BIZ-NEWS-HIGHLIGHTS

Following are the business news highlights at 1800 hours today:
DCM22 BIZ-IGST-REFUND-CBEC
New Delhi: As about 70 per cent of GST refunds stuck due to flawed information, the CBEC has asked exporters to amend the details in the final returns of subsequent month to enable the department to process the refund claims by March.
DCM6 BIZ-FPI-EQUITY OUTFLOW
New Delhi: Foreign investors have pulled out nearly Rs 10,000 crore (USD 1.5 billion) from the Indian stock market so far this month primarily due to PNB fraud jitters coupled with global cues.
DCM18 BIZ-OVL-IRAN

New Delhi: ONGC Videsh Ltd has shelved plans to build a USD 5 billion LNG export facility in Iran and has instead opted to only invest in developing a giant gas field in the Persian Gulf, for which a revised cost is being worked out, an official said.

DCM21 BIZ-DIRECT TAX-TARGET
New Delhi: Faced with a daunting target of Rs 10.05 lakh crore, the apex decision making body for direct taxes CBDT has asked its field officers to step up efforts and put more focus on better performing zones.
DCM22 BIZ-IGST-REFUND-CBEC
New Delhi: As about 70 per cent of GST refunds stuck due to flawed information, the CBEC has asked exporters to amend the details in the final returns of subsequent month to enable the department to process the refund claims by March.
DCM26 BIZ-MARKET OUTLOOK
New Delhi: Trading sentiment in the stock market will be driven by macroeconomic data and movement of rupee against the US dollar in a holiday-shortened week ahead, say experts.

DCM24 BIZ-PNBFRAUD-COVER
New Delhi: Rattled by a spate of frauds in the banking sector, lenders are now planning to increase insurance cover against delinquencies by their employees to protect their bottomlines.
DCM14 BIZ-COAL
New Delhi: The government may in near future scrap the present system of allocating coal mines for captive use and instead only auction mines for commercial use to private as well as foreign companies with a view to boost domestic product and cut imports, a top official said.
DCM35 BIZ-PNB-ICAI
New Delhi: With the alleged role of auditors coming into focus in the Rs 11,400 crore PNB fraud, chartered accountants' body ICAI said it has taken a statement from a senior official of the bank and emphasised it would not be prudent to draw any conclusion against the profession till disciplinary proceedings are completed.

DCM34 BIZ-JSW-ACQUISITION
New Delhi: Private steel maker JSW Steel is close to acquire Italy-based Aferpi steel firm for Rs 600 crore, a source in the know of the matter said.
DCM32 BIZ-PRABHU-WTO
Visakhapatnam: India today called for bringing changes in Geneva-based World Trade Organisation (WTO) to transform the global economy.
DCM28 BIZ-LOCKHEED MARTIN-DEFENCE
Visakhapatnam: American aerospace and defence major Lockheed Martin today urged India to work on couple of areas like fast-tracking defence procurement procedures with a view to attract companies in the sector.