SME IPO subscribed 1976 times, increased investing activity driving GDP growth
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🗞️ Higher EPS pension: EPFO asks employers to process 3.1 lakh pending applications by January 31, 2025: The EPFO has also asked the employers to submit replies and update information in 4.66 lakh pending cases by January 15, 2024, where clarification has been sought by the EPFO.
🗞️ Fintechs seek RBI nod for credit line on UPI platform: They argue this will broaden access to low-cost, short-term credit, particularly for those new to credit, aligning with the RBI's objectives. The RBI recently granted this permission to small finance banks.
🗞️ 1,976x subscription! SME IPO asking for Rs 10 crore gets bids worth Rs 14,386 crore: NACDAC Infrastructure's IPO offered 20.8 lakh shares for investors in the IPO, but received 1,976 times bids for 411 crore shares worth about Rs 14,386 crore. The issue was priced at Rs 35 at the upper end.
🗞️ Investment push may spur GDP growth to 6.6% in FY26: India's economy is projected to grow by 6.4% in 2024-25 and 6.6% in 2025-26, fueled by investments. A cyclical slowdown observed in recent quarters is expected to reverse from the third quarter of 2024-25.
Expert Review: India Ratings and Research “believes the Indian economy is facing monetary, fiscal and external tightening. While it expects monetary conditions to ease now, the fiscal and external tightening is expected to continue in FY26 as well,” said Pant.
🗞️ MCA slashes penalty on iPhone maker Wistron: They received a 72% penalty reduction from the corporate affairs ministry for failing to appoint a company secretary on time. The original penalty of ₹11.89 lakh was lowered to ₹3.35 lakh. Wistron, now owned by Tata Electronics, self-reported the violation covering periods in 2018 and 2020, citing COVID-19 challenges for the 2020 delay.
🗞️ Net direct tax collection grows 16.45% to Rs 15.82 lk cr so far this fiscal: India's net direct tax collections surged by 16.45% to over Rs 15.82 lakh crore this fiscal year, fueled by robust growth in both corporate and non-corporate tax segments. Gross direct tax collections also jumped by 20.32% to Rs 19.21 crore, while refunds increased by 42.49% to Rs 3.38 lakh crore.