The Income Tax Department has detected an estimated undisclosed income of Rs 400 crore after it raided two real estate groups based in Delhi and the national capital region, the CBDT said on Wednesday.

The unidentified groups engaged in construction of commercial and residential projects were searched on November 17.

Shares of Zee Entertainment Enterprises were up 8 per cent at Rs 336.20 on the BSE in Wednesday's intra-day trade, gaining 13 per cent in the past two trading days, after Punit Goenka, MD and CEO of Zee said that merger talks between the company and Sony Pictures Networks India (SPNI) are in final stages of stitching up.

The stock of the broadcasting & cable TV operator inched towards its 52-week high of Rs 362.85, touched on September 23, 2021. The counter saw huge trading volumes today with a combined 21.2 million equity shares having changed hands on the NSE and BSE till the time of writing of this report.

Shares of sugar companies were in focus with most of the frontline companies trading higher by up to 11 per cent on the BSE in Wednesday’s intra-day trade on positive outlook.

Triveni Engineering & Industries, Dhampur Sugar Mills, Balrampur Chini Mills, Dwarikesh Sugar Industries, Uttam Sugar Mills, EID Parry and Avadh Sugar & Energy were up between 3 per cent and 11 per cent on the BSE. In comparison, the S&P BSE Sensex was up 0.32 per cent at 58,850 at 10:44 am.

Shares of Bharti Airtel continued their upmove, hitting a new high of Rs 779.70 on the BSE, after they rallied 3 per cent in Wednesday's intra-day trade. In the past three trading days, the stock of the telecom services provider has rallied 9 per cent following the announcement of increased tariffs in a range of services effective November 26.

In the past one month, the stock of Bharti Airtel has surged 12 per cent, as compared to a 3.3 per cent fall in the Sensex.

Two doses of Covaxin, the India-made vaccine, are 50 per cent effective against symptomatic Covid-19, said an independent study by researchers based on real-world assessment .

Results of the interim study, which was published in The Lancet Infectious Diseases Journal, showed that two doses of the vaccine manufactured by Bharat Biotech Covaxin, also known as BBV152, had 77.8 per cent efficacy against symptomatic disease and present no serious safety concerns.

The Maharashtra government on Tuesday offered an interim salary hike to protesting MSRTC staffers as the stir entered its 27th day, even as the undertaking said it had managed to run 236 services till evening.

The employees of Maharashtra State Road Transport Corporation (MSRTC) have gone on strike demanding its merger with the state government, which will give them better salaries and greater job security. All 250 ST bus depots have been shut since November 9, though the stir started from October 28.

Union Minister Gajendra Singh Shekhawat on Tuesday asserted that the BJP will form the next government in Punjab and said the astute voter understands that other parties have miserably failed and now in a desperate attempt trying to woo people by announcing freebies.

These parties have exposed themselves and will be routed in the 2022 assembly elections, Shekhawat, who is BJP's in-charge for the Punjab polls, told a party meeting here.

Fashion e-commerce platform Myntra on Tuesday announced its foray into social commerce at scale with the launch of M-Live to cater to the rapidly evolving content consumption patterns and shopping preferences of consumers.

M-Live brings a first-of-its-kind, interactive and real-time live shopping experience to the fingertips of millions of shoppers in the country, according to a statement.

At least a dozen Indian companies working on initial public offerings are now under extra investor scrutiny following the disastrous debut of digital payments startup Paytm, the country’s biggest ever IPO.

Offerings on the radar include that of Oravel Stays Ltd., the operator of hotel-booking startup Oyo, which is looking to raise nearly $1 billion. Other sizable listings include API Holdings Ltd., the parent of online pharmacy PharmEasy, and logistics company Delhivery Ltd.

ICICI Bank on Tuesday announced the launch of ‘Trade Emerge’, an online digital banking and value-added services for exporters and importers.

‘Trade Emerge’ will include current / saving accounts, comprehensive trade services such as letter of credit, bank guarantee, trade credit, corporate internet banking, foreign exchange solutions and other features.

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