Business

The government is working on creating a "sovereign benchmark" for raising cheap debt from overseas markets, a top government official said on Tuesday. Principal Economic Advisor with the Finance Ministry, Sanjeev Sanyal said that as the primary deficit is low and the debt-GDP ratio was less than five per cent there is scope for raising

TCS or Tata Consultancy Services - the country's largest IT services exporter - on Tuesday reported a net profit of Rs 8,131 crore in the quarter ended June 30, 2019. That marked an increase of 0.06 per cent over the net profit of Rs 8,126 crore in the previous quarter, beating analysts' estimates. In a regulatory filing post-market hours, TCS

CBDT Chairman P C Mody on Monday said the government will soon issue a clarification on the increase in tax rate on foreign portfolio investors to allay their concerns. On whether the clarification will be issued soon or after discussion on Budget in Parliament, Finance Minister Nirmala Sitharaman said it is not required at the moment. "I don't

Locked in a bitter battle with fellow co-founder Rahul Bhatia, IndiGo promoter Rakesh Gangwal has alleged serious governance lapses at the company, saying even a "paan ki dukaan" (betel shop) would have managed matters with more grace. Mr Gangwal, who along with his affiliates holds around 37 per cent stake in InterGlobe Aviation, said

Finance Minister Nirmala Sitharaman maintained a status quo on income tax slabs and rates in the Budget 2019. She however announced few changes concerning the income tax assessees, such as interchangeability of PAN and Aadhaar to file an income tax return (ITR), and measures to reduce the time taken to file a tax return online as well as to

Investors pulled out Rs 1.60 lakh crore on a net basis from mutual fund schemes in June against a net investment of Rs 76,989 crore in May mainly due to persisting weak confidence in debt-oriented plans, industry data showed Monday.

Net outflows from debt-oriented schemes were more than Rs 1.71 lakh crore in June against inflows of Rs

The rupee on Tuesday recovered by 15 paise to close at 68.51 against the greenback on fag-end selling of the US currency by banks and importers in line with late recovery in domestic equities.Strengthening crude oil prices and a stronger greenback in global markets,

The Supreme Court on Tuesday asked the centre to come out with a "uniform" proposal for all cases to resolve the difficulties being faced by lakhs of homebuyers who have not yet got possession of flats despite paying huge amounts of money to real estate builders.

The top court, which was hearing a homebuyers matter related to Jaypee

Shares of the government-owned lender Punjab National Bank (PNB shares) fell as much as 11.31 per cent, from its previous close, to intraday low of Rs 72.50 on the BSE after the bank informed stock exchanges on Saturday that it had detected frauds at its various bank branches amounting to Rs 3,805

SBI or State Bank of India, the country's largest lender by assets, has reduced its benchmark lending rates by five basis points across all tenors. One basis point is equivalent to 0.01 per cent or 1/100th of a per cent. The marginal cost of fund-based lending rate, or the MCLR, will now stand at 8.40 per cent for the one-year tenor, down from

Gold prices on Tuesday plunged by Rs 600 to Rs 34,870 per 10 grams in bullion market in the national capital, reported news agency Press Trust of India (PTI). The prices of yellow metal fell on weak global trends amid a strong dollar and easing demand from local

After delivering three back-to-back rate cuts, the Reserve Bank Monday said it expects a quicker transmission of the interest rate cuts by banks to consumers by way of cheaper home, auto and personal loans.

During this year, the RBI reduced the key policy rate thrice with an aggregate reduction of 0.75 percentage point in the repo rate,

Credit rating agency Moody's Investors Service on Tuesday said that India continues to face fiscal challenges, despite lower deficit target in the full Budget 2019-20.

In its analysis of the full Budget 2019-20, Moody's said that weak growth prospects for India will complicate the government's fiscal consolidation efforts,

The S-P BSE Sensex and NSE Nifty 50 Index ended on a flat note as gains in Bajaj Finance, Sun Pharma, Hero MotoCorp and Larsen - Toubro were offset by losses in Titan Company, Tata Consultancy Services, ITC and HDFC Bank and Maruti Suzuki. The benchmarks opened lower with Sensex falling as much as 285 points and the NSE Nifty 50 Index

The rupee on Monday declined by 24 paise to close at 68.66 against the US dollar, cutting short its three-day winning run due to a massive selloff in equities and weakening expectations of a rate cut by the US Federal Reserve in near future. Foreign institutional

Amid a backlash from foreign portfolio investors over the new tax, the government on Tuesday said it is not targeting FPIs by raising tax on super-rich individuals, and foreign investors have an option to convert into a corporate entity to avail of lower rates available to such category. Finance Minister Nirmala Sitharaman in her first

Retail inflation in India likely reached an eight-month high in June on rising food prices, but stayed under the Reserve Bank of India's medium-term target of 4 per cent for an eleventh straight month, a poll by news agency Reuters predicted.

Another reading below the inflation target will likely support the RBI's decision last month to

Finance Minister Nirmala Sitharaman said on Monday there was no need for any clarification on the additional tax burden that could apply to foreign portfolio investors due to higher surcharges introduced by her budget last week.

The government on Friday raised income tax surcharge on people with an annual income of more than Rs 2 crore

Investigating complaints from a promoter about alleged irregularities at IndiGo, markets regulator Sebi (Securities and Exchange Board of India) has sought details from the airline's listed parent firm InterGlobe Aviation by July 19.

One of the promoters Rakesh Gangwal has Sebi's intervention in addressing his grievances, InterGlobe

Desperation is creeping into India's economic policy-making. Having lost the fiscal plot, bureaucrats are trying to marshal resources by squeezing taxpayers, foreign investors, firms planning buybacks and even the central bank. Such overreach never ends well.

Tax collections last year were a full 1 percentage point of GDP lower than the 7.9% the

Finance Minister Nirmala Sitharaman, while presenting the Budget for the current financial year on Friday, announced a host of new Aadhaar card rules. Aadhaar is a 12-digit identification number, which is issued by the Unique Identification Authority of India

Share of Bajaj Finance bounced back strongly on Tuesday after falling over 8 per cent in the previous session. Shares of the Pune-based NBFC (non-banking financial company) jumped over 6 per cent to touch an intraday high of Rs 3,624.05 on the Bombay Stock Exchange. The jump in Bajaj Finance share price came after it reported an increase in its

The billionaire behind the controversial Carmichael coal mine in Australia is hitting back at criticism the endeavor will be both unprofitable and too dirty.

In an interview in Delhi, Gautam Adani took aim at two major faults opponents have flung at the

Gold prices were unchanged on Monday at Rs 35,470 per 10 grams after rising for two consecutive days post Budget announcement of imposition of higher custom duty, reported news agency Press Trust of India (PTI). In the Budget for the current financial year, the government proposed to increase custom duty on gold and other precious metals to 12.5

In its bid to boost the affordable housing segment, the government announced an additional deduction of up to Rs 1.5 lakh on repayment of home loans under certain conditions.  “A person purchasing an affordable house will now get an enhanced interest de

Domestic stock markets started Tuesday's session on a weak note with the NSE giving up the 11,500 mark for the first time in over seven weeks, extending their losses to a third straight session. The S-P BSE Sensex index fell as much as

The S-P BSE Sensex and NSE Nifty 50 Indexes posted their worst single-day fall of 2019 as investor sentiment was spooked by the Budget proposals. The Finance Bill which was tabled in the parliament by the

It's an old saw of India's budget documents -- the devil lies in details of the fine print.

A higher surcharge on wealthy Indians in the budget has spooked non-resident and overseas funds enough to erase Rs 2.3 lakh crore ($30 billion) in market value from

In Budget 2019, the government has proposed to provide "interchangeability of PAN (Permanent Account Number) and Aadhaar" to enable individual assessees to file income tax returns (ITR). The Unique

In the Union Budget for 2019-20, the government has proposed to impose a TDS or tax deduction at source of 2 per cent if an individual or an entity withdraws Rs 1 crore or more from a bank account in a financial year. In the Finance Bill, tabled in