Tag: latest business news

Govt. hikes windfall tax on domestic crude, cuts levy on export of diesel, ATF

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Govt. hikes windfall tax on domestic crude, cuts levy on export of diesel, ATF

Image used for representative purpose only. | Photo Credit: AP The government on Friday hiked special additional excise duty (SAED) on crude petroleum to ₹10,000 per tonne with effect from September 16. In the last fortnightly review on September 1, windfall tax on domestically produced crude oil was set at ₹6,700/tonne. Besides, the SAED or…

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Vedanta wins arbitration against government in $1.1-billion cost disallowance case

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Vedanta wins arbitration against government in .1-billion cost disallowance case

A man walks past the logo of Vedanta outside its headquarters in Mumbai. File | Photo Credit: Reuters Mining magnate Anil Agarwal’s Vedanta Ltd has won an arbitration against a demand for a higher payout from its prolific Rajasthan oil and gas fields after disallowance of ₹9,545 crore ($1.16 billion) in certain costs incurred, the…

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Business

Wholesale inflation stays in negative for fourth month at (-) 1.36% in July

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Wholesale inflation stays in negative for fourth month at (-) 1.36% in July

Image used for representational purpose only. | Photo Credit: Reuters The wholesale price based inflation remained in the negative territory for the fourth straight month in July at (-)1.36% on easing prices of fuel, even though food articles turned costlier. The wholesale price index (WPI) based inflation rate has been in the negative since April…

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RBI’s MPC keeps policy rate unchanged, CPI inflation projection for FY24 revised to 5.4%

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RBI’s MPC keeps policy rate unchanged, CPI inflation projection for FY24 revised to 5.4%

The Monetary Policy Committee has unanimously decided to keep the policy repo rate unchanged, RBI Governor Shaktikanta Das said in Mumbai on August 10, 2023. | Photo Credit: Emmanual Yogini The Monetary Policy Committee (MPC) of the Reserve Bank of India on August 10 decided unanimously to keep the policy repo rate unchanged at 6.50%.  Consequently,…

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Business

Aviation regulator DGCA removes SpiceJet from its enhanced surveillance regime

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Aviation regulator DGCA removes SpiceJet from its enhanced surveillance regime

The senior DGCA official said that in view of the observations made in the past concerning inadequate maintenance and in view of the incidents during the monsoon season last year, SpiceJet was placed under enhanced surveillance. | Photo Credit: Reuters Aviation watchdog DGCA has taken off SpiceJet from its enhanced surveillance regime, a senior official…

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ICICI Bank reports 40% rise in standalone net profit to ₹9,648 crore

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ICICI Bank reports 40% rise in standalone net profit to ₹9,648 crore

A view of the ICICI bank head office in Mumbai. File | Photo Credit: Reuters Private lender ICICI Bank on July 22 reported a 40% rise in standalone net profit to ₹9,648 crore for the June 2023 quarter, helped by a decline in bad loans and an improvement in interest income. The Mumbai-based private sector…

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Business

Budget 2023 | ₹7,000 crore for next phase of eCourt project will improve justice delivery system: Rijiju

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Budget 2023 | ₹7,000 crore for next phase of eCourt project will improve justice delivery system: Rijiju

Union Law Minister Kiren Rijiju said Phase III of eCourts Project will build on the gains made by the earlier two phases that proved crucial in the delivery of justice during the COVID-19 pandemic when courts were under lockdown protocol. File | Photo Credit: PTI Finance Minister Nirmala Sitharaman on Wednesday allocated ₹7,000 crore for…

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Business

Markets end on mixed note on Budget day; Sensex climbs 158 points, Nifty dips 46 points

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Markets end on mixed note on Budget day; Sensex climbs 158 points, Nifty dips 46 points

Equity benchmarks Sensex and Nifty ended on a mixed note on Wednesday as the euphoria about the Union Budget fizzled out, with investors going for profit-taking ahead of the Fed interest rate decision. The 30-share BSE benchmark Sensex climbed 158.18 points or 0.27% to settle at 59,708.08 after it trimmed most of the intra-day gains….

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India set to allow 5 mn tonnes of sugar exports in first tranche

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India set to allow 5 mn tonnes of sugar exports in first tranche

India’s domestic sugar consumption is estimated at around 27.5 million tonnes India is poised to allow 5 million tonnes of sugar exports in the first tranche for the new marketing year beginning October, two government sources said on Wednesday. “The permission to export 5 million tonnes of sugar is expected in the coming weeks and…

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