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15 Dec 2018, 01:00 HRS IST
  • PTI
  • Income Tax raids Kedia Group across six states

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20:51 HRS IST

Indore, Nov 14 (PTI) Suspecting large-scale tax evasion, the Income Tax Department today raided 40 offices of the leading liquor firm Kedia Group.

A top IT official said a group of around 250 taxmen raided the Indore-based group's offices in Bhilai, Kolkata, Howrah, New Delhi, Noida and Jamshedpur.

Repeated calls to the Kedia Group's headquarters here did not elicit any response.

Without disclosing the specific details, the official said a large number of incriminating documents and other material were seized during the raid.

The exact amount of tax evasion would be known only after a detailed examination of these documents.

-------------------------------------------- Hinduja Ventures net rises marginally

Mumbai: Hinduja Ventures has reported marginal increase in net income for the three months to September at Rs 29.5 crore, up from Rs 28.19 crore a year ago.

But its income fell to Rs 53.58 crore from Rs 59.20 crore during the reporting quarter. The company did not offer any reason for the fall in the number.

-------------------------------------------------------- Yes Bank ties up with Denmark Innovation Centre

Mumbai: Mid-szised private sector lender Yes Bank has signed an agreement with the Innovation Centre Denmark India to enable fintech innovation and startups from Denmark to India.

The partnership aims to build bridges to promote innovation and assist fintech companies in both the countries to expand into each other's markets, Yes Bank said in a statement.

Denmark is ranked No 1 in the global innovation index and is a global fintech hub through initiatives like Copenhagen Fintech. Innovation Centre Denmark is a partnership between the Danish ministries of higher education and science and foreign affairs.

---------------------------------------------------------- Manpasand Beverages net up 64%

Vadodara: Fruit-drinks maker Manpasand Beverages has reported 63.80 per cent rise in net profit at Rs 8.86 crore for the September quarter on a revenue of Rs 132.27 crore, which rose 22.41 per cent, the company said in statement.

----------------------------------------------------- Solar Industries net jumps 24% to Rs 45.7 cr

Mumbai: Industrial explosives manufacturer Solar Industries has reported a 24 per cent increase in net profit for the quarter ended September 30 at Rs 45.74 crore against Rs 36.93 crore.

Its total income for the July-September period increased by 30 per cent to Rs 408.40 crore compared to Rs 313.36 crore.

On its defence business, the company said the upcoming rocket assembly facility which will be completed by January next year and the upcoming RFP's under Strategic Partnership Programme under Make In India policy will spurt revenue from defence segment.

---------------------------------------------------- BSE Institute sets up in-house Blockchain lab

Mumbai: Financial education entity BSE Institute has signed an MoU with DLT Labs to set up a state-of-the-art block chain lab to help student build professional skill sets and apply new financial technologies especially blockchain to innovate and streamline financial systems.

"We firmly believe that the next big piece of disruptive financial technology will be based on block chain.

It is our vision to facilitate immense developments in the field of FinTech using Block Chain as a foundation for these future developments," BSE Institute managing director and CEO Ambarish Datta said.

---------------------------------------------------- Telangana debt stands at Rs 1.35 trillion

Hyderabad: Telangana finance minister E Rajender said the state's total debt stood at Rs 1,35,554 crore as it has taken Rs 22,485.06 crore loans from the Centre and other financial institutions so far this year.

Replying to a query in the Assembly, he said the interest burden on the state exchequer in 2016-17 was Rs 8,609.19 crore.

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