Top Stories: Supreme Court Stays GST Notices, Vedanta's $300M Loan & More!
Your daily dose of financial news in a minute plus expert advisor views.
🗞️ Supreme Court Stays GST Notices Worth Over Rs 1 Lakh Crore Against Gaming Firms
Over 50 RMG companies and industry associations including Gameskraft, AIGF, Games24x7, Head Digital Works, and EGF have challenged retrospective tax notices worth more than Rs 1.5 lakh crore in the Supreme Court.
Expert opinion: "This is a win-win, both for gaming operators who were facing coercive action, and the government whose timelines may now be extended. We are confident about a fair and progressive resolution to this issue, after which we will see investments, employment, and valuations in the gaming sector grow to its full potential," said Anuraag Saxena, the chief executive officer of E-Gaming Federation (EGF).
🗞️ Centre Releases Tax Devolution of Rs 1.73 Trillion to State Govts
A higher amount is being devolved this month to enable states to accelerate capital spending and finance their development and welfare-related expenditures.
Expert opinion: “A higher amount is being devolved this month to enable states to accelerate capital spending and finance their development and welfare-related expenditures,” the finance ministry said in a statement.
🗞️ Vedanta Resources Secures $300 Million Loan Commitment for Debt Refinancing
In September 2024, Vedanta Resources raised $900 million in its first dollar bond issue in more than two years and later raised $800 million through another dollar bond issue in November.
Expert opinion: "The loan arrangement enhances the group's liquidity position," Vedanta Resources said.
🗞️ Vodafone Exits Indus Towers, Raises Rs 2,800 Cr; Clears Rs 890 Cr Dues
Vodafone has sold 7.92 crore or 3 percent stake in Indus Towers and used Rs 890 crore from the proceeds to clear lenders' dues, the company said in a regulatory filing.
Expert opinion: “Vi have used the proceeds from this Capital Raise to pay outstanding Master Service Agreement (MSA) dues to Indus. Following this, Vodafone’s obligations to Indus under the Security Arrangements have now been satisfied in full,” the filing by Vodafone Plc said.
🗞️ Niti Aayog Exploring Ways to Find Balance Between Govt and Corp Debt Markets
Niti Aayog is working to balance the government debt market with the corporate debt market, considering fiscal adjustments and liquidity. They emphasize financial literacy and investor education, exploring a middle ground between banking systems and capital markets to encourage Indian households to invest more in capital markets.
Expert opinion: "A balance that we are going to have to get right is between corporate debt and government debt, and exactly what that takes in terms of both fiscal adjustment and in terms of the liquidity in the corporate debt market. These are issues that we have been exploring at Niti (Aayog)," Bery said at an event organised by the Sebi-promoted NISM here.
🗞️ Adani Wilmar Shares Slide 9% as Promoter Looks to Divest 20% Stake via OFS
Adani Wilmar shares dropped 9% to ₹293.55 after promoter Adani Commodities announced plans to divest up to 20% stake via an Offer For Sale. The sale price is set at ₹275 per share, with non-retail investors eligible from January 10.
🗞️ Industrial Growth Rose to 5.2 Percent in November
The data released by the National Statistical Office (NSO) showed that the manufacturing sector's output grew 5.8 percent in November 2024, up from 1.3 percent in the year-ago month.
Expert opinion: According to a Statistics Ministry report, the growth rates of the three sectors, Mining, Manufacturing, and Electricity for November were 1.9 percent, 5.8 percent, and 4.4 percent respectively. These were 0.9 percent, 4.4 percent, and 2.8 percent in October.
📊 Stock Market Results (EOD)
Sensex: 61,400.75 (-0.56%)
Nifty 50: 18,245.40 (-0.42%)
💰 Commodity Prices (EOD)
Gold: ₹56,800/10g (+0.12%)
Silver: ₹71,300/kg (-0.25%)