BUSINESS
India, US agree on transitional approach on 'Equalisation Levy' 2020
According to Ministry of Finance, India and the US will remain in close contact to ensure that there is a common understanding of the respective commitments and endeavor to resolve any further differences of views on this matter through constructive dialogue. The final terms of the agreement shall be finalised by February 1, 2022.
IL&FS completes stake sale in Prime Terminals FZC, resolves Rs 757 cr debt
The sale of the IPTF has successfully resolved IL&FS Group debt outstanding to the tune of Rs 757.79 crore through this transaction. The IL&FS stake in Prime Terminals FZC was held through IL&FS Maritime Infrastructure Company Ltd (IMICL). VTTI has acquired this state-of-the art energy storage terminal situated in Fujairah (the UAE) from IMICL and other shareholders.
Centre's infra push to drive mining and construction equipment sector: ICRA
The ratings agency expects the sector to grow at around 15-17 per cent in 2021, against its earlier estimate of 15-20 per cent. "Patchy monsoons, together with price increase, against a backdrop of stagnant equipment rental yields, have impacted customer sentiments and in turn the volume," said Mayank Agrawal, Sector Head and Assistant Vice-President, Corporate Sector Ratings.
Be careful with banning all cryptocurrencies in India: Experts
The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 seeks to prohibit all private cryptocurrencies in India in the Winter Session of Parliament starting November 29. It, however, allows for certain exceptions to promote the underlying technology of cryptocurrency and its usage. Former Finance Secretary Subhash Chandra Garg told IANS that cryptocurrencies don't function and provide services as currencies only.
Petrol, diesel prices static as global oil situation under watch
Accordingly, petrol and diesel prices remained static for the 20th consecutive day on Wednesday under the daily price revision mechanism followed by oil marketing companies. So, the pump price of petrol in Delhi, which fell to Rs 103.97 a litre at 6 a.m. on the Diwali day on November 4 from the previous day's level of Rs 110.04 a litre, remained at the same level on Wednesday. The diesel price also remained unchanged in the capital at Rs 86.67 a litre.
Markets opened on a positive note
The Sensex of the BSE opened at 58,839.32 points and touched a high of 58,872.59 points. The Sensex touched a low of 58,645.31 points. The Sensex had previously closed at 58,664.33 points.
US to release 50mn barrels of oil from strategic petroleum reserve
Of the 50 million barrels, 32 million barrels will be an exchange over the next several months, releasing oil that will eventually return to the SPR in the years ahead, Xinhua news agency quoted the White House as saying on Tuesday. Meanwhile, 18 million barrels will be an acceleration into the next several months of a sale of oil that Congress had previously authorised, it added.
Singapore Airlines to resume India flight services from Nov 29
The services mark the resumption of operations from India for the first time since March 2020. "Singapore Airlines will launch daily Vaccinated Travel Lane (VTL) services from Chennai, Delhi and Mumbai on November 29, subject to regulatory approvals, providing eligible customers with quarantine-free entry into Singapore," the airline said in a statement.
Global smartphone sales to end users down 6.8% in Q3: Gartner
Component shortages disrupted production schedules, leading to lower inventory and delayed product availability, which eventually impacted sales to end-users. "Despite strong consumer demand, smartphone sales declined due to delayed product launches, longer delivery schedule and insufficient inventory at the channel," said Anshul Gupta, senior research director at Gartner.
After fall in early trade, equity indices close in green
The barometer 30-scrip Sensex closed at 58,664.33 points, up by 198.44 points or 0.34 per cent. Similarly, the broader 50-scrip Nifty closed the day at 17,503.35 points, up by 86.80 points or 0.50 per cent. The top gainers of the session were Power Grid Corporation, JSW Steel, Coal India, NTPC and Adani Ports. As per the information available on the NSE website, stocks of these companies closed 4.02 per cent, 4.0 per cent, 3.95 per cent.
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