Business News at 05:30 pm on 21st June, 2024

Let’s begin… The sectoral index Nifty IT surged 2.7% to an intraday high of 35,875.30 after the IT bellwether Accenture reported its Q3 results. The company threw up a few positive elements, such as strong booking growth and raised the inorganic growth guidance from 2%+ to 3%. However, Accenture revised its full-year revenue guidance, slashing the growth range to 1.5%–2.5%, compared to the previous growth guidance of 1%–3%. The company that follows the September to August calendar reported revenue of $16.47 billion, a decrease of 1% year-over-year from $16.56 billion posted in Q3 of FY23. Nifty IT stocks saw an uptrend as soon as markets opened. The top five gainers in the Nifty 50 were IT companies: LTIMindtree, Tech Mahindra, HCLTech, TCS, and Infosys.

Moving on, Stanley Lifestyles IPO opened the issue to investors on June 21 to raise Rs 537.02 crore. The company set the IPO price band in a range of Rs 351 to 369 per equity share. The issue is a combination of fresh shares as well as an offer for sale. The company will offer 5.4 million fresh shares to collect Rs 200 crore. While the company’s promoters and selling shareholders will dump 9.1 million shares to pocket Rs 337.02 crore, the offer for sale is the bigger part of the issue. The luxury furniture company’s IPO will close on June 25. The allotment for the shares is expected to be finalised on June 26. The listing is tentatively scheduled for June 28 on the mainboard of BSE and NSE.

Furthermore, The completion of the Stack Interchange Flyover, part of the expansive Dwarka Expressway, has ushered in a new era of connectivity and development in the Delhi-NCR region. This infrastructural marvel, India’s first elevated urban expressway and the first to be supported by a single pillar, promises to significantly ease the commute between Delhi and Gurugram, particularly benefiting pilots and airline staff with smoother access to the airport. Beyond its immediate impact on transportation, the completion of the Dwarka Expressway is sparking significant real estate development, particularly in areas like Pushpanjali Farms, which are now witnessing a surge in residential projects. The expressway’s proximity to key destinations, including the Indira Gandhi International Airport, has made this area a focal point for luxury and high-end residential projects.

Additionally, USCIS is starting a new process for most applicants, petitioners, and requestors, and their attorneys and accredited representatives to pay for certain benefit request forms by mail or remotely instead of in person at a field office. Under the new process, applicants may mail either a check or Form G-1450, Authorization for Credit Card Transactions, to the field office with their benefit request. One may pay their filing fee and biometric services fee, if applicable, with a credit card issued by a U.S. bank, for filing an application, petition, or request with a USCIS lockbox (except Form I-956, Application for Regional Center Designation, and Form I-956F, Application for Approval of an Investment in a Commercial Enterprise).

Moving on, The Income Tax Department makes changes in the ITR forms almost every year based on amendments made to the Income Tax Act. Like in previous years, the tax department has made some changes in various ITR forms for FY2023-24 seeking some additional details from taxpayers. The Central Board of Direct Taxes (CBDT) has introduced many additional reporting requirements and modifications due to the Finance Act 2023 amendments. ITR forms 2, 3, 5 and 6 will require a Legal Entity Identifier (LEI), a unique 20-character alpha-numeric code used to identify parties involved in financial transactions worldwide. Taxpayers must furnish their LEI when claiming a refund amounting to Rs 50 crore or more.

Coming to Auto news, The young millennials may not be aware of his aura but back in the 60s and 70s, Elvis Presley was one of the biggest pop sensations ever to come out. An entire generation swooned to his music which are still considered classics. Triumph, paying homage to the legendary singer, has introduced a new special edition model dedicated to Presley. Triumph recently unveiled a limited edition Bonneville T120 which commemorates the legacy of Elvis Presley. Limited to just 925 units worldwide, this new Elvis Presley Edition of Bonneville T120 is inspired by the artist’s ‘Comeback Special’ performance from 1968. As a result, it gets plenty of unique visual aesthetics over the standard T120.

Lastly, The benchmark equity indices closed the trading session on a negative note on June 21. The BSE Sensex dipped 411 points or 0.53% to finish the day’s trading at 77,067.49, while the NSE Nifty 50 closed 111.15 points or 0.47% lower at 23,455.85. Nifty Midcap 100 closed 99 points or 0.18% at 55,375.30. Following the trend, Bank Nifty closed in the red down 225 points or 0.43% at 51,558.55. Bharti Airtel, LTIMindtree, Adani Ports, Hindalco, and Infosys were the top gainers in the Nifty 50. While Ultratech Cements, Adani Ports, BPCL, Tata Motors, and Tata Consumer Products were the major losers in the Nifty 50 on June 21.