Name: ED attaches Hero MotoCorp CMD & Chairman Pawan Kant Munjal's assets worth Rs 24.95 crore
Uploaded: 2023-11-10T18:07:19.000+05:30
Duration: T00M32S
Channel: Editorji News Desk
Description: Based on a Prosecution Complaint that alleged Rs 54 crore was illegally taken out of India the Enforcement Directorate has attached assets worth Rs 24.95 crore located at Delhi

While the rise in rent is seen as the biggest factor for more people willing to buy homes, 86% of landlords who were surveyed are looking to buy a second property

65% Indians willing to buy homes in 2024: NoBroker Annual Report 2023

While the rise in rent is seen as the biggest factor for more people willing to buy homes, 86% of landlords who were surveyed are looking to buy a second property

Property Ownership:&nbsp;65% Indians are willing to buy a home in 2024, revealed the annual report released by real estate property website NoBroker. This as the gap between rent and EMIs continues to narrow. The report further added that the increase in affordability and security of owning a physical asset is also among the other contributing factors.
<h3>NoBroker Report</h3>
The report surveyed 32,000 Indians out of which 41% said that it now makes more sense to buy rather than to rent a property. Those who were surveyed noted that the biggest factor pushing people towards buying homes is the rise in rent.&nbsp;
In Bengaluru the rent has risen 24%, 18% increase in Chennai, 16% in Hyderabad, 15% in Delhi-NCR and 14% in Mumbai. 56% of the landlords who participated in the survey have increased the rent by as much as 28%. 86% of the landlords are looking to buy a second property as an avenue for investment.
Also Read: <a href="https://www.editorji.com/business-news/personal-finance/housing-rents-soar-rentals-in-7-it-hubs-see-31-spike-bengaluru-tops-the-list-says-anarock-1699530896580">Housing rents soar: Rentals in 7 IT hubs see 31% spike; Bengaluru tops the list, says Anarock</a>
As per the report, the second most important factor for people to choose to buy a home is affordability. 27% &nbsp;said that they want to buy a home simply because they can while 23% said that they want to get the security of owning a physical asset. 9% said that they want to buy a home because they are getting married.
<h3>Investment in Real estate</h3>
The preference of investment in real estate also continues. As compared to 71% in 2022, 74% of Indians at the end of 2023 believe that real estate is better than any other form of investment.
"It (real estate) has demonstrated a track record of consistent growth over the past few decades and, time and again, has proven to be the best investment option. It is a safe investment option that appreciates over time and ensures good returns while also enabling tax savings," the report said.
&nbsp;
&nbsp;

Ola Electric IPO with an expected size of about Rs 8,500 crore is likely to file the draft prospectus this month and the issue would be a combination of fresh equity and offers for sale by some of its existing investors

IPO 2023: Ola Electric IPO to be the first auto company to list in 20 years in India

Ola Electric IPO with an expected size of about Rs 8,500 crore is likely to file the draft prospectus this month and the issue would be a combination of fresh equity and offers for sale by some of its existing investors

IPO 2023:&nbsp;Ola electric will be the first auto company to go public in 20 years in India. Passenger car major Maruti Suzuki's IPO hit the market in 2003. As per Times of India, with an expected size of about Rs 8,500 crore, the Ola Electric IPO will rank among top 15 offerings in India by size.
<h3>Ola Electric IPO</h3>
This will also be the first electric vehicle manufacturer to list on Indian bourses. As per Times of India, Ola Electric is expected to file the draft prospectus this month and the issue would be a combination of fresh equity and offers for sale by some of its existing investors.
Also Read: <a href="https://www.editorji.com/business-news/markets/ahead-of-ipo-ola-electric-slashes-sales-target-report-1701928777053">Ahead of IPO, Ola electric slashes sales target: Report</a>
The company in October raised Rs 3,200 crore through a mix of equity and debt. The Times of India report also mentioned that a major part of this fund would be used in the setting up of EV manufacturing unit and battery unit at its Tamil Nadu gigafactory. This factory which aims at decarbonising the environment by manufacturing electric vehicle is expected to be operational by 2024.
<h3>Ola sales target cut</h3>
Ola Electric has slashed its sales goals for 2023-2025 by more than half and delayed its target of achieving profits by a year. This after, e-scooter prices went up as the government incentives were reduced.
The revenue target is also cut down to $591 million from the earlier goal of $1.55 billion. Before the cut in incentive, Ola which was a loss-making entity was expecting a profit $220 million in the ongoing 2023-24 fiscal year. However, as per the reversed target, the company is expected to record an operating loss of $92 million this year, and a profit of $111 million next year.
Ola will sell 900,000 units in 2024-25 and 2.3 million units in 2025-26, the new document showed. Those targets are 60% and 21% lower than earlier estimates when incentives were in place.

The present retail scene displays a diverse price spectrum for garlic, ranging from ₹180 to ₹300 per kilogram, reflecting different qualities in various markets. Wholesale rates fluctuate between ₹150 and ₹260 per kilogram, further burdening consumer

Garlic prices surge amid dwindling supplies: Double in six weeks

The present retail scene displays a diverse price spectrum for garlic, ranging from ₹180 to ₹300 per kilogram, reflecting different qualities in various markets. Wholesale rates fluctuate between ₹150 and ₹260 per kilogram, further burdening consumers.

The present retail scene displays a diverse price spectrum for garlic, ranging from ₹180 to ₹300 per kilogram, reflecting different qualities in various markets. Wholesale rates fluctuate between ₹150 and ₹260 per kilogram, further burdening consumers.

Consumers are feeling the pinch as garlic prices have skyrocketed, reaching an all-time high in the last six weeks. Surpassing ₹250/kg in retail markets across the nation, this steep surge has rattled household budgets. Wholesale rates are averaging between ₹130-140/kg, while premium quality garlic commands a steep ₹220-250/kg in wholesale mandis, reported Economic Times.
The escalation in prices during December is not unusual, attributed to dwindling stored stocks. "Every year, garlic prices rise during this period due to limited supplies," remarked Vilas Bhujbal, wholesale trader from Pune APMC to ET.
The current retail landscape witnesses a broad range of prices from ₹180-300/kg for varying garlic qualities across different markets. Wholesale prices oscillate between ₹150-260/kg, adding pressure on consumers already grappling with inflated costs.
Adding to farmers' woes is the recent ban on onion exports, intensifying unrest within the farming community. This abrupt halt in exports comes at a challenging time for farmers, grappling with the aftermath of droughts and untimely rainfall.&nbsp;
The government's decision to curtail onion exports from December 8 aimed to stabilize soaring prices caused by untimely rainfall in November. Previously, prices had surged above ₹45/kg in certain markets due to robust exports to neighbouring countries like Bangladesh and Nepal.
Consequently, the ban swiftly impacted onion prices, causing a sharp decline from ₹35/kg to ₹25/kg at the Lasalgaon market, with several other markets in Nashik following suit. However, other markets in Maharashtra stood resilient, with wholesale prices ranging between ₹25/kg to ₹45/kg on Sunday, reported ET.
With garlic prices hitting unprecedented highs and onion markets experiencing volatility, consumers brace themselves for continued fluctuations in essential kitchen staples. Also Watch: <a href="https://www.editorji.com/business-news/india-bans-onion-exports-until-march-2024-amid-price-surge-1702030402008#google_vignette">India bans onion exports until March 2024 amid price surge</a>

The average price of 1 gram of 22K Gold stood at ₹5,695 while the cost for 24K gold prices stood at ₹6,213 and 1 kg silver stood at ₹75,800

Gold, Silver Rates today December 11, 2023: Check Prices in Mumbai, Delhi, Chennai

The average price of 1 gram of 22K Gold stood at ₹5,695 while the cost for 24K gold prices stood at ₹6,213 and 1 kg silver stood at ₹75,800

Gold Silver Price Today 11 December 2023: Both Gold and Silver prices fell on the Multi Commodity Index on Monday
The average price of 1 gram of 22K Gold stood at ₹5,695 while the 24K gold prices stood at ₹6,213.&nbsp;
The rate of 10 grams of 24K gold in Chennai stood at ₹62,730, which was followed by Delhi and Jaipur where the gold costs ₹61,230.&nbsp;
The average price of 10gm of Silver was at ₹758 and 1 kg of silver stood at ₹75,800.
However, in Chennai, Hyderabad, and Kerala the metal was sold at ₹77,800 followed by Delhi and Mumbai where the metal was sold at ₹75,800
24 Carat Gold Price Today December 11 (per 10gm) - Indian Top Cities
Delhi - ₹61,230 Chennai - ₹62,730 Mumbai - ₹62,130 Kolkata - ₹62,130 Bengaluru - ₹62,130
1 KG Silver Price Today December 11 - Indian Top Cities
Delhi - ₹75,800 Chennai - ₹77,800 Mumbai - ₹75,800 Kolkata - ₹75,800 Bengaluru - ₹73,800

The recent performance comes as a continuation of the remarkable uptrend witnessed last Friday. This surge was primarily fueled by the Reserve Bank of India's encouraging outlook for the current fiscal year.

Sensex hits historic 70,000 points; nifty crosses 21,000 mark

The recent performance comes as a continuation of the remarkable uptrend witnessed last Friday. This surge was primarily fueled by the Reserve Bank of India's encouraging outlook for the current fiscal year.

In an early morning surge, the Sensex, India's benchmark index, marked a historic milestone by surpassing the 70,000-point threshold for the first time on Monday. Simultaneously, the Nifty, a broader index, surged past the 21,000 level, solidifying the stock market's ongoing bullish streak.
This remarkable achievement follows the indices reaching unprecedented highs last Friday, bolstered by the Reserve Bank of India's optimistic growth projection for the current fiscal year and its decision to maintain unaltered policy rates.
Starting the day on a high note, the 30-share Sensex hit an all-time pinnacle of 70,048 points immediately after opening. However, it slightly retreated from this zenith to settle at 69,958 points, still marking a notable upswing of 132 points in comparison to the previous closing level.
In a parallel, the 50-share Nifty soared to its peak at 21,019 points before moderating to 20,984 points, indicating an increase of 15 points from the previous trading session.
Foreign Portfolio Investors displayed a bullish sentiment, injecting ₹26,505 crore into the domestic equity market within the initial six trading sessions of December, reflecting growing confidence in India's economic prospects among international investors.
The bullish trend in the stock market resonates with the positive sentiments prevailing among investors, supported by upbeat economic indicators and a favourable policy environment.&nbsp; Also Watch: <a href="https://www.editorji.com/business-news/markets/sensex-crosses-69k-as-markets-surge-continues-adani-pack-power-grid-lead-gains-while-hul-among-losers-1701776448295#google_vignette">Sensex crosses 69k as markets surge continues; Adani pack, power grid lead gains while HUL among losers</a>

Tata Motors, known for its varied range including the Tiago hatchback and premium SUV Safari, with prices spanning from ₹5.6 lakh to ₹25.94 lakh, had hinted at a potential price revision.

Tata Motors to implement 3% price hike on commercial vehicles from 1st January 

Tata Motors, known for its varied range including the Tiago hatchback and premium SUV Safari, with prices spanning from ₹5.6 lakh to ₹25.94 lakh, had hinted at a potential price revision.

Tata Motors has announced a 3% increase in the prices of its commercial vehicles starting January 1, 2024. This announcement comes as the company aims to counterbalance the residual impacts of past input costs, according to a filing with regulatory authorities.
The price hike will span the entire spectrum of commercial vehicles offered by Tata Motors. While the automaker didn't initially specify the extent of the potential increase, it later confirmed the up to 3% raise.
Tata Motors, renowned for its diverse portfolio ranging from the Tiago hatchback to the premium SUV Safari, priced between Rs 5.6 lakh and Rs 25.94 lakh, had previously indicated the likelihood of a price adjustment.
This move aligns Tata Motors with several other major automotive companies like Maruti Suzuki, Mahindra &amp; Mahindra, Honda, and Audi, all of which have also announced price hikes from January.
India's regulatory requirements are steering the automotive industry towards stricter fuel efficiency norms since April of the current year. Additionally, the mandate for all cars to be equipped with six airbags by October has set forth challenges for automakers.
Despite a slight decrease in key commodity prices from their historic highs, automobile manufacturers have been compelled to implement price hikes to maintain margins, especially within a high-inflation environment.
Also Watch: <a href="https://www.editorji.com/business-news/markets/maruti-suzuki-m-m-and-audi-india-to-hike-prices-for-jan-2024-1701153101036#google_vignette">Maruti Suzuki, M&amp;M, and Audi India to hike prices for Jan 2024</a>

In this episode of Invest Smart, Feroze Azeez, Dy CEO 
of Anand Rathi Wealth, and Editorji's Avni Raja discuss how investors should navigate the current bullish trend in the stock market.

Invest Smart: How to manage investments in a bull market 

In this episode of Invest Smart, Feroze Azeez, Dy CEO&nbsp; of Anand Rathi Wealth, and Editorji's Avni Raja discuss how investors should navigate the current bullish trend in the stock market.

In this episode of Invest Smart, financial expert Feroze Azeez engaged in a comprehensive discussion shedding light on navigating investments within the ongoing bull market.&nbsp;
He drew attention to the evolution of bull markets, emphasizing the transition from the high compound returns of the past to the current, more moderate gains hovering around 13-14%.
Crucially, Azeez highlighted the pivotal role of earnings growth in sustaining the market's upward trajectory. However, the discussion underscored the necessity of cautiousness due to observed levels of overvaluation in various market segments. Large-cap stocks
Delving deeper into market complexities, the dialogue spotlighted nuances within large-cap stocks. While overall Nifty PE ratios remained at a reasonable 21-22, concerns were raised regarding overvaluation in specific counters. Azeez stressed the importance of a nuanced approach, considering the wide valuation fluctuations evident within market indices.
Profit booking On profit booking, Azeez offered tailored advice based on individual equity allocations. Investors with over 80% equity exposure were advised to consider profit booking, while those with a below 50% equity allocation were encouraged to maintain a balanced stance.
Fear of Missing Out on Rally
Azeez dispelled the Fear of Missing Out (FOMO) by presenting historical market data, illustrating the market's circular trajectory over the last two years. He emphasized the importance of a realistic, long-term investment outlook, anticipating both returns and corrections in the range of 14-15% annually.
For prospective investors, He recommended building a diversified portfolio foundation comprising flexi-cap, mid-cap, and small-cap funds. He also outlined contemporary funds poised to potentially outperform the Nifty by 3-4%. Sectoral Investments&nbsp;
Addressing sectoral investments, Azeez cautioned about the limitations of mutual funds in swiftly capitalizing on sectoral shifts. However, he identified Pharma as a potentially lucrative long-term sector due to an impending industry transformation. Concluding his advices, Azeez encouraged viewers to engage and seek tailored investment guidance.
Also Watch:<a href="https://www.editorji.com/business-news/invest-smart/invest-smart-navigating-market-turmoil-strategies-for-investors-amidst-volatility-1698407893823"> Invest Smart: Navigating market turmoil; strategies for investors amidst volatility&nbsp;</a>

The unions' firm request for a 5 day banking remains a crucial condition, emphasizing their stance to withhold complete endorsement of the wage agreement until this requirement is fulfilled. 

Bank unions secure 17% salary hike agreement; Demand 5 day work week

The unions' firm request for a five-day work week remains a crucial condition, emphasizing their stance to withhold complete endorsement of the wage agreement until this requirement is fulfilled. 

<h2>The unions' firm request for a five-day work week remains a crucial condition, emphasizing their stance to withhold complete endorsement of the wage agreement until this requirement is fulfilled.&nbsp;</h2>

Bank Employees Salary Hike: Bank unions have recently reached an agreement with the Indian Banks Association (IBA) to implement a substantial 17% annual salary hike over five years, starting from the fiscal year 2021-22. This consensus, set to take effect from November 1, 2022, aims to enhance the financial remuneration for bank employees across the country.
This wage revision agreement, announced marks a significant milestone between the IBA and various bank unions. However, the unions have set forth a pivotal condition before fully endorsing the deal - the declaration of all Saturdays as public holidays for banks.
While a memorandum of understanding (MoU) has been formalized between the IBA and the United Forum of Banks along with other unions and associations, the final agreement hinges upon the assurance of a 5-day banking.
The 17% increase in salaries and allowances for the fiscal year 2022-23 would amount to approximately Rs 12,449 crore, encompassing all public sector banks, including the esteemed State Bank of India (SBI).
Per the terms outlined in the MoU, the new pay scales will incorporate the merging of dearness allowance (DA) amounting to 8,088 points with the basic pay as of October 21, 2022, coupled with a 3% loading, totaling ₹1,795 crore.
To allocate the annual wage hike among bank employees, the distribution will be calculated separately and proportionally based on the establishment expenses for the fiscal year 2022.
<h3>5 Days Banking</h3>
Further discussions between the parties are scheduled to finalize a comprehensive Bipartite Settlement or Joint Note, encompassing various consensual matters. It's noteworthy that the IBA has urged the government to designate all Saturdays as holidays within the banking sector under the Negotiable Instruments Act of 1881.
The unions&rsquo; insistence on a five-day work week stands as a significant demand, underlining their intent to not fully ratify the wage agreement until this condition is met, ensuring improved work-life balance for bank employees. Also Watch: <a href="https://www.editorji.com/business-news/iba-s-proposal-banks-consider-transition-to-five-day-workweek-1701956872154#google_vignette">IBA's proposal: Banks consider transition to five-day workweek</a>

UPI limits hiked: The RBI has increased the UPI payment limits to Rs 5 lakh for hospitals and educational institutions while increasing the limits of e-mandates for recurring payments of specific categories to Rs 1 lakh.

UPI Tranction Limit Hiked: RBI raises UPI limit to Rs 5 lakh per transaction for hospitals and educational institutions

The RBI has increased the UPI transaction limit to Rs 5 lakh for hospitals and educational institutions while increasing the limits of e-mandates for recurring payments of specific categories to Rs 1 lakh

<h2>The RBI has increased the UPI transaction limit to Rs 5 lakh for hospitals and educational institutions while increasing the limits of e-mandates for recurring payments of specific categories to Rs 1 lakh</h2>

UPI transaction limit increased: The RBI on Friday increased the UPI payment limits for hospitals and educational institutions to Rs. 5 lakh from Rs. 1 lakh per transaction. RBI Governor Shaktikanta Das announced this during the bi-monthly Monetary Policy Committee (MPC) meeting.&nbsp;
"The limit for various categories of UPI transactions has been reviewed from time to time. It is now proposed to enhance the UPI transaction limit for payment to hospitals and educational institutions from Rs 1 lakh to Rs 5 lakh per transaction. This will help the consumers to make UPI payments of higher amounts for education and healthcare purposes," Shaktikanta Das said
<h3>UPI Limit enhancement in e-mandates</h3>
He further announced the enhancement of limits in e-mandates for recurring payments for specific categories. The limits have been raised to Rs 1 lakh for mutual fund subscriptions, insurance premium subscriptions, and credit card repayments.&nbsp;
&ldquo;E-mandates for making payments of a recurring nature have become popular among customers. Under this framework, an additional factor of authentication (AFA) is currently required for recurring transactions exceeding Rs 15,000. It is now proposed to enhance this limit to Rs 1 lakh per transaction for recurring payments of mutual fund subscriptions, insurance premium subscriptions, and credit card repayments. This measure will further accelerate the usage of e-mandates", Shaktikanta Das said
<h3>Repo Rate Unchanged</h3>
For the fifth time in a row, the Reserve Bank of India Monetary Policy Committee has kept the repo rate unchanged at 6.5% and the withdrawal of accommodation stance. The GDP forecast for FY24 is also raised to 7% while the CPI inflation is kept unchanged at 5.4%.
Also Read: <a href="https://www.editorji.com/business-news/rbi-monetary-policy-december-2023-1702010117722" target="_blank">RBI Monetary Policy December 2023: Repo rate left unchanged at 6.5% for the fifth time</a>

Facing financial woes, Dunzo aims to close down 50% of its dark stores, having already shut down 20-30% of these stores in Delhi-NCR and Hyderabad in 2022

Dunzo grapples with cash crunch, employees miss November paychecks

Facing financial woes, Dunzo aims to close down 50% of its dark stores, having already shut down 20-30% of these stores in Delhi-NCR and Hyderabad in 2022

Dunzo, backed by Google, faces financial strain, reportedly delaying employee salaries for November amid cash crunch problems, as per the Hindu Business Line. Layoffs and Unpaid Dues:
The hyperlocal e-commerce platform has cut over 30% of its workforce in recent months, reducing its staff from over 1,000 employees at the start of 2023. The company has undergone three rounds of layoffs, axing about 300 employees in the first half of the year to curb expenses.
Additionally, Dunzo has yet to settle dues for its existing employees, as reported by the Financial Daily. The startup has also deferred final payments to those laid off, planning to clear their dues over the next three months, as stated by PTI agency in October.
Dark Store Closures and Financial Woes:&nbsp;
Facing financial woes, Dunzo aims to close down 50% of its dark stores, having already shut down 20-30% of these stores in Delhi-NCR and Hyderabad in 2022.
The company's financial troubles coincide with its collaboration with OneTap, a revenue financing firm, established in August. Co-founder Dalvir Suri reportedly exited the company in October. Cost-Cutting Initiatives:&nbsp;
Earlier in April, Dunzo closed a $75-million financing round via convertible notes, having previously raised $240 million in equity funding in January 2022. Notably, Reliance Retail holds a 25.8% stake in Dunzo, while Google possesses around 20%.
Despite raising approximately $457.6 million across 19 funding rounds, Dunzo's auditor, Deloitte, expressed doubts about its sustainability, citing a significant increase in net losses to ₹1,802 crore in FY23, a 288% surge from the previous year.
To reduce costs, Dunzo migrated employee accounts from Google to Zoho workspace, aiming for at least a 33% cost reduction. Earlier, the company had also relinquished its Bengaluru office space.

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Cyclone Michaung

Based on a Prosecution Complaint that alleged Rs 54 crore was illegally taken out of India the Enforcement Directorate has attached assets worth Rs 24.95 crore located at Delhi

ED attaches Hero MotoCorp CMD & Chairman Pawan Kant Munjal's assets worth Rs 24.95 crore

<h2>Based on a Prosecution Complaint that alleged Rs 54 crore was illegally taken out of India the Enforcement Directorate has attached assets worth Rs 24.95 crore located at Delhi</h2>

The Enforcement Directorate on Friday attached three immovable properties of Hero MotoCorp CMD and chairperson, Pawan Kant Munjal. All the assets approximately worth Rs 24.95 crore is located at Delhi.&nbsp;
<h3>Prevention of Money Laundering Act</h3>
ED has attached the properties under the Prevention of Money Laundering Act. The agency initiated an investigation based on a prosecution complaint filed by Directorate of Revenue intelligence (DRI) u/s 135 of the Customs Act, 1962 against Munjal and others for taking foreign exchange/currency out of India illegally.
The complaint alleges that foreign currency/foreign exchange equivalent to Rs 54 crore was illegally taken out of India. ED had carried out raids against Munjal in August and his companies.
The world's largest two-wheeler manufacturer reported a net profit of Rs 1,054 crore, which is 47% increase year-on year. Its net profit was at Rs 716 crore in the year-ago period.

Exclusive early access for Flipkart Plus members and partnerships with banks like HDFC and Punjab National Bank ensure instant discounts and attractive deals on card and EMI transactions

Flipkart big year end sale 2023 is live: Dates, banks offers, no cost EMI

Exclusive early access for Flipkart Plus members and partnerships with banks like HDFC and Punjab National Bank ensure instant discounts and attractive deals on card and EMI transactions

Flipkart's Year End sale is set to kick off on December 9, promising a week of discounts across various categories like electronics, fashion, and furniture. Exclusive early access will be granted to Flipkart Plus members a day ahead. Discounts of up to 80 percent are on the horizon, supported by partnerships with HDFC Bank, Punjab National Bank, and others, offering instant discounts on card and EMI transactions. The sale encompasses cashback offers, exchange deals, and no-cost EMI options. Flipkart's Big Savings Week: Dates &amp; details&nbsp;
Running from December 9 to December 16, the Flipkart Big Year End Sale ensures extra perks for Flipkart Plus members on December 8. A dedicated webpage highlights substantial discounts, notably up to 80 percent off on fashion accessories, electronics, furniture, and mattresses. Smartphone giants like Apple, Samsung, Realme, and Motorola are expected to slash prices during this sale.
Also read/watch - <a title="Govt plans to increase coal production to 1.5 billion tonnes by 2029-30" href="https://www.editorji.com/business-news/economy/govt-plans-to-increase-coal-production-to-1-5-billion-tonnes-by-2029-30-1702300362848">Govt plans to increase coal production to 1.5 billion tonnes by 2029-30</a>
Top Deals: Smartphones, Electronics, and More
Among the anticipated deals, the iPhone 14 will drop to ₹55,000 from ₹69,900, Motorola's Edge 40 to ₹25,499, Infinix Hot 30i to ₹7,149, and Nothing Phone 2 to ₹34,999. These prices include bank offers. Additionally, the Samsung Galaxy S22 and other smartphones like the Google Pixel 7, Realme C53, Samsung Galaxy F14 5G, Poco C55, and Realme 11 Pro 5G will see price cuts.
Not limited to smartphones, TVs, appliances, beauty, toys, and sports products will witness discounts up to 85 percent, while home kitchen products will start at ₹49. Exclusive Benefits: Card Offers and EMI Options&nbsp;
Shoppers using select debit and credit cards from HDFC, Bank of Baroda, and Punjab National Bank can enjoy up to a 10 percent instant discount. Further, there will be additional no-cost EMI options and exchange discounts available during the sale.

Union Minister for Coal and Mines Prahlad Joshi in the parliament mentioned that the transition away from coal is not happening in India in the foreseeable future while the government is planning to increase the coal production to 1.5 bn Tonnes by 2029-2030

Govt plans to increase coal production to 1.5 billion tonnes by 2029-30

Union Minister for Coal and Mines Pralhad Joshi in the parliament mentioned that the transition away from coal is not happening in India in the foreseeable future while the government is planning to increase the coal production to 1.5 bn Tonnes by 2029-2030

India has witnessed the highest ever coal production in the year 2022-23. The Ministry of Coal in a press release mentioned that the all India coal production in the year 2022-23 was 893.19 Million Tonne in comparison to 778.21 Million Tonne in the year 2021-22. Further, in the current financial year up to Nov. 2023, the country has produced about 591.40 Million Tonne of coal as compared to about 524.72 MT during the same period of last year with a growth of about 13%.
<h3>Coal Production plans</h3>
The government is now planning to increase the coal production to 1.5 billion Tonnes by 2029-2030 to meet the growing demand. Coal India is looking to enhance the production through extension of existing mines and opening of new mines. So far, the coal ministry through auctions in 7 tranches, 91 coal blocks are successfully auctioned.&nbsp;
Meanwhile, Union Minister of Coal and Mines Pralhad Joshi in the parliament mentioned that, the transition away from coal is not happening in India in the foreseeable future. "Although India is pushing for renewable, non-fossil-based energy, but the share of coal in the energy basket is going to remain significant in the years ahead to ensure affordable energy availability", said Joshi.
He further added that although some mines may be closed down due to exhaustion of reserves, many new coal blocks are being operationalised to meet the growing energy demand. He also added that the World Bank is implementing a technical assistance project to study the closed and about to be closed mines.
"The World Bank is implementing a technical assistance project. This is intended for the study of already closed, abandoned and to be closed mines due to resource exhaustion and geo-spatial mapping of the area," the coal and mines minister informed the Parliament.
Joshi also noted that these mines would create more jobs and improve the livelihood of people.
"These mines are not only ensuring affordability and energy security of the nation, but also providing new additional opportunities for new employment and redeployment of workers in new mines from the to-be-closed mines to ensure better livelihood and also generate indirect employment opportunities in coal regions", Joshi said in the parliament.

Many of the Indian stocks with GQG Partners' investment surged over 50% this year, beating the 15% rise in the benchmark S&P BSE Sensex with the six GQG funds jumping to $9.9 billion

Rajiv Jain led GQG partners' India portfolio value doubles

Many of the Indian stocks with GQG Partners' investment surged over 50% this year, beating the 15% rise in the benchmark S&amp;P BSE Sensex with the six GQG funds jumping to $9.9 billion

GQG Partners' India Portfolio value more than doubled in a little over a year. This was not just driven by Adani stocks but Rajiv Jain's winning bets on other Indian stocks too.&nbsp;
According to data compiled by Bloomberg, the value of India investments across six of GQG&rsquo;s funds jumped to $9.9 billion compared with $4.4 billion a year earlier.&nbsp;
<h3>GQG Investment</h3>
The investor added stocks across infrastructure, consumer goods and energy sectors in the India equity market which topped the $4 trillion mark last week. GQG's Adani investment alone vaulted to $7 billion. Rajiv Jain bought shares worth $1.9 billion in March after the Hindenburg report and some more later.
Also Read: <a href="https://www.editorji.com/business-news/gqg-partners-acquires-over-5-crore-shares-of-idfc-first-bank-from-ceo-v-vaidyanathan-1694423194116">GQG Partners acquires over 5 crore shares of IDFC First Bank from CEO V Vaidyanathan</a>
Over the past week, the Adani group's market value has increased by about $80 billion since GQG's investment in March. In an interview to Bloomberg in April, Rajiv Jain called the Adani stocks &nbsp;&ldquo;one of the best infrastructure assets&rdquo; in India.
Along with Adani stocks, GQG also bought JSW Energy Ltd., Patanjali Foods Ltd., Macrotech Developers Ltd., Max Healthcare Institute Ltd. and IDFC First Bank Ltd. for the first time between April and September this year. It added ITC Ltd. &mdash; the fund&rsquo;s largest bet &mdash; and State Bank of India Ltd. among other stocks.&nbsp;
Many of the stocks surged over 50% this year, beating the 15% rise in the benchmark S&amp;P BSE Sensex.
Meanwhile, GQG exited its holdings in Reliance Industries Ltd., Infosys Ltd., Cipla Ltd. and Bajaj Finserv Ltd. All of these have underperformed against the Sensex in 2023.
As per Bloomberg a total of nine GQG funds, that includes mutual funds, collective investments and managed funds, had investments worth $14.5 billion in India as of October end, or about 20% of their total assets under management. The six funds whose portfolio details are available have seen a surge by 125% since last year.
 &nbsp;

Late filers face penalties under Section 234F of the Income Tax Act, with a fee of ₹5,000 (reduced to ₹1,000 for incomes below ₹5 lakh)

ITR filing deadline: December 31 is last day for belated ITR

Late filers face penalties under Section 234F of the Income Tax Act, with a fee of ₹5,000 (reduced to ₹1,000 for incomes below ₹5 lakh)

With the year drawing to a close, it's crucial for taxpayers to place filing their Income Tax Returns (ITRs) at the top of their to-do list before the approaching December 31 deadline. This annual obligation under income tax laws not only ensures compliance but also allows individuals to claim refunds on excess taxes paid or deducted throughout the year.&nbsp;
Late Filing Penalties and Interest The original deadline for filing ITRs for the financial year 2022-2023, which corresponds to the assessment year 2023-2024, lapsed on July 31, 2023. For those who missed this deadline, December 31 is the last chance to do so. Late filers face penalties under Section 234F of the Income Tax Act, with a fee of ₹5,000 (reduced to ₹1,000 for incomes below ₹5 lakh). Additionally, interest accrues at 1% per month on the unpaid tax amount.
Also read/watch - <a title="65% Indians willing to buy homes in 2024: NoBroker Annual Report 2023" href="https://www.editorji.com/business-news/65-indians-willing-to-buy-homes-in-2024-nobroker-annual-report-2023-1702292195477">65% Indians willing to buy homes in 2024: NoBroker Annual Report 2023</a>
Financial Implications Beyond the Deadline Post the December 31 cutoff, financial implications intensify. Delinquents may encounter penalties and interest charges. However, a ray of hope exists as updated returns can still be filed within 24 months of the assessment year's end, albeit with additional income tax.
Updated Return Provisions The Finance Act, 2022, introduced updated returns, allowing an extended duration for filing after specified deadlines. While no penalty is imposed for furnishing an updated return, additional tax is levied under Section 140B of the Income Tax Act.
Also read/watch - <a title="INOX India IPO: Price band, GMP and other details" href="https://www.editorji.com/business-news/markets/inox-india-ipo-price-band-gmp-and-other-details-1702283071705">INOX India IPO: Price band, GMP and other details</a>
Conditions and Limitations Updated returns can be filed using ITR forms specified for the relevant assessment year. However, they cannot be used to claim tax refunds. Failure to file ITR altogether might lead to loss carry-forwards and penalties ranging from 50% to 200% of assessed tax, with prosecution possible in severe cases involving significant discrepancies.
Ultimately, adhering to the December 31 deadline not only fulfills one's tax obligations but also helps avoid penalties and legal ramifications.

The INOX India IPO launch date of subscription is scheduled for December 14 and will close on December 18. Check out INOX India ipo gmp, price band, lot size, issue details, etc.

INOX India IPO Launch Date Announced: Check Price band, GMP and Issue Details

INOX India IPO: Price band, GMP and other details

<h2>The INOX India IPO date of subscription is scheduled for Thursday, December 14, and will close on Monday, December 18. The allocation to anchor investors for the INOX IPO is scheduled to take place on Wednesday, December 13</h2>

INOX India IPO Launch Date: INOX India Limited is set to launch its IPO with a price band of ₹627 to ₹660 per equity share, scheduled for subscription from December 14 to December 18. The IPO lot size is 22 equity shares, with multiples in the same increment.
The IPO comprises an offer for sale of up to 22,110,955 equity shares by selling shareholders, including the promoters Pavan Kumar Jain, Nayantara Jain, Siddharth Jain, Ishita Jain, and Manju Jain.
<h3>INOX India IPO details</h3>
The company, known for its brand INOXCVA in cryogenic equipment, saw a notable increase in net profit by 17% to ₹153 crore in FY23, accompanied by a revenue growth of 23% to ₹966 crore. However, there was a slight decrease in EBITDA margin from 23.47% to 22.62% in FY23. The total debt was reduced to ₹8.99 crore from ₹54.54 crore in the preceding year.
<h3>INOX India IPO Allocation</h3>
The IPO allocation reserves 50% for qualified institutional buyers, 15% for non-institutional investors, and 35% for retail investors. Post-subscription, allotment will be finalized by December 19, refunds initiated on December 20, and shares credited to allottees' demat accounts on the same day. The listing is anticipated on December 21 on BSE and NSE.
The book-running lead managers are ICICI Securities Limited and Axis Capital Limited, while KFin Technologies Limited acts as the registrar.
<h3>INOX India IPO GMP</h3>
Regarding the market sentiment, the current grey market premium (GMP) for INOX India IPO is reported at ₹0, suggesting shares are trading at the issue price of ₹660 without any premium or discount, according to investorgain.com. Grey market premium indicates investors' willingness to pay above the issue price.

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