Wednesday, September 09
The Enforcement Directorate (ED) on Tuesday searched premises related to real estate company BPTP across the Delhi-NCR region as part of a foreign exchange violation case involving funds of about Rs 500 crore, official sources said. The multiple locations of the Faridabad-based Business Parks Town Planners Private Limited (BPTP) were searched under provisions of the Foreign Exchange Management Act (FEMA), they said. The company could not be contacted immediately for a response on the ED action. A probe found that BPTP received foreign investment of more than Rs 500 crore under the "automatic route" from foreign companies based in Mauritius during 2007-2008 through put option/swap option in "contravention" of the existing FEMA rules and regulations, according to ED sources. They alleged tha
President Donald Trump has signed an executive order doubling tariffs on Indian imports. The 50 per cent levy, announced on 6 August, will take effect from 27 August and comes on top of the 25 per cent tariff introduced earlier this month.Trump linked the decision to national security, pointing to India’s continued purchase of Russian oil. The order stated that India’s energy trade was helping Moscow fund its war in Ukraine. The US president accused New Delhi of indirectly supporting Russia’s war effort by continuing large-scale imports.Also Read: Trump Tariffs India: Trump admin pushes ahead with plans to implement 50% tariff on India; notice issuedWhy Apple will not take a hit?Despite the sweeping tariffs, Apple’s iPhone exports from India remain untouched for now. In April, the
Global brokerage firm UBS has resumed coverage on Mukesh Ambani-led Reliance Industries Ltd (RIL) with a ‘Buy’ rating and set a 12-month price target of Rs 1,750, citing the company’s strong positioning in India’s digital ecosystem and its emerging presence in the new energy segment.In its latest research note, UBS stated that it expects RIL to perform well over the next 12–18 months, following a period of underperformance versus the MSCI India index. The brokerage highlighted that the group’s earnings transformation over the past five years has laid the foundation for potential value unlocking across multiple business verticals.UBS expects Reliance Jio to reach a stage of “maturity” over the next 12–18 months, marked by mid-teen revenue growth and rising cash flows.Meanw
Shares of Sun Pharmaceutical fell as much as 2.8% on Tuesday to an intraday low of Rs 1,610 on the BSE after Bank of America Securities downgraded the stock to 'underperform' from 'neutral', citing risks to premium valuations and slower-than-expected execution in speciality drugs.Bank of America Securities lowered its target price on Sun Pharma to Rs 1,570 from Rs 1,730, stating it expects consensus earnings and valuations to face pressure. “While we could continue to see the company pursuing more speciality M&A, this optionality is priced in with downside risk from disappointment in scale-up of its recently acquired (and launched) speciality assets,” the brokerage said.The research house flagged that the company's market-friendly new launches, particularly speciality drugs, have y
