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Royal India Corporation to invest ₹450 crore on a residential project in Kalyan

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Royal India Corporation Limited (RICL) will invest ₹450 crore in its upcoming residential project, named Kalyan Marina.

This project, spanning a 2.2-acre plot, is expected to generate revenues of ₹175 crore, the company said in a statement.

Scheduled to commence in May 2024, the Kalyan Marina project aims to provide spacious living spaces with world-class amenities, alongside integrated commercial spaces for convenient access to essential services.

Its location, a 2-minute walk from the Kalyan Station, aligns with the anticipated upgrade of the station, estimated at ₹900 crore ($121m), RICL said.

Key investors in this venture include Sunder Iyer and Mangal Keshav’s family offices.

Following a preferential issue of ₹100 crore, subject to approvals, they are expected to become the largest non-promoter shareholders.

Additionally, the promoters plan to increase their stake in the company by 5% through a preferential offer.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Amazon snuffs out investor hopes for dividend or share buybacks

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Amazon.com Inc.’s growing cash pile had some investors betting the e-commerce and cloud computing giant would pay a dividend or buy back stock like Meta Platforms Inc. and Alphabet Inc. did earlier this year.

It didn’t happen.

During a post-earnings call with analysts on Tuesday, Chief Financial Officer Brian Olsavsky reiterated Amazon’s long-standing philosophy of re-investing in its business. He mentioned paying down debt and building the data centers required to reap the benefits of the boom in artificial intelligence.

“Our first priority is to invest in, to support the growth opportunities and long-term investments within our businesses, and generally we still have many opportunities for that capital to use that would generate meaningful returns,” Olsavsky said.

The board has long authorised Amazon to repurchase its own shares, but executives have done so only sporadically. Amazon in 2022 announced a program of up to $10 billion in buybacks, but the Seattle-based company hasn’t executed any since the second quarter of that year.

Meta and Alphabet both announced their first dividends this year. Amazon remains by far the largest company by market cap in the S&P 500 that hasn’t made a regular payout to investors.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Oil companies slash commercial LPG prices by ₹19: Check revised rates in Delhi, Mumbai, Chennai, Kolkata

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Effective May 1, oil marketing companies (OMCs) have initiated a reduction in the prices of commercial LPG gas cylinders.

The price of a 19kg commercial LPG cylinder in Delhi now stands at ₹1,745.50, following a ₹19 decrease.

Similar reductions are observed in other major metro cities in India.

In Mumbai, consumers will also benefit from a ₹19 price cut, with the revised price settling at ₹1,698.50.

Meanwhile, in Chennai and Kolkata, the prices are now ₹1,911 and ₹1,859 respectively, after adjustments of ₹19 and ₹20, respectively.

This reduction comes amidst a backdrop of declining global oil prices, which have seen a consecutive three-day decrease.

Factors contributing to this decline include mounting crude inventories in the US and growing optimism regarding a potential ceasefire agreement in the Israel-Hamas conflict.

It’s worth noting that oil marketing companies like Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation (IOC), and Hindustan Petroleum Corporation Ltd (HPCL) typically revise LPG prices on the first of every month.

In April, these companies also announced a reduction in the prices of 19 kg commercial cylinders and 5 kg Free Trade LPG (FTL) cylinders.

Additionally, the state-run Oil Marketing Companies (OMCs) have hiked the prices of Aviation Turbine Fuel (ATF) across major metro cities in the country.

ATF price was hiked by ₹749.25 per kilolitre, or 0.7%, to ₹101,642.88 per kl in the national capital, according to a price notification of state-owned fuel retailers.

The increase reverses the marginal 0.5% cut effected on April 1.

Rates in Mumbai on Wednesday were increased to ₹95,173.70 per kl from ₹94,466.41.

Prices differ from state to state depending on the incidence of local taxes.

ALSO READ | India reduces windfall tax on crude petroleum to ₹8,400 tonne from May 1

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

PB Fintech to acquire 100% stake in Genesis Group, plans divestments in Visit Health and Visit Internet

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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PB Fintech, the parent company of Policybazaar, has given the nod to three proposals. Firstly, PB Fintech is set to acquire a 100% stake in Genesis Group, a company with 49% ownership in Genesis Insurance Brokers LLC.

Simultaneously, PB Fintech will divest 29% of its holdings in Visit Health, currently under the umbrella of Docprime Tech, a wholly-owned subsidiary of PB Fintech.

This divestment will be valued at ₹76 crore.

Furthermore, PB Fintech will make a divestment of ₹2 crore in Visit Internet.

Last month, ICICI Lombard, a private insurance major, announced a strategic partnership with PB Fintech.

Under this collaboration, ICICI Lombard said it will offer its diverse range of insurance products on the Policybazaar platform.

Additionally, PB Fintech revealed the incorporation of a subsidiary unit named PB Pay Private Limited.

PB Pay has been established to facilitate the business of payment aggregation, with an initial paid-up capital of ₹27 crore, PB Fintech said.

In March, PB Pay was incorporated by the promoters of PB Fintech. The subsidiary was conceptualised to operate as a payment aggregator, aiming to tap into emerging opportunities in the digital payment ecosystem.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Credit card reward points revision, savings accounts tweaks & more — check key changes coming up in May

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Starting May 1, significant changes are set to impact banking services across India, with adjustments to utility bill payments and revisions to service charges by leading banks.

Here’s a breakdown of what’s changing:

IDFC First Bank’s reward points and lounge access rules

IDFC First Bank will be introducing a 1% surcharge, along with GST, on utility bill payments exceeding ₹20,000 in a single statement cycle, made via its credit cards.

However, certain exceptions apply, with cards like the First Private credit card and LIC Classic credit card exempt from these additional fees.

Further, there will be a reduction in the number of free domestic airport lounge visits on select credit cards from four to two per quarter.

YES Bank’s new reward points rule

YES Bank will implement a 1% surcharge, along with GST, on utility bill payments exceeding ₹15,000 in a single statement cycle, made via its credit cards.

However, transactions made through the Yes Bank Private credit card will be exempt from this surcharge.

Service charge revisions

Both YES Bank and ICICI Bank are set to revise service charges on savings accounts.

YES Bank will adjust its minimum average balance (AMB) requirements across various savings account variants, with changes ranging from ₹5,000 to ₹50,000.

Additionally, several account types will be discontinued, including Savings Exclusive and YES Savings Select.

Meanwhile, ICICI Bank will discontinue several account types, including Advantage Woman Savings Account and Aura Savings Account, among others.

Revisions will also cover charges for debit cards, cheque books, IMPS transactions, and cash transactions.

New KYC rule for mutual fund investments

A new KYC rule mandates that the name on mutual fund applications must match the name on the PAN card.

Failure to ensure this uniformity will result in the rejection of the application.

This rule aims to standardise names across official records and will only affect new investments, not existing ones.

Investors are advised to ensure that their name and date of birth match exactly with what appears on their PAN card to avoid application rejection.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

SEBI grants category 1 ESG rating providers’ registration to Acuité Group’s ESGRisk.ai

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Securities and Exchange Board of India (SEBI) has accorded Category 1 ESG Rating Providers’ registration to ESGRisk.ai, a subsidiary of Acuité Ratings & Research Limited.

On this occasion, Sankar Chakraborti, Chairman of ESGRisk.ai, said, “The origins of positive systemic action often lie in crisis. In 2020, when the world had come to a halt due to the pandemic, ESGRisk.ai embarked on strengthening sustainability practices in India by evaluating the top listed companies’ performance on environmental, social and governance parameters as well as their reporting transparency.”

The adoption of ESG practices by corporates will contribute to achieving the government’s objective of reaching net-zero emissions by 2070.

The integration of ESG considerations into policies and business operations is also expected to promote innovation, resilience, and competitiveness across industries.

“Understanding ESG factors and incorporating their principles into predictive models is crucial. We anticipate a future where corporate failures may be attributed to neglecting these factors more than ever before”, said Chakraborti.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

RBI grants authorisation to Worldline ePayments India to operate as online payment aggregator

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Digital payment processing firm Worldline ePayments India on Tuesday (April 30) announced that they have been granted authorisation by the Reserve Bank of India (RBI) to operate as an Online Payment Aggregator (PA) under the Payment and Settlement Systems Act of 2007.

A payment aggregator provides payment services to merchants and e-commerce sites by accepting payment instruments from customers.

Ramesh Narasimhan, Chief Executive Officer – India, Worldline, said, “We’ve been in the Indian market for more than two decades and have built a leadership position. We work with merchants from various segments such as eCommerce, BFSI, Retail, Utilities, Education, Travel, and Hospitality for digital payments.”

Worldline ePayments India is part of Worldline Group, which is a financial services company that provides services like in-store and online commercial acquiring, secure payment processing and other such digital services.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

TRUST MF’s Flexi Cap Fund collects over ₹510 crore during NFO period

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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TRUST Mutual Fund’s maiden equity offering, TRUSTMF Flexi Cap Fund (an open-ended dynamic equity scheme investing across large cap, mid cap, small cap stocks), has garnered over ₹510 crore in assets under management (AUM) at the close of its NFO period as on April 20, 2024.

On this, Mihir Vora, Chief Investment Officer, TRUST Mutual Fund said “The strong NFO collection and large number of applications reflect investor confidence in our investment ideology and expertise. We are looking to spread the deployment of funds across next few weeks in a judicious and optimal manner.”

The fund is being managed by Mihir Vora – Chief Investment Officer who has over 30 years of experience in fund management across verticals in the financial service industry along with Aakash Manghani, Fund Manager-Equities who has 14 years of robust experience in the investment space.

TRUSTMF Flexi Cap Fund is managing investments in a diversified portfolio of equity and equity-related securities across the entire market capitalisation spectrum, along with debt and money market instruments.

Investors can opt for either the Regular Plan or the Direct Plan, with options including Growth Option and Income Distribution cum Capital Withdrawal (IDCW) Option.

The scheme imposes no entry load, while an exit load of 1% is applicable if redeemed or switched out within 180 days from the date of allotment, thereafter transitioning to nil.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Income tax calendar for May 2024 — Full list of activities you should complete this month

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Income tax planning helps in reducing tax liabilities and enhancing savings. There are several tax-related tasks that individuals should undertake in May 2024 to ensure comprehensive planning and mitigate potential consequences.

The income tax department has published a comprehensive tax calendar on its website, outlining the due dates for the month, which people should be aware of.

Let’s take a look at the due dates:

May 7, 2024

​This is the due date for deposit of tax deducted/collected for the month of April, 2024.

However, all sum deducted/collected by an office of the government shall be paid to the credit of the central government on the same day where tax is paid without production of an income tax challan.

May 15

This is the due date for issue of TDS certificate for tax deducted under section 194-IA, 194-IB, 194M and 194S in the month of March, 2024.

​Additionally, it is the deadline for furnishing of form 24G by an office of the government where TDS/TCS for the month of April, 2024 has been paid without the production of a challan​​

​Also, quarterly statement of TCS should be deposited for the quarter ending March 31, 2024 by this date.

This is even the due date for furnishing statement in Form no. 3BB by a stock exchange in respect of transactions in which client codes have been modified after registering in the system for the month of April, 2024

May 30

​Submission of a statement (in Form No. 49C) by non-resident having a liaison office in India for the financial year 2023-24 should be done by May 30.

This is the due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA, 194M, 194-IB and 194S in the month of April, 2024.

​Issue of TCS certificates for the fourth quarter of the financial year 2023-24​ should also be done by May 30.

May 31

This is the deadline to submit quarterly statement of TDS deposited for the quarter ending March 31, 2024.

Also, return of tax deduction from contributions paid by the trustees of an approved superannuation fund​ should be filed by May 31.

Additionally, this is the due date for furnishing of statement of financial transaction (in Form No. 61A) as required to be furnished under sub-section (1) of section 285BA of the Act respect for financial year 2023-24

The application for allotment of PAN should be done by this date only in case of non-individual resident person, which enters into a financial transaction of ₹2.5 lakh or more during FY 2023-24 and hasn’t been allotted any PAN​

​​Statement in Form no. 10 should be furnished to accumulate income for future application under section 10(21) or section 11(1) (if the assessee is required to submit return of income on or before July 31, 2024)

​​Statement of donation in Form 10BD to be furnished by reporting person under section 80G(5)(iii) or section section 35(1A)(i) in respect of the financial year 2023-24​

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

From reward points to new lounge access rules: Credit card changes to take place from May 1

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Starting May 1, utility bill payments via YES Bank and IDFC First Bank credit cards might get costlier as both banks are introducing surcharges on certain transactions.

IDFC First Bank will impose a 1% surcharge along with goods and services tax (GST) on bill payments exceeding ₹20,000 in a single statement cycle through its credit cards.

This move aims to rationalise costs associated with high-value transactions across various utilities such as telecommunications, electricity, gas, water, internet, and cable services.

Exceptions from the added fees have been made for specific cards like the First Private Credit Card, LIC Classic Credit Card, and LIC Select Credit Card.

Regarding airport lounge access, the number of free domestic airport lounge visits on IDFC First Select Credit Cards will be reduced from four each quarter to two. First Wealth Credit Cards will allow access to domestic and international airport lounges twice per quarter, down from four visits.

Similarly, YES Bank will implement a 1% surcharge along with GST on bill payments exceeding ₹15,000 in a single statement cycle through its credit cards.

However, exemptions will be provided for transactions made via the Yes Bank Private Credit Card.

These changes align with the broader industry trend of addressing the low-margin nature of utility transactions and deterring potential misuse.

According to Rohit Chhibbar, Head of Credit Cards Business at Paisabazaar, devaluation of credit cards can stem from various internal and external factors, including the bank’s strategic decisions, the sustainability of its rewards programs, and prevailing market and economic conditions.

Credit cards typically undergo several changes throughout their lifecycle, encompassing modifications in rewards programs, promotional offers, annual fees, and eligibility criteria.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow