Slowdown in fairness flows amid election end result uncertainty hits MF business
The Rs 24-trillion mutual fund (MF) business, grappling with the difficulty of debt publicity, has been hit laborious by a pointy slowdown in fairness inflows. In April, the inflows into fairness schemes, together with tax-saving ones, dropped 60 per cent in comparison with the earlier month to Rs four,608 crore, the bottom since September 2016. Learn extra right here
Reliance Industries buys British toy retailer Hamleys for about Rs 620 cr
Mukesh Ambani-led Reliance Industries (RIL) will purchase British toy retailer Hamleys for a money consideration of £67.96 million (about Rs 620 crore), the corporate stated in a press release on Thursday.
“Reliance Manufacturers, a subsidiary of RIL, and C. banner Worldwide Holdings, a Hong-Kong listed firm, in the present day signed a definitive settlement for Reliance Manufacturers to amass 100 per cent shares of Hamleys International Holdings, the proprietor of the Hamleys model, from C. banner Worldwide,” the corporate stated in its assertion to the BSE. Learn extra right here
SC asks govt to think about taking up Unitech, full unfinished tasks
The Supreme Court docket on Thursday requested the federal government to check the potential of taking up beleaguered realty agency Unitech Ltd and finishing its pending tasks to guard the curiosity of the homebuyers, noting that the courtroom lacked experience in finance or actual property. Learn extra right here
HCL Tech overtakes Wipro to turn out to be third-largest IT providers agency in India
HCL Applied sciences (HCLT) on Thursday surpassed Wipro to turn out to be the third-largest IT providers agency in India in 2018-19, making the primary change within the pecking order of the nation’s $170-billion IT outsourcing business within the final seven years.
The Noida-based IT providers agency introduced its revenues touched $eight.63 billion within the final monetary 12 months, an increase of 10 per cent over the earlier monetary 12 months. Learn extra right here
IBM takes to AI-led cognitive options for hiring, retaining workers
The period of instinct and intestine feeling of the human assets (HR) supervisor in choosing candidates appears to be coming to an finish.
Now, synthetic intelligence-led cognitive options have began serving to enterprises not solely to recruit workers however even to retain them by predicting attainable attrition beforehand. Learn extra right here
L&T reaches open provide set off level, raises stake in Mindtree to 25.93%
L&T reached the open provide set off level by rising its complete holding in Mindtree to 25.93 per cent on Thursday. It’s on the verge of reaching the important 26 per cent-level, which can guarantee it a board seat within the agency.
In accordance with bulk deal knowledge accessible with the NSE, L&T on Thursday purchased over three.30 million shares (2.01 per cent of Mindtree’s complete share base), at a mean value of Rs 980. Learn extra right here
UK agency affords bid for grounded Jet Airways, eager to associate Etihad
London-based funding agency Adi Companions on Wednesday formally positioned its bid for the cash-starved Jet Airways, a day earlier than the bid deadline ends.
The corporate, which is led by Sanjay Viswanathan, former chief govt officer of Bangalore-based mid-cap info expertise (IT) agency Sonata Software program, stated it was prepared to tie up with Abu-Dhabi-based Etihad Airways for the bid. Learn extra right here
Switch pricing: Advance pricing pact vs secure harbour provision
Switch pricing (TP) provisions are aimed toward guaranteeing that transactions entered into between associated events are carried out on arm’s size foundation. Globally, TP has helped governments to deal with considerations of base erosion and revenue shifting and likewise in maintaining a examine on attainable tax leakages in cross border intra-group transactions, the Livemint reported.
Automobile sellers on taxman’s radar over reductions & freebies to clients
The oblique tax division is scrutinising reductions and freebies provided to clients by main automotive sellers throughout the nation on suspicion that they could have availed enter tax credit score on these freebies with out paying GST, resulting in income leakage for the exchequer, based on Financial Occasions.
Alphonso fights bitter battle in opposition to Karnataka mangoes in Maharashtra
The Alphonso mangoes grown within the Konkan area of Maharashtra, among the many few Indian farm merchandise to take pleasure in a Geographic Indicators (GI) tag, is preventing an uphill battle within the wholesale and retail markets. Comparable wanting mangoes sourced from Karnataka have flooded the market, and are being mislabelled and offered as Alphonso mangoes, the Hindu Businessline studies.