Page 41 - Ortfolio Allocation News Today

LIC has received orders for Rs4,899.35 crore from Income Tax (I-T) authorities regarding tax demand issued by the assistant commissioner of I-T, Mumbai.

US-based investment firm BlackRock has once again cut the value of its holding in Byjus, reducing the edtech majors valuation to a mere $1 billion from $22 billion in early 2022.

Holding Reliance General Insurance Company Ltd guilty of violating motor insurance service provider (MISP) guidelines and appointing in-house employees to asses the loss beyond Rs50,000 under motor insurance, the Insurance Regulatory and Development Authority of India (IRDAI) imposed a penalty of Rs2 crore on the insurer.

In a fervent market rally, the Indian markets reached new peaks, propelled by the performance of IT giants. The IT sector, showing early signs of recovery, particularly in the Banking, Financial Services, and Insurance (BFSI) segment, has significantly influenced market sentiments. The belief in an improved outlook for BFSI in FY24-25 was a key driver behind the soaring performance of IT heavyweights on Friday.

Scientists have now pinpointed how dietary restrictions not only influence the digestive system, but also significantly impact brain ageing, offering potential therapeutic targets for age-related neuro-degenerative diseases.

Last month, the national consumer disputes redressal commission (NCDRC) directed HDFC Bank Ltd to refund Rs24,000 with an interest of 7%pa (per annum) and pay Rs10,000 litigation cost to a customer whose credit card was used for fraudulent transactions at midnight. What stands out in this ruling is the way the customer filed his complaint and his meticulous follow-up until he got justice.

Reserve Bank of India (RBI) Governor Shaktikanta Das said on Thursday that post-pandemic digital lending has seen an exponential rise in India and at the same time, it has also raised a host of business conduct issues on which the central bank was keeping a close watch.

On Thursday, 2355 stocks advanced, 1475 declined and 107 remained unchanged, with an advance decline ratio of 1.59 on the Bombay Stock Exchange (BSE), indicating positive closing of stocks in broader markets.

Shares of Polycab India Ltd tumbled 20% on Thursday following reports about the income tax (I-T) department detecting unaccounted cash sales of around Rs1,000 crore, which are not recorded in the Companys books of accounts. Further, during the raid, the I-T department also seized evidence of unaccounted cash payments of more than Rs400 crore made by a distributor on behalf of Polycab towards purchasing raw materials. During the morning trade, Polycab tumbled 20% to Rs3,812.35 on the BSE.

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