Top headlines: IPO filing hits century, Grasim gets Rs 8,334 cr tax demand

Millennials becoming largest consumer group for hotels, the hurdles in Adani's green dreams, and other top headlines of the day

With hotel-booking start-up Oyo Hotels and Adar Poonawalla-backed Wellness Forever becoming the latest firms to join the IPO bandwagon, the number of companies filing draft papers with the market regulator has crossed the 100-mark this year.

More on this and other top headlines of the day:

IPO filing hits century this year amid favourable market conditions

The number of companies filing their draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) has crossed the 100-mark, highlighting the rush among companies to go public amid favourable market conditions. Read more

 

The highs, hurdles and grey areas in Adani's green energy dreams

As the power and renewable sector battled the heat of the pandemic with demand falling and smaller players leaving the fray, Adani Green Energy (AGEL), the newest entrant from the Adani stable, made hay in the sunshine. Between 2020 and now, the company has acquired close to 5.4 Gw of renewable energy projects. This includes the biggest catch in recent times — the 5 Gw assets of SoftBank Energy, which exited India. Read more

Domestic, global telecom gear makers spar over new 'value addition' norms

A battle is brewing between domestic telecom players and global telecom gear makers over the contentious eligibility conditions for participating in tenders under the Public Procurement (Preference to Make in India) policy and government contracts. Read more

Millennials are becoming largest consumer group for hotels: Descrozaille

MARC DESCROZAILLE, chief operating officer at Accor India, Middle East & Africa, responsible for 200 hotels across geographies, including India, tells Pavan Lall the country has the potential to add at least 10 more Sofitels, local business is coming back, and the firm has 17 new projects in the pipeline with three hotels opening this year. Accor India runs 53 hotels in India and recently launched its top-tier brand — the Raffles —in Udaipur. Read more
 

Grasim Industries slapped with Rs 8,334-crore income tax demand

The Income-Tax (I-T) department has raised a demand of Rs 8,334 crore against Grasim Industries as capital gains tax in a transaction related to the demerger of its financial services business. The Aditya Birla Group company, however, said it would take “appropriate action” against the order, which was “against the spirit of tax laws”. Read more