NEW DELHI: Shares of Jindal Steel slipped nearly 3 per cent as the Enforcement Directorate (ED) on Thursday raided the Delhi and Gurugram offices of the company over a suspected violation of foreign exchange regulations.
News reports said the agency launched its investigation early in the morning. The agency has been investigating whether or not foreign exchange laws were violated in operating bank accounts in Singapore, based on a tip-off by the Singapore Financial Intelligence Unit.
Some reports, citing sources, said the issue may be related to an older case.
PLI for
Paras Defence on Thursday said the Ministry of Civil Aviation (MoCA) — SDIT Division vide its Public Notice dated April 20, 2022 have issued the first provisional list of beneficiaries under PLI scheme for drones and drone components manufacturers, which includes its subsidiary.
The MoCA have shortlisted Paras Aerospace in the category of drone component manufacturers among others. The company has qualified as per the minimum value addition criterion of more than 40%. The company will receive incentives from the MoCA as per the norms stipulated under the PLI scheme for drones.
The Government of India announced the PLI scheme for drones with total budget outlay of Rs 120 crore for a period of 3 (three years) with a 20 per cent incentive to the industry on the value addition provided by the qualified companies.
Following the disclosure, the stock climbed nearly 3 per cent.
Best ever year
Shriram Properties reported highest-ever sales volume, sales value as well as record high collections and construction for FY22. Its performance for the March quarter was also “impressive” with strong growth in key operating parameters compared to Q3 FY22.
The company achieved sales volumes of 1.17 msf in Q4FY22, supported by 4 successful launches, reflecting 14% growth QoQ. For the full year, aggregate sales volumes reached a record high of 3.76 msf in FY22, up 25% year-on-year.
Following the update, the stock rallied over 3 per cent.
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