Author: Abizar Attari
News Editor

Mumbai: The Tata Group, consisting of over 400 companies, and collectively worth Rs.27 lakh crore, are going to wait for bated breath for tomorrow’s meeting of the trustees of the Tata Trusts, which holds about 66% stake in Tata Sons, the holding company of the Tata Group. Following charismatic leader Ratan Tata’s passing last year, the group has found itself in the spotlight due to the infighting amongst the trustees, with Ratan’s successor Noel Tata and his associates, N Chandrashekharan, Chairman of Tata Sons and Venu Srinivasan, a trustee at odds with the decisions taken by the other trustees. The…

Jamnagar: A  tax evasion scam worth almost Rs.500 crores has been unearthed in Jamnagar, with the police launching a manhunt for the prime accused, CA Alkesh Pedhadiya. The Jamnagar Police, along with the GST department, has launched an in-depth investigation for the last six days for fraudulent GST tax credits filed by the CA. The scam came to light after the City C. Division Police Station at Jamnagar launched an investigation after a complaint was filed by Pradipsinh Jadeja, a businessman from Moti Lakhani village. Alkesh Pedhadiya through his concern Brahm and Associates, had filed fraudulent GST returns through bogus…

Bengaluru: IT giant Infosys Ltd has clarified that the services rendered by its overseas subsidiaries and clients for projects done abroad do not qualify as exports under India’s GST framework. The company mentioned this in a press release to the bourses, acknowledging that it erroneously claimed refunds for such transactions. The statement comes a day after the company was issued a Rs.415 crore show cause notice for ineligible input tax credit (ITC) refunds by the Directorate General of GST Intelligence (DGGI). In a regulatory filing to the NSE, the company said that the DGGI had sought information about the GST…

Lucknow: Authorities in Barabanki, Uttar Pradesh have dismantled a large scale counterfeit mineral water manufacturing unit, acting on directives issued by a court in Karkarduma, Delhi. The illegal unit was manfuacturing and selling bottled water under the misleading brand name ‘CLEAR FRESH’ similar to the packaging used by the ‘CLEAR’ brand owned by a company based in Ahmedabad, Gujarat. According to officials, the authorities seized packaging, bottles, caps and stickers worth crores of rupees from a unit run by S.M. Hightech City Private Limited at Agro Park, UPSIDC. The raid followed a complaint by the trademark owner, who alleged brand…

Navi Mumbai: Mumbai will now have another airport even as the current  Chhatrapati Shivaji Maharaj International Airport (CSMIA), has become overburdened, handling over 50 million passengers annually. PM Narendra Modi arrived in Mumbai to inaugurate the airport, which has been developed at a cost of Rs.19,646 crore, and aims to decongest the existing airport, while offering airlines and flyers a refined flying experience. “Now Mumbai has a new airport, which will be Asia’s largest connectivity hub.” PM Modi said this while addressing a gathering at the airport’s inauguration. “With this new airport, farmers in Maharashtra will be connected to the…

Mumbai: JSW Cement has announced the commissioning of its new cement grinding unit in Sambalpur, Odisha, boosting the mid-size cement players’ installed capacity by 1.0 MTPA. The unit will operate under its subsidiary Shiva Cement, with a commercial agreement with Bhushan steel, carrying forward the company’s strategy of setting up cement plants to complement its steel business. The manufacturing facility in Sambalpur is situated near the borders of Chhattisgarh and Jharkhand, with proximity to the raw materials it requires for production. “The eastern region of the country is poised for exponential growth in the coming years. With rapid expansion in…

Ahmedabad: This year’s cyclone over the Indian Ocean, christened Cyclone Shakti, has weakened significantly over the Indian Ocean, according to an update by the Indian Meteorological Department (IMD). The cyclone is expected to further diminish within the next 24-48 hours. According to weather expert Paresh Goswami, the cyclone was earlier moving towards Oman, but has changed its direction towards India and died down at sea. The Deep Depression (Remnant of #Cyclonic_Storm_Shakhti) over westcentral and adjoining northwest Arabian Sea moved southeastwards with a speed of 7 kmph during the past 06 hrs, weakened into a depression and lay centred at 0830…

Mumbai: LG Electronics India has become the latest company to go public with its Rs. 11,607 crore Initial Public Offering (IPO), making this one of the biggest listings in India’s consumer durables sector. Though the company remains profitable, with a strong 10.7% CAGR growth in revenues since 2023, the Korean promoters are looking to dilute their stake to unlock value. Through this IPO, LG Electronics Inc is offloading 10.18 crore shares (25% of its holdings), with a fixed price band of Rs.1,080-1,140 per share. Almost 3.55 crores are allocated to retail investors, where they are can invest Rs.14,820 for a…

Bangalore: Ola Electric, helmed by the flamboyant, IIT-educated Bhavish Agarwal, has received the regulator’s nod to use its indigenously developed ferrite motor for its product line. The motor was certified following rigorous motor power tests as per the AIS 041 notifications by the Global Automotive Research Centre in Tamil Nadu. This marks the first time an Indian Original Equipment Manufacturer (OEM) has managed to design, develop and manufacture an electric motor that doesn’t rely on imported rare earths. Ferrite motors are generally not preferred for EVs, as designing one is quite challenging due to the less power generated, even though…

Hyderabad: US-based pharmaceutical major Eli Lilly has announced a $1 billion investment to set up its first manufacturing unit and quality hub in India, even as the company seeks to boost its production capacities in India despite US President Donald Trump’s threat of 100% tariffs on imported branded pharmaceuticals. The company is looking to set up a state of the art manufacturing plant in Hyderabad which will focus solely on its branded drugs, especially its highly popular weight loss drug Mounjaro. Eli Lilly, has, so far, depended on contract manufacturers to supply its medications in the country, and this investment…