The government on Friday slapped an export tax on petrol, diesel and jet fuel (ATF) while also joining nations like the UK in imposing a windfall tax on crude oil produced locally. A Rs 6 per litre tax on export of petrol and ATF and Rs 13 per litre tax on export of diesel is effective from July 1, finance ministry notifications showed. Additionally, a Rs 23,250 per tonne tax was levied on crude oil produced domestically.
Stock market barometers Sensex and Nifty ended marginally higher on Monday as rise in wholesale inflation capped early gains despite a positive trend in global markets. The 30-share index settled 32.02 points or 0.05 per cent higher at 60,718.71 with half of its constituents ending in green. The broad based Nifty edged up 6.70 points or 0.04 per cent to close at 18,109.45.
The Railway ministry has been allocated budgetary support of Rs 140367.13 crore in the Union Budget on Tuesday - Rs 20,311 crore more than the revised figures of the previous fiscal. Overall, the national transporter is set to get a capital expenditure (CapEx) push of Rs 2.45 lakh crore in the financial year 2022-23, 14 per cent higher than the budgeted capital expenditure of Rs 2.15 lakh crore for the current financial year. Finance Minister Nirmala Sitharaman in her Budget speech for 2022-23 said that India will manufacture 400 new, energy-efficient Vande Bharat trains in the next three years.
ignio has more than 75 patents filed in the artificial intelligence, machine-learning and intelligent-automation space
Powered by a rally in index heavyweight Reliance Industries, equity benchmark Sensex broke its four-session losing run to close above the 55,000-mark on Thursday despite a weak trend overseas. Investors made a cautious return to IT, pharma and bank stocks after their recent sell-off. However, a depreciating rupee and persistent foreign fund outflows capped the gains, traders said. Overcoming a lacklustre start, the 30-share BSE Sensex surged 427.79 points or 0.78 per cent to close at 55,320.28.
Images from the World Athletics Championships in Budapest on Saturday.
Despite headwinds, it remains "structurally bullish" on India and expects the Sensex to scale up to the 70,000-mark by December 2022; 80,000 level in a bull-case scenario and hover around the 50,000-mark as a bear-case, the brokerage house said in a report.
Sun Pharma's Dilip Shanghvi is India's richest person.
L&T was the top gainer in the Sensex pack, rallying 4.81 per cent, followed by M&M, Sun Pharma, Tech Mahindra, NTPC, SBI, ICICI Bank and Titan.
Some of the firms that have witnessed major drop in analysts' coverage include Dish TV, YES Bank, and JSW Energy.
In a bull-case scenario it sees the Sensex at 61,000 levels, while it's bear case scenario pegs the Sensex at 41,000 levels by December 2021.
Market benchmarks gave up intra-day gains to close in the red for the sixth session on the trot on Friday, capping a bruising week which saw a massive dash for safety amid rate hikes by global central banks and fears of slowing growth.
Infosys was the top gainer in the Sensex pack, rallying around 7 per cent, followed by TCS, IndusInd Bank, ONGC, HDFC Bank and HCL Tech. On the other hand, ITC, Bajaj Finance, Kotak Bank and Sun Pharma finished in the red.
Investor wealth slumped by Rs 3.7 lakh crore on Monday, as the equity market recorded its biggest single-day fall in two months.
Wondering if mutual fund investments can help you make you enough money for your retirement and child's marriage? Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Describing his German coach Klaus Bartonietz as the 'best' for him, Olympic gold-winning javelin thrower Neeraj Chopra on Friday said he would like to continue their spectacular partnership in the 2024 Paris Games as well.
Domestic markets conduct a special one-hour Muhurat trading session on Diwali every year to mark the beginning of the traditional Hindu calendar year, called 'Vikram Samvat'.
Stating that open markets mean more opportunities, Modi said during the last six years the government has made many efforts to make the Indian economy more open and reform oriented.
In December 2019, the India arm of Deloitte Touche Tohmatsu surprised many with its ultra-competitive bid to become the transaction advisor for the country's largest strategic divestment in Bharat Petroleum Corporation (BPCL). The multinational major quoted just Rs 1; the second-highest bidder, SBI Caps, reportedly quoted Rs 15-17 crore. For Deloitte, the motivation was to bag a prestigious deal adding a national energy company to its portfolio. No doubt, it expected BPCL to go to a marquee buyer in quick time.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Lewis Hamilton and the FIA were in a standoff at this month's Miami Grand Prix over piercings
Wondering if mutual fund investments can earn you enough money for your retirement and child's marriage? Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Investor wealth plummeted by nearly Rs 5 lakh crore in early trade on Monday as equity markets crashed tracking global equity selloff amid rising uncertainty over the economic impact of coronavirus outbreak. Market capitalisation (m-cap) of BSE-listed companies saw a massive decline after the 30-share index plunged 1515.01 points, or 4.03 per cent, to 36,061.61. The NSE Nifty too cracked 417.05 points, or 3.80 per cent, to 10,572.40.
The highest cap for the capacity would be 2 GW and can be set up in tranches at whatever location the project developer deems fit.
Owing to a big rise in the market capitalisation of group companies such as Adani Green Energy and Adani Transmission, the group promoters, the Gautam Adani family, have closed the wealth gap with Mukesh Ambani, the promoter and owner of Reliance Industries Ltd (RIL). Ambani continues to top India's billionaire league table. The Ambani family's net worth was estimated to be Rs 8.06 trillion (around $108 billion) on Tuesday against the Rs 6.87 trillion (around $92 billion) of the Adani family.
A few years ago, when top officials of Indian state-run refiners went to Dubai to negotiate a crude oil supply contract, a senior official from state-owned Saudi Aramco told them, "We can negotiate on anything, but I am the last man standing for you. "Nobody can offer the range of crudes we do with certainty," an official who was part of the negotiating team recalls. Perhaps that explains why Saudi Arabia is less concerned about losing its place as India's premier oil supplier to an upstart like Russia, which emerged from nowhere to become India's biggest crude oil supplier in September and October.
The windfall tax on oil produced within India and fuel exported overseas will make up for more than three-fourths of the revenue that the government lost when it cut excise duty on petrol and diesel to cool soaring inflation, industry sources said. India on July 1 joined a select league of nations globally that have taxed windfall gains accruing to oil companies from soaring energy prices. The government slapped a Rs 6 per litre tax on the export of petrol and jet fuel (ATF) and Rs 13 a litre on the export of diesel effective July 1. Additionally, a Rs 23,250 per tonne tax was levied on crude oil produced domestically.
A summary of Friday's action in the UEFA Nations League.
Equity benchmark Sensex rebounded 454 points on Thursday, boosted by gains in index heavyweight Reliance Industries amid a positive trend in global markets.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
2019 appears a story of two halves for Indian equities - a more difficult first half might precede a stronger second half, said Abhiram Eleswarapu, bottom, left, Head of India Equity Research, BNP Paribas in an interview with Ashley Coutinho.
If IOC is not allowed to run its own affairs, then we can see it close down in the next 10 to 15 years, warns Sudhir Bisht.
The inaugural WTC final is scheduled to be held in Southampton from June 18-22.
This is the highest closing for both the indices since May 15.
Hubert Hurkacz battled back from a set and a break down to beat Casper Ruud 5-7 6-3 6-2 on Saturday and reach the Canadian Masters final.
Hardik Pandya garners praise as he guides GT to playoffs
Sectorally, BSE healthcare, capital goods, power, oil and gas, metal, auto, energy and banking indices fell up to 3.53 per cent.
Nanpakal Nerathu Mayakkam is a masterpiece, and like most masterpieces of the cinema, it's a great act of folly, observes Sreehari Nair.
Stick to export-focussed plays, large-caps, say analysts
