Real estate stocks will be in focus as the Government moves amendement in Finance Bill that will allow taxpayers to avail either lower rate of 12.5 percent without indexation or higher 20 percent rate with indexation if property acquired prior to July 23, 2024. Relief proposed in respect of taxation of immovable property: In the case of transfer of a long-term capital asset, being land or building or both, by an individual or HuF, which is acquired before the 23rd day of July, 2024, the taxpayer can compute his taxes under the new scheme (@12.5% without indexation) and old scheme (@20% with indexation) and pay such tax which is lower of the two
Suzlon Energy board on Tuesday said it will acquire a 76 per cent stake in Renom Energy Services for Rs 660 crore in two tranches from Sanjay Ghodawat Group. The first tranche involves acquisition of a 51 per cent stake for a consideration of Rs 400 crore, a company statement said, adding in second tranche, it will acquire an additional 25 per cent stake within 18 months from the acquisition of the first tranche for a consideration of ₹260 crore.
Aurobindo Pharma has received final approval from the US Food & DrugAdministration (USFDA) to manufacture and market Estradiol Vaginal Inserts USP, 10 mcg, which is bioequivalent and therapeutically equivalent to the reference listed drug (RLD), VAGIFEM® 10 mcg of Novo Nordisk Inc. The product will be launched in Q2FY25. The approved product has an estimated market size of US$ 268 million for the twelve months ending June 2024, according to IQVIA
The Centre has appointed C S Setty as Chairman of the country’s biggest lender State Bank of India (SBI) for a period of three years. Setty, currently senior most MD of the bank, will replace incumbent chairman Dinesh Kumar Khara on August 28. The Appointments Committee of the Cabinet ACC has approved the proposal of the Department of Financial Services for the appointment of Challa Sreenivasulu Setty as chairman of SBI for a period of three years with effect from the date of assumption of charge, a government order said. Khara will be superannuating on August 28, when he turns 63, the upper age limit for the position of SBI chairman.
Indian Hotels’ Company (IHCL) has signed deal for a 108-key hotel in Nadiad in Gujarat under its ‘SeleQtions’ brand. “This signing fortifies IHCL’s presence in Gujarat. Nadiad has emerged as an industrial centre and its close proximity to key cities in the state makes it a convenient getaway, driving demand for quality hospitality services. We are delighted to collaborate with Ankur Desai for this project,” IHCL Executive Vice President - Real Estate and Development, Suma Venkatesh said in a statement.
The Competition Commission of India (CCI) has given the nod to a proposal for purchasing 12 special purpose vehicles of PNC Infratech Ltd and PNC Infra Holdings by Highway Infrastructure Trust. The regulator has also cleared the restructuring of the existing business of Re Sustainability Ltd, its subsidiaries and joint ventures through demerger of the municipal solid waste business and waste to energy business to Ramky Sustainability Solutions Pvt Ltd and the acquisition by 360 ONE Private Equity Fund in Vastu Housing Finance Corporation Ltd has also received the green signal from the regulator.
Private equity firm True North’s arm Threpsi Care LLP on Tuesday divested a 2.6 per cent stake in Zydus Wellness for Rs 374 crore through an open market transaction, while Quant Mutual Fund picked up the stake in the consumer wellness company. The shares were disposed of at an average price of Rs 2,201.40 apiece. After the share sale, Mumbai-based True North’s stake in Zydus Wellness has reduced to 7.45 per cent from 10.12 per cent. These shares were acquired by Quant Mutual Fund at the same price.
REC said that Rajasthan IV 4A Power Transmission Limited has been incorporated as Wholly Owned Subsidiary of REC Power Development & Consultancy Limited (a wholly owned subsidiary of RECL).
JHS Svendgaard Laboratories Limited (JHS) has raised ₹30 crore through a preferential allotment of securities for its ambitious expansion plans. JHS has secured equal investments each from Puran Associates Private Limited, Milky Investment and Trading Company, MB Finmart Private Limited, VIC Enterprises Private Limited, Nikhil Nanda and Coeus Global Opportunities Fund.
Metro Brands has entered into a long term exclusive Distribution Agreement with New Era Cap Company Limited (New Era) for distribution and sale of New Era’‘s products such as caps, hats,visors, apparel, accessories and all other headwear in India through kiosks, brick and mortar stores and other channels of trade. The agreement has multiple dates and gates for renewal.
SG Mart has incorporated awholly owned subsidiary “SG Super 101 Private Limited”
The board of Shradha AI Technologies has approved a scheme of demerger between SGR Infratech Private Ltd (Formerly known as SGR Infratech Ltd) and Vibrant Infotech (Nagpur) Private Ltd (Resulting Company).
Vashu Bhagnani Industries Limited has undergone a collaboration with Pooja Leisure and Lifestyle, a renowned name in construction, renovation, and real estate development to embark on an ambitious venture - the transformation of an existing commercial building into a luxurious residential abode in the heart of Juhu, Project naming “Pooja Luminaire”. The demolition work has officially commenced on the highly anticipated Pooja Luminaire project.