Top 5 headlines: Windfall tax slashed on petroleum crude, IBM pauses hiring

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Govt cuts windfall tax on petroleum crude; none on petrol, diesel, ATF

India has cut the windfall tax on petroleum crude to 4,100 rupees ($50.14) per tonne from 6,400 rupees per tonne, effective from Tuesday, according to a government notification.

The government left the windfall tax on petrol, diesel and aviation turbine fuel at zero. The government revises tax rates fortnightly based on oil price fluctuations. Read more...

FPI details in Adani saga: Sebi may seek govt help on info from overseas

The Securities and Exchange Board of India (Sebi) may approach the Central government or law-enforcement agencies to be able to get information from foreign jurisdictions in the Adani-Hindenburg case. Sebi is awaiting details on end-beneficiaries of foreign portfolio investors (FPIs) in connection with the charges levelled by the US-based Hindenburg Research against the Adani Group.   

The market regulator may refer the matter to ministries because some offshore regulators were not very forthcoming in providing the information sought, citing privacy reasons, said two people in the know. Read more...

Govt faces hurdles in wooing Taiwan's chip assembly and testing firms

India is facing tough competition from Penang in Malaysia, the Philippines, and Vietnam, as global outsourced semiconductor assembly and test (OSAT) firms based mostly in Taiwan are looking for locations in Asian countries to hedge their geopolitical bets. The OSAT majors have concerns on India’s ability to provide a stable, predictable, and lasting policy environment for years to come, which is key for making a decision in a capital-intensive business. Read more...    

IBM to pause hiring for jobs that AI could do, says CEO Arvind Krishna

International Business Machines Corp. Chief Executive Officer Arvind Krishna said the company expects to pause hiring for roles it thinks could be replaced with artificial intelligence in the coming years. Hiring in back-office functions — such as human resources — will be suspended or slowed, Krishna said in an interview. These non-customer-facing roles amount to roughly 26,000 workers, Krishna said. “I could easily see 30% of that getting replaced by AI and automation over a five-year period.” Read more...

Adani Green Energy net profit up 4-fold to Rs 507 cr in March quarter

Adani Green Energy on Monday posted a four-fold rise in its consolidated net profit to Rs 507 crore in the March quarter compared to the year-ago period mainly on the back of higher revenues.

The consolidated net profit of the company was Rs 121 crore in the quarter ended on March 31, 2022, a BSE filing stated. Read more...