Top headlines: Small firms on I-T radar, race for steel supremacy, and more

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60-65 small- to mid-sized companies on I-T radar for TDS mismatch

Ahead of the second instalment of advance tax, the revenue department is scrutinising entities that have registered negative growth in their tax deducted at source (TDS) payments, even when they reported healthy advance tax payments. According to sources, taxmen have observed a mismatch in TDS payments from at least 60-65 small to mid-sized companies. Read more

Deals or distress: Consumer goods makers bet on bumper festive sales

In spite of high commodity inflation, shortage of components and the threat of a third wave of the Coronavirus (Covid-19) pandemic, makers of packaged goods, home appliances and consumer electronics are expecting to grow by 12 to 25 per cent during the upcoming festive season. Read more

Race for steel supremacy begins with disinvestment plans for three units

About 11 million tonnes of steel capacity will chan­ge hands as the Centre divests stake in three steel plants — Neelachal Ispat Nigam Ltd (NINL), Rashtriya Ispat Nigam Ltd (RINL) and NMDC Iron and Steel Plant (NISP) Nagarnar — setting the stage for a new phase of consolidation. Who gets what will decide whether the pecking order in the industry reshuffles after the shake-out caused by the Insolvency and Bankruptcy Code (IBC). Read more

Tata, Adani plants may get to sell on power exchanges amid coal crisis

The two power units in Gujarat using imported coal -- Tata UMPP and Adani Mundra -- might have a chance at revival as the Centre opens up merchant power sale for them in the middle of domestic coal supply shortages. The two units have been in a constant tussle with five states to which they sell power over the compensation due to higher imported coal prices. Read more

Tata Sons' insurance, auto subsidiaries defy Covid-19 pandemic blues

Tata Sons key unlisted subsidiaries reported double-digit growth in revenues and contraction in their losses on a consolidated basis in FY21 despite the economic disruption caused by the Covid-19 pandemic. The combined turnover or total income of Tata Sons’ 40 biggest unlisted subsidiaries was up 17.8 per cent year-on-year (YoY) to Rs 80,720 crore in FY21 from Rs 68,538 crore a year ago. Read more

Sensex, Nifty post record highs after Federal Reserve's dovish stance

India’s benchmark indices hit record highs on Monday, along with a rally in global markets, as dovish comments from US Federal Reserve Chairman Jerome Powell boosted risk appetite and pushed the dollar to near two-week lows. The Sensex closed at 56,890, with a gain of 765 points, or 1.36 per cent — the most since August 3 — while the Nifty50 jumped 226 points, or 1.35 per cent, to close at 16,931. The market capitalisation of BSE-listed firms climbed to Rs 247 trillion ($3.37 trillion). Read more