Industry chamber Assocham has demanded cut in effective corporate tax to 25 per cent, doing away with dividend distribution tax (DDT) and indexing of allowances and deductions under personal Income Tax with inflation.

In its pre-budget meeting with the Revenue Secretary last week, Assocham also demanded reduction of excise duty on Aviation Turbine Fuel (ATF), and a cut in customs duty rates on raw materials used in domestic manufacturing.

Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) have joined in the country’s longest LPG pipeline project being laid by state-owned Indian Oil Corp (IOC) to cater to cooking fuel needs of a fourth of the country’s population. BPCL and HPCL will take 25 per cent stake each in the Rs 9,000-cr project that involves laying of a pipeline from Kandla in Gujarat to Gorakhpur in Uttar Pradesh, the companies said in separate but almost identical regulatory filings.

For its superlative performance, Bharat Heavy Electricals Limited (BHEL) has been awarded the Dalal Street Investment Journal (DSIJ) Award 2018 for the ‘Fastest Growing Maharatna of the year — Manufacturing’, in the country.

An independent jury unanimously selected BHEL for the recognition in the manufacturing category based on outstanding profit and Earnings Per Share (EPS) growth.

MUMBAI: Mahindra and Mahindra is ready to roll out its Bharat Stage VI or BS-VI emission norm compliant diesel vehicles next year and its petrol range over the next two-three months.

The Mumbai-based automaker alone has invested over Rs 1,000 crore in developing its product range to conform to BS VI norms, apart from big investments also from its component suppliers.

Uday Kotak, president-designate of the Confederation Indian Industry (CII), has pushed for a cut in the small savings rate, currently ruling at around 7.7 per cent, on the ground that banks are fighting an unequal battle with the postal system for deposits.

“The rates of interest on small savings are higher than the yields on government securities,” Kotak said after the chamber submitted its recommendations to the Modi government that could feed into its 100-day agenda.

In 2014, Microsoft Corp. cloud chief Scott Guthrie wrote up a proposal to acquire GitHub Inc. Then he filed the plan away in a drawer. Every once in a while he'd take the plan out and look at it, and then return it to the cabinet.

Guthrie felt Microsoft just wasn't ready to acquire the popular open-source company -- a widely used digital hive where millions of software programmers collaborate on, share and store code. “We would have screwed it up," Guthrie said.

Hong Kong: Bitcoin fell back below the $8,000 level for the first time in more than a week to halt its most recent rally, leading a wider retreat among cryptocurrencies.

The largest digital currency slumped almost 10% and was trading at $7,930 at 8:57 a.m. in Hong Kong, its biggest retreat in about two weeks, according to consolidated Bloomberg pricing.

Domestic equity benchmarks BSE Sensex and NSE Nifty opened on a cautious note on Tuesday as investors await RBI’s monetary policy decision, amid weak cues from global markets.

After scaling lifetime highs in the previous session, the 30-share index was trading 15.27 points, or 0.04%, lower at 40,252.35, and the broader Nifty slipped 10.10 points, or 0.04%, to 12,077.90.

Diversified global giant Mitsubishi Corporation has became a substantial minority stakeholder in TVS Automobile Solutions Private Limited (TASL), one of India’s leading independent aftermarket solutions provider and part of the $8.5-billion TVS group.

The Japanese conglomerate, which was holding a meagre 3% stake in the TVS group company last year, has increased it to 25% by picking up an additional 22% now.

The Securities and Exchange Board of India (Sebi) has issued two fresh showcause notices to HDFC Trustee Company and its managing director and other officials initiating adjudication proceedings in relation to investments of fixed maturity plans (FMPs) in debt instruments of Essel Group companies. Earlier on May 10, 2019, the market regulator had sent two showcause notices on the same matter to HDFC AMC.

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