Business
GST for packaged food: Rice will become costlier in TN

The decision of the government of India to levy 5 per cent Goods and Service Tax (GST) on packaged food may increase the price of rice from Rs 3 to Rs 5 per kilogram in Tamil Nadu from Monday.
The Tamil Nadu rice mills association and traders in a statement on Sunday said that the centre has issued notification bringing rice, maize, and other essential food commodities under 5 per cent GST from July 18 onwards.
The rice merchants and rice mill association have urged the Tamil Nadu government to exert pressure on the Union government for a roll back to bring the food products under GST. Around 3000 rice mills and thousands of rice merchants had protested against bringing the essential commodities under GST slab and had shut shop on Saturday.
The rice mill owners and rice merchants had in a petition to Chief Minister M.K. Stalin, stated that according to the Supreme Court rulings, GST recommendations are not binding for the state government.
M. Sivanandan, State Secretary, Tamil Nadu Rice mill owners association, while speaking to media persons said: “The GST council had imposed taxes on registered rice brands in 2017 but had exempted unregistered brands. The exemption is now withdrawn and all pre-packed rice brands will now have 5 per cent GST.
While loose rice may not fall under the ambit of GST, the state food department has directed all shopkeepers to ensure that rice and other food products are sold in packed form under the FSSAI Act.
Several mill owners, however, said that implementing 5 per cent GST from Monday may not be practical as many of these mills don’t have GST numbers. The mill owners want more time for the mills to get GST numbers.
Business
PM Modi’s dream of developed India by 2047 becomes collective resolve of every citizen

New Delhi, Sep 17: Under Prime Minister Narendra Modi’s leadership, the dream of a developed India by 2047 has today become the collective resolve of every citizen, Union Minister Pralhad Joshi said on Wednesday.
Wishing PM Modi on his 75th birthday, the minister said that in the past 11 years, “your tireless hard work and dedication have brought unprecedented transformation in the lives of crores of Indians”.
“You have ignited the lamp of patriotism in the heart of every citizen and awakened a resolve for active participation in nation-building. May God grant you excellent health and a long life, so that you continue to serve Mother India with the same dedication and energy in the coming years,” Joshi noted in a post on X.
Union Minister Jyotiraditya Scindia said that meeting PM Modi for the first time as a member of his cabinet was a truly unforgettable experience for him.
“His deep interest in every subject, open mindedness, and out of the box perspective gave me new energy and inspired me to fulfill my responsibilities with even greater dedication and enthusiasm,” he posted on X.
“That one experience endowed me with the ability to serve the people with complete devotion for a lifetime, and for that, I will always remain deeply grateful to him from the bottom of my heart,” Scindia emphasised.
He further stated that PM Modi is dedicated to the development of every individual and is devoted to the principles of Antyodaya.
Minister of State for Commerce and Industry, Jitin Prasada, said that under PM Modi’s leadership, the significant decision of GST reforms will not only simplify and ease the lives of citizens but also provide new energy to the industry and business world, while promoting local production and entrepreneurship.
Business
Urban Company IPO Surges On Debut, Listed At 60% Premium – What Drove The Buzz?

Mumbai: Urban Company created a big buzz on its first day in the stock market. The company’s IPO (Initial Public Offering) was listed on September 17 on both the BSE and NSE. The issue price was Rs 103 per share, but it opened much higher at Rs 162.25 per share. This gave investors an immediate listing gain of almost 60 percent, which is a huge return on the first day itself.
The Rs 1,900 crore IPO opened for subscription from September 10 to 12, and it received an overwhelming response. The IPO was subscribed more than 103 times in total. This means demand was over 100 times more than the number of shares available. Big institutional investors showed the most interest, but retail and high-net-worth investors also participated in large numbers.
Out of the total IPO amount, Urban Company raised Rs 472 crore as fresh issue, and the rest came through an Offer for Sale (OFS) of Rs 1,428 crore. The company plans to use the fresh funds for marketing initiatives and technology upgrades, which will help it grow faster. Before the IPO, Urban Company also raised Rs 854 crore from major anchor investors, including names like SBI Funds, HDFC Mutual Fund, Fidelity, Nomura, Goldman Sachs, and others.
Urban Company is a popular platform that offers home and beauty services. Customers can book services such as cleaning, pest control, plumbing, carpentry, electrical work, painting, beauty treatments, grooming, and massage therapy. The company currently operates in 51 cities across India, UAE, and Singapore, and it is also present in Saudi Arabia through a joint venture. Urban Company is growing quickly and aims to become a global leader in home services.
Business
Sensex, Nifty open higher as India-US trade talks set to resume

Mumbai, Sep 16: The Indian benchmark indices opened higher on Tuesday amid mixed global cues, as US Chief Negotiator Brendan Lynch arrived in India to resume trade negotiations between the two nations.
As of 9.25 am, the Sensex was up 184 points or 0.23 per cent at 81,970, and the Nifty was up 47 points or 0.19 per cent at 25,117.
The broadcap indices outperformed benchmark indices, as Nifty Midcap 100 inched up by 0.26 per cent, and the Nifty Small cap 100 moved up 0.70 per cent.
Kotak Mahindra, Axis Bank and Hero Motocorp were the top gainers on NSE Nifty 50 index. Titan Company, SBI Life Insurance, Asian Paints and Tata Consumer Products weighed on the Nifty 50 index.
Among sectoral indices, Nifty Media, the top gainer, jumped 1.08 per cent. Nifty Auto (up 0.65 per cent) and Nifty Oil and gas (up 0.57 per cent) were the other major gainers. Except Nifty FMCG and Nifty PSU Bank, which were marginally down, all other indices were in the green.
Analysts said that, from a technical standpoint, a sustained move above the 25,160 level could pave the way for a rally toward 25,250 and 25,500 zones. The immediate support lies at 25,000 and 24,900 zones.
“The bold reforms – both fiscal and monetary – implemented this year have started yielding results and is likely to gather momentum in near future. An India-US trade agreement without the penal tariffs can be a shot in the arm for markets,” said VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.
Major US indices ended firmly in the green zone overnight as the Nasdaq rose 0.94 per cent, the S&P 500 gained 0.47 per cent, and the Dow advanced 0.11 per cent.
Most of the Asian markets made strong gains during the morning session. While China’s Shanghai index dipped 0.1 per cent, and Shenzhen inched down 0.26 per cent, Japan’s Nikkei rose 0.54 per cent, while Hong Kong’s Hang Seng Index inched up 0.07 per cent. South Korea’s Kospi inched up 1.2 per cent.
The US markets are pricing in a 96.4 per cent probability of a 25-basis-point rate cut on September 17, with additional cuts expected through year-end.
On Monday, foreign institutional investors (FIIs) sold equities worth Rs 1,268 crore, while domestic institutional investors (DIIs) were net buyers of equities worth Rs 1,933 crore.
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