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IndusInd Bank’s Q3 net profit rises almost 25%

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Mumbai, Jan 11: The IndusInd Bank on Thursday reported a hike of almost 25 per cent in net profit for the third quarter (Q3) of this fiscal.

According to the lending titan, its net profit during the quarter under review climbed to Rs 936.25 crore — up 24.72 per cent — from Rs 750.64 crore reported for the corresponding period of last fiscal.

Around 2 p.m., shares of IndusInd Bank were trading lower by 0.78 per cent at Rs 1,721.20 per share on the BSE.

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Govt extends deadline for filing income tax returns by individual taxpayers till Dec 31

The date for furnishing of various audit reports including tax audit report and report in respect of international and specified domestic transaction has also been extended to 31st December, 2020.

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Income Tax Return

To provide more time to taxpayers for furnishing of Income Tax Returns, the Central government has extended the deadline for filing returns by individual taxpayers for Financial Year 2019-20 till 31st of December this year. Earlier, the tax filing deadline was 30th of November.

Ministry of Finance in a statement said, the due date of furnishing Income Tax Returns for taxpayers whose accounts require to be audited, has been extended till 31st of January, 2021. Due date for furnishing of Income Tax Returns by the taxpayers who are required to furnish report in respect of international and specified domestic transactions has also been extended to 31st January, 2021.

The date for furnishing of various audit reports including tax audit report and report in respect of international and specified domestic transaction has also been extended to 31st December, 2020.

Besides, the due date for payment of self-assessment tax has also been extended to provide relief for the second time to small and middle class taxpayers. The Ministry said, the due date for payment of self-assessment tax by taxpayers whose self-assessment tax liability is up to one lakh rupees has been extended to 31st January, 2021.

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Govt to fetch Rs 60,000 crore from BPCL, Concor, SCI, BEML sale

The government plans to conclude the bidding process in four major PSUs — BPCL, Shipping Corporation (SCI), Container Corporation (Concor) and BEML — by November last as the stock market is heading to break above pre-Covid levels

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Modi Sitharaman

The government plans to conclude the bidding process in four major PSUs — BPCL, Shipping Corporation (SCI), Container Corporation (Concor) and BEML — by November last as the stock market is heading to break above pre-Covid levels. Though the prices of these four PSUs are far below its pre-Covid levels, the government doesn’t want to miss the opportunity as the volatility is likely to drag down the prices, said two senior executives.

The government’s stake in these listed companies are aggregately valued at Rs 56,214 crore as on Friday. “However, the government is likely to get a better premium in BPCL and Concor, because of the business opportunities and assets,” an executive said.

BPCL’s share price is about 26 per cent below its mid-February share price. Concor (down 32 per cent), BEML (down 34 per cent) and SCI (down 13 per cent) are also yet to recover to pre-Covid levels. The government’s 53 per cent stake was valued around Rs 55,000 crore in January, but it shrunk to Rs 40,000 crore in lieu with the present market capitalisation. BPCL sale is the key for the government to achieve its disinvestment target of Rs 1.2 lakh crore in this financial year.

The department of investment and public asset management (Dipam) will invite the bids for these companies. The government earlier extended the deadline for the submission of expression of interest (EoI) for the privatisation of BPCL to November 16 from September 30.

At a time when the government is exploring all the opportunities to find capital to infuse in the economy, the fundraising through disinvestment is crucial now. In this context, the officials are worried about the outcome of the BPCL bid. The reason is that the global oil companies are in dire financial crisis after the fall of crude prices and COVID-19 outbreak. Besides, they are in the process of scaling down their exposure in fossil fuel as part of decarbonisation targets. However, the government pins its hope around the recovering crude oil prices.

At the BPCL roadshows, which were held in the UK, the US and UAE in January, global oil and gas majors like Shell, Chevron, Conoco Philps, Saudi Aramco, Rosneft and Exxon Mobil had participated.

The government has also asked the Ministry of Railways to break the deadlock in license fee for the land on which Concor operates. The higher fee had halted the privatisation process. The Ministry of Railways is now in the advanced stage of framing a new land licensing fee policy for facilities built on railway land.

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India’s foreign exchange reserves rises by $3.615 bn

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rupee dollar

Mumbai: India’s foreign exchange reserves rose $3.615 billion during the week ended October 16.

According to the Reserve Bank of India’s weekly statistical supplement, the reserves increased to $555.120 billion from $551.505 billion reported for the week ended October 9.

India’s forex reserves comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country’s reserve position with the International Monetary Fund (IMF).

On a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $3.539 billion to $512.322 billion.

Similarly, the value of the country’s gold reserves increased, by $86 million to $36.685 billion.

However, the SDR value stood flat at $1.480 billion, while the country’s reserve position with the IMF declined by $11 million to $4.634 billion.

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