A new central excise law will replace the existing eight-decade-old Central Excise Act, the finance ministry said on Tuesday while seeking public comments on a draft bill. After most of the goods have been subsumed into the Goods and Services Tax (GST), only crude oil, petrol, diesel, natural gas and jet fuel are covered under … Read more
India’s economy is estimated to have grown by 8.2% in 2023-24, led by a solid expansion in manufacturing and construction sectors, and a strong push from Jan-March quarter growth, beating expectations and laying a robust foundation for the new govt, which assumes office this month after the polls. The strong numbers will help govt push … Read more
With the objective to take advantage of the upcoming growth opportunities, IDFC First Bank has announced a Rs 3,200 cr preferential issue (current mcap of the Bank is around Rs 55,000 cr). The issue is priced at Rs 80.63/ share. It’s close to the current market price of Rs 77-78/ share. Subscribers to the preferential … Read more
Kewal Kiran Clothing (KKCL) has acquired 50% stake in Kraus Casuals Private Limited (KCPL). KCPL operates the brand ‘KRAUS jeans’. It is in the business of manufacturing, selling, designing and exporting women’s clothing primarily in women, teen and kids casual and denim bottom and top wear. The brand has a presence in 1,000+ large format … Read more
Creditors have recovered ₹3.36 trillion owed by defaulting corporations under the Insolvency and Bankruptcy Code since 2016 when the bankruptcy reform was introduced, finance and corporate affairs minister Nirmala Sitharaman said on Thursday. The minister said in a social media post that the recovery, a significant improvement over the previous regime—the Board for Industrial and … Read more
As the final arguments in the hush money trial have been wrapped up and the jury members are soon expected to give their opinions to the Manhattan Court judge, a significant questions is looming large over the US, its judiciary, society and politics. Will Donald Trump be allowed to contest the 2024 US Presidential Election … Read more
Subway, the restaurant chain with the most locations in the US, has sold $3.35 billion of asset-backed bonds to help fund its buyout by Roark Capital Group, in what is the largest securitization of its kind on record. The sandwich maker priced the largest portion of its whole business securitization — where a company pledges … Read more