With a hike of Rs 0.29, the price of petrol on Monday jumped to Rs 73.91 in the National Capital Region.

Earlier, petrol was being sold at Rs 73.62 in Delhi.

The oil prices surged by more&nbsp;than 15 per cent to their highest level in nearly four months after an attack on Saudi Arabia's oil facilities that knocked out more than five per cent of the global oil supply.

However, Petroleum Minister Dharmendra Pradhan had explicitly said that there will be no effects on oil distribution and supply in the country following attacks on the Oil Stabilisation Centres of Saudi oil giant Aramco.

"It is unfortunate that the oil stabilisation centres of Aramco have been attacked. Following the attacks, top executives of Aramco have been contacted. Indian Ambassador in Riyadh contacted the senior management of Aramco to ensure a steady supply to India," Pradhan had said.

"We have reviewed our overall crude oil supplies for the month of September with our Oil Marketing Companies (OMCs). We are confident there would be no supply disruption to India. We are closely monitoring the evolving situation," he added.

With a hike of Rs 0.29, the price of petrol on Monday jumped to Rs 73.91 in the National Capital Region. Earlier, petrol was being sold at Rs 73.62 in Delhi. The oil prices surged by more than 15 per cent to their highest level in nearly four months after an attack on Saudi Arabia's oil facilities that knocked out more than five per cent of the global oil supply.

With a hike of Rs 0.29, the price of petrol on Monday jumped to Rs 73.91 in the National Capital Region. Earlier, petrol was being sold at Rs 73.62 in Delhi. The oil prices surged by more than 15 per cent to their highest level in nearly four months after an attack on Saudi Arabia's oil facilities that knocked out more than five per cent of the global oil supply. However, Petroleum Minister Dharmendra Pradhan had explicitly said that there will be no effects on oil distribution and supply in the country following attacks on the Oil Stabilisation Centres of Saudi oil giant Aramco. "It is unfortunate that the oil stabilisation centres of Aramco have been attacked. Following the attacks, top executives of Aramco have been contacted. Indian Ambassador in Riyadh contacted the senior management of Aramco to ensure a steady supply to India," Pradhan had said. "We have reviewed our overall crude oil supplies for the month of September with our Oil Marketing Companies (OMCs). We are confident there would be no supply disruption to India. We are closely monitoring the evolving situation," he added.

Petrol price up by Rs 0.29 in Delhi

The domestic stock market extended gains on Monday morning, after Finance minister Nirmala Sitharaman’s corporate tax booster and GST rate cuts lifted sentiments.

At 09:40 am, the Sensex was up by 851 points or 2.24% at 38,865.08, and the Nifty up 266.40 points or 2.36% at 11,541.90.

About 836 shares have advanced, 135 shares declined, and 30 shares are unchanged.

The Sensex was up 1,000 points to 39,144, while the Nifty was trading above the 11,500-mark at 9.20 am. L&amp;T, ITC, IndusInd Bank, M&amp;M were the biggest gainers in Sensex, jumping up to 8%.

Global cues

Asian shares started higher on Monday on hopes of an interim Sino-US tariff deal after the two countries described their talks as “productive” and “constructive”.

Japan's Nikkei opened 0.2 per cent higher while Australian shares added 0.5 per cent. South Korea's Kospi was a touch weaker. That left MSCI’s broadest index of Asia-Pacific shares outside Japan up 0.5 per cent. At 7 am, Nifty futures on the Singapore Stock Exchange (SGX Nifty) was trading 56 points higher, suggesting a positive opening for domestic indices.&nbsp;

In commodities, oil gained more than 1 per cent as Middle East tensions remained elevated. Brent crude futures jumped 1.2 per cent, or 75 cents, to $65.03 a barrel.

(With inputs from Reuters)

The domestic stock market extended gains on Monday morning, after Finance minister Nirmala Sitharaman’s corporate tax booster and GST rate cuts lifted sentiments.

The domestic stock market extended gains on Monday morning, after Finance minister Nirmala Sitharaman’s corporate tax booster and GST rate cuts lifted sentiments. At 09:40 am, the Sensex was up by 851 points or 2.24% at 38,865.08, and the Nifty up 266.40 points or 2.36% at 11,541.90. About 836 shares have advanced, 135 shares declined, and 30 shares are unchanged. The Sensex was up 1,000 points to 39,144, while the Nifty was trading above the 11,500-mark at 9.20 am. L&T, ITC, IndusInd Bank, M&M were the biggest gainers in Sensex, jumping up to 8%. Global cues Asian shares started higher on Monday on hopes of an interim Sino-US tariff deal after the two countries described their talks as “productive” and “constructive”. Japan's Nikkei opened 0.2 per cent higher while Australian shares added 0.5 per cent. South Korea's Kospi was a touch weaker. That left MSCI’s broadest index of Asia-Pacific shares outside Japan up 0.5 per cent. At 7 am, Nifty futures on the Singapore Stock Exchange (SGX Nifty) was trading 56 points higher, suggesting a positive opening for domestic indices. In commodities, oil gained more than 1 per cent as Middle East tensions remained elevated. Brent crude futures jumped 1.2 per cent, or 75 cents, to $65.03 a barrel. (With inputs from Reuters)

Sensex up over 850 points, Nifty above 11,500

Thomas Cook , the world's oldest travel firm, collapsed on Monday, stranding hundreds of thousands of holidaymakers around the globe and sparking the largest peacetime repatriation effort in British history.

The firm runs hotels, resorts, airlines, and cruises for 19 million people a year in 16 countries. It currently has 600,000 people abroad, forcing governments and insurance companies to coordinate a huge rescue operation.

The UK's Civil Aviation Authority said Thomas Cook has now ceased trading and it would work with the government to bring the more than 150,000 British customers home over the next two weeks.

Hurt by high levels of debt, online competition and geopolitical uncertainty, Thomas Cook needed to find 200 Million Pounds (Rs. 17,76,26,00,000) on top of a 900 Million Pound package it had already agreed to see it through the winter months when it needs to pay hotels for their summer services.

More than 20,000 jobs are at risk.

The Transport Salaried Staffs Association, which represents Thomas Cook staff, had appealed to the government to step in with "real financial support".

Thomas Cook , the world's oldest travel firm, collapsed on Monday, stranding hundreds of thousands of holidaymakers around the globe and sparking the largest peacetime repatriation effort in British history.

Thomas Cook , the world's oldest travel firm, collapsed on Monday, stranding hundreds of thousands of holidaymakers around the globe and sparking the largest peacetime repatriation effort in British history. The firm runs hotels, resorts, airlines, and cruises for 19 million people a year in 16 countries. It currently has 600,000 people abroad, forcing governments and insurance companies to coordinate a huge rescue operation. The UK's Civil Aviation Authority said Thomas Cook has now ceased trading and it would work with the government to bring the more than 150,000 British customers home over the next two weeks. Hurt by high levels of debt, online competition and geopolitical uncertainty, Thomas Cook needed to find 200 Million Pounds (Rs. 17,76,26,00,000) on top of a 900 Million Pound package it had already agreed to see it through the winter months when it needs to pay hotels for their summer services. More than 20,000 jobs are at risk. The Transport Salaried Staffs Association, which represents Thomas Cook staff, had appealed to the government to step in with "real financial support".

British travel firm Thomas Cook collapses

Indian shares jumped nearly 3 per cent on Monday, extending sharp gains from the previous session as a surprise move by the government last week to cut the effective corporate tax rate stoked optimism among investors concerned about a slowing economy.

The broader NSE Nifty closed 2.89 per cent&nbsp;higher at 11,600.20, while the benchmark BSE Sensex ended up 2.83 per cent at 39,098.03. Both indexes closed at their highest levels in more than two months.

They recorded their best day in more than a decade on Friday after Finance Minister Nirmala Sitharaman cut the effective corporate tax rate to around 25 per cent&nbsp;from 30 per cent&nbsp;and scrapped the minimum alternative tax for domestic companies.

On Monday, banking and consumer stocks led the gains. The Nifty banking index, which tracks both state-owned and private-sector lenders, finished 5.41 per cent&nbsp;higher, while the FMCG index closed up 4.31 per cent.

Bharat Petroleum Corp touched its highest level since March last year and topped the list of gainers among blue chips.

However, IT stocks put the brakes on the rally, with the index closing down 2.91 per cent&nbsp;after recording its worst intraday day drop in over two-and-a-half years.

IT heavyweight Infosys ended nearly 5 per cent&nbsp;lower and was one of the biggest losers among the NSE stocks.

Indian shares jumped nearly 3 per cent on Monday, extending sharp gains from the previous session as a surprise move by the government last week to cut the effective corporate tax rate stoked optimism among investors concerned about a slowing economy.

Indian shares jumped nearly 3 per cent on Monday, extending sharp gains from the previous session as a surprise move by the government last week to cut the effective corporate tax rate stoked optimism among investors concerned about a slowing economy. The broader NSE Nifty closed 2.89 per cent higher at 11,600.20, while the benchmark BSE Sensex ended up 2.83 per cent at 39,098.03. Both indexes closed at their highest levels in more than two months. They recorded their best day in more than a decade on Friday after Finance Minister Nirmala Sitharaman cut the effective corporate tax rate to around 25 per cent from 30 per cent and scrapped the minimum alternative tax for domestic companies. On Monday, banking and consumer stocks led the gains. The Nifty banking index, which tracks both state-owned and private-sector lenders, finished 5.41 per cent higher, while the FMCG index closed up 4.31 per cent. Bharat Petroleum Corp touched its highest level since March last year and topped the list of gainers among blue chips. However, IT stocks put the brakes on the rally, with the index closing down 2.91 per cent after recording its worst intraday day drop in over two-and-a-half years. IT heavyweight Infosys ended nearly 5 per cent lower and was one of the biggest losers among the NSE stocks.

Sensex, Nifty extend rally; IT stocks cap gains

Indian shares jumped nearly 3% on Monday, extending sharp gains from the previous session as a surprise move by the government last week to cut the effective corporate tax rate stoked optimism among investors concerned about a slowing economy.

Indian shares jumped nearly 3% on Monday, extending sharp gains from the previous session as a surprise move by the government last week to cut the effective corporate tax rate stoked optimism among investors concerned about a slowing economy. The broader NSE Nifty closed 2.89% higher at 11,600.20, while the benchmark BSE Sensex ended up 2.83% at 39,098.03. Both indexes closed at their highest levels in more than two months. They recorded their best day in more than a decade on Friday after Finance Minister Nirmala Sitharaman cut the effective corporate tax rate to around 25% from 30% and scrapped the minimum alternative tax for domestic companies. On Monday, banking and consumer stocks led the gains. The Nifty banking index, which tracks both state-owned and private-sector lenders, finished 5.41% higher, while the FMCG index closed up 4.31%. Bharat Petroleum Corp touched its highest level since March last year and topped the list of gainers among blue chips. However, IT stocks put the brakes on the rally, with the index closing down 2.91% after recording its worst intraday day drop in over two-and-a-half years. IT heavyweight Infosys ended nearly 5% lower and was one of the biggest losers among the NSE stocks.

Gold rose to its highest in more than a week on Monday, supported by Middle East tensions and uncertainty over US-China trade talks, while palladium hit an all-time high.

Spot gold rose 0.2 per cent to $1,519.56 per ounce at 0818 GMT per ounce, touching a high since September 12.

US gold futures rose 0.8 &nbsp;per cent to $1,527.20.

"No significant news is coming out of the trade war until and unless we have some clarity on the negotiations, gold will be supported," said Hareesh V, head of commodity research at Geojit Financial Services.

A US-China trade breakthrough seemed unlikely after President Donald Trump told reporters on Friday he was "not looking" for a partial deal and Chinese officials cancelled goodwill visits to US farmers.

But both sides later published positive statements. The US Trade Representative's office described last week's talks as "productive" and China's Commerce Ministry called them "constructive." October's high-level talks remain on track.

"On an immediate basis, gold is trading between the range of$1,465-$1,550. If the trade talks fail gold may rally to $1,660 or even higher," Hareesh said.

The bullion has risen about 18 per cent so far this year.

Tensions remained elevated in the Middle East after Washington ordered more troops to the Gulf region to strengthen Saudi Arabia's air and missile defences, following an attack on the kingdom's oil facilities. The United States has imposed more sanctions on Iran, penalizing Iran's central bank.

Saudi Arabia will appeal to a global gathering in New York this week for concerted action to punish and deter Iran after the strikes.

The dollar was nearly flat against a basket of currencies, while most Asian share markets slipped on Monday.

Holdings at SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 1.2 per cent to 894.15 tonnes on Friday.

COMEX gold speculators raised net long position by 14,150 contracts to 261,878 in the week to September 17, according to the US Commodity Futures Trading Commission data.

Spot palladium rose 0.8 per cent to $1,655 per ounce, after hitting a record high at $1,664.34 earlier in the session.

"Healthy demand, constrained supply and challenging liquidity conditions are likely driving prices higher," UBS strategist Joni Teves wrote in a note.

"A breakdown of US-China trade talks, deterioration in economic data and a pullback inequity from the highs present downside risks for palladium over the remainder of the year."

Silver nearly 2 per cent to $18.33 per ounce and platinum rose 0.8 per cent to $953.05 per ounce.

Gold rose to its highest in more than a week on Monday, supported by Middle East tensions and uncertainty over US-China trade talks, while palladium hit an all-time high.

Gold rose to its highest in more than a week on Monday, supported by Middle East tensions and uncertainty over US-China trade talks, while palladium hit an all-time high. Spot gold rose 0.2 per cent to $1,519.56 per ounce at 0818 GMT per ounce, touching a high since September 12. US gold futures rose 0.8 per cent to $1,527.20. "No significant news is coming out of the trade war until and unless we have some clarity on the negotiations, gold will be supported," said Hareesh V, head of commodity research at Geojit Financial Services. A US-China trade breakthrough seemed unlikely after President Donald Trump told reporters on Friday he was "not looking" for a partial deal and Chinese officials cancelled goodwill visits to US farmers. But both sides later published positive statements. The US Trade Representative's office described last week's talks as "productive" and China's Commerce Ministry called them "constructive." October's high-level talks remain on track. "On an immediate basis, gold is trading between the range of$1,465-$1,550. If the trade talks fail gold may rally to $1,660 or even higher," Hareesh said. The bullion has risen about 18 per cent so far this year. Tensions remained elevated in the Middle East after Washington ordered more troops to the Gulf region to strengthen Saudi Arabia's air and missile defences, following an attack on the kingdom's oil facilities. The United States has imposed more sanctions on Iran, penalizing Iran's central bank. Saudi Arabia will appeal to a global gathering in New York this week for concerted action to punish and deter Iran after the strikes. The dollar was nearly flat against a basket of currencies, while most Asian share markets slipped on Monday. Holdings at SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 1.2 per cent to 894.15 tonnes on Friday. COMEX gold speculators raised net long position by 14,150 contracts to 261,878 in the week to September 17, according to the US Commodity Futures Trading Commission data. Spot palladium rose 0.8 per cent to $1,655 per ounce, after hitting a record high at $1,664.34 earlier in the session. "Healthy demand, constrained supply and challenging liquidity conditions are likely driving prices higher," UBS strategist Joni Teves wrote in a note. "A breakdown of US-China trade talks, deterioration in economic data and a pullback inequity from the highs present downside risks for palladium over the remainder of the year." Silver nearly 2 per cent to $18.33 per ounce and platinum rose 0.8 per cent to $953.05 per ounce.

Gold hits more than one-week high on Gulf tensions

British travel group Thomas Cook on Monday declared bankruptcy after failing to reach a last-ditch rescue deal, triggering the UK's <a href="https://www.wionews.com/world/britons-opt-for-non-eu-holidays-in-face-of-brexit-impasse-thomas-cook-214301">biggest repatriation</a> since World War II to bring back stranded passengers.&nbsp;

The 178-year-old operator had been desperately seeking £200 million&nbsp;from private investors to save it from collapsing.&nbsp;

Watch: World's oldest travel firm Thomas Cook collapses

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/wion-wallet-british-travel-firm-thomas-cook-collapses-251396/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

"Despite considerable efforts, those discussions have not resulted in an agreement between the company's stakeholders and proposed new money providers," Thomas Cook said in a statement.

"The company's board has therefore concluded that it had no choice but to take steps to enter into compulsory liquidation with immediate effect."

The government said it had hired planes to fly home an estimated 150,000 holidaymakers to the UK, in an operation starting on Monday.&nbsp;

"Following the collapse of Thomas Cook and the cancellation of all its flights, Transport Secretary Grant Shapps has announced that the government and UK Civil Aviation Authority has hired dozens of charter planes to fly customers home free of charge," a separate statement said, describing it as the largest repatriation in peacetime history.&nbsp;

Additionally, "All customers currently abroad with Thomas Cook who are booked to return to the UK over the next two weeks will be brought home as close as possible to their booked return date."

Thomas Cook chief executive Peter Fankhauser called it a "deeply sad day".

"It is a matter of profound regret to me and the rest of the board that we were not successful," he said.

"This marks a deeply sad day for the company which pioneered package holidays and made travel possible for millions of people around the world," he added in the group's statement.

22,000 jobs&nbsp; 
 
The firm's creditors held a marathon meeting on Sunday to try and work out a deal, followed by a meeting of the board of directors.

Reports said a collapse of the group would mean the repatriation of 600,000 tourists, including around 150,000 seeking government help returning to the UK.

Two years ago, the collapse of <a href="https://www.wionews.com/videos/wion-wallet-uks-monarch-airlines-suspends-all-flights-5600">Monarch Airlines</a> prompted the British government to take emergency action to return 110,000 stranded passengers, costing taxpayers some £60 million on hiring planes.

As well as the grounding of its planes, Thomas Cook has been forced to shut travel agencies, leaving the group's 22,000 global employees - 9,000 of whom are in Britain - out of a job.&nbsp;

Holidaymakers had already reported problems, with guests at a hotel in Tunisia owed money by Thomas Cook being asked for extra money before being allowed to leave, according to a tourist interviewed by AFP.

Chinese peer Fosun, which was already the biggest shareholder in Thomas Cook, agreed last month to inject £450 million into the business as part of an initial £900 million rescue package.

In return, the Hong Kong-listed conglomerate acquired a 75 per cent stake in Thomas Cook's tour operating division and 25 per cent of its airline unit.

Thomas Cook in May revealed that first-half losses widened on a major write-down, caused in part by Brexit uncertainty that delayed summer holiday bookings. The group, which has around 600 stores across the UK, has also come under pressure from fierce online competition.

Cabinet maker Thomas Cook created the travel firm in 1841 to carry temperance supporters by train between British cities.

It soon began arranging foreign trips, being the first operator to take British travellers on escorted visits to Europe in 1855, to the United States in 1866 and on around-the-world trips in 1872.

The company was also a pioneer in introducing "circular note" - products that would later become traveller's cheques.

British travel group Thomas Cook on Monday declared bankruptcy after failing to reach a last-ditch rescue deal, triggering the UK's biggest repatriation since World War II to bring back stranded passengers.

British travel group Thomas Cook on Monday declared bankruptcy after failing to reach a last-ditch rescue deal, triggering the UK's biggest repatriation since World War II to bring back stranded passengers. The 178-year-old operator had been desperately seeking £200 million from private investors to save it from collapsing. Watch: World's oldest travel firm Thomas Cook collapses "Despite considerable efforts, those discussions have not resulted in an agreement between the company's stakeholders and proposed new money providers," Thomas Cook said in a statement. "The company's board has therefore concluded that it had no choice but to take steps to enter into compulsory liquidation with immediate effect." The government said it had hired planes to fly home an estimated 150,000 holidaymakers to the UK, in an operation starting on Monday. "Following the collapse of Thomas Cook and the cancellation of all its flights, Transport Secretary Grant Shapps has announced that the government and UK Civil Aviation Authority has hired dozens of charter planes to fly customers home free of charge," a separate statement said, describing it as the largest repatriation in peacetime history. Additionally, "All customers currently abroad with Thomas Cook who are booked to return to the UK over the next two weeks will be brought home as close as possible to their booked return date." Thomas Cook chief executive Peter Fankhauser called it a "deeply sad day". "It is a matter of profound regret to me and the rest of the board that we were not successful," he said. "This marks a deeply sad day for the company which pioneered package holidays and made travel possible for millions of people around the world," he added in the group's statement. 22,000 jobs The firm's creditors held a marathon meeting on Sunday to try and work out a deal, followed by a meeting of the board of directors. Reports said a collapse of the group would mean the repatriation of 600,000 tourists, including around 150,000 seeking government help returning to the UK. Two years ago, the collapse of Monarch Airlines prompted the British government to take emergency action to return 110,000 stranded passengers, costing taxpayers some £60 million on hiring planes. As well as the grounding of its planes, Thomas Cook has been forced to shut travel agencies, leaving the group's 22,000 global employees - 9,000 of whom are in Britain - out of a job. Holidaymakers had already reported problems, with guests at a hotel in Tunisia owed money by Thomas Cook being asked for extra money before being allowed to leave, according to a tourist interviewed by AFP. Chinese peer Fosun, which was already the biggest shareholder in Thomas Cook, agreed last month to inject £450 million into the business as part of an initial £900 million rescue package. In return, the Hong Kong-listed conglomerate acquired a 75 per cent stake in Thomas Cook's tour operating division and 25 per cent of its airline unit. Thomas Cook in May revealed that first-half losses widened on a major write-down, caused in part by Brexit uncertainty that delayed summer holiday bookings. The group, which has around 600 stores across the UK, has also come under pressure from fierce online competition. Cabinet maker Thomas Cook created the travel firm in 1841 to carry temperance supporters by train between British cities. It soon began arranging foreign trips, being the first operator to take British travellers on escorted visits to Europe in 1855, to the United States in 1866 and on around-the-world trips in 1872. The company was also a pioneer in introducing "circular note" - products that would later become traveller's cheques.

178-year-old British travel firm Thomas Cook collapses

The rally on D-Street continued on Monday afternoon with heavy buying by foreign institutional investors (FIIs) and domestic traders after the government on Friday announced a rejig of corporate tax cuts to shore up investments and growth.

<a href="https://www.wionews.com/business-economy/sensex-up-over-850-points-regains-39000-mark-251372">Equity indices</a> also gained due to rationalisation of Goods and Services Tax for certain sectors.&nbsp;

At 12:45 am, the BSE S&amp;P Sensex was up by 1,404 points or 3.7 per cent at 39,417 while the Nifty 50 was 410 points higher at 11,684.

At the National Stock Exchange, all sectoral indices except for IT and pharma were in the positive territory with Nifty FMCG gaining by 5.8 per cent, private bank by 5.6 per cent, financial service by 5.4 per cent and auto by 3.2 per cent.

Hotel stocks were up after the cut in corporate taxes and rationalisation of Goods and Services Tax (GST) rates. Lemon Tree Hotels gained by 13.7 per cent, Indian Hotels by 8.6 per cent, ITC by 8.3 per cent, Hotel Leelaventure by 5.9 per cent and Chalet Hotels by 2.9 per cent.

Among others, the prominent winner was Indian engineering multinational Larsen &amp; Toubro which edged higher by 9.3 per cent. Bajaj Finserv, Bajaj Finance, IndusInd Bank and Asian Paints gained by over 8 per cent while Adani Ports, Bharat Petroleum Corporation and ICICI Bank were up by more than 7 per cent each.

However, IT scrips lost with Infosys down by 4.2 per cent, Tata Consultancy Services by 3.2 per cent, Wipro by 3 per cent and Tech Mahindra by 1.9 per cent each.&nbsp;

The rally on D-Street continued on Monday afternoon with heavy buying by foreign institutional investors (FIIs) and domestic traders after the government on Friday announced a rejig of corporate tax cuts to shore up investments and growth.

The rally on D-Street continued on Monday afternoon with heavy buying by foreign institutional investors (FIIs) and domestic traders after the government on Friday announced a rejig of corporate tax cuts to shore up investments and growth. Equity indices also gained due to rationalisation of Goods and Services Tax for certain sectors. At 12:45 am, the BSE S&P Sensex was up by 1,404 points or 3.7 per cent at 39,417 while the Nifty 50 was 410 points higher at 11,684. At the National Stock Exchange, all sectoral indices except for IT and pharma were in the positive territory with Nifty FMCG gaining by 5.8 per cent, private bank by 5.6 per cent, financial service by 5.4 per cent and auto by 3.2 per cent. Hotel stocks were up after the cut in corporate taxes and rationalisation of Goods and Services Tax (GST) rates. Lemon Tree Hotels gained by 13.7 per cent, Indian Hotels by 8.6 per cent, ITC by 8.3 per cent, Hotel Leelaventure by 5.9 per cent and Chalet Hotels by 2.9 per cent. Among others, the prominent winner was Indian engineering multinational Larsen & Toubro which edged higher by 9.3 per cent. Bajaj Finserv, Bajaj Finance, IndusInd Bank and Asian Paints gained by over 8 per cent while Adani Ports, Bharat Petroleum Corporation and ICICI Bank were up by more than 7 per cent each. However, IT scrips lost with Infosys down by 4.2 per cent, Tata Consultancy Services by 3.2 per cent, Wipro by 3 per cent and Tech Mahindra by 1.9 per cent each.

Sensex jumps over 1,400 points, hotel stocks gain after GST rationalisation

India will not revise its fiscal deficit target immediately and is not planning any spending cuts at this stage, finance minister Nirmala Sitharaman said on Sunday, after slashing corporate tax rates to boost a flagging economy.

India cut corporate tax rates on Friday in a surprise move designed to woo manufacturers, revive private investment and lift growth from a six-year low.

Though equity markets welcomed the move, bond yields spiked to a nearly three-month high on speculation the government may have to borrow more to meet its spending needs.

The measures will cut revenue by 1.45 trillion rupees ($20.4 billion) in the current fiscal year, according to government estimates.

But Finance Minister Nirmala Sitharaman said the government would only review the fiscal deficit target closer to the 2020/21 budget.

"At this point of time we are not revising any target. The decision will be taken later," she told reporters at her residence in New Delhi on Sunday, adding that there was no plan to cut spending currently.

Sitharaman also said the government would decide on additional market borrowings for the second half of 2019/20 later.

Ratings firm S&amp;P Global said on Friday India`s move to cut corporate tax rates was a "credit negative development" despite potentially boosting the economy as it will widen its fiscal deficit.

Government sources told Reuters this month that India is likely to miss its fiscal deficit target for the current financial year and, toward the end of 2019, be forced to raise it to 3.5 per cent of GDP from 3.3 per cent after economic growth fell to a six-year low of 5 per cent in the April-June quarter. 
&nbsp;

India will not revise its fiscal deficit target immediately and is not planning any spending cuts at this stage, finance minister Nirmala Sitharaman said on Sunday, after slashing corporate tax rates to boost a flagging economy.

India will not revise its fiscal deficit target immediately and is not planning any spending cuts at this stage, finance minister Nirmala Sitharaman said on Sunday, after slashing corporate tax rates to boost a flagging economy. India cut corporate tax rates on Friday in a surprise move designed to woo manufacturers, revive private investment and lift growth from a six-year low. Though equity markets welcomed the move, bond yields spiked to a nearly three-month high on speculation the government may have to borrow more to meet its spending needs. The measures will cut revenue by 1.45 trillion rupees ($20.4 billion) in the current fiscal year, according to government estimates. But Finance Minister Nirmala Sitharaman said the government would only review the fiscal deficit target closer to the 2020/21 budget. "At this point of time we are not revising any target. The decision will be taken later," she told reporters at her residence in New Delhi on Sunday, adding that there was no plan to cut spending currently. Sitharaman also said the government would decide on additional market borrowings for the second half of 2019/20 later. Ratings firm S&P Global said on Friday India`s move to cut corporate tax rates was a "credit negative development" despite potentially boosting the economy as it will widen its fiscal deficit. Government sources told Reuters this month that India is likely to miss its fiscal deficit target for the current financial year and, toward the end of 2019, be forced to raise it to 3.5 per cent of GDP from 3.3 per cent after economic growth fell to a six-year low of 5 per cent in the April-June quarter.

No plans to revise fiscal deficit target or cut spending now: Finance Minister

In his first engagement after arriving in Houston, Prime Minister Narendra Modi held a fruitful round table interaction with 17 global energy company&nbsp;CEOs on Saturday, with the discussions focused on boosting cooperation in energy security.

The combined net worth of companies participating in the round table meeting stood at US$1 trillion with&nbsp;presence in 150 countries. All companies have some engagement or presence in India. 
&nbsp; 
The objective of the meeting was to deepen India's energy cooperation as part of a strategic energy partnership. CEOs talked about enhancing their footprint in India.&nbsp;

They also lauded the Indian government's effort towards Ease of Doing Business and steps taken towards deregulation in the sector.&nbsp;

The business leaders also supported reforms and policies and were upbeat on the issue of Indian economy.&nbsp;

The CEOs were thankful to the Indian government for support and facilitation.&nbsp;

On the sidelines, an MoU was signed between Tellurian, a Houston based energy major and India's Petronet LNG. Petronet will invest $2.5 billion in Tellurian's proposed Driftwood LNG export terminal, in exchange for the rights to 5 million metric tons of LNG per year over 40 years.

In his first engagement after arriving in Houston, Prime Minister Narendra Modi held a fruitful round table interaction with 17 global energy company CEOs on Saturday, with the discussions focused on boosting cooperation in energy security.

In his first engagement after arriving in Houston, Prime Minister Narendra Modi held a fruitful round table interaction with 17 global energy company CEOs on Saturday, with the discussions focused on boosting cooperation in energy security. The combined net worth of companies participating in the round table meeting stood at US$1 trillion with presence in 150 countries. All companies have some engagement or presence in India. The objective of the meeting was to deepen India's energy cooperation as part of a strategic energy partnership. CEOs talked about enhancing their footprint in India. They also lauded the Indian government's effort towards Ease of Doing Business and steps taken towards deregulation in the sector. The business leaders also supported reforms and policies and were upbeat on the issue of Indian economy. The CEOs were thankful to the Indian government for support and facilitation. On the sidelines, an MoU was signed between Tellurian, a Houston based energy major and India's Petronet LNG. Petronet will invest $2.5 billion in Tellurian's proposed Driftwood LNG export terminal, in exchange for the rights to 5 million metric tons of LNG per year over 40 years.

PM Narendra Modi in Houston: CEOs of energy companies laud government's effort, Petronet signs LNG deal with US's Tellurian

The government's decision to reduce the base corporate tax rate to 22 per cent from 30 per cent as part of stimulus measures to revive slowing economic growth is credit positive for companies because it will enable them to generate higher post-tax incomes, Moody`s Investors Service said on Saturday.&nbsp;

However, it is credit negative for the sovereign as it aggravates mounting risks for the government in meeting its fiscal deficit target.&nbsp;

Among Moody's rated non-financial companies in India, commodity and information technology (IT) services companies will benefit most from the tax rate cut.&nbsp;

"But the degree of strengthening in corporate credit profiles will depend on whether companies reinvest surplus earnings into their businesses, or use them to reduce debt or to boost shareholder returns."

In aggregate, rated non-financial companies in India reported a total pre-tax net income of about 35 billion dollars for the fiscal year ended March 2019. Assuming the earnings of these companies remain unchanged for fiscal 2019, they will save about 3 billion dollars from the tax rate reduction.

"The central government deficit target of 3.3 per cent of GDP in fiscal 2019 already assumes faster economic growth and higher tax buoyancy than we expect," said Moody's.&nbsp;

The July 2019 budget projected total corporate tax revenue of Rs 7.7 lakh crore (about 4 per cent of GDP), and the Finance Minister estimated that the decrease in the corporate tax rate will reduce revenue by about Rs 1.5 lakh crore in the current fiscal year.&nbsp;

As such, the reduction in corporate income tax revenue — even when balanced against the windfall from the recent transfer of central bank surplus reserves, equivalent to about 0.3 per cent of GDP in the current fiscal year — further narrows the fiscal room for manoeuvre.&nbsp;

This assumes that the government does not cut expenditure to offset the revenue loss.&nbsp;

While the reduction brings India's corporate tax rate closer to peers throughout Asia and will support the business environment and competitiveness, a host of cyclical factors — including rural financial stress, weak corporate sentiment and a slow flow of credit in the financial sector — remain headwinds to near-term growth.

"We do not expect the corporate tax rate cut to revive growth such that stronger tax buoyancy compensates for the loss in revenue," said Moody's.

The government's decision to reduce the base corporate tax rate to 22 per cent from 30 per cent as part of stimulus measures to revive slowing economic growth is credit positive for companies because it will enable them to generate higher post-tax incomes, Moody`s Investors Service said on Saturday.

The government's decision to reduce the base corporate tax rate to 22 per cent from 30 per cent as part of stimulus measures to revive slowing economic growth is credit positive for companies because it will enable them to generate higher post-tax incomes, Moody`s Investors Service said on Saturday. However, it is credit negative for the sovereign as it aggravates mounting risks for the government in meeting its fiscal deficit target. Among Moody's rated non-financial companies in India, commodity and information technology (IT) services companies will benefit most from the tax rate cut. "But the degree of strengthening in corporate credit profiles will depend on whether companies reinvest surplus earnings into their businesses, or use them to reduce debt or to boost shareholder returns." In aggregate, rated non-financial companies in India reported a total pre-tax net income of about 35 billion dollars for the fiscal year ended March 2019. Assuming the earnings of these companies remain unchanged for fiscal 2019, they will save about 3 billion dollars from the tax rate reduction. "The central government deficit target of 3.3 per cent of GDP in fiscal 2019 already assumes faster economic growth and higher tax buoyancy than we expect," said Moody's. The July 2019 budget projected total corporate tax revenue of Rs 7.7 lakh crore (about 4 per cent of GDP), and the Finance Minister estimated that the decrease in the corporate tax rate will reduce revenue by about Rs 1.5 lakh crore in the current fiscal year. As such, the reduction in corporate income tax revenue — even when balanced against the windfall from the recent transfer of central bank surplus reserves, equivalent to about 0.3 per cent of GDP in the current fiscal year — further narrows the fiscal room for manoeuvre. This assumes that the government does not cut expenditure to offset the revenue loss. While the reduction brings India's corporate tax rate closer to peers throughout Asia and will support the business environment and competitiveness, a host of cyclical factors — including rural financial stress, weak corporate sentiment and a slow flow of credit in the financial sector — remain headwinds to near-term growth. "We do not expect the corporate tax rate cut to revive growth such that stronger tax buoyancy compensates for the loss in revenue," said Moody's.

Corporate tax reduction is credit positive for companies but increases government's fiscal risks: Moody's

Indian stock market surge on the Finance Minister Nirmala Sitharaman's announcement. Sensex gains more than 1,000 points. Indian corporate tax rate lowest in south-east Asia. Watch this video to know more.

Finance Minister Nirmala Sitharaman's announcement to boost 'Make in India'

Domestic stock market indices today saw a great trading day with the benchmark BSE Sensex surging 1900 points after the government proposes to <a href="https://www.wionews.com/india-news/we-propose-to-slash-corporate-tax-rates-for-domestic-companies-finance-minister-nirmala-sitharaman-250730">slash Corporate tax</a> for domestic companies and new domestic companies.

At 12:10&nbsp;pm, Sensex was trading at 38,034.09, up by 1,940.62 points or 5.38% while the Nifty was up by 536.55 points&nbsp;at 11,239.80.

Finance Minister Nirmala Sitharaman told a news conference that the effective corporate tax rate will be lowered to 25.75% from 30%, which she said would be at par with Asian peers.

The government also scrapped the minimum alternative tax for domestic companies.

The rupee rose as much as 0.9% to 70.68 against the dollar, its strongest level since Aug 9, while the yield on benchmark 10-year bond rose to 6.71% versus 6.57% in early trading.

Shares of top private-sector lender HDFC Bank Ltd, soared nearly 10% - their most in over six years, sending the Nifty Bank index up 6.7%. 
"The markets have been asking for a big fiscal stimulus and the government has delivered," said Rusmik Oza, head of fundamental research at Kotak Securities in Mumbai.

Corporate earnings may see an almost 12% jump in the next quarter for full tax-paying companies due to the cut, and the markets can go up nearly 10%, Oza said, adding that foreign investors would cheer these measures.

The Nifty Auto index jumped 7.9%, its sharpest intraday climb since July 2011, with Eicher Motors Ltd surging 24%.

&nbsp;(With inputs from agencies)

Domestic stock market indices today saw a great trading day with the benchmark BSE Sensex surging 1900 points after the government proposes to slash Corporate tax for domestic companies and new domestic companies.

Domestic stock market indices today saw a great trading day with the benchmark BSE Sensex surging 1900 points after the government proposes to slash Corporate tax for domestic companies and new domestic companies. At 12:10 pm, Sensex was trading at 38,034.09, up by 1,940.62 points or 5.38% while the Nifty was up by 536.55 points at 11,239.80. Finance Minister Nirmala Sitharaman told a news conference that the effective corporate tax rate will be lowered to 25.75% from 30%, which she said would be at par with Asian peers. The government also scrapped the minimum alternative tax for domestic companies. The rupee rose as much as 0.9% to 70.68 against the dollar, its strongest level since Aug 9, while the yield on benchmark 10-year bond rose to 6.71% versus 6.57% in early trading. Shares of top private-sector lender HDFC Bank Ltd, soared nearly 10% - their most in over six years, sending the Nifty Bank index up 6.7%. "The markets have been asking for a big fiscal stimulus and the government has delivered," said Rusmik Oza, head of fundamental research at Kotak Securities in Mumbai. Corporate earnings may see an almost 12% jump in the next quarter for full tax-paying companies due to the cut, and the markets can go up nearly 10%, Oza said, adding that foreign investors would cheer these measures. The Nifty Auto index jumped 7.9%, its sharpest intraday climb since July 2011, with Eicher Motors Ltd surging 24%. (With inputs from agencies)

Sensex posts biggest one-day gain in 10 years; rises over 1,900 points

Gold prices edged higher on Friday and are set for their first weekly gain in one month, supported by a softer Dollar and developments in the Sino-US&nbsp;trade talks.

Spot gold was up 0.3% at $1,503.20 per ounce, as of 03.53 GMT, and was on track for its first weekly gain, having risen nearly by 1% so far this week.

US&nbsp;gold futures were also up by 0.3% at $1,510.9 per ounce.

"A weaker US&nbsp;Dollar is giving gold a little bit of an upward drift", Michael McCarthy, Chief Market Strategist at CMC Markets said, adding that "prices are still very much in the middle of a trading range and pinned to $1,500 level".

The Dollar nursed losses against most major currencies on Friday, as central banks in Switzerland and the UK refrained from cutting rates, while risk appetite ebbed on caution about US-China trade talks.

"Investors are all waiting on any further developments in the trade negotiations as they move towards October meeting and that may provide [the] next big driver for gold prices," McCarthy said.

American and Chinese deputy trade negotiators resumed face-to-face talks for the first time in nearly two months on Thursday, trying to lay the groundwork for high-level talks in early October.

Gold prices have risen about 17% this year mainly on the back of the US-China trade tensions, concerns over the outlook for the global economy, and the prospect of monetary easing by central banks.

The Fed had cut interest rates for the second time this year on Wednesday to help sustain economic expansion but gave mixed signals on future rate cuts.

"The precious metal will remain supported as investors deliberate heightened market risks and accommodative economic policies for the near term", Phillip Futures' Analyst Benjamin Lu said in a note.

On the technical front, signals are mixed for spot gold as it is stuck in a narrow range of $1,488-$1,514 per ounce, according to Reuters' Technical Analyst Wang Tao.

Elsewhere, palladium gained 0.7% to $1,634.74 per ounce, having earlier climbed to a fresh record peak of $1,635.55.

Platinum rose by 0.5% to $942.00 per ounce and silver was up by 0.6% at $17.88.

Gold prices edged higher on Friday and are set for their first weekly gain in one month, supported by a softer Dollar and developments in the Sino-US trade talks.

Gold prices edged higher on Friday and are set for their first weekly gain in one month, supported by a softer Dollar and developments in the Sino-US trade talks. Spot gold was up 0.3% at $1,503.20 per ounce, as of 03.53 GMT, and was on track for its first weekly gain, having risen nearly by 1% so far this week. US gold futures were also up by 0.3% at $1,510.9 per ounce. "A weaker US Dollar is giving gold a little bit of an upward drift", Michael McCarthy, Chief Market Strategist at CMC Markets said, adding that "prices are still very much in the middle of a trading range and pinned to $1,500 level". The Dollar nursed losses against most major currencies on Friday, as central banks in Switzerland and the UK refrained from cutting rates, while risk appetite ebbed on caution about US-China trade talks. "Investors are all waiting on any further developments in the trade negotiations as they move towards October meeting and that may provide [the] next big driver for gold prices," McCarthy said. American and Chinese deputy trade negotiators resumed face-to-face talks for the first time in nearly two months on Thursday, trying to lay the groundwork for high-level talks in early October. Gold prices have risen about 17% this year mainly on the back of the US-China trade tensions, concerns over the outlook for the global economy, and the prospect of monetary easing by central banks. The Fed had cut interest rates for the second time this year on Wednesday to help sustain economic expansion but gave mixed signals on future rate cuts. "The precious metal will remain supported as investors deliberate heightened market risks and accommodative economic policies for the near term", Phillip Futures' Analyst Benjamin Lu said in a note. On the technical front, signals are mixed for spot gold as it is stuck in a narrow range of $1,488-$1,514 per ounce, according to Reuters' Technical Analyst Wang Tao. Elsewhere, palladium gained 0.7% to $1,634.74 per ounce, having earlier climbed to a fresh record peak of $1,635.55. Platinum rose by 0.5% to $942.00 per ounce and silver was up by 0.6% at $17.88.

Gold set for first weekly gain in a month

Asian share prices inched higher on Friday as economic stimulus around the world eased fears over slowing growth, while crude oil prices climbed on concerns that last weekend's <a href="https://www.wionews.com/business-economy/international-oil-prices-surge-nearly-20-after-attack-on-saudi-oil-facilities-249978">attacks on Saudi Arabia's oil</a> facilities still pose supply risks.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.15 per cent though it is on course to post its first weekly decline in five, hit by sizable losses in Hong Kong and India.

Japan's Nikkei rose 0.46 per cent to come within striking distance of its year-to-date peak and <a href="https://www.wionews.com/opinions/saudi-oil-attacks-put-us-commitments-to-the-test-250551">US</a>&nbsp;and European shares also stood near their best levels this year.

The S&amp;P 500 ended flat on Thursday, staying than less than 1 per cent below its closing record high hit in July, while the pan-European FTSEurofirst 300 index also came within sight of this year's peak.

Monetary easing by the US&nbsp;Federal Reserve this week and by the European Central Bank last week underpinned investor sentiment.

China also cut its new one-year benchmark lending rate for the second month in a row on Friday, by 5 basis points as Beijing seeks to guide borrowing costs lower for an economy hit by the Sino-US&nbsp;trade war.

"The direct and immediate impact on the economy will be limited given the small size of the cut, but the cut has made it clear the Chinese authorities are taking an accommodative stance and should give reassurance to Chinese stock markets," said Wang Shenshen, an economist at Tokai Tokyo Research Center.

The latest <a href="https://www.wionews.com/world/mike-pompeo-says-abundantly-clear-iran-was-behind-saudi-oil-attacks-250674">US</a>&nbsp;economic data also eased worries about the slowdown in the world's largest economy.

The number of Americans filing applications for unemployment benefits increased less than expected last week while home resales rose to a 17-month high in August.

"Investors are starting to price in the possibility of re-acceleration in the global economy next year. So far this month China has taken steps to support the economy, and US&nbsp;and European central banks eased policy," said Nobuhiko Kuramochi, chief strategist at Mizuho Securities.

"There are hopes of an interim or partial trade deal between China as <a href="https://www.wionews.com/world/us-locked-and-loaded-after-saudi-attacks-as-oil-prices-surge-249886">US&nbsp;President Trump</a> will need to shore up the economy next year before the election," he added.

The US&nbsp;and Chinese deputy trade negotiators resumed face-to-face talks for the first time in nearly two months on Thursday, trying to lay the groundwork for high-level talks in early October.

Hopes for a deal were so strong that the markets shrugged off a media report that a trade adviser to Trump has said the US&nbsp;president is ready to raise tariffs to 50 or 100 per cent.

The New York Fed continued to inject a large amount of cash in money markets to deal with funding squeeze since the start of the week, helping to bring down interest rates in the US&nbsp;repo market, a key funding market.

In currency markets, the British pound kept its uptrend after European Commission President Jean-Claude Juncker said a Brexit deal is possible and that if the Irish border backstop which the British government wants to be removed could be replaced with alternatives, it would not be needed.

Sterling traded at $1.2533, up 0.09 per cent on the day, having hit a two-month high of $1.2560 on Thursday. The British unit stood near its highest levels in almost four months versus the euro at 88.19 pence per euro.

The euro was at $1.105, staying in a holding pattern this week.

The yen edged up to at 107.91 yen to the dollar, off its 1-1/2 month low of 108.48 yen hit on Wednesday.

The Brazilian real fell 1.4 per cent on Thursday to 4.167 to the dollar after the central bank slashed borrowing costs to an all-time low and signalled it was prepared to do so again in the coming months.

Oil prices bounced back on continued worries about the stability of oil supply as tensions between Saudi Arabia and Iran showed little sign of abating after a weekend attack on Saudi oil installations.

Saudi-led forces on Friday launched a military operation in northern Yemen against what it described as "legitimate military targets", an incident that could aggravate regional tensions.

Washington said on Thursday it was building a coalition to deter Iranian threats while Tehran has warned Trump against being dragged into a war in the Middle East and said it would meet any offensive action with a crushing response.

Brent crude futures rose 0.78 per cent to $64.90 a barrel while US&nbsp;West Texas Intermediate (WTI) crude gained 1.14 per cent to $58.79 per barrel.

Asian share prices inched higher on Friday as economic stimulus around the world eased fears over slowing growth, while crude oil prices climbed on concerns that last weekend's attacks on Saudi Arabia's oil facilities still pose supply risks.

Asian share prices inched higher on Friday as economic stimulus around the world eased fears over slowing growth, while crude oil prices climbed on concerns that last weekend's attacks on Saudi Arabia's oil facilities still pose supply risks. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.15 per cent though it is on course to post its first weekly decline in five, hit by sizable losses in Hong Kong and India. Japan's Nikkei rose 0.46 per cent to come within striking distance of its year-to-date peak and US and European shares also stood near their best levels this year. The S&P 500 ended flat on Thursday, staying than less than 1 per cent below its closing record high hit in July, while the pan-European FTSEurofirst 300 index also came within sight of this year's peak. Monetary easing by the US Federal Reserve this week and by the European Central Bank last week underpinned investor sentiment. China also cut its new one-year benchmark lending rate for the second month in a row on Friday, by 5 basis points as Beijing seeks to guide borrowing costs lower for an economy hit by the Sino-US trade war. "The direct and immediate impact on the economy will be limited given the small size of the cut, but the cut has made it clear the Chinese authorities are taking an accommodative stance and should give reassurance to Chinese stock markets," said Wang Shenshen, an economist at Tokai Tokyo Research Center. The latest US economic data also eased worries about the slowdown in the world's largest economy. The number of Americans filing applications for unemployment benefits increased less than expected last week while home resales rose to a 17-month high in August. "Investors are starting to price in the possibility of re-acceleration in the global economy next year. So far this month China has taken steps to support the economy, and US and European central banks eased policy," said Nobuhiko Kuramochi, chief strategist at Mizuho Securities. "There are hopes of an interim or partial trade deal between China as US President Trump will need to shore up the economy next year before the election," he added. The US and Chinese deputy trade negotiators resumed face-to-face talks for the first time in nearly two months on Thursday, trying to lay the groundwork for high-level talks in early October. Hopes for a deal were so strong that the markets shrugged off a media report that a trade adviser to Trump has said the US president is ready to raise tariffs to 50 or 100 per cent. The New York Fed continued to inject a large amount of cash in money markets to deal with funding squeeze since the start of the week, helping to bring down interest rates in the US repo market, a key funding market. In currency markets, the British pound kept its uptrend after European Commission President Jean-Claude Juncker said a Brexit deal is possible and that if the Irish border backstop which the British government wants to be removed could be replaced with alternatives, it would not be needed. Sterling traded at $1.2533, up 0.09 per cent on the day, having hit a two-month high of $1.2560 on Thursday. The British unit stood near its highest levels in almost four months versus the euro at 88.19 pence per euro. The euro was at $1.105, staying in a holding pattern this week. The yen edged up to at 107.91 yen to the dollar, off its 1-1/2 month low of 108.48 yen hit on Wednesday. The Brazilian real fell 1.4 per cent on Thursday to 4.167 to the dollar after the central bank slashed borrowing costs to an all-time low and signalled it was prepared to do so again in the coming months. Oil prices bounced back on continued worries about the stability of oil supply as tensions between Saudi Arabia and Iran showed little sign of abating after a weekend attack on Saudi oil installations. Saudi-led forces on Friday launched a military operation in northern Yemen against what it described as "legitimate military targets", an incident that could aggravate regional tensions. Washington said on Thursday it was building a coalition to deter Iranian threats while Tehran has warned Trump against being dragged into a war in the Middle East and said it would meet any offensive action with a crushing response. Brent crude futures rose 0.78 per cent to $64.90 a barrel while US West Texas Intermediate (WTI) crude gained 1.14 per cent to $58.79 per barrel.

Economy hopes support shares, oil edges up on Mideast tensions

After announcing a <a href="https://www.wionews.com/india-news/its-a-win-win-for-130-crore-indians-pm-modi-on-corporate-tax-rate-cut-250811">cut on corporate tax rate</a> earlier in the day, Finance Minister Nirmala Sitharaman announced revised&nbsp;<a href="https://www.wionews.com/business-economy/government-announces-gst-rate-cut-on-marine-fuel-wet-grinders-hike-for-railway-wagon-coach-250898">GST tax rates</a> on a range of good and services ranging from precious stones, hotel tariffs, automobiles among others.&nbsp;

Hotels room with tariff worth Rs 7,500 crore would now attract 18 per cent GST as opposed to 28 per cent previously, the finance minister announced. Hotel rooms with tariffs between Rs 1,000 and Rs 7,500 would attract 12 per cent GST while no tax will be imposed on hotel rooms with rental up to Rs 1,000.

GST on caffeinated beverages has gone up from 18 per cent to 28 per cent besides an additional 12 per cent cess.

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Finance Minister Nirmala Sitharaman after meeting of 37th GST Council meeting in Goa: GST rate on slide fasteners has been reduced from 18% to 12%, marine fuel 18% to 5%, 12% to 5% on wet grinders consisting of stone as a grinder, &amp; 5% to nil on dried tamarind. <a href="https://t.co/RWzrhF8gYE">pic.twitter.com/RWzrhF8gYE</a>
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In a bid to boost the defence sector, specified defence items have been exempt from GST. The council also recommended reducing GST on cut and polished semi-precious items to 0.25 per cent from 3 per cent.

Services and goods for FIFA and other specified persons for organising Under-17 Women's World Football Cup in India and supply of goods and services to United Nation's Food and Agriculture Organization (FAO) for specified projects have also been exempted, the Finance Minister announced.

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The revised GST rates would become effective from October 1, 2019.

The finance minister, earlier in the day, announced cutting the corporate tax rate to 25.17 per cent from 30 per cent and scrapped the minimum alternative tax for domestic companies.

Prime Minister Narendra Modi hailed the move and described it as a "win-win for 130 crore Indians".&nbsp;

The prime minister said that the move will attract private investment from all across the world.&nbsp;

"It will give a great stimulus to #MakeInIndia, attract private investment from across the globe, improve the competitiveness of our private sector, create more jobs and result in a win-win for 130 crore Indians," the prime minister tweeted out.&nbsp;

After announcing a cut on corporate tax rate earlier in the day, Finance Minister Nirmala Sitharaman announced revised GST tax rates on a range of good and services ranging from precious stones, hotel tariffs, automobiles among others.

After announcing a cut on corporate tax rate earlier in the day, Finance Minister Nirmala Sitharaman announced revised GST tax rates on a range of good and services ranging from precious stones, hotel tariffs, automobiles among others. Hotels room with tariff worth Rs 7,500 crore would now attract 18 per cent GST as opposed to 28 per cent previously, the finance minister announced. Hotel rooms with tariffs between Rs 1,000 and Rs 7,500 would attract 12 per cent GST while no tax will be imposed on hotel rooms with rental up to Rs 1,000. GST on caffeinated beverages has gone up from 18 per cent to 28 per cent besides an additional 12 per cent cess. Finance Minister Nirmala Sitharaman after meeting of 37th GST Council meeting in Goa: GST rate on slide fasteners has been reduced from 18% to 12%, marine fuel 18% to 5%, 12% to 5% on wet grinders consisting of stone as a grinder, & 5% to nil on dried tamarind. pic.twitter.com/RWzrhF8gYE — ANI (@ANI) September 20, 2019 × In a bid to boost the defence sector, specified defence items have been exempt from GST. The council also recommended reducing GST on cut and polished semi-precious items to 0.25 per cent from 3 per cent. Services and goods for FIFA and other specified persons for organising Under-17 Women's World Football Cup in India and supply of goods and services to United Nation's Food and Agriculture Organization (FAO) for specified projects have also been exempted, the Finance Minister announced. #WATCH Union Finance Minister Nirmala Sitharaman addresses media after the 37th GST Council meet in Goa https://t.co/743mkWfAnm — ANI (@ANI) September 20, 2019 × The revised GST rates would become effective from October 1, 2019. The finance minister, earlier in the day, announced cutting the corporate tax rate to 25.17 per cent from 30 per cent and scrapped the minimum alternative tax for domestic companies. Prime Minister Narendra Modi hailed the move and described it as a "win-win for 130 crore Indians". The prime minister said that the move will attract private investment from all across the world. "It will give a great stimulus to #MakeInIndia, attract private investment from across the globe, improve the competitiveness of our private sector, create more jobs and result in a win-win for 130 crore Indians," the prime minister tweeted out.

GST rates cut on hotel tariffs, caffeinated drinks attract more tax: Sitharaman

Finance Minister <a href="https://www.wionews.com/india-news/its-a-win-win-for-130-crore-indians-pm-modi-on-corporate-tax-rate-cut-250811">Nirmala Sitharaman on Friday announced</a> the reduction of GST rates on a slew of items including slide fasteners, marine fuel and wet grinders and increased for railway wagons and coaches among others.

Addressing a press conference after 37th GST council meeting, she also announced the rate cut on dried tamarind, plates and cups made of bio-friendly stuff, cut and policied semi-precious stones.

GST rate has been reduced from 18 per cent to 12 per cent for on slide fasteners (zip), from 18 per cent to 5 per cent (.5 per cent FO is added) for marine fuel, from 12 per cent to 5 per cent on wet grinders consisting of stone as a grinder, and from 5 per cent to nil on dried tamarind, plates and cups made of leaves, flowers and other bio-friendly items.

A rate cut of 0.25 per cent has been announced on cut and policed semi-precious stones, Sitharaman said.

The applicable rate for specified goods of petroleum operations undertaken under Hydrocarbon Exploration Licencing Policy (HELP) has been brought down to 5 per cent, she announced.

The GST rate has been increased for goods falling under chapter 86 of a tariff like Railway wagons, coaches, rolling stock from 5 per cent to 12 per cent to "address the concerns of ITC accumulation with suppliers of these goods and services".

"This is without refund of accumulated ITC. This is demanded and justified," Sitharaman said.

She also announced that GST and I-GST will be exempted for imports of specified defence goods not being manufactured indigenously.

"This is being extended upto only 2024," the Finance Minister said.

Services and goods for FIFA and other specified persons for organising Under-17 Women's World Football Cup in India and supply of goods and services to United Nation's Food and Agriculture Organization (FAO) for specified projects have also been exempted, the Finance Minister announced.

"We have taken several decisions about the simplification of the tax. A call has been taken for greater simplification clarity," she told reporters here.&nbsp; 
&nbsp;

Finance Minister Nirmala Sitharaman on Friday announced the reduction of GST rates on a slew of items including slide fasteners, marine fuel and wet grinders and increased for railway wagons and coaches among others.

Finance Minister Nirmala Sitharaman on Friday announced the reduction of GST rates on a slew of items including slide fasteners, marine fuel and wet grinders and increased for railway wagons and coaches among others. Addressing a press conference after 37th GST council meeting, she also announced the rate cut on dried tamarind, plates and cups made of bio-friendly stuff, cut and policied semi-precious stones. GST rate has been reduced from 18 per cent to 12 per cent for on slide fasteners (zip), from 18 per cent to 5 per cent (.5 per cent FO is added) for marine fuel, from 12 per cent to 5 per cent on wet grinders consisting of stone as a grinder, and from 5 per cent to nil on dried tamarind, plates and cups made of leaves, flowers and other bio-friendly items. A rate cut of 0.25 per cent has been announced on cut and policed semi-precious stones, Sitharaman said. The applicable rate for specified goods of petroleum operations undertaken under Hydrocarbon Exploration Licencing Policy (HELP) has been brought down to 5 per cent, she announced. The GST rate has been increased for goods falling under chapter 86 of a tariff like Railway wagons, coaches, rolling stock from 5 per cent to 12 per cent to "address the concerns of ITC accumulation with suppliers of these goods and services". "This is without refund of accumulated ITC. This is demanded and justified," Sitharaman said. She also announced that GST and I-GST will be exempted for imports of specified defence goods not being manufactured indigenously. "This is being extended upto only 2024," the Finance Minister said. Services and goods for FIFA and other specified persons for organising Under-17 Women's World Football Cup in India and supply of goods and services to United Nation's Food and Agriculture Organization (FAO) for specified projects have also been exempted, the Finance Minister announced. "We have taken several decisions about the simplification of the tax. A call has been taken for greater simplification clarity," she told reporters here.

Government announces GST rate cut on marine fuel, wet grinders, hike for railway wagon, coach

Shares traded higher on expectations that the government will dole out stimulus measures on Friday to support the economy, amid demands over reduced tax burden on products.

The broader NSE Nifty was up 0.21% at 10,727.6, as of 0412 GMT on Friday, while the benchmark BSE Sensex was trading 0.3% higher at 36,205.52.

The country's Goods and Services Tax (GST) Council is set to meet in Goa to recommend tax cuts on 20-25 products, sources told Reuters.

The GST council meeting comes amid demands raised by various industries and consumers for government help to boost a sagging economy.

Separately, Reserve Bank of India chief Shaktikanta Das said there is room for further interest rate cuts to bolster economic growth since inflation continues to remain within the central bank's target, other media reported.

The rupee strengthened by 0.26% to 71.11 against the dollar, while the benchmark 10-year bond yield was trading at 6.57%, versus the previous close of 6.64%.

Shares in other Asian markets also edged higher as economic stimulus boost around the world, including monetary easing by the US Federal Reserve and the European Central Bank, eased fears over a global slowdown.

The local indexes, however, were set for their worst week since early May, after a surge in crude prices triggered heavy selling in stock markets earlier this week.

Shares of private-sector lender Yes Bank Ltd, which suffered a sharp drop in the previous session, rose as much as 6.8%.

HDFC Bank Ltd, which is among the top boosts in the index, gained as much as 1.7%.

Media firm Zee Entertainment Enterprises Ltd slumped 11% to its lowest in five years, and was the top loser in the NSE Nifty. The stock is set for a fifth straight session of losses.

Shares traded higher on expectations that the government will dole out stimulus measures on Friday to support the economy, amid demands over reduced tax burden on products.

Shares traded higher on expectations that the government will dole out stimulus measures on Friday to support the economy, amid demands over reduced tax burden on products. The broader NSE Nifty was up 0.21% at 10,727.6, as of 0412 GMT on Friday, while the benchmark BSE Sensex was trading 0.3% higher at 36,205.52. The country's Goods and Services Tax (GST) Council is set to meet in Goa to recommend tax cuts on 20-25 products, sources told Reuters. The GST council meeting comes amid demands raised by various industries and consumers for government help to boost a sagging economy. Separately, Reserve Bank of India chief Shaktikanta Das said there is room for further interest rate cuts to bolster economic growth since inflation continues to remain within the central bank's target, other media reported. The rupee strengthened by 0.26% to 71.11 against the dollar, while the benchmark 10-year bond yield was trading at 6.57%, versus the previous close of 6.64%. Shares in other Asian markets also edged higher as economic stimulus boost around the world, including monetary easing by the US Federal Reserve and the European Central Bank, eased fears over a global slowdown. The local indexes, however, were set for their worst week since early May, after a surge in crude prices triggered heavy selling in stock markets earlier this week. Shares of private-sector lender Yes Bank Ltd, which suffered a sharp drop in the previous session, rose as much as 6.8%. HDFC Bank Ltd, which is among the top boosts in the index, gained as much as 1.7%. Media firm Zee Entertainment Enterprises Ltd slumped 11% to its lowest in five years, and was the top loser in the NSE Nifty. The stock is set for a fifth straight session of losses.

Nifty, Sensex gain ahead of tax council meet

Apple's latest iPhone 11 range hit stores in China on Friday, with short queues of die-hard fans contrasting with the hundreds who camped out ahead of previous launches.

The sales performance of the US tech giant's latest line-up is being closely watched in the world's largest smartphone market, where Apple has been losing ground to competitors with cheaper and feature-packed handsets in recent years.

The queues at the Shanghai and Beijing stores added up to few dozen customers, were in sharp contrast to previous years, when hundreds used to wait for hours outside Apple's shops to be the first to grab its latest offerings.

But much of the fanfare in China has moved online where the pre-sales for iPhone 11, priced between $699 and $1,099, started last week.

Analysts said they had gotten off to a better start than the last cycle a year ago. Chinese e-commerce site JD.com said day one pre-sales for the iPhone 11 series were up 480% versus comparable sales for the iPhone XR last year.

Among the customers who went to a store in Beijing on Friday to make a purchase in person was a programmer who only gave his surname as Liu and said that he has owned a model from every Apple series since the 3G range.

He said he was particularly attracted to the more expensive iPhone 11 Pro, which has three cameras on the back. "When it comes to taking photos, it's better for night shots and the image is clearer", he told Reuters.

Other customers, however, said that they were concerned that the range was not enabled for fifth-generation networks, putting them behind 5G models already released by China's Huawei Technologies and smaller rival Vivo, and expressed hopes that Apple could make it happen for its next line-up.

Apple's latest iPhone 11 range hit stores in China on Friday, with short queues of die-hard fans contrasting with the hundreds who camped out ahead of previous launches.

Apple's latest iPhone 11 range hit stores in China on Friday, with short queues of die-hard fans contrasting with the hundreds who camped out ahead of previous launches. The sales performance of the US tech giant's latest line-up is being closely watched in the world's largest smartphone market, where Apple has been losing ground to competitors with cheaper and feature-packed handsets in recent years. The queues at the Shanghai and Beijing stores added up to few dozen customers, were in sharp contrast to previous years, when hundreds used to wait for hours outside Apple's shops to be the first to grab its latest offerings. But much of the fanfare in China has moved online where the pre-sales for iPhone 11, priced between $699 and $1,099, started last week. Analysts said they had gotten off to a better start than the last cycle a year ago. Chinese e-commerce site JD.com said day one pre-sales for the iPhone 11 series were up 480% versus comparable sales for the iPhone XR last year. Among the customers who went to a store in Beijing on Friday to make a purchase in person was a programmer who only gave his surname as Liu and said that he has owned a model from every Apple series since the 3G range. He said he was particularly attracted to the more expensive iPhone 11 Pro, which has three cameras on the back. "When it comes to taking photos, it's better for night shots and the image is clearer", he told Reuters. Other customers, however, said that they were concerned that the range was not enabled for fifth-generation networks, putting them behind 5G models already released by China's Huawei Technologies and smaller rival Vivo, and expressed hopes that Apple could make it happen for its next line-up.

No crowds as Apple's iPhone 11 hits stores in China

Finance Minister Nirmala Sitharaman is likely to unveil measures to boost economic growth, which slipped to a six-year low of 5% in the April-June quarter, two government sources said on Thursday.

The measures include a review of import tariffs on certain items ahead of Prime Minister Narendra Modi's visit to the United States, the sources said.

"We are waiting for the approval from the prime minister's office, and the measures could be announced on Friday," one of the government sources told Reuters.

The sources declined to be named as they were not authorized to speak to the media.

Any relaxation of tariffs on US&nbsp;imports would be seen as a step in easing a trade row between the two countries that has accelerated in Modi's second term.

The trade row has prompted both countries to raise tariffs and created unease over the depth of their security alliance.

The federal government is also urging the Goods and Services Tax (GST) council to cut tax rates on items including auto sector products and tourism, said one of the sources, who attended a meeting of state and federal officials in Panaji on Thursday to discuss the impact of the economic slowdown and implications of possible tax cuts.

Some states oppose tax cuts as they fear it would impact their revenue collections, and may not boost sales, he said.

Finance ministry officials have warned that the economic slowdown has led to lower tax collections, and they may have to utilize an extra dividend of nearly 580 billion rupees&nbsp;this year from the central bank to fund budgeted spending.

"We were planning to spend RBI money (the extra dividend) for new investments. It does not seem possible now," said one of the sources.

The government would have to resort to spending cuts in the January-March quarter because of a fall in tax collections and stiff fiscal deficit target for this year, the sources said.

As the government seeks to keep liquidity flowing, Sitharaman urged banks on Thursday to increase lending to small businesses and retail borrowers to spur spending ahead of the final quarter festive season.

Finance Minister Nirmala Sitharaman is likely to unveil measures to boost economic growth, which slipped to a six-year low of 5% in the April-June quarter, two government sources said on Thursday.

Finance Minister Nirmala Sitharaman is likely to unveil measures to boost economic growth, which slipped to a six-year low of 5% in the April-June quarter, two government sources said on Thursday. The measures include a review of import tariffs on certain items ahead of Prime Minister Narendra Modi's visit to the United States, the sources said. "We are waiting for the approval from the prime minister's office, and the measures could be announced on Friday," one of the government sources told Reuters. The sources declined to be named as they were not authorized to speak to the media. Any relaxation of tariffs on US imports would be seen as a step in easing a trade row between the two countries that has accelerated in Modi's second term. The trade row has prompted both countries to raise tariffs and created unease over the depth of their security alliance. The federal government is also urging the Goods and Services Tax (GST) council to cut tax rates on items including auto sector products and tourism, said one of the sources, who attended a meeting of state and federal officials in Panaji on Thursday to discuss the impact of the economic slowdown and implications of possible tax cuts. Some states oppose tax cuts as they fear it would impact their revenue collections, and may not boost sales, he said. Finance ministry officials have warned that the economic slowdown has led to lower tax collections, and they may have to utilize an extra dividend of nearly 580 billion rupees this year from the central bank to fund budgeted spending. "We were planning to spend RBI money (the extra dividend) for new investments. It does not seem possible now," said one of the sources. The government would have to resort to spending cuts in the January-March quarter because of a fall in tax collections and stiff fiscal deficit target for this year, the sources said. As the government seeks to keep liquidity flowing, Sitharaman urged banks on Thursday to increase lending to small businesses and retail borrowers to spur spending ahead of the final quarter festive season.

Finance Minister Nirmala Sitharaman likely to unveil measures to boost economic growth: Sources

The Federation of Indian Chambers of Commerce and Industry (FICCI) said on Friday that lowering of income tax on corporates will unleash the animal spirits of corporate India and reinvigorate manufacturing sector which has been going through a difficult phase of late.

"With the kind of corporate tax rate cuts announced today, India now becomes a competitive market in the region with our rates similar to those prevailing in the ASEAN countries," said FICCI President Sandip Somany.

"This trigger will lead to a virtuous cycle of investments, growth and higher employment," he said in a statement.

The additional measures announced to stabilise flow of funds to capital markets by not applying the enhanced rate of surcharge on capital gains arising from sale of equity shares and units of equity funds is another major positive.

"This will make India an even more attractive destination for funds flow and is bound to draw much greater attention from foreign institutional investors," said Somany.

At the same time, the decision to allow CSR funds to be used for supporting incubators set up by central and state governments as well as supporting universities, autonomous institutions as well as research bodies that are publicly funded clearly indicates that the government wishes to promote public private partnership in scientific research and development and make India move up the innovation ladder, he added.&nbsp;

The Federation of Indian Chambers of Commerce and Industry (FICCI) said on Friday that lowering of income tax on corporates will unleash the animal spirits of corporate India and reinvigorate manufacturing sector which has been going through a difficult phase of late.

The Federation of Indian Chambers of Commerce and Industry (FICCI) said on Friday that lowering of income tax on corporates will unleash the animal spirits of corporate India and reinvigorate manufacturing sector which has been going through a difficult phase of late. "With the kind of corporate tax rate cuts announced today, India now becomes a competitive market in the region with our rates similar to those prevailing in the ASEAN countries," said FICCI President Sandip Somany. "This trigger will lead to a virtuous cycle of investments, growth and higher employment," he said in a statement. The additional measures announced to stabilise flow of funds to capital markets by not applying the enhanced rate of surcharge on capital gains arising from sale of equity shares and units of equity funds is another major positive. "This will make India an even more attractive destination for funds flow and is bound to draw much greater attention from foreign institutional investors," said Somany. At the same time, the decision to allow CSR funds to be used for supporting incubators set up by central and state governments as well as supporting universities, autonomous institutions as well as research bodies that are publicly funded clearly indicates that the government wishes to promote public private partnership in scientific research and development and make India move up the innovation ladder, he added.

Tax reliefs to corporates will act as a booster dose to revive growth: FICCI

After a historic run on Friday, equity indices today afternoon ended at a record high with BSE Sensex closing at 38,014.62, 1,921.15 above its previous close of 36,093.47.

Both the broader NSE Nifty and the benchmark BSE Sensex closed 5.3 per cent higher, finishing the week with gains of more than 1.5 per cent.

The rupee, which rose as much as 0.9 per cent to 70.68 against the dollar after the announcement, pared some gains to trade at 71.05 by 10:15 GMT.

The domestic stock market, earlier in the day, registered their biggest single-day gain in more than a decade after the government announced <a href="https://www.wionews.com/india-news/we-propose-to-slash-corporate-tax-rates-for-domestic-companies-finance-minister-nirmala-sitharaman-250730">deep cuts in corporate taxes</a> to revive flagging growth in Asia's third-largest economy.

At 2:00 pm, the Sensex was at 38,313.65, higher by 2,220.18 points from the previous close of 36,093.47 points.

The NSE Nifty50 was trading at 11,379.60, higher by 674.80 points from the previous close.

The boost followed Finance Minister Nirmala Sitharam's announcement of cutting down the corporate tax rate to 25.17 per cent from 30 per cent.&nbsp;

"The reduction in corporate tax rate will "augur well for our economy," Reserve Bank of India chief Shaktikanta Das said.&nbsp;

Prime Minister <a href="https://www.wionews.com/india-news/its-a-win-win-for-130-crore-indians-pm-modi-on-corporate-tax-rate-cut-250811">Narendra Modi hailed the move</a> and called it "historic".&nbsp;

The prime minister said that the move will attract private investment from all across the world and is a "win-win for 130 crore Indians".

After a historic run on Friday, equity indices today afternoon ended at a record high with BSE Sensex closing at 38,014.62, 1,921.15 above its previous close of 36,093.

After a historic run on Friday, equity indices today afternoon ended at a record high with BSE Sensex closing at 38,014.62, 1,921.15 above its previous close of 36,093.47. Both the broader NSE Nifty and the benchmark BSE Sensex closed 5.3 per cent higher, finishing the week with gains of more than 1.5 per cent. The rupee, which rose as much as 0.9 per cent to 70.68 against the dollar after the announcement, pared some gains to trade at 71.05 by 10:15 GMT. The domestic stock market, earlier in the day, registered their biggest single-day gain in more than a decade after the government announced deep cuts in corporate taxes to revive flagging growth in Asia's third-largest economy. At 2:00 pm, the Sensex was at 38,313.65, higher by 2,220.18 points from the previous close of 36,093.47 points. The NSE Nifty50 was trading at 11,379.60, higher by 674.80 points from the previous close. The boost followed Finance Minister Nirmala Sitharam's announcement of cutting down the corporate tax rate to 25.17 per cent from 30 per cent. "The reduction in corporate tax rate will "augur well for our economy," Reserve Bank of India chief Shaktikanta Das said. Prime Minister Narendra Modi hailed the move and called it "historic". The prime minister said that the move will attract private investment from all across the world and is a "win-win for 130 crore Indians".

Sensex ends 1,921 points higher after fresh booster shot from government 

Britain's bailed-out <a href="https://www.wionews.com/business-economy/rbs-to-appoint-alison-rose-as-ceo-in-coming-weeks-report-242063">Royal Bank of Scotland</a> (RBS) on Friday appointed a long-serving banker Alison Rose as its Chief Executive, making her the first female boss of a major UK lender.

Rose, currently the Deputy Head of both NatWest Holdings and the bank's commercial and private banking, business, will replace Ross McEwan on November 1, the company said in a statement.

"I am delighted that we have appointed Alison as our new CEO", said RBS Chairman Howard Davies.

"She brings extensive experience and a track record of success from her previous roles at the bank", he added.

Rose, who has worked at the Edinburgh-based giant for 27 years, takes the helm amid a period of heightened global turmoil that includes Brexit, the US-China trade war, and faltering economic growth.

"This is an exciting time as we enter a new chapter for this bank", she said in the statement.

"Our industry is facing a series of challenges; from the ongoing economic and political uncertainty to shifts in the behaviour and expectations of our customers, driven by rapid advances in technology... It will be my priority to make sure we are ready to meet these challenges", she added.

McEwan will step down on October 31 after holding the top job since 2013, having steered it through a steady recovery following a government bailout during the 2008 global financial crisis.

The New Zealander is leaving RBS to become the Chief Executive at National Australia Bank.

RBS is still 62 per cent owned by the government after receiving the world's biggest banking bailout during the crisis.

Britain's bailed-out Royal Bank of Scotland (RBS) on Friday appointed a long-serving banker Alison Rose as its Chief Executive, making her the first female boss of a major UK lender.

Britain's bailed-out Royal Bank of Scotland (RBS) on Friday appointed a long-serving banker Alison Rose as its Chief Executive, making her the first female boss of a major UK lender. Rose, currently the Deputy Head of both NatWest Holdings and the bank's commercial and private banking, business, will replace Ross McEwan on November 1, the company said in a statement. "I am delighted that we have appointed Alison as our new CEO", said RBS Chairman Howard Davies. "She brings extensive experience and a track record of success from her previous roles at the bank", he added. Rose, who has worked at the Edinburgh-based giant for 27 years, takes the helm amid a period of heightened global turmoil that includes Brexit, the US-China trade war, and faltering economic growth. "This is an exciting time as we enter a new chapter for this bank", she said in the statement. "Our industry is facing a series of challenges; from the ongoing economic and political uncertainty to shifts in the behaviour and expectations of our customers, driven by rapid advances in technology... It will be my priority to make sure we are ready to meet these challenges", she added. McEwan will step down on October 31 after holding the top job since 2013, having steered it through a steady recovery following a government bailout during the 2008 global financial crisis. The New Zealander is leaving RBS to become the Chief Executive at National Australia Bank. RBS is still 62 per cent owned by the government after receiving the world's biggest banking bailout during the crisis.

Royal Bank of Scotland names Alison Rose as Chief Executive

The domestic stock markets indices Sensex and Nifty registered their biggest single-day gain in more than a decade after the government announced deep cuts in corporate taxes to revive flagging growth in Asia's third-largest economy.

The domestic stock markets indices Sensex and Nifty registered their biggest single-day gain in more than a decade after the government announced deep cuts in corporate taxes to revive flagging growth in Asia's third-largest economy. At 2:00 pm, the Sensex was at 38,313.65, higher by 2,220.18 points from the previous close of 36,093.47 points. The NSE Nifty50 was trading at 11,379.60, higher by 674.80 points from the previous close. Finance Minister Nirmala Sitharaman said the effective corporate tax rate would be lowered to 25.17% from 30% and scrapped the minimum alternative tax for domestic companies. "The reduction in corporate tax rate will "augur well for our economy," Reserve Bank of India chief Shaktikanta Das said, speaking at a conference in Mumbai. The rupee rose as much as 0.9% to 70.68 against the dollar, its strongest level since Aug 9, while the yield on benchmark 10-year bond rose to 6.71% versus 6.57% in early trading. Shares of top private-sector lender HDFC Bank Ltd, soared nearly 10% - their most in over six years, sending the Nifty Bank index up 6.7%. Corporate earnings may see an almost 12% jump in the next quarter for full tax-paying companies due to the cut, and the markets can go up nearly 10%, Oza said, adding that foreign investors would cheer these measures. The Nifty Auto index jumped 7.9%, its sharpest intraday climb since July 2011, with Eicher Motors Ltd surging 24%. (With inputs from Reuters)

Sensex surges over 2200 points after Finance Minister’s corporate tax cut announcement

Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday said that there was no recession as of today in the global economy but there was a hostile environment to which India's external sector had shown great resilience and viability.

"India's external sector has exhibited resilience and viability. The current account deficit has averaged 1.4 per cent of GDP over the last 5 years and remains comfortably financed in spite of global spillovers imparting risk-on-risk-off volatility to portfolio flows," Das said in his keynote address at the Bloomberg India Economic Forum 2019 here.

"The level of foreign exchange reserves was at $429 billion on September 13, sufficient to cover close to 10 months of imports or 21 months of debt of residual maturity up to 1 year," added Das.

"The Indian economy remains a preferred habitat for foreign direct investment (FDI) and is among the top 10 destinations for greenfield projects," said Das.

Praising India's service exports, Das said, "In line with the expanding share of services in domestic output, India's services exports have grown rapidly over the past two decades."

He said that in fact, India's services exports have shown a higher degree of resilience to global shocks than merchandise exports.

"At $81.9 billion, net services exports financed 45 per cent of India's trade deficit in 2018-19," he said.

He also said that India still was the world leader in software exports and information technology (IT) enabled services, accounting for around 12 per cent of world software exports.

"The global environment is challenging, but it offers opportunities as well. By the IMF's assessment, India will account for a sixth of global growth in 2020," said the RBI chief.

"Trade wars are presenting new business relocation avenues that seem to be favorable to India from the point of view of the economies of scale and scope. Indian entrepreneurship, the rupee, and our people are progressively but inexorably internationalising," added Das.&nbsp;

 
&nbsp;

Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday said that there was no recession as of today in the global economy but there was a hostile environment to which India's external sector had shown great resilience and viability.

Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday said that there was no recession as of today in the global economy but there was a hostile environment to which India's external sector had shown great resilience and viability. "India's external sector has exhibited resilience and viability. The current account deficit has averaged 1.4 per cent of GDP over the last 5 years and remains comfortably financed in spite of global spillovers imparting risk-on-risk-off volatility to portfolio flows," Das said in his keynote address at the Bloomberg India Economic Forum 2019 here. "The level of foreign exchange reserves was at $429 billion on September 13, sufficient to cover close to 10 months of imports or 21 months of debt of residual maturity up to 1 year," added Das. "The Indian economy remains a preferred habitat for foreign direct investment (FDI) and is among the top 10 destinations for greenfield projects," said Das. Praising India's service exports, Das said, "In line with the expanding share of services in domestic output, India's services exports have grown rapidly over the past two decades." He said that in fact, India's services exports have shown a higher degree of resilience to global shocks than merchandise exports. "At $81.9 billion, net services exports financed 45 per cent of India's trade deficit in 2018-19," he said. He also said that India still was the world leader in software exports and information technology (IT) enabled services, accounting for around 12 per cent of world software exports. "The global environment is challenging, but it offers opportunities as well. By the IMF's assessment, India will account for a sixth of global growth in 2020," said the RBI chief. "Trade wars are presenting new business relocation avenues that seem to be favorable to India from the point of view of the economies of scale and scope. Indian entrepreneurship, the rupee, and our people are progressively but inexorably internationalising," added Das.

No recession in global economy, India's external sector shows great resilience, viability: RBI governor

Equity benchmark indices were in the red during early hours on Thursday on the back of mixed global cues and selling pressure across various segments.

At 10:15 am, the BSE S&amp;P Sensex was down by 268 points at 36,295 while the Nifty 50 slipped by 77 points to 10,764.

At the National Stock Exchange, all sectoral indices except for Nifty FMCG were in the negative zone. Nifty PSU bank slipped by 1.7 per cent while the private bank was down by 1.2 per cent, metal by 1.4 per cent and pharma by 1.2 per cent.

Among stocks, Yes Bank lost by 5.4 per cent to Rs 60.60 per share while ICICI Bank was down by 2.7 per cent, IndusInd Bank by 2.5 per cent and State Bank of India by 1.8 per cent.

Tata Steel and JSW Steel were down by 2.4 per cent and 2.2 per cent respectively.

However, those which showed some gains were FMCG majors Britannia and Hindustan Lever, Tata Motors, Bharti Airtel and Asian Paints.

Meanwhile, Asian shares turned lower after the US Federal Reserve cut interest rates by 25 basis points. It was the second Fed rate cut this year.

MSCI's broadest index of Asia Pacific shares outside Japan fell by 0.36 per cent. Hong Kong shares shed by 0.96 per cent but Japan's Nikkei rose by 1.01 per cent.

Central banks around the world have been loosening policy to counter the risks of low inflation and recession. Easier monetary policy generally supports equities.

Equity benchmark indices were in the red during early hours on Thursday on the back of mixed global cues and selling pressure across various segments. At 10:15 am, the BSE S&P Sensex was down by 268 points at 36,295 while the Nifty 50 slipped by 77 points to 10,764.

Equity benchmark indices were in the red during early hours on Thursday on the back of mixed global cues and selling pressure across various segments. At 10:15 am, the BSE S&P Sensex was down by 268 points at 36,295 while the Nifty 50 slipped by 77 points to 10,764. At the National Stock Exchange, all sectoral indices except for Nifty FMCG were in the negative zone. Nifty PSU bank slipped by 1.7 per cent while the private bank was down by 1.2 per cent, metal by 1.4 per cent and pharma by 1.2 per cent. Among stocks, Yes Bank lost by 5.4 per cent to Rs 60.60 per share while ICICI Bank was down by 2.7 per cent, IndusInd Bank by 2.5 per cent and State Bank of India by 1.8 per cent. Tata Steel and JSW Steel were down by 2.4 per cent and 2.2 per cent respectively. However, those which showed some gains were FMCG majors Britannia and Hindustan Lever, Tata Motors, Bharti Airtel and Asian Paints. Meanwhile, Asian shares turned lower after the US Federal Reserve cut interest rates by 25 basis points. It was the second Fed rate cut this year. MSCI's broadest index of Asia Pacific shares outside Japan fell by 0.36 per cent. Hong Kong shares shed by 0.96 per cent but Japan's Nikkei rose by 1.01 per cent. Central banks around the world have been loosening policy to counter the risks of low inflation and recession. Easier monetary policy generally supports equities.

Sensex falls by 268 points; Nifty at 10,000