Author: Abizar Attari
News Editor

New Delhi: Shree Digvijay Cement, a local cement firm based in Gujarat, is in focus today as its promoter, True North Fund, is looking to sell 50% of its majority stake to the India Resurgence Fund (IRF) backed by the Piramal Group and Bain Capital. This marks the exit of the Funds six year investment with the cement firm which sells its products under the ‘Kamal Cement’ brand name. Following the announcement, the small cap firms’ shares are trading 3% lower, even as the deal triggers an open offer for its other shareholders.  IRF will pay Rs.85 per share, a…

New York: Altassian, the Australian productivity software major behind software development tools Jira and Confluence, has announced the acquisition of The Brower Company, a New York-based startup that has developed the Agnetic AI browser Dia for average use and the highly advanced AI-enabled Arc browser designed to help create complex workflows and heavy use. Altassian has paid $610 million in cash for this startup, with an aim to disrupt the web browser market, where Google’s Chrome browser has held its dominance with a 69% share for years. The deal aims to synergise both company’s strengths, with Atlassian planning to merge…

New Delhi: The highly anticipated GST rates overhaul has kept Cigarettes and other tobacco products within the 40% tax bracket in effect, as the earlier 28%+ compensation cess tax has been consolidated into one bracket. The much-touted GST 2.0 overhaul hasn’t made much of a difference to the ‘sin goods’ classification- products and services that the government taxes at a higher rate in a bid to discourage their use. What falls under the special 40% tax slab under GST 2.0? Gutka,  Chewing Tobacco,  Pan Masala,  Aerated soft drinks (carbonated-both fruit and non-fruit based),  Yachts,  personal aircraft,  racing cars,  betting,  casino …

After downplaying the rise of cryptocurrencies as an investment medium for years, the government finally decided to impose a flat 30% tax on cryptocurrency trades, along with a 1% TDS for the same. Three years down the line, the government has now realised this isn’t enough, as traders and exchanges have been quick to exploit a loophole that has emerged due to unclear regulation- Futures and Options trading. The Loophole On leading cryptocurrency exchanges, traders can opt for cryptocurrency futures, which aren’t taxed like spot trades. Even though they carry a bigger risk, that is offset by lower taxes charged.…

New Delhi: India’s leading indices Sensex and Nifty have risen by 500 and 150 points, respectively, in early morning trades on September 4 after Finance Minister Nirmala Sitharaman’s GST rates overhaul announcement the previous day. The GST Council has approved the Central government’s proposal to revamp the tax structure for most items to 5 and 18 percent from the earlier 4-tier structure followed since GST was introduced in 2017. GST rates overhaul: A long-standing demand  Even though the GST was credited with simplifying local taxes, it remained one of the highest rates of indirect taxes in the world, with many…

After transitioning partly from a not-for-profit to a for-profit entity, OpenAI has made another significant acquisition, paying $1.1 billion for product testing and experimentation startup Statsig. According to a blog post by OpenAI, Statsig’s experimentation platforms will help it boost its real-time decision-making, feature flagging and A/B testing requirements at OpenAI. The company’s Indian-origin CEO, Vijaye Raji, will assume the position of Chief Technology Officer, reporting to Fidji Simo, OpenAI’s new CEO of applications.  “Vijaye has a remarkable record of building new consumer and B2B products and systems at scale. He’s joining at a time when our models are opening…

Despite the stagnation in its value after witnessing exploding growth, crypto market analysts are expecting Ethereum (ETH), the world’s second-largest cryptocurrency, to reach $10,000 per token from the current levels above $4,300.   Ethereum’s dream run so far If Bitcoin has earned the moniker of ‘digital gold’, Ethereum is rightly the ‘digital silver’ of the cryptocurrency market. Given its limited supplies, rising demand will only push Bitcoin prices higher. Ethereum’s supply isn’t limited, as its supplies are adjusted regularly to maintain flexibility. As with every boom and bust cycle, Ethereum has seen its prices fluctuate even as the cryptocurrency market matured…

New Delhi: India’s largest home services marketplace, Urban Company is all set to launch its Rs.1,900 crore initial public offering (IPO) on September 10 with a price band of Rs.98-103 per share. This consists of a fresh issue of Rs.472 crores along with an Offer For Sale (OFS) of Rs.1,428 crore with a lot size of 145 shares. According to the documents filed with SEBI, existing investors Accel India, Elevation Capital, Bessemer India Partners, Vy Capital and Tiger Global are selling their holdings in the company. Based on the current valuations, Accel India stands to gain about 29X its investment,…

Two of the world’s largest cryptocurrencies, Bitcoin and Ethereum, have shown some signs of stability after weeks of high gains. Bitcoin is more or less stable at the $110,400 level while Ethereum remains resilient above its $4,300 mark. This stability has shifted the focus to smaller digital tokens- also called Altcoins- as investors tread cautiously towards a diversified approach. According to Edul Patel, CEO at Mudrex, this easing of the bull run is a mix of technical and structural constraints. “Bitcoin exchange reserves have dropped to a seven-year low, signalling strong investor conviction and easing immediate sell-side pressure,” he explains.…

Ahmedabad: Consumer Wellness Company Zydus Wellness Ltd has announced the acquisition of UK-based Vitamins, Minerals, and Supplements (VMS) company Comfort Click for £235 million. This marks the first acquisition of the Ahmedabad-based consumer wellness company, known for brands like Complan, Glucon-D and Nycil. With this deal, Zydus gains a strong entry in the health and wellness segment, especially in the US and Europe. Comfort Click operates leading online brands like WeightWorld (plant-based supplements), Animigo (natural pet health products) and Maxmedix (Paediatric-focused gummies). Through this, Zydus would be able to tap into Europe’s VMS market, currently worth £11 billion. The company’s…