Author: News Desk
The Life Insurance Corporation of India (LIC) disclosed to the exchanges that it has received a tax notice amounting to INR 806 crore from the Deputy Commissioner of State Tax, Mumbai. The notice pertains to the non-reversal of input tax credit availed from reinsurance during the financial year 2017-18, as indicated in the exchange filing. The tax notice breaks down as follows: the goods and services tax (GST) charged is INR 365 crore, accompanied by a penalty of INR 404.77 crore and an interest charge of INR 36.5 crore, totaling nearly INR 806 crore. Despite the substantial amount, the filing…
The Telecom Regulatory Authority of India (Trai) is taking proactive measures to protect the public from fraudulent activities by issuing a warning to telecom service providers. Trai Secretary V Raghunandan has emphasised the increasing prevalence of deceptive messages claiming to be from Trai, leading to financial frauds. In response, Trai is set to launch an advisory campaign to caution the public and raise awareness about these deceptive practices. Trai’s Concerns V Raghunandan expressed concern about the rising number of fraudulent messages exploiting the name of Trai. He highlighted the urgency of alerting subscribers to prevent further incidents of fraud. In…
Bitcoin has made a strong comeback, reaching a milestone above $45,000 on Tuesday, marking its highest point since April 2022. The surge follows an exceptional 2023, during which Bitcoin exhibited a remarkable 154% gain, showcasing its strongest performance since 2020. Despite this positive momentum, it is important to note that Bitcoin is still a considerable distance from its all-time high of $69,000 recorded in November 2021. Optimism Fueled by Exchange-Traded Spot Bitcoin Funds The driving force behind Bitcoin’s recent surge is the prevailing optimism surrounding the potential approval of exchange-traded spot bitcoin funds (ETFs). Investors are eagerly awaiting a decision…
In a clash between Fast-Moving Consumer Goods (FMCG) distributors and Hindustan Unilever (HUL), distributors express discontent and resistance against the company’s recent adjustments to the margin structure. Allegations are rife that HUL is pursuing a profit-centric agenda at the expense of its distributors. The All India Consumer Products Distributors Federation (AICPDF) has raised concerns about HUL’s decision to reduce distributor margins, particularly in the face of sluggish sales growth and challenging market conditions. According to reports, HUL, the conglomerate behind popular brands like Lux, Lifebuoy, Surf Excel, Rin, Pond’s, and Dove, has implemented a 60 basis points reduction in fixed…
In a landmark decision signalling a commitment to environmental conservation, Dubai has announced a comprehensive ban on single-use plastic bags and products within the emirate, effective January 1, 2024. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, issued the resolution on the eve of the new year, emphasising the emirate’s dedication to fostering sustainable practices. Extensive Ban Coverage The ban is not limited to traditional single-use plastic items but extends to include a broad spectrum of disposable and recycled products, encompassing both plastic and non-plastic materials. This progressive move encompasses…
As the world celebrated the arrival of the new year, the Indian Space Research Organisation (ISRO) marked the occasion with a significant milestone – the launch of its inaugural X-Ray Polarimeter Satellite, XPoSat. In its 60th mission, the Polar Satellite Launch Vehicle (PSLV-C58) lifted off from Sriharikota in Andhra Pradesh, carrying XPoSat as its primary payload, along with 10 other satellites destined for low earth orbits. Unveiling the Cosmic Mysteries ISRO’s XPoSat is not just another satellite; it represents India’s first dedicated polarimetry mission designed to unravel the mysteries surrounding black holes and other celestial objects. The mission focuses on…
Prabhas’ latest blockbuster, “Salaar: Part 1-Ceasefire,” has taken the Indian box office by storm, achieving a blockbuster start and maintaining its momentum even after ten days of release. The film, directed by Prashanth Neel, is not only dominating the domestic market but has also garnered substantial global success. Unprecedented Box Office Success: In its first week, Salaar raked in an impressive Rs 308 crore, setting the stage for its continued triumph. As of its 10th day in theatres, the film added Rs 9.62 crore on its second Friday, Rs 12.55 crore on Saturday, and approximately Rs 14.50 crore on Sunday.…
The Indian startup ecosystem has witnessed a turnaround in the year 2023, where December 2023 emerged as the most funded month of the year, surpassing the $1.6 billion mark, signaling a thaw in what was termed as the funding winter. Market intelligence platform Tracxn and Business Standard reported that the surge in funding was predominantly fueled by substantial late-stage investment rounds led by industry giants like Flipkart and Udaan. Flipkart, a key player in the Indian e-commerce landscape, secured a staggering $600 million in funding from its parent company Walmart, while Udaan raised $340 million from investors M&G Prudential and…
India’s cybersecurity market has witnessed remarkable growth, reaching a staggering $6 billion in earnings this year. Demonstrating a consistent Compound Annual Growth Rate (CAGR) of 30% from 2019 to 2023, the cybersecurity sector has proven to be a robust and expanding industry. The Data Security Council of India reports that the market has experienced a significant boost, with cyber products and services sales amounting to $1 billion in 2019 and surging to $3.7 billion in the current year. The production and distribution of cybersecurity products have played a pivotal role in this success story, contributing to similar growth rates in…
In 2023, a year marked by unprecedented challenges and breakthroughs, startups witnessed significant highs and lows. The year saw fluctuations in funding, profits, and exits, resembling a rollercoaster ride for these entrepreneurial ventures. As the year draws to a close, startups are gearing up for a promising 2024, leaving behind the uncertainties and setbacks of 2023. The year 2023 proved to be a period of stable growth and strategic alignments for startups, setting the stage for their entry into 2024. With the disruptions caused by the geopolitical tensions of 2023 now in the past, startups are anticipating a more favorable…