Canada Imposes Rs 82 Lakh Penalty On Infosys, Vehicle Sales Rise And More

The Canadian government has imposed a penalty of over $134,000, equivalent to about Rs 82 lakh on IT major Infosys for alleged underpayment of employee health tax for the year ended December 31, 2020. Infosys received an order from Canada's Finance Ministry on May 9. In a regulatory filing, Infosys said the penalty will not impact the company's financials, operations or other activities. Passenger vehicle wholesales in India rose to record levels in April. Vehicle dispatches from companies to dealers rose 1.3 per cent year-on-year to record levels of over 3.35 lakh units in April, compared to over 3.31 lakh units in April 2023. The wholesale inflation rose to a 13-month high of 1.26 per cent in April, fuelled by rising prices of food articles, especially vegetables. The cumulative profit of public sector banks crossed Rs 1.4 lakh crore in the financial year ended March 2024, recording a growth of 35 per cent over the previous year on a high base of Rs 1 lakh crore.  Equity benchmark indices Sensex and Nifty ended the trading session with gains on Tuesday. The 30-share BSE Sensex gained 328 points to settle at 73,104 while the NSE Nifty gained 113 points to close at 22,217.