Air India has a new owner, Tata Group wins the bid: Report - Economic Times

Tata Group is likely to have emerged as the winner of the Air India bid with the panel of ministers giving its final approval, Bloomberg reported.

The formal announcement is likely in coming few days. This will be a milestone in government's privatisation drive and will return Air India to its original owners after it was nationalised in 1953.

Tatas are believed to have submitted a higher bid than rival Ajay Singh of SpiceJet. The Tata bid is about Rs 3,000 crore higher than the reserve price set by the government and about Rs 5,000 crore more than the bid by Singh, a report in The Economic Times cited sources as saying.

Tatas had roped in more than 200 personnel to make sure that the Maharaja flew back home safely. These included M&A specialists from units such Vistara, AirAsia India, Tata Steel and Indian Hotels, apart from the Tata Sons M&A team and external auditors, a report in this newspaper cited sources as saying.

The return of Air India is a historic and emotional moment for Ratan Tata, who himself is a trained pilot, just like JRD Tata, for whom the high standards offered by Air India were of paramount concern. JRD led Air India as its chairman and served as director on the board of Indian Airlines on government's invitation.

The Tatas are believed to have sought a number of concessions from the government including clearing of lease obligations worth Rs 11,000 crore for 21 Boeing Dreamliners, relief from paying medical and retiral benefits to those already retired and clearing all pending employee arrears.

The return of Air India will significantly bolster Tata Group's presence in Indian aviation space. The Tatas run Vistara, a full-service carrier, as a joint venture with SIA and Air Asia India. It also runs a budget carrier, Air Asia India, a joint venture with Air Asia Bhd.

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Top 10 things to know before the market opens - Moneycontrol.com

The Indian stock market is expected to open in the red following weak global cues. Trends on SGX Nifty indicate a gap-down opening for the index in India with a 159-points loss.

The BSE Sensex declined 286.91 points to 59,126.36, while the Nifty50 fell 93.10 points to 17,618.20 and formed a bearish candle on the daily charts as the closing was lower than opening levels.

According to pivot charts, the key support levels for the Nifty are placed at 17,554.93, followed by 17,491.67. If the index moves up, the key resistance levels to watch out for are 17,711.83 and 17,805.46.

Stay tuned to Moneycontrol to find out what happens in the currency and equity markets today. We have collated a list of important headlines across news platforms which could impact Indian as well as international markets:

US Markets

Wall Street ended sharply lower on Thursday and the S&P 500 posted its worst month since the onset of the global health crisis, following a tumultuous month and quarter wracked by concerns over COVID-19, inflation fears and budget wrangling in Washington.

The Dow Jones Industrial Average fell 546.8 points, or 1.59%, to 33,843.92, the S&P 500 lost 51.92 points, or 1.19%, to 4,307.54 and the Nasdaq Composite dropped 63.86 points, or 0.44%, to 14,448.58.

Asian Markets

Shares in Asia-Pacific slipped in Friday morning trade following an overnight drop on Wall Street. Australian stocks led losses regionally, with the S&P/ASX 200 falling 2.23%. In Japan, the Nikkei 225 fell 1.41% while the Topix index shed 1.8%.

SGX Nifty

Trends on SGX Nifty indicate a gap-down opening for the index in India with a 159-points loss. The Nifty futures were trading at 17,442 on the Singaporean Exchange around 07:30 hours IST.

Oil steadies after report China ready to buy more

Oil futures were little changed on Thursday as reports China was prepared to buy more oil and other energy supplies to meet growing demand offset price pressure from an unexpected rise in US crude inventories and a strong dollar.

Brent futures for November delivery fell 12 cents, or 0.2%, to settle at $78.52 a barrel, while US West Texas Intermediate (WTI) crude rose 20 cents, or 0.3%, to settle at $75.03.

Centre's April-August fiscal deficit at 31% of budgeted target

The Centre's fiscal deficit for April-August came in at Rs 4.7 lakh crore, or 31 percent of the full-year budget estimate, compared with 109 percent for the same period last year, official data showed on September 30.

Finance Minister Nirmala Sitharaman had budgeted a fiscal deficit target of Rs 15.07 lakh crore, or 6.8 percent of nominal gross domestic product, for FY22. The fiscal deficit for FY21 was revised to Rs 18.49 lakh crore, or 9.5 percent of GDP, from a budget target of 7.96 lakh crore, or 3.5 percent of GDP.

Sebi extends deadline for investment advisers to conduct annual compliance audit

Markets regulator Sebi on Thursday extended the deadline for investment advisers to conduct the annual compliance audit for the financial year ended March 31. The timeline for compliance with the requirements has been extended by three months, Sebi said in a circular.

For the financial year ending March 31, 2021, the investment advisers (IA) are now required to conduct the annual compliance audit by December 31, 2021, and submit the adverse findings of the audit, if any, by January 31, 2022.

Eight core sectors' output grows 11.6% in August

Eight core industries, including coal, crude oil, and steel, posted a growth of 11.6 percent in August on a yearly basis, as per government data released on Thursday. The eight core industries -- coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity -- comprise 40.27 percent of the weight of items included in the Index of Industrial Production (IIP).

Foreign exchange reserves rise $34.1 billion in June quarter: RBI data

The country's foreign exchange reserves in nominal terms, including valuation effects, increased by $34.1 billion during the June quarter compared to $27.9 billion in the year-ago period, RBI data showed on Thursday.

The valuation gain, reflecting the depreciation of the US dollar against major currencies and increase in gold prices, amounted to $2.2 billion during the April-June 2021 period. In the year-ago period, the same was at $8 billion.

Japan's Sept factory activity grows at slowest pace in 7 months - PMI

Japan’s factory activity grew at the slowest rate in seven months in September as overall output and new orders shrank due to the fallout from the coronavirus pandemic, a survey showed on Friday.

The final au Jibun Bank Japan Manufacturing Purchasing Managers’ Index (PMI) in September slipped to 51.5 on a seasonally adjusted basis from 52.7 in the previous month.

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 2,225.60 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 97.18 crore in the Indian equity market on September 30, as per provisional data available on the NSE.

With inputs from Reuters & other agencies

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Paras Defence and Space Technologies makes bumper stock market debut; shares rally 171% over IPO price - The Financial Express

Paras Defence and Space Technologies made a stellar debut today. (Image: REUTERS)

Paras Defence and Space Technologies stock made a stellar listing on the stock exchanges today, despite the overall weak market momentum. Shares of Paras Defence and Space Technologies opened for trading at Rs 475 apiece, up 171.43% or Rs 300 per share from the issue price of 175 per share. On listing, the company had a market capitalization of Rs 1,852 crore. The IPO (Initial Public Offering) of Paras Defence and Space Technologies, concluded earlier last month, saw a massive response from investors and was fully subscribed within the initial hour of sale. During the three-day bidding process, Paras Defence IPO was subscribed 304 times.

Check Live price: Paras Defence and Space Technologies

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Paras Defence and Space Technologies is among the leading ‘Indigenously Designed Developed and Manufactured’ category Indian private sector companies catering to defence and space optics, defence electronics, EMP protection solutions and heavy engineering. The issue of the company was worth Rs 170 crore on the higher end of the price band and was a mix of fresh issue of equity shares and an offer for sale (OFS) by existing shareholders. 

Domestic brokerage and research firm Motilal Oswal had a ‘Subscribe’ rating on the issue given its complex/wide product portfolio, presence in niche defence space, strong client relationship and high entry barriers. “The issue is valued at 1.9x P/BV (peers avg: ~2.4x) on a post-issue basis, which is reasonable. We believe PDSTL could benefit from government impetus on the defence and space expenditure,” analysts at Motilal Oswal had said in a report earlier

The company has seen its revenue take a hit owing to covid-19 but EBITDA margins expanded during the period. Paras Defence and Space Technologies has negligible debt on its books which post IPO will further reduce to 0.2x. The company plans to use the net proceeds from the IPO to purchase machinery and equipment, fund incremental working capital requirements and repay or prepay all or a portion of certain borrowings/outstanding loan facilities availed by the company.

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Fiscal deficit touches 31.1 % of annual target at end-August - Economic Times

The government's fiscal deficit stood at Rs 4.68 lakh crore or 31.1 per cent of the Budget estimates at the end of August, as per data released by the Controller General of Accounts (CGA) on Thursday.

The deficit figure in the current fiscal appears much better than the previous financial year when it had soared to 109.3 per cent of the estimates, mainly on account of a jump in expenditure to deal with the COVID-19 pandemic.

In absolute terms, the fiscal deficit or gap between expenditure and revenue was Rs 4,68,009 crore at end of August, the CGA said.

For the current financial year, the government expects the deficit at 6.8 per cent of GDP or Rs 15,06,812 crore.

As per the data, the central government's total receipts stood at Rs 8.08 lakh crore or 40.9 per cent of the corresponding Budget Estimate (BE) 2021-22 up to August, 2021.

The total receipts were 16.8 per cent of the BE of 2020-21 during the corresponding period of the last financial year.

Of the total receipts, the tax revenue was Rs 6.44 lakh crore or 41.7 per cent of BE. The tax revenue was only 17.4 per cent of BE of 2020-21 in the year-ago period.

The CGA said Centre's total expenditure was Rs 12.76 lakh crore or 36.7 per cent of BE up to August 2021.

The fiscal deficit for 2020-21 was 9.3 per cent of the Gross Domestic Product (GDP), better than 9.5 per cent projected in the revised estimates in the Budget in February.

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From new pension rule to auto-debit facility, here are the key changes that will take effect from October... - Moneycontrol.com

Representative image

October 1 will bring about several changes in rules related to several matters such as pensions, auto-debit, LPG prices, cheque book, and debit card payments.

Here’s a list of major changes that will take place from October 1:

New Pension Rule: Pensioners have to submit life certificate every year i.e. certificate of their survival. Failure to do so will result in their pension being withheld. Pensioners can submit their life certificate from October this year. It can also be submitted online, which is called a Digital Life Certificate. According to the Department of Pension and Pensioners' Welfare, for the continuation of pension or family pension, it is necessary that it should be deposited by November. Life certificate can also be submitted online through Aadhaar based biometric authentication. For this, pensioners can visit the website- ( https://jeevanpramaan.gov.in/ ) and submit their certificates. Apart from this, pensioners will also be able to submit Digital Life Certificate from October 1, 2021, by visiting Jeevan Pramaan Center of all Head Post Offices in the country. All elderly pensioners who are 80 years of age and above will be able to submit their digital life certificates by visiting these Jeevan Pramaan Centres by November 30, 2021.

Cheque book Rule Change: From October 1, the old Cheque book and MICR codes of Allahabad Bank, Oriental Bank and United Bank of India need to apply for new cheque book as soon as possible because their old cheque book will become invalid. It is due to the merger of Allahabad Bank into Indian Bank while Oriental Bank of Commerce and United Bank of India have been merged into Punjab National Bank (PNB).

Auto Debit Facility: To strengthen the safety of card transactions, the Reserve Bank of India (RBI) has announced new guidelines on e-mandates or recurring payments via cards, effective from October 1. If your monthly subscription amount for any service exceeds Rs 5,000, then an additional factor of authentication (AFA) will become mandatory. For automated debits, your card issuer or bank would now need to send a notification at least 24 hours in advance. An e-mandate or a standing instruction to charge your card is a recurring payment facility for services and utilities. If the monthly payment is below Rs 5,000, then there is no change. But for all auto-debit payments in excess of Rs 5,000 a month, you must re-register.

New mutual fund investment rules: The Securities and Exchange Board of India (SEBI) on September 20, 2021, said that its skin-in-the-game rules can be applied in a phased manner for the junior employees of the mutual fund. For now, 10 percent of the compensation of such employees will be invested in the mutual fund units of the fund house. From October 1, 2022, this will be increased to 15 percent and from October 1, 2023, it will be brought up to 20 percent. For these regulations, SEBI has defined junior employees as those that are below 35 years of age, and are not head of any departments. This relaxation is also not applicable for the CEO of the fund house or the fund managers. For such employees, 20 percent of their salaries will be invested in the mutual fund units right from the effective date of October 1, 2021, and be locked in for three years.

Private Liquor Shops: No liquor vends will open in 105 of the 272 municipal wards of Delhi for over one and a half months – between October 1 and November 16 –  to ensure a smooth transition to the new excise regime. In around 80 wards of the national capital, there are no liquor vends. In another 26 wards, there are only privately owned liquor vends that will close down from October 1, according to officials. With only government liquor stores functioning from October 1 to November 16, the 26 wards will go dry during the period, according to a PTI report.

India Post ATM charges: The ATM charges of customers having a saving account in a post office will change from October 1. The new rule will come into effect from October 1, the department of the post said in a circular. The annual maintenance charge for post office ATM/debit cards from October 1 will be Rs 125 plus GST. The charges will be applicable from October 1, 2021, to 30 September 2022. The SMS alerts charges will now be Rs 12 plus GST.

Suryoday Small Finance Bank ATM Shut: Suryoday Small Finance Bank will discontinue its ATM services from October 1. The bank on its website said, "due to operational reasons, Suryoday Bank ATMs will be discontinued w.e.f. 1st Oct 2021." However, one can continue to use their Suryoday Bank ATM/Debit Card at any other Bank’s ATM for your cash withdrawal requirements, it added. The bank said for other banking services, customers can use Internet Banking and Mobile Banking (24*7).

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From new pension rule to auto-debit facility, here are the key changes that will take effect from October... - Moneycontrol.com
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PPF, other small savings scheme rates remain unchanged. Check rates here - Mint

The Ministry of Finance on Thursday kept interest rates of small savings schemes comprising Public Provident Fund (PPF) and Sukanya Samriddhi Yojana (SSY), other post office schemes unchanged for the sixth quarter in a row for the October-December quarter. 

This means that the interest rates earned in the July to September quarter of FY22 will be same for the next quarter. In addition, new investments made during the October-December 2021 quarter will also garner same interest rates as in the previous quarter.

As per ministry's circular, PPF will continue to earn 7.10%, the NSC will fetch 6.8%, and Post Office Monthly Income Scheme Account will earn 6.6%, as well as for Senior Citizen Savings Scheme, the interest rate is 7.4%.

The 5-year Monthly Income Account Scheme is offering 6.6 per cent payable monthly, while the 5-year NSC continues to offer 6.8 per cent compounded annually. On the 1-year time deposit, the rate of interest stands at 5.5 per cent while on the 5-year deposit, the rate is 6.7 per cent per annum.

"The rates of interest on various small savings schemes for the third quarter of the financial year 2021-22 starting from October 1, 2021, and ending on December 31, 2021, shall remain unchanged from the current rates applicable for the second quarter (June 1, 2021 to September 30, 2021) for FY 2021-22," the finance ministry said in a notification.

Interest rates for small savings schemes are notified on a quarterly basis.

One-year term deposit scheme will continue to earn an interest rate of 5.5 per cent, while the girl child savings scheme Sukanya Samriddhi Yojana account will earn 7.6 per cent.

The interest rate on the five-year senior citizens savings scheme would be retained at 7.4 per cent. The interest on the senior citizens' scheme is paid quarterly.

Interest rate on savings deposits will continue to be 4 per cent per annum.

Term deposits of one to five years will fetch interest rate in the range of 5.5-6.7 per cent, to be paid quarterly, while the interest rate on five-year recurring deposits will earn a higher interest of 5.8 per cent.

The small savings schemes will continue to fetch small investors better rates than other fixed income avenues such as bank fixed deposits (FDs).

For example, the five-year fixed deposit under Post Office Savings Scheme gives a 6.7% interest rate. Top banks in India generally offer 5.4-5.5% interest rates on a fixed deposit of the same period.

 

 

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India’s core sector grows 11.6% in August: Government data - The Indian Express

India’s Index of Eight Core Industries saw an 11.6 per cent rise to 133.5 in the month of August, according to the data released by the Ministry of Commerce & Industry.

The overall core sector growth during August last year was at -6.9 per cent, the data showed.

Coal production during the month of August increased by 20.6 per cent year-on-year, while the refinery production rose 9.1 per cent and electricity generation climbed 15.3 per cent on-year, the commerce ministry data showed.

This apart, steel production increased by 5.1 per cent in August, while cement production surged 36.3 per cent. Natural gas production rose 20.6 per cent.

Among the sectors which saw negative growth during the said period were crude oil, and fertiliser which fell 2.3 per cent and 3.1 per cent respectively.

So far, in the financial year 2021-22, the April-August growth of the core industries was 19.3 per cent against a contraction of 17.3 per cent during the same period year-ago.

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Ola Electric gets $200 million funding at $3 billion valuation - Economic Times

Mumbai:Ola Electric has raised more than $200 million from Falcon Edge and SoftBank Group Corp., among others, at a valuation of $3 billion, the EV arm of the ride-hailing startup said.

The funding will strengthen Ola’s “Mission Electric”—only electric two-wheelers to be sold in India after 2025—and accelerate development of other vehicle platforms, including electric motorcycles, mass-market scooters and an electric car, according to a statement.

“I thank our existing investors and welcome new ones to Ola. Together we will bring mobility to a billion and sustainability to the future,” Ola CEO Bhavish Aggarwal said.

India is building technologies of the future and becoming a global EV hub! With this raise, we will accelerate our… https://t.co/0JkTtBjmee

— Bhavish Aggarwal (@bhash) 1633004693000

This is Ola Electric’s fifth fundraising—excluding the $10 million it received from Bank of Baroda last year—since inception, according to Tracxn data. The company counts Hyundai Motor Co, Tiger Global and Matrix Partners India and Ratan Tata as among its investors.

Set up in 2017 to run electric taxis, Ola Electric diversified into manufacturing electric vehicles after the pandemic crippled the company’s ride-hailing business. In Feburary, the company launched the Ola Futurefactory—touted as the world's biggest electric two-wheeler plant—near Krishnagiri in Tamil Nadu. Ola is also getting into the used car business, even as its taxi vertical is showing signs of revival.

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Scooter Sales
The announcement of the fundraising comes two weeks after Ola sold electric scooters worth Rs 1,100 crore during the two days that the purchase window was open.

Ola restarted on September 15 sales and bookings of its electric scooters—S1 and S1 Pro—on the Ola app only, after the website built for purchases ran into technical difficulties in the previous week. Sales reached a peak of four units per second on September 16, Aggarwal had tweeted then.

"In total over two days, we have done over Rs 1,100 crore in sales! This is unprecedented not just in the automotive industry but it is one of the highest sales in a day (by value) for a single product in Indian e-commerce history,” Aggarwal said in a blog post. “We truly are living in a digital India.”

The purchase window is now closed, but the scooters can still be reserved on Ola Electric’s website. The sale will restart on November 1.

Also Read: Ola wants to be the Tesla of affordable EVs

The Scooters
The Ola electric scooter undercuts rival offerings from Ather Energy, Bajaj Auto and TVS Motors on the price front but still promises greater range and higher performance.

Launched at a starting price of Rs 99,999, includes FAME II subsidies but excluding state-level tax breaks, the Ola electric scooters come in two variants:

• The cheaper Ola S1, which gets a 2.98 kWh battery pack good enough for travelling 121 km on a single charge. The top speed is restricted at 90 kmph.
• The costlier Ola S1 Pro, which gets a 3.97 kWh battery pack with a range of 181 km. It has a top speed of 115 kmph.

Ola will also roll out an at-home service network in every city where it sells its EVs and said that buyers can expect a 40% lower total cost of ownership for its EVs as compared to petrol-powered scooters in the market today.

The scooters also include features such as keyless lock/unlock, different modes and profiles for different riders, and will even allow riders to set moods that will change the sound and display graphics. Both models will also get a reverse mode and hill-hold assist.

Also Read: Ola to launch IPO in early 2022

“Only around 160 million people in India today own a two-wheeler and that will increase significantly,” Aggarwal had said at the launch event on August 15. “While we need our people to own mobility solutions, we can’t let that be petrol vehicles. The only way out is to accelerate this electric journey, and that’s the vision with which we started Ola Electric.”

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PPF, other small savings scheme rates remain unchanged. Check rates here - Mint

The Ministry of Finance on Thursday kept interest rates of small savings schemes comprising Public Provident Fund (PPF) and Sukanya Samriddhi Yojana (SSY), other post office schemes unchanged for the sixth quarter in a row for the October-December quarter. 

This means that the interest rates earned in the July to September quarter of FY22 will be same for the next quarter. In addition, new investments made during the October-December 2021 quarter will also garner same interest rates as in the previous quarter.

As per ministry's circular, PPF will continue to earn 7.10%, the NSC will fetch 6.8%, and Post Office Monthly Income Scheme Account will earn 6.6%, as well as for Senior Citizen Savings Scheme, the interest rate is 7.4%.

The 5-year Monthly Income Account Scheme is offering 6.6 per cent payable monthly, while the 5-year NSC continues to offer 6.8 per cent compounded annually. On the 1-year time deposit, the rate of interest stands at 5.5 per cent while on the 5-year deposit, the rate is 6.7 per cent per annum.

"The rates of interest on various small savings schemes for the third quarter of the financial year 2021-22 starting from October 1, 2021, and ending on December 31, 2021, shall remain unchanged from the current rates applicable for the second quarter (June 1, 2021 to September 30, 2021) for FY 2021-22," the finance ministry said in a notification.

Interest rates for small savings schemes are notified on a quarterly basis.

One-year term deposit scheme will continue to earn an interest rate of 5.5 per cent, while the girl child savings scheme Sukanya Samriddhi Yojana account will earn 7.6 per cent.

The interest rate on the five-year senior citizens savings scheme would be retained at 7.4 per cent. The interest on the senior citizens' scheme is paid quarterly.

Interest rate on savings deposits will continue to be 4 per cent per annum.

Term deposits of one to five years will fetch interest rate in the range of 5.5-6.7 per cent, to be paid quarterly, while the interest rate on five-year recurring deposits will earn a higher interest of 5.8 per cent.

The small savings schemes will continue to fetch small investors better rates than other fixed income avenues such as bank fixed deposits (FDs).

For example, the five-year fixed deposit under Post Office Savings Scheme gives a 6.7% interest rate. Top banks in India generally offer 5.4-5.5% interest rates on a fixed deposit of the same period.

 

 

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Bharti Airtel to invest ₹5,000 cr to triple data centre capacity by 2025 - Mint

Sunil Mittal-led telecom major Bharti Airtel on Thursday said that it will invest ₹5,000 crore in expanding its data centre business to meet customer demand in and around the country by 2025.

Ajay Chitkara, Director and CEO of Airtel Business, said its Nxtra unit will make the investment by 2025, with plans to build a data centre economy across 80 cities in India, adding that the move will triple its installed capacity to more than 400 MW.

"We are making a fresh investment of ₹5,000 crore to expand our data centres. Some of the work has already started. As an organisation we are trying to build an ecosystem, which will cover 70 more cities," Chitkara said at a virtual press conference.

"There is a huge potential and huge demand (for data centres) which is expected in the next three to four years time," Chitkara added.

The company will set up 7 hyperscale campuses and increase the share of green power in running data centres to 50% from 35% at present.

Currently, Nxtra runs 10 large and 120 edge data centres, or smaller data processing facilities, across India and the expansion is part of a strategy by telcos to add new revenue streams to their business and lure enterprise clients who typically offer higher margins.

Nxtra plans to add 40 megawatt capacity in the existing data centres in the next 5-6 months.

The firm is setting up new data centres in Chennai, Mumbai, Pune and Kolkata. Nxtra expects Chennai data centre to go live by October, Mumbai in the next 18 months and Kolkata by 2024.

The business plan also comes at a time when traditional voice services face new competition from free calls on apps such as Facebook's WhatsApp and Signal.

An affiliate of US private equity group Carlyle last year bought a 25% stake in Nxtra. Airtel still owns 75%.

Public cloud spending in India is expected to exceed $12 billion by 2025, Naveen Mishra of research firm Gartner said.

Airtel's rival Reliance Jio, which is controlled by industrialist Mukesh Ambani, forged an alliance with Microsoft in 2019 to build data centres across India and this year partnered with Google to boost its enterprise and consumer offerings as it plans to launch 5G services.

Separately, Airtel said Nxtra will increase the use of green energy for its data centres, aiming to source 50% of its power requirements from renewable sources.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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Mukesh Ambani richest Indian 10th year in a row - Moneycontrol

As per the Hurun India Rich List, Mukesh Ambani has wealth of Rs 7,18,000 crore.

Mukesh Ambani has wealth of Rs 7,18,000 crore, making him the richest man in the country.

Reliance Industries (RIL) Chairman Mukesh Ambani has topped the IIFL Wealth Hurun India Rich List 2021 for the 10th year in a row.

Mukesh Ambani has wealth of Rs 7,18,000 crore, making him the richest man in the country.

Gautam Adani, founder of Adani Group, is the second on the list, earning over Rs 1,000 crore a day over the past year.

Four businessmen made it to the top 10 for the first time - ArcelorMittal's Lakshmi Mittal, Kumar Mangalam Birla of Aditya Birla Group, Gautam Adani's brother Vinod Shantilal Adani and Jay Chaudhry, founder of Zscaler.

Across 119 cities, 1,007 individuals  have wealth of at least Rs 1,000 crore each, according to the list.

Karan Bhagat, Founder, MD & CEO, IIFL Wealth, said, "The rising wealth creation documented in IIFL Wealth Hurun India Rich List 2021 is a reflection of the robust foundation of the Indian businesses and the confidence they command from their respective stakeholders. Key facts from the list that stand out for us are the rise of women wealth creators, the reduction in average age, and the inclusion of Tier 2 cities such as Pune, Rajkot, Surat, Faridabad and Ludhiana in the top 20. For us at IIFL Wealth, these factors are already translating into newer solutions and strategies around the wealth management business."

Here are the 10 richest Indians, as ranked by IIFL Wealth Hurun India Rich List 2021:

Ranking	Name	Wealth (in INR crore)
1	Mukesh Ambani & family	7,18,000
2	Gautam Adani & family	5,05,900
3	Shiv Nadar & family	2,36,600
4	SP Hinduja & family	2,20,000
5	LN Mittal & family	1,74,400
6	Cyrus S Poonawalla & family	1,63,700
7	Radhakishan Damani & family	1,54,300
8	Vinod Shantilal Adani & family	1,31,600
9	Kumar Mangalam Birla & family	1,22,200
10	Jay Chaudhry	1,21,600

Disclaimer:

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Tax on freelancers in India: What you need to know - Economic Times

Freelancers are the self employed folks who handle variety of projects from the comfort of their home, park, or café for various clients. There are freelancers from various fields like marketing, website designers, consultancies, software designers, social media content writers. But this comfort doesn't come for free since freelancers are also obliged to pay taxes to the government for their income, just like any other business person or a salaried employee according to the Income Tax Act.

Freelancing income
As per the Income-tax Act, any earning earned through exhibiting your intellectual or manual capabilities is earnings from a profession. This earning would be taxed under the category “Profits and Gains from Business or Profession". The gross earning would be the accumulation of all receipts you received throughout carrying out the profession.

Accounting process
There are two techniques present for freelancers to account for their earnings and expenses and evaluate their taxable income. They include the accrual basis and the cash basis of accounting. The accounting technique, if chosen once, needs to be continually followed for years. You aren't permitted to replace the technique frequently for example, as a way to save taxes or keep away from taxes.

Computation of taxable income:

Presumptive Tax Calculation: Income of freelancer can be calculated on presumptive basis u/s 44ADA provided their Gross Receipts should be below Rs. 50 lakhs. In this case:

Taxable Income = 50% of Gross Receipts

If one is covered under this section then he is not required to maintain Books of Accounts and get them audited by CA.

Net Taxable Income from Profit & Loss Account: If freelancer’s gross receipts are more than Rs. 50 lacs per annum or he thinks that his Net Profit is less than half of his Gross Receipts, then he can maintain Books of Accounts.

Taxable Income = Gross Receipts – Expenses incurred for Business

TDS deductions for freelancers
Most customers deduct TDS from the fee of the freelancers. Freelancers can assert the deducted TDS while submitting ITR (Income Tax Return). You can obtain the information regarding TDS deducted from Form 26AS. The total amount of TDS deducted during the year is available on Income Tax Portal in form 26AS.

Advance Tax
For occasions in which the overall amount of tax payable is Rs 10,000 or more, the freelancer is supposed to pay every quarter. This tax that is paid every quarter is an advance tax.

Firstly, all the receipts are combined, expenses and TDS deducted, and earnings from other sources are added like income from house property, interest incomes, capital gains etc. Then, as per the tax slab that they belong to, the amount is calculated. If the tax amount is greater than Rs 10,000, you must pay the advance tax by the due date.

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Filing ITR
When it involves tax for freelancers, each must file Income Tax Return (ITR-3 or ITR-4). It is a declaration of the freelancer’s taxes. The ITR declaration must encompass the below-stated details:

• All sales and their sources
• Spending incurred by the sales
• The amount of overall tax paid, along with advance tax
• Depreciation on properties
• Investments asserted as deductions

Points to keep in mind before submitting ITR:

• Listing of gross receipts – Freelancers need to accumulate all of the receipts from their freelancing work completed for a financial year.
• Claiming expenses – freelancers must keep in mind the underneath statements to assert the expenses:
• The expense is incurred for performing the freelancing work.
• The expense is incurred throughout the financial year, for instance, in the FY 2020-21 for AY 2021-22.
• The nature of expense isn't personal, neither it is capital expenditure.
• The expense isn't incurred for any cause. That is an offense or prohibited by legal regulations.
• Expenses amounting to more than Rs 10,000 per day, if paid in cash, aren't allowed as a deduction.
• No Capital Expense can be claimed as Expense. For Example: Purchase of Laptop, Furniture etc.

Applicability of GST
Earlier, VAT and Service Tax were the taxes freelancers were liable to pay. However, the taxation process now has been changed to GST. GST means the tax enforced on the products or services offered by you. Thus, freelancing also falls under the purview of service. Therefore, 18% of GST applies to most of the services.

Freelancers are liable for CGST, SGST and IGST, depending upon the place of service. No exemption of GST is available even if the business is online. Even if bloggers are selling space on their blog in their state or across state, still they are covered under GST rules. If the total amount of services exceed Rs. 20 lacs per annum, then they are liable to be registered under GST Act. This limit is Rs. 10 lakhs in Uttarakhand, Jammu & Kashmir and Himachal Pradesh. Simeltaneously, they can also claim input tax Credit on Goods & Services they use fo their business. This will reduce their GST liability.

Since freelancers work on different assignments and their income is from domestic as well as international services, therefore, tax computation of their income can be confusing and brainstorming. In order to avoid any tax penalties and to avail maximum tax exemptions, expert advice is always recommended.

(Ruchika Bhagat is the managing director (MD) of Neeraj Bhagat & Co. an ISO 9001: 2008 UKAS certified organization, founded in 1997. Ruchika graduated in 1996, a member of the Institute of Chartered Accountants of India (ICAI) since 1998. She specializes in Business Advisory, Tax, Regulatory and Risk Advisory. She is a strategic adviser in setting up businesses in India for foreign companies and taking care of its compliances.)

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Tax on freelancers in India: What you need to know - Economic Times
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Centre extends emergency credit scheme till March next year - Moneycontrol

Representative image: Reuters

Finance Ministry on September 29 extended the scope of the Emergency Credit Line Guarantee Scheme (ECLGS) for six months till March 2022.

"With a view to support various businesses impacted by the second wave of COVID 19 pandemic, it has been has decided to extend the timeline of Emergency Credit Line Guarantee Scheme (ECLGS) till 31.03.2022 or till guarantees for an  amount of Rs 4.5 lakh crore are issued under the scheme, whichever is earlier," Finance Ministry said.

Further, the last date of disbursement under the scheme has also been extended  June 30, 2022.

The  Rs. 3 lakh crore ECLGS was introduced to mitigate the stress caused by the Covid-19 pandemic on several sectors across the country. The scheme was  launched as part of the Rs. 20 lakh crore Covid-19 relief package called the Atmanirbhar Bharat Abhiyan in May 2020.

Earlier this year, the government has enhanced the limit to Rs. 4.5 lakh crore and extended the scheme's validity by 3 months from June 30 to September 30 this year.

It aims  provide 100 percent guaranteed coverage to the banks, non-banking financial institutions (NBFCs) and other lending institutions in order to enable them to extend emergency credit to business entities that have suffered due to the Covid-19 pandemic and are struggling to meet their working capital requirements.

As of September 24, 2021, Rs 2.86 lakh crore in loans has been sanctioned, the Ministry said.

Out of total guarantees issued, about 95 percent of the guarantees issued are for loans sanctioned to Micro, Small and Medium Enterprises, it said.

The government also announced some modifications in the scheme to enable support to businesses impacted by the second wave of COVID.

"Existing borrowers under ECLGS 1.0 & 2.0 would be eligible for additional credit support of upto 10 percent of total credit outstanding as on 29.02.2020 or 31.03.2021, whichever is higher," it said.

Further, the businesses which have not availed availed credit under ECLGS 1.0 or 2.0, can avail credit  support  of upto 30 percent of their credit outstanding as on 31.03.2021 and sectors under ECLGS 3.0 avail credit support up to 40 percent of their credit outstanding as on 31.03.2021, to the maximum of Rs.200 crore per borrower.

The ECLGS was initially announced for the MSME sector but later with various revisions its scope was expanded to 26 stressed sectors identified by the Kamath Committee, healthcare sector, business enterprises in the hospitality, travel and tourism and aviation.

Ramamurthy, member, All India Council of Association of MSMEs (AICA) which represents 170 MSME associations across the country said that an extension of the scheme is a welcome step.

"Why close the scheme when the amount is not exhausted. The economy is still in the recovery phase so an extension would only help many industries to avail it which have not been able to," he said.

Yogesh Pawar, Chairman Association of Inspiring Syndicate of Entrepreneurs said, "The disbursement has been slow in the scheme at the end of banking institutions and the Government has not been able to meet the targeted amount for MSMEs. This is the thought to be the primary reason for the extension in the scheme till March 2022."

The Associations works in the space of training and uplifting of MSMEs.

Pawar also observed that scheme has been a boon for MSMEs during post Covid period, as they have been struggling with working capital requirement and the increase in raw material prices at the same time.​

K E Raghunathan, Convenor, Consortium of Indian Associations said, "I would suggest the extension should be till the time the amount is finished."

Raghunathan noted that 52 sectors have been identified that are almost wiped off with the second Covid outbreak which are predominantly run by micro and small entrepreneurs.

"These sectors include salons, gyms, cinema theatres, construction contractors, sheet metal manufacturers, paper manufacturers, street vendors, auto ancillaries, freight forwarding, exhibition and event management firms, and more," he added.

 

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Invesco drags ZEE to NCLT seeking EGM for board reconstitution - Economic Times

Invesco, the largest investor in Zee Entertainment Enterprises (ZEE), approached the National Company Law Tribunal (NCLT) on Wednesday against the entertainment company for failing to announce a date for the extraordinary general meeting (EGM).

The investors have approached the tribunal under Section 98 (1) and 100 of the Companies Act to seek its intervention to direct the company to call for the EGM before October 28.

On September 11th, Invesco-owned Invesco Developing Markets Fund and OFI Global China Fund LLC had sent a notice to the ZEE board, seeking an EGM to discuss the removal of three directors, including MD and CEO Punit Goenka, from the board and induction of six new independent directors of its choice.

“The board of directors have not proceeded to call an extraordinary general meeting of the shareholders of the company, despite its valid requisition addressed by the applicants,” said the company in its petition. “The company has since 2019 been increasingly intermingled in the financial trouble of the family, including but not limited to the pledging of the promoter shares, guarantees given by the company on behalf of entities own by the promoter family, and related party transactions between the company and other promoter-owned entities which has also seen financial distress.”

A ZEE spokesperson said that the, board of the company “remains committed” to act within the "framework of law" and is focused towards enhancing the company’s growth and shareholder value.

“It (the board) is in the process of taking the required steps within the statutory period. The company does not wish to comment on any impulsive or premature steps taken by Invesco Developing Markets Funds and OFI Global China Fund," the spokesperson said.

Invesco holds 17.88% in ZEE via Invesco Developing Markets Fund and OFI Global China Fund LLC.

“The non-convening of the EGM is a deliberate and oppressive act on the part of the respondents. It also constitutes gross mismanagement of the Company's affairs by the Respondents. The Respondents' failure is consistent with its previous acts of oppression and mismanagement,” said the investor in the petition.

On Wednesday, the investors had approached the tribunal for seeking urgent relief. However, after hearing primary arguments, a bench led by Bhaskara Pantula Mohan and Narender Kumar Bhola has posted the matter for further hearing to September 30.

When contacted, Bhavik Mehta, Partner at the law firm Dhruve Liladhar & Co, who is representing Invesco and OFI Global China Fund refused to comment.

Law firm Trilegal is representing ZEE in the case.

Invesco has pointed out that while ZEE has maintained a “stoic silence” on its requisition, the board on September 22nd announced the approval and execution of a non-binding term sheet with Sony Pictures Networks India (SPN), in relation to a potential transaction involving a composite scheme of arrangement for the merger of the company and SPN.

The investors have said that they were surprised to receive information on the proposed transaction.

“A court-ordered and monitored extraordinary general meeting would ensure that the Company's compliance with its statutory obligations and is in the public interest,” said Invesco in its petition, a copy of which was reviewed by ET.

The investors have further argued that, before the EGM, as requisitioned by the applicants is convened, the respondents may take various steps to render the process infructuous.

“The announcement of the proposed transaction (merger) is plainly an act to achieve that end. It is therefore imperative that the EGM as requisitioned by the applicants is called on or before October 28th,” said the investors in their plea.

A legal expert said that this move may not have any immediate impact on the merger talks; however, it is a precursor of the hurdles that this deal will have to overcome on the road to fructification.

On September 23rd, a day after ZEE and SPN announced signing of the non-binding term sheet, Invesco sent a letter to ZEE board, standing firm on its call for the EGM.

The expert quoted above stated that as per the law, ZEE can take 21 days to announce a date for an EGM from the day it receives such a request. In this case, it had till October 2nd.

“While Invesco is entitled to exercise legal rights, its end game is not clear. If they want other shareholders to support the change in management, they should spell out their plans for ZEE,” said the lawyer. “This move looks like a pressure tactic.”

Analysts have said the merger with SPN will have a positive impact on ZEE as there are more areas of synergy than there are overlaps.

They said the combined entity will have a profit after tax of about Rs 3,100 crore, a price-earnings multiple of 16x-17x and a market cap of Rs 50,000-60,000 crore.

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Invesco drags ZEE to NCLT seeking EGM for board reconstitution - Economic Times
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This EdTech start-up is India's newest unicorn - Mint

Online learning platform Vedantu has raised $100 million at a valuation beyond $1 billion, becoming latest Indian startup to reach unicorn status.

Singapore’s ABC World Asia led the $100 million Series E round, with existing investors such as Tiger Global Management, Coatue Management and GGV Capital also participating, Vedantu said in a statement Wednesday.

The Bangalore-based startup becomes the fifth Indian edtech unicorn after Byju’s, Unacademy, UpGrad and Eruditus, and the third to reach the milestone this year. Online education is among industries benefiting as global investors boost their bets on the country’s startup ecosystem.

Vedantu launched its live-tutoring services seven years ago, an early entrant into the burgeoning field. It targets 500,000 paid users by March 2022, up from about 200,000 currently, said Vamsi Krishna, co-founder and chief executive officer.

“We pioneered live online tutoring in 2014 when India didn’t even have 4G coverage and struggled for four years before usage picked up," Krishna said in an interview.

Krishna, 38, and his three fellow founders started Vedantu after shutting an earlier offline teaching venture because scaling it up was difficult.

The founders are childhood friends and all graduates of Indian Institute of Technology.

Vedantu offers live classes to students from 3 to 18 years, augmenting school lessons or helping them to prepare for India’s competitive engineering and medical school entrance exams.

It plans to use the funds to fortify its technology and expand into newer categories, including via acquisitions. Scores of digital learning startups are sprouting in India as the pandemic shut down schools and shuttered after-school classes, prompting a rush online by parents, students and teachers.

Live tutoring hourly fees range from 100 rupees ($1.35) for a micro-course to 45,000 rupees for a year-long program preparing the student for competitive exams. Vedantu’s current annual revenue run rate is $65 million and the company is projecting a 4.5 times jump in sales for the year ending in March 2022. It has 35 million users.

Learners can also access recorded classes for free through its app and via channels like YouTube and satellite TV. Its newer offerings include classes in public speaking, financial literacy, entrepreneurship and mental wellness.

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Piramal Group completes DHFL acquisition in total consideration of ₹34,250 crore - Mint

Piramal Group on Wednesday announced that it has completed the acquisition of housing finance firm Dewan Housing Finance Corporation (DHFL) and a total consideration of ₹34,250 crore has been paid for the same. As a part of the process, Piramal Capital and Housing Finance Ltd (PCHFL) will merge with DHFL.

The group in a statement informed that most of the DHFL creditors are recovering nearly 46% via the resolution. The creditors of DHFL (including FD holders) would recover an aggregate amount of around ₹38,000 crore from the resolution process of DHFL. 

This amount comprises of ₹34,250 crore to be paid by PCHFL as a combination of cash and Non-Convertible Debentures and an amount of around ₹3,800 crore, which is the entitlement of creditors (as per the resolution plan), from the cash balance available with DHFL.

In January 2021, 94% of the Creditors of DHFL voted in favor of Piramal’s resolution plan. Approvals were also obtained from the RBI, CCI and NCLT for the completion of this transaction. The merged entity will be 100% owned by Piramal Enterprises Limited.

There were around 70,000 creditors of DHFL and most of them are recovering nearly 46% of their pending dues through the successful completion of resolution process. The total consideration paid by the Piramal Group at the completion of the acquisition includes an upfront cash component of ₹14,700 crore and issuance of debt instruments of ₹19,550 crores (10-year NCDs at 6.75% p.a. on a half-yearly basis).

The acquisition marks the first successful resolution under the IBC route in the financial services sector. In value terms, the transaction is among the largest resolutions till date, setting the precedent for future resolutions in the sector, Piramal Group added.

“The acquisition will now provide an India-wide infrastructure with a large branch network as well as a sizable customer base that will leverage the technology-driven multi-product retail lending digital platform," it said. 

The company will offer services such as used cars and two-wheeler loans; education loans for vocational and online courses; small builder finance to meet construction finance requirement; unsecured business loans; personal loans and loan against securities.

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Gold Price Today: Yellow metal to remain choppy. Traders can create long positions on dips - Moneycontrol.com

Gold prices were flat near a seven-week low on Wednesday pressured by a rise in the dollar and US Treasury yields on growing expectations of an earlier-than-anticipated interest rate liftoff.

On the Multi-Commodity Exchange (MCX), October gold contracts were trading higher by 0.12 percent at Rs 45,910 for 10 grams at 0919 hours. September silver futures were up by 0.14 percent at Rs 60,551 a kilogram.

The Securities and Exchange Board of India (SEBI) has set the ball rolling for a Gold Exchange and approved the creation of a Social Stock Exchange (SSE). The board approved the framework for Gold Exchange under the SEBI (Vault Managers) Regulations, 2021.

"The precious metal along with equity markets tumbled after the comment of US Treasury Secretary Janet Yellen on not raising the debt ceiling in time. Gold registered double-digit fall breaching the key levels of $1750/oz and seems heading towards $1700/oz in near future," said Sandeep Matta, Founder, TRADEIT Investment Advisor.

"Gold outlook is not investment-friendly currently, however, we are reaching in the price zone where physical buying can be initiated for the extended period while setting aside the price action. The key level for gold August contract is Rs 45,871 with buy zone above Rs 45,900 for the target of Rs 46,150-46,285 while sell the zone is below Rs 45,855 for the target of Rs 45,725-45,500," he added.

Track Live Gold prices here

Trading Strategy

Amit khare, AVP- Research Commodities, Ganganagar Commodity

Gold and silver prices were lower at midday, but up from their daily lows. Gold hit a six-week low in overnight trading. A three-week-old price downtrend is in place on the daily bar chart. Bulls' next upside price objective is to produce a close above solid resistance at last week's high of $1,788.40.

Yesterday we have seen some bottom buying in gold and silver, which may continue for next few trading sessions, both metals are trading at oversold zone. Momentum indicator RSI is also indicating the same and creating a strong positive divergence in 4-hourly as well as daily chart, which means any time we can see a good short covering rally in both metals, So traders are advised to create fresh long positions in gold and silver on small dips, traders should focus important technical levels.

October gold closing price 45853, support 1 - 45650, support 2 - 45500, resistance 1 - 46100, resistance 2 - 46380.

December silver closing price 60464, support 1 - 59800, support 2 - 59300, resistance 1 - 61100, resistance 2 - 61700.

Ravi Singh, Founder and Director, DRS Advisory

The Fed Chair Jerome Powell remarks prepared for delivery to the Senate Banking Committee clearly cautioned that the causes of the recent rise in inflation may last longer than anticipated. Powell further added that the central bank would move against unchecked inflation if needed and contributed to the upward pressure on the US bond yields. These factors jointly pushed gold under renewed selling pressure.

Buy zone above - 46000 for the target of 46350

Sell zone below - 45750 for the target of 45450

Manoj Kumar Jain, Director, Head-Commodity & Currency Research, Prithvifinmart Commodity Research

Gold and silver plunged again on Tuesday amid record gains in the US benchmark 10-year bond yields and the dollar index. Both the precious metals were settled on a weaker note in the international markets. We expect both the precious metals to remain volatile in today’s session amid very high volatility in the dollar index. Gold has support at $1728-1718 per troy ounce and resistance at $1750-1764 per troy ounce while silver has support at $22.20-21.88 per troy ounce and resistance at $22.70-23.00 per troy ounce.

At the MCX, gold has support at 45800-45660 and resistance at 46100-46220 while silver has support at 60100-59500 and resistance at 60900-61400 levels. We suggest buying in December gold futures contract on dips around 45800 with a stop loss of 45660 for the target of 46200.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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Gold Price Today: Yellow metal to remain choppy. Traders can create long positions on dips - Moneycontrol.com
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Air India selloff entering last lap, bids may be opened today - Economic Times

The privatisation process of national carrier Air India is entering the last lap, with the Centre confident of meeting all the defined milestones related to the airline's divestment.

Bids could be opened as early as Wednesday, a source involved in the bidding process said, though this could not be independently confirmed.

ET had earlier reported that the financial bids would be opened by the month-end.

Sources indicate that by mid-October, the government would be in a position to announce the winning bidder.

The two bidders, Tata Group and

's Ajay Singh, were not available for comment. The government, which called bids for a 100% stake in Air India, Air India Express and 50% in ground handling company AISATS, has received bids from the Tata Group and Ajay Singh in his personal capacity.

The sale of Air India is a key component of Modi government's privatisation programme and is being monitored by an Amit Shah-led ministerial committee.

This is the second attempt by the government to divest a stake in Air India. An earlier attempt in 2018 to sell 76% in the airline did not find any takers because the government had planned to retain 26% stake even after privatising the national carrier.

As part of the current proposal, Air India will be transferred to the private owner with a debt of ₹23,000 crore. The proposal envisages transferring the remaining debt to the government-owned Air India Asset Holdings Ltd (AIAHL) - a new company that will house the carrier's assets, such as the Air India building in Mumbai, Airlines House in Delhi, a 4-acre plot in Delhi's Connaught Place, and properties in housing societies in Delhi, Mumbai and other cities.

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Air India selloff entering last lap, bids may be opened today - Economic Times
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Stocks To Watch: Infosys, HCL, Bharti Airtel, HDFC AMC, Lupin, KSE, Atul Auto and More - News18

Indian markets on Wednesday tracking negative global cues may open flat, However PMI Manufacturing, Infrastructure output data that are scheduled to be released this week will decide the course of the market. At 0702 hours IST, the Nifty Future on the Singaporean Stock Exchange was trading at 17,648, down 26.25 points, or 0.15 per cent, signaling a negative start for the Indian market. Striding on the same path, The US stock market also opened in the red and the US stocks saw their worst day since May, U.S. futures rose after the S&P 500 closed 2 per cent lower — the most since May. The Nasdaq 100 tumbled the most since March. Similarly, Asian stock markets also opened lower on Wednesday, equities fell in Japan, Australia and South Korea as mounting concerns over the debt-ceiling impasse in Washington added to investor angst. The Hang Seng Index sank 0.91 percent, or 223.68 points, to 24,276.71. The Shanghai Composite Index lost 0.80 percent, or 28.70 points, to 3,573.52, while the Shenzhen Composite Index on China’s second exchange also retreated 0.80 percent, or 19.34 points, to 2,382.86. Tokyo’s key Nikkei index opened down two percent on Wednesday, extending global market jitters, as traders worried about rising oil prices and fears of a US debt default. The benchmark Nikkei 225 index was down 2.00 percent, or 602.55 points, at 29,581.41 in early trade, while the broader Topix index fell 2.11 percent, or 43.83 points, to 2,037.94.

On Tuesday, the 30-share BSE barometer pared some losses to end 410.28 points or 0.68 per cent lower at 59,667.60. The broader Nifty of the National Stock Exchange declined by 106.50 points or 0.60 per cent to close at 17,748.60, dragged down by Bharti Airtel and Tech Mahindra.

Here are some stocks that would be in focus today:

HDFC AMC: Foreign promoter Standard Life Investments likely to sell 1.06 crore equity shares (5 percent stake) in HDFC Asset Management Company via an open market transaction on September 29, according to CNBC-TV18. LIC of India acquired 1.24 lakh equity shares in the company via an open market transaction on September 24, increasing shareholding to 5.007 percent from 4.949 percent earlier.

Interactive Financial Services:   The company has received approval as a registered Merchant Bankers with SEBI.

IMP Powers: IMP Powers Limited has submitted a Resolution Plan to its lenders for restructuring of its credit facilities under the RBI guidelines. The same is under discussion with lenders. The Company is very confident of successful restructuring of its debt and shall intimate its outcome.

HCL Technologies (HCL):  A leading technology company and a Premier Consulting Partner of Amazon Web Services (AWS), has joined the AWS Service Delivery Program and become an AWS Contact Center Intelligence Partner.

Shreyas Shipping & Logistics: The company has signed a Memorandum of Agreement (MOA) for acquisition of one bulk carrier of 35,152 DWT.

Infosys: Infosys announced the launch of the Leads and Proposals Solution as part of SAP’s industry cloud portfolio for the professional services industry. This cloud-native business-to-business (B2B) solution, part of Infosys Cobalt, leverages predictive analytics, the SAP Analytics Cloud solution, and the SAP Conversational AI service, integrated with SAP S/4HANA Cloud to drive innovation in the professional services sector.

Bharti Airtel: CRISIL has upgraded the long-term rating on bank loan facilities of Rs 20,000 crore, to AA+/Stable from AA/Stable.

Atul Auto: The commercial production at the Bhayla plant in Ahmedabad of the company for manufacturing three-wheelers was commenced on September 27.

Lupin: The company launched Droxidopa capsules, a generic equivalent of Northera capsules of Lundbeck NA, in the United States. The drug is used for the treatment of orthostatic dizziness and lightheadedness.

KSE: Godrej Agrovet acquired 507 shares in the company via an open market transaction on September 24, increasing shareholding to 5 percent from 4.99 percent.

Compucom Software: The company has won a tender and received a Letter of Acceptance for job works for building and other construction work from Building and Other Construction Worker Welfare Board (BOCW), Labour Department, Rajasthan for a period of 12 months. The project is worth Rs 6.07 crore.

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Stocks To Watch: Infosys, HCL, Bharti Airtel, HDFC AMC, Lupin, KSE, Atul Auto and More - News18
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