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Top Headlines: Tax collections may exceed target, forecast cuts, & more

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direct tax collection | CBDT | Reliance Retail

BS Web Team  |  New Delhi 



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Gupta said if the trend continued, direct tax collection for FY23 could exceed the Budget target of Rs 14.20 trillion.

The Centre’s as on August 30 stood at Rs 4.8 trillion, which is 33 per cent more than the Rs 3.6 trillion collected in the same period last year, Nitin Gupta, chairman of the Central Board of Direct Taxes (CBDT), told Business Standard. At the annual general meeting of Reliance Industries earlier this week, Isha Ambani, director at Ventures, announced that the company is foraying into the fast-moving consumer goods (FMCG) space. Read more on these in our top headlines.

Direct tax collections may exceed budget targets, chief says

The Centre’s as on August 30 stood at Rs 4.8 trillion, which is 33 per cent more than the Rs 3.6 trillion collected in the same period last year, Nitin Gupta, chairman of the Central Board of Direct Taxes (CBDT), told Business Standard.

Gupta said if the trend continued, for FY23 could exceed the Budget target of Rs 14.20 trillion. Read more

After Patanjali, could be the next big disruptor in FMCG

At the annual general meeting of Reliance Industries earlier this week, Isha Ambani, director at Ventures, announced that the company is foraying into the fast-moving consumer goods (FMCG) space. But analysts say that only time will tell if this will lead to a disruption in India’s market.

While Reliance Retail’s initial strategy is to take its own brands, which it currently sells at its own supermarkets and hypermarkets, to general trade, it is also looking at acquisitions. The company has just acquired aerated drinks brand, Campa, from Pure Drinks for Rs 22 crore. According to a source, it is keen to make more such acquisitions and is also looking at regional brands. Read more

Dhanvarsha makes unsolicited offer of Rs 300 cr to buy Dhanlaxmi Bank

The Dhanvarsha group, a Delhi-based diversified business house, has made an unsolicited offer to buy out the old-generation private sector lender .

According to sources familiar with the development, Dhanvarsha has offered Rs 11.85 per share, totalling Rs 300 crore, to acquire the entire equity stake in the bank. On Thursday, the bank’s stock closed at Rs 11.95, down 0.83 per cent, on the BSE. At current levels, its market cap is Rs 302.35 crore. Read more

As RIL announces big capex plans, analysts fear dent in return ratios

Reliance Industries (RIL) announced the next big phase of growth and expansion plans at its 45th annual general meeting (AGM) on Monday. The planned new investment in its telecommunications, oil-to-chemicals (O2C), and green energy business will consolidate RIL’s market dominance and industry, but the company’s mega investment plan has raised fears of further decline in its already low return on networth (RoNW) and return on capital employed (RoCE). This, in turn, will weigh on RIL share price and market capitalisation.

The company reported RoNW or return on equity of 9.17 per cent on a consolidated basis in 2021-22 (FY22), up from 8.42 per cent in 2020-21, but down from 12 per cent in 2016-17 (FY17). Read more

Adani Enterprises to enter Nifty 50 index in a new boost for Gautam Adani

Adani Enterprises Ltd., the flagship company of Asia’s richest man, Gautam Adani, has become the second unit of the ports-to-power conglomerate to be included in one of India’s key equity gauges as the group expands.

The firm will join the NSE Nifty 50 index, the most tracked stocks gauge in the country, replacing Shree Cement Ltd., according to a statement on Thursday from National Stock Exchange of India Ltd.’s index-management firm. The changes, which are based on factors including free float market capitalisation, were expected and will be effective from September 30. Shree Cement is the leading cement-making firm, owning brands such as Roofon, Bangur Power, Shree Jung Rodhak, Bangur Cement and Rockstrong. Read more

Day after Q1 GDP data, a spate of forecast cuts by banks, institutions

A day after the National Statistical Office released the April-June quarter (first quarter, or Q1) of 2022-23 (FY23) gross domestic product (GDP) data, a number of banks and financial institutions slashed their economic growth estimates for the current fiscal year (FY23). These included State Bank of India (SBI), Goldman Sachs, Citigroup, and ratings agency Moody’s.

Citigroup sharply cut its FY23 growth projection to 6.7 per cent, from 8 per cent earlier, while Goldman Sachs revised it to 7 per cent, from 7.2 per cent earlier. Deutsche Bank said that slow growth may prompt the Reserve bank of India (RBI) to ease up on the quantum of rate hikes. Read more


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First Published: Fri, September 02 2022. 08:00 IST

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