US stocks closed with a thud on Friday after all three major indices ended the year with three straight days of losses for the first time since 4 November. The Dow, S&P 500 and NASDAQ Composite finished the year higher, however. Asian markets open mixed.
GST delayed, rollout now likely on 1 June
The rollout of the goods and services tax (GST) is likely to be delayed by two or three months. The government is yet to lock down a date, but is likely to settle for either 1 June or 1 July.
Narendra Modi announces range of credit sops in wake of demonetisation
The day after the government’s demonetisation drive concluded, Prime Minister Narendra Modi announced a range of schemes targeting the poor, lower middle class, senior citizens and small businessmen—key constituents of Bharat.
Banks start cutting lending rates
Indian banks have started cutting lending rates after a massive inflow of deposits spurred by the demonetisation of high-value bank notes led to a significant reduction in the cost of funds.
Infosys in fresh row over severance pay to David Kennedy
Infosys Ltd has offered $868,250 in severance pay to former chief compliance officer and executive vice-president David Kennedy, who quit the company on Saturday, drawing flak for awarding such unusually high compensation to an outgoing executive.
Maruti Suzuki sales decline 1% at 1,17,908 units in December
India’s largest car maker Maruti Suzuki India on Sunday reported 1% decline in total sales at 117,908 units in December 2016 as against 119,149 units in the year-ago period. The company’s domestic sales stood at 106,414 units, down 4.4% from 111,333 units in December 2015.
RBI extends period of enhanced PPI limit
The Reserve Bank of India (RBI) on Friday extended the period of enhanced Prepaid Payment Instruments (PPI) limit of Rs20,000 as part of efforts to promote digital payments.
Petrol price hiked by Rs1.29 per litre, diesel by 0.97 paise a litre
Petrol price was on Sunday hiked by Rs1.29 a litre, the third increase in a month, and diesel rate was raised by 97 paise a litre, the second hike in a fortnight.
CIL allocates 30% less coal under spot e-auction in Nov
State-owned Coal India (CIL) allocated 3.1 million tonnes of coal under spot e-auction in November 2016, down 29.5% from the year-ago period. The decline comes amid the government’s goal of securing availability of coal to meet the demand of various sectors, including power.