Buisiness

MUMBAI: India’s public sector banks are set to enjoy a year-end boost to their profits. A new directive from the Reserve Bank of India (RBI) allows them to book profits on security receipts (SRs) received against bad loans that have been fully written off and sold to asset reconstruction companies (ARCs). Significantly, the move is…

NEW DELHI: Wiser by the initial experience with production-linked incentive (PLI) scheme, govt is now looking at a more comprehensive approach for champion sectors, complete with a package for inputs, skilling and other aspects.Govt sources told TOI that ministries that were pitching for new sectors under the PLI scheme have been asked to go back…

NEW DELHI: Yes Bank on Saturday said it has received a demand notice of Rs 2,209 crore for the assessment year (AY) 2019-20. The said AY was reopened by the income tax department in April 2023, Yes Bank said in a regulatory filing. The reassessment order was passed by the National Faceless Assessment Unit of…

NEW DELHI: Punjab National Bank (PNB) , the country’s second largest public sector lender, is set to step up its focus on customer service as well as retail, agriculture and MSME lending, while targeting corporate loans that give higher returns, the bank’s new MD and CEO Ashok Chandra told TOI.Chandra, who took over in Jan,…

NEW DELHI: Foreign investors have infused nearly Rs 31,000 crore in Indian equity markets in the last six trading sessions primarily due to attractive valuations, appreciation in the rupee and improvement in macroeconomic indicators. The re-emergence of FPIs as buyers contributed to a smart recovery of about 6% in benchmark index Nifty, reflecting renewed confidence…

IndiGo’s parent company, InterGlobe Aviation, faces a Rs 944.2 crore penalty imposed by the Income Tax department for the Assessment Year 2021-22. The company described the order as erroneous and plans to pursue legal remedies, stating it will not significantly impact its financials, operations, or other activities. The dispute arises from an appeal still pending…

PC Jeweller Ltd has reduced its bank loans by more than half to approximately Rs 1,800 crore in the current fiscal year and aims to become debt-free by March next year, driven by better sales and fundraising, said Managing Director Balram Garg.In September, the company signed a settlement agreement with a consortium of 14 banks…

NEW DELHI: InterGlobe Aviation, the parent company of IndiGo, has been issued a penalty of Rs 944.20 crore by the Income Tax Department for the assessment year 2021-22. The airline, however, has rejected the order, calling it “erroneous and frivolous,” and has vowed to challenge it through legal means.IndiGo to challenge tax orderThe penalty order…

Analysts expect equity markets to be influenced by the implications of the April 2 reciprocal tariffs on global trade, along with trends in overseas markets and foreign institutional investor (FII) trading activity. The US has threatened to impose reciprocal tariffs on key trading partners, including India, which could significantly affect investor sentiment.“All eyes are now…

Donald Trump (File photo -AP) US President Donald Trump has dubbed this Wednesday as “Liberation Day,” promising to unveil a new round of tariffs aimed at freeing the United States from reliance on foreign goods. While the details remain vague, the stakes are high for American families, businesses, and the global economy.What’s in store with…