The central government allowed 100 per cent tax deduction for donations made to newly instituted Covid-19 relief fund, PM CARES Fund, through an ordinance issued on Tuesday. Earlier, the government had announced 50 per cent deduction.

This brings its tax treatment on a par with the Prime Minister National Relief Fund.

Investor sentiment towards state-owned oil marketing companies (OMCs) such as Hindustan Petroleum (HPCL), Bharat Petroleum (BPCL) and Indian Oil (IOC) has improved sharply with crude oil prices falling to 18 year low. Shares of the OMCs, after hitting 52-week lows recently, rebounded by up to 15 per cent on Tuesday. And, they could see further gains.

The soft crude oil prices bode well for these companies, which may see a rise in their marketing margins, decline in working capital requirements and zero risks of subsidy burden.

Hindustan Aeronautics Limited (HAL) on Tuesday announced a record turnover of over Rs 21,100 crore (provisional and unaudited) for 2019-20. This amounts to a growth of 7 per cent over the previous year’s turnover of Rs 19,705 crore.

This achievement comes despite difficulties in cash flows, interruptions in operations due to workmens' agitation and the interruption arising in March due to the Covid-19 lockdown. It has affected the final tests and certification of certain additional aircraft that were under final stages of production, said HAL in a press release.

The home quarantined coronavirus suspects and patients will have to send their selfies on the Quarantine Watch, a mobile application developed by Karnataka government's revenue department to keep a track of the isolated persons.

The government warned the home quarantined people that they will be sent to mass quarantine centres if they violate the rule.

Shares of IndusInd Bank were locked in the 20 per cent lower circuit in an otherwise firm market, at Rs 329.25, on the BSE on Tuesday after the bank said the outbreak of coronavirus (Covid-19) could push up its credit costs to around 200 to 210 basis point in March 2020 quarter, indicating a rise in bad loans. At 9:45 am, the S&P BSE Sensex was at 28,996.35, up 556 points or nearly 2 per cent.

In an analysts call on Monday, the management said the near-term impact of covid-19 would have limited impact on their portfolio, assuming a 3-month disruptuon.

Amid nationwide lockdown over novel coronavirus, the Central Government on Tuesday said that the validity of documents like driving licenses, permits and vehicles registration that expired after February 1 has been extended till June 30.

In an advisory to all states and Union Territories, Ministry of Road Transport and Highways has asked them to treat documents that expired since February 1 as valid till June 30.

Amid a report circulating that the new financial year will start from July 1 instead of April 1, the government on Monday clarified that it has not extended the current 2019-20 fiscal year and it will end as scheduled on March 31.

There is no extension of the financial year, the Finance Ministry said in a press release.

In wake of a financial crisis due to the coronavirus pandemic, the Telangana government on Monday announced a massive pay cut for all its employees ranging from 10% to as high as 75%.

The decision was taken at a high-level meeting convened by chief minister K Chandrashekar Rao at his camp office Pragati Bhavan to assess the state’s financial position.

In an attempt to help the Government of India to fight the novel coronavirus pandemic, Mahindra group has come up with in-house ventilators, that will play a crucial role during these unprecedented times.

Mahindra's Igatpuri and Mumbai teams are working on an affordable respiratory device project and have already prepared the first ventilator prototype within days of the official announcement.

US President Donald Trump has said that the next 30 days are very vital for America in the fight against the coronavirus pandemic, as the confirmed cases of those infected by the deadly disease soured to 164,000 and fatalities crossed 3,100 in the country.

His remarks came a day after he extended the "social distancing" guidelines until April 30, expecting the peak death rate from COVID-19 to hit the country in two weeks.

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