India has reimposed special additional excise duty (SAED) on domestically produced crude oil, The Economic Times (ET) has reported. SAED is commonly known as windfall tax.

The tax has been reintroduced at Rs 6,400 per tonne on domestically produced crude oil. On the other hand, the levy on the export of diesel has been scrapped.

Global IT services major Cognizant Technology Solutions has announced a merit increase – the third in the last 18 months – impacting around 300,000 global employees, even as global demand for technology workforce continues to weaken, according to an internal email sent on Tuesday.

“This week, the vast majority of you who are in levels up to Associate Director will receive your 2023 merit pay eLetters. Keep in mind that we advanced this merit increase to be six months earlier in the year, following year-end performance reviews. This means many of you are seeing your third merit increase in 18 months,” says an internal email sent to Cognizant employees.

The National Human Rights Commission registered a case of death due to police firing or encounter every three days even during the pandemic.

Assailants shot dead former member of parliament Atiq Ahmed on April 16, triggering a debate on extra-judicial killings. As many as 179 cases were registered in 2018-19, shows annual data from a Rajya Sabha reply in 2022. The analysis considered deaths due to police encounter or police firing. This works out to one case every two days.

Avalon Technologies (Avalon) made a subdued debut with its shares listed at Rs 431 on the BSE, at 1 per cent discount when compared with its issue price of Rs 436 on Tuesday. The listed at par on the NSE.

At 10:30 AM; Avalon quoted 5 per cent lower at Rs 415 on BSE. A combined 2.1 million equity shares changed hands at the counter on both the exchanges.

Shares of Indian Bank rallied 4 per cent to hit over four-year high of Rs 322.5 per share in Tuesday’s intra-day trade, amid heavy volumes. The stock traded at its highest level since September 2018, and hit a record high of Rs 428 in November 2017.

In the past two trading days, the stock price of state-owned lender surged 12 per cent, as compared to nearly 1 per cent decline in the S&P BSE Sensex.

ArcelorMittal India, on Monday, said that the National Company Law Tribunal (NCLT) had approved AM Mining India’s resolution plan for Indian Steel Corporation (ISC), a Gujarat-based downstream unit. AM Mining is a subsidiary of ArcelorMittal India (AMIPL) and part of the ArcelorMittal and Nippon Steel joint venture.

In a statement, AMIPL said that it looks forward to implementing the recently passed resolution plan in due course.

The Income-Tax Department has sent 8,000 notices to various individuals who made large donations to charitable trusts, The Economic Times (ET) reported. The notices have been sent because the donations made appear to be attempts to evade tax.

Government officials aware of the development were quoted in the report as saying that the data shows that donations made by these taxpayers was not consistent with their declared incomes and expenditures.

Automotive major Mahindra and Mahindra (M&M) appointed Kedar Apte as the chief of international operations for the farm equipment and two-wheeler (2W) business. This comes at a time when the group is focusing on an ambitious global tractor program, K2.

Apte comes from Jio-bp (a joint venture between Reliance & bp for mobility in India). He was working as the chief marketing officer at Jio-bp.

The government of Tamil Nadu on Monday signed a memorandum of understanding (MoU) with High Glory Footwear India, a subsidiary of Taiwan-based Pou Chen Corporation, the world’s largest branded athletic and casual footwear manufacturer, which may see investments to the tune of Rs 2,302 crore and generate more than 20,000 jobs.

The MoU entails the setting up of a non-leather footwear manufacturing unit in SIPCOT Industrial Park, Ulundurpettai, in Kallakurichi district.

India's Wholesale Price Index (WPI)-based inflation for the month of March came in at 1.34 per cent against 3.85 per cent in February.

"Decline in the rate of inflation in March, 2023 is primarily contributed by fall in prices of basic metals, food products, textiles, non-food articles, minerals, rubber and plastic products, crude petroleum and natural gas and paper and paper products," the Centre's press release read.

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