The DGGI has issued a notice to Infosys for allegedly claiming ₹414.88 crore in improper ITC refunds for services exported between 2018-19 and 2023-24. The investigation suggests the IT giant included services from foreign branches and subcontractors in its zero-rated export turnover, leading to excessive refund claims.
Asian markets mostly dipped Wednesday, mirroring Wall Street’s first decline in eight sessions, as gold hit a new record high. Hong Kong and Taiwan saw losses, while Japan’s Nikkei also traded lower. The yen weakened against the dollar on expectations of continued low interest rates in Japan. US futures and oil prices, however, edged up.
Gold price prediction today: Gold prices are poised for further gains ahead of Diwali, driven by investor demand for safe-haven assets amid US economic uncertainty and expectations of Fed rate cuts. India’s robust gold imports, defying record prices, are bolstering the precious metal’s rally, with strong retail demand anticipated during the festive season.
Stock market today: Nifty50 and BSE Sensex, the Indian equity benchmark indices, opened in green on Wednesday. While Nifty50 was above 25,100, BSE Sensex was near the 82,00 mark.
Perfios and NeSL have joined forces. They will use AI and smart data to spot early signs of loan repayment trouble. This partnership aims to make lending safer and faster for banks. It will help reduce defaults and increase credit access. Lenders can now perform deeper checks and get early warnings.
Stock market recommendations: Anand Rathi’s Mehul Kothari recommends Schaeffler India, SPIC, and Datamatics for potential gains. Schaeffler India shows a range breakout with momentum, SPIC signals a trend reversal after a correction, and Datamatics is forming a double bottom with Ichimoku support, suggesting an upside.
Finance Minister Nirmala Sitharaman warned that technology can be used for deception and manipulation. She urged the fintech industry to balance innovation with responsibility. Key priorities include focusing on fundamentals, responsible growth, and addressing financial inclusion gaps. Sitharaman stressed that technology should bridge divides, safeguard privacy, and empower citizens for an equitable digital ecosystem.
Indians favor cash and UPI for daily online purchases but opt for credit cards for high-value items like smartphones and furniture. This trend is amplified by festive season offers and the growing adoption of credit instruments among Gen Z and millennials, driving a 35% rise in digital payment volumes in urban India.
Key Tata Group leaders met with top ministers in Delhi amid reports of disagreements within Tata Trusts over governance and a potential Tata Sons listing. The government has reportedly stepped in to resolve these differences, which stem from a split board and concerns over transparency and trustee authority.
