Business
Govt Hikes Windfall Profit Tax On Crude Oil, Cuts Levy On Diesel Exports
New Delhi: The government on Tuesday increased the windfall profit tax on crude oil produced in the country and reduced the levy on exports of diesel. The tax, levied in the form of Special Additional Excise Duty or SAED, on domestically produced crude oil was increased to Rs 9,800...
European Blues May Have Driven Tata Steel Into Red In September Quarter
Week performance in European operations is likely to have driven Tata Steel Ltd into losses in the September quarter. The steel major will report its earnings on November 1. Consolidated loss for the quarter, according to five analysts polled by Moneycontrol, will be at Rs 700 crore as against...
Railways Restricts Movement Of Lithium, Li-Ion Battery
The Indian Railways has imposed restrictions on the movement of lithium and lithium-ion batteries in leased parcel space of trains, impacting the movement of laptops, mobile phones, and small electric vehicles, among other commodities—using the railways’ parcel service. The railways has mandated a 48-hour prior notice for transport of...
India Calls For Formal Talks On WTO’s Dispute Settlement Body Reforms
NEW DELHI: India has called for starting formal negotiations by WTO members to reform the dispute settlement body of the World Trade Organisation, as the present informal deliberations are creating hindrance for several nations to participate in the talks, an official said. The official added that formal talks on...
Savers Are Slowly Understanding Mutual Funds, Says K V Kamath
MUMBAI: Commercial banks are likely to get stiff competition from mutual funds because savers, who are growing in financial literacy, are opting for the latter, said veteran banker K V Kamath on Monday at the Business Standard BFSI Insight Summit. Several speakers on the first day of the summit...
Blackstone Makes Health Care Foray With $1 Billion Deals, Buys Care Hospitals
MUMBAI: US-based private equity major Blackstone said on Monday it had completed the acquisition of a 72.5 per cent stake in Quality Care India Ltd (QCIL), which operates a network of Care Hospitals, from Evercare, a platform backed by TPG Rise funds. This marks Blackstone’s foray into India’s health...
Fall In Call Money Trades May Limit RBI Rate Move Impact
MUMBAI: The answer to the Reserve Bank of India’s (RBI) question why its rate actions are not completely transmitted through the economy may lie in the shrinking trade volumes in the very segment the central bank targets through its monetary policy — the overnight call money market. The value...
Customs Using Cutting-Edge Tech To Detect Illicit Trade: CBIC Head
NEW DELHI: India’s Custom authorities are “actively deploying” cutting-edge technologies including big data analytics, artificial intelligence, image analytics to detect fraud and curb illegal trade, Central Board of Indirect Taxes and Customs (CBIC) Chairman Sanjay Agarwal said on Monday. “The Indian customs administration is combining domain expertise with innovative...
India To Become $30-Trillion Economy By 2047: NITI Draft Vision Document
NEW DELHI: India is estimated to be a $30 trillion developed economy by 2047, preliminary results from the Centre’s vision document which is being prepared have shown, Niti Aayog CEO BVR Subrahmanyam said on Sunday. The Vision India@2047 document is likely to be released by PM Modi in the...
Govt Asks All Private Companies To Demat Shares By September 2024
MUMBAI: The government has mandated all private companies, other than small companies, to dematerialise their shares by September 30, 2024. The move is expected to boost transparency and oversight of the financial system. The Ministry of Corporate Affairs (MCA), in an amendment dated October 27, inserted a new clause...
India Seeks To Tax Goods Part Of Cross-Border Digital Trade
NEW DELHI: India has proposed that the World Trade Organisation (WTO) clearly define what constitutes goods and services in relation to cross-border electronic transmissions such as content streaming. The suggestion, made by senior Indian officials at a meeting of WTO member countries in Geneva last week, is aimed reaching...
K-Factor In Full Play In Housing Segment
MUMBAI: The K-factor, visible in many sectors of the economy, is at play in the housing space as well. Housing sales were at six-year high in the September quarter, however, the sale of affordable housing units declined 10%, as buyers in the segment continued to be troubled by the...
India Pitches For Clear Definition Of E-Commerce Trade In Goods, Services In WTO
NEW DELHI: India has asked the WTO members to work on a clear definition of e-commerce trade in goods and services as it would help provide developing countries a policy space to make decisions on the fast-growing sector, an official said. At present, there is a difference of understanding...
India, UK Trade Ministers Review Progress Of Talks On Proposed FTA
NEW DELHI: India and the United Kingdom on Saturday reviewed the progress of negotiations of the proposed free trade agreement (FTA), talks for which have reached the final stage. The progress was reviewed by Commerce and Industry Minister Piyush Goyal and UK Secretary of State for Business and Trade...
Ministry Of Power And BEE Unfold New Renewable Roadmap For 2030
NEW DELHI: The ministry of power and the Bureau of Energy Efficiency (BEE) announced a revision to the Energy Conservation Act of 2001 on Wednesday, setting ambitious renewable energy consumption benchmarks for specified consumers until the financial year ending 2030. According to the notification, the BEE will shoulder the...
SAIL Chhattisgarh Arm Makes Special Rods For Mumbai Coastal Road Project
RAIPUR: Steel Authority of India Limited’s (SAIL) Chhattisgarh arm Bhilai Steel Plant (BSP) has developed a new product to be used in the high-speed Mumbai coastal road project. During a visit to customer premises in Mumbai last month, the contractor (involved in the project) desired that wire rod mill,...
AM/NS India Plans To Develop Greenfield Jetty Near Hazira
AHMEDABAD: ArcelorMittal Nippon Steel India (AM/NS India), a joint-venture between ArcelorMittal and Nippon Steel, plans to develop a Deep Draft Greenfield Jetty having a capacity of 65 million metric tonnes per annum (MMTPA) at Suvali in Shivrampur village near Hazira. The proposed jetty project is envisaged to meet AM/NS...
RIL Posts 29.7 Per Cent Jump In Q2 Net Profit To ₹19,878 Crore
MUMBAI: Reliance Industries Ltd (RIL), India’s biggest company by market capitalization, reported a 29.7% increase in consolidated net profit for the July-September quarter on account of higher sales and the robust overall performance of its businesses. Net profit rose to ₹19,878 crore from ₹15,332 crore in the year earlier....
