Top headlines: SBI beats RIL, becomes most profitable firm, and more

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SBI beats Reliance Industries to become India's most profitable company

The changes in the domestic and global economy following the outbreak of the Covid-19 pandemic are altering the corporate profit league table in India. Reliance Industries (RIL), which topped the India Inc profit chart for more than a decade, lost out to State Bank of India (SBI) in the 2023-24 (FY24) April-June quarter (first quarter, or Q1). Read more

28% GST on online gaming may not impact taxation on e-sports, video games

The recently proposed 28 per cent goods and services tax (GST) on online games involving real money will not impact the 

taxation on e-sports, such as FIFA and League of Legends, or leading titles on PlayStation, Xbox, and Nintendo platforms. Read more
 

Price Waterhouse resigns as Paytm Payments' auditor, SR Batliboi appointed

Price Waterhouse Chartered Accountants (PwC India) has resigned as the auditor of Paytm Payments Services, the fintech major said in a regulatory filing on Monday. Read more

Qualcomm, MediaTek chipsets heat up market for affordable 5G phones

The battlelines for the affordable 5G chipset market for mobile phones have been drawn between the country’s two leading chip design makers, Qualcomm and MediaTek. Powered by the new offering, the Snapdragon 4G Gen 2 chipset, Xioami is all set to launch the first sub Rs 10,000 price with the Poco M6 mobile smart phone which is up for sale from 9 August across retail channels and exclusively with Flipkart. Read more

Fierce competition among new drug brands for share of India market

Pharma companies have been introducing new products at a healthy pace in the domestic drug market, but the return on investment is a challenge across therapy areas (disease groups), shows a recent analysis by market research firm Pharmarack AWACS. On an average, companies spent around 30-40 per cent of a brand’s targeted annual sales to promote a new brand, said Sheetal Sapale, vice president, commercial, Pharmarack AWACS. For legacy brands, this spend came down to around 10-12 per cent of the annual targeted sales of the brand. Read more