ISLAMABAD : Pakistan has decided to grant a tax exemption to a Chinese firm for 23 years to facilitate the establishment of its industrial units at Gwadar Port in Balochistan.

Pakistan's Minister for Maritime Affairs Ali Haider Zaidi, along with the firm's Chief Executive Officer Zhang Baozhong,

Now, all eyes are on allotment of shares for those who had subscribed to IRCTC IPO. The IPO of IRCTC, which closed for subscription on October 3, attracted bumper demand and the issue was subscribed nearly 112 times. The allotment process is likely to be completed by today evening or tomorrow.

Mumbai: German luxury carmaker Mercedes-Benz said on Tuesday that it has delivered over 200 cars of various models to customers in Mumbai, Gujarat and other cities in a single day as part of the festival season sale.

Dussehra and Navratri deliveries, which were made on Tuesday, outperformed the number of cars sold on the the same festival day last year, indicating a strong festive mood, the company said in a release.

Yes Bank shares on Wednesday fell about 10 per cent after the lender denied the reports about strategic investment by Microsoft Corporation and two other tech firms for likely stake sale. The denial came a couple of days after a report said that Microsoft is among the three firms that are in talks with the private sector lender for stake sale. The stock of the private lender tumbled 9.98 per cent intraday to Rs 41.05 as compared the previous closing price of 45.60.

State Bank of India (SBI) on Wednesday announced reduction in its marginal cost of fund based lending (MCLR) rate by 10 basis points across all tenors, effective October 10.

This is the sixth time that the country’s largest lender has cut its MCLR or minimum lending rate in the current financial year. The rate reduction is not applicable to the repo-linked loans.

Despite the ongoing slowdown in the economy, e-tailers including Amazon and Flipkart have clocked in Rs 19,000 crore value sales in the six-day long festivities which started on 29 September. Homegrown Flipkart led the e-commerce platforms in terms of GMV (Gross Merchandise Value) with its standalone share at over 60%, consultancy firm RedSeer said. “Strong performance across categories including mobiles was the key reason for Flipkart leadership.

Air India Assets Holding (AIAHL), a special purpose vehicle formed by the government of India to acquire the non-core assets of Air India (AIL) and its subsidiaries among other things, is set to hit the non-convertible debentures (NCD) market on Thursday to raise upto Rs. 7,000 crore through 10-year paper, bond dealers said.

The proceeds of the NCDs will be used by AIAHL to refinance the loans availed by AIL. The issue will be open for bids on Thursday.

The recent outperformance of BPCL against other OMCs is pricing in upside from a potential open offer in lieu of control premium that maybe paid by a strategic buyer in a scenario of privatisation. Our reverse valuation also suggests that the market has already ascribed 10X EV/Ebitda to BPCL’s marketing business, at a premium to global M&A in the fuel retailing business, while ignoring differences with developed markets. Reiterate ‘Sell’ amid adverse risk-reward balance.

Maruti Suzuki India (MSI), the country's largest carmaker, reduced its production for the eighth straight month, as the automobile sector continued to reel under a slowdown. The company cut its production by 17.48% in September.

The company produced a total of 1,32,199 units in September as against 1,60,219 units during the same month last year, Maruti Suzuki said in a regulatory filing.

Chinese President Xi Jinping will be visiting India from 11th to 12th October to hold talks with PM Modi for the second informal summit between India and China.

India's ministry of external affairs in a statement said, "At the invitation of the Prime Minister, the President of the People’s Republic of China Xi Jinping will be visiting Chennai, India from October 11-12, 2019 for the 2nd Informal Summit."

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