Latest news with #NitinBansal
Hindustan Times
6 days ago
- Business
- Hindustan Times
Amid sluggish GST growth, fake firms eating into UP's revenue
LUCKNOW Even as Uttar Pradesh remains nonplussed over sluggish GST growth, fake firms are eating into the state's revenue by fraudulently claiming input tax credit (ITC), without carrying out any actual transactions. The fake firms were fraudulently claiming input tax credit (ITC), without carrying out any actual transactions. (Pic for representation) A month-long drive by the state tax and the central GST departments, which is still on, unearthed a massive scam involving over 233 bogus or non-existent firms, resulting in a loss of more than ₹120 crore to the state exchequer — and counting. 'On our part, we have caught 33 bogus/non-existent firms registered under the state GST. Action, including lodging of FIRs against them, is being taken,' UP state tax commissioner Nitin Bansal told HT. Another state tax department official revealed that two of the 33 firms, dealt in scraps and were based in Gorakhpur. 'One of these firms fraudulently claimed ICT of ₹18.96 crore and the other to the tune of ₹1.93 crore. FIRs have been lodged against both,' he said adding: 'We have cancelled registration of 31 other firms as they were not found to be in existence.' The official said about 200 other entities, all registered under central GST, were found to be paper firms involved in generating fake invoices to fraudulently claim input tax credit (ITC). 'These bogus or non-existent firms collectively claimed ITC worth ₹200 crore, resulting in a ₹100-crore loss to Uttar Pradesh, as ITC is shared equally between the centre and the state,' he revealed. Officials explained that ITC was meant to prevent tax cascading by allowing businesses to claim credit on the tax paid for inputs. However, in this case, the firms created fictitious transactions and invoices to falsely claim credit — effectively defrauding the government. The crackdown followed an internal review by chief minister Yogi Adityanath, who also holds the commercial tax/GST portfolio, after the state recorded negative or flat GST growth in three months of the current financial year. The 4% decline in GST growth vis-a-vis the corresponding period of 2024 triggered panic in the government as GST is the main source of the state government's tax earnings. Principal secretary, state tax, M Devraj directed authorities to launch a statewide campaign to identify possible causes for the low GST collections, with focus on bogus firms. 'The reports of entire July have not been prepared yet. We expect the number of bogus/non-existent firms registered under the state GST to go up from 33,' the official said.
Miami Herald
02-08-2025
- Business
- Miami Herald
Analysts revamp Meta price target after earnings
Meta Platforms (META) delivered a solid performance with its second-quarter earnings, prompting an analyst to raise both its revenue and earnings estimates for the parent company of Facebook, Instagram, and WhatsApp. The company's strong financial results and outlook for the third quarter reflect the significant potential of its investments in artificial intelligence (AI) and its growing strength in the digital advertising sector. As a result, Bank of America (BofA) Global Research analysts Justin Post and Nitin Bansal just significantly raised their firm's stock price target on Meta. Don't miss the move: Subscribe to TheStreet's free daily newsletter Meta's second-quarter revenue of $47.5 billion handily exceeded Wall Street's consensus estimate of $44.8 billion, driven by a two-point constant-currency acceleration in advertising revenue growth to 22%. Meta's GAAP operating income of $25.7 billion and earnings of $7.14 per share also each exceeded analysts' expectations of $17.1 billion and $5.89 per share, respectively. Looking ahead to the third quarter, the analysts noted that guidance suggests higher AI investment spending, albeit supported by continued strong revenue growth as compared to Meta's peers, with projected revenue ranging between $47.5 billion and $50.5 billion (up 17% to 24% year over year). The high end of that range suggests a further 1% acceleration in constant-currency growth, fueled by an increase in user engagement, thanks to a combination of AI-driven content suggestions and an improvement in ad conversion rates. Related: The alarming reason so many tech companies are raising cash Meta's substantial investment in AI has proven to be a key factor behind its success in driving both user engagement and advertising revenue higher. Indeed, recent posts from Meta CEO Mark Zuckerberg revealed plans to significantly ramp up AI spending, and guidance indicates an increase to Meta's planned capital expenditures by $30 billion in 2026. A large portion of those investments will be directed toward AI personnel and infrastructure, the company says, as part of Meta's overarching strategy to build advanced "superintelligent" AI systems that have the ability to self-improve over time. Meta's AI advancements are expected to open new revenue streams, including content creation, AI assistants, and even AI-powered devices. However, risk remains in that if those AI investments fail to drive continued revenue acceleration over the next several quarters, there could be a slowdown in margin and EPS growth in 2026 that could negatively impact investor sentiment and cause valuation multiples to contract. More AI Stocks: Google plans major AI shift after Meta's surprising $14 billion moveMeta delivers eye-popping AI announcementVeteran trader surprises with Palantir price target and comments For 2025, BofA increased its revenue estimates for Meta by 5% to $199 billion, and its EPS estimate by 11% to $29.73. Looking further ahead to 2026, it now anticipates Meta to deliver revenue of $237 billion, an increase of 9% from BoA's previous models, with earnings of $32.63 per share, a 12% increase over previous estimates. As such, BofA reiterated its buy rating and raised its per-share price target on Meta to $900 from $775 - with shares closing the week at just over $750 - representing an expanded 27x multiple of 2026 earnings per share (up from 26x previously). Meta continues to be viewed as one of the top beneficiaries of the budding AI industry, particularly given its commanding leadership within the digital advertising space. The company's AI-driven ad engine is proving to be a durable and profitable asset, with the potential to continue to drive meaningful future revenue growth. New advertising capabilities, including integrations within Meta's AI ad stack and platforms like Threads and WhatsApp, are widely expected to further bolster the company's position in the market. Related: Morgan Stanley revamps IBM stock forecast for 2026 after earnings The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
New Indian Express
30-06-2025
- Business
- New Indian Express
Ericsson to manufacture antennas in India for global export from July; expands local ecosystem
NEW DELHI: Telecom gear maker Ericsson on Monday announced the release of its first antenna model manufactured in India for global export, starting in July. The company is expanding its passive antenna manufacturing and engineering ecosystem in India, building an end-to-end capability that includes local sourcing, production, and engineering. These solutions are specifically designed to meet global and Indian network requirements. Ericsson in a press note said that with over 50 percent of antenna content now produced locally, Ericsson is entering the next phase: evolving its India-based engineering capabilities to support regional adaptation, accelerate innovation, and scale with global demand. "We are committed to building an end-to-end antenna ecosystem in India—one that includes local sourcing, production, and engineering," says Mikael Eriksson, Head of Ericsson Antenna System, Ericsson. "This is a long-term investment in capability, talent, and technology. Our advanced passive antennas play a vital role in the evolution of 5G networks globally, and with our growing local presence, we can deliver future-ready solutions that meet the changing needs of our customers." Antennas produced in India will adhere to Ericsson's rigorous global standards for quality and performance, ensuring they meet the needs of both domestic operators and international customers. By growing its local engineering ecosystem, Ericsson is enabling deeper collaboration with Indian R&D partners and stronger integration with a rapidly maturing supplier base. Nitin Bansal, Managing Director, Ericsson India said that India is rapidly emerging as a global hub for high-tech manufacturing and innovation. Ericsson's investment in local production and engineering not only strengthens India's telecom infrastructure but also contributes to building a resilient, future-ready ecosystem.
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Business Standard
30-06-2025
- Business
- Business Standard
Ericsson launches first India-built antenna, targets global markets
Telecom equipment manufacturer Ericsson on Monday unveiled its first antenna model manufactured in India, aimed for both local and global markets. Unveiled at an event attended by Telecom Minister Jyotiraditya Scindia, Ericsson said international shipments of the new antenna are ready to start in July. 'India is rapidly emerging as a global hub for high-tech manufacturing and innovation. Ericsson's investment in local production and engineering not only strengthens India's telecom infrastructure, but also contributes to building a resilient, future-ready ecosystem. Ericsson's advanced 'Made in India' antennas will cater to both domestic and global demand,' said Nitin Bansal, managing director at Ericsson India. The company's passive antenna manufacturing process in India includes local sourcing, production, and engineering. Ericsson established component and antenna manufacturing in India a year back. Antennas transmit and receive electromagnetic waves, effectively acting as a bridge between electrical signals and wireless communication. They are expected to play a central role in enabling sub-terahertz and centimetre wave spectrum in the 6G ecosystem 'This is a long-term investment in capability, talent, and technology. Our advanced passive antennas play a vital role in the evolution of 5G networks globally, and with our growing local presence, we can deliver future-ready solutions that meet the changing needs of our customers,' Mikael Eriksson, head of Ericsson Antenna System, Ericsson said. Ericsson began manufacturing in India in 1994. Ericsson's advanced passive antennas are at the forefront of next generation 5G infrastructure. As network requirements continually evolve to meet the needs of communications service providers, antennas are critical in helping them realise the full potential of their network, ensuring high performance, energy efficiency, and the best total cost of ownership.
Time of India
26-06-2025
- Business
- Time of India
Ericsson to add 150 roles at Bengaluru R&D team, expand ASIC development capabilities
NEW DELHI: Swedish telecom gear maker Ericsson Thursday said it is expanding its Bengaluru research and development (R&D) team by adding 150 roles to enhance its application-specific integrated circuit (ASIC) development. 'This strategic move underscores Ericsson's commitment to enabling India to be at the forefront of future communication technology,' Ericsson said in a statement. Nitin Bansal , managing director, Ericsson India, said that expanding ASIC R&D in India will enable the vendor to leverage the local technology competence in the country towards enhancing capabilities in semiconductor design. 'This unit will also contribute towards strengthening the semiconductor ecosystem in the country. Ericsson expects to initially grow its R&D team in India by more than 150 positions,' Bansal said. 'By increasing our focus on ASIC development , we are reinforcing our technological prowess. Our investments in the Ericsson Silicon platform, in particular, will accelerate the launch of new products and innovative features to the market,' said Anna Dicander, vice president of radio & transport engineering, Ericsson Business Area Networks. The R&D expansion in India will enhance Ericsson's portfolio, and contribute to programmable networks. 'Ericsson Silicon plays a crucial role in creating high-performing, energy-efficient, and lightweight products suitable for various deployment scenarios,' Dicander said. Ericsson Silicon's range of System on a Chip (SoC) is specifically designed for mobile networks and integrated across the entire Ericsson radio portfolio, including RAN Compute (basebands), radio, and transport. This integration enables service providers to fully leverage 5G and address both current and future needs.
