Top headlines: Top firms' advance tax up 47%; Invesco considers suing Zee

India needs more big banks to aid economic growth, says Finance Minister. More in top headlines of the day

The advance tax paid by top 20 Indian firms surged 47 per cent in second quarter of FY22 to Rs 27,210 crore. The data on two-wheeler sales in the Indian market shows us how the pandemic hurt the poor.

More on these stories and other top headlines of the day:

Tata Steel, ONGC lead surge in advance tax
 

The advance tax paid by the top 20 marquee companies grew over 47 per cent year-on-year during the second quarter of FY22 to Rs 27,210 crore from Rs 18,462 crore, on the back of hefty payments by Tata Steel, Oil and Natural Gas Corporation (ONGC), and lenders. Read more
 

Two-wheeler sales show Covid impact on poor

The recent trend in two-wheeler sales in the domestic market suggests that the economic slowdown and Covid-19 have taken a bigger economic toll on those at the lower-income ladder. Two-wheeler makers have reported a much sharper decline in their sales volume in the domestic market than car and sports utility vehicle (SUV) manufacturers and the corresponding ratio is now at an all-time low. Read more

India needs four-five SBI-size banks, says FM

The country needs four-five banks of State Bank of India's size to cater to the changing and growing requirements in the post-pandemic world, said Union Finance Minister Nirmala Sitharaman on Sunday. Read more
 

Invesco may move court if Zee fails to call EGM

Zee Entertainment Enterprises and its largest shareholder, Invesco Fund, are headed for a showdown with Invesco insisting the board hold the extraordinary general meeting (EGM) before going ahead with its merger deal with Sony’s India unit.

ZEEL board has three weeks to call the EGM. If it fails to do so, Invesco can call the meetings within six months. Legal experts said with both camps rigid on their positions, it might lead to a legal battle. Read more

Rivals of yore turn partners

Last month, HDFC Bank picked up a 5.2 per cent holding in Mintoak Innovations, a merchant solutions’ provider, for Rs 10 crore. In February, ICICI Bank acquired 5.40 per cent in CityCash, a micro-payments player, for Rs 4.93 crore, and 9.63 per cent in Thillais Analytical Solutions — which operates the neo-banking platform, Vanghee — for Rs 6.03 crore.

These are tiny in terms of deal size, but major steps in the banks’ efforts at getting their digital act spot on. And it mirrors a global trend. Read more