Finance Minister Nirmala Sitharaman on Wednesday introduced two Bills in Parliament to immediately give effect to Customs and excise duty changes announced in the Budget and raise the age limits for president and members of the goods and services tax appellate tribunals (GSTATs).

The Provisional Collection of Taxes Bill, 2023, which seeks to replace the pre-Independence era Provisional Collection of Taxes Act, 1931, is aimed at curbing speculative activities, following changes in Customs and excise duties in the Budget.

The Ministry of Defence (MoD) has signed a landmark contract with Bharat Electronics Limited (BEL) in Pune worth Rs 5,336.25 crore for the procurement of electronic fuzes for the Indian Army. The contract, signed on Friday, will span over the next 10 years and comes under the "Manufacture of Ammunition for Indian Army by Indian Industry" initiative by the central government.

The contract aims to build up the Indian Army's ammunition stocks. Following the "Aatmanirbhar Bharat" vision, the deal will aim to minimise imports, achieve self-sufficiency in ammunition manufacturing, obtain critical technologies and secure stock affected by supply chain disruption.

Creditors of distressed thermal power firm Lanco Amarkantak Power will soon vote on a proposal to deal with Adani Power's Rs 4,100 crore unsought bid, according to a report by The Economic Times (ET). The resolution professional (RP) will move to the National Company Law Tribunal (NCLT) for directions on the sale process, provided over 66 per cent of lenders approve this offer.

Saurabh Kumar Tikmani, a resolution professional backed by accounting firm KPMG, will also ask for instructions on withdrawing the Power Finance Corporation-led consortium's resolution plan for Lanco Amarkantak.

Net direct tax collection in the eight months of the current fiscal touched 58.34 per cent of Budget Estimates (BE) at Rs 10.64 trillion.

The net tax collection for April-November stood at Rs 10.64 trillion, which is 23.4 per cent higher than the corresponding period of last year, the Ministry of Finance said.

Adani Ports and Special Economic Zone Ltd (APSEZ), the largest transport utility in India, has strengthened its strategic partnership with Terminal Investment (TiL), the container terminal operating and investing arm of Mediterranean Shipping Company (MSC), the largest container shipping line in the world, for the operation of Adani Ennore Container Terminal (AECTPL).

TiL, through its fully-owned subsidiary Mundi Ltd, will acquire a 49 per cent shareholding of AECTPL from APSEZ for a consideration of Rs 247 crore.

Shares of Texmaco Rail & Engineering hit a new high of Rs 188.95 as they rallied 10 per cent on the BSE in Friday's intraday trade after the company said it has received an order to manufacture and supply 3,400 BOXNS wagons for Rs 1,374 crore.

At 09:30 AM, the stock was quoting 6 per cent higher at Rs 181.35 as compared to 0.3 per cent gain in the S&P BSE Sensex. The average trading volumes on the counter have, so far, jumped 1.5 times with a combined 9.6 million equity shares of the company having changed hands on the NSE and BSE.

Mahindra Group on Thursday announced that it has tied up with Ontario Teachers' Pension Plan Board to capitalise on renewables in India. Under the agreement, Ontario Teachers' will acquire a 30 per cent stake in Mahindra Susten Pvt Lts for Rs 2,371 crore. Then, Mahindra Group and Ontario Teachers' will jointly explore the sale of an additional 9.99 per cent in Mahindra Susten.

Under the agreement, the companies will also establish an Infrastructure Investment Trust (InvIT) comprising renewable power assets of Mahindra Susten with an operation capacity of 1.54 GWp.

Adani Green Energy Ltd on Thursday announced that its subsidiary, Adani Saur Urja, has incorporated its wholly-owned subsidiary, Adani Renewable Energy Fifty One Ltd. Its other subsidiary, Adani Renewable Energy Holding Nine Ltd, has also incorporated Adani Renewable Energy Fifty Five Limited.

"The main objective of the new subsidiaries is to generate, develop, transform, distribute, transmit, sell, supply any kind of power or electrical energy using wind energy, solar energy or other renewable sources of energy," the company said in an announcement on Thursday.

Standard and Poor’s (S&P) Global Ratings has downgraded Vedanta Resources Ltd’s long-term issuer rating and bonds from "CCC" to "CC" on a potential transaction involving extension of the maturities of three dollar denominated bonds amounting yo $3.2 billion. "CC" ndicates highly vulnerable status.

"We view Vedanta Resources' proposed liability management exercise involving three of its US dollar-denominated bonds totalling $3.2 billion as a distressed transaction under our criteria," S&P said in a statement.

During the Black Friday and Cyber Monday (BFCM) shopping events held globally between November 17-27, Indian exporters on Amazon Global Selling saw more than 80 per cent business growth compared to business as usual (11-day period starting October 20th) and over 25 per cent growth compared to the same period last year.

Coming right after the festive season in India, the BFCM sale has traditionally been a key sales period for Indian exporters, and the BFCM'23 shopping event provided a spike in business for thousands of exporters on Amazon Global Selling.

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