Category: Business

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Centre exempts non-basmati white rice from export duty, cuts levy on parboiled rice

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Centre exempts non-basmati white rice from export duty, cuts levy on parboiled rice

Image used for representative purpose only. | Photo Credit: The Hindu The government has exempted export of non-basmati white rice from customs duty. In a notification issued late Friday, the revenue department also reduced export duty on parboiled rice, husked (brown rice), and rice in the husk (paddy or rough) to 10%. Explained | Understanding…

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Business

GST Council sets up GoM on compensation cess; panel to submit report by December 31

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GST Council sets up GoM on compensation cess; panel to submit report by December 31

Union Minister of State for Finance Pankaj Chaudhary. File. | Photo Credit: PTI The Goods and Services Tax (GST) Council has set up a 10-member GoM, chaired by Minister of State for Finance Pankaj Chaudhary, to decide on the taxation of luxury, sin and demerit goods once the compensation cess ends in March 2026. The…

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Cisco inaugurates manufacturing facility near Chennai, aiming to power more than $1.3 billion in revenue

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Cisco inaugurates manufacturing facility near Chennai, aiming to power more than .3 billion in revenue

Cisco partnered with Flex to develop the manufacturing facility | Photo Credit: Special Arrangement Networking giant Cisco inaugurated its first manufacturing facility in India on Friday (September 27, 2024), located in Sriperumbudur near Chennai, Tamil Nadu, that will produce routing and switching products. Cisco’s aim with the facility is to drive $1.3 billion in revenue,…

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Business

Rupee falls four paise to settle at 83.70 against U.S. dollar

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Rupee falls four paise to settle at 83.70 against U.S. dollar

On September 26, the Rupee declined eight paise to settle at 83.66 against the American currency. File | Photo Credit: The Hindu The Rupee declined four paise to settle at 83.70 (provisional) against the U.S. dollar on Friday (September 27, 2024) amid subdued domestic equity markets and increased month-end demand for the American currency. “However, sliding…

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Sensex, Nifty draw back from lifetime highs on profit taking; HDFC Bank, ICICI major laggards

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Sensex, Nifty draw back from lifetime highs on profit taking; HDFC Bank, ICICI major laggards

From the 30 Sensex firms, Power Grid, ICICI Bank, Bharti Airtel, HDFC Bank, Kotak Mahindra Bank, Larsen & Toubro, Adani Ports and UltraTech Cement were among the laggards. | Photo Credit: Reuters Benchmark stock indices Sensex and Nifty retracted from lifetime highs to settle lower on Friday (September 27, 2024) due to profit-taking in frontline…

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Business

Govt to launch new PLI scheme for speciality steel: official

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Govt to launch new PLI scheme for speciality steel: official

The Union Government is working on another round of the PLI scheme for speciality steel as the response for the first round of the initiative did not meet expectations, according to Steel Secretary Sandeep Poundrik. The top Steel Ministry official made the remarks at CII Steel Summit 2024 in the National Capital on Friday (September…

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German economy to shrink further in 2024, think-tanks issue statement

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German economy to shrink further in 2024, think-tanks issue statement

Output in Europe’s largest economy will decline by 0.1% this year, five think tanks said. It shrank by 0.3% in 2023. | Photo Credit: FABIAN BIMMER Germany’s economy is expected to shrink slightly in 2024, leading economic institutes said on Thursday, as the traditional manufacturing powerhouse continues to stagnate. Output in Europe’s largest economy will…

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Sensex hits fresh record high in early trade on buying in IT stocks, rally in global markets

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Sensex hits fresh record high in early trade on buying in IT stocks, rally in global markets

File picture of the bull statue at the Bombay Stock Exchange building, in Mumbai | Photo Credit: PTI The BSE benchmark Sensex hit its fresh all-time high level in early trade on Friday (September 27, 2024) amid heavy buying in IT stocks and a rally in global markets. The BSE Sensex climbed 119.38 points to…

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Business

Rupee rises 2 paise to 83.64 against US dollar

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Rupee rises 2 paise to 83.64 against US dollar

Representational image. | Photo Credit: RUPAK DE CHOWDHURI Rupee rises 2 paise to 83.64 against the US dollar in early trade on Friday (September 27, 2024) amid softening crude oil prices and inflow of foreign funds. The Indian currency was, however, weighed down by a subdued domestic equity market and a stronger greenback against major…

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