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The Goods and Services Tax (GST) collections in October was ₹ 1.05 lakh crore, crossing the ₹ 1 lakh crore mark for the first time since February this year, the finance ministry said on Sunday. The gross GST revenue collected in October stood at ₹ 1,05,155 crore, out of which Central Goods and Service Tax (CGST) was ₹ 19,193 crore and State Goods and Service Tax (SGST) was ₹ 25,411 crore, the ministry said in a statement. Integrated Goods and Service Tax (IGST) was ₹ 52,540 crore (including ₹ 23,375 crore collected on import of goods) and cess was ₹ 8,011 crore (including ₹ 932 crore collected on import of goods), the ministry added. The GST collection was ₹ 95,480 crore in the previous month i.e. September. The total number of GSTR-3B returns filed for the month of October stood at 80 lakh.

Telecom major Bharti Airtel on Tuesday reported a revenue of ₹ 25,785 crore in the July-September period, its highest ever in a quarter, boosted by higher tariffs and a rise in data usage from a coronavirus-fuelled shift to remote working. The jump in revenue for Bharti Airtel comes at a time when the country’s telecom sector is grappling with low tariffs due to a price war that ensued after billionaire Mukesh Ambani’s Reliance Jio entered the space. In a regulatory filing after market hours, the private sector company said its net loss narrowed to ₹ 763.2 crore in the second quarter of current financial year, compared to ₹ 23,044.9 crore in the corresponding quarter a year ago. Its revenue jumped 22.02 per cent in the September quarter compared to the year-ago period.  Bharti Airtel said its ARPU or average revenue per user – a measure of profitability – improved to Rs 162 per month in the July-September period, from ₹ 157 in the previous quarter and ₹ 128 in the three-month period en

Angel Broking shares gained 20 per cent in intra-day trading after the retail broking house reported the highest-ever quarterly profit, at ₹ 74.47 crore, in the second quarter ended September 2020. At 1:00 pm, the shares were trading higher by 19.30 per cent at ₹ 296.65 on the BSE, after touching an intra-day high of ₹ 298.35. But after being listed on bourses on October 5, the stock is still to surpass its issue price of ₹ 306 per share. The retail broking house reported profit of ₹ 74.47 crore in the September 2020 quarter, a 47.3 per cent rise compared to ₹ 48.3 crore in the June quarter. Its consolidated revenue from operations grew by 30 per cent to ₹ 309.85 in Q2FY21.

The Karnataka High Court ruled on Saturday that Franklin Templeton Mutual Fund will need to seek approval from unit holders before winding up six schemes with combined assets of some ₹ 28,000 crore ($3.8 billion). One of the country’s most prominent fixed income fund houses, it shut six credit funds in April citing lack of market liquidity and redemption pressures due to the pandemic. The funds had large exposures to higher-yielding, lower-rated credit securities. But some investors challenged the decision in court saying their permission should have been sought. The High Court in Karnataka where their cases have been heard since June ruled on Saturday that, while not wanting to interfere with Franklin’s decision, it should seek consent of unit holders. Franklin Templeton in response said in a statement the court had upheld the decision taken by its trustees to wind up the schemes, but had ordered that approval of the unit holders is required.

The government on Saturday extended the due date for furnishing annual GST or goods and services tax returns for financial year 2018-19 by two months. The new deadline is December 31, instead of October 31. This is applicable to businesses filing annual returns as well as audit reports for the year to March 31, 2019. Earlier, the taxman had extended the due date by a month till October 31. Now, businesses can file the annual return, using Form GSTR-9, and the reconciliation statement, Form GSTR-9C, for financial year 2018-19 by December 31. The Central Board of Indirect Taxes and Customs (CBIC) said the government has been receiving a number of representations on the need to extend the due date, on account of obstruction to business due to COVID-19-related restrictions. Form GSTR 9 is used by registered taxpayers to file a GST return every year. The return contains details on inward and outward supplies under different heads.

In order to stimulate consumer demand in the economy the government on Monday announced Special Festival Advance scheme wherein all the central government employees will be eligible for an interest free loan of ₹ 10,000 which they will have to utilize on festival related spending up to March 31, 2021. The loan will be given to central government employees by the way of a prepaid RuPay card which would be used at point of sale machine and money cannot be withdrawn from ATMs. The loan will be repaid to the government in 10 monthly instalments, the government said. Finance Minister Nirmala Sitharaman said that the prepaid RuPay card will remain active till March 31, 2021. Special Festival Advance scheme is a one-time advance scheme for central government employees and was revived after it was discontinued after the recommendations of Sixth Pay Commission were accepted, Ms Sithraman said.

Domestic equity benchmarks staged their best winning streak of 2020 as benchmark indices extended gains to a seventh straight session on Friday, after the Reserve Bank of India announced a series of measures to boost liquidity in the banking system. The S&P BSE Sensex index rose as much as 390 points and the broader NSE Nifty 50 benchmark reclaimed its important psychological level of 11,900. In the last seven sessions, the Sensex has rallied 6.68 per cent and Nifty has surged 6.16 per cent.  The Sensex ended 327 points or 0.81 per cent higher at 40,509 and Nifty climbed 80 points to close at 11,914. The central bank kept the key policy rates on hold citing inflationary pressures, but vouched to stay “accommodative” as long as necessary to rescue the economy from the damage caused by the coronavirus pandemic. RBI Governor Shaktikanta Das announced on-tap Targeted Long-Term Repo Operations (TLTRO) with tenors of up to three years for a total amount of up to ₹ 1 lakh crore at a float

Tata Consultancy Services (TCS) – the country’s largest software services company – on Wednesday announced a buyback of shares worth up to ₹ 16,000 crore. The buyback comes at a time when TCS parent Tata Sons is engaged in a fight with one of its oldest shareholders, the Shapoorji Pallonji Group, which recently said “a separation from the Tata Group is necessary”. The IT major also reported a net profit of ₹ 7,475 crore in the July-September period, missing analysts’ estimates. Tata Consultancy Services’ board approved a plan to buy back 5.33 crore shares at ₹ 3,000 apiece, amounting to 1.42 per cent of its paid-up equity capital, subject to shareholders’ approval, the IT bellwether said in a regulatory filing after market hours. TCS reported a net profit of ₹ 7,475 crore in the July-September period, marking a rise of 6.66 per cent compared to the previous quarter. Analysts on average had expected a profit of ₹ 7,805 crore, news agency Reuters reported citing Refinitiv data. “Driving

Tata Consultancy Services (TCS) – the country’s largest software services company – on Wednesday announced a buyback of shares worth up to ₹ 16,000 crore. The buyback comes at a time when TCS parent Tata Sons is engaged in a fight with one of its oldest shareholders, the Shapoorji Pallonji Group, which recently said “a separation from the Tata Group is necessary”. The IT major also reported a net profit of ₹ 7,475 crore in the July-September period, missing analysts’ estimates. In a regulatory filing after market hours, the IT bellwether said its board approved a plan to buy back 5.33 crore shares of the company at ₹ 3,000 apiece, amounting to 1.42 per cent of its paid-up equity capital, subject to shareholders’ approval. TCS reported a net profit of ₹ 7,475 crore in the July-September period, marking a rise of 6.66 per cent compared to the previous quarter. “Driving accelerated business value realization of our customers’ digital investments has resulted in broad-based revenue growth.

The rupee pared initial gains and settled for the day 17 paise lower at 73.46 (provisional) against the US dollar on Tuesday. At the interbank forex market, the domestic unit opened at 73.17 tracking positive domestic equities and weak greenback, but soon pared the gains and finally closed at 73.46, down 17 paise over its previous close of 73.29. During the session, the local unit witnessed an intra-day high of 73.15 and a low of 73.51 against the American currency. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.02 per cent lower at 93.49. On the domestic equity market front, the BSE benchmark Sensex was trading 369.81 points higher at 39,343.51, and the broader NSE Nifty rose 96.65 points to 11,600. Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 236.71 crore on Monday, according to exchange data. Brent crude futures, the global oil benchmark, rose 0.51 per cen

Finance ministry sources have countered CAG audit finding of central government wrongly retaining Rs 47,272 crore of GST compensation cess meant for states, saying temporary retention cannot be termed as diversion. Days after the Comptroller and Auditor General (CAG) flagged that the Centre in the first two years of the GST implementation wrongly retained GST compensation cess that was meant to be used specifically to compensate states for loss of revenue, ministry sources said compensation due for the year 2017-18 and 2018-19 was fully paid to states. Time taken in reconciliation of compensation receipts can’t be termed as diversion of GST cess fund when the dues to states were fully released by the central government, they said. Sources said that in 2017-18, Rs 62,611 crore was collected, out of which the government released full compensation dues of Rs 41,146 crore to the states and union territories (UTs). In 2018-19, an amount of Rs 95,081 crore was collected, out of which Rs 69,2

Billionaire Mukesh Ambani-led Reliance Industries said on Wednesday that the US-based investment firm KKR will buy a 1.28 per cent stake in its retail arm, Reliance Retail Ventures, for ₹ 5,550 crore. The transaction gave Reliance Retail an equity value of ₹ 4.21 lakh crore, Reliance Industries said in a regulatory filing before market hours on Wednesday. The deal is likely to bolster oil-to-telecom conglomerate Reliance Industries’ retail presence in the domestic market. Here are 10 things to know: KKR will make its investment from its Asia private equity funds, and the transaction is subject to regulatory and other customary approvals, Reliance Industries said. This marks the second investment by KKR in a subsidiary of Reliance Industries, following a ₹ 11,367 crore investment in Jio Platforms announced earlier this year. KKR follows the US-based private equity firm Silver Lake, which agreed to take a 1.75 per cent  stake in Reliance Retail Ventures for ₹ 7,500 crore earlier this mon

Domestic equity benchmark Sensex surged 288 points on Tuesday, tracking strong buying sentiment in banking counters amid positive cues from global markets. The 30-share BSE index ended 287.72 points or 0.74 per cent higher at 39,044.35. The broader NSE Nifty rose 81.75 points or 0.71 per cent to 11,521.80. IndusInd Bank was the top gainer in the Sensex pack, rallying over 4 per cent, followed by Bharti Airtel, Axis Bank, ICICI Bank, Bajaj Finance, Sun Pharma, HDFC and Kotak Bank. On the other hand, Titan, Maruti, ITC, Asian Paints, HCL Tech and Bajaj Auto were among the laggards. Domestic equities traded a positive note through the day tracking firm cues from global markets and sustained foreign fund inflow, traders said. Foreign institutional investors bought equities worth Rs 298.22 crore on a net basis on Monday, exchange data showed. Bourses in Shanghai, Hong Kong and Seoul ended with gains, while Tokyo slipped in the red. Stock exchanges in Europe were trading on a positive

Asian shares rose on Monday, despite the roller coaster ride that closed Wall Street last week, as traders awaited cues from the US central bank expected later in the week. Japan's ruling Liberal Democratic Party was set to pick a new leader, who will by definition become the prime minister because of the party's control over the more powerful lower house of Parliament. Favoured to win is veteran ruling party politician, Yoshihide Suga, who will continue Shinzo Abe's Abenomics policies of easy lending and deregulation. That decision should not be market moving as we fully expect a steady hand to remain on the tiller of Abenomics. Mr Suga has signalled that no further rises in sales tax are on the horizon, but all else should stay the same, said Jeffrey Halley, senior market analyst at Oanda. Of more interest will be if Mr Suga signals that a new election will be held to mandate his new government,” Halley said. Japan's Nikkei 225 gained 0.7% to 23,570.55. Australia

Kolkata,August 2020: Dollar Industries Limited, one of the leading Garment & Hosiery Company in the country have announced its financial results for the quarter ended June 30, 2020. Highlights for Q1FY21 Standalone Financials § Total Revenue for Q1FY21 stood at Rs.160.17 crore as compared to Rs.233.94 crores for Q1FY20 , De-growth of 31.53%. § Operating Revenue for Q1FY21 stood at Rs.159.9 9 crore as compared to Rs.233.59 crores for Q1FY20 , De-growth of 31.51%. § EBITDA for Q1FY21 stood at Rs.28.83 crore as compared to Rs.27.32 crores for Q1FY20 , growth of 5.54%. § PATfor Q1FY21 stood at Rs.16.43 crore as compared to Rs.12.90 crores for Q1FY20 , growth of 27.47%. Commenting on the results, Mr. Vinod Kumar Gupta, Managing Director, Dollar Industries Limited said, The impact of COVID-19 pandemic on the health of business of the Companies has provided an opportunity to companies to work in a different way, that is to run the business in worst scenario. With the dec

L&T Finance Holdings (LTFH), a leading, well-diversified Non-Banking Financial Company (NBFC)announced the financial results for the quarter ended June 30, 2020.It is amongst the leading financiers across its focused businesses today and continues to leverage its strengths, built over the years,for building a stable and sustainable organization. The company remained resilient in Q1FY21, enduring the challenges posed by COVID-19,by maintainingenhanced levels of liquidity, higher focus on restoring collection rhythm including digital modes of collection, and re-initiating disbursements with tightened credit norms. The company also prudently increased provisions to safeguard the balance sheet against uncertainties of the external environment.With roll out of moratorium 2.0, customer communication and engagement remained the key priority. Key Highlights: LTFH saw significant pick-up in collections and disbursements in June, thus highlighting the business robustness acrossthe lending pl

BENGALURU— July, 2020— Based on its recent analysis of the North American small and mid-sized business (SMB) mobile worker apps market, Frost & Sullivan recognizes Zendesk with the 2020 North American Product Leadership Award for its Sell sales force automation (SFA) solution. The solution stands out for its ease of use, affordable pricing, creative bundling, ongoing support, and emphasis on the customer experience. “Zendesk Sell is tailored to the needs of SMBs and offers a tiered selection of capabilities. Unlike legacy sales management tools, it supports an omnichannel strategy; provides an easy-to-use, mobile-first experience; and prioritizes integration with both internal company systems and external services,” said Jeanine Sterling, Frost & Sullivan Industry Director. “Significantly, Zendesk is able to leverage the product usage data from over 40,000 Zendesk customers and combine it with information from its Zendesk Customer Experience Trends Report for well-rounded insi

India, July 7th, 2020: The Wadhwani Foundation (WF) today announced the Sahayata Initiative to help distressed small and medium enterprises (SMEs) affected by the economic crisis and public health workers improve COVID-19 knowledge and skills. The Wadhwani Foundation is a leading non-profit Foundation serving India and other developing countries with the mission of accelerating job creation through large scale initiatives in entrepreneurship, SME growth, and skilling. Wadhwani Foundation has committed INR 200 Crore andis building an ecosystem of partners, including government ministries and agencies, banks, and consulting firms, to help operationalize this large and complex initiative. The Sahayata Initiative consists of three programs: the Sahayata Business Stability program , the Sahayata COVID-19 Skillingprogram, and the Sahayata Public Health Innovation program . The Foundation builtall three Sahayata programs over the last 90 days. Rapid deployment will begin in August 2020. P

Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading global information technology, consulting and business process services company has partnered with the National Association of Software and Services Companies (NASSCOM) to launch the Future Skills platform for 10,000 students from over 20 engineering colleges in India. This is a part of Wipro’s Corporate Social Responsibility programme, TalentNext which aims to enhance the quality of engineering education by preparing faculty and academic leaders to train students. The programme has now been extended to students directly through Future Skills, which is a new age platform built to bridge the industry-academia skill gap and help students keep pace with the emerging technologies — Artificial Intelligence, Big Data, Cloud Computing, Cybersecurity and Internet of Things (IoT) – to make them future-ready. Commenting on the partnership, Debjani Ghosh, President, NASSCOM said, “Future Skills is a truly collaborative platform that w

Mumbai, January 18, 2019: IIFL Holdings Limited said, its subsidiary, India Infoline Finance Limited (IIFL Finance), a leading Non-Banking Financial Company, will open a public issue of bonds on January 22, 2019, to raise up to Rs. 2,000 crore , for the purpose of business growth and expansion. The UK-based CDC Group backed IIFL Finance will issue secured and unsecured redeemable non-convertible debentures (NCDs), aggregating to Rs 250 crore, with a green-shoe option to retain over-subscription up to Rs 1,750 crore (aggregating to a total of Rs 2,000 crore). The IIFL Bonds offer highest yield of 10.50% p.a. for Individual and Other categories, and 10.35% for Institutional category, for tenor of 120 months with frequency of monthly and annual payment. The other tenors offered are for 39 and 60 months. IIFL Financeto raise up to Rs. 2,000 crore via Bonds CRISIL has rated the instrument as AA/Stable, which indicates that the instruments are considered to have a high degree of safety f