RBI authorises RBL Bank to collect direct taxes

The Reserve Bank of India (RBI) has authorised RBL Bank to collect direct taxes on behalf of the Central Board of Direct Taxes (CBDT). The decision was based on the recommendation from the Controller General of Accounts and the Ministry of Finance. After technical integration, RBL Bank’s corporate and individual customers will be able to pay their direct taxes through the bank’s mobile banking or net banking platforms.

Read more here.

Banks must support wealth, job creators to improve India’s balance sheet: PM Modi

Prime Minister Narendra Modi has encouraged banks to embrace a partnership approach to help create wealth, add jobs, boost the economy and achieve self-reliance. He asked bankers to be more proactive in lending to smaller businesses and help improve the viability and scale of their borrowers’ operations. PM Modi further stated that the reforms in the past 6-7 years have led to the banking sector in a strong position today. Over Rs 5 lakh crore bad loans (NPAs) have been recovered.  

Read more here.

EaseMyTrip acquires Spree Hospitality

Online travel platform EaseMyTrip has acquired hospitality management company Spree Hospitality. This acquisition will add a new revenue vertical for EaseMyTrip and enable it to scale up its hotel and holidays portfolio. Spree Hospitality has a footprint of 1,220 operational keys and hotels in Bengaluru, Mumbai, Pune, Chennai, Goa, Hyderabad, and other locations.

Read more here.

SC allows Centre to disinvest remaining shares in Hindustan Zinc

The Supreme Court (SC) has allowed the Central government to disinvest its remaining 29.5% stake in Hindustan Zinc Ltd (HZL). It said that the Centre had ceased to be in control of the former public sector undertaking (PSU) since its disinvestment of shares in 2002. The SC has ordered a CBI probe into the alleged irregularities in the disinvestment of the government’s controlling share in HZL in 2002.

Read more here.

GMR emerges winner for Indonesian airport development, operations

GMR Airports Ltd (GAL) has emerged as the winning bidder for the development and operation of Kualanamu International Airport in Medan, Indonesia (Medan Airport). GAL is a subsidiary of GMR Infrastructure Ltd and operates airports in Delhi and Hyderabad. GMR will enter into a 49:51 partnership with Angkasa Pura 2 (AP2) for this project. The project scope includes operation, development, and expansion of the airport over a period of 25 years.

Read more here.

Kubota Corp to acquire additional 5.9% stake in Escorts for Rs 1,873 crore

Japan-based Kubota Corporation will acquire an additional 5.9% stake in Escorts Ltd for Rs 1,872.74 crore. This acquisition will take Kubota’s total shareholding in the farm machinery company to 14.99%. Further, the company’s name will be changed from ‘Escorts Limited’ to ‘Escorts Kubota Limited’.  The joint entity intends to attain global leadership in the farm equipment sector.

Read more here.

Godrej Properties unveils first digital brand campaign

Godrej Properties Ltd (GPL) has unveiled its first digital brand campaign. The campaign, titled ‘Everyday Joys- Jahaan Khushiyan Badi Hoti Hai’, introduces GPL’s purpose of creating spaces that enable ‘everyday joys’. As part of the campaign, the real estate developer has launched three digital video commercials that will be promoted across digital platforms.

Read more here.

Rajesh Exports secures order worth Rs 782 crore from Germany

Rajesh Exports Ltd has secured an order worth Rs 782 crore of designer range of jewellery from Germany. The order is to be completed by March 2022. The company will execute the order from its manufacturing facility in Bengaluru. The unit has a processing capacity of 250 tonnes of jewellery and gold products per annum.

Cipla scales up offerings, investments as it eyes global lung specialty leadership

Cipla Ltd has announced plans to scale up offerings and expand access to medicines, inhaler devices, diagnostics, as it aspires to become the number one company in lung specialty. The drugmaker derives nearly one-fifth of its revenues from the respiratory segment, making it the largest therapeutic division in terms of contribution to revenues. Earlier this week, Cipla launched its first diagnostic device— a portable spirometer called Spirofy to help general practitioners conduct pulmonary function tests (PFT).

Read more here.