TCS to invest Rs 690 crore to set up Innovation Park in Kochi

Tata Consultancy Services (TCS) has agreed to invest Rs 690 crore to set up an Innovation Park in Kochi. The Kerala state government has allocated 36.84 acres of land to TCS for setting up a unit for Electronics Hardware & IT/ITES in KINFRA Electronics Manufacturing Cluster at Kakkanad, Kochi. The first phase of the project will commence operations in the financial year 2023-24 (FY24). The campus will have a capacity to cater to 10,000 employees once it becomes fully operational.

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Zomato, Swiggy to collect 5% GST on deliveries

Online food delivery apps such as Zomato and Swiggy will now have to collect and deposit 5% Goods & Services Tax (GST) on food deliveries instead of restaurants they pick orders from. The rule was approved by the GST Council to stop revenue leakages that were occurring under the current structure, as many restaurants were avoiding GST payments on food deliveries. There will be no extra tax burden on end consumers taking food delivery from restaurants registered with GST.

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Wipro launches co-innovation space with Google Cloud in Bengaluru

Wipro Ltd has launched the Wipro-Google Cloud Innovation Arena in Bengaluru to accelerate the adoption of cloud services. The cloud collaboration space will provide in-house technical expertise and ensure seamless cloud adoption. It will also accelerate innovation to drive business transformation for customers. The arena will also showcase the talent, tools, and best practices requires to develop and deploy applications on Google Cloud.

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Phoenix Mills looks to double its portfolio of retail properties by FY26

Mall developer Phoenix Mills Ltd is looking to double its portfolio of retail properties by the financial year 2025-26 (FY26). The company also wants to add 1 million square feet each year post FY26. Currently, Phoenix Mills has 6.9 million sq. ft of malls in cities such as Mumbai, Pune, and Beng­aluru. 

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Tata Motors launches Safari Hold Edition at Rs 21.89 lakhs

Tata Motors Ltd has launched a special edition of its flagship model Safari, priced at Rs 21.89 lakh, to further spruce up the range ahead of the festive season. The Safari Gold Edition comes in two carefully crafted special colour schemes— White Gold and Black Gold. It is set to be showcased at the upcoming second leg of the VIVO IPL 2021.  

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Zydus Cadila gets USFDA approval for antidepressant drug

Zydus Cadila has received final approval from the US Food and Drug Administration (USFDA) to sell new generation anti-depressant Vortioxetine in the US market. The drug works by increasing serotonin (the key hormone that stabilizes our mood and happiness) in the brain. It is classified as a selective serotonin reuptake inhibitor and serotonin receptor modulator. The pharma company will manufacture the drug at the group’s formulation manufacturing facility at the SEZ, Ahmedabad.

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Moratorium to give Bharti Airtel, Jio cash relief of Rs 16,000 crore per year: Report

According to industry analysts, a potential annual cash flow relief of over Rs 16,000 crore from the four-year moratorium allowed on statutory payouts will give telecos Bharti Airtel and Reliance Jio the financial headroom to participate aggressively in the 5G airwaves sale (spectrum auctions) early next year. Airtel will opt for the four-year deferred option for adjusted gross revenue (AGR) and spectrum payments. Vodafone Idea, weighed down by Rs 1.9 lakh crore of debt and with a cash balance of Rs 920 crore, is also expected to opt for the deferred payment option.

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Supreme Court to review 2019 verdict in Adani Power case

The Supreme Court has decided to reconsider its 2019 judgment, which affirmed Adani Power-Mundra’s call to terminate the power purchase agreement (PPA) signed with Gujarat Urja Vikas Nigam (GUVNL). A five-judge bench issued notices on a curative petition filed by GUVNL after noting that the plea raises significant questions of law. Apart from Adani Power (Mundra), notices have also been issued to Gujarat Electricity Regulatory Commission (GERC) and an NGO, Consumer Education and Research Society.

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