Business

[ad_1] British American Tobacco Plc (BAT) on Wednesday divested a 2.5 per cent stake in Indian conglomerate ITC Ltd for Rs 12,941 crore through open market transactions, reducing its shareholding in the FMCG giant to 22.94 per cent from 25.44 per cent.According to bulk deal data available with the National Stock Exchange (NSE), BAT’s affiliate Tobacco Manufacturers (India) Ltd sold 31.30 crore equity shares of ITC at a price between Rs 413.12 and Rs 413.78 per share, PTI reported.Following the transaction, Tobacco Manufacturers (India) Ltd’s stake dropped to 17.81 per cent from 20.31 per cent. Overall, BAT holds a combined 22.94 per cent in ITC through its affiliates — Tobacco Manufacturers (India) Ltd, Rothmans International Enterprises, and Myddleton Investment Company — as of the end of the March quarter.The identity of the institutional buyers in the deal could not be […]

[ad_1] Macy’s Inc. reported a decline in first-quarter sales and profit on Wednesday, but still managed to surpass Wall Street expectations. The department store chain, however, revised its full-year profit forecast downward, citing more cautious consumer behaviour and the rising cost impact from US trade tariffs.Sales for the three months ended May 3 dropped to $4.79 billion from $5 billion a year ago, beating analysts’ expectations of $4.42 billion, according to FactSet. Comparable sales, which include online and store performance, fell 2%. Macy’s noted comparable sales growth at its higher-end Bloomingdale’s and cosmetics chain Bluemercury, AP reported.Despite the overall decline, Macy’s CEO Tony Spring said the company is carefully managing its pricing strategy amid the evolving tariff landscape. “I think it’s important to understand that we are not just broadly increasing price,” Spring said during a conference call. “We’re being […]

[ad_1] India's power demand is projected to grow by 6.0–6.5 per cent annually over the next five years, driven by accelerating electric vehicle (EV) adoption, rapid expansion of data centres, and the development of green hydrogen projects, according to ICRA.“These three segments are expected to contribute to 20–25 per cent of the incremental demand over the next five-year period from FY2026 to FY2030,” said Vikram V, Vice President & Co-Group Head - Corporate Ratings, ICRA, quoted by ANI. However, he also claimed that this rising demand for grid capacity could be partially offset by the increasing uptake of rooftop solar and off-grid solutions, aided by initiatives like the Pradhan Mantri Surya Ghar Yojana.The report highlights that the EV sector will see broad-based growth, led by three-wheelers, followed by two-wheelers, electric buses and passenger vehicles.For FY2026, ICRA expects a strong thermal […]

[ad_1] NEW DELHI: With the Income Tax Return (ITR) filing deadline for Assessment Year 2025–26 extended from July 31 to September 15, 2025, a key question has surfaced: will this extension increase the government's interest liability on tax refunds?TOI reached out to multiple tax experts to understand the implications of this move on both taxpayers and the exchequer. What emerged is a detailed view of how refund-related interest works under Section 244A of the Income Tax Act, the potential financial burden on the government, and why taxpayers may still be better off filing early.Extended ITR deadline may lead to higher refund interestShalini Jain, Tax Partner, EY India, explained: “The ITR filing extended deadline (for Assessment Year 2025-26, i.e., Financial Year 2024-25) may result in the government paying more interest on tax refunds in certain cases. Considering an example where excess […]

[ad_1] Unacademy, one of India’s prominent edtech platforms, is undergoing a major leadership overhaul as co-founder and CEO Gaurav Munjal prepares to step down, with Sumit Jain set to take over, according to an Economic Times report citing people familiar with the matter.The transition marks a pivotal moment for the Bengaluru-based company, coming amid a broader strategic reset, an abandoned acquisition bid, and a shift in focus toward AirLearn- its emerging language learning application.Munjal's departure follows that of fellow co-founders Roman Saini and Hemesh Singh, effectively ending the operational involvement of the trio that started Unacademy as a YouTube channel a decade ago. Singh exited the company in June 2024, while Saini is now also stepping back from active duties.ET sources indicated that extensive conversations between the board and Munjal led to the decision. "The board and Munjal have been […]

[ad_1] NEW DELHI: Securities and Exchange Board of India (Sebi) issued directives on Wednesday prohibiting Sumant Kathpalia, former CEO of IndusInd Bank, and four other individuals from participating in securities market activities. The regulatory body has also impounded Rs 19.78 crore from them through an interim directive.The other executives facing restrictions include Arun Khurana, who served as executive director and deputy CEO; Sushant Sourav, who led treasury operations; Rohan Jathanna, who managed GMG Operations; and Anil Marco Rao, who held the position of chief administrative officer in consumer banking operations.Sebi in its statement said, "All the Noticees, viz. Noticee Nos. 1 to 5, are hereby restrained from buying, selling or dealing in securities, either directly or indirectly, in any manner whatsoever, until further orders."The senior officials allegedly conducted trades in IndusInd Bank shares while having access to unpublished price-sensitive information […]

[ad_1] US stocks held steady Wednesday, maintaining their momentum after a sharp rebound brought major indexes within striking distance of record highs. Investors are eyeing corporate earnings, particularly from Nvidia, while digesting mixed global signals and recent retail sector updates.The S&P 500 rose 0.1% in early trading, continuing a steady climb driven by optimism that the worst of trade-related disruptions under President Donald Trump's administration may be over. The Nasdaq composite gained 0.2%, buoyed by anticipation around Nvidia's results, while the Dow Jones Industrial Average was little changed, AP reported.Retailers led some early gains. Abercrombie & Fitch jumped after its profit and revenue beat analyst estimates, and Macy’s climbed 3% despite reporting year-on-year declines in both revenue and profit. “Macy's also maintained its sales forecast for the year while acknowledging that consumers have become increasingly cautious about spending due to […]

[ad_1] N Chandrasekaran, Chairman of Tata Sons N Chandrasekaran, Chairman of Tata Sons, has stepped down from his roles as Chairman and Director of Tata Chemicals, effective May 29, 2025. The announcement was made via a regulatory filing, with the Board of Directors acknowledging his resignation during a meeting held on Wednesday, according to news agency PTI.In his resignation letter dated May 28, Chandrasekaran cited a reassessment of his current and future commitments as the reason for his decision. “It has been a privilege to chair the Tata Chemicals board and I sincerely appreciate the support and collaboration during my tenure,” he stated.Following his departure, the company has appointed S Padmanabhan, currently a Director on the board, as the new Chairman, effective May 30, 2025.In addition, based on recommendations from the Nomination and Remuneration Committee, the board has approved the […]

[ad_1] Vikram Singh Mehta named new Chairman of IndiGo IndiGo, India's largest airline, appointed Vikram Singh Mehta as its new Chairman on Wednesday, replacing Venkataramani Sumantran. Mehta has served on the Board of InterGlobe Aviation Ltd (IndiGo) since May 2022.IndiGo confirmed that Mehta takes over from Sumantran, who concluded his five-year tenure as a board member, reported PTI.The airline acknowledged that Sumantran, who became Chairman in May 2022, steered the Board through IndiGo's recovery and expansion in the post-Covid period over the previous three years.Mehta's background includes roles as an Indian Administrative Services (IAS) officer, Chairman of Shell Group of Companies in India, and CEO positions at Shell Markets and Shell Chemicals, Egypt. His experience extends to various corporate board positions.He completed his Mathematics degree from St. Stephen's College, Delhi University, followed by master's qualifications in Politics and Economics from […]

[ad_1] NEW DELHI: The Union Cabinet on Wednesday approved a hike in Minimum Support Prices (MSP) for 14 Kharif crops for the 2025-26 marketing season.The decision was taken by the Cabinet Committee on Economic Affairs (CCEA), chaired by PM Modi.Union Minister Ashwini Vaishnaw confirmed that the MSP for paddy has been increased by Rs 69 per quintal, setting the new rate at Rs 2,369 for the season. Paddy (Grade A) will now fetch Rs 2,389 per quintal.The highest jump in MSP has been recommended for nigerseed, which sees an increase of Rs 820 per quintal. This is followed by ragi (Rs 596), cotton (Rs 589), and sesamum (Rs 579). Maize will now have an MSP of Rs 2,400, up from Rs 2,225. Among oilseeds, the MSP for groundnut has been increased by Rs 480, sunflower seed by Rs 441, and […]