MARKETS, P6 COMPANIES, P5 INTERNATIONAL, P14 Setty says MFs should boost corporate lending Dec promotion cycle at Accenture for select staff Russia targeting Harris’ campaign, says Microsoft CHENNAI/KOCHI, THURSDAY, SEPTEMBER 19, 2024 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL NO. XLV 116, 16 PAGES, `12.00 P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E SENSEX: 82,948.25 ▼ 131.41 NIFTY: 25,377.55 ▼ 41.00 NIKKEI 225: 36,380.17 ▲ 176.95 HANG SENG: 17,660.02 ▲ 237.90 `/$: 83.76 ▲ 0.13 `/€: 93.30 ▲ 0.03 BRENT: $73.31 ▼ $0.39 GOLD: `72,855 ▼ `92 Advance taxes up NEWS One nation, one poll 20% in Q2,PIT gets Cabinet’s vote growth stronger KOVIND PANEL’S RECOMMENDATIONS CLEARED IN THE DUES RECASTFOR 2 ANILAMBANI FIRMS; ONEARM DEBT-FREE INSIDE 100 D AY S O F GOVT Tax compliance among focus areas Renewed push to Make In India ■ PAGE 2 over 5 years in 7:3 (Centre, state) ratio up 10% on year ■ 100% MSPpurchases Space programmes: `35,000 cr for ‘Chandrayaan-4’; `1,236 cr for Venus mission MOVINGASTEPclosertowardsholdingallelectionssimultaneouslyinthe country -- in keeping with the BJP's long-standing‘OneNation,OneElection’manifesto promise -- the Union Cabinet on Wednesday accepted the recommendations of the high-level committee chaired by former President Ram Nath Kovind. The eightmemberpanel,initsreportsubmitted in March,suggested that Lok Sabha and state Assembly elections be held together,followed bylocal bodypolls within100days. `24,500 cr, `2,104 cr of3 pulses to reduce import reliance, price support to cost INSIDE Explainer ■ PAGE 9 EDIT: Not the last word ■ PAGE 8 However,while the government has signalled its intention to implement simultaneous polls,it will have to build consensus as the transition requiresConstitutionalamendments – first to align the Lok Sabha and Assembly elections, & then to synchronise municipal elections & prepare a common electoral roll which needstoberatifiedbyhalfthestates. Continued on Page 7 Zee refutes Star’s $940-mn claim VIVEAT SUSAN PINTO Mumbai, September 18 STAR INDIA HAS sought $940 million(`8,000crore)indamagesfrom Zee Entertainment over termination of a media deal involving television rights for the 2024-27 ICC tournaments.Starhadsub-licensed the media rights to Zee in August 2022 for $1.5 billion.Since the deal had failed to close, Star, which is merging with Viacom18, had initiated arbitration proceedings in March 2024. Zeeinformedthestockexchanges on Wednesday that Star had filed a ‘Statement of Case’ before the London Court of International Arbitration (LCIA) on Monday,claiming for damagessincethedealhadbeenterminated by it (Star).Experts say that the legal battle could be long-drawn since no side iswillingto let goyet. “The company (Zee)categorically refutes all claims and assertions made byStarincluding its claims for damages.” Continued on Page 7 DECISION PENDING ■ The ICC dealwas forTVrights for the 2024-27 ICC events ■ Star had 133.05 Sept 17 (close) Zee Entertainment 1.35% sub-licensed the media rights to Zee for $1.5 bn 131.25 Sept 18 (close) ADVANCE TAXES PAID by corporates, other firms and individuals rose 20% on year in the second quarter of the current fiscal year to `2.87 lakh crore as per latest data, indicating that an earnings slowdown in the first quarter hasn’t dented India Inc’s confidence in likely profitability levels through the current fiscal year. The year-on-year growth in advance taxes collected by the government was marginally higher in Q1 at 27.4%. By September 17, corporates paid advance taxes to the tune of `2.18 lakh crore for Q2FY25, up 16% on year. Advance tax paid by personal income taxpayers rose at a higher rate of 37% to `69,886 crore in the quarter. This is in line with a trend seen in recent years, with shift of tax burden away from corporates to individuals.The Budget decisions on capital gains tax,too, have seemingly reinforced this. Typically, 15% of the advance taxes are paid in Q1, 30% each in Q2 and Q3, and 25% in the final quarter of a fiscal year. The Centre's direct tax collection collections, net of refunds, rose 16% on year to `9.96 lakh crore till September 17 of the current financial year, according to official data. This amounted to 45% of the FY25 target of `22.07 lakh crore. The required rate of growth for meeting the annual `2.87LCR COLLECTED Advance tax collections ` lakh crore 14 27.4 FY24 FY25 Q1 Growth (%, y-o-y) 23.6 20 2.87 DAMINI NATH & DIVYAA New Delhi, September 18 PRASATA SAHU New Delhi, September 18 2.39 BYJU’S-OWNED TEST PREP firm, Aakash Educational Services has laid off 80 to 100 employees over the past couple of months, Entrackr reported quoting sources familiar with the matter. Several long-time employees, some with over four years of service, were also laid off in the past few weeks. ■ PAGE 4 non-urea fertilisers for next rabi season fixed at ■ Subsidies on 1.49 BYJU’S ARM AAKASH LAYS OFF 100 FROM MID, SENIOR LEVEL OTHER CABINET DECISIONS Implementation in current govt’s tenure `79,156-cr assorted aids to tribalbut date not yet set dominatedvillages 1.17 ANILAMBANI GROUP companies Reliance Infrastructure and its subsidiary Reliance Power have undertaken major debt restructuring exercises, according to filings with the stock exchanges, reports Raghavendra Kamath. Reliance Power has become debt free on a standalone basis after exiting its arm Vidarbha Industries Power by settling its dues. ■ PAGE 4 FY24 FY25 Q2 target is 12.8%. The growth in Q2 advance tax receipts appears to be robust, given that it came in on a strong base (24%). Advance tax collections are termed to be an indicator of corporate profitability and rise in individual income. Gross direct tax collections, before refunds, stood at `12 lakh crore till September 17 of FY25,up 21.5% on the year. Direct tax refunds rose 57% on year to `2.05 lakh crore till September 17 of the current financial year. UPS to reduce burden on future generations: FM THEUNIFIEDPension Scheme (UPS), which guarantees 50% of pay as a pension, will take care of the government employees’interest as well asthetaxpayers’interestbynotoverburdening the future generations with a heavy pension bill, finance ministerNirmalaSitharamansaidon Wednesday. ■ Page 3 ICICI Bank’s market cap tops `9-lakh-cr mark THEMARKETcapitalisationofICICI Bank crossed the `9 lakh-crore mark on Wednesday after its shares jumped2% intradaytotouchanew highof`1,295ontheBSE.Thestock closed with a gain of 1.55% to `1,288.05. With a market cap of `9.1 lakh crore, the private lender becomes the fifth-largest company bymarket value. ■ Page 6 Trading volumes in G-sec market surge 63% THEAVERAGEtradingvolumesinthe governmentsecuritieshavesurgedby 63%,as traders expect the US Fed to cut interest rate on Wednesday, reports Anupreksha Jain.The average trade volumes rose to `61,377 crore in last week compared to `37,623 crore in the previous week. OnMondayandTuesday,thetrading volumes were `66,551 crore and `58,444crorerespectively. ■ Page 6 CHENNAI/KOCHI