Infosys: The IT giant anticipates a tax refund of ₹6,329 crore from the income tax department, alongside facing a significant tax liability of ₹2,763 crore based on assessment orders under the Income Tax Act of 1961. The refunds, covering assessment years from 2007-08 to 2018-19, include accumulated interest. Infosys is currently evaluating the impact of these orders on its financial statements for the quarter and year ending March 31, 2024.
India Cements: Promoters of India Cements, led by Managing Director N. Srinivasan, have increasingly leveraged their shares to raise funds, aiming to address working capital deficits. By December 2023, promoters had pledged 45.5% of their shares, up from 16.8% in September 2022. The recent share pledges have not yet been updated on stock exchanges. EWS Finance and Investment, holding three-quarters of the promoter stake, disclosed on March 15 the creation of new pledges to raise additional funds, although specifics remain undisclosed.
HDFC Bank: The private sector bank intends to divest its entire stake in HDFC Education and Development Services through the Swiss challenge method. The bank has initiated discussions with a potential buyer via a binding term sheet, which will serve as the base bid for inviting counterproposals from other interested parties.
Bank of India: The bank has received a demand notice for ₹1,128 crore from the Assessment Unit of the Income Tax Department, related to the assessment year 2016-17. The notice pertains to certain disallowances under section 156 of the Income Tax Act, 1961, and the bank plans to appeal against the order.
Hindustan Aeronautics: In collaboration with Cochin Shipyard, Kochi, Hindustan Aeronautics has secured a ₹1,173.42 crore agreement to supply six LM2500 gas turbines, GT auxiliaries, spare parts, and tools for the Indian Navy’s Next Generation Missile Vessel Project.
Indian Oil Corporation: IOCL aims to form a joint venture with Panasonic Energy of Japan for cylindrical lithium-ion cell production in India. Following a heads of agreement signed on January 21, the companies have now signed a binding term sheet to establish a framework for the joint venture.
Zomato: The online food delivery platform has received a GST demand order of ₹23.26 crore for the fiscal year 2018-19 from Karnataka tax authorities. The order, received on March 30, pertains to excess availment of input tax credit along with associated interest and penalty, following an audit of GST returns and accounts by the Assistant Commissioner of Commercial Taxes (Audit), Karnataka.
Canara Bank: The bank plans to list its mutual fund subsidiary, Canara Robeco Asset Management Company, through an IPO by diluting a 13% stake. However, approval from the Reserve Bank of India and the Department of Financial Services under the Ministry of Finance is pending.
Tata Consultancy Services: TCS faces allegations of hiring biases in its US branch, with 22 ex-employees filing complaints with the Equal Employment Opportunity Commission since December 2023, claiming dismissal to accommodate Indian workers on H-1B visas.
Macrotech Developers: The company has entered into a share purchase agreement to acquire a 50% stake in Siddhivinayak Realties Pvt. Ltd. for ₹250 crore. Siddhivinayak Realties holds rights in various land parcels, including the development of a free-sale portion of an SRA project in Mumbai.
Zee Entertainment Enterprises: The company is revamping its technology and innovation center to reduce expenses by 50% and restructure its team based on recommendations from a new management oversight panel, aligning with the strategy of optimizing resources and establishing a cost-efficient structure for growth.
Yes Bank: The bank received ₹366 crore from a single trust in the Security Receipts Portfolio linked to the sale of the NPA portfolio to J.C. Flower Asset Reconstruction on December 17, 2022. Additionally, it received a reassessment order from the National Faceless Assessment Unit, Income-tax Department, demanding an additional tax liability of ₹112.81 crore.
EIH: EIH’s board has approved the construction of a luxury Oberoi resort, “The Oberoi, Goa,” at Cavelossim beach in South Goa. The project, estimated at ₹421 crore, will feature 90 rooms and suites spread across a 52-acre site owned by the company and is expected to be operational by October 1, 2027. Financing for the project will be sourced from internal accruals and debt.
