Latest news with #ITC
Business Upturn
5 hours ago
- Business
- Business Upturn
Nifty 50 top losers this week (May 31): UltraTech Cement, Grasim Industries, ITC, Shriram Finance and more
The Indian stock market closed the week on a mixed note, marking the second consecutive weekly decline for benchmark indices. On Friday, May 30, 2025, Indian equity benchmarks ended in the red due to broad-based selling. The BSE Sensex dropped by 182.01 points (0.22%), closing at 81,451.01, while the Nifty 50 slipped 82.90 points (0.33%) to settle at 24,750.70. Several major stocks underperformed this week, with UltraTech Cement, Grasim Industries and ITC leading the losses. Let's take a closer look at the top 10 losers of the Nifty 50 this week, according to Trendlyne. Nifty 50 Top Losers This Week UltraTech Cement saw the biggest weekly drop, closing at ₹11,210.00 with a -4.6% decline. Grasim Industries fell -4.3% , ending the week at ₹2,545.80. ITC declined by -4.2% , closing at ₹418.10. Shriram Finance closed at ₹639.40, registering a -3.1% fall. NTPC also dropped -3.1% , finishing at ₹333.90. Tata Consumer Products ended the week at ₹1,106.30, down -3.0% . Power Grid Corporation declined by -2.8% , closing at ₹289.80. Apollo Hospitals Enterprises dropped -2.6% , with a closing price of ₹6,880.50. Hindalco Industries also registered a -2.6% fall, ending at ₹633.50. Asian Paints closed at ₹2,259.10, down -2.4% for the week. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information. Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at
Hindustan Times
6 hours ago
- Business
- Hindustan Times
Punjab: Mastermind behind ₹30-crore GST scam arrested
The Chandigarh zonal unit of the Directorate General of GST Intelligence (DGGI) claimed to have busted a network reportedly involved in generating fraudulent Input Tax Credit (ITC) through the issuance of invoices without the actual supply of goods. The mastermind, identified as Manmohan Singh of Ludhiana, has been arrested, it said. GST officials said the fraud involved multiple business entities, including M/s JHA and JHA Enterprises (Delhi), M/s Goyal Trading Agency (Delhi), M/s MAA Vaishno Enterprises (Delhi), M/s SS Enterprises (Ludhiana), M/s PC Techno Solutions (Ludhiana) and M/s PMI Smelting Private Limited (Ludhiana). These firms were found issuing fake invoices for zinc products, the DGGI mentioned. Preliminary analysis indicates a widespread network of bogus firms with the quantum of fraudulent Input Tax Credit currently estimated at approximately ₹30.21 crore. This figure is expected to rise as the investigation progresses. Investigations revealed that Manmohan Singh was actively involved in establishing and operating this racket, creating the aforementioned firms to generate and avail ineligible ITC. Furthermore, it has been uncovered that Singh, in collusion with other individuals under the agency's scanner, allegedly facilitated banking transactions and arranged cash movements in exchange for commissions to enable these illicit activities. An official said that Manmohan has been remanded to judicial custody. 'Such fraudulent activities pose a severe threat to the integrity and efficacy of the indirect taxation framework, undermining the foundational principles of transparency, equity and voluntary compliance. The generation of fictitious invoices and wrongful ITC claims not only distort market equilibrium by placing bona fide taxpayers at a competitive disadvantage but also results in significant revenue loss to the exchequer,' he added.
Indian Express
6 hours ago
- Business
- Indian Express
DGGI Chandigarh busts Rs 30-cr fake ITC scam; mastermind held
The Directorate General of GST Intelligence (DGGI), Chandigarh Zonal Unit, has unearthed a major fake Input Tax Credit (ITC) racket involving bogus invoices and non-existent supplies. The alleged mastermind, Manmohan Singh, has been arrested and remanded in judicial custody. Officials said the racket revolved around several shell firms — M/s JHA and JHA Enterprises, M/s Goyal Trading Agency, M/s MAA Vaishno Enterprises, M/s SS Enterprises, M/s PC Techno Solutions, and M/s PMI Smelting Private Limited — which were primarily issuing fake invoices for zinc products. The estimated quantum of fraudulent ITC is currently pegged at Rs 30.21 crore and is likely to increase as the investigation progresses. Preliminary findings revealed that Manmohan Singh not only floated these bogus entities but also orchestrated the issuance of fake invoices to generate and avail ineligible ITC. He is also alleged to have coordinated banking transactions and cash movements in exchange for commissions, in collusion with other individuals who are now under the scanner. Given the scale of the fraud and the possibility of evidence tampering, Singh was sent to judicial custody. In a statement, the agency said the case underscores the department's commitment to tackling tax evasion and maintaining the integrity of the Goods and Services Tax (GST) system. 'Fraudulent ITC claims through fictitious invoicing not only distort market competition by disadvantaging genuine taxpayers but also result in significant revenue loss to the exchequer,' the DGGI said. Officials warned that such activities undermine the transparency and equity of the GST regime, affecting the government's ability to fund public welfare schemes, infrastructure, and development initiatives. The DGGI added that it is intensifying enforcement through technological surveillance and strategic intelligence gathering to detect and deter such frauds. Inter-agency collaboration and public awareness are also being emphasised as key tools in combating economic offenses. Further investigation is underway, and more arrests and recoveries are expected.
Yahoo
11 hours ago
- Business
- Yahoo
Waaree Solar Americas Signs 586 MW Module Supply Agreement with Leading U.S. IPP, Secures $176 Million (INR 1500 Cr) Order
MUMBAI, India and BROOKSHIRE, Texas, May 30, 2025 /PRNewswire/ -- Waaree Solar Americas Inc., the wholly owned U.S. subsidiary of Waaree Energies Limited, India's largest solar PV module manufacturer, has announced the signing of a significant 586 MW solar module supply agreement with a leading U.S.-based independent power producer. Valued at USD 176 million (approx. INR 1500 crore), this landmark project represents a major milestone as Waaree continues to expand its strong presence in the US solar market. The modules will be manufactured at Waaree's state-of-the-art facility in Brookshire, Texas, and are scheduled for delivery during FY 2026–27 across four projects. These modules will leverage several domestically produced components, aligning with the Investment Tax Credit (ITC) guidelines for domestic content requirements and reinforcing the resilience and reliability of the U.S. clean energy supply chain amidst evolving trade and energy policies. "This agreement reflects Waaree's unwavering commitment to building a resilient, robust, and technologically advanced clean energy supply chain in the United States," said Sunil Rathi, President, Waaree Solar Americas. "In a landscape marked by shifting trade dynamics and an increasing emphasis on domestic manufacturing, our Brookshire facility stands uniquely equipped to meet market demand with high-quality, U.S.-made modules. This milestone not only underscores global confidence in Waaree's quality and reliability but also bolsters America's energy transition, enhances job creation, and strengthens long-term energy security." He added, "Our collaboration reflects a mutual commitment to advancing America's energy security objectives through a resilient domestic supply chain, supported by Waaree's extensive manufacturing expertise developed over decades in India. We are proud to contribute to our partner's ambitious project pipeline with our high-performance solar modules." This partnership highlights Waaree's strategic positioning as a highly dependable global PV module manufacturer with a dynamic and resilient supply chain strategically positioned to mitigate trade risks and ensure supply continuity. As US energy demand continues to surge, driven notably by advancements in AI infrastructure and industrial growth, Waaree remains dedicated to supporting its clients and partners by delivering scalable, high-quality clean energy solutions. For Further Information, Please Contact :Manasi Patni – manasipatni@ Photo - View original content to download multimedia: SOURCE Waaree Solar Americas Inc. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Time of India
13 hours ago
- Business
- Time of India
Directorate General of GST Intelligence busts Rs 30cr fake ITC network
Chandigarh: In a crackdown on financial fraud, the Directorate General of GST Intelligence (DGGI), Chandigarh Zonal Unit, on Friday claimed to have busted a network involved in generating fraudulent input tax credit (ITC) through the issuance of invoices without the actual supply of goods. Tired of too many ads? go ad free now Preliminary probe indicated a widespread network of bogus firms, with the quantum of fraudulent ITC currently estimated at approximately Rs 30.21 crore. The authorities anticipate the figure to increase as the investigation progresses. The intricate scheme involved multiple business entities, including a smelting firm located in Ludhiana, found to be issuing fake invoices for zinc products. The investigation has resulted in the arrest of the alleged mastermind, Manmohan Singh, who was instrumental in establishing and operating this racket, creating the aforementioned firms to generate and avail ineligible ITC. Manmohan is alleged to have colluded with other individuals, currently under the agency's scanner, to facilitate banking transactions and arrange cash movements in exchange for commissions to enable these illicit activities. The firms included JHA and JHA Enterprises, Goyal Trading Agency, MAA Vaishno Enterprises, SS Enterprises, PC Techno Solutions, and PMI Smelting Private Limited. "Given the severity of the offense, the substantial financial fraud involved, and the potential for evidence tampering and witness influence, Manmohan Singh has been remanded to judicial custody," said an official spokesperson of the DGGI. The spokesperson said the DGGI was committed to check tax evasion and preserve the integrity of the Goods and Services Tax (GST) system. The DGGI highlighted that such fraudulent activities not only distorted market equilibrium by disadvantaging legitimate taxpayers but also resulted in significant revenue loss to the exchequer, impacting govt resources for public welfare and infrastructure development. Earlier this month, a Ludhiana-based electronics firm was accused of a GST scam on iPhone supply, involving fake invoices, fraudulent companies, and non-existent supplies. Tired of too many ads? go ad free now Four individuals had been booked for the alleged fraud under the relevant sections of law and under the GST Act. The scheme encompassed the creation of fake invoices, establishment of fraudulent companies, and declaration of non-existent iPhone supplies. It underscored the persistent challenge posed by illicit input tax credit (ITC) schemes, which leverage fictitious entities to transmit ITC without the genuine supply of goods. MSID:: 121520244 413 |
