Morning buzz: Laptop sales jump, taxman sends notices to moonlighting employees and more
Here are the top business headlines this morning, to get your day started
Sales of laptops and tablets have risen by as much as 25 percent as consumers fear shortages and price rises once companies have to take licences to import these items.
Imae: Adeel Halim/Bloomberg via Getty Images
Vijay Shekhar Sharma buys Ant Financial’s stake
Paytm founder Vijay Shekhar Sharma will buy Ant Financial’s 10.3 percent stake in the company. With the sale Ant Financial will cease to be the largest shareholder in the company. The company’s shares were transferred to Sharma’s Netherlands-based subsidiary Resilient Asset Management. Based on the 4 August closing price the shares were valued at $628 million. Sharma’s stake will go up to almost 20 percent in the company. (Economic Times, Business Standard) Laptop and tablet sales jump as imports to be restricted
Sales of laptops and tablets have risen by as much as 25 percent as consumers fear shortages and price rises once companies have to take licences to import these items. The licences are expected to be in place by November 1. Amazon also saw higher sales of these items during its recently concluded Independence Day sale. (Economic Times)
Taxman sends notice to moonlighting employees
The income tax department has sent notices to employees who received income through moonlighting. The notices are for the years 2019-20 and 2020-21. Income was received either through other accounts of the employee and was tracked through the same PAN number or in an overseas account. It is unclear how many notices were sent and notices for 2021-22 still have to be issued. (Economic Times)
Subhash Chandra to settle debt, take back Dish TV
Zee owner Subhash Chandra plans to settle the Rs 6,500 crore he owes to JC Flowers Asset Reconstruction Co and regain control his businesses Dish TV and Zee Learn as well as a bungalow in central Delhi. The loan will be settled for Rs 1,500 crore but there is no clarity on the payment deadline. JC Flowers is insisting on full payment by January 31. (Mint)
