Top Headlines: Govt slashes windfall tax, Adani overtakes Tata, and more

Business Standard brings you the top headlines at this hour

The government on late Friday slashed windfall gains tax, lowering the duties and cess on domestic crude and export of aviation turbine fuel and diesel following a decline in international crude oil price. Gautam Adani’s red-hot streak on Dalal Street continues with his group of companies overtaking the ones under the Tata umbrella to become India’s most valuable conglomerate. Read more on these in our top headlines.
 

Govt slashes windfall profit tax on domestic crude oil, ATF, diesel export

The government on late Friday slashed windfall gains tax, lowering the duties and cess on domestic crude and export of aviation turbine fuel and diesel following a decline in international crude oil price.

According to the Central Board of Indirect Taxes and Customs (CBIC) notification, it has cut the tax on domestically produced crude oil to Rs 10,500 a tonne from Rs 13,300 earlier. Read more

Adani group overtakes Tatas to be India's most valued conglomerate

Gautam Adani’s red-hot streak on Dalal Street continues with his group of companies overtaking the ones under the Tata umbrella to become India’s most valuable conglomerate.

At Friday’s close, the market value of all listed stocks of Adani Group stood at Rs 22.27 trillion (about $278 billion), higher than Tata Group’s Rs 20.77 trillion ($260 billion). Mukesh Ambani-led Reliance Group is in third position with market capitalisation (market cap/value) of Rs 17.16 trillion ($220 billion). Read more

Growth on strong footing, further tightening needed: RBI report

The economy is poised to shrug off the modest tapering of the growth momentum in the first quarter, according to the Reserve Bank of India’s (RBI’s) state of the economy report, which has also hinted at a further tightening of the monetary policy, with the emphasis being on keeping inflation expectations anchored.

“… front-loading of monetary policy actions can keep inflation expectations firmly anchored and reduce the medium-term growth sacrifice,” it said. Read more

Fast-tracking of status on cryptocurrency assets may be in works

India may soon have a greater clarity on regulation of crypto assets as the government has stepped up efforts in that direction.

The recent meeting of the Financial Stability and Development Council (FSDC), chaired by Union Finance Minister Nirmala Sitharaman, impressed upon the members the need for a clear consensus on the legality of cryptocurrencies. The message was that regulators must fast-track the initiative. Read more

Top housing projects going nowhere; litigation, funding major issues

Ten big housing projects, all in big cities, are stuck owing to reasons such as developers’ bankruptcy or litigation, with the National Capital Region and Mumbai Metropolitan Region together accounting for 77 per cent of them.

Nearly 500,000 homes, worth Rs 4.48 trillion, were stuck in seven metro markets in the country as things stood at the end of May, according to Anarock Property Consultants. Read more