Wed, May 24, 2017 | updated 06:59 PM IST

Sensex, Nifty end in red; Cipla top gainer

Updated: Sep 20, 2016 16:06 IST      
Sensex, Nifty end in red; Cipla top gainer

New Delhi [India], Sep 20 (ANI): The market on Tuesday ended in negative terrain with the Sensex trading down 111.30 points or 0.4 percent at 28523.20.

On the other hand, Nifty slipped 32.50 points or 0.4 percent at 8775.90.

Shares such as Tata Steel, ONGC, Cipla, Maruti and Lupin were top gainers while Adani Ports, Hero MotoCorp, Bajaj Auto, Bharti and BHEL were losers in the Sensex.

Shares of Castrol India rose 11 percent intraday after its promoter British Petroleum sold 8.5 percent stake In Castrol India.

Post sale, British energy giant now holds 51 percent in its Indian lubricants subsidiary. According to CNBC-TV18, BP sold around 4.2 crore shares worth Rs 1898 crore trade on BSE and NSE at Rs. 440.15-445.45 per share.

Earlier, in May BP wholly owned unit Castrol Ltd on Thursday sold 11.5 percent stake in Castrol India and slashed its holding in the company to 59.42 percent from 70.92 percent for about Rs. 2072 crore.

The Tax Department has slapped a service tax demand of over Rs. 6,100 crore on the overseas arm of state-owned ONGC, a move that may potentially render its investments in oil and gas fields abroad infructuous.

ONGC Videsh Ltd (OVL) has stakes in 37 oil and gas projects in 17 countries around the world. These stakes are held through subsidiaries, branches and joint ventures. For operations of these projects, those units and joint ventures would raise a demand for money on the parent, OVL, which would transmit the investments.

The Service Tax Department now contends that the overseas units are rendering a service to OVL and as such the company is liable to pay service tax at the full rate, sources said.

Oil prices fell after Venezuela said that global supplies needed to fall by 10 percent in order to bring production down to consumption levels, and technical indicators also pointed to cheaper crude futures.

International benchmark Brent crude oil futures were trading at USD 45.70 per barrel, down 0.54 percent from their last close. US West Texas Intermediate (WTI) crude futures were down 0.55 percent at USD 43.06 a barrel. (ANI)

Studying bottom of pyramid banking habits

Updated: May 24, 2017 18:40 IST     

New Delhi [India], May 24 (ANI-Businesswire India): T he Institute of Rural Management Anand (IRMA), along with Grameen Foundation India, recently concluded a study entitled "Scaling Digital Financial Services: Research and Innovation". Aimed at gauging savings and banking habits of the Bottom of the Pyramid (BoP) populace - both rural and urban - the study threw up some interesting revelations.

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New Delhi [India], May 24 (ANI): Income Tax Directorates of Investigation have identified more than 400 benami transactions up to 23 May, 2017.

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BI Worldwide India wins big at the 31st MAA worldwide globes

Updated: May 24, 2017 16:56 IST     

New Delhi [India], May 24 (ANI-Businesswire India): BI WORLDWIDE India, a global leader in delivering technology-enabled engagement and loyalty solutions, has won the Bronze award in the 'Best Business to Business or Trade Marketing Campaign' at the 2016 MAA Worldwide Globes.

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Uttarakhand/Noida, Uttar Pradesh, [India], May 24 (ANI- Business WireIndia): CETPA Infotech, one of the most preferred technical and industrial training companies in the country, offering multi-location training solutions, expert training that is tailored to the requirements of students, corporate and colleges, and virtual training technologies, has announced its updated list of training programmes for this summer.

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New Delhi [India], May 23 (ANI): Largest fertiliser cooperative IFFCO on Tuesday announced its collaboration with Bank of Baroda to launch its co-branded debit card for farmers at a card distribution ceremony organized at their corporate office in New Delhi.

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New Delhi [India], May 23 (ANI): Indian markets are growing at a rapid pace, involving new stakeholders whom until a few years ago did not have any visible and significant presence as far as supply chain space was concerned.

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New Delhi [India], May 23 (ANI-NewsVoir): Adding a new strength to Khadi India's fashion power-house, Aditya Birla Fashion and Retail Ltd. and Khadi and Village Industries Commission, Ministry of MSME, Government of India today announced a strategic collaboration to strengthen the synergies between the two iconic Indian brands.

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BYJU'S unveils personalized learning experience for students

Updated: May 23, 2017 18:05 IST     

New Delhi [India], May 23 (ANI): Education company BYJU'S has launched a major update to its learning app focused at revolutionizing personalized learning experiences for students across grades.

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Maharashtra [India], May 23 (ANI-BusinessWireIndia): Rajiv Gandhi Global Excellence Award Foundation presented 'Rajiv Gandhi Global Excellence Award' in the category - Philanthropy and Entrepreneur to Arun Muchhala, Chairman of ArunMuchhala Group on Sunday 21st May 2017 at The Ashoka Hotel, New Delhi.

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New Delhi [India], May 23 (ANI-NewsVoir): Mahindra First Choice Wheels Ltd., India's number one multi-brand used car products and services company extended its leadership position in the used car industry with a strong performance in F17 in all areas of the business.

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New Delhi [India], May 23 (ANI-NewsVoir): Indian miniature artist Suvigya Sharma makes a new mark in history - does a hyper real portrait of Hon. PM Narendra Modi and present it to him at the Prime Minister's Office in Delhi.

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Avanse Financial Services appoints Amit Gainda as CEO

Updated: May 23, 2017 15:47 IST     

New Delhi [India], May 23 (ANI): New-age education finance Non Banking Financial company Avanse Financial Services on Tuesday announced the appointment of Amit Gainda as its Chief Executive Officer.

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Entertainment Services under GST to have lower tax incidence

Updated: May 23, 2017 15:29 IST     

New Delhi [India], May 23 (ANI): Taxes on entertainments and amusements (covered by the erstwhile entry 62 of State List of the Constitution) have been subsumed under Goods and Services Tax (GST) except to the extent of taxes on entertainments and amusements levied by a Panchayat or a Municipality.

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New Delhi [India], May 23 (ANI): Taxation on commodities such as packaged cement, medicaments, smart phones, and medical devices shall come down under the Goods and Services (GST) Tax as the government has reduced its rates on these items.

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Tax incidence on entertainment services under GST lowered

Updated: May 23, 2017 12:57 IST     

New Delhi [India], May 23 (ANI): Taxes on entertainments and amusements were subsidised under the Goods and Services Tax (GST), except to the extent of taxes on entertainments and amusements levied by a Panchayat or a Municipality.

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Acko General Insurance raises USD 30 million

Updated: May 23, 2017 12:00 IST     

New Delhi [India], May 23 (ANI): Acko General Insurance on Tuesday received it's in principle regulatory clearance to launch a General Insurance business in India. In a regulated business, Acko raised USD 30 million.

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Gandhinagar (Gujarat), May 23 (ANI): With the changing global landscape for agriculture and food security, Union Finance Minister Arun Jaitley said that India and Africa can emerge as key partners in these areas.

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New Delhi [India], May 23 (ANI): Digital payment aggregator Paytm on Tuesday unveiled the Paytm Payments Bank, a first-of-its-kind bank that will offer cashbacks on deposits. Customers will also be entitled to zero charges on all online transactions and no minimum balance requirement.

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San Diego (California) [United States], May 23 (ANI): Kyocera International, Inc. has announced that it has received Class Y certification for its semiconductor assembly operations here.

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Jaguar introduces 2.0l diesel derivative of Jaguar XE

Updated: May 23, 2017 06:13 IST     

Mumbai (Maharashtra) [India], May 23 (ANI): Jaguar Land Rover India yesterday announced the start of sales for the 2.0l diesel derivative of MY17 Jaguar XE in India at a starting price of Rs. 38.25 lakh, ex-showroom, Delhi.

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