Compensation cess was initially brought in for 5 years to make good the revenue shortfall of states following implementation of the Goods and Services Tax (GST).
Vedanta will spin off its metals, power, aluminium and oil and gas businesses, with an official announcement likely to come this week, reported Reuters.
Separately, general insurance player Bajaj Allianz General Insurance (BAGIC) has received a Rs 1,010 crore show cause cum demand notice from the Directorate General of GST Intelligence, Pune.
The downgrade reflects growing evidence that authorities will have to provide financial support for debt-laden local governments and state firms, posing broad risks to China’s fiscal, economic and institutional strength, Moody’s said in a statement.
“I am happy to announce that 27 companies have been approved under the PLI IT hardware scheme. About 95 per cent of these…23 companies are ready to start manufacturing from day-zero,” Minister for Electronics and IT Ashwini Vaishnaw said.
At the interbank foreign exchange, the rupee opened at 83.31 against the dollar. It touched a low of 83.32 in initial deals, registering a fall of 4 paise over its previous close.
Banks shall maintain an incremental CRR of 10% on increase in deposits between May 19 and July 28, with effect from the fortnight starting Aug. 12, RBI Governor Shaktikanta Das said in his monetary policy announcement.
The IMF has reclassified India’s “de facto” exchange rate regime to “stabilized arrangement” from “floating” for December 2022 to October 2023 following an article IV review of the country’s policies. The rupee has moved between 80.8 and 83.4 range during the period.
Updater Services’ IPO will comprise a fresh issue of equity shares aggregating up to Rs 400 crore and an Offer For Sale (OFS) of up to 1.33 crore equity shares by a promoter and existing shareholders.
Shares of HCL Technologies on Friday jumped 2 per cent on the bourses, a day after the IT major announced its September quarter results.