Business

[ad_1] NEW DELHI: In a relief to Vedanta, the appellate tribunal NCLAT has stayed the National Company Law Tribunal orders against the demerger of the multinational mining company into separate entities and subsequent listing.The Mumbai bench of NCLT had on March 4 rejected the first motion petition moved for the composite scheme of arrangement between Vedanta in the matter of Talwandi Sabo Power (TSPL), observing that material facts have not been disclosed regarding its debt obligations, which was against the Companies Act. This was immediately challenged before the NCLAT, which earlier this week stayed the order passed by the NCLT bench till its next hearing, scheduled on Aug 4, 2025.The appellate tribunal said: "Issues raised before us need to be considered at length and presently in view of the submissions made the scheme is severable and thus in case the […]

[ad_1] MUMBAI: RBI is looking to introduce interest rate rules for non-banking finance companies similar to those that govern banks. The goal is to improve how changes in monetary policy pass through to borrowers and to make loan pricing more transparent.As of now, when RBI changes its benchmark repo rate, banks pass on the changes quickly to borrowers with floating-rate loans. However, NBFCs, including housing finance firms, adjust more slowly or in ways that are less transparent. "The extant regulations on interest rates on advances vary across all regulated entities," said RBI. "In order to harmonise the same, a comprehensive review of the extant regulatory instructions is underway."RBI has been consulting internally and with key industry stakeholders about how to standardise interest rate frameworks. "In order to solicit wider public feedback, it is proposed to issue a discussion paper delineating […]

[ad_1] The Income tax department on Friday announced that the Excel utility for filing Income Tax Returns (ITRs) using forms ITR-1 and ITR-4 for Assessment Year 2025–26 is now available."The Excel Utility for ITR-1 and ITR-4 for AY 2025-26 has been enabled and is now available for taxpayers," the department said in a post on X.With the release of these utilities, taxpayers can now begin filing their returns for income earned during the financial year 2024–25.This year, the deadline for filing ITR-1 and ITR-4 has been extended to September 15, from the usual July 31, giving taxpayers additional time to comply.The forms were officially notified on April 29. However, the enabling of the filing utilities was delayed due to “structural and content revisions” introduced this year. According to the department, additional time was needed for system development, integration, and testing.Himank […]

[ad_1] The ministry of Finance on Friday announced that Central government employees who retired under the National Pension Scheme (NPS) on or before March 31, 2025, and have completed at least 10 years of qualifying service — or their legally wedded spouses — will be eligible for additional benefits under the Unified Pension Scheme (UPS).These UPS benefits will be offered over and above the NPS benefits already availed by the subscribers.As per the notification, eligible NPS retirees may choose between a one-time payout equal to one-tenth of their last drawn Basic Pay plus Dearness Allowance (DA) for every completed six months of service, or a monthly top-up if their current NPS pension is lower than the UPS entitlement plus Dearness Relief. Arrears will be paid along with simple interest, based on applicable Public Provident Fund (PPF) rates, reported ANI. The […]

[ad_1] Wall Street drifted lower Friday morning as investors weighed a mixed batch of corporate earnings and ongoing uncertainty surrounding former President Donald Trump’s shifting tariff policies. Despite the day’s dip, the market remained on track to close out what could be its best month since November 2023.The S&P 500 slipped 0.2% in morning trading. The Dow Jones Industrial Average ticked up 13 points, or less than 0.1%, as of 10:10 a.m. Eastern time, while the Nasdaq composite fell 0.5%.Shares of Gap Inc. dragged on the market, plunging 21.1%, even after the retailer reported better-than-expected profit and revenue. The company, which owns Banana Republic and Old Navy, warned that tariffs on imports from China and other nations could add up to $300 million in costs this fiscal year. While Gap has plans to mitigate about half of that impact, the […]

[ad_1] The Employees’ Provident Fund Organisation (EPFO) is set to revolutionize the way millions of employees access their provident fund (PF) savings. Starting June 2025, EPF members will be able to instantly withdraw PF funds via Unified Payments Interface (UPI) and ATMs, according to DD News.This major step is being implemented with the support of the Ministry of Labour and Employment and has already received approval from the National Payments Corporation of India (NPCI). The new facility will also allow users to check their PF balance directly on UPI platforms and transfer funds to their bank accounts without delays.Instant PF withdrawals under EPFO 3.0Currently, PF withdrawals involve submitting online claims followed by a waiting period for approval from EPFO field offices. This process can take several days or even weeks. However, the upcoming integration with UPI and ATMs is expected […]

[ad_1] Forex Reserves (AI image) India's foreign exchange reserves increased by $6.992 billion, reaching $692.721 billion for the week ended May 23, according to the RBI's Friday announcement. The overall reserves had previously declined by $4.888 billion to $685.729 billion in the week ended May 16. The reserves had achieved their highest level of $704.885 billion at the end of September 2024.The data released on Friday indicated that foreign currency assets, which constitute a significant portion of the reserves, rose by $4.516 million to $586.167 billion during the week ended May 23.The foreign currency assets, when expressed in dollar terms, reflect the changes in value of non-US currencies such as the euro, pound and yen that are part of the foreign exchange reserves.The country's gold holdings saw an uptick of $2.366 billion, reaching $83.582 billion for the week, according to […]

[ad_1] BENGALURU: FSN E-Commerce Ventures, which operates Nykaa, reported a 110% year-on-year increase in consolidated net profit to Rs 19 crore for the March quarter, with margin gains in its core beauty segment and improved performance from its eB2B and retail operations. Revenue rose 24% year-on-year to Rs 2,062 crore in the quarter ended March 2025, while Ebitda increased 43% to Rs 133 crore. Ebitda margin improved to 6.5% from 5.6% a year earlier.For FY25, consolidated revenue stood at Rs 7,950 crore, up 24%, while gross merchandise value (GMV) rose 25% to Rs 15,604 crore. Annual net profit grew 81% to Rs 72 crore. The company attributed the growth to contribution from owned brands, retail expansion, and operating leverage in the beauty business.Nykaa’s beauty vertical reported GMV of Rs 11,775 crore in FY25, growing 30% year-on-year. “In Q4, we delivered […]

[ad_1] The rupee gave up its early gains to close 7 paise lower at 85.55 against the US dollar on Friday, pressured by volatile domestic equity markets and a rebound in global crude oil prices. Caution prevailed among investors ahead of the upcoming GDP data release, forex traders said.The domestic currency opened at 85.35 and fluctuated between an intraday high of 85.25 and a low of 85.64 before settling at 85.55, marking a modest decline from the previous close. On Thursday, the rupee had ended 10 paise lower at 85.48, PTI reported.Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan, said, "The rupee’s weakness today reflects a combination of increased demand for dollars from importers due to month-end transactions and rising crude oil prices. However, sustained foreign inflows and a softer US dollar index provided some support."The US dollar index, which […]

[ad_1] The US Federal Reserve’s preferred inflation gauge eased more than expected in April, offering a temporary reprieve from price pressures even as new tariffs introduced by President Donald Trump began to take effect.According to data released Friday by the Commerce Department, the personal consumption expenditures (PCE) price index rose 2.1% year-over-year, down from a revised 2.3% in March. The figure came in slightly below the 2.2% median forecast from economists surveyed by Dow Jones Newswires and The Wall Street Journal, keeping overall inflation just above the Fed’s 2% long-term target, AFP reported.On a monthly basis, headline inflation edged up 0.1%, mirroring the increase in the “core” PCE index, which excludes volatile food and energy prices. Core inflation rose 2.5% from a year earlier, just under the 2.6% economists had projected.“We're seeing evidence that we were on track for a […]