Author: NNI Editor
As many as 31,161 tax payers have declared ₹29,208 crore worth of foreign assets in assessment year 2024-25 as a result of a new compliance and awareness campaign, government sources said. The 31,161 tax payers, comprising less than 1% of the total number of tax payers (10.4 crore in 2023-24) reviewed their ITR and declared ₹29,208 crore in foreign assets and ₹1,089.88 crore in additional income. Additionally, 6,734 people changed their residential status to ‘non-resident’, the sources said. The data is part of a larger outreach activity to encourage tax payers to come forward and declare their assets voluntarily. The declaration was…
Generic drugmaker Laurus Labs Board will invest ₹83.30 crore in its joint venture with Slovenian firm KRKA. Consequently, KRKA will also be investing ₹86.7 crore to maintain the existing shareholding ratio of 51:49 in KRKA Pharma, the joint venture company, Laurus said on Thursday in a filing after getting its Board approval for the ₹83.30 crore investment. The purpose of the investment is to acquire land and to meet initial cost of setting up a manufacturing facility for production of finished products for the new markets, including the Indian market. This investment aligns with the company’s strategic growth plans and…
About 31,161 tax payers reviewed their income tax returns (ITR) declaring foreign assets worth almost ₹31,000 crore of foreign assets and additional income from sources in assessment year 2024-25 as a result of a new compliance and awareness campaign, according to government sources. About 31,000 tax payers who constitute less than 1% of the total tax payers (10.4 crore in 2023-24) reviewed their ITR and declared ₹29,208 crore in foreign assets and ₹1,089.88 crore in additional income in assessment year 2024-25. Additionally, 6734 people changed their residential status to non-resident, said the government source. The data is part of a…
Lexus India has announced the bookings open for the new Lexus LX 500d, an SUV which will be available in two models. The ex-showroom all-India price for LX 500d Urban is ₹3 crore and LX 500d Overtrail is priced at ₹3.12 crore. Exhibited at the Bharat Mobility Global Expo 2025, the LX 500d is designed to offer an unparalleled driving experience for both on and off the road, the company said.Tanmay Bhattacharya, executive vice-president, Lexus India said “For many years, the LX has been completely reimagined to elevate the drive to unprecedented heights. The vehicle exemplifies our unwavering dedication to deliver unrivalled dominance in luxury…
India’s real gross domestic product (GDP) growth will be steady at 6.5% in fiscal 2026 despite uncertainties stemming from geopolitical turns and trade-related issues led by U.S. tariff actions, Crisil said at its India Outlook seminar on Thursday.The forecast is based on two assumptions which include another spell of normal monsoon and commodity prices continuing to remain soft. Cooling food inflation, the tax benefits announced in the Union Budget 2025-2026, and lower borrowing costs are expected to drive discretionary consumption, Crisil said.The National Statistics Office (NSO) recently estimated India’s FY25 real GDP growth to be at 6.5%.Amish Mehta, Managing Director…
Aurobindo Pharma subsidiary Auro Vaccines has terminated a pentavalent vaccine candidate licence agreement with Hilleman Laboratories Singapore. The September 2023 agreement envisaged developing, manufacturing and commercialising a pentavalent vaccine candidate used in children’s vaccination, Aurobindo Pharma said without sharing reasons for the termination.Auro Vaccines is not a material subsidiary and termination of the licence agreement for a very early-stage vaccine asset is not a material event. The termination of the agreement will not have any significant impact on the company and/or its subsidiaries or its financials, it said in a filing.At the time of signing of the agreement, Aurobindo Pharma said…
Gyanesh Chaudhary- MD & CEO Vikram Solar. Vikram Solar Ltd., which is into solar photo-voltaic (PV) module manufacturing has announced plans to set up a 1GWh fully integrated solid-state cell and battery manufacturing facility with proprietary battery management system (BMS) technology.This facility to be located in Chennai can be scaled up to 5 GWh. It is expected to cater to the growing energy demands in the global market.Gyanesh Chaudhary, chairman & managing director, Vikram Solar, said “Our solid-state batteries, [to be] developed and manufactured with majority components which are India-made align with India’s renewable energy and climate goals.”“Leveraging the technology of…
IndiGo will offer thrice weekly flights each to Manchester and Amsterdam from July 2025 | Photo Credit: VELANKANNI RAJ B IndiGo on Thursday (March 6, 2025) announced its entry into non-stop long-haul international flights with the launch of services to Manchester and Amsterdam as its first European destinations – moving ahead of its earlier plans.The airline will offer thrice weekly flights each to Manchester and Amsterdam from July 2025, “subject to completion of all operational preparedness and regulatory approvals,” the airline said in a press statement.The airline has taken the delivery of a Boeing 787-9 widebody aircraft on wet lease…
Tech Mahindra, Kotak Mahindra Bank, Zomato, Tata Motors, and IndusInd Bank were the laggards on March 6, 2025. File | Photo Credit: Reuters Benchmark stock index Sensex rallied nearly 610 points to reclaim the 74,000 mark while Nifty closed above 22,500 in their second day of gains on Thursday (March 6, 2025) following heavy buying in Reliance Industries on easing crude oil prices.Recovering from early losses, the 30-share BSE Sensex jumped 609.86 points or 0.83% to settle at 74,340.09. During the day, it surged 660.57 points or 0.89% to hit a high of 74,390.80.The broader Nifty of NSE advanced 207.40…
Law and Parliamentary Affairs Minister H.K. Patil tabled the Bill in the legislative Assembly, at Vidhana Soudha in Bengaluru, on March 6, 2025. | Photo Credit: File photo In a bid to provide relief to the economically vulnerable groups, individuals, SHGs and small and marginal farmers, the Karnataka Micro Loan and Small Loan (Prevention of Coercive Actions) Bill, 2025, was tabled in the Legislative Assembly on March 6. The Bill proposes to wholly discharge borrowers from making repayment of loans, including rate of interest, taken from unlicensed and unregistered microfinance institutions (MFIs).Law and Parliamentary Affairs Minister H.K. Patil tabled the Bill that mandates the release…