Page 2708 - Business Finance
Physical settlement in F&O to attract 0.10% STT: CBDT tells HC
The Central Board of Direct Taxes (CBDT) today told the Bombay High Court that 0.10 per cent securities transactions tax (STT) would be levied on physical delivery of shares in the equity derivatives segment. A division bench of justices B R Gavai and M S Karnik had last week sought clarity from the CBDT on the STT rate after the Association of National Exchange Members of India (ANMI) filed a petition claiming anomalies on the issue. The ANMI had challenged a July 17 circular issued by the National Stock Exchange (NSE) directing the members in the equity derivatives segment to collect the STT on physical settlement of stock derivatives at the rate of 0.10 per cent with effect from July 26. The circular had added that if the CBDT issued any clarification or amendment on taxation of physically settled F&O contracts, the exchange would recover such additional tax burden from the members. The ANMI, a brokers' association, claimed in the petition that this was leading to an ambiguous .
Cochin Shipyard pays dividend of Rs 122 cr to govt
State-owned Cochin Shipyard Ltd (CSL) today said that it has paid a dividend of Rs 122.3 crore to the government on August 21. "A dividend of Rs 12 per equity share was paid on the 10,19,52,000 fully paid equity shares of Rs 10 each held by the Government of India," the company said in a filing to BSE. After the initial public offer of equity shares of the public sector undertaking (PSU), the centre holds 75 per cent in the equity share capital of CSL and the balance 25 per cent is held by the general public. In addition, CSL has also contributed Rs 357.49 crore to the exchequer by way of value added tax, income tax, CST, customs duty, service tax, GST and dividend tax during 2017-18. Shares of the company ended at Rs 425.50 apiece on BSE, down 0.89 per cent from yesterday's close.
China's AgBank, BoC post higher profits as margins improve
BEIJING (Reuters) - Agricultural Bank of China Ltd (AgBank) and Bank of China Ltd (BoC), the country's third- and fourth-largest lenders, reported higher profits for the first half of the year as margins improved and bad loan ratios held steady.
Toyota to invest $500 million in Uber for self-driving cars
(Reuters) - Toyota Motor Corp will invest $500 million in Uber to jointly work on developing self-driving cars, the companies said on Monday, a bid by both to catch up to rivals in the hotly competitive autonomous driving business.
Sensex marks highest-ever close, energy leads
(Reuters) - Indian shares ended Tuesday at record closing highs, led by gains in energy and financial stocks and positive sentiment in global markets after the U.S.-Mexico agreement to overhaul their trade deal.
Stocks at new highs on upbeat global cues; Nifty ends above 11,700
Stocks ended at record highs for the second day in a row today on fresh foreign fund inflows and unabated buying by domestic investors in bluechips led by Reliance Industries, HDFC, HDFC Bank and Maruti Suzuki. The BSE Sensex rose by 202.52 points or 0.52 per cent to close at a fresh record high of 38,896.63 while the broader NSE Nifty advanced 46.55 points or 0.40 per cent to close above the 11,700 mark for the first time at 11,738.50 -- its all-time closing high too. Covering-up of short positions by participants ahead of August month expiry in the derivatives segment on Thursday too supported the bull-run. Trading sentiment remained bullish largely in tandem with a firm trend at other Asian bourses as investors cheered news of a trade deal between the US and Mexico. Strong gains in metal, energy, auto and power shares lifted the key indices to new highs. The 30-share Sensex, after opening on a strong footing, continued its upward march to hit an all-time high of 38,938.91, breaking
Benchmarks jump amid positive global cues
Key equity indices settled higher, buoyed by positive cues from global markets after the United States and Mexico agreed to overhaul the North American Free Trade Agreement. The barometer index, the S&P BSE Sensex, rose 202.52 points or 0.52% to 38,896.63, as per the provisional closing data. The Nifty 50 index rose 46.55 points or 0.40% to 11,738.50, as per the provisional closing data. Both Sensex and Nifty provisionally ended near their all-time highs hit in early trade.
Oriental Bank drops after announcing fund raising plan
Oriental Bank of Commerce lost 3.31% to Rs 78.90 at 15:15 IST on BSE after the bank scheduled a board meeting on 30 August 2018 to consider fund raising proposal.
GAIL's online gas portal to boost transparency
SINGAPORE (Reuters) - The launch of an online portal by GAIL (India), allowing third-party access to its natural gas pipeline network, would ensure transparency and permit companies to understand the infrastructure further, analysts said on Tuesday.
Carzonrent launches Cabpro to capture B2B car rental market
Carzonrent India Pvt. Ltd., India's largest corporate car rental network, has announced the launch of Cabpro, a stress-free transport management solution for the smart corporate.Cabpro is a unified car rental technology platform that works as a centralised platform handling end to end operations for corporate ground transport.Cabpro is developed to tap into the large unorganized corporate car rental industry, estimated at USD 2.5 billion consisting of large and small taxi vendors servicing corporate clients across India. This technology platform will enable savings of up to 20 per cent for corporates in their spending on car rental services by solving for erratic service quality and a lack of transparency in terms of billing and tracking. Companies will also save time and cost in terms of administrative and operational effort of manpower while engaging with unorganized vendors to improve overall customer experience."We at Carzonrent have more than 18 years of domain expertise in the ..
EU-India join hands to develop new Influenza vaccine
The Indian government and the European Union (EU), on Tuesday, joined hands for Rs. 240 crore research programme to develop a Next Generation Influenza Vaccine to protect citizens worldwide. Both the EU and the Department of Biotechnology (DBT) ), Government of India, have also committed EUR 15 million each to fund this joint call for the program named "Horizon 2020".Speaking on the issue of developing a cost-effective and affordable influenza vaccine rapidly without compromising its quality, Ambassador of the European Union H.E. Mr Tomasz Kozlowski said, "This joint call is another demonstration of the increased cooperation between the EU and India as committed by the leaders during the Summit in October 2017."Elucidating on the fact that improved Influenza vaccines would help countries to fight during an event of a pandemic, Kozlowski added, "India and the EU are contributing to an important global public health challenge. Improved influenza vaccines would help the international ...
VMware to acquire CloudHealth for multi-Cloud offerings
VMware, the leading enterprise software provider, has announced that it will acquire CloudHealth Technologies, a company which has over 3,000 global customers on its Cloud operations platform.
Parag Milk eyes 10% market share in fresh milk in Delhi-NCR
Parag Milk Foods, which today launched the fresh milk category, is targeting a 10 per cent market share in Delhi-NCR from this segment in the current fiscal year, a top executive said. The fresh milk category will be under the company's Gowardhan brand. "We are planning to expand our footprint in the Delhi and NCR region in the fresh milk category. We are targeting a 10 per cent market share in the region in the fresh milk segment in the next eight months (August-March)," Parag Milk Foods chairman Devendra Shah told PTI. The company today also commenced commercial operations of its Sonepat plant, which it bought from Danone in April. Shah said the company plans to reach out to the regions within 250-300 km of the Sonipat plant. The fresh milk market in Delhi-NCR is close to Rs 1,000 crore, according to him. "North is one of the key priority markets for us. Dairy products consumption is the highest in this region and this expansion will allow us to allow cow's milk reach .
Freight rates move up on sluggish cargo
Freight rates for the nine-metric tonne pay load section improved by Rs 1,000 at the local truck transport market in the national capital today following less availability of trucks against cargo movements. Transporters said apart from busy cargo movements, thin position of trucks in the market due to halt and diversion of roads following heavy rains mainly led to rise in freight rates for a few destinations. Delhi to Kolkata, Mumbai, Pune, Patna and Baroda freight rates moved up by Rs 1000 each to Rs 34,000, Rs 30,000, Rs 32,000, Rs 30,000 and Rs 26,000. Rates to Kochi, Guwahati, Bengaluru and Surat also went up by Rs 1,000 each to Rs 76,000, Rs 62,000, Rs 63,000 and Rs 28,000.
Oil rises to seven-week highs on signs of tighter supply
LONDON (Reuters) - The oil price rose towards its highest since early July on Tuesday, thanks to evidence of still-modest increases in output from OPEC and improving Chinese refining demand.
IL&FS Transportation Networks Ltd leads losers in 'A' group
Union Bank of India, Reliance Naval & Engineering Ltd, Kwality Ltd and Crompton Greaves Consumer Electrical Ltd are among the other losers in the BSE's 'A' group today, 28 August 2018.
Warren Buffett's Berkshire picks up stake in Paytm, gets Board seat
Billionaire Warren Buffett's Berkshire Hathaway has picked up stake in Paytm and will get a position on the Board, the largest digital payments company in India said today. The companies did not disclose the details of the deal including the stake size or the amount invested by the US-based Berkshire. According to sources privy to the development, Berkshire is pumping in about USD 300-350 million (about Rs 2,500 crore) into Paytm, valuing the Indian company at over USD 10 billion. With this deal, Buffett's investment firm joins Japanese giant SoftBank that had last year bought a reported 20 per cent stake in Paytm for an estimated USD 1.4 billion (over Rs 9,000 crore). One97 Communications, the owner of Paytm, counts marquee global investors like Ant Financial and Alibaba as the other key shareholders. Todd Combs, investment manager at Berkshire, has joined the board of directors of Paytm, the company said in its statement. "I have been impressed by Paytm and am excited about being a .
U.S. says China's steel wheels subsidized, will impose duties on imports
WASHINGTON (Reuters) - The U.S. Commerce Department said on Monday it had made a preliminary determination that imports of certain steel wheels from China were subsidized at rates ranging from 58.75 percent to 172.51 percent, and it would impose duties on the product.
Euro zone lending growth holds steady at post-crisis high
FRANKFURT (Reuters) - Lending growth to euro zone companies and households held steady at a post-crisis high last month while an indicator of money circulating in the euro area, which often foreshadows future activity, slowed unexpectedly, the European Central Bank said.
Private equity firm plans $730 million IPO of Coronado Coal in Australia: sources
MELBOURNE/SYDNEY (Reuters) - U.S. private equity firm Energy and Minerals Group (EMG) is planning an A$1 billion ($732 million) initial public offering (IPO) of Connecticut-based Coronado Coal in Australia, two people with knowledge of the plan said on Tuesday.