Rupee off day’s high, trades at 71.02 per dollar

The Indian rupee has erased some of its intraday gains but trading higher by 30 paise at 71.02 per dollar. However, it rose to 70.67 after Finance Minister Nirmala Sitharaman announced several measures to promote investment and growth. The benchmark indices, Sensex and Nifty, posted biggest single session gains in the last 10 years. The […]

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Buyback tax: Major relief for Infosys, Wipro; but IT sector may not have much to gain

Infosys and Wipro can breathe a sigh of relief. Both companies will be exempted from the buyback tax of 20 percent, which was announced during Budget 2019. Infosys announced a buyback of Rs 8,260 crore in January. The buyback started in March and closed on August 27. Wipro made public announcement for buyback of Rs […]

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Investor wealth spikes Rs 2.11 lakh cr after FM Nirmala Sitharaman announcements

Domestic investor wealth soared by Rs 2.11 lakh crore in morning trade on Friday as equity market rallied following a slew of economy-boosting announcements by Finance Minister Nirmala Sitharaman. The BSE Sensex advanced over 1,300 points to a high of 37,421.70. Led by the spike in equities, the market capitalisation of BSE-listed companies climbed Rs […]

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Nirmala Sitharaman brings early Diwali for India Inc: Corporate tax slashed to 25.17% for domestic cos

In order to promote growth and investment, Finance Minister Nirmala Sitharaman on September 20 slashed the effective corporate tax from 30 percent to 25.17 percent, inclusive of all cess and surcharges for domestic companies. However, the move, effective from April 1, is subject to the condition that they will not avail any other incentive or […]

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Govt to forego Rs 1.45 lakh cr/year, Nirmala Sitharaman slashes corporate tax rates to promote growth

At a press conference in Goa, Finance Minister Nirmala Sitharaman has announced slashing of corporate tax rates for existing domestic, as well as new domestic manufacturing companies. All the measures undertaken today will result in a loss of Rs 1.45 lakh crore per year. The corporate tax rate is going to be slashed to 22 […]

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IGL gets city gas licence for Hapur

Indraprastha Gas Ltd (IGL) has won a licence to retail CNG to automobiles and piped cooking gas to households in Hapur district in Uttar Pradesh, officials said. The government had in June 2010 given IGL a city gas distribution licence for UP’s Ghaziabad district. Hapur was at that time part of Ghaziabad district. But a […]

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YES Bank tanks 8% after CARE downgrades NCDs of promoter Morgan Credits

YES Bank tanked close to 9 percent intraday to Rs 58.40 on September 19 and was among the top Nifty loser after CARE downgraded NCDs of the bank’s promoter, MCPL. Morgan Credits (MCPL) non-convertible debentures were downgraded to ‘BBB-’ from ‘A-’. MCPL is one of the promoter entities of YES Bank, holding a 3.03% stake […]

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Zee Entertainment plunges 8% after arbitrator restricts promoter from selling stake

Shares of Zee Entertainment Enterprises plunged over 8 percent intraday on September 19 following reports that the promoter had been restricted from selling stake in the media company. According to reports, the Delhi High Court-appointed arbitrator had restricted Essel Group chairman Subhash Chandra from selling unpledged ZEEL shares till October 16. Zee promoters met MF […]

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IIFL Wealth lists at Rs 1,210, locked in 5% upper circuit

IIFL Wealth Management shares debuted at Rs 1,210 on the National Stock Exchange on September 19, against previous close of Rs 417.45 derived after demerger. The stock was locked at 5 percent upper circuit at Rs 1,270.50 on the NSE while it froze at Rs 1,260 on the BSE, up 5 percent against opening price […]

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Blackstone’s Stephen Schwarzman: India only has lower levels of growth not a recession; it’s a great long term play

Blackstone co-founder Stephen Schwarzman says there are clear signs of a global slowdown and there is a risk of Europe slipping into recession. In an interview with CNBC-TV18, he said Blackstone is positive on India and it is a great long term prospect. “It is pretty clear that globally the economy is slowing down at […]

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