Rabi sowing increases by 1 per cent this year

The rabi acreage this year is 8 lakh hectares (lh) higher so far, from the corresponding period last year, and with conducive weather continuing, there may not be concerns on yield, and potentially help the country to have another year of bumper harvest. Haryana and Rajasthan have reported completion of sowing while in another two weeks the window will be completed in many other states, officials said. Sowing of all rabi crops has increased 1 per cent to 664.59 lh as on January 14 from 656.44 lh in the corresponding period last year, the Agriculture Ministry said releasing the weekly update Friday. All the crops conditions are normal, the update said. Wheat acreage is down by 1.3 per cent at 336.48 lakh hectares (lh) as of January 14 from 340.48 lh in the year-ago period, while winter paddy has declined by 18.5 per cent to 19.82 lh from 24.33 lh. Coarse and Nutri cereals’ area has dipped 2.2 per cent to 47.82 lh from 48.91 lh; and that of pulses is flat at 160.2 lh. Oilseeds acreage is up by 21.8 per cent to 100.27 lh from 82.34 lh, mainly due to higher area at 90.45 lh (up 24 per cent) under mustard. “There is no impact of the third wave of Covid 19 on the progress of area coverage as of date,” said a senior official of the ministry. The overall progress of crop sowing progress is highly encouraging, though some damages to crops have been reported by a few states the official said. As major growing states of winter-sown crops have received good rainfall recently, it will be beneficial for the crops. According to the latest data as of January 11, Madhya Pradesh has reported damage in 48,871 hectares area, Rajasthan in 69,375 hectares, Uttar Pradesh 1,11,700 hectares, Haryana 97,676 hectares, Maharashtra 5,276 hectares due to heavy rains in the past few days. Punjab is yet to assess its damage. “Most of the States are still expected to achieve the targeted area of pulses within this month. Sowing and transplanting of paddy will be carried out in southern and eastern regions till the first week of February. On the other hand, wheat sowing is almost completed. The area coverage under rabi crops will be finalized by the end of January and progress of preliminary summer crop area coverage will be reported from the first week of next month,” the official said. According to Central Water Commission, the storage in 137 reservoirs in the country as on January 13 was 101 per cent of the corresponding period of last year and 122 per cent of the average of the last ten years. The country has received 29.4 mm rainfall during January 1-14, which is more than four times of normal, said Indian Meteorological Department. If you cannot view this message, please [click here]( Follow us [The Hindu Business Line]( 15 JANUARY 2022 [ece_frontpage]( [Rabi sowing increases by 1 per cent this year]( The rabi acreage this year is 8 lakh hectares (lh) higher so far, from the corresponding period last year, and with conducive weather continuing, there may not be concerns on yield, and potentially help the country to have another year of bumper harvest. Haryana and Rajasthan have reported completion of sowing while in another two weeks the window will be completed in many other states, officials said. Sowing of all rabi crops has increased 1 per cent to 664.59 lh as on January 14 from 656.44 lh in the corresponding period last year, the Agriculture Ministry said releasing the weekly update Friday. All the crops conditions are normal, the update said. Wheat acreage is down by 1.3 per cent at 336.48 lakh hectares (lh) as of January 14 from 340.48 lh in the year-ago period, while winter paddy has declined by 18.5 per cent to 19.82 lh from 24.33 lh. Coarse and Nutri cereals’ area has dipped 2.2 per cent to 47.82 lh from 48.91 lh; and that of pulses is flat at 160.2 lh. Oilseeds acreage is up by 21.8 per cent to 100.27 lh from 82.34 lh, mainly due to higher area at 90.45 lh (up 24 per cent) under mustard. “There is no impact of the third wave of Covid 19 on the progress of area coverage as of date,” said a senior official of the ministry. The overall progress of crop sowing progress is highly encouraging, though some damages to crops have been reported by a few states the official said. As major growing states of winter-sown crops have received good rainfall recently, it will be beneficial for the crops. According to the latest data as of January 11, Madhya Pradesh has reported damage in 48,871 hectares area, Rajasthan in 69,375 hectares, Uttar Pradesh 1,11,700 hectares, Haryana 97,676 hectares, Maharashtra 5,276 hectares due to heavy rains in the past few days. Punjab is yet to assess its damage. “Most of the States are still expected to achieve the targeted area of pulses within this month. Sowing and transplanting of paddy will be carried out in southern and eastern regions till the first week of February. On the other hand, wheat sowing is almost completed. The area coverage under rabi crops will be finalized by the end of January and progress of preliminary summer crop area coverage will be reported from the first week of next month,” the official said. According to Central Water Commission, the storage in 137 reservoirs in the country as on January 13 was 101 per cent of the corresponding period of last year and 122 per cent of the average of the last ten years. The country has received 29.4 mm rainfall during January 1-14, which is more than four times of normal, said Indian Meteorological Department. [Read more »]( [ece_frontpage]( [CAIT moves CCI to block Amazon-Cloudtail deal]( The transactions are not only in violation of competition law but is a breach of FDI norms, says CAIT Traders’ body Confederation of All India Traders (CAIT) on Friday filed a petition before the Competition Commission of India (CCI) seeking to block the proposed combination of acquisition of Prione Business Services by Amazon. This combination raises serious concerns from the viewpoint of competition law. It would lead to Amazon gaining 100 per cent control on Cloudtail, a 100 per cent subsidiary of Prione and is presently the largest seller on Amazon’s e-commerce platform. The CAIT has submitted that if the proposed combination is allowed, Cloudtail will be under the complete control of Amazon. There is a high likelihood that it will receivefurther benefits of reduced or zero commissions thereby getting a further advantage over other sellers on the Amazon platform, CAIT petition submitted. CAIT said that the petition has been filed through its lawyer Abir Roy of law firm Sarvada Legal, providing instances wherein Amazon gives preference to Cloudtail and such preference will only become more pronounced after this transaction, which would destabilise the e-commerce market of India. Fewer fees/commissions The petition provides evidence to show Cloudtail charges fewer fees/commissions and is a preferential seller on the platform, and with a 100 per cent acquisition of Cloudtail, a preferred seller and the marketplace at its e-commerce portal, Amazon harm the market. A marketplace like Amazon, which is supposed to be fair and neutral and as per rules have to be purely a technology providing forum for conducting e-commerce activities by the sellers who are registered with its portal, continues to “unabashedly distort the entire ecosystem”, CAIT has said. This transaction is not only in violation of competition law but is a violation of FDI norms too, it added. Amazon has proposed to completely acquire Prione by acquiring all the shares held by Hober Mallow Trust. Presently, Prione is controlled by Hober Mallow. Seventy-Six per cent (76 per cent) of the share capital of Prione is held by Hober Mallow. Amazon Asia-Pacific Resources Pvt Ltd already owns 23 per cent of the share capital of Prione and Amazon Eurasia Holdings S.a.r.l. owns 1 per cent of the share capital of Prione. Therefore, Amazon holds a 24 per cent stake in Prione as of today. However, by acquiring the shares of Hober Mallow, Amazon and its affiliated entities would have a 100 per cent stake in Prione. Cloudtail India Pvt Ltd (“Cloudtail”) is a 100 per cent subsidiary of Prione and is also presently the largest seller on Amazon’s e-commerce platform. Therefore, the proposed combination raises some concerns from the viewpoint of competition law, the CAIT said. !=''" id="leadtext" style="font-family: Arial, Helvetica, sans-serif; font-size: 13px; font-weight:normal; color: #353e44; text-decoration:none !important;line-height:18px;margin-top:0px;margin-right:0px;margin-bottom:2px;margin-left:0px;overflow: hidden;display: -webkit-box;-webkit-line-clamp: 4;-webkit-box-orient: vertical;"> The transactions are not only in violation of competition law but is a breach of FDI norms, says CAIT Traders’ body Confederation of All India Traders (CAIT) on Friday filed a petition before the Competition Commission of India (CCI) seeking to block the proposed combination of acquisition of Prione Business Services by Amazon. This combination raises serious concerns from the viewpoint of competition law. It would lead to Amazon gaining 100 per cent control on Cloudtail, a 100 per cent subsidiary of Prione and is presently the largest seller on Amazon’s e-commerce platform. The CAIT has submitted that if the proposed combination is allowed, Cloudtail will be under the complete control of Amazon. There is a high likelihood that it will receivefurther benefits of reduced or zero commissions thereby getting a further advantage over other sellers on the Amazon platform, CAIT petition submitted. CAIT said that the petition has been filed through its lawyer Abir Roy of law firm Sarvada Legal, providing instances wherein Amazon gives preference to Cloudtail and such preference will only become more pronounced after this transaction, which would destabilise the e-commerce market of India. Fewer fees/commissions The petition provides evidence to show Cloudtail charges fewer fees/commissions and is a preferential seller on the platform, and with a 100 per cent acquisition of Cloudtail, a preferred seller and the marketplace at its e-commerce portal, Amazon harm the market. A marketplace like Amazon, which is supposed to be fair and neutral and as per rules have to be purely a technology providing forum for conducting e-commerce activities by the sellers who are registered with its portal, continues to “unabashedly distort the entire ecosystem”, CAIT has said. This transaction is not only in violation of competition law but is a violation of FDI norms too, it added. Amazon has proposed to completely acquire Prione by acquiring all the shares held by Hober Mallow Trust. Presently, Prione is controlled by Hober Mallow. Seventy-Six per cent (76 per cent) of the share capital of Prione is held by Hober Mallow. Amazon Asia-Pacific Resources Pvt Ltd already owns 23 per cent of the share capital of Prione and Amazon Eurasia Holdings S.a.r.l. owns 1 per cent of the share capital of Prione. Therefore, Amazon holds a 24 per cent stake in Prione as of today. However, by acquiring the shares of Hober Mallow, Amazon and its affiliated entities would have a 100 per cent stake in Prione. Cloudtail India Pvt Ltd (“Cloudtail”) is a 100 per cent subsidiary of Prione and is also presently the largest seller on Amazon’s e-commerce platform. Therefore, the proposed combination raises some concerns from the viewpoint of competition law, the CAIT said. [Read more »]( [ece_frontpage]( [UN forecasts lower global economic growth for 2022 and 2023]( The world economy is projected to grow by only 4 per cent in 2022 and 3.5 per cent in 2023, it says The United Nations forecast lower global economic growth for 2022 and 2023 on Thursday, saying the world is facing new waves of Covid-19 infections, persistent labour market challenges, lingering supply chain issues and rising inflationary pressures. The UN said that after expanding by 5.5 per cent in 2021 -- the highest rate of global economic growth in more than four decades -- the world economy is projected to grow by only 4 per cent in 2022 and 3.5 per cent in 2023. Last year's robust recovery was largely driven by consumer spending, some increase in investments and trade in goods surpassing levels before the Covid-19 pandemic, according to the UN World Economic Situation and Prospects 2022 report launched Thursday. Momentum slowed But the momentum for growth “slowed considerably by the end of 2021, including in big economies, like China, the European Union and the United States” as the impacts of monetary and financial stimuli from the pandemic began to recede and major supply chain disruptions emerged, the report said.. UN Undersecretary-General for Economic and Social Affairs Liu Zhenmin pointed to the economic and human toll of the highly transmissible Omicron variant of Covid-19. “Without a coordinated and sustained global approach to contain Covid-19 that includes universal access to vaccines, the pandemic will continue to pose the greatest risk to an inclusive and sustainable recovery of the global economy,” Liu said. The report said labour shortages in developed economies are adding to supply chain challenges and inflationary pressures. It said growth in most developing countries and economies in transition has generally been weaker. While higher commodity prices have helped countries reliant on commodity exports, rising food and energy prices have triggered rapid inflation, particularly in the nine-member Commonwealth of Independent States, formed after the break-up of the Soviet Union in 1991, and in Latin America and the Caribbean, the UN said. “Recovery has been especially slow in tourism-dependent economies, notably in the small island developing states,” it said. The United Nations forecast is similar to the World Bank's released on Tuesday. The 189-nation global financial institution that provides loans and grants to low and middle-income countries downgraded its forecast of worldwide economic growth to 4.1 per cent this year from the 4.3 per cent growth it was forecasting last June. It blamed continuing outbreaks of Covid-19, a reduction in government economic support and ongoing bottlenecks in global supply chains. !=''" id="leadtext" style="font-family: Arial, Helvetica, sans-serif; font-size: 13px; font-weight:normal; color: #353e44; text-decoration:none !important;line-height:18px;margin-top:0px;margin-right:0px;margin-bottom:2px;margin-left:0px;overflow: hidden;display: -webkit-box;-webkit-line-clamp: 4;-webkit-box-orient: vertical;"> The world economy is projected to grow by only 4 per cent in 2022 and 3.5 per cent in 2023, it says The United Nations forecast lower global economic growth for 2022 and 2023 on Thursday, saying the world is facing new waves of Covid-19 infections, persistent labour market challenges, lingering supply chain issues and rising inflationary pressures. The UN said that after expanding by 5.5 per cent in 2021 -- the highest rate of global economic growth in more than four decades -- the world economy is projected to grow by only 4 per cent in 2022 and 3.5 per cent in 2023. Last year's robust recovery was largely driven by consumer spending, some increase in investments and trade in goods surpassing levels before the Covid-19 pandemic, according to the UN World Economic Situation and Prospects 2022 report launched Thursday. Momentum slowed But the momentum for growth “slowed considerably by the end of 2021, including in big economies, like China, the European Union and the United States” as the impacts of monetary and financial stimuli from the pandemic began to recede and major supply chain disruptions emerged, the report said.. UN Undersecretary-General for Economic and Social Affairs Liu Zhenmin pointed to the economic and human toll of the highly transmissible Omicron variant of Covid-19. “Without a coordinated and sustained global approach to contain Covid-19 that includes universal access to vaccines, the pandemic will continue to pose the greatest risk to an inclusive and sustainable recovery of the global economy,” Liu said. The report said labour shortages in developed economies are adding to supply chain challenges and inflationary pressures. It said growth in most developing countries and economies in transition has generally been weaker. While higher commodity prices have helped countries reliant on commodity exports, rising food and energy prices have triggered rapid inflation, particularly in the nine-member Commonwealth of Independent States, formed after the break-up of the Soviet Union in 1991, and in Latin America and the Caribbean, the UN said. “Recovery has been especially slow in tourism-dependent economies, notably in the small island developing states,” it said. The United Nations forecast is similar to the World Bank's released on Tuesday. The 189-nation global financial institution that provides loans and grants to low and middle-income countries downgraded its forecast of worldwide economic growth to 4.1 per cent this year from the 4.3 per cent growth it was forecasting last June. It blamed continuing outbreaks of Covid-19, a reduction in government economic support and ongoing bottlenecks in global supply chains. [Read more »]( [ece_frontpage]( [HCL Tech Q3 net declines 14 per cent to ₹3,442 crore]( Declares dividend of ₹10 per share HCL Technologies (HCL Tech) on Friday has reported a decline in its consolidated net profit by around 14 per cent year-on-year (YoY) at ₹3,442 crore in the third quarter ending December, as compared with Rs.3,982 crore in the corresponding period the previous year. However, its revenue grew by 16 per cent to ₹22,331 crore in the October-December quarter under review, as against ₹19,302 crore in the same period of 2020. The company has also declared a dividend of Rs.10 per share for the third quarter of the current fiscal. “We are in the disruption phase of our lives, and the world has been dramatically reshaped and transformed...As the global economy revives and we emerge from this crisis, we will continue to meet future challenges armed with our core beliefs of innovation and invention, driven by a strong faith in humanitarian values,” Roshni Nadar Malhotra, Chairperson, HCL Tech said. The company's Products & Platforms segment led the growth with 24.5 per cent, followed by Engineering and R&D Services with 8.3 per cent and IT and Business Services with 4.7 per cent, all in quarter-on-quarter constant currency. “We have delivered all round stellar performance this quarter with a revenue growth of 7.6 per cent in constant currency quarter-on-quarter, the highest recorded in the last 46 quarters," C Vijayakumar, Managing Director and Chief Executive Officer, HCL Tech said. “Our future looks bright as we had a very strong net new booking of $2.1 billion, a 64 per cent YoY increase. We also added more than 10,000 to our employee strength this quarter. I believe we continue to be in a vantage position to address sustained demand momentum as our investments on strategic priorities like digital, cloud and engineering capabilities and our talent development plans are showing strong returns,” he added. The company had 1,97,777 employees at the end of the December quarter, with a net addition of 10,143 people while attrition for IT services (on the last 12-month basis) was at 19.8 per cent. Meanwhile, HCL Tech said it will acquire Hungarian firm Starschema for $42.5 million (about ₹315 crore). The company has signed a definitive pact for the acquisition of Budapest-based Starschema, which provides data engineering services, it added. Shares of HCL Tech closed at ₹1337.55 apiece on the BSE on Friday, up 0.32 per cent from the previous close. [File photo ] !=''" id="leadtext" style="font-family: Arial, Helvetica, sans-serif; font-size: 13px; font-weight:normal; color: #353e44; text-decoration:none !important;line-height:18px;margin-top:0px;margin-right:0px;margin-bottom:2px;margin-left:0px;overflow: hidden;display: -webkit-box;-webkit-line-clamp: 4;-webkit-box-orient: vertical;"> Declares dividend of ₹10 per share HCL Technologies (HCL Tech) on Friday has reported a decline in its consolidated net profit by around 14 per cent year-on-year (YoY) at ₹3,442 crore in the third quarter ending December, as compared with Rs.3,982 crore in the corresponding period the previous year. However, its revenue grew by 16 per cent to ₹22,331 crore in the October-December quarter under review, as against ₹19,302 crore in the same period of 2020. The company has also declared a dividend of Rs.10 per share for the third quarter of the current fiscal. “We are in the disruption phase of our lives, and the world has been dramatically reshaped and transformed...As the global economy revives and we emerge from this crisis, we will continue to meet future challenges armed with our core beliefs of innovation and invention, driven by a strong faith in humanitarian values,” Roshni Nadar Malhotra, Chairperson, HCL Tech said. The company's Products & Platforms segment led the growth with 24.5 per cent, followed by Engineering and R&D Services with 8.3 per cent and IT and Business Services with 4.7 per cent, all in quarter-on-quarter constant currency. “We have delivered all round stellar performance this quarter with a revenue growth of 7.6 per cent in constant currency quarter-on-quarter, the highest recorded in the last 46 quarters," C Vijayakumar, Managing Director and Chief Executive Officer, HCL Tech said. “Our future looks bright as we had a very strong net new booking of $2.1 billion, a 64 per cent YoY increase. We also added more than 10,000 to our employee strength this quarter. I believe we continue to be in a vantage position to address sustained demand momentum as our investments on strategic priorities like digital, cloud and engineering capabilities and our talent development plans are showing strong returns,” he added. The company had 1,97,777 employees at the end of the December quarter, with a net addition of 10,143 people while attrition for IT services (on the last 12-month basis) was at 19.8 per cent. Meanwhile, HCL Tech said it will acquire Hungarian firm Starschema for $42.5 million (about ₹315 crore). The company has signed a definitive pact for the acquisition of Budapest-based Starschema, which provides data engineering services, it added. Shares of HCL Tech closed at ₹1337.55 apiece on the BSE on Friday, up 0.32 per cent from the previous close. [File photo ] [Read more »]( [ece_frontpage]( [Hero MotoCorp invests ₹420 crore in Ather]( The country’s largest two-wheelers manufacturer, Hero MotoCorp on Friday has announced a new investment of up to ₹420 crore in Bengaluru-based Ather Energy. The company’s board has approved the investment in one or more tranches. Prior to the proposed investment, Hero MotoCorp’s shareholding in Ather Energy was 34.8 per cent (on a fully diluted basis). Post the investment, the shareholding will increase and the exact shareholding will be determined upon completion of capital raise round by Ather, Hero MotoCorp said in a statement. The company is an early investor in Ather Energy and has been a part of its growth story since 2016. In July 2020, Hero had also invested ₹84 crore in Ather. It is also exploring collaborations with Ather Energy in various spheres, such as charging infrastructure, technology and sourcing. Hero MotoCorp is addressing the emerging mobility opportunity in a comprehensive manner through a range of organic and inorganic initiatives, the company said adding it is gearing up to unveil its first electric vehicle (EV) in March. The vehicle is being developed at the company’s research and development set-up – the Center of Innovation and Technology (CIT) in Jaipur and the Tech Center Germany (TGG) near Munich – and will be produced at the company’s manufacturing facility at Chittoor in Andhra Pradesh, it said. Through its investments and partnerships with external partners like Ather Energy and Gogoro Inc, Hero MotoCorp is also working towards building the entire EV ecosystem – from products to technology, to sales, service, customer care, operations, and innovation, it said. “In keeping with our vision ‘Be the Future of Mobility’, we are working on a variety of emerging mobility solutions. Our aim is to expand the Hero MotoCorp brand promise and make EV ownership a convenient, hassle-free, and rewarding experience for customers across the world,” Swadesh Srivastava, Head – Emerging Mobility Business Unit, Hero MotoCorp said. [Read more »]( [ece_frontpage]( [Mindtree shares tumble nearly 6 per cent after earnings announcement]( Mindtree on Thursday posted a 34 per cent jump in consolidated net profit to ₹437.5 crore for the December 2021 quarter Shares of IT firm Mindtree on Friday tumbled nearly 6 per cent even after the company posted a 34 per cent jump in consolidated net profit for the December 2021 quarter. The stock plunged 5.61 per cent to ₹4,477.25 amid profit-taking on the BSE. At the NSE, it tumbled 5.62 per cent to ₹4,477.35. Mindtree on Thursday posted a 34 per cent jump in consolidated net profit to ₹437.5 crore for the December 2021 quarter, and exuded confidence in continuing its growth momentum on the back of robust demand and aggressive customer mining. The Bengaluru-based company had posted a net profit of ₹326.5 crore in the corresponding period last year. Revenue growth Its revenue grew about 36 per cent to ₹2,750 crore in the quarter under review from ₹2,023.7 crore in the year-ago period. In dollar terms, net profit rose 32.1 per cent to $58.3 million, while revenue increased 33.7 per cent to $366.4 million in the said quarter over the year-ago period. "Our endeavour has been to have the industry-leading profitable growth and we are still sticking to that. If you look at the momentum that we have generated over the last five quarters, we believe that given the demand scenario, that momentum should continue," Mindtree CEO and Managing Director Debashis Chatterjee said. He added that while the company is keeping a watch on the pandemic situation, there should not be too much of an impact. [Stock Market Chart. 2d illustration] !=''" id="leadtext" style="font-family: Arial, Helvetica, sans-serif; font-size: 13px; font-weight:normal; color: #353e44; text-decoration:none !important;line-height:18px;margin-top:0px;margin-right:0px;margin-bottom:2px;margin-left:0px;overflow: hidden;display: -webkit-box;-webkit-line-clamp: 4;-webkit-box-orient: vertical;"> Mindtree on Thursday posted a 34 per cent jump in consolidated net profit to ₹437.5 crore for the December 2021 quarter Shares of IT firm Mindtree on Friday tumbled nearly 6 per cent even after the company posted a 34 per cent jump in consolidated net profit for the December 2021 quarter. The stock plunged 5.61 per cent to ₹4,477.25 amid profit-taking on the BSE. At the NSE, it tumbled 5.62 per cent to ₹4,477.35. Mindtree on Thursday posted a 34 per cent jump in consolidated net profit to ₹437.5 crore for the December 2021 quarter, and exuded confidence in continuing its growth momentum on the back of robust demand and aggressive customer mining. The Bengaluru-based company had posted a net profit of ₹326.5 crore in the corresponding period last year. Revenue growth Its revenue grew about 36 per cent to ₹2,750 crore in the quarter under review from ₹2,023.7 crore in the year-ago period. In dollar terms, net profit rose 32.1 per cent to $58.3 million, while revenue increased 33.7 per cent to $366.4 million in the said quarter over the year-ago period. "Our endeavour has been to have the industry-leading profitable growth and we are still sticking to that. If you look at the momentum that we have generated over the last five quarters, we believe that given the demand scenario, that momentum should continue," Mindtree CEO and Managing Director Debashis Chatterjee said. He added that while the company is keeping a watch on the pandemic situation, there should not be too much of an impact. [Stock Market Chart. 2d illustration] [Read more »]( [ece_frontpage]( [Sensex slumps over 400 pts in early trade; Nifty dips below 18,200]( HCL Tech was the top loser in the Sensex pack, shedding 2.49 per cent Equity benchmark Sensex tumbled over 400 points in opening trade on Friday, tracking heavy selling pressure across counters amid a negative trend in global markets. The BSE index was trading 434.59 points or 0.71 per cent lower at 60,800.71 in early trade. Likewise, the Nifty declined 111.10 points or 0.61 per cent to 18,146.70. HCL Tech was the top loser in the Sensex pack, shedding 2.49 per cent, followed by Asian Paints, HDFC, Axis Bank, Wipro, HUL and Tech Mahindra. On the other hand, Reliance Industries, Maruti, Titan and Bajaj Finance were the only gainers in the pack. In the previous session, the 30-share BSE Sensex ended 85.26 points or 0.14 per cent higher at 61,235.30. Similarly, the NSE Nifty advanced 45.45 points or 0.25 per cent to 18,257.80. Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading with heavy losses in mid-session deals. Asian stocks dropped on Friday after a raft of Federal Reserve officials signalled they will combat inflation aggressively and the Nasdaq 100 fell to its lowest level since October, Deepak Jasani, Head of Retail Research, HDFC Securities, said. "US stocks closed down on Thursday, as a rebound in technology shares stalled out, snapping a three-day winning streak for the Nasdaq Composite," he added. Stock exchanges in the US ended on a negative note in the overnight session. Meanwhile, international oil benchmark Brent crude fell 0.15 per cent to $84.34 per barrel. Foreign institutional investors (FIIs) were net sellers in the capital market, as they sold shares worth Rs 1,390.85 crore on Thursday, according to stock exchange data. [Dices cubes to trader. Cubes with the words SELL BUY on financial chart and columns of quotations as background. ] !=''" id="leadtext" style="font-family: Arial, Helvetica, sans-serif; font-size: 13px; font-weight:normal; color: #353e44; text-decoration:none !important;line-height:18px;margin-top:0px;margin-right:0px;margin-bottom:2px;margin-left:0px;overflow: hidden;display: -webkit-box;-webkit-line-clamp: 4;-webkit-box-orient: vertical;"> HCL Tech was the top loser in the Sensex pack, shedding 2.49 per cent Equity benchmark Sensex tumbled over 400 points in opening trade on Friday, tracking heavy selling pressure across counters amid a negative trend in global markets. The BSE index was trading 434.59 points or 0.71 per cent lower at 60,800.71 in early trade. Likewise, the Nifty declined 111.10 points or 0.61 per cent to 18,146.70. HCL Tech was the top loser in the Sensex pack, shedding 2.49 per cent, followed by Asian Paints, HDFC, Axis Bank, Wipro, HUL and Tech Mahindra. On the other hand, Reliance Industries, Maruti, Titan and Bajaj Finance were the only gainers in the pack. In the previous session, the 30-share BSE Sensex ended 85.26 points or 0.14 per cent higher at 61,235.30. Similarly, the NSE Nifty advanced 45.45 points or 0.25 per cent to 18,257.80. Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading with heavy losses in mid-session deals. Asian stocks dropped on Friday after a raft of Federal Reserve officials signalled they will combat inflation aggressively and the Nasdaq 100 fell to its lowest level since October, Deepak Jasani, Head of Retail Research, HDFC Securities, said. "US stocks closed down on Thursday, as a rebound in technology shares stalled out, snapping a three-day winning streak for the Nasdaq Composite," he added. Stock exchanges in the US ended on a negative note in the overnight session. Meanwhile, international oil benchmark Brent crude fell 0.15 per cent to $84.34 per barrel. Foreign institutional investors (FIIs) were net sellers in the capital market, as they sold shares worth Rs 1,390.85 crore on Thursday, according to stock exchange data. [Dices cubes to trader. Cubes with the words SELL BUY on financial chart and columns of quotations as background. ] [Read more »]( [ece_frontpage]( [DGGI busts network involving fake invoices worth ₹4,500 crore]( Searches syndicate based in Kolkata; arrest one Directorate General of GST Intelligence (DGGI) has busted a network indulged in issuing fake invoices. It is estimated that the network gave a fake invoice worth over ₹4,500 crore with an input tax credit (ITC) implication of over ₹700 crore. One person has been arrested, a statement issued by the Finance Ministry said Friday. Based on a case against some fake firms, DGGI raided the places in Delhi which were mentioned in the physical address from where GST returns were actually filed. The agency found that the proprietor is engaged in providing services of ‘Cloud Storage’ on his servers to various customers for maintaining their financial accounts. Suspicious servers On scrutiny of one of the suspicious servers, details of certain firms were found in tally data. Proprietor informed that this tally data is being maintained by one syndicate based in Kolkata. After obtaining details, searches were conducted at various premises in Kolkata on January 10. During the search, many incriminating documents, including mobiles phones, various cheque books, stamps of various firms and SIM cards were recovered. On analysis of electronic devices, documents, mobiles and e-mail of these persons, it has been found that these persons are remotely maintaining data on the server located at the premises in Delhi. “Scrutiny of Tally data has shown that there are 636 firms being operated by this syndicate. The mastermind of the syndicate has accepted that they have issued only invoices in these firms and not supplied any goods against them. They have issued invoices involving the taxable value of approx. . ₹4,521 crore having ITC implication of approx. 741 crore,” the statement said. During the investigation, GST amounting to ₹4.52 crore has been deposited by reversal of ITC available in the ITC ledger of these firms. Further, till now approx. ₹7 crore lying in various bank accounts of these firms have been frozen. The mastermind was arrested on Thursday. Further investigation is under progress, the statement added. [Tax and GST concept] !=''" id="leadtext" style="font-family: Arial, Helvetica, sans-serif; font-size: 13px; font-weight:normal; color: #353e44; text-decoration:none !important;line-height:18px;margin-top:0px;margin-right:0px;margin-bottom:2px;margin-left:0px;overflow: hidden;display: -webkit-box;-webkit-line-clamp: 4;-webkit-box-orient: vertical;"> Searches syndicate based in Kolkata; arrest one Directorate General of GST Intelligence (DGGI) has busted a network indulged in issuing fake invoices. It is estimated that the network gave a fake invoice worth over ₹4,500 crore with an input tax credit (ITC) implication of over ₹700 crore. One person has been arrested, a statement issued by the Finance Ministry said Friday. Based on a case against some fake firms, DGGI raided the places in Delhi which were mentioned in the physical address from where GST returns were actually filed. The agency found that the proprietor is engaged in providing services of ‘Cloud Storage’ on his servers to various customers for maintaining their financial accounts. Suspicious servers On scrutiny of one of the suspicious servers, details of certain firms were found in tally data. Proprietor informed that this tally data is being maintained by one syndicate based in Kolkata. After obtaining details, searches were conducted at various premises in Kolkata on January 10. During the search, many incriminating documents, including mobiles phones, various cheque books, stamps of various firms and SIM cards were recovered. On analysis of electronic devices, documents, mobiles and e-mail of these persons, it has been found that these persons are remotely maintaining data on the server located at the premises in Delhi. “Scrutiny of Tally data has shown that there are 636 firms being operated by this syndicate. The mastermind of the syndicate has accepted that they have issued only invoices in these firms and not supplied any goods against them. They have issued invoices involving the taxable value of approx. . ₹4,521 crore having ITC implication of approx. 741 crore,” the statement said. During the investigation, GST amounting to ₹4.52 crore has been deposited by reversal of ITC available in the ITC ledger of these firms. Further, till now approx. ₹7 crore lying in various bank accounts of these firms have been frozen. The mastermind was arrested on Thursday. Further investigation is under progress, the statement added. [Tax and GST concept] [Read more »]( [ece_frontpage]( [Budget session to begin on Jan 31]( Budget Session of the Parliament will begin from January 31 and end on April 08. The session will start with President’s address to both the houses on January 31. Most likely it will be followed by tabling of Economic Survey in Lok Sabha. 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