42nd GST Council meeting held via video conference today

The 42nd Goods and Service Tax (GST) Council meeting was chaired by Finance Minister Nirmala Sitaraman via video conference in New Delhi today. In a previous meeting, the Centre had given state governments the first option to borrow Rs 97,000 crore. The Council has now approved an increased borrowing limit of Rs 1.1 lakh crore, instead of the first option.

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The Supreme Court gives RBI, Centre one week to file additional details on the interest on interest waiver.

The Supreme Court on Monday granted the Centre and the Reserve Bank of India a week’s time to file additional affidavits on the issue of interest on interest waiver for loans up to Rs 2 crore. RBI had allowed a three-month moratorium on payment of all term loans due between 1 March and 31 May, in the month of March 2020. The moratorium period was further extended until 31 August, in the month of May. The Court will hear the matter on 13 October.

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Adani Ports acquires Krishnapatnam Port Company for Rs 12,000 crore

India’s largest port developer, Adani Ports and Special Economic Zone Ltd (APSEZ), has completed the complete acquisition of Krishnapatnam Port Company Ltd.(KPCL), for a valuation of Rs 12,000 crore. KPCL operates a multi-cargo facility port in the southern part of Andhra Pradesh and is the second-largest private port in India.

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Angel Broking gets listed at a 10.13% discount to its issue price

Angel Broking, one of India’s largest retail broking houses, made its stock market debut today. Shares of the firm were listed at a discount of 10.13% at Rs 275, as compared to the issue price of Rs 306. Angel Broking’s Initial Public Offering (IPO) was subscribed 3.94 times.

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Infosys completes acquisition of GuideVision in Europe

Czech Republic-based GuideVision, a company that specializes in offering strategic advisory and consultancy services on the ServiceNow platform, has been completely acquired by Infosys. ServiceNow is one of the fastest-growing enterprise software companies that develops cloud computing platforms. Earlier, it was reported that the cost of this acquisition would be around Rs 260.4 crore. 

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After Reliance, TCS becomes the second Indian firm to reach market cap of Rs 10 lakh crore

Tata Consultancy Services (TCS) has become the second company after Reliance Industries Limited, to surpass a market valuation of Rs 10 lakh crore. The stock of the company jumped more than 6% today to Rs 2,678.80 on the BSE, as it announced that a board meeting would be held on October 7 to consider a share buyback proposal. A share buyback refers to when a company buys back its own shares from the market.

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Kalpatraru Power acquires 100 percent stake in Jhajjar KT Transco

Kalpataru Power Transmission Ltd (KPTL) and a joint venture have completed the acquisition of a 100% stake in Jhajjar KT Transco Private Limited (JKTPL) to India Grid Trust (IndiGrid). On September 28, 74% stake in JKTPL had been sold to IndiGrid in the first round of equity selling, and the remaining shares have been transferred today.

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Vodafone Group receives approval from lenders for Indus Towers-Bharti Infratel merger

Existing lenders of UK- based Vodafone Group Plc, who had contributed to the funding for Vodafone Idea, has given the green light to proceed with the merger of Indus Towers with Bharti Infratel. Vodafone Idea will divest its 11.15% stake in the merged company. 

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L&T receives multiple orders across various businesses in the domestic market

Larsen & Toubro (L&T), in a statement made on Monday, reported that they have received multiple orders in the ‘significant category’, ranging between Rs 1,000 and Rs 2,500 crore in its domestic market. Notably, L&T Construction is also working on the Tapi Karjan Pipeline Link Irrigation Scheme, which aims to irrigate 16,919 hectares in the Tapi and Surat district of Gujarat.

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