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Showing posts from March, 2022

Stocks rally for 3rd day, Sensex surges 740 points

A broad-based rally on Wednesday propelled the benchmarks to their best close since February 10, even as prices of crude oil clawed back after Russia gave an indication of de-escalation in hostilities. With Wednesday’s gain of 1.3%, the Sensex has added 2.3% over the last three sessions. After two days of decline, Brent crude gained 3.8% and is  currently hovering at $114.39 per barrel. While the Sensex surged 740.34 points to settle at 58,683.99 points on Wednesday, the Nifty50 gained 172.95 points or 1% to end at 17,498.25. With 3.8% gains, Bajaj Finserv rallied the most on both the Sensex and Nifty50. While its subsidiary Bajaj Finance rose over 3%, HDFC Life Insurance and Tata Consumer Products posted similar surges. The BSE midcap and smallcap indices rose 0.8% and 1.1%, respectively. According to ICICI Securities, the benchmarks reclaimed half the ground lost over the past six months as the cluster of support in the vicinity of 52 week’s EMA generated buying demand after th...
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Raviz, Leela tie up for two hotels in Kerala

Raviz Hotels and Resorts, a part of RP Group, said on Tuesday it has signed a hotel management agreement with the Leela Palaces, Hotels and Resorts for its Kovalam and Ashtamudi properties. The properties will be known as The Leela Kovalam, a Raviz Hotel, and The Leela Ashtamudi, a Raviz Hotel. The partnership will reintroduce the Kovalam property to the Leela portfolio. All other RP Group resorts and hotels in India and West Asia will remain under the Raviz brand. Group chairman B Ravi Pillai said, “It is a partnership for progress, and this collaboration will enhance innovation and further popularise the tourism destinations and its experiences in God’s Own Country, Kerala. This synergy will successfully curate the experiences that showcase the true nature of Kerala’s culture, winning the hearts of travellers and enthusiasts across the world.” Anuraag Bhatnagar, chief operating officer of the Leela Palaces, Hotels and Resorts, said, “We are delighted to reintroduce the Leela bran...
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BSE invites applications for new MD & CEO

The Bombay Stock Exchange (BSE) on Tuesday has put out an advertisement inviting applications for the position of managing director (MD) and chief executive officer (CEO) for the exchange. This comes days after its counterpart NSE invited applications for a similar role. The current BSE MD & CEO — Ashish Kumar Chauhan has applied for the position at NSE. The second term of Ashish Kumar Chauhan will come to an end in November this year. As per the Securities and Exchange Board of India (Sebi) norms, a person can be appointed as the MD & CEO for only two terms, not exceeding 5 years each. Chauhan, who joined BSE in 2012, was also the core member of the team that founded NSE and has played a significant role in creating the trading infrastructure at the exchange. In the advertisement, BSE stated that the candidates applying for the role should have at least 20 years of experience in the industry, of which 5 years should be in a senior leadership position. Further, the candidate ...
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Ample room for growth in first 5 years, Emami says on ‘Dermicool’

Emami on Tuesday said brands operating in the niche category with high margins and low multinational presence are a strong strategic fit for the company, and added that the Dermicool brand offers great synergy with its existing business. During a conference call organised by IIFL Securities on Emami’s acquisition of Dermicool, the management said none of the largest players are investing in the prickly heat powder and cool talc category, and therefore, there is “ample room” for growth in the first five years. “At least a double-digit growth is what we expect for the first five years,” director Mohan Goenka said, replying to analysts. The Kolkata-based FMCG major announced the Rs 432-crore acquisition of Dermicool, currently the No. 3 brand in the Rs 750-800 crore category, from consumer giant Reckitt on March 25. After this acquisition, the company will become market leader with around 45% market share in the niche category, replacing Zydus Wellness’ Nycil. Emami’s own Navratna Cool ...
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IPL 2022: New-look Rajasthan Royals crush SRH by 61 runs, start campaign on rousing note

A new-look and re-energised Rajasthan Royals attacked from the outset and inflicted on Sunrisers Hyderabad a 61-run hammering to begin their campaign in IPL-15 on a rousing note here on Tuesday. RR got the better of SRH in every department after skipper Sanju Samson led from the front with a scintillating 27-ball 55 to power his team to an imposing 210 for six. Smarting from the pounding in the first half of their opening fixture, SRH failed to pose any serious threat to RR after a disastrous start to their innings, which saw them slip to 9/3 and then 29/4. In the end, Kane Williamson’s (2) team was stopped at 149 for seven, with the captain himself enduring a bad day in office. SRH wouldn’t have got even that many had it not been for Aiden Markram’s unbeaten 57 and Washington Sundar’s 14-ball 40, the latter somewhat making up with the willow after his forgettable outing with the ball. SRH’s top-order batting was in stark contrast to Samson and Devdutt Padikkal (41 off 29 balls; 4...
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Data monitor: Steel prices feel the heat of Ukraine war

Steel prices have surged sharply amid the ongoing war in Europe – Russia and Ukraine annually export ~37 MT of steel which is 8-9% of global net trade. Steel prices are expected to rise further – as the hikes so far are insufficient to cover inflation in raw materials like coking coal and iron ore – leading to demand destruction, Kotak Institutional Equities has said. from | The Financial Express https://ift.tt/aqs7BF3 https://ift.tt/yernoMx suhail sattar
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NSE irregularities case: Ex-CEO Chitra Ramkrishna’s custody extended

A special Delhi court on Monday extended the judicial custody of former MD & CEO of National Stock Exchange (NSE) Chitra Ramkrishna till April 11, in connection with the irregularities that took place at the exchange between 2010 to 2013. The court will hear her bail application, after going through response of the Central Bureau of Investigation, which has to be filed by April 8. Earlier, the CBI had alleged that Ramkrishna continuously misguided the investigation officer by giving wrong statements. The accused in conspiracy with former NSE group operating officer Anand Subramanian influenced the NSE officials to facilitate him in having access to important decision-making processes and shared sensitive information with an unknown person, who is also referred to as “Siddha Purush” by Ramkrishna. It is alleged that some brokers in connivance with insiders abused the algorithm and the co-location facility to make windfall profits. In the co-location facility offered by the NSE, br...
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Equity mutual funds: Safe MF bets in a volatile market

With increasing volatility in the markets due to the ongoing Russia-Ukraine war, equity mutual fund investors, especially first- time investors, are looking for safe bets. Though market volatility is an undeniable part of equity investing, investments in balanced funds and flexi-cap funds and avoiding small and mid-cap funds for some time can help individual investors minimise their losses. In the current market scenario, investors will have to temper their returns expectation and go for a mix of active and passive allocation to funds. Moreover, they must stick to their asset allocation strategy as per their risk-appetite and financial goals. Brijesh Damodaran, managing partner, BellWether Associates LLP, says the core portfolio investment needs to be event-agnostic. “It is the tactical investment in which events can be considered for investing,” he says. So, here are three ways in which equity mutual fund investors can limit the impact of market volatility on their investments and d...
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Aurobindo Pharma rating – Buy: Eugia stake sale will unlock value

As per a media report, PE firm Blackstone is nearing a deal to acquire an 8-10% stake in Eugia (Aurobindo’s subsidiary housing its injectable assets). The purported deal values Eugia at $3.5-4 bn (8.5-10x sales and 27-31x Ebitda based on our annualised FY22e sales estimates of $405 m and Ebitda margins of 32%). Listed injectable peer Gland Pharma (GLAND IN, not rated) currently has a market valuation of ~$7 bn – 11.7x sales and 32.8x Ebitda based on Bloomberg consensus for FY22e (Gland, a CDMO player, is not exactly comparable to Eugia, a B2C player though). Eugia’s valuation and discount vs Gland’s is largely along expected lines in our view. Entry of professional investors will be the key positive: The report said that deal contours and valuations for Eugia are likely to be finalised by mid-April 2022. It also reported that the conclusion of the Blackstone deal would eventually lead to a change of control for Eugia (the promoters will forego their rights over board composition, appo...
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Returns Barometer – Bank Fixed Deposits: Low returns but safe and sure

For risk-averse investors, bank fixed deposits are the most popular investment option from | The Financial Express https://ift.tt/dX3lEAs https://ift.tt/kGND4C8 Hemant Abhishek
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Adani, Tata AIG among bidders for Reliance Capital

Reliance Capital has received a total of 54 expressions of interest (EoIs) from prominent bidders, including Adani Finserv, ICICI Lombard, Tata AIG and Nippon Life Insurance, with majority interested in acquiring the entire firm. The bidders had two options — either to bid for the entire assets of Reliance Capital or any one or more than one of its clusters (subsidiaries). The subsidiaries are Reliance General Insurance, Reliance Nippon Life Insurance, Reliance Asset Reconstruction Company, Reliance Securities, Reliance Commercial Finance and Reliance Home Finance. While some of the bidders have placed bids to acquire one or more subsidiaries of the Anil Ambani group company, others have shown interest in taking over its wholly-owned subsidiaries, sources close to the development said. Reliance Capital has a consolidated debt of about Rs 40,000 crore, with nearly Rs 23,000 crore of verified claims. The other bidders for the company include HDFC Ergo, Bandhan Financial Holdings, Cho...
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Folk studio: Several artistes, organisations are making effort to recognise, revive and re-establish traditional folk music

Ja ja re apne mandirva , a classical  bandish  (a melodic composition), is once again on the lips of Indian music enthusiasts, almost 300 years after it was written and composed by Sadarang aka Naimat Khan, a Hindustani music composer of the 18th century. All the credit goes to singer-musician Salim Merchant and his composer-brother Sulaiman Merchant who gave it a new lease of life through their music album,  Bhoomi 2021 , that was released in October last year. The  bandish  in  Bhimpalasi raga  was reinterpreted into a modern avatar by the Merchant brothers along with Rajasthani vocalist Sattar Khan Langa and music director Vishal Dadlani. The  raga  conveys the emotions of a newly married couple and how a wife stops her husband from romancing, as her mother-in-law will see them doing it. “What’s interesting about this  bandish  is that every Indian classical music student learns and starts his music training with this  raga...
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The Son way to rise | Book review: ‘Aiming High: Masayoshi Son, Softbank Group and Disrupting Silicon Valley’ by Atsuo Inoue

In business, it has been observed that there are three main types of entrepreneurs. The first are those who come from business families and are able to scale up operations and create extraordinary value through agility and innovation. They evidently have an initial advantage. The second set are well qualified persons who have the pedigree of the right university degree and are able to break out from the traditional mould of working for others and start enterprises from scratch and make a mark. Here, too, there is an advantage of background as they often come from upper middle-class families but no traditional backing. The third are those who do not have such advantages and are what would be called commoners and who rise from the bottom and ascend to the top. When one looks at Masayoshi Son, the profile falls in the third category. Aiming High  is an interesting story of the founder of SoftBank and in many ways resembles stories of other successful entrepreneurs who have risen fro...
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The metaverse is expanding: Brands are leveraging 3D virtual reality space to host events and offer new online experience to consumers

It all started with Asia’s first wedding in the metaverse. Then the first Bollywood characters appeared on the platform. The first Holi party followed soon thereafter in the virtual reality world. And then the metaverse became an important space existing parallelly to the real world. When Tamil Nadu couple Dinesh SP and Janaganandhini Ramaswamy approached the no-code non-fungible token (NFT) platform GuardianLink to plan their wedding on metaverse, they were on their path to create history. GuardianLink’s co-founder and CEO Ramkumar Subramaniam says that after they successfully executed the wedding, they have been getting a lot of offers for putting together such events on the metaverse. The wedding opened the gate to a universe of opportunities for events to be planned on metaverse. In March this year, several brands leveraged the platform’s technology to execute Holi parties. Tea brand Tata Tea Premium debuted in the metaverse on Holi by organising its first Holi party. Puneet Das...
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Springtime musings: Here’s a quick round-up of the announcement of India’s best bars and how they actually fare up

The pandemic seems to be receding (hopefully not just briefly) and people are once again thronging bars and restaurants. Few things stand changed—social distancing between tables, masked servers, people reserving before coming and honouring the timings (almost)— but for the rest, it all looks pretty open and buzzing. This was good timing then for the announcement of India’s 30 best bars. The winner was Bar Tesouro from Goa, a small bar nestled in the deep south of the state which, to me, has been a sure-shot winner since my maiden visit. It is heads and shoulders above all other bars in the country in terms of innovation and quality of produce. The remaining 30 had a fair share of usual suspects and while the debate over which deserved to be where will always ensue, safe to say, we as a nation have a worthy list to navigate our way through. Other worthy bars to visit— Copitas (BLR), Lair (DEL), and Bombay Canteen (MUM). Kudos to Man’s World and Tulleeho for pulling this off and making...
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Kolkata Knight Riders beat Chennai Super Kings by six wickets in IPL opener

Kolkata Knight Riders defeated Chennai Super Kings by six wickets in the IPL opener here on Saturday. Invited to bat, CSK rode on Mahendra Singh Dhoni’s unbeaten fifty and contributions from skipper Ravindra Jadeja (26 not out) and Robin Uthappa (28) to manage a modest 131 for five. Dhoni, playing for the first time after 12 seasons without wearing the captain’s armband, slammed seven fours and a six in his 38-ball innings. In reply, KKR overhauled the target, scoring 133 for four in 18.3 overs. For KKR, Umesh Yadav snapped two wickets, while Varun Chakravarthy (1/23) and Andre Russell (1/38) also kept things in check as CSK found the going tough at the Wankhede stadium. Dwayne Bravo was the most successful bowler for CSK, snapping 3 for 20 in his quota of four overs. Mitchell Santner (1/31) took one. Brief Scores: Chennai Super Kings: 131 for 5 in 20 overs (MS Dhoni 50 not out; Umesh Yadav 2/20). Kolkata Knight Riders: 133 for 4 in 18.3 overs (Ajinkya Rahane 44; Dwayne Bravo 3...
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Kolkata Knight Riders beat Chennai Super Kings by six wickets in IPL opener

Kolkata Knight Riders defeated Chennai Super Kings by six wickets in the IPL opener here on Saturday. Invited to bat, CSK rode on Mahendra Singh Dhoni’s unbeaten fifty and contributions from skipper Ravindra Jadeja (26 not out) and Robin Uthappa (28) to manage a modest 131 for five. Dhoni, playing for the first time after 12 seasons without wearing the captain’s armband, slammed seven fours and a six in his 38-ball innings. In reply, KKR overhauled the target, scoring 133 for four in 18.3 overs. For KKR, Umesh Yadav snapped two wickets, while Varun Chakravarthy (1/23) and Andre Russell (1/38) also kept things in check as CSK found the going tough at the Wankhede stadium. Dwayne Bravo was the most successful bowler for CSK, snapping 3 for 20 in his quota of four overs. Mitchell Santner (1/31) took one. Brief Scores: Chennai Super Kings: 131 for 5 in 20 overs (MS Dhoni 50 not out; Umesh Yadav 2/20). Kolkata Knight Riders: 133 for 4 in 18.3 overs (Ajinkya Rahane 44; Dwayne Bravo 3...
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Hindustan Unilever Rating ‘Buy’; Slowdown in FMCG market has worsened

Our industry interactions indicate the FMCG market has seen a further slowdown, with industry reports pointing to flat revenues and a high-single digit volume decline in Jan/Feb. Inflation is denting consumer offtake, more in rural but also in urban. Home care is holding relatively better c.f. BPC. Input prices have increased further q-o-q, led by palm and crude. While HUL has taken price hikes, RM inflation and adverse mix would keep margins under pressure in Q4. Industry slowdown: FMCG market growth for categories where HUL operates has slowed down further, from mid-single digit value growth in the December quarter to flat y-o-y in Jan/Feb-22. Volume trends are even weaker. Both urban and rural markets have been under pressure. Slowdown is visible even on a 2-year Cagr in the last few months. Consumers have cut down on volumes, as inflation hits disposable income. Slowdown is sharper at the bottom-of-the-pyramid, both in rural and urban. However, the weakness in urban has been par...
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Telcos trying to bridge the divide on allocation of E-band spectrum

The telecom industry is trying to bridge the divide among players around allocation of E-band spectrum, which can be primarily used for backhaul by mobile operators. Reliance Jio, which has so far been opposing Bharti Airtel’s and Vodafone Idea’s demand to bundle E-band spectrum with 5G airwaves, has softened its stand. According to sources, Reliance Jio has indicated to the Telecom Regulatory Authority of India (Trai) that E-band bundling with 5G spectrum should be permitted, but only as an additional option. Since Jio has been insisting that all bands of spectrum, including E and V bands, as well as satellite spectrum, should be auctioned, the operator is believed to have told the regulator that the reserve price for E-band bundled with 5G spectrum should be given separately. Apart from that, the regulator should recommend the reserve price on a standalone basis for 5G and E-band spectrums. In such a scenario, operators will have options to buy as per their requirements. If somebod...
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Markets end weak, dragged by banks and financials

Equity markets ended marginally lower on Thursday, taking cues from global peers and further concerns over rising crude oil prices. Brent crude surpassed $121 a barrel on Thursday. Prospects of the US Federal Reserve rising interest rates by 50 bps on multiple occasions further kept investors on edge across the globe, said market watchers. After falling as much as 546 points intra-day, the BSE Sensex ended lower by 89.14 points, or 0.15%, at 57,595.68, and the broader Nifty-50 ended lower by 22.90 points, or 0.13%, at 17,222.75. The broader markets, however, ended higher in an otherwise volatile session. The BSE mid-cap index rose 0.34%, and the small-cap index gained 0.16% on Thursday. Among Sensex stocks, Kotak Mahindra Bank was the top loser, falling 3.06%, as the Canadian Pension Fund made a partial exit by selling 4 crore shares of the private lender on Thursday. Titan Company, HDFC Bank, and ICICI Bank were other index losers. “Markets are roiling and commodity prices are erra...
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Kerala tourism launches WhatsApp chatbot ‘Maya’

Kerala Tourism on Wednesday launched its 24×7 WhatsApp chatbot ‘Maya’ to enable tourists to access all information and updates about the tourism ecosystem in the state by just sending a ‘Hi’ to the WhatsApp no 7510512345, or by scanning the QR code to access the service. Launching the dedicated WhatsApp interactive service at a function here, Tourism Minister PA Mohamed Riyas said Maya will serve as a virtual travel assistant for tourists to ask and get complete information they need for a hassle-free travel experience in the state. “The chatbot service, which leverages the potential of the technology for tourism development, will help attract more tourists to Kerala. The tourists can easily access a whole lot of information regarding the prime attractions in each place, our cultural diversity, culinary traditions of different regions and the routes and means for transport to reach various places”, the Minister said. After the launch of Caravan Tourism, Kerala is also exploring the ...
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Canadian pension fund to sell 40 million shares of Kotak Mahindra Bank via bulk deal

Canada Pension Plan Investment Board is expected to sell stake via a bulk deal on March 24 to make a partial exit from Kotak Mahindra Bank. The Canadian pension fund will offload a 1.41% to 2.02% stake in the private lender at Rs 1,681.26-Rs 1,769.75 per share through the bulk deal. The deal size is 28 million shares, which would further include an additional 12 million shares — taking the total deal size to 40 million. The sale is at a discount of 0-5% from the current market price. The total deal value is estimated between Rs 4,707.5 crore to Rs 4,955 crore and the books will be closed at 7:30 am on Thursday, March 24. As per the latest shareholding data available on BSE, the pension fund holds a 6.37% stake in Kotak Mahindra Bank. It had invested back in 2017, after the Reserve Bank of India (RBI) asked the bank’s founder group to reduce its shareholding to 30% by end of June 2017 and further to 15% by December 2020. On Wednesday, shares of Kotak Mahindra Bank closed lower by 2.1...
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Union Cabinet clears Bill to merge 3 Delhi municipal bodies

The Union Cabinet on Tuesday approved a Bill to merge the three municipal corporations in Delhi ahead of the civic polls. This will likely exacerbate the political bickering between the BJP, which rules the three municipal corporations, and the AAP, the ruling party in the Delhi government. The Delhi Municipal Corporation (Amendment) Bill may be introduced as early as the ongoing Budget session of Parliament. A unified municipal corporation will be better equipped to ensure utilisation of financial resources and help reduce their already-elevated liabilities and expenditure, official sources said. The amendments to the principal Act of 1957 will also lead to a robust delivery architecture and ensure greater transparency and governance, they said. In 2011, the Municipal Corporation of Delhi (MCD) was trifurcated into the South Delhi Municipal Corporation (SDMC), North Delhi Municipal Corporation (NDMC) and East Delhi Municipal Corporation (EDMC). But the move hampered their revenue g...
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Promote use of in-house developed CollabFiles for official documents: Meity

In a bid to ensure confidentiality and security of government data, the Ministry of Electronics and Information Technology (Meity) has asked all ministries and departments to encourage use of in-house developed CollabFiles for creating and sharing official documents. CollabFiles, similar to Google docs/sheets and Microsoft word, is developed by a National Informatics Centre (NIC) team in Hyderabad. Niti Aayog has already onboarded the platform while ministries like communications, railways, skill development, mines, etc, have called for demonstrations, so that they can start using it soon. Apart from that, various state governments, including that of Punjab, Telangana, have requested for the use of the platform. “As part of self-reliant mandate under Make in India, we have developed this CollabFiles, which is similar to Google docs/sheets. When Google docs are used for official documents, the servers and data remain outside the country and you don’t know much about it. Since, governm...
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Expression of interest for IDBI Bank sale after roadshows

The Centre is holding roadshows to gauge investor interest for strategic disinvestment of IDBI Bank before inviting expression of interest (EoI) from potential bidders, minister of state for finance Bhagwat Karad said on Monday. In May 2021, the Cabinet Committee on Economic Affairs approved the strategic disinvestment of the Centre and LIC’s shareholding in IDBI Bank along with transfer of management control. As per the initial plan, the government will exit the bank by divesting its entire 45.48% stake worth about Rs 22,000 crore at the current market prices. Promoter Life Insurance Corporation will also sell a portion of its 49.24% stake in the bank with an intent to relinquish management control. “It is expected that the strategic buyer will infuse funds, new technology and best management practices for optimal development of business potential and growth of IDBI Bank and shall generate more business without dependence on LIC and GoI for capital,” Karad said in a written reply. ...
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Shiksha report: Aspirants are taking fewer entrance exams

According to a new report, the Covid-19 pandemic has been a catalyst for a shift in engineering applicants’ preferences and choices. “Students are now more focused on the particular admission exam they want to take, resulting in a dip in the number of entrance exams they appear for,” according to Shiksha.com annual Engineering Outlook Report 2022. “University and state-level exams have grown in popularity over the last year, while entrance exams like JEE Main and some prominent private entrance exams have moved down in the list of preferred entrance exams considering preference for home states for education due to the pandemic.” The report added that students now prefer to study in their native states rather than in metro cities so that they are not forced to relocate owing to the pandemic. When making an informed decision in choosing an engineering institution, the report also suggests that college rankings, placements and student ratings are important factors that are considered. T...
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Improving crop yields: New policy to boost edible oil output, cut imports

To give a boost to oilseed production and thereby India’s import dependence on edible oils, the government is considering a slew of steps including providing incentives to farmers and processors. The idea is to increase the production of mustard, sunflower and other oilseeds by expanding areas under cultivation and improving crop yields. Sources told FE that the agriculture ministry will soon prepare a Cabinet note detailing incentives for oilseeds farmers as well as steps to link them with private processing units. After crude petroleum and coal, edible oils are threatening to strain India’s current account, with imports of these items seen surging 65% on year to $17 billion in the 2020-21 ‘oil year’ (November-October) due to a spike in global prices. The imports have continued to be high since. Of course, the government, which used to strike rich through high import taxes on edible oils by appropriating more than a third of the import value, cut taxes in November last year and in F...
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Post-Covid work environment: Upskilling for impact in 2022

By Mohan Lakhamraju Two months into 2022, with the third wave of the pandemic behind us, as we reflect upon in 2021 it is worth considering the impact of organisations pivoting and accepting enhanced flexibility and mobility as the ‘new norm’. Companies of all sizes continued to embrace flexible work environments, and millions of employees working from home also found that learning from home was easier and more accessible than ever. They have also realised that learning and developing new skills increases their value, mobility and marketability. With the current labour market tighter than it has been in decades, upskilling has become a mainstream way to achieve new goals and secure roles at companies that are actively looking to hire. In this year and possibly even beyond, I expect this trend to accelerate and gain even more momentum. As organisations are increasingly focused on engaging with and retaining their employees during the ‘great resignation’, many are realising that offer...
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No tax on accumulated EPF interest on FY21 closing balance

The government will tax interest income on non-government employees’ share of PF contributions above Rs 2.5 lakh in a financial year at the individual’s slab rate in the same year effective FY22, according to an official source. As for government employees, where the PF contribution is voluntary and the government as the employer doesn’t make a matching contribution as in the case of private-sector employees, the interest income on annual PF contributions above Rs 5 lakh will be taxed in the same manner. The tax will be deducted by the EPF organisation. Of course, interest income on contributions made by a employee till March 31, 2021 will be considered non-taxable even if it exceeded the threshold level. A section of the taxpayers had alleged that there was lack of clarity on whether the interest on the closing balance of the account as of March 31, 2021 would attract tax under the new provision. It won’t, the official clarified. To make things transparent, the accruals of contribu...
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