The Union Cabinet on Wednesday approved promulgation of an ordinance to suitably amend the Goods and Services Tax ( Compensation to States) Act, 2017.The approval will allow increasing the maximum rate at which the Compensation Cess can be levied from 15% to 25%.Read More
Vishal Sikka has resigned as MD and CEO of Infosys and the board has accepted his resignation with immediate effect, Infosys said in a statement.Mr Sikka will remain with Infosys as executive vice-chairman, the company said.Infosys has appointed chief operating officer UB Pravin Rao as interim managing director and CEO.Read More
Tata Steel Ltd has received regulatory approval for a deal to cut its UK pension scheme liabilities, it said on Friday, paving the way for a possible merger between its British and European steel businesses and those of Germany’s Thyssenkrupp.The pensions deal “represents the best possible structural outcome for the members of the British Steel Pension Scheme and for the Tata Steel UK business.Read More
State-run oil marketing company (OMC) Bharat Petroleum Corporation Ltd (BPCL) on Friday reported a massive 72 per cent fall in net profit for first quarter of the fiscal ended June at Rs. 745 crore caused by inventory loss and a drop in refining margins.The firm had posted a profit after tax (PAT) of Rs. 2,621 crore in the corresponding quarter a year ago, BPCL said in a stock exchange filing.Read More
Sun Pharmaceutical Industries, India’s largest drugmaker posted a surprise quarterly loss on Friday due to one-off legal costs and pressure over prices in its largest market, the United States, casting a shadow over its growth prospects.Sun is the latest maker of generic drugs to report poor sales as uncertainty grows in the global market for copycat drugs due to rising competition and pricing scrutiny in the United States.Read More
The growth of India’s services sector, which was highly resilient even during the global financial crisis, has moderated to 7.7 per cent in 2016-17, according to the Economic Survey.The sector, which grew by 9.7 per cent in the previous year, however remains the key driver of India’s economic growth, contributing almost 62 per cent of its gross value added growth in 2016-17.Read More
The Reserve Bank of India (RBI) will likely have to drain up to $22 billion in excess liquidity from the financial system as surging foreign investments forces the central bank to absorb the dollar inflows and sell rupees to cap gains in the local currency.Foreign investments into debt and shares have reached a net $31 billion this year.Read More
The benchmark Sensex pared some of the early losses, but was still down 73.77 points at 31,724.07 in late morning deals, as selling pressure witnessed in key front-line stocks amid weak global cues.Sentiments were subdued after escalating geo-political tensions between the US and North Korea, while capital outflows hovered around the bourses.Read More
A Parliamentary panel will meet in New Delhi today to hear the views of various stakeholders on the disinvestment of national carrier Air India and Pawan Hans Limited. The Parliamentary Standing Committee on Transport, Tourism, and Culture will hear the views of the Ministry of Civil Aviation, Department of Investment and Public Asset Management on the issue.Read More
Commerce Minister Nirmala Sitharaman has held “candid” talks with her Chinese counterpart Zhong Shan over the ballooning trade deficit in favour of China which has crossed over $52 billion and sought a level playing field for Indian IT and agro products.
India’s trade deficit with China in 2015-16 swelled to $52.68 billion, which Indian officials say has become unsustainable.