Taxman asks FPIs to share info on signatories, justify treaty relief
If the signatories are residents, the tax office, some feel, may question the tax status of the funds offered under the treaties that India has signed with key jurisdictions like Mauritius and Singapore.
Acre puts Nagarjuna Fertilizers up for sale at double buy price
Distressed debt aggregator Acre Asset Reconstruction Company (ARC) plans to sell Nagarjuna Fertilizers and Chemicals, seeking ₹1,600 crore from bidders. The sale includes the Kakinada urea plant and other assets. However, the company faces issues with gas supply, litigation, reimbursements, and land usage norms.
AUM of mid & small-cap MFs closes in on large caps
The assets under management (AUM) of small-cap schemes in January 2024 touched a record ₹2.48 lakh crore. It was almost at 83% of the AUM of the large-cap scheme category of ₹2.99 lakh crore in January, as against 44% in August 2021, according to data from Samco Mutual Fund.
Nifty surges to new high of 22,186, analysts expect further upside
The NSE Nifty rose 81.5 points, or 0.37%, to close at 22,122, off its fresh all-time high of 22,186. The Sensex rose 281.5 points, or 0.39%, to end at 72,708. ICICI Bank, the country’s second-biggest lender by market value, was among the top five gainers.
Heavyweights lag, but new leaders give wings to rally
Shares of some of India’s best companies – HDFC Bank, Infosys, Asian Paints, Bajaj Finance, HDFC Life and Hindalco – among a dozen stocks on the 50-stock Nifty have declined in the last two years as the NSE’s benchmark index returned over 28% during this period.