Economy

16 Jan

Supreme Court rules against Tiger Global in Walmart-Flipkart deal tax case

Purbalee DuttaEconomy

The Supreme Court of India on Thursday ruled that Tiger Global’s $1.6 billion stake sale in Flipkart during Walmart’s acquisition of the e-commerce firm in 2018 is taxable. The decision is being widely viewed as a significant precedent on how multinational investors use international tax treaties. The case, closely followed by global investors, centres on Tiger Global’s reliance on the India–Mauritius tax agreement to seek exemption from capital gains tax. Indian tax authorities had strongly challenged this structure, arguing that the treaty was being misused to avoid taxes on a large cross-border transaction. By siding with the tax department, the…

02 Dec

Why the currency of one of the fastest growing economies is under pressure?

Purbalee DuttaEconomy

The Indian rupee fell sharply by 0.3% on a day when markets should have been buoyed by the impressive 8.2% GDP growth. Instead, stocks, bonds, and the currency all declined, with the rupee’s midday slide triggering a reversal in the Nifty, which had opened at a record 26,300. Despite India’s strong quarterly GDP performance, the rupee has been among the weakest currencies in BRICS and ASEAN. A key reason is that rapid GDP expansion has not been matched by corporate earnings. Nifty 50 EPS has grown only modestly for six straight quarters, making valuations appear stretched. Weak earnings have contributed…

28 Nov

Reliance Industries share price hits fresh 52-week high

Purbalee DuttaEconomy

Reliance Industries’ share price climbed more than 1 percent to a fresh 52-week high on Friday after Jefferies reaffirmed its positive stance on the conglomerate, highlighting strong traction across key business segments and several growth triggers expected in 2026. The stock rose 1.1 percent to ₹1,580, taking its year-to-date gains to 29 percent—nearly triple the Nifty 50’s 10.5 percent return. With this rally, Reliance’s market value has reached ₹21.35 lakh crore. Jefferies kept its ‘buy’ rating on RIL with a target of ₹1,785, indicating a potential 14 percent upside. The brokerage noted that Reliance’s digital services, retail, and oil-to-chemicals divisions…

25 Oct

Domestic consumption to cushion growth in second half of FY26: SBI Caps

Purbalee DuttaEconomy

Domestic consumption has become India’s strongest shield against global challenges in the second half of FY26, even as the US’s 50% tariff on Indian goods dampens external demand, according to SBI Capital Markets (SBI Caps). In its October Ecocapsule report, SBI Caps said India is increasingly depending on domestic growth drivers, with both central and state governments boosting capital expenditure and GST rate cuts spurring record festive spending. The report noted that while US tariffs are likely to persist, their overall economic impact is still unfolding. The burden of rising prices has so far been shared by exporters and retailers,…

16 Sep

Centre Offers Relief to Taxpayers with Last-Minute ITR Deadline Extension

editorBusiness, Economy

In a statement issued late Monday night, the CBDT announced that the income tax ITR filing deadline has been extended from September 15 to September 16. ITR Filing Due Date Extended: In a late-night statement on Monday, the Central Board of Direct Taxes (CBDT) extended the deadline for filing ITRs (income tax returns), providing relief to taxpayers. The ITR filing deadline has been extended by one day to September 16, meaning that the last day to file is today. In a statement issued late Monday night, the CBDT announced that the income tax ITR filing deadline has been extended from…

08 Feb

Bangladesh, Nepal, and Bhutan Strengthen Regional Connectivity

editorEconomy

In a bid to enhance economic ties and subregional connectivity, Bangladesh, Nepal, and Bhutan are scheduled to hold commerce secretary-level meetings. The discussions will focus on strengthening economic cooperation and boosting subregional connectivity. This initiative underscores the commitment of these nations to work collaboratively towards mutual economic growth and development.

04 Feb

Stock markets saw a general decline, with the BSE Sensex index down 0.41% to 77,186.74

editorEconomy

State Bank of India (SBI) shares fell by 0.67% to ₹761.00 during a trading session that saw a general decline in the stock market, with the BSE SENSEX Index decreasing by 0.41% to 77,186.74. SBI's shares are now 16.57% below their 52-week high of ₹912.10, reached on June 3rd. In comparison, IndusInd Bank Ltd. experienced a slight increase of 0.33% to ₹1,012.70, while Kotak Mahindra Bank Ltd. saw a decrease of 0.94% to ₹1,885.20. The trading volume for SBI was 427,891, below its 50-day average of 534,155. Market analysts attribute SBI's performance to broader market trends and sector-specific challenges, including…

08 Jan

India’s economic growth forecasted at 6.4% for 2024/25

editorEconomy

India has projected an economic growth rate of 6.4% for the fiscal year 2024/25, marking its slowest pace in four years and falling below the previously anticipated range of 6.5%-7%. This slowdown is attributed to weaker manufacturing and reduced corporate investments. The National Statistics Office's forecast follows disappointing economic indicators in late 2024, including low growth, high inflation, low capital flows, and a record trade gap. The Reserve Bank of India had earlier revised its growth forecast for the year ending March 2025 from 7.2% to 6.6%. Despite these setbacks, the economy is expected to revive somewhat in the latter…

28 Oct

Gensol Engineering reports 29% profit expansion in Q2

Business CorrespondentEconomy, latest

According to exchange filings, Gensol Engineering reported a 29% rise in net profit after tax to ₹22.93 crore on a consolidated basis for the September 2024 quarter as against ₹17.71 crore in the same period last year.Gensol Engineering shares have declined by 9.52% in the last one year, and by 7.5% since the beginning of the year. Gensol Engineering shares closed at ₹788 on October 25, 2024, down 7.26% from the previous close.The company's total income rose to ₹346.82 crore in the July-September quarter from ₹304.87 crore in the same quarter of the previous fiscal. Operating expenses declined to ₹239.88…

02 Aug

LPG price hike, the middle class grew under more pressure

Banasree SarkarEconomyLPG gas

Shock at the beginning of the month. This time the price of a 19 kg commercial gas cylinder has increased by Rs 8.50. However, there has been no change in domestic gas cylinder prices. According to IOCL's website, the new rates are applicable from August 1. Thursday is the first day of August. New prices of LPG gas cylinders are fixed on the first of every month. Accordingly, oil marketing companies increased the price of a 19 kg commercial gas cylinder by Rs 8.50 from Thursday. After the price increase on this day, the price in Delhi stood at Rs…