BUSINESS
Duty, taxes to lift solar tariffs to Rs 2.6 per unit next fiscal
The Indian government has increased the GST on critical components of a solar project such as photovoltaic cells and modules from 5 per cent to 12 per cent, with effect from October 1. This has increased the total taxation on a solar project from 8-9 per cent to 12-13 per cent.
Banking stocks power equity indices' rise; Sensex closes 145 pts higher
Initially, the two key indices had a flat opening but witnessed a strong recovery. On the global front, stocks held their ground after eight consecutive sessions of gains, as traders weighed the prospects of strong corporate earnings in the backdrop of widening inflation risks from multi-year high crude oil prices.
Rental car company Hertz orders 1 lakh Teslas worth $4.2 bn
"Electric vehicles are now mainstream, and we've only just begun to see rising global demand and interest," said Hertz interim CEO Mark Fields. Beginning in early November, customers will be able to rent a Tesla Model 3 at Hertz airport and neighborhood locations in US major markets and select cities in Europe.
China's mobile phone shipments reach 249 mn units in Jan-Sep
In September, the country's mobile phone shipments dropped 8.1 per cent year-on-year to reach 21.44 million units, said the CAICT, a research institute under the China's Ministry of Industry and Information Technology. A total of 58 new models were released in September, down 3.3 per cent during 2020, the data showed, reports Xinhua news agency.
Fuel price hike paused after 5 days of increase
The country witnessed the highest-ever level of petrol and diesel prices in the month of October. Fuel prices remained constant on October 18 and 19 but it witnessed a hike for four consecutive days thereafter. After the price rise for five consecutive days between October 20 to 24, it was paused on October 25.
Nissan, Porsche face action over false emissions information
According to Korea Fair Trade Commission (KFTC), these auto companies allegedly shared misleading information regarding the gas emission mechanism of their diesel vehicles which were imported for sale in South Korea. Thereafter, KFTC imposed a fine of 173 million won ($146,700) on Nissan Korea.
Markets back in green; banking stocks rise
Initially, the Nifty opened flat and started to fall in the first few minutes of the trade. However, the key indices pared losses around the pre-noon session. In terms of sectors, bank index is the largest gainer whereas Realty, Auto, IT and FMCG have lost the most so far. At 11.30 a.m., the 30-scrip sensitive index traded at 60,959.72 points, up 138.10 points or 0.23 per cent. The Sensex opened at 61,398.75 points from its previous close of 60,821.62 points.
Equity indices trade lower; Sensex down by over 300 pts
At 10 a.m., the 30-scrip sensitive index traded at 60,504.75 points, down 316.87 points or 0.52 per cent. The Sensex opened at 61,398.75 points from its previous close of 60,821.62 points. Besides, the NSE Nifty50 traded at 17,989.40 points, lower by 125.50 points or 0.69 per cent. It opened at 18,229.50 points from its previous close of 18,114.90 points.
Service rendered by govt, not its agency, only exempt from GST
Services by the Central government, state government, Union Territory or local authority are exempt from GST but this rule has a few exception, including services provided to business entities. The AAR Telangana ruled that e-procurement transaction fee collected by an agency on behalf of the government is chargeable to GST.
After oil, gas price may see surge upsetting CNG, PNG rates
As per an assessment of gas market done by ICICI Securities, prices in gas futures market is estimated to rise by US$4.1/mmbtu to US $7.35/mmbtu in H1FY23 and by another US$3.6/mmbtu (49 per cent) to US $10.95/mmbtu in H2FY23. This would mean that three main players supplying CNG and PNG -- Green Gas (GGL), Mahanagar Gas (MGL) and Indraprastha Gas (IGL) would need to hike CNG prices by 50-56 per cent in April-October, 2022 to fully pass on APM gas price rise to keep their margins at lofty levels.
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