Finance

After dividend distribution tax, Finance Minister ends tax avoidance via buyback route

Finance Minister Nirmala Sitharaman has proposed closing the buyback route used by corporates to avoid paying taxes. Earlier, corporates used to prefer using the buyback route after the government levied a dividend distribution tax of 10 percent in 2007, which was further hiked by a similar quantum in 2016. In the last three years, more than 170 companies have bought back shares worth ... Read More »

Here’s what the MSME ecosystem expects from Finance Minister Nirmala Sitharaman’s Union Budget

Finance Minister Nirmala Sitharaman is all set to present her first Union Budget on July 5, 2019. With the Bharatiya Janata Party (BJP) in power and expectations running high for Modi 2.0, small businesses around the country are watching with bated breath. When the Interim Budget was presented by then-Finance Minister Piyush Goyal in February 2019, he allocated the MSME sector an all-time high Rs 7011.29 crore. Nirmala ... Read More »

Number of bank fraud declines to 6,735 in 2018-19, says FM Nirmala Sitharaman

The bank fraud incidence involving over Rs 1 lakh has declined to 6,735 in 2018-19 as compared to 9,866 in the previous fiscal, Parliament was informed Tuesday. The bank fraud incidence involving over Rs 1 lakh has declined to 6,735 in 2018-19 as compared to 9,866 in the previous fiscal, Parliament was informed Tuesday. During 2018-19, as many as 6,735 ... Read More »

Reliance Home Finance falls 7% on extending maturity of NCDs of Rs 400cr

Shares of Reliance Home Financeshed 7.3 percent in the early trade on July 1 after the company extended maturity on certain NCDs of Rs 400 crore. The company in its press release dated June 29 said that in view of the continuing severe liquidity crisis in the sector, the maturity of certain NCDs of Rs 400 crore has been extended till October 31, ... Read More »

Ola plans to invest in Avail Finance

Bengaluru: ANI Technologies-owned Cab aggregator Ola plans to invest an undisclosed sum in Avail Finance as part of its deal with the latter to build financial solutions for its base of 1.5 million driver partners. Avail Finance said on Monday it had already raised $9 million in the Series A round led by Matrix Partners in addition to the proposed undisclosed sum from ... Read More »

Agriculture productivity ‘unacceptably low’ in Karnataka: 15th Finance Commission

Agriculture in Karnataka declined by 0.3 percent as incomplete irrigation projects dragged productivity in the sector, as per a report submitted to the 15th Finance Commission by the state. NK Singh, Chairman of the Commission, in a media address in Bengaluru said incomplete irrigation projects and lack of diversified crops were reasons for the ‘unacceptably low’ productivity. Singh said that given the ... Read More »

Mahindra Finance looks to raise $460 million from offshore markets

Mahindra and Mahindra Financial Services, the non-bank arm of the Mahindra group, is looking to tap the overseas markets to raise at least $460 million through a mix of loans and bonds. The company had raised $200 million in FY19 through the external ECB route, and is in the process of raising another $160 million in overseas loans, said Ramesh ... Read More »

Budget 2019: Halwa ceremony held at finance ministry, printing of budget documents starts

Union Finance Minister Nirmala Sitharaman serving halwa to her colleague Anurag Thakur. (Photo: Twitter/Finance Ministry) Preparations for the Union Budget 2019-20 are on full swing with the Union finance ministry organising the traditional ‘halwa ceremony’ today. Every year a halwa ceremony is organised at the finance ministry to mark the beginning of printing of documents related to the Union budget. ... Read More »

M&M Finance to announce strategic tie-up for asset management arm

Mahindra & Mahindra Financial Services will rope in a strategic partner for its asset management arm-Mahindra Asset Management, sources told Moneycontrol. The company is expected to make the announcement at a press conference in Mumbai on June 21. “The strategic partner is an Indonesian player,” an industry source said without divulging details. As on March 2019, the assets under management (AUM) of Mahindra Mutual ... Read More »

Piramal Enterprises divests its stake in Shriram Transport Finance

Piramal Enterprises (PEL) announced the sale of its investment of 9.96% in the fully paid-up share capital of Shriram Transport Finance Company Limited (STFCL). Piramal has a long-standing track record of shareholder value creation and has consistently leveraged the right opportunities at the appropriate time to deliver an annualized shareholder return of approx. 28% over the last 31 years. Earlier this year in ... Read More »