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IIFL Finance said a special audit directed by the Reserve Bank of India (RBI) started on Tuesday, about one-and-a half month after the country’s central bank barred the non-bank finance company from disbursing gold loans. In early March, the RBI ordered IIFL Finance to stop sanctioning, disbursing and selling gold loans, citing “material supervisory concerns” in its gold loan portfolio, raising liquidity concerns among its investors and lenders. Gold loans accounted for nearly a third of the company’s total loan assets as of 2023-end.
Bata India, which had received a show-cause notice from the State Tax Officer, Anna Salai, Assessment Circle, proposing to levy tax amounting to ₹60.561 crore and Interest thereon, said that the Office of Assistant Commissioner, Anna Salai, on the basis of documents and information furnished by the company, has dropped the aforesaid demand. The final demand now stands at ₹7,821 as interest payable.
Kernex Microsystems (India) said that Integral Coach Factory, Chennai, has awarded an order worth ₹8.26 crore for supply, installation and commissioning of train collision avoidance system (TCAS) (KAVACH). The order has to be delivered by August 31.
Shakti Pumps has invested ₹5.08 crore in its wholly owned subsidiary i.e. Shakti EV Mobility Private Limited by subscribing to Equity Shares of nominal value of ₹10 each.
IT services major Infosys on Tuesday said the Odisha GST authority has imposed a penalty of ₹1.46 lakh on the company for availing ineligible input tax credit. The penalty has been imposed on credit availed on ineligible Input Tax Credit for 2018-19, the filing said. Infosys clarified that there was no material impact on financials, operations or other activities of the company.
Indian Bank has partnered with Tata Power Solar Systems to offer financing for customers under the Centre’s Pradhan Mantri Surya Ghar Muft Bijli Yojana Scheme to install solar rooftop systems in residences. Residential consumers would be able to receive loans of up to ₹ 2 lakh for installations of 3 KW solar rooftop capacity at an interest rate of 7 per cent per annum.
PSU power major Power Grid Corporation has inked an agreement to infuse funds and take a 50 per cent stake in crisis-hit National High Power Test Laboratory Pvt Ltd (NHPTL). A supplementary joint venture agreement in this regard was signed on April 23, shareholders of NHPTL, according to a regulatory filing. NHPTL is a joint venture of NTPC, NHPC, Powergrid, DVC & CPRI.
Puravankara has bagged a project to redevelop a housing society at Pali Hill in Mumbai with an expected revenue potential of more than ₹2,000 crore. In a regulatory filing, Puravankara said it has been unanimously selected as the preferred developer for redeveloping a residential housing society in Pali Hill, Mumbai.
Leading index provider S&P Dow Jones Indices (S&P DJI) is targeting to sell its entire equity stake in Asia Index Private Ltd (AIPL) by May 31, according to an update by BSE on Tuesday. AIPL, a joint venture between S&P DJI and BSE, is best known for calculating and maintaining the popular index Sensex. “S&P DJI is in the process of divesting its entire equity stake in AIPL. S&P DJI and BSE are targeting a May 31, 2024, closing date for the proposed divestment,” BSE said in a circular.
Dr Reddy’s Laboratories has said it is voluntarily recalling from the US market six lots of medication, indicated to reduce blood phenylalanine (Phe) levels, on account of being subpotent. The company is recalling affected lots of Sapropterin Dihydrochloride Powder for Oral Solution 100 mg to the consumer level due to powder discolouration in some packets leading to decreased potency, the Hyderabad-based drug maker said in a regulatory filing.
AU Small Finance Bank has launched an array of products including Rupay credit card and ATM insurance. Among the latest offerings are two innovative credit cards: the AU SPONT Rupay Credit Card and Secured Credit Card - NOMO (No Missing Out), developed in collaboration with NPCI and VISA, respectively. The NOMO Credit Card marks AU SFB’s debut into the realm of secured credit cards, backed by a fixed deposit, the bank’s managing director Sanjay Agarwal said here.
A major fire incident occurred at SH Kelkar and Company Limited’s Vashivali facility, located in Maharashtra, India, on April 13. Fortunately, there was no loss of human life, and the safety of all personnel was ensured. “ We are currently assessing the extent of equipment and business loss resulting from this incident and will provide further updates to stakeholders as more information becomes available,” it said in a notice to the exchanges. Company has taken adequate insurance cover against the loss/damage caused by such incidents and will file its claim in due process.
SBI Card has launched three variants of its first travel-focused core credit card, ‘SBI Card MILES’, in Mumbai today. The card is aimed at bringing holistic travel benefits to travellers of all kinds - travel aspirers to frequent fliers to travel aficionados. SBI Card MILES offers compelling features that include conversion of Travel Credits to Air Miles and Hotel Points, accelerated rewards on EVERY travel booking, and airport lounge access among others.
The board of 360 One WAM (formerly IIFL Wealth Management Ltd) has approved the first interim dividend for the financial year 2024‐25 of ₹3.5 a share and has fixed the record date as May 2. The said interim dividend will be paid/dispatched on or before Wednesday, May 22, 2024, subject to applicable taxes.
Ambuja Cements has concluded the acquisition of =1.5 MTPA Cement Grinding Unit of My Home Industries Private Limited in Tuticorin, Tamil Nadu (assets).
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