The Income-Tax (I-T) department has raised a demand of Rs 8,334 crore against Grasim Industries as capital gains tax in a transaction related to the demerger of its financial services business. The Aditya Birla Group company, however, said it would take appropriate action against the order, which was against the spirit of tax laws.

Grasim referred to its earlier communications in March 2019 about the demand towards dividend distribution tax raised on the company by the deputy commissioner of income tax (DCIT) and subsequent stay granted by the Bombay High Court in the matter, pending decision by the tribunal.

Indian Bank on Friday said it has picked up 13.27 per cent stake in the proposed bad bank National Asset Reconstruction Company Ltd (NARCL).

The lender has subscribed to 1,98,00,000 equity shares of NARCL for cash consideration of Rs 19.80 crore, it said in a regulatory filing.

Yoga guru Baba Ramdev has got away with a mere rap from market regulator Securities and Exchange Board of India (Sebi) for making dubious investment promises.

In a viral video, Ramdev is seen asking his followers to buy shares of Ruchi Soya Industries if they want to become crorepatis. The comments came ahead of the company’s Rs 4,500-crore fundraise by way of a follow-on offering (FPO).

The Argentine National Administration of Drugs, Food and Medical Technology (ANMAT) has authorised the use of the Chinese Sinopharm vaccine against COVID-19 for children aged 3-11 years, Health Minister Carla Vizzotti said, adding that the campaign will start by the end of the year.

ANMAT has confirmed that we can use Sinopharm [vaccine] for children aged 3-11 years ... Argentina will finish 2021 with the full coverage and protection of people aged over 3 years, Vizzotti said at a press conference on late Friday.

The United States reached its latest heartbreaking pandemic milestone Friday, eclipsing 700,000 deaths from COVID-19 just as the surge from the delta variant is starting to slow down and give overwhelmed hospitals some relief.

It took 3 months for the U.S. to go from 600,000 to 700,000 deaths, driven by the variant's rampant spread through unvaccinated Americans. The death toll is larger than the population of Boston.

Prime Minister Narendra Modi on Saturday paid tributes to Mahatma Gandhi on his 152nd birth anniversary, saying his life and ideas will inspire every generation to walk the path of their duties.

I bow to respected Bapu on Gandhi Jayanti. His noble principles are globally relevant and give strength to millions, he added.

Shares of Tata Power Company continued to climb higher, hitting a new high at Rs 165 after 13 years, up 4 per cent on the BSE in Friday’s intra-day trade, on improved outlook. The stock of Tata Group electric utilities company was trading higher for the fourth straight day and has rallied 19 per cent during the period. The previous record high was Rs 158 recorded on January 4, 2008.

In the process, Tata Power’s market capitalisation (market-cap) has crossed Rs 50,000 crore mark.

The Centre has approved release of the second installment of its share of the State Disaster Response Fund (SDRF) amounting to Rs 7,274.40 crore, in advance, to 23 states.

The decision has been taken by Union Home Minister Amit Shah as part of the Modi government's initiative to facilitate state governments to have enough funds in their SDRF to deal with any emergency arising out of any disaster.

Shares of Delta Corp hit an over three-year high of Rs 287.70 after they rallied 9 per cent on the National Stock Exchange (NSE) in the intra-day trade on Friday. The stock has been included in the derivatives segment with effect from today. In the past one month, it has zoomed 52 per cent as compared to a 2.3 per cent rise in the Nifty50 index.

At 10:10 am, Delta Corp was trading 7.5 per cent higher at Rs 283 on the NSE, as against a 0.05 per cent decline in the benchmark index.

Shares of oil exploration & production (E&P) companies continued their north-bound journey, gaining by up to 3 per cent on the BSE in Friday’s intra-day trade in an otherwise weak market on the back of 62 per cent hike in domestic natural gas prices.

The price of domestic-produced natural gas has been hiked to $2.9 per million British thermal units (mBtu) for the October 2021-March 2022 period on Thursday. The ceiling price of natural gas produced from deepwater, ultra-deepwater, and high pressure-high temperature (collectively called difficult) discoveries has also been hiked to $6.13 per mBtu.

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