Business

Ford India Pvt. Ltd. Sells Its Sanand Plant For Rs. 726 Crore To Tata Motors

Tata Motors is buying Ford Motor’s manufacturing plant in Gujarat for $91.5 million (Rs 726 crore). Tata Motors said that the deal will augment its production in the coming years.

HIGHLIGHTS

• Tata Motors signed a $91.5 million (Rs 726 crore) deal with Ford Motor’s
• The deal is for the acquisition of Ford’s Sanand manufacturing plant in Gujarat
• Ford Motors has stopped production in India last year
• Tata Motors will augment its production capacity with this deal

What Is The Deal Between Tata Motors And Ford Motors?

Tata Motors buy Ford Motors

Tata Passenger Electric Mobility Ltd (TPEML), a subsidiary of Tata Motors, signed a deal with Ford India Pvt Ltd (FIPL) to buy its manufacturing plant in Sanand, Gujarat. The Rs 726 crore deal includes land, assets, and all eligible employees.

What Is The Importance Of The Deal For Tata Motors?

Tata Motors released a statement soon after the deal. The Indian automobile giant said that with its manufacturing capacity nearing saturation, the acquisition was timely and a win-win situation for all stakeholders. The Jaguar Land Rover parent further said that the Sanand plant will boost its manufacturing capacity from 300,000 … Read the rest

Google Shows ‘India Ki Udaan’ On 75 Years of Independence

Google Arts & Culture is celebrating 75 years of Independence with a vibrant online project named ‘India ki Udaan’. The project draws from rich archives and features artistic illustrations to highlight the milestones the country has achieved in its journey of 75 years.

HIGHLIGHTS

• Google unveiled the “India ki Udaan” project to celebrate 75 years of independence
• It also announced the Doodle4Google contest for 2022 for students of classes 1-10
• Winners of the contest will see their artwork on the Google homepage in India on November 14
• Google will select four group winners and 15 finalists and give them exciting prizes
• The tech giant will also create a special doodle on ‘Har Ghar Tiranga’ to encourage people’s participation

What Is ‘India ki Udaan’ Project?

India Ki Udaan’ On 75 Years of Independence

Available on the website of Google Arts & Culture, the project is a tribute to India’s rich cultural history. It features iconic moments since independence for the country to relive, experience, and be inspired.

Published in English and Hindi, the project contains a wealth of knowledge created by 10 artists. There are over 120 illustrations, 21 stories, and exhibitions from various … Read the rest

Filing Your ITR By 31 July 2022 Can Save You This Much Amount

File your income tax return (ITR) for the financial year 2021-22, or assessment year 2022-23 on or before 31 July to avoid attracting penalties like late fees.

The Financial Consequences Of Missing ITR Deadline

Financial Consequences Of Missing ITR Deadline
  1. File your ITR by December 21, 2022, with a late fee according to your tax slab. The late fee for income group of up to ₹ 5 lakh is ₹ 1,000 and for over ₹ 5 lakh is ₹ 5,000. But no late fee is levied for the group whose income doesn’t exceed the basic exemption limit.
  2. Missing a deadline will attract interest on the late payment of taxes. You will pay some tax with interest and dividends. TDS deduction is made at 10%, but if you are in the 20% or 30% tax slab, the differential amount will attract the interest of 1% per month according to Section 234A.
  3. The interest rate charged will be applied retrospectively from the last date of filing ITR, July 31, 2022. Also, if the outstanding dues are paid after the 5th of any month, you will be charged an interest rate for the full month.
  4. Carrying forward losses isn’t
Read the rest

Is Death Under Mysterious Circumstances Just Another Tweet By Elon Musk?

Tesla CEO Elon Musk in his latest tweet said about dying under “mysterious circumstances”. And it is the first time that he has indicated a risk to his life and his followers are connecting his fear to the Ukraine war.

HIGHLIGHTS

• Elon Musk tweets about death under “mysterious circumstances”
• His company SpaceX Starlink is providing military communication equipment to Ukraine
• Speculations are that he faces threat from Russia for helping Ukraine
• The post elicited mixed responses from Twitter users

What Is Disturbing In His Tweet?

Musk said that he would be held responsible for supplying the fascist forces in Ukraine with military communication equipment. He further said that he will be held accountable like no adult – no matter how much he would play the foo.

What Is The Truth Behind Russian Threat?

The communication equipment Musk talked about in his tweet was … Read the rest

LIC IPO Opens Under The Shadow Of Russian Invasion Of Ukraine

The much awaited initial public offering (IPO) of Life Insurance Corporation of India (LIC) will open for subscription from 4-9 May. The over Rs. 21,000 crore IPO is offered with a price band of Rs. 902-909 per share.

HIGHLIGHTS

• LIC IPO opens tomorrow and will available till Monday
• The government is giving discount of Rs. 60 to its policy holders and Rs. 45 for retail investors and its employees
• Initial size of the IPO was cut to Rs. 21,000 crore due to international war conditions
• The central government is selling 3.5% stake in LIC through the IPO

About IPO

Lic IPO

It is entirely an offer-for-sale (OFS) offered with a discount of Rs. 60 per share for LIC policyholders and Rs. 45 per share for retail investors and institutional buyers. Also, half of the issue has been reserved for qualified institutional buyers (QIBs), 35% is reserved for retail investors, and 15% for non-institutional investors.

The shares will be offered in a lot of 15 equity shares and multiples thereafter. A single lot would cost approximately Rs. 14,235 (excluding discounts) and the shares will … Read the rest

A ₹ 15 Hike In Petrol, Diesel Prices Feared By Experts After A Four Month’s Pause

With assembly elections in five states – Uttar Pradesh, Punjab, Uttarakhand, Manipur, and Goa – concluding on Monday, the state-owned fuel retailers are gearing up to adjust the price according to the benchmark international rate in the preceding 15 days.

Highlights Of The Fuel News:

• Fuel prices have been frozen since 4 November 2021 due to assembly elections
• The crude oil price for India rose above $111 per barrel on 1st March 2022
• International oil prices shot up fearing disrupting of oil supplies or sanctions by western nations on Russia for invading Ukraine
• The decrease in the value of the rupee to 77.01 per dollar further escalated the crude oil prices

How Much The Oil Price Could Be Revised In India?

Hike In Petrol, Diesel Prices

At the time of freezing of oil prices four months back, India was paying $81.5 per barrel. The oil companies today need at least a ₹ 15/liter increase to break even. But they are expected to increase the price by less than 50 paisa/liter every day instead of passing the entire loss to the consumers in one go.

How Much Read the rest