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Monday, Dec 05, 2022

The Expresso Business Update

Your Business Expresso is served! The Indian Express brings to you the latest updates from the world of Indian and international business. Your one stop shop for all finance and business stories.

Episode 704 November 24, 2022

Today’s Latest Business News, Finance and Share Market News at 5:30 pm on 24th November 2022

Listen to the latest business and finance news by the Financial Express where today we highlight the new clarifications on CGHS bill payment Central Govt Employees, some fresh updates on the Keystone Realtors and tax deposited by filing updated ITRs. Do not forget to get your daily dose of the stock market.

Today’s Latest Business News, Finance and Share Market News at 5:30 pm on 24th November 2022Listen to the latest business and finance news by the Financial Express where today we highlight the new clarifications on CGHS bill payment Central Govt Employees, some fresh updates on the Keystone Realtors and tax deposited by filing updated ITRs. Do not forget to get your daily dose of the stock market.
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"You are listening to the Expresso Business Update. Here is the latest news from the world of Indian and International business brought to you by The Indian Express and The Financial Express.
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Let's begin. Empanelled hospitals under CGHS cannot prepare two separate bills for the same period of treatment, the Ministry of Health and Family Welfare said in an Office Memorandum dated 10th November 2022. As per the latest order of the Ministry of Health and Family Welfare, empanelled hospitals cannot prepare one separate bill to claim payment from CGHS/Department and another to be paid by the beneficiary. The ministry said that any violation of these guidelines shall be viewed seriously and suitable action as per the terms and conditions of MOA, including removal from CGHS panel, shall be taken against erring hospital.
ON to some IPO related news. Keystone Realtors made a positive debut on the domestic indices today, listing at Rs 555 on the BSE and Rs 555 on the NSE. The shares were at one point trading at Rs 557, 3% above the issue price. The Keystone Realtors IPO price band was set between Rs 514 to Rs 541. The company’s shares were available on the grey market for a discount of Rs 4, which had hinted at a subdued listing, however, the shares were listed at a premium. The IPO sought to raise funds through issue of fresh sales totalling Rs 530 crore and offer for sale amounting to Rs 75 crore, making the total issue size Rs 635 crore. The lot size for the IPO was 27 shares and the maximum amount that a retail investor could apply for was 13 lots, totalling to 351 shares, valued at Rs 1,89,891 at the upper price band. The IPO was subscribed 2.01x, but retail investors only subscribed to the IPO 0.53x. However, the majority of demand was seen from QIBs and NIIs, who subscribed to the IPO 3.84x and 3.03x respectively.
Meanwhile, the recently introduced provision of allowing taxpayers to update their tax returns has seen as many as 5 lakh re-filings with about Rs 400 crore additional tax coming in, a senior government official said on Thursday, reported PTI. The Finance Act, of 2022 introduced a new concept of updated returns, which permitted taxpayers to update their ITRs within two years of filing, subject to payment of taxes. New form ITR-U was made available in May this year for taxpayers to update their income tax return (ITRs) with any income or earnings that may have been skipped in the original filings for fiscal years starting 2019-20 (the assessment year 2020-21). he said that so far about 5 lakh updated ITRs have been filed and about Rs 400 crore taxes have been paid.
Moving on. India’s Bisleri International is in talks to sell itself to salt-to-software conglomerate Tata Group, the packaged water company’s chairman, Ramesh Chauhan, said in an interview with TV channel CNBC-TV18. Chauhan, however, denied during his interview that a deal was being finalised. Earlier, the Economic Times reported citing Chauhan that Tata Consumer Products would buy the company for up to 70 billion rupees. Bisleri – which competes with Coca-Cola Co’s Kinley and PepsiCo Inc’s Aquafina – and Tata Consumer Products did not respond to Reuters requests for comment. Chauhan could not be reached for comment. Chauhan, who launched Bisleri in 1969 as per the company’s website, is known for creating famous homegrown soft-drink brands, including ThumsUp, Gold Spot, Citra, Maaza and Limca. He sold the soft-drinks portfolio to Coca-Cola in 1993.
On to the automobile sector. India Bike Week, the country’s largest biking festival, will be back in Goa this year after a long hiatus of three years. The IBW 2022 is scheduled for the 2nd and 3rd of December. KTM India has announced its participation in this mega event. The company has also invited the KTM owners to join the India Bike Week 2022 and a special orange pass will be issued for the same. KTM owners across India can get themselves an exclusive Orange pass at a special price that will offer the following benefits: a 2-day entry ticket to the India Bike Week for 2nd and 3rd December, an exclusive opportunity to be a part of the Orange Parade at the festival, and an opportunity to meet and greet KTM Experts and KTM Pro-XPians at the KTM stall.
And lastly, the stock market. Benchmark indices extended gains to end higher for the third straight session on monthly F&O expiry. BSE Sensex surged 800 pts to hit a fresh record high of 62412 before paring gains to end below the 62300 level. The NSE Nifty 50 index topped the 14500 level intraday before closing at 18484. The NSE Nifty Bank index also touched a fresh life-time high of 43070 during the session. Broader markets followed a similar trend as Nifty SmallCap 100 and Nifty MidCap 100 surged up to 0.4%. All sectors, barring Nifty Consumer Durables, ended on a positive note with Nifty Media, Nifty Auto, and Nifty PSU Bank indices leading the charge.

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