Shares of Polycab India tanked 23 per cent to Rs 3,801 on the National Stock Exchange (NSE) in Thursday’s intra-day trade after the Income Tax (I-T) department detected "unaccounted cash sales" of about Rs 1,000 crore from its recent raids on the company.

A combined around 2.9 million equity shares had changed hands on the counter till 10:04 AM. With today's fall, the stock price of Polycab India has slipped 27 per cent from its record high level of Rs 5,733 touched on December 12, 2023.

Mumbai-based manufacturer of Active Pharmaceutical Ingredients (APIs) Supriya Lifesciences is setting its sights on Brazil, aiming to add up to Rs 200 crore in sales from new product launches in the next two to three years. This ambition follows the company's recent approval from Anvisa (Brazilian health regulatory agency), which has facilitated its entry into the Brazilian market.

Anvisa, responsible for auditing and registering pharmaceuticals in Brazil, recently completed an inspection of Supriya Lifesciences' API manufacturing unit in Lote Parshuram. The audit concluded with zero observations, a significant achievement for the company.

The price of 24-carat gold remained unchanged in early trade on Thursday, with ten grams of the precious metal selling at Rs 62,950, according to the GoodReturns website. The price of silver declined by Rs 600, with one kilogram of the precious metal selling at Rs 76,000.

The price of 22-carat gold was also unchanged, with the yellow metal selling at Rs 57,700.

The World Bank on Tuesday kept its FY25 economic growth projection for India unchanged at 6.4 per cent, mainly on account of strong domestic demand, rising public infrastructure spending and strong private-sector credit growth. However, it projected that the private consumption growth might taper off due to high food inflation and diminishing pent-up demand.

In its biannual ‘Global Economic Prospects’ report, the World Bank said India was anticipated to maintain the fastest growth rate among the world’s largest economies, but its post-pandemic recovery was expected to slow, with estimated growth of 6.3 per cent in FY24, before recovering gradually to 6.5 per cent in FY26.

The health department of the Delhi government has issued a show-cause notice to the Guru Teg Bahadur (GTB) hospital authorities asking to "terminate" the services of a senior resident doctor, days after the death of an injured man, who was allegedly denied admission at four different hospitals.

Pramod, 47, who was arrested after a 21-year-old woman alleged that he had molested her in an inebriated state, died of the injuries he suffered after jumping out of a moving police van on January 3, a senior officer said.

The Securities Appellate Tribunal (SAT) on Tuesday reserved its order in an appeal by private sector lender Axis Bank against the market regulator Securities and Exchange Board of India (Sebi) for not releasing shares pledged by Karvy Stock Broking.

In an earlier order by the tribunal on December 20, Axis Bank was allowed to invoke the pledged shares while the market regulator was directed to restore the pledge made in favour of the other lenders and pay compensation as an alternative within four weeks.

The parent company of fintech major Paytm said on Wednesday it will over time invest Rs 100 crore in Gujarat International Finance Tec-City (GIFT City) to set up a development centre that will create an international payments system.

One97 Communications made the announcement ahead of the Vibrant Gujarat Global Summit 2024 in Gandhinagar. The Gurugram-based fintech plans to create an artificial intelligence (AI)-driven cross-border remittance and payments technology system.

The Department of Telecommunications (DoT) has adopted a proactive approach by suo motu blocking both overseas and local phone numbers linked to cybercrimes and threats, according to a report by The Economic Times. Over the last few days, more than 1,500 callers, including international numbers, have been blocked by the government based on complaints regarding such calls. The action was taken without waiting for approvals from intelligence agencies in response to the rising cases of fraud and threats committed through these numbers.

Lizzie Chapman and Ashish Anantharaman, the founders of “buy now pay later” (BNPL) firm ZestMoney, have launched a startup called SwiffyLabs, a business-to-business (B2B) fintech company building infrastructure for banks and financial institutions, according to sources.

The venture has received backing from Jio Platforms, a subsidiary of Mukesh Ambani-owned Reliance Industries, according to people familiar with the development.

Honda Motorcycle and Scooter India (HMSI) on Monday inaugurated a third assembly line in the company’s largest scooter-only plant in Vithlapur, Gujarat. The third line that would add an annual capacity of 650,000 units will take the total capacity of the facility to 1.97 million units per annum.

Prior to this expansion, the plant had a capacity to produce 1.3 million units a year of scooter models like the Activa, Dio, Activa 125, Dio 125, etc.

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