Page 12 - Companies

Black Box seeks $2 bn revenue within 3-4 years: CEO of digital infra firm

US and India biggest growth markets for the company, says Sanjeev Verma

Companies with multi-state presence to register as ISD with GST authorities

Companies having presence in multiple states and distributing common input tax credit with branch offices will have to register as Input Service Distributor (ISD) with GST authorities by April 1, 2025. Through the Finance Bill, 2024, in February, the government had amended Goods and Services Tax (GST) law to say that businesses having multi-state GST registration will have to have themselves mandatorily registered as ISD to distribute among its branches any input tax credit (ITC) for services availed. The mechanism for sharing of ITC is prescribed in GST rules and broadly the common ITC is apportioned in the ratio of turnover of different branches having same PAN. The Central Board of Indirect Taxes and Customs (CBIC) has now notified April 1, 2025, as the cut-off date for all companies with multi-state branches to register as ISD. Moore Singhi Executive Director Rajat Mohan said the move represents an effort to enhance operational transparency and will help taxpayers to accurately

Tata Power Q1 FY25 results: Net profit flat at Rs 970 crore, revenue up 14%

Co softens stance towards thermal power, says will evaluate opportunities

Firms lease 53mn sq ft office space since 2022 to set up GCCs in 6 cities

Leading global companies have taken on lease nearly 53 million square feet of office space since 2022 across six major cities to set up Global Capability Centres (GCCs) with maximum demand in Bengaluru, according to CBRE and Zyoin. In their joint report, property consultant CBRE and hiring solutions firm Zyoin highlighted that GCCs have significantly amplified their Indian operations over recent decades, propelled by a skilled workforce, cost efficiency, and a conducive business climate. This GCC growth trajectory is anticipated to be concentrated in India's top six metropolitan areas, driven by their exceptional talent pools, enabling expansion and future development. "Global corporations are affirming their long-term commitment to India by securing larger office spaces for their GCCs," the consultant said. Nearly 53 million square feet of office space was leased by GCCs between 2022 and the first half of 2024 across Bengaluru, Hyderabad, Chennai, Pune, Delhi-NCR and Mumbai. Out

Saregama Q1 FY25 results: Revenue jumps 26% Y-o-Y to Rs 205.3 crore

During the quarter that ended on June 30, the company launched over 330 original recreations in various languages including Hindi, Bhojpuri, Gujarati, Punjabi, Tamil, among others

Jharkhand govt to decide soon on land parcels lying unused: Minister

The Jharkhand government will soon decide on large chunks of unused land parcels which are in possession of big companies, the assembly was informed on Friday. The state wants that these resources should be returned to their original owners, state minister Deepak Birua said in the assembly. "Large chunks of land parcels were lying unused by big companies. The government is serious about the issue and we will soon take a decision in this regard," he replied to a query. Chief Minister Hemant Soren has already expressed willingness to set up a commission to resolve the issue of unused land. Earlier, Congress MLA Pradip Yadav raised the issue in the House and said the Centre's Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 provisions that if land, acquired by any company, is not utilised for five years, then it should be returned to the original owner or should go to land bank. "But here, land parcels acquired from original .

Byju's lender asks court not to quash insolvency proceedings against firm

Glas Trust says Byju and his brother Riju used money owed to lenders to clear the Indian cricket board's dues and that the insolvency proceedings should continue

Adani's Super app launches digital lending trials with fintechs and NBFCs

Launched in December 2022, 'Adani One' app provides users with a variety of services, such as cab services, flight bookings, shopping at Adani-operated airports, and rewards redemptions

Tata Consumer Products Q1FY25 results: Net profit down 8.3% to Rs 290.3 cr

The salt business revenue grew by 9 per cent on the back of strong volume growth

Ola Electric set for IPO with Rs 12-13 GMP, price band at Rs 72-76 a share

The grey market premium (GMP) for Ola Electric's shares is estimated at Rs 12-13, suggesting a potential premium of 16% over the issue price

Veefin Solutions appoints Parag Ekbote as CEO of GlobeTF & CBO of Group

Ekbote, an accomplished business leader with nearly 30 years of experience in the banking technology sector, will also serve as the Chief Business Officer of the Veefin Group of Companies

Bajaj Auto-powered electric mobility company Yulu eyes global ride

It plans to pedal overseas with a Bajaj product and accelerate into India's e-commerce space with a high-speed two-wheeler

Cost savings drive Philips' Q2 profit growth, flags insurance payout

Since late 2022, Philips has said it would slash up to 10,000 jobs in an attempt to restore profitability and improve product safety

MakeMyTrip Q1 FY25 results: Net profit jumps 12.9% to $21 million

The company's revenue as per IFRS grew by 31.4% YoY in constant currency to $254.5 million in Q1 FY25 from $196.7 million in Q1FY24

Bhutani Group acquires stake in WTC Noida to complete stalled projects

World Trade Centers Association has licences in 40 cities in India. Currently, 5 World Trade Center projects are stalled that require at least Rs 3,000 crore for completion

Imports from China, Asean at predatory prices main concern: Jayant Acharya

Even imports from Japan and Korea have been elevated. India is basically a vulnerable ground because our domestic demand is very good, said Jayant Acharya, JMD, JSW Steel

Aim to reduce CD ratio as fast as possible: HDFC Bank MD & CEO Jagdishan

Bank to Prioritise Engagement and Service Over Interest Rates for Deposits

WazirX major security breach: Calls for legal recourse grow louder

Legal experts tracking the sector believe that users who have lost their funds can look at the country's consumer protection laws as one recourse

Focus remains strong in delivering innovative solutions: Ramco Systems

Ramco Systems was well-positioned to capitalise on the opportunity as demand for transformation continues to grow and focus remains strong to deliver innovative solutions that drive efficiency and productivity, a top official has said. The focus of the city-based enterprise software product provider, remains strong to deliver innovative solutions that drive efficiency, productivity and competitive advantage for the clients, Chairman P R Venketrama Raja said. "Businesses worldwide are significantly increasing their technology investments. Organisations are prioritising digital transformation initiatives, recognising that their competitive edge and value creation depend on effectively leveraging technology across processes, products, services and customer experiences," Raja said. Ramco Systems was witnessing the beginning of a turnaround with several positive developments across operations. "We have been working tirelessly to strengthen our core operations to seize new growth ...

HCLTech plans to deduct leaves of employees who don't show up to office

The IT major is planning to link attendance with leaves wherein, if HCLTech employees fail to come to the office for at least thrice a week, the company plans to deduct their leaves