The Government, on Thursday, slashed to less than half the windfall profit tax on domestically produced crude oil and also reduced the levy on diesel. The revised tax rates become effective from December 2, 2022. The tax on crude oil produced by firms, such as State-owned Oil and Natural Gas Corporation (ONGC), has been reduced to ₹4,900 per tonne from the existing ₹10,200 per tonne, as per a Government notification issued on Thursday. Focus will be on BPCL, HPCL, and IOC besides ONGC.
SoftBank Group plans to sell a 5 per cent stake in India’s PB Fintech Ltd, the parent of online insurance aggregator, Policybazaar, through a block deal, local media channel, CNBC-TV18, reported on Thursday, citing sources. The block deal, on Friday, could be at a base price of ₹440 a share.
The Department of Investment and Public Asset Management (DIPAM), on Thursday, invited expressions of interest (EoIs) for NMDC’s Nagarnar Steel Plant (NSL) and offered to sell a 50.79 per cent stake in the company.
Awaiting direction, Sensex, Nifty to open flatNifty expected to consolidate around the 19,000-mark
Private equity majors, The Carlyle Group and Advent, have got the Reserve Bank’s nod to own up to 9.99 per cent in Yes Bank, the private sector lender said on Thursday. The two PE funds in July this year expressed an intent to pump in over ₹8,000 crore in Yes Bank subject to regulatory permissions. Regulatory nod is required for owning over 5 per cent in a bank.
Bank of Indiahas raised ₹1,500 crore through Basel-compliant Additional Tier 1 (AT-1) bonds. The bond issue was oversubscribed 12 times and the coupon rate is 8.57 per cent per annum.
State-run SJVNLtd, on Thursday, said its arm, SJVN Green Energy, and Grid Corporation of Odisha (GRIDCO) will form a joint venture to develop a 1,000 MW hydro-electric project and 2,000 MW solar project entailing an investment of ₹20,000 crore. The two companies signed a Memorandum of Understanding (MoU) at Bhubaneswar for developing hydro and solar projects by incorporating a joint venture company, SJVN said in a statement. Similaly, NLC India has also signed MoU for setting up ground-mounted/floating solar power projects, pumped hydro storage projects, green hydrogen projects, and any other renewable projects with GRIDCO.
Luxury and premium watch retailer, Ethos, on Thursday, signed an exclusive partnership deal with contemporary watch brand, Trilobe. With this partnership, Ethos Watch Boutiques will exclusively retail Trilobe across India and the selection will be available from early 2023.
Drug firm, Orchid Pharma,on Thursday, said its board has approved to raise ₹500 crore from institutional investors. The company’s board has approved a Qualified Institutional Placement (QIP) programme to raise ₹500 crore, it said in a regulatory filing.
Cosmo First has announced a ₹108-crore buyback of its shares from existing shareholders. The company will buy back 10.09 lakh shares having a face value of ₹10 each representing 3.70 per cent of the total paid-up equity share capital of the company as of March 31, 2022. It has fixed ₹1,070 per equity share as the ‘Buy Back Offer Price’, said a regulatory filing from Cosmo First.