As the new financial year brings new tax rules, taxpayers should bear in mind that the deadline for filing late income tax returns for Assessment Year 2021-22 was March 31.

If an assessee missed this deadline, he or she will have to pay a penalty and interest, and may even face imprisonment for violation.

Edtech startup Vedantu on Thursday said it is on track to be "IPO-ready" in 18-24 months, and is upbeat about the India market prospects that offer ample headroom for growth.

With Covid-19 cases receding and offline learning modes opening up, the blazing pace of growth in online learning has sobered a bit, but the market is still yielding robust growth numbers, it said.

Bharti Airtel and Tech Mahindra on Thursday announced a strategic partnership to jointly develop and market enterprise-grade digital solutions across 5G, private networks and cloud.

Telecom operator Airtel has been undertaking 5G demonstrations and testing in India, while IT services major Tech Mahindra has developed 5G applications and platforms.

With 1,225 new coronavirus infections reported in a day, India's infection tally rose to 4,30,24,440, while the active cases dipped to 14,307, according to the Union Health Ministry data updated on Thursday.

The death toll climbed to 5,21,129 with 28 fresh fatalities, the data updated at 8 am stated.

The rates of petrol and diesel in Delhi increased by 80 paise a litre, while in Mumbai, fuel became costlier by 84 paise on Thursday. This is the ninth increase in fuel rates in 10 days, the total hike now amounts to Rs 6.40.

Petrol is now selling at Rs 101.81 per litre in Delhi and diesel is trading at Rs 93.07 per litre.

Shares of Saregama India were locked at the 5 per cent upper circuit at Rs 4,828.45 on the BSE in Thursday’s intra-day trade after the board approved demerger of entire distribution business of the company. The demerger relates to sale of all its physical products including Carvaan on digital marketplaces along with identified non-core assets (i.e. investment in publication business). The stock had hit a record high of Rs 5,487 on December 28, 2021.

Online marketplace has considerable potential, and skills acquired by the demerged company in the recent past can be utilized to manage end-to-end distribution activity, and with a potential to add many more products.

Shares of Cosmo Ferrites hit a new high of Rs 635, on gaining 4 per cent on the BSE in Thursday’s intra-day trade. The stock has zoomed over 3,500 per cent during financial year 2021-22 (FY22) on the back of robust earnings and strong outlook.

The company is a leading manufacturer and exporter of soft ferrites and an emerging player in wire wound magnetic components. In FY22, the market price of Cosmo Ferrites zoomed 3,529 per cent from a level of Rs 17.50 on March 31, 2021. In comparison, the S&P BSE Sensex rose 19 per cent during the fiscal.

The Asian Development Bank (ADB) and HSBC India have signed an agreement to establish a $100 million partial guarantee program to support more than 0.4 million micro-borrowers, especially women running small businesses.

The agreement will provide financing of an equivalent of $30 million that will be initially disbursed to three micro finance institutions (MFIs) in India by April 2022.

Private equity firm Bain Capital will acquire a 24.98 per cent equity stake in IIFL Wealth Management from General Atlantic Singapore and FIH Mauritius, which is owned by Indian-Canadian billionaire Prem Watsa’s company Fairfax.

Bain Capital will acquire 22.15 million shares at Rs1,666 apiece for nearly Rs 3,700 crore. Shares of IIFL Wealth closed at Rs 1,666.5 on Wednesday.

Macquarie Group Ltd.’s asset management arm is exploring a sale of toll-road assets in India as the Australian company seeks to monetize some of its early bets in Asia’s third largest economy, according to people familiar with the matter.

Macquarie Asset Management is working with an adviser on the transaction, which could fetch about $400 million, said one of the people, who asked not to be identified as the information is private.

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