Correspondent

Karnataka HC dismisses petitions against probing Amazon, Flipkart: Here are the allegations against e-commerce giants

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On Friday, the Karnataka High Court dismissed the plea filed by e-commerce companies Amazon and Flipkart, challenging the probe ordered by the Competition Commission of India (CCI) against them for violations of Competition Law. In a significant judgement on Friday, the Karnataka High Court quashed the writ petitions filed by Amazon.com Inc. and Walmart-owned Flipkart against an … Read more

Taxes on COVID-19 medicines, oxygen, equipment slashed: Here are the key takeaways from the 44th GST Council Meet

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Finance Minister Nirmala Sitharaman chaired the 44th GST Council Meeting through a video conference on Saturday, June 12. At the press conference after the meeting, Sitharaman announced that the GoM’s recommendation on slashing rates on certain COVID-19 essentials have been accepted. The new rates will remain in effect till at least September 30, she said. In its … Read more

World’s second-largest kids’ apparel manufacturer Kitex Group withdraws projects worth Rs 3,500 crore in Kerala, alleges witch-hunt by authorities

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On June 29, Kitex Group, the largest private-sector employer in Kerala, announced the withdrawal of an Rs.3,500 crore investment project from the state. Kitex Group alleged that the state authorities are running a witch-hunt against the company. Notably, Kitex Garments is the second-largest kids’ apparel manufacturer in the world. The company has announced that it is scrapping … Read more

Finance Minister announces relief packages for Covid-affected sectors, chalks out plan to revive tourism sector

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On June 28, Nirmala Sitharaman, Finance Minister, announced relief packages for Covid-affected sectors. The packages include several sectors, including health, tourism, MSME, agriculture, tourism and others. Reviving tourism Nirmala Sitharaman announced a special package to revive tourism sectors. Under the scheme, financial support has been extended to more than 11,000 registered tourist guides, travel and … Read more

Kitex Garments Ltd stock surges in the last five days after the company announced its exit from Communist-ruled Kerala: Read details

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Kerala-based Kitex Garments Ltd. shares have gained nearly 25% in the last five days after the textile company decided to quit Communist-ruled Kerala over increasing harassment by the Pinarayi Vijayan-led government Earlier this month, the largest private-sector employer in Kerala – Kitex Group had announced their decision not to go forward with the Rs.3,500 crore investment project … Read more

Enforcement Directorate hands over shares worth ₹792 cr to SBI-led-consortium from assets of Vijay Mallya, Nirav Modi, and Mehul Choksi

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On Friday (July 16), a consortium of banks led by the State Bank of India (SBI) recovered ₹792.11 crores from fugitives and wilful defaulters such as Vijay Mallya, Nirav Modi, and Mehul Choksi. As per reports, the banks sold the shares of the three businessmen that were handed to them by the Enforcement Directorate (ED). The central … Read more

Adani group shuts logistics park in Punjab due to seven-month blockade by farmer protesters, buys land in UP for data centre

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Adani Logistics Ltd has decided to shut its inland container depot (ICD) at Kilaraipur in Ludhiana after it remained blocked by farmer protesters for seven months. The company took the decision after the Punjab government failed to remove the blockade despite a high court order. This decision has meant that around 400 people will lose their jobs, … Read more

India’s manufacturing sector sees the strongest rate of growth in July in recent months: IHS Markit survey

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As per the IHS’s recently released monthly Survey, India’s manufacturing sector witnessed the strongest growth in the manufacturing sector in July in the last three months.  Asserting the strongest growth rate, the seasonally adjusted IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) rose from 48.1 in June to 55.3 in July. It is imperative to note that … Read more

Finance Ministry introduces bill to withdraw retrospective tax and refund collected amounts, says the tax is a sore point for investors

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One of the worst legacies of the UPA government carried forward by the Modi government, the provision for Retrospective Tax, is finally set to be buried. The union finance ministry on Thursday informed the Lok Sabha that it is bringing an amendment to the Income Tax Act, 1961 to this effect. The move comes even as the … Read more

Karnataka ranks at the top, attracts almost 50% of the total FDI flow to India in the Apr-June quarter

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The state of Karnataka has attracted Foreign Direct Investments (FDIs) worth Rs 62,085 crore in the first quarter of FY 2022 which is 48% of the total such investments India received during this period. When India was battling to control the second wave of Covid 19, Karnataka has managed to attract huge foreign investments, hinting at the … Read more