Redeemable Preference Shares (‘NCPRPS’) to IWEL. The funds will be utilised by IWL to completely pare down its external debt and augment working capital needs, strengthening its balance sheet further.
Alkosign Ltd has received order for supply of Baggit Luggage in 3 different types of size from 21 stores of Reliance Retail Limited for an aggregate consideration of ₹8.80 lakh. The company has also received order from Akshara Enterprises India Private Limited for Supply, installation, testing and commissioning of Motorised independent vertical slider boards with 5 years onsite warranty for a consideration amount of ₹51.03 lakh.
Adani Ports and Special Economic Zone through its subsidiary has signed a concession agreement with the Tanzania Ports authority to operate and manage the container terminal 2 at Dar es Salaam Port, Tanzania. Additionally, a joint venture between East Africa Gateway Ltd., AD Ports group and East Harbour Terminals have entered into a share purchase agreement to acquire 95 per cent stake of Tanzania International Container Terminal Servies Ltd. from Hutchison Port Holdings Ltd. and Harbours Investment Ltd. for $39.5 million.
The board of Canara Bank has approved initiating the process of diluting 14.5 per cent stake in Canara HSBC Life Insurance through its IPO. This will be subject to approval of the RBI and the Department of Financial Services. Size, and modalities of the issue will be decided in due course.
Welspun Corp said its associate company East Pipes Integrated Company for Industry (EPIC), Saudi Arabia’s leading manufacturer of HSAW Pipes, has announced Multi Contracts sign off with Saudi Arabian Oil Co. (Aramco) with value exceeding SAR 1.65 Billion (Approx. ₹3,670 crore) inclusive of value-added tax for manufacturing and supply of steel pipes. The duration of the contracts is 19 months.
The board of Deepak Nitrite has approved the acquisition of 1.49 crore shares of Narmada Thermal Power Pvt. Ltd. for ₹61.65 crore in one or more tranches. NTPPL does not have any business at the moment, but has industrial land admeasuring 125 acres in Bharuch, Gujarat.
