These are the top 5 business stories of the day:
Quick Heal Technologies IPO oversubscribed by 1.81 times
The initial public offer (IPO) of software provider Quick Heal Technologies has been oversubscribed 1.81 times till afternoon on the last day of the offer on Wednesday.
The Rs 451-crore IPO received bids for 1.83 crore shares against the total issue size of over 1 crore shares, data available with the NSE till 1300 hours showed.
Quick Heal has already raised Rs 133.9 crore through issue of shares to 10 anchor investors.The company has fixed the price band at Rs 311-321 for its IPO. Read more here.
Indirect Tax collection likely to exceed Rs 40,000 crore in FY16: Hasmukh Adhia
Weeks before it presents Budget for the next fiscal, the government on Wednesday said it will achieve the tax revenue target for the current year with larger-than- budgeted indirect tax collections making up for a possible shortfall in direct taxes.
After two successive years of revising downward the tax revenue target, fiscal 2015-16 which ends on March 31 is likely to see tax revenue target of Rs 14.49 lakh crore being met.
"We are likely to exceed the collection in Indirect Tax by about Rs 40,000 crore in the current year. On the whole, we are optimistic of close to 100% achievement of overall tax revenue target of the year," Revenue Secretary Hasmukh Adhia tweeted. Read more here.
Australia will support Adani's nearly Rs 1.12 lakh crore Carmichael project: Government
Australia will support Adani Group's $16.5 billion (nearly Rs 1.12 lakh crore) Carmichael coal mine and rail project in Queensland state that will provide power to 100 million Indians, Australia Resources and Energy Minister Josh Frydenberg said on Wednesday.
Frydenberg said that even the state government and the Federal Opposition are in support of the project, which is expected to attract billions of dollars in investment. Read more here.
Renault to commence exporting India-made Kwid to Brazil next month
French auto major Renault will begin exporting its entry-level hatchback Kwid to Brazil from the next month and is looking to ramp up production to 10,000 units by March at its Oragadam plant to meet domestic demand.
Kwid, which received an overwhelming response in the domestic market with more than one lakh bookings in four months since launch, would be the second Renault product to be exported after Duster, a top company official said. Read more here.
DGCA signs agreement with US agency to make improvements in aviation sector
India's aviation regulator, the Directorate General of Civil Aviation (DGCA), and United States Technical Development Agency (USTDA) are all set to undertake and improve the aviation sector with the signing in of the Grant
Agreement for India Aviation Safety Technical Assistance Phase II.
According to a release by the government, "Phase II of the current project is aimed at sustaining efforts undertaken during 2014 for the restoration of IASA Category 1 status and bringing in more systemic improvements in the area of operation, airworthiness and licensing." "It will include components on General Aviation and Business Aviation," it added. Read more here.
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