Moneycontrol Selects: Top stories this afternoon

Two years ago, the late ace investor Rakesh Jhunjhunwala increased his stake in Canara Bank  after stating that PSB stocks are “horribly undervalued,” and his spouse Rekha Jhunjhunwala has stuck with the bet since then. In fact, she increased her holdings of the public sector bank this year and her stake in the bank was 2.07 percent as of June end. Read more.

MC Selects

FIIs cut stake in IT players in Q1, Wipro, HCL Tech resilient

Foreign inflows have had a big role in the Indian market’s recent record-breaking sprint but they cut stake in the big information technology players in the June quarter, the latest shareholding patterns show, as the IT sector grapples with global economic uncertainty. Read more. 

Don’t panic when you get an income-tax notice. Here’s what you need to do

Receiving a notice from the Income Tax Department can be a daunting experience for many taxpayers. However, it's crucial to remember that not all notices are cause for alarm. This article will guide you through the steps you should take if you find yourself in this situation. To find out more, read here. 

Royalty-like arrangement for ITC Hotels to use ITC brands: Sanjiv Puri on demerger

ITC Ltd. and its new, demerged entity ITC Hotels will have an arrangement through which the latter can use ITC brands for something akin to a royalty, which will be in line with industry standards and which won’t be a huge amount, said Sanjiv Puri in an interaction with analysts. Read the full report here.