Moneycontrol Selects: Top stories this afternoon

A round-up of the big stories

Here are the top stories this afternoon:

Income Tax department investigates Cipla for potential tax violations

The income tax department is investigating drug maker Cipla over potential tax violations and tax avoidance, people with knowledge of the matter told CNBC-TV18. Sources further said that the tax department is investigating whether Cipla made wrongful claims under Section 80-IA. Preliminary investigation has alleged wrong claims worth Rs 400 crore made under that section. Read details here.

MC Exclusive: Utkarsh Small Finance halts IPO launch due to market conditions, says CEO

Varanasi-based Utkarsh Small Finance Bank has halted its initial public offering (IPO) plan, said Govind Singh, MD and CEO. The bank, which received the Securities and Exchange Board of India (SEBI) nod for its IPO in October 2022, said the plan to halt the launch was due to market conditions. Read more.

Slumcat millionaires: How the Maharashtra government’s free housing scheme for slumdwellers is being exploited

Ramesh Shukla (named changed) a slumdweller who was rehabilitated a decade ago sold the 269 sqft apartment that he was given in lieu of his slum. Shukla sold his apartment 10 years after the allotment for Rs 20 lakh and went on to construct another slum dwelling in the city. Shukla is not alone. Hundreds of slumdwellers who have been rehabilitated since 1995 under the Slum Rehabilitation Act have sold their apartments and moved back into slums. Read more to find out the full story.

Russia remains top supplier of crude oil to India for fifth straight month

From almost nothing until last year, Russia has become India’s largest source of crude oil. The Eurasian country has been the top supplier of crude oil to India for the last five consecutive months, from October 2022 to February 2023. Details here.

Bandhan Group plans a foray into the insurance business

The Bandhan Group is planning to enter the insurance business, people with knowledge of the matter told CNBC-TV18. The group is first planning an entry into the general insurance business, followed by life insurance, sources said. Read more.

There is growing momentum towards emerging clean energy technologies, says TV Narendran

There is a growing momentum towards emerging clean energy technologies which is indicated by strengthened international and national climate ambitions, said TV Narendran, MD of Tata Steel. This transition to net zero will also require coordinated efforts spanning all stakeholders including government, private sector and civil society, he added. Further details here.