IT major Infosys said the Karnataka State GST authorities have issued a pre-show cause notice for payment of GST of ₹32,403 crore for the period July 2017 to March 2022 towards the expenses incurred by overseas branch offices of Infosys Ltd, and added that the company has responded to the pre-show cause notice. “The company believes that as per regulations, GST is not applicable on these expenses,” it said. Additionally, as per a recent circular issued by the Central Board of Indirect Taxes and Customs (CBIC) on the recommendations of the GST Council, services provided by the overseas branches to Indian entity are not subject to GST. “It is also important to note that the GST payments are eligible for credit or refund against export of IT services. Infosys has paid all its GST dues and is fully in compliance with the central and state regulations on this matter,” the company said.
Wipro has bagged a multi-year contract from global automotive supplier MAHLE to enhance the latter’s IT infrastructure with hybrid cloud solutions. Under this project, Wipro will migrate MAHLE’s two core data centres into Wipro FullStride Cloud’s hybrid cloud solutions, according to a regulatory filing.
Automobile companies including Maruti Suzuki, Tata Motors, Eicher Motors, Escorts, M&M, Ashok Leyland, TVS Motor, Bajaj Auto and Hero MotoCorp will remain in focus, as most of them will declare their sales figures for July. Analysts expect a mixed set of numbers from these players. However, two and three-wheelers are expected to report better sales figures, they said.
Financial services company Capital Group on Wednesday offloaded 4.3 per cent stake in cash logistics solutions provider SIS for over ₹258 crore through open market transactions, while Abu Dhabi Investment Authority bought shares in the company. US-based Capital Group, through its two affiliates Smallcap World Fund and American Funds Insurance Series Global Small Capitalization Fund, sold a total of 62,26,115 shares, amounting to 4.3 per cent stake in SIS. The shares of SIS were sold at ₹415 apiece, taking the transaction size to ₹258.39 crore, as per the bulk deal data available on the BSE., Abu Dhabi Investment Authority Stable and 360 One Mutual Fund purchased 51.79 lakh shares or 3.6 per cent stake in SIS.
Quant Mutual Fund pared a 1.5 per cent stake in Graphite India for ₹151 crore through open market transactions. According to the bulk deal data on the BSE and NSE, Quant Mutual Fund sold 29,06,250 shares or 1.5 per cent stake in Graphite India. The shares were sold in the price range of ₹520-520.03 apiece, taking the combined deal size to ₹151.12 crore.
Kalyani Strategic Systems Ltd, subsidiary of Bharat Forge, has been granted defence licence from DPIIT to manufacture various defence products at its Jejuri unit.
Godfrey Phillips India Ltd on Wednesday said it is going ahead with plans to exit from the retail business operated under the ‘24Seven’ brand following the setting aside of an interim injunction on the move by a district court in the Capital. Earlier an injunction order was passed against hiving of the retail business on June 27, 2024, by a city court here over an application filed by its executive director Samir Kumaar Modi. Now the District Judge of South-East District at Saket Court, New Delhi has set aside the said injunction order in favour of the company, said a regulatory filing from the company.
The Indian Hotels Company (IHCL) on Wednesday announced the signing of a greenfield luxury hotel and a boutique resort in Bahrain, both under its Taj brand. These greenfield projects mark a significant milestone as IHCL becomes the first Indian hospitality company to establish a presence in the Kingdom of Bahrain, further cementing its footprint in the Middle East, the company said in a statement. “With a portfolio of seven hotels, including four under development in the Middle East, these hotels will extend our presence in the MENA region,” IHCL Managing Director and Chief Executive Officer Puneet Chhatwal said.
Oil energy stocks such as ONGC, HPCL, BPCL and Indian Oil will remain in focus, as the Centre has cut the windfall tax on petroleum crude to ₹4,600 ($54.97) per tonne from ₹7,000 per tonne, effective from August 1.
GE Power India Ltd has received purchase orders from Torrent Power Ltd and NTPC Limited totalling to ₹3.83 crores (excluding GST 18%),
Results calendar: ITC, Sun Pharma, Tata Motors, Adani Enterprises, Adani Ports, Zomato, Dabur, Max Healthcare, Tube Investments, Thermax, Kalyan Jewellers, Aditya Birla Capital, Escorts, Emami, Great Eastern Shipping, Clean Science & Technology, GR Infraprojects, KSB, Godreg Agrovet, Aptus Value Housing, Indegene, Akzo Nobel, Neuland Lab, Alkyl Amines, Triveni Engg, RattanIndia Power, Welspun Enterprises, Paradeep Phosphates, Prince Pipes & Fittings, Arvind Fashions, NIIT Learning, Orient Electric, Sundaram Finance, Vaibhav Global, Gujarat Heavy Chemicals, Bombay Dyeing, Hikal, HPL Electric & Power, Datamatics Global, Repco Home Finance, Somany Ceramics, Prataap Snacks, Suraj Estate Developers, Expleo Solutions, Suryoday Small Finance Bank, Everest Industries, Bharat Wires, Punjab Chemicals, TV Today, Hind Rectifiers.