Indian markets ended flat today, with mixed trends across indices and sectors. Ola Electric announced a fresh round of job cuts as it pushes for profitability. From the Income Tax Department's scrutinising OFS transactions impacting multiple companies to IRCTC and IRFC's receiving Navratna status, check out stories that you simply cannot miss today.
Here are the top 8 stories under 8 minutes:
OFS Tax Scrutiny
The Income Tax Department is investigating promoters and anchor investors over share sales through Offer for Sale (OFS) before public listings. Officials are examining 216 OFS deals, including 86 in FY24, to check for inflated acquisition costs that may have reduced capital gains tax.
The probe, using NSE and BSE data under Section 55(2)(ac) of the I-T Act, covers transactions from the financial year ending March 2021 to the financial year ending March 2024. Notices have been sent to investors and promoters over discrepancies in revised returns. Read the full investigation.
Q4 GDP Target Doubts
Economists question whether India's GDP can achieve the implied 7.6% growth in the fourth quarter of the fiscal 2024-25. Emkay's lead economist Madhavi Arora says the estimate relies on a sharp gap between GDP and GVA growth, which seems unlikely given subdued net indirect tax growth.
India's GDP grew 6.2% in the third quarter, up from 5.6% in the second quarter. The full-year estimate remains at 6.5%, requiring strong growth in the fourth quarter. Track the latest GDP projections.
Ola Cuts Jobs
Ola Electric has laid off 1,400-1,500 employees in its second round of job cuts in under six months. Half of the affected workers are contract staff and technicians from its 4,000 sales and service centres, while the rest are from supply chain, customer care, and charging infrastructure.
The company is reducing costs to achieve operational profitability. The latest layoffs come as Ola Electric faces rising losses and regulatory scrutiny. See how this impacts Ola's future.
Tata Capital's $11 Billion Bet
Tata Capital is reportedly seeking a valuation of up to $11 billion for its IPO, with plans to raise as much as $2 billion, Bloomberg News reported citing people familiar with the matter. If finalised, it could be India's largest public offering this year, the report said.
Discussions are ongoing, and details may change. Tata Capital has not yet responded to requests for comment, according to the report. Follow the latest on this IPO.
Markets End Flat
Nifty50 closed flat, with Bharat Electronics Ltd. and Industries Ltd. as top gainers, while Coal India and Reliance Industries were the biggest laggards. Nifty Midcap150 ended in the green, snapping a five-day losing streak, but Nifty Smallcap250 fell for the sixth straight session.
Among sectors, Nifty Media and Oil & Gas were the biggest losers, with Media down for three sessions and Oil & Gas for six. Nifty Realty and Metal led the gains, with Realty snapping a five-day losing streak. Get the full market wrap.
ED Notice To Paytm
The Enforcement Directorate has issued a notice to One97 Communications, Paytm's parent company, and its managing director over alleged forex violations amounting to Rs 611 crore under FEMA.
A Paytm spokesperson said the company is working to resolve the matter as per legal and regulatory requirements. Get the full details on the ED action.
IRCTC, IRFC's 'Navratna' Upgrade
The government has granted Navratna status to Indian Railway Catering and Tourism Corporation (IRCTC) and Indian Railway Finance Corporation (IRFC). IRCTC is now the 25th Navratna, while IRFC becomes the 26th.
Navratna status allows central public sector enterprises more financial autonomy, enabling them to invest up to Rs 1,000 crore in a single project without government approval. Check the full list of Navratna companies.
Manufacturing Slows
India's manufacturing sector grew at a slower pace in February, with the HSBC Manufacturing PMI easing to 56.3 from 57.7 in January. This marks the weakest expansion since December 2023 but still signals overall sector growth.
Business conditions improved across consumer, intermediate, and investment goods segments. Despite the slowdown, the sector continues to expand. See the full PMI report.
Here are other top stories of the day that you cannot miss
Trade setup for March 4: Nifty finds support at 22,000.
Bombay High Court agrees urgent hearing, asks ACB to wait till March 4 on FIR order against ex-SEBI Chief Buch.
India-US Trade Talks: Piyush Goyal heads to Washington as tariff rollout looms.
Reliance Group stocks erode over Rs 40,000 crore market-cap.
BSE trading volume to take a hit due to SEBI's new OI calculation rules
Mumbai-Based Pranav Constructions files DRHP for IPO.
Maharashtra top FDI destination, contributes over 14% to India's GDP, says Governor.
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