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India imposed trading restrictions on 162 listed entities identified as shell companies, a surprise move that analysts said was part of a broad crackdown on illegal offshore transfers and tax evasion.

The announcement by the Securities Exchange Board of India (SEBI) late on Monday did not say what illegal activities the companies may have been engaged in.

The restrictions include limiting trading in the affected companies to once a month and curbs in the trading of shares held by the promoters and directors of the companies.

The government has been going after companies it suspects of engaging in irregular transactions after a ban on high-value currency bills late last year, including transferring money abroad illegally, or &quot;black money,&quot; and evading taxes.

Some analysts said the trading restrictions had taken investors by surprise.

&quot;(Investors) should wait for the full facts to emerge,&quot; Amit Tandon, founder and managing director of shareholder rights group Institutional Investor Advisory Services, said in a chat room operated by Reuters.

&quot;If these companies indeed have been used for money-laundering, then strict penal action needs to be taken. If not, they need to be excluded from this order.&quot;

SEBI did not immediately respond to a request for comment.

SQS India BFSI Ltd, one of the companies identified in the list, expressed shock at its inclusion in the list.

&quot;We would like to categorically state that the company has been following all the rules and regulations,&quot; it said in an exchange filing.

&quot;We, therefore, find it quite shocking that the company has been placed under this surveillance list.&quot;

The restrictions include limiting trading in the affected companies to once a month and curbs in the trading of shares held by the promoters and directors of the companies

India imposed trading restrictions on 162 listed entities identified as shell companies, a surprise move that analysts said was part of a broad crackdown on illegal offshore transfers and tax evasion. The announcement by the Securities Exchange Board of India (SEBI) late on Monday did not say what illegal activities the companies may have been engaged in. The restrictions include limiting trading in the affected companies to once a month and curbs in the trading of shares held by the promoters and directors of the companies. The government has been going after companies it suspects of engaging in irregular transactions after a ban on high-value currency bills late last year, including transferring money abroad illegally, or "black money," and evading taxes. Some analysts said the trading restrictions had taken investors by surprise. "(Investors) should wait for the full facts to emerge," Amit Tandon, founder and managing director of shareholder rights group Institutional Investor Advisory Services, said in a chat room operated by Reuters. "If these companies indeed have been used for money-laundering, then strict penal action needs to be taken. If not, they need to be excluded from this order." SEBI did not immediately respond to a request for comment. SQS India BFSI Ltd, one of the companies identified in the list, expressed shock at its inclusion in the list. "We would like to categorically state that the company has been following all the rules and regulations," it said in an exchange filing. "We, therefore, find it quite shocking that the company has been placed under this surveillance list."

SEBI imposes trading curbs on suspected shell companies

Sensex&nbsp;slipped on Monday, dragged down by IT stocks, while the decline was capped by gains in Tata Steel&nbsp;on expectations of strong quarterly results.

The benchmark BSE&nbsp;Sensex&nbsp;fell 0.16 per cent to 32,273.67, while the broader NSE Nifty ended 0.09 per cent lower at 10,057.40.

The benchmark BSE?Sensex?fell 0.16 per cent to 32,273.67, while the broader NSE Nifty ended 0.09 per cent lower at 10,057.40.

Sensex slipped on Monday, dragged down by IT stocks, while the decline was capped by gains in Tata Steel on expectations of strong quarterly results. The benchmark BSE Sensex fell 0.16 per cent to 32,273.67, while the broader NSE Nifty ended 0.09 per cent lower at 10,057.40.

Sensex edges down, Tata Steel rises

International Business Machines said on Monday it will appeal an Indiana judge&#39;s ruling that calls for the technology company to pay more than $78 million in damages to the state for failing to modernize the government&#39;s welfare system.

Marion Superior Court Judge Heather Welch ruled on Friday that Indiana was entitled to $128 million in damages for the breach of contract by the company. Welch also said&nbsp;IBM&nbsp;was entitled to nearly $50 million in damages for equipment fees and related costs, according to court documents.

IBM&nbsp;and Indiana in 2006 signed a contract under which the company would modernise the state&#39;s welfare system. But the state terminated the contract three years later, claiming&nbsp;IBM&nbsp;fell short of the stated goals.

&quot;IBM&nbsp;will appeal this decision which is contradicted by the facts and the law,&quot;&nbsp;IBM&nbsp;spokesman Clint Roswell said in a statement on Monday.

&quot;IBM&nbsp;worked diligently and invested significant resources ... to help turn around a welfare system described at the time by Indiana&#39;s governor as one of the worst in the nation,&quot; he added.

State officials said on Monday that they were pleased with the decision.

&quot;This is a very positive step forward to vindicate the actions the state took in 2009 to terminate the contract with&nbsp;IBM,&quot; Indiana Governor Eric Holcomb said in a statement. &quot;We look forward to the resolution of the lawsuit.&quot;

One of the state&#39;s attorneys, Peter Rusthoven, said&nbsp;IBM&nbsp;&quot;refused all along to take responsibility for its poor performance.&quot;

IBM&nbsp;and Indiana sued each other in 2010, alleging breach of contract.

The two cases were consolidated and a judge in 2012 found no breach of contract by&nbsp;IBM, which was awarded $49.5 million in past-due fees after a six-week bench trial in Marion Superior Court.

Both parties appealed and the state Supreme Court found last year that&nbsp;IBM&nbsp;breached the contract and sent the case to Welch&#39;s court to determine damages.

&nbsp;

Marion Superior Court Judge Heather Welch ruled on Friday that Indiana was entitled to $128 million in damages for the breach of contract by the company

International Business Machines said on Monday it will appeal an Indiana judge's ruling that calls for the technology company to pay more than $78 million in damages to the state for failing to modernize the government's welfare system. Marion Superior Court Judge Heather Welch ruled on Friday that Indiana was entitled to $128 million in damages for the breach of contract by the company. Welch also said IBM was entitled to nearly $50 million in damages for equipment fees and related costs, according to court documents. IBM and Indiana in 2006 signed a contract under which the company would modernise the state's welfare system. But the state terminated the contract three years later, claiming IBM fell short of the stated goals. "IBM will appeal this decision which is contradicted by the facts and the law," IBM spokesman Clint Roswell said in a statement on Monday. "IBM worked diligently and invested significant resources ... to help turn around a welfare system described at the time by Indiana's governor as one of the worst in the nation," he added. State officials said on Monday that they were pleased with the decision. "This is a very positive step forward to vindicate the actions the state took in 2009 to terminate the contract with IBM," Indiana Governor Eric Holcomb said in a statement. "We look forward to the resolution of the lawsuit." One of the state's attorneys, Peter Rusthoven, said IBM "refused all along to take responsibility for its poor performance." IBM and Indiana sued each other in 2010, alleging breach of contract. The two cases were consolidated and a judge in 2012 found no breach of contract by IBM, which was awarded $49.5 million in past-due fees after a six-week bench trial in Marion Superior Court. Both parties appealed and the state Supreme Court found last year that IBM breached the contract and sent the case to Welch's court to determine damages.

IBM to appeal judge's order to pay $78 million to Indiana

Indian shares ended lower for a second consecutive session on Tuesday on concerns over a broad government crackdown on suspected illegal offshore transfers and tax evasion after an unexpected regulatory order by the capital markets regulator.

Financial and consumer stocks were top contributors to the fall.

The benchmark BSE&nbsp;Sensex&nbsp;closed down 0.80 per cent at 32,014.19, its lowest close since July 20.

The broader NSE Nifty ended 0.78 per cent lower at 9,978.55, its lowest close in two weeks.

Financials dragged after a broad government crackdown on suspected illegal offshore transfers and tax evasion after an unexpected regulatory order by the capital markets regulator

Indian shares ended lower for a second consecutive session on Tuesday on concerns over a broad government crackdown on suspected illegal offshore transfers and tax evasion after an unexpected regulatory order by the capital markets regulator. Financial and consumer stocks were top contributors to the fall. The benchmark BSE Sensex closed down 0.80 per cent at 32,014.19, its lowest close since July 20. The broader NSE Nifty ended 0.78 per cent lower at 9,978.55, its lowest close in two weeks.

Sensex dips further after govt crackdown on tax evasion

The chief executive officer (CEO) of Mercedes-Benz India, Roland Folger, has criticised the decision of the GST Council to hike cess on luxury vehicles.

He said the move will hurt the growth of the luxury car segment in the country.

&quot;We are highly disappointed with the decision. We believe this will be a strong deterrent to the growth of luxury cars in this country. As a leading luxury car maker, this will also affect our future plans of expansion under &#39;Make in India&#39; initiative, which aims at making and selling world-class products in India, with the latest technology for end consumers,&quot; Folger said.

He also said that the hike in cess will impact the volumes.

The head of the luxury car maker said that &quot;by making better technology expensive the government is causing more damage to the environment and slowing down the overall growth pace of the country&#39;s economic growth&quot;.

The <a href="http://www.wionews.com/business-economy/suvs-luxury-cars-to-cost-more-as-gst-council-approves-hike-in-cess-18666" target="_blank">GST Council has approved a proposal to hike cess</a> on SUVs and luxury cars to 25 per cent from the 15 per cent now.

he was reacting to news of hike in cess recommended by the GST Council on luxury vehicles

The chief executive officer (CEO) of Mercedes-Benz India, Roland Folger, has criticised the decision of the GST Council to hike cess on luxury vehicles. He said the move will hurt the growth of the luxury car segment in the country. "We are highly disappointed with the decision. We believe this will be a strong deterrent to the growth of luxury cars in this country. As a leading luxury car maker, this will also affect our future plans of expansion under 'Make in India' initiative, which aims at making and selling world-class products in India, with the latest technology for end consumers," Folger said. He also said that the hike in cess will impact the volumes. The head of the luxury car maker said that "by making better technology expensive the government is causing more damage to the environment and slowing down the overall growth pace of the country's economic growth". The GST Council has approved a proposal to hike cess on SUVs and luxury cars to 25 per cent from the 15 per cent now.

Hike in cess will hurt growth of luxury car segment: Mercedes-Benz CEO

SUVs, mid-sized, large and luxury cars that had become cheaper after GST rollout on July 1 will cost more as the GST Council has approved a proposal to hike cess on them to 25 per cent, from 15 per cent now.

Under the new GST regime, cars attract the top tax rate of 28 per cent. On top of this, a cess of 1-15 per cent is levied on them to create a corpus to compensate states for loss of revenue from GST implementation.

The finance ministry, in a statement, said that after introduction of GST, the total tax on motor vehicles (GST plus compensation cess) has come down vis-a-vis the total incidence in pre-GST regime.

&quot;The GST Council considered this issue in its 20th meeting held on August 5 and recommended that the central government may move legislative amendments required for increasing the maximum ceiling of cess leviable on motor vehicles falling under headings 8702 and 8703 to 25 per cent instead of the present 15 per cent,&quot; the statement read.

The decision on when to raise the actual cess leviable on the same will be taken by the GST Council in due course, it added.

The increase in compensation cess will require amendment to the Schedule to section 8 of the GST (Compensation to a State) Act, 2017.

The vehicles that fall under headings 8702 and 8703 include mid-segment, large cars, SUVs and motor vehicles which can carry more than 10 persons, but less than 13.

Also, hybrid vehicles with engine capacity of more than 1500 cc and mid segment hybrid cars of less than 1500 cc fall in the category.

The Goods and Services Tax (GST) Fitment Committee -- which is responsible for calculating the tax rates on various goods and services -- at its meeting on July 25 felt that the total tax incidence in GST seems to have come down vis-a-vis pre-GST total tax figure.

The highest pre-GST tax incidence on motor vehicles worked out to about 52-54.72 per cent, to which 2.5 per cent was added on account of CST, octroi etc. Against this, post- GST, the total tax incidence came to 43 per cent.

After 28 per cent GST, to maintain the pre-GST tax incidence, the highest compensation cess rate required will have to be 25 per cent, the fitment committee felt. Against this, the ceiling rate of compensation cess on motor vehicles is 15 per cent.

Prices of most SUVs were cut between Rs 1.1 lakh and Rs 3 lakh following implementation of GST, which subsumed over a dozen central and state levies like excise duty, service tax and VAT, from July 1.

While all cars attract a peak GST rate of 28 per cent, large motor vehicles, SUVs, mid-segment, large, hybrid cars and hybrid motor vehicles attract a cess of 15 per cent on top of it. Small petrol cars of less than 4 metres and 1200 cc are marked for a cess of 1 per cent while small diesel cars of less than 4 meters and 1500 cc engine are levied a cess of 3 per cent.

The cess collected on cars as also tobacco and coal will be used to compensate the revenue loss of states by implementing GST. For this, a separate statute has been passed by Parliament. This prescribes the maximum cess rate.

And now, to change that cess rate, an amendment to this law will be needed.&nbsp;

Under the new GST regime, cars attract the top tax rate of 28 per cent

SUVs, mid-sized, large and luxury cars that had become cheaper after GST rollout on July 1 will cost more as the GST Council has approved a proposal to hike cess on them to 25 per cent, from 15 per cent now. Under the new GST regime, cars attract the top tax rate of 28 per cent. On top of this, a cess of 1-15 per cent is levied on them to create a corpus to compensate states for loss of revenue from GST implementation. The finance ministry, in a statement, said that after introduction of GST, the total tax on motor vehicles (GST plus compensation cess) has come down vis-a-vis the total incidence in pre-GST regime. "The GST Council considered this issue in its 20th meeting held on August 5 and recommended that the central government may move legislative amendments required for increasing the maximum ceiling of cess leviable on motor vehicles falling under headings 8702 and 8703 to 25 per cent instead of the present 15 per cent," the statement read. The decision on when to raise the actual cess leviable on the same will be taken by the GST Council in due course, it added. The increase in compensation cess will require amendment to the Schedule to section 8 of the GST (Compensation to a State) Act, 2017. The vehicles that fall under headings 8702 and 8703 include mid-segment, large cars, SUVs and motor vehicles which can carry more than 10 persons, but less than 13. Also, hybrid vehicles with engine capacity of more than 1500 cc and mid segment hybrid cars of less than 1500 cc fall in the category. The Goods and Services Tax (GST) Fitment Committee -- which is responsible for calculating the tax rates on various goods and services -- at its meeting on July 25 felt that the total tax incidence in GST seems to have come down vis-a-vis pre-GST total tax figure. The highest pre-GST tax incidence on motor vehicles worked out to about 52-54.72 per cent, to which 2.5 per cent was added on account of CST, octroi etc. Against this, post- GST, the total tax incidence came to 43 per cent. After 28 per cent GST, to maintain the pre-GST tax incidence, the highest compensation cess rate required will have to be 25 per cent, the fitment committee felt. Against this, the ceiling rate of compensation cess on motor vehicles is 15 per cent. Prices of most SUVs were cut between Rs 1.1 lakh and Rs 3 lakh following implementation of GST, which subsumed over a dozen central and state levies like excise duty, service tax and VAT, from July 1. While all cars attract a peak GST rate of 28 per cent, large motor vehicles, SUVs, mid-segment, large, hybrid cars and hybrid motor vehicles attract a cess of 15 per cent on top of it. Small petrol cars of less than 4 metres and 1200 cc are marked for a cess of 1 per cent while small diesel cars of less than 4 meters and 1500 cc engine are levied a cess of 3 per cent. The cess collected on cars as also tobacco and coal will be used to compensate the revenue loss of states by implementing GST. For this, a separate statute has been passed by Parliament. This prescribes the maximum cess rate. And now, to change that cess rate, an amendment to this law will be needed.

SUVs, luxury cars to cost more as GST Council approves hike in cess

Infosys today refused a request from its founder N R Narayana Murthy to disclose a report by an external consultant on the alleged wrongdoing in Panaya acquisition.

Infosys had hired Khaitan &amp; Company to look into a controversy surrounding the Panaya acquisition after a whistleblower in an email had alleged that the company&#39;s management had wrongly acquired the Israeli automation technology company. In February last year, Infosys had announced it was buying Panaya for $200 million (Rs 1,250 crore) in cash.

&quot;The company does not plan to make the report public,&quot; Infosys said in a statement.

In its website the company gave a summary of the report, saying, it had not found&nbsp;any &quot;evidence that the CEO received excessive variable compensation or incurred unreasonable expenses for security, travel and the Palo Alto office.&quot;

&quot;We found no evidence of inappropriate contracting and&nbsp;no evidence that the Mergers and Acquisitions team failed to obtain&nbsp;appropriate approvals.&quot;

&quot;We found no evidence supporting the whistleblower&rsquo;s allegations regarding the acquisitions &ndash; there were no conflicts of interest or kickbacks, required approvals for the acquisitions were obtained, thorough due diligence was conducted, the valuations of the target companies done by an outside financial advisor were reasonable, and the purchase prices were within the range of values determined by that advisor,&quot; the statement added.

Summary of Infosys statement - <a href="https://www.infosys.com/newsroom/press-releases/Pages/conclusion-independent-investigation-statement.aspx">Click here</a>

Murthy and CEO Vishal Sikka have clashed in the media on several occasions in the past year over pay and severance package of the company. Murthy had questioned Infosys management&#39;s decision after the media reported former finance chief Rajiv Bansal was paid $2.6 million as part of his severance package.

Infosys had hired Khaitan & Company to look into a controversy surrounding the Panaya acquisition

Infosys today refused a request from its founder N R Narayana Murthy to disclose a report by an external consultant on the alleged wrongdoing in Panaya acquisition. Infosys had hired Khaitan & Company to look into a controversy surrounding the Panaya acquisition after a whistleblower in an email had alleged that the company's management had wrongly acquired the Israeli automation technology company. In February last year, Infosys had announced it was buying Panaya for $200 million (Rs 1,250 crore) in cash. "The company does not plan to make the report public," Infosys said in a statement. In its website the company gave a summary of the report, saying, it had not found any "evidence that the CEO received excessive variable compensation or incurred unreasonable expenses for security, travel and the Palo Alto office." "We found no evidence of inappropriate contracting and no evidence that the Mergers and Acquisitions team failed to obtain appropriate approvals." "We found no evidence supporting the whistleblower’s allegations regarding the acquisitions – there were no conflicts of interest or kickbacks, required approvals for the acquisitions were obtained, thorough due diligence was conducted, the valuations of the target companies done by an outside financial advisor were reasonable, and the purchase prices were within the range of values determined by that advisor," the statement added. Summary of Infosys statement - Click here Murthy and CEO Vishal Sikka have clashed in the media on several occasions in the past year over pay and severance package of the company. Murthy had questioned Infosys management's decision after the media reported former finance chief Rajiv Bansal was paid $2.6 million as part of his severance package.

Infosys rejects Murthy's request to make Panaya acquisition report public

The government is planning to list four of its defence PSUs by selling up to 25 per cent stake in each of them through an initial public offering (IPO).

The Department of Investment and Public Asset Management (DIPAM) has through an advertisement invited bids from registrars for disinvestment of up to 25 per cent stake each in Bharat Dynamics, Garden Reach Shipbuilders &amp; Engineers, Mazagon Dock Shipbuilders and Mishra Dhatu Nigam Ltd.

The bids have to be submitted by August 18 to DIPAM, which handles disinvestment of public sector enterprises, the tender said.

The Cabinet in April cleared the disinvestment of these 4 PSUs under the defence ministry, and thereafter DIPAM invited bids from merchant bankers and legal advisors for managing the stake sales.

Miniratna PSU Bharat Dynamics (BDL) was established in 1970 and is a manufacturer of guided missiles and allied defence equipment.

The authorised share capital is Rs 125 crore and the paid-up equity capital is Rs 122.19 crore as on January 31, 2017.

BDL earned a profit-after-tax (PAT) of Rs 563.24 crore in 2015-16 and has a net worth of Rs 1,652.23 crore.

Garden Reach Shipbuilders &amp; Engineers was incorporated in 1934 and was taken over by the government in 1960. It primarily constructs warships and auxiliary vessels for the Navy and the Coast Guard.

Its authorised share capital is Rs 125 crore and paid-up share capital is Rs 123.84 crore as on January 31, 2017.

The company&#39;s PAT for 2015-16 is Rs 160.72 crore and net worth stood at Rs 1,064.41 crore.

Miniratna PSU Mazagon Dock Shipbuilders (MDL) is the lead shipyard of India serving the nation&#39;s strategic requirements. At present, MDL is constructing three major warship building projects and one submarine project.

It was established as a public limited company in 1934. In 1960, the government took over the yard to further augment its warship development programme and incorporated it as a PSU under the ministry.

The authorised share capital of MDL is Rs 323.72 crore and paid-up share capital is Rs 249 crore as on March 31, 2016. The PAT for the fiscal 2015-16 is Rs 637.82 crore and its net worth stood at Rs 2,846.23 crore.

Mishra Dhatu Nigam (MIDHANI) is engaged in production of metals and alloys as part of an import substitution strategy, which is designed to reduce India&#39;s reliance on foreign suppliers and achieve self-sufficiency.

The authorised capital of the company is Rs 200 crore and the paid-up capital is Rs 187.34 crore as on January 31, 2017. Its PAT for the fiscal 2015-16 is Rs 118.03 crore while net worth stood at Rs 576.56 crore.

The government has already raised over Rs 8,800 crore through disinvestment in six companies, including selling stake in L&amp;T through Specified Undertaking of Unit Trust of India (SUUTI), and one share buyback.

The government has budgeted to raise Rs 72,500 crore through stake sale in PSUs. This includes Rs 46,500 crore from minority stake sale, Rs 15,000 crore from strategic disinvestment and Rs 11,000 crore from listing of PSU insurance companies.

The four PSUs are Bharat Dynamics, Garden Reach Shipbuilders & Engineers, Mazagon Dock Shipbuilders and Mishra Dhatu Nigam Ltd

The government is planning to list four of its defence PSUs by selling up to 25 per cent stake in each of them through an initial public offering (IPO). The Department of Investment and Public Asset Management (DIPAM) has through an advertisement invited bids from registrars for disinvestment of up to 25 per cent stake each in Bharat Dynamics, Garden Reach Shipbuilders & Engineers, Mazagon Dock Shipbuilders and Mishra Dhatu Nigam Ltd. The bids have to be submitted by August 18 to DIPAM, which handles disinvestment of public sector enterprises, the tender said. The Cabinet in April cleared the disinvestment of these 4 PSUs under the defence ministry, and thereafter DIPAM invited bids from merchant bankers and legal advisors for managing the stake sales. Miniratna PSU Bharat Dynamics (BDL) was established in 1970 and is a manufacturer of guided missiles and allied defence equipment. The authorised share capital is Rs 125 crore and the paid-up equity capital is Rs 122.19 crore as on January 31, 2017. BDL earned a profit-after-tax (PAT) of Rs 563.24 crore in 2015-16 and has a net worth of Rs 1,652.23 crore. Garden Reach Shipbuilders & Engineers was incorporated in 1934 and was taken over by the government in 1960. It primarily constructs warships and auxiliary vessels for the Navy and the Coast Guard. Its authorised share capital is Rs 125 crore and paid-up share capital is Rs 123.84 crore as on January 31, 2017. The company's PAT for 2015-16 is Rs 160.72 crore and net worth stood at Rs 1,064.41 crore. Miniratna PSU Mazagon Dock Shipbuilders (MDL) is the lead shipyard of India serving the nation's strategic requirements. At present, MDL is constructing three major warship building projects and one submarine project. It was established as a public limited company in 1934. In 1960, the government took over the yard to further augment its warship development programme and incorporated it as a PSU under the ministry. The authorised share capital of MDL is Rs 323.72 crore and paid-up share capital is Rs 249 crore as on March 31, 2016. The PAT for the fiscal 2015-16 is Rs 637.82 crore and its net worth stood at Rs 2,846.23 crore. Mishra Dhatu Nigam (MIDHANI) is engaged in production of metals and alloys as part of an import substitution strategy, which is designed to reduce India's reliance on foreign suppliers and achieve self-sufficiency. The authorised capital of the company is Rs 200 crore and the paid-up capital is Rs 187.34 crore as on January 31, 2017. Its PAT for the fiscal 2015-16 is Rs 118.03 crore while net worth stood at Rs 576.56 crore. The government has already raised over Rs 8,800 crore through disinvestment in six companies, including selling stake in L&T through Specified Undertaking of Unit Trust of India (SUUTI), and one share buyback. The government has budgeted to raise Rs 72,500 crore through stake sale in PSUs. This includes Rs 46,500 crore from minority stake sale, Rs 15,000 crore from strategic disinvestment and Rs 11,000 crore from listing of PSU insurance companies.

Government mulling stake sale in four defence PSUs

Toyota and Mazda Motor plan to build an assembly plant along with<a href="http://www.wionews.com/science-tech/musk-hands-over-first-tesla-model-3-electric-cars-to-early-buyers-18373"> electric vehicle technologies</a>, the deal would be worth&nbsp;$1.6 billion

.The two motor companies will also produce in-car information technologies and automated driving functions.&nbsp;

Toyota will take 5 per cent shares of Mazda while the latter will take 0.25 per cent share from Toyota for the tie-up.&nbsp;The automakers plan to produce Toyota Corollas and a new Mazda SUV crossover at the new plant.

The new alliance&nbsp;will no doubt come as a piece of good news for the Trump administration which has&nbsp;promised increased car manufacturing inside&nbsp;America.&nbsp;

The two automakers will together produce 300,000 vehicles every year. The company will start manufacturing cars in 2021 and is expected to provide employment to about 4,000 people.&nbsp;

CLSA managing director Chris Richter said, &quot;For a technology company which lacks the expertise in making cars, Mazda could look like a very interesting acquisition. They&#39;re very good, they&#39;re not too expensive. Maybe Toyota realizes this&quot;, Reuters reported.

&quot;By buying a 5 per cent stake, Toyota takes Mazda off the table rather than having it sit out there like a free agent which could someday be used against them.&quot;

Mazda will benefit from the deal that gives the small automaker a production foothold in the United States. At the moment, Mazda ships all vehicles sold in the country to its biggest market&nbsp;from its plants in Japan and Mexico.

Toyota Motor and Mazda Motor are looking forward to a $1.6 billion US deal. The alliance plans to build an assembly plant along with electric vehicle technologies

Toyota and Mazda Motor plan to build an assembly plant along with electric vehicle technologies, the deal would be worth $1.6 billion .The two motor companies will also produce in-car information technologies and automated driving functions. Toyota will take 5 per cent shares of Mazda while the latter will take 0.25 per cent share from Toyota for the tie-up. The automakers plan to produce Toyota Corollas and a new Mazda SUV crossover at the new plant. The new alliance will no doubt come as a piece of good news for the Trump administration which has promised increased car manufacturing inside America. The two automakers will together produce 300,000 vehicles every year. The company will start manufacturing cars in 2021 and is expected to provide employment to about 4,000 people. CLSA managing director Chris Richter said, "For a technology company which lacks the expertise in making cars, Mazda could look like a very interesting acquisition. They're very good, they're not too expensive. Maybe Toyota realizes this", Reuters reported. "By buying a 5 per cent stake, Toyota takes Mazda off the table rather than having it sit out there like a free agent which could someday be used against them." Mazda will benefit from the deal that gives the small automaker a production foothold in the United States. At the moment, Mazda ships all vehicles sold in the country to its biggest market from its plants in Japan and Mexico.

Toyota-Mazda to produce electric cars together

The Indian stock markets moved down for the second day today as the Sensex closed lower by 239 points after banking, realty and auto stocks struggled.

HDFC, HDFC Bank and ICICI Bank had a tough day today with PNB stocks plunging 5.98 per cent, SBI slipped 2.24 per cent.

The Sensex closed down &nbsp;238.86 points, or 0.74 per cent, at 32,237.88 after hitting a low of 32,194.58. The Nifty slipped 67.85 points, or 0.67 per cent, but managed to close above the 10,000-mark at 10,013.65.&nbsp;

The lowering of repo rate by the Reserve Bank of India by 25 basis points to 6 per cent failed to move the market as the central bank marked future action on the&nbsp;availability of more data.

Sensex closed down ?238.86 points, or 0.74 per cent, at 32,237.88

The Indian stock markets moved down for the second day today as the Sensex closed lower by 239 points after banking, realty and auto stocks struggled. HDFC, HDFC Bank and ICICI Bank had a tough day today with PNB stocks plunging 5.98 per cent, SBI slipped 2.24 per cent. The Sensex closed down 238.86 points, or 0.74 per cent, at 32,237.88 after hitting a low of 32,194.58. The Nifty slipped 67.85 points, or 0.67 per cent, but managed to close above the 10,000-mark at 10,013.65. The lowering of repo rate by the Reserve Bank of India by 25 basis points to 6 per cent failed to move the market as the central bank marked future action on the availability of more data.

Sensex, Nifty close down, banks, auto stocks slip

Elon Musk, the Tesla CEO, revealed during the quarterly earnings call of the company, that about <a href="https://www.wionews.com/science-tech/musk-hands-over-first-tesla-model-3-electric-cars-to-early-buyers-18373">63,000 people have cancelled their Model 3 pre-orders</a>. He added that the number of orders has decreased from 518,000 to 455,000 approximately.&nbsp;

Calling the figures &quot;inconsequential&quot;, Musk said that the company can shoot off the sales with a little effort, but currently, they are not able to satisfy the already placed orders.&nbsp;

&ldquo;Those cancellations occurred over the course of more than a year,&rdquo; Musk said.

&ldquo;I think these numbers&nbsp;are inconsequential. With a small amount of effort, we can easily drive the Model 3 reservation number to something much higher but there&rsquo;s no point. It&rsquo;s like if you&rsquo;re a restaurant and you&rsquo;re serving hamburgers and there&rsquo;s like an hour and a half wait for hamburgers do you really want to encourage more people to order more hamburgers?&rdquo; &nbsp;

The prospective customer&#39;s placing the order for Model 3&nbsp;today will not get the order before the end of next year(2018).

Tesla&nbsp;expects to manufacture 5000 Model 3 cars a week by the end of 2017 and later plans to expand&nbsp;the production to 10,000 cars per week by 2018.&nbsp;

On July 28, Tesla handed over the first 30 Model 3 cars to&nbsp;early buyers. Since then the company has averaged over 1,800 new Model 3 reservations per day.

&nbsp;

Tesla CEO said that the number of orders have decreased from 518,000 to 455,000 approximately

Elon Musk, the Tesla CEO, revealed during the quarterly earnings call of the company, that about 63,000 people have cancelled their Model 3 pre-orders. He added that the number of orders has decreased from 518,000 to 455,000 approximately. Calling the figures "inconsequential", Musk said that the company can shoot off the sales with a little effort, but currently, they are not able to satisfy the already placed orders. “Those cancellations occurred over the course of more than a year,” Musk said. “I think these numbers are inconsequential. With a small amount of effort, we can easily drive the Model 3 reservation number to something much higher but there’s no point. It’s like if you’re a restaurant and you’re serving hamburgers and there’s like an hour and a half wait for hamburgers do you really want to encourage more people to order more hamburgers?” The prospective customer's placing the order for Model 3 today will not get the order before the end of next year(2018). Tesla expects to manufacture 5000 Model 3 cars a week by the end of 2017 and later plans to expand the production to 10,000 cars per week by 2018. On July 28, Tesla handed over the first 30 Model 3 cars to early buyers. Since then the company has averaged over 1,800 new Model 3 reservations per day.

Over 60,000 orders of Tesla Model 3 cancelled: Musk

The Indian government is taking steps to gradually reduce the subsidies on kerosene, a media outlet reported today (August 3).

The government has asked state oil companies to keep increasing prices of subsidised kerosene by 25 paise every fortnight until the subsidy is eliminated or until further orders, the report quoted sources as saying.

Earlier the oil ministry had directed an increase in prices of kerosene only up till July this year - prices have been hiked by 25 paise every fortnight since July 2016.

By cutting subsidies on kerosene, the government wants to bring kerosene close to the market price, which will discourage its use for adulteration as well as encourage consumers to switch to LPG.

The demand for kerosene has gone down over the years because of its replacement with the less polluting Liquified Petroleum Gas (LPG) and with the electrification of villages.&nbsp;

Kerosene consumption has reduced by 21 per cent in 2016-2017 mainly because of 20 per cent cut in allocation to states by the Centre&nbsp;

The government has aggressively discouraged the use of subsidised kerosene since it is a more polluting fuel and is also being used to adulterate diesel.&nbsp;

Oil minister Dharmendra Pradhan has led the drive to 2.5 crore cooking gas connections to the poor over the last three years, the report said.

Kerosene and cooking gas are the only fuels which are subsidised by the government. The prices of petrol and diesel are linked to market prices.

The government has asked state oil companies to keep increasing prices of subsidised kerosene by 25 paise every fortnight until the subsidy is eliminated

The Indian government is taking steps to gradually reduce the subsidies on kerosene, a media outlet reported today (August 3). The government has asked state oil companies to keep increasing prices of subsidised kerosene by 25 paise every fortnight until the subsidy is eliminated or until further orders, the report quoted sources as saying. Earlier the oil ministry had directed an increase in prices of kerosene only up till July this year - prices have been hiked by 25 paise every fortnight since July 2016. By cutting subsidies on kerosene, the government wants to bring kerosene close to the market price, which will discourage its use for adulteration as well as encourage consumers to switch to LPG. The demand for kerosene has gone down over the years because of its replacement with the less polluting Liquified Petroleum Gas (LPG) and with the electrification of villages. Kerosene consumption has reduced by 21 per cent in 2016-2017 mainly because of 20 per cent cut in allocation to states by the Centre The government has aggressively discouraged the use of subsidised kerosene since it is a more polluting fuel and is also being used to adulterate diesel. Oil minister Dharmendra Pradhan has led the drive to 2.5 crore cooking gas connections to the poor over the last three years, the report said. Kerosene and cooking gas are the only fuels which are subsidised by the government. The prices of petrol and diesel are linked to market prices.

Indian government to do away with kerosene subsidies: Report

India&#39;s monsoon has delivered&nbsp;<a href="http://www.wionews.com/south-asia/indias-monsoon-rains-seen-at-average-levels-in-2017-14643">1 per cent more rain than normal, according to Indian Metrological Department</a>(IMD), but erratic rainfall may affect&nbsp;India&#39;s booming economy in the long term, experts have told Reuters.

In April, India&#39;s Metrological department(IMD) had forecast above average rainfall. The IMD had said India would receive monsoon rains at 96 per cent of the long-term average or normal, however erratic rainfall over the country with droughts in some areas and floods in other parts especially in Assam, Orissa, parts of Maharashtra and even parts of western Rajasthan has Indian officials worried.&nbsp;

The western part of Rajasthan has received 126 per cent more rain than normal, leading to floods which has&nbsp;killed more than 300 people and displaced millions.

On the other hand, Marathwada region in central India has received 21 per cent lower rainfall than normal this monsoon - which started on June 1 - while some regions in southern India recorded as much as a 34 per cent shortfall, according to India Meteorological Department (IMD).

Although the <a href="http://www.wionews.com/south-asia/monsoon-rains-arrive-in-kerala-coast-north-east-16224">monsoon arrived on time on May 30 in southern India</a>, it has scattered across the country&nbsp;leading to fears among Indian agricultural experts that it could lead to price rise of some food products and even lead to lower food grain production in the long run.

Prices of some vegetables have gone up sharply. Onion prices have doubled and tomato prices have quadrupled in a month. The floods in Gujarat and large-scale procurement by the Madhya Pradesh government have already pushed onions prices.

This year, 58 per cent of the country received normal rainfall, and the remainder got excess or deficient rains, according to IMD. Rainfall is unlikely to revive in southern and central India this week, Reuters quoted an IMD meteorologist who declined to be named.

Southern states Kerala, Karnataka and Tamil Nadu have received less rainfall than in the drought-hit 2016 season, creating a scarcity of drinking water.

The scarcity of food grains and skewed rainfall could also hit inflation which currently stands at 1.54 in June.

The scarcity of food grains and skewed rainfall could also hit inflation which currently stood at 1.54 in June.?

India's monsoon has delivered 1 per cent more rain than normal, according to Indian Metrological Department(IMD), but erratic rainfall may affect India's booming economy in the long term, experts have told Reuters. In April, India's Metrological department(IMD) had forecast above average rainfall. The IMD had said India would receive monsoon rains at 96 per cent of the long-term average or normal, however erratic rainfall over the country with droughts in some areas and floods in other parts especially in Assam, Orissa, parts of Maharashtra and even parts of western Rajasthan has Indian officials worried. The western part of Rajasthan has received 126 per cent more rain than normal, leading to floods which has killed more than 300 people and displaced millions. On the other hand, Marathwada region in central India has received 21 per cent lower rainfall than normal this monsoon - which started on June 1 - while some regions in southern India recorded as much as a 34 per cent shortfall, according to India Meteorological Department (IMD). Although the monsoon arrived on time on May 30 in southern India, it has scattered across the country leading to fears among Indian agricultural experts that it could lead to price rise of some food products and even lead to lower food grain production in the long run. Prices of some vegetables have gone up sharply. Onion prices have doubled and tomato prices have quadrupled in a month. The floods in Gujarat and large-scale procurement by the Madhya Pradesh government have already pushed onions prices. This year, 58 per cent of the country received normal rainfall, and the remainder got excess or deficient rains, according to IMD. Rainfall is unlikely to revive in southern and central India this week, Reuters quoted an IMD meteorologist who declined to be named. Southern states Kerala, Karnataka and Tamil Nadu have received less rainfall than in the drought-hit 2016 season, creating a scarcity of drinking water. The scarcity of food grains and skewed rainfall could also hit inflation which currently stands at 1.54 in June.

Uneven monsoon could lead to lower food grain production in India: Experts

The Reserve Bank of India cut its main policy rate on Wednesday by a quarter percentage point to a more than 6-1/2 year low, saying a slump in inflation opened room for monetary easing&nbsp;while pinning further action on upcoming economic data.

The rate cut is the RBI&#39;s first easing move since one of the same size in October and the first by a central bank in Asia since December - a show of confidence in a country that has experienced a surge in foreign investments into debt and shares this year.

Cutting the repo rate by 25 basis points to 6.00 per cent -- the lowest since November 2010 -- had been widely anticipated as a slump in food prices sent June consumer inflation to a more than five-year low of 1.54 per cent.

The RBI said easing prices had provided &quot;some space&quot; for monetary policy accommodation: inflation is now well below the RBI&#39;s 4 per cent target and its projection of 2.0-3.5 per cent in April-September.

The rate cut will likely ease some of the pressure from the government and markets for action to lift the economy, which had annual growth in January-March of 6.1 per cent - fast by global standards but India&#39;s lowest number in over two years.

Also read:&nbsp;<a href="http://www.wionews.com/business-economy/rbi-lilely-to-cut-mail-policy-rates-today-18486">RBI may cut interest rates today</a>

But the RBI also retained its &quot;neutral&quot; stance, and warned inflation could accelerate&nbsp;while pinning future action on data -- a view that leaves open the question of whether it will cut rates further, as sought by the government.

&quot;The MPC (monetary policy committee) remains focused on its commitment to keeping headline inflation close to 4 per cent on a durable basis,&quot; the RBI said in a statement.

The most liquid 10-year bonds initially fell after the decision, but then rebounded to trade flat for the day, with the yield at 6.45 per cent, up 1 bps from its Tuesday close.

The rupee also gave up earlier gains to trade at around 63.80 per dollar, close to its levels before the RBI statement. The broader NSE share index was down 0.3 per cent.

The RBI stuck to its inflation projections, including that price increases could accelerate to 3.5 per cent to 4.5 per cent in October-December.

The central bank attributed its prediction on factors such as planned pay hikes for government employees, a recovery in food prices, and the impact on prices from the launch of a national goods and services tax on July 1.

Economists were widely split about whether the RBI would cut rates again. Its next policy meeting is Oct&nbsp;3-4.

&quot;Economic growth has come down substantially, and from that perspective, further stimulus is required for the economy in terms of reduction in the interest rate,&quot; said Anita Gandhi, a director at brokerage Arihant Capital in Mumbai.

&quot;If RBI gets confirmation that inflation will remain in the lower territory, there is a possibility of a further rate cut.&quot;

Four members of the committee voted to cut rates by 25 bps, while one voted for a 50 bps cut and one voted to leave rates unchanged.

The RBI also cut the reverse repo rate by 25 bps to 5.75 per cent.

The rate cut is the RBI's first easing move since one of the same size in October and the first by a central bank in Asia since December

The Reserve Bank of India cut its main policy rate on Wednesday by a quarter percentage point to a more than 6-1/2 year low, saying a slump in inflation opened room for monetary easing while pinning further action on upcoming economic data. The rate cut is the RBI's first easing move since one of the same size in October and the first by a central bank in Asia since December - a show of confidence in a country that has experienced a surge in foreign investments into debt and shares this year. Cutting the repo rate by 25 basis points to 6.00 per cent -- the lowest since November 2010 -- had been widely anticipated as a slump in food prices sent June consumer inflation to a more than five-year low of 1.54 per cent. The RBI said easing prices had provided "some space" for monetary policy accommodation: inflation is now well below the RBI's 4 per cent target and its projection of 2.0-3.5 per cent in April-September. The rate cut will likely ease some of the pressure from the government and markets for action to lift the economy, which had annual growth in January-March of 6.1 per cent - fast by global standards but India's lowest number in over two years. Also read: RBI may cut interest rates today But the RBI also retained its "neutral" stance, and warned inflation could accelerate while pinning future action on data -- a view that leaves open the question of whether it will cut rates further, as sought by the government. "The MPC (monetary policy committee) remains focused on its commitment to keeping headline inflation close to 4 per cent on a durable basis," the RBI said in a statement. The most liquid 10-year bonds initially fell after the decision, but then rebounded to trade flat for the day, with the yield at 6.45 per cent, up 1 bps from its Tuesday close. The rupee also gave up earlier gains to trade at around 63.80 per dollar, close to its levels before the RBI statement. The broader NSE share index was down 0.3 per cent. The RBI stuck to its inflation projections, including that price increases could accelerate to 3.5 per cent to 4.5 per cent in October-December. The central bank attributed its prediction on factors such as planned pay hikes for government employees, a recovery in food prices, and the impact on prices from the launch of a national goods and services tax on July 1. Economists were widely split about whether the RBI would cut rates again. Its next policy meeting is Oct 3-4. "Economic growth has come down substantially, and from that perspective, further stimulus is required for the economy in terms of reduction in the interest rate," said Anita Gandhi, a director at brokerage Arihant Capital in Mumbai. "If RBI gets confirmation that inflation will remain in the lower territory, there is a possibility of a further rate cut." Four members of the committee voted to cut rates by 25 bps, while one voted for a 50 bps cut and one voted to leave rates unchanged. The RBI also cut the reverse repo rate by 25 bps to 5.75 per cent.

RBI cuts repo rate by 25 bps to 6 per cent

The Reserve Bank of India will likely cut its main policy rate on Wednesday by a quarter percentage point to a more than 6-1/2 year low after inflation slumped. The question is whether the cautious central bank will signal readiness to ease more.

Forty of 56 economists polled by Reuters predicted the RBI will cut its repo rate by 25 basis points to 6.00 per cent - the lowest since November 2010 - as a slump in food prices sent June consumer inflation to a more than five-year low of 1.54 per cent.

That&#39;s well below the RBI&#39;s 4 per cent target and its projection of 2.0-3.5 per cent in April-September, sparking pressure from the government and others to cut rates by 50 bps on Wednesday or signal another 25 bps easing later this year.

The central bank has previously warned that inflation could accelerate due to a seasonal rebound in food prices and factors such as planned pay hikes for government employees.

Retaining a cautious stance could cause tension with a government keen to lift the economic growth from January-March&#39;s 6.1 per cent - fast by global standards but the lowest in over two years.

Proponents of more rate cuts argue these would make loans cheaper and help companies refinance their debt, while potentially helping reduce some of the $30.3 billion in capital inflows into stocks and debt markets lifting the rupee by 5.6 per cent against the dollar this year.

These arguments were seemingly given a boost after a private survey on Tuesday showed Indian factory activity suffered its deepest contraction in more than nine years after confusion about the new goods and services tax battered output and demand.

&#39;Benign&#39;&nbsp;trajectory

Shubhada Rao, YES Bank chief economist, said a 50 bps rate cut &quot;will be more effective&quot; and that inflation is on a &quot;benign&quot; trajectory though she added that the RBI may adopt a measured approach. YES Bank has cut its 2017/18 average inflation projection to 3.5 perc ent from 4 per cent.

Yet markets are unwilling to wager strongly on more aggressive rate cuts, with most analysts polled by Reuters expecting the repo to stay at 6.00 per cent for a long time after Wednesday.

Doubts about the RBI&#39;s policy path reflect its longstanding caution on inflation.

After a 25 bp cut in October, the RBI has kept rates at 6.25 per cent and shocked markets by changing its stance to &quot;neutral&quot; from &quot;accommodative&quot; in February.

The RBI sharply cut its inflation forecasts at its last meeting, in June, but it still believes consumer prices in October-March will rise 3.5-4.5 per cent from a year earlier.

The government&#39;s chief economic adviser, Arvind Subramanian, and others call the projections too high, as efforts to curb food prices and low energy prices will keep inflation low for some time to come.

The RBI&#39;s stance has its defenders, including IDFC Bank chief economist Indranil Pan who, like the central bank, believes inflation will accelerate in two months. He said it should not cut rates on Wednesday.

&quot;Given that the central bank is under an inflation targeting regime, it doesn&#39;t make sense to cut rates when you know that inflation will rise going ahead,&quot; Pan said.

Doubts about the RBI's policy path reflect its longstanding caution on inflation

The Reserve Bank of India will likely cut its main policy rate on Wednesday by a quarter percentage point to a more than 6-1/2 year low after inflation slumped. The question is whether the cautious central bank will signal readiness to ease more. Forty of 56 economists polled by Reuters predicted the RBI will cut its repo rate by 25 basis points to 6.00 per cent - the lowest since November 2010 - as a slump in food prices sent June consumer inflation to a more than five-year low of 1.54 per cent. That's well below the RBI's 4 per cent target and its projection of 2.0-3.5 per cent in April-September, sparking pressure from the government and others to cut rates by 50 bps on Wednesday or signal another 25 bps easing later this year. The central bank has previously warned that inflation could accelerate due to a seasonal rebound in food prices and factors such as planned pay hikes for government employees. Retaining a cautious stance could cause tension with a government keen to lift the economic growth from January-March's 6.1 per cent - fast by global standards but the lowest in over two years. Proponents of more rate cuts argue these would make loans cheaper and help companies refinance their debt, while potentially helping reduce some of the $30.3 billion in capital inflows into stocks and debt markets lifting the rupee by 5.6 per cent against the dollar this year. These arguments were seemingly given a boost after a private survey on Tuesday showed Indian factory activity suffered its deepest contraction in more than nine years after confusion about the new goods and services tax battered output and demand. 'Benign' trajectory Shubhada Rao, YES Bank chief economist, said a 50 bps rate cut "will be more effective" and that inflation is on a "benign" trajectory though she added that the RBI may adopt a measured approach. YES Bank has cut its 2017/18 average inflation projection to 3.5 perc ent from 4 per cent. Yet markets are unwilling to wager strongly on more aggressive rate cuts, with most analysts polled by Reuters expecting the repo to stay at 6.00 per cent for a long time after Wednesday. Doubts about the RBI's policy path reflect its longstanding caution on inflation. After a 25 bp cut in October, the RBI has kept rates at 6.25 per cent and shocked markets by changing its stance to "neutral" from "accommodative" in February. The RBI sharply cut its inflation forecasts at its last meeting, in June, but it still believes consumer prices in October-March will rise 3.5-4.5 per cent from a year earlier. The government's chief economic adviser, Arvind Subramanian, and others call the projections too high, as efforts to curb food prices and low energy prices will keep inflation low for some time to come. The RBI's stance has its defenders, including IDFC Bank chief economist Indranil Pan who, like the central bank, believes inflation will accelerate in two months. He said it should not cut rates on Wednesday. "Given that the central bank is under an inflation targeting regime, it doesn't make sense to cut rates when you know that inflation will rise going ahead," Pan said.

RBI may cut interest rates today

The Dow topped 22,000 points for the first time early on Wednesday, bolstered by a huge gain by<a href="http://www.wionews.com/science-tech/apple-shares-sail-to-record-high-on-healthy-iphone-sales-18496"> Apple, the latest blue-chip company to report strong earnings</a>.

About 15 minutes into trading, the Dow Jones Industrial Average stood at 22,012.94, up 0.2 per cent and on track for its sixth-straight record close, a feat President Donald Trump cheered a day early.

The broad-based S&amp;P 500 lost a hair at 2,475.87, while the tech-rich Nasdaq Composite Index advanced 0.2 percent to 6,375.13.

Apple surged 5.8 per cent after reporting that quarterly net profit climbed 12 per cent to $8.7 billion, and revenue rose seven percent to $45.4 billion. The tech giant highlighted its increased sales of digital content and services.

The strong results come on the heels of other successful earnings reports by Dow members that have led to outsized gains for shares of blue chips, including Boeing, McDonald&#39;s and Verizon.&nbsp;

More broadly, companies in the S&amp;P 500 earned 9.1 per cent more in the second quarter compared with the year-ago period, according to Factset.

That has fueled a series of records in the last couple of weeks for all three major stock indices, a trend also supported by still-accommodative monetary policies that have offset disappointment over the progress in Washington on tax cuts and other growth measures under Trump.

Apple surged 5.8 per cent after reporting that quarterly net profit climbed 12 per cent to $8.7 billion

The Dow topped 22,000 points for the first time early on Wednesday, bolstered by a huge gain by Apple, the latest blue-chip company to report strong earnings. About 15 minutes into trading, the Dow Jones Industrial Average stood at 22,012.94, up 0.2 per cent and on track for its sixth-straight record close, a feat President Donald Trump cheered a day early. The broad-based S&P 500 lost a hair at 2,475.87, while the tech-rich Nasdaq Composite Index advanced 0.2 percent to 6,375.13. Apple surged 5.8 per cent after reporting that quarterly net profit climbed 12 per cent to $8.7 billion, and revenue rose seven percent to $45.4 billion. The tech giant highlighted its increased sales of digital content and services. The strong results come on the heels of other successful earnings reports by Dow members that have led to outsized gains for shares of blue chips, including Boeing, McDonald's and Verizon. More broadly, companies in the S&P 500 earned 9.1 per cent more in the second quarter compared with the year-ago period, according to Factset. That has fueled a series of records in the last couple of weeks for all three major stock indices, a trend also supported by still-accommodative monetary policies that have offset disappointment over the progress in Washington on tax cuts and other growth measures under Trump.

Dow tops 22k as Apple stocks surge

With retail inflation receding to record low levels, the Reserve Bank on Wednesday cut the benchmark lending rate by 0.25% to 6%

RBI rate cut: RBI cuts repo rate by 25 basis points to 6%

Britain's finance industry could lose up to 40,000 investment banking jobs in the next few years unless it strikes a softer deal on its departure from the European Union. WION explores

Brexit effect: UK could lose 40000 investment bankers

Japan&#39;s&nbsp;SoftBank&nbsp;is still keen to take a stake in Indian e-commerce firm&nbsp;Flipkart&nbsp;and is in&nbsp;talks&nbsp;to&nbsp;invest&nbsp;up&nbsp;to $2&nbsp;billion&nbsp;in the company through&nbsp;its&nbsp;VisionFund, a source familiar with the matter said on Tuesday.

Softbank&nbsp;had hoped to secure a sizeable stake in&nbsp;Flipkart&nbsp;by engineering a share swap between Flipkart&nbsp;and smaller domestic rival Snapdeal, as the Japanese group&nbsp;is Snapdeal&#39;s biggest shareholder. But that plan collapsed on Monday when Snapdeal said it had decided to remain independent and was ending all&nbsp;talks&nbsp;regarding a sale.

Three sources said&nbsp;SoftBank&nbsp;founder Masayoshi Son still wants to&nbsp;invest&nbsp;in&nbsp;Flipkart&nbsp;through his vision&nbsp;Fund, in which Saudi Arabia is also a major stakeholder.

The first source said&nbsp;talks&nbsp;about an&nbsp;investment of&nbsp;up&nbsp;to $2&nbsp;billion&nbsp;were underway and a deal between&nbsp;SoftBank&nbsp;and&nbsp;Flipkart&nbsp;could be sealed within a month.

The&nbsp;Vision&nbsp;Fund&#39;s planned&nbsp;investment is not dependent on a deal between Snapdeal and&nbsp;Flipkart, one of the sources said.

All sources declined to be identified as the discussions are not public.

Flipkart, the most significant challenge to US retail giant Amazon in India, declined to comment on the matter.

SoftBank, which has also&nbsp;invested in Indian online grocer Grofers and cab hailing firm Ola, said its&nbsp;Vision&nbsp;Fund&nbsp;&quot;follows an independent process and judges every&nbsp;investment on&nbsp;its&nbsp;own merit.&quot;

Bloomberg reported earlier on Tuesday that the&nbsp;Fund&nbsp;could&nbsp;invest&nbsp;between $1.5&nbsp;billion&nbsp;and $2billion&nbsp;in&nbsp;Flipkart.

The&nbsp;Vision&nbsp;Fund&nbsp;has raised more than $93&nbsp;billion&nbsp;from&nbsp;investors including Saudi Arabia&#39;s main sovereign wealth&nbsp;fund&nbsp;and Apple.

SoftBank, which has also?invested in Indian online grocer Grofers and cab hailing firm Ola, said its?Vision?Fund?"follows an independent process and judges every?investment on?its?own merit."

Japan's SoftBank is still keen to take a stake in Indian e-commerce firm Flipkart and is in talks to invest up to $2 billion in the company through its VisionFund, a source familiar with the matter said on Tuesday. Softbank had hoped to secure a sizeable stake in Flipkart by engineering a share swap between Flipkart and smaller domestic rival Snapdeal, as the Japanese group is Snapdeal's biggest shareholder. But that plan collapsed on Monday when Snapdeal said it had decided to remain independent and was ending all talks regarding a sale. Three sources said SoftBank founder Masayoshi Son still wants to invest in Flipkart through his vision Fund, in which Saudi Arabia is also a major stakeholder. The first source said talks about an investment of up to $2 billion were underway and a deal between SoftBank and Flipkart could be sealed within a month. The Vision Fund's planned investment is not dependent on a deal between Snapdeal and Flipkart, one of the sources said. All sources declined to be identified as the discussions are not public. Flipkart, the most significant challenge to US retail giant Amazon in India, declined to comment on the matter. SoftBank, which has also invested in Indian online grocer Grofers and cab hailing firm Ola, said its Vision Fund "follows an independent process and judges every investment on its own merit." Bloomberg reported earlier on Tuesday that the Fund could invest between $1.5 billion and $2billion in Flipkart. The Vision Fund has raised more than $93 billion from investors including Saudi Arabia's main sovereign wealth fund and Apple.

SoftBank Vision fund seeks to invest up to $2 billion in Flipkart

&nbsp;Russian miner Alrosa said on Tuesday it plans to sell at an&nbsp;online&nbsp;auction in November a rare collection of&nbsp;polished&nbsp;diamonds produced domestically, including a&nbsp;giant 51.38 carat gem.

This huge, traditional round-cut&nbsp;diamond, whose 2.5 cm (1 inch) diameter is equal in size to the visible part of a human eye, bears the same name as the entire Dynasty collection.

According to Alrosa, which is state-controlled, it is potentially the most expensive&nbsp;diamond manufactured in the history of&nbsp;Russian jewellery because of its quality.

It took a year and a half for Alrosa&#39;s specialists to create five&nbsp;polished&nbsp;diamonds for the collection from a 179-carat Romanovs rough&nbsp;diamond, extracted at one of the company&#39;s mines in&nbsp;Russia&#39;s far eastern Yakutia region in 2015.

The collection is dedicated to the Tsar Peter the Great, who built the city of St Petersburg, and the Romanov dynasty, which ruled&nbsp;Russia&nbsp;for 300 years, Alrosa, the world&#39;s largest producer of rough diamonds in carat terms, said in a statement.

The collection&#39;s name fits well with a surge in patriotism in&nbsp;Russia&nbsp;triggered by Moscow&#39;s annexation of the Crimean Peninsula from Ukraine in 2014 and Western sanctions against Moscow.

&quot;There was a good reason to choose the name for the collection, which is connected with Alrosa&#39;s intention to revive the traditions and memory of renowned&nbsp;Russian jewellers famous for their craftsmanship and filigree since&nbsp;Russia&#39;s first cutting and polishing factory founded by Peter I (the Great) early in the 18th century,&quot; the company said.

Alrosa&#39;s decision to produce these&nbsp;polished&nbsp;diamonds and sell them&nbsp;online&nbsp;fits with a broader industry quest to find new ways to the market and add value on the part of gem producers.

Alrosa and Anglo American&#39;s De Beers unit, which for the first time&nbsp;auctioned&nbsp;polished&nbsp;stones this year, produce about half of the world&#39;s rough&nbsp;diamonds.

The main 51.38-carat&nbsp;diamond&nbsp;has a 57-facet traditional round brilliant cut with triple excellent cut, D colour, and VVS1 clarity.

&quot;As to overall characteristics, it is unprecedented in the history of&nbsp;Russia,&quot; Alrosa said. The other stones in the collection are a 16.67-carat round-cut&nbsp;diamond, a 5.05-carat oval&nbsp;diamond, a 1.73-carat pear-cut&nbsp;diamond, and a 1.39-carat&nbsp;diamond.

During a media presentation of the collection in a luxury hotel in Moscow, Alrosa&#39;s chief executive Sergey Ivanov said that the company planned to sell the whole collection in one set. From his point of view, the starting price at the&nbsp;auction&nbsp;should be not less than $10 million. Alrosa also said that the collection would be shown in Israel, Hong Kong and then in the United States this autumn.

According to Alrosa, which is state-controlled, it is potentially the most expensive?diamond manufactured in the history of?Russian jewellery because of its quality

Russian miner Alrosa said on Tuesday it plans to sell at an online auction in November a rare collection of polished diamonds produced domestically, including a giant 51.38 carat gem. This huge, traditional round-cut diamond, whose 2.5 cm (1 inch) diameter is equal in size to the visible part of a human eye, bears the same name as the entire Dynasty collection. According to Alrosa, which is state-controlled, it is potentially the most expensive diamond manufactured in the history of Russian jewellery because of its quality. It took a year and a half for Alrosa's specialists to create five polished diamonds for the collection from a 179-carat Romanovs rough diamond, extracted at one of the company's mines in Russia's far eastern Yakutia region in 2015. The collection is dedicated to the Tsar Peter the Great, who built the city of St Petersburg, and the Romanov dynasty, which ruled Russia for 300 years, Alrosa, the world's largest producer of rough diamonds in carat terms, said in a statement. The collection's name fits well with a surge in patriotism in Russia triggered by Moscow's annexation of the Crimean Peninsula from Ukraine in 2014 and Western sanctions against Moscow. "There was a good reason to choose the name for the collection, which is connected with Alrosa's intention to revive the traditions and memory of renowned Russian jewellers famous for their craftsmanship and filigree since Russia's first cutting and polishing factory founded by Peter I (the Great) early in the 18th century," the company said. Alrosa's decision to produce these polished diamonds and sell them online fits with a broader industry quest to find new ways to the market and add value on the part of gem producers. Alrosa and Anglo American's De Beers unit, which for the first time auctioned polished stones this year, produce about half of the world's rough diamonds. The main 51.38-carat diamond has a 57-facet traditional round brilliant cut with triple excellent cut, D colour, and VVS1 clarity. "As to overall characteristics, it is unprecedented in the history of Russia," Alrosa said. The other stones in the collection are a 16.67-carat round-cut diamond, a 5.05-carat oval diamond, a 1.73-carat pear-cut diamond, and a 1.39-carat diamond. During a media presentation of the collection in a luxury hotel in Moscow, Alrosa's chief executive Sergey Ivanov said that the company planned to sell the whole collection in one set. From his point of view, the starting price at the auction should be not less than $10 million. Alrosa also said that the collection would be shown in Israel, Hong Kong and then in the United States this autumn.

Russia to auction rare collection of polished diamond domestically

The Indian stock market closed at its highest ever level for the&nbsp;second consecutive day today as automakers Eicher Motors Ltd shot up on upbeat monthly sales.

The NSE Nifty ended up 0.37 per cent to close at 10,114.65, while the BSE Sensex closed 0.19 per cent higher at 32,575.17.

Tuesday&#39;s gains were also influenced by Reserve Bank of India&#39;s (RBI) expected interest rate cut set to be announced tomorrow.

On Monday, the stock market had closed on a high after <a href="http://www.wionews.com/business-economy/sensex-ends-at-record-closing-high-sbi-top-gainer-18428">State Bank of India cut deposit rates</a> on the majority of its savings accounts. 
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NSE Nifty ended up 0.37 per cent to close at 10,114.65, while the BSE Sensex closed 0.19 per cent higher

The Indian stock market closed at its highest ever level for the second consecutive day today as automakers Eicher Motors Ltd shot up on upbeat monthly sales. The NSE Nifty ended up 0.37 per cent to close at 10,114.65, while the BSE Sensex closed 0.19 per cent higher at 32,575.17. Tuesday's gains were also influenced by Reserve Bank of India's (RBI) expected interest rate cut set to be announced tomorrow. On Monday, the stock market had closed on a high after State Bank of India cut deposit rates on the majority of its savings accounts.

Stock market closes on a high for second consecutive day

Indian shares ended at a record closing high on Monday led by State Bank of India after the nation&#39;s biggest lender cut deposit rates on the majority of its savings accounts while investors awaited a rate cut by the central bank later this week.

The benchmark BSE Sensex ended 0.63 per cent higher at 32,514.94, also a record-high close, and gained 5.15 per cent during the month.

The broader NSE Nifty closed up 0.63 per cent at 10,077.10, a record closing high, and notched up a monthly gain of 5.84 per cent.

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The benchmark BSE Sensex ended 0.63% higher at 32,514.94

Indian shares ended at a record closing high on Monday led by State Bank of India after the nation's biggest lender cut deposit rates on the majority of its savings accounts while investors awaited a rate cut by the central bank later this week. The benchmark BSE Sensex ended 0.63 per cent higher at 32,514.94, also a record-high close, and gained 5.15 per cent during the month. The broader NSE Nifty closed up 0.63 per cent at 10,077.10, a record closing high, and notched up a monthly gain of 5.84 per cent.

Sensex ends at record closing high; SBI top gainer

Jeep Compass launch&nbsp;in India has sparked hope for the automobile company to establish itself as&nbsp;the top SUV seller&nbsp;in the country.&nbsp;

Jeep entered the Indian market on August 30, 2016, by introducing Wrangler and Grand Cherokee. The existing models have traditionally been high priced but Jeep Compass is competitively priced to make a dent in the lucrative&nbsp;SUV market in India.

Jeep is selling the new Compass model starting from ? 14.95 lakh for entry-level Sport which goes up to ? 20.65 lakh for the diesel cars.

The car was locally manufactured for the first time at Fiat&#39;s Ranjangaon plant. The Compass is the first &quot;Made in India&quot; Jeep vehicle. The company&nbsp;has&nbsp;invested $280 million on&nbsp;its production.

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The first Jeep Compass in India was rolled out of Fiat&#39;s Ranjangaon plant on June 2, 2017. (Twitter)
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The three different Compass SUV varieties include - Sport, Longitude and Limited. The model comes in&nbsp;five colour option- Brilliant Black, Minimal Grey, Vocal White, Hydro Blue and Exotica Red available in both 1.4 Multiair Petrol and 2.0 Multijet II Turbo Diesel engine.&nbsp;

The Compass is available in eight wheel designs. Some of the other innovative features include Electronic Parking Brake, 6 Air Bags, and Hill Start Assist. &nbsp;

The introductory price for Jeep Compass SUV has turned out to be very low due to&nbsp;local manufacturing. The Ranjangaon plant near Pune is expected to export the vehicle.&nbsp;

The SUV market in India has been continuously growing in the past few years. According to the Global Market Research Company, J.D. Power, the overall SUV demand is likely to reach top position among passenger vehicles by 2020. &nbsp;

The highest&nbsp;selling SUV models in India include Nissan Terrano, Mahindra Scorpio, Hyundai Creta, Honda BR-V and Renault Duster and&nbsp;now with the introduction of the Compass SUV, consumers can now look forward to some serious competition in this segment.

Jeep is selling the new Compass model starting from ? 14.95 lakh

Jeep Compass launch in India has sparked hope for the automobile company to establish itself as the top SUV seller in the country. Jeep entered the Indian market on August 30, 2016, by introducing Wrangler and Grand Cherokee. The existing models have traditionally been high priced but Jeep Compass is competitively priced to make a dent in the lucrative SUV market in India. Jeep is selling the new Compass model starting from ? 14.95 lakh for entry-level Sport which goes up to ? 20.65 lakh for the diesel cars. The car was locally manufactured for the first time at Fiat's Ranjangaon plant. The Compass is the first "Made in India" Jeep vehicle. The company has invested $280 million on its production. The first Jeep Compass in India was rolled out of Fiat's Ranjangaon plant on June 2, 2017. (Twitter) × The three different Compass SUV varieties include - Sport, Longitude and Limited. The model comes in five colour option- Brilliant Black, Minimal Grey, Vocal White, Hydro Blue and Exotica Red available in both 1.4 Multiair Petrol and 2.0 Multijet II Turbo Diesel engine. The Compass is available in eight wheel designs. Some of the other innovative features include Electronic Parking Brake, 6 Air Bags, and Hill Start Assist. The introductory price for Jeep Compass SUV has turned out to be very low due to local manufacturing. The Ranjangaon plant near Pune is expected to export the vehicle. The SUV market in India has been continuously growing in the past few years. According to the Global Market Research Company, J.D. Power, the overall SUV demand is likely to reach top position among passenger vehicles by 2020. The highest selling SUV models in India include Nissan Terrano, Mahindra Scorpio, Hyundai Creta, Honda BR-V and Renault Duster and now with the introduction of the Compass SUV, consumers can now look forward to some serious competition in this segment.

Jeep Compass all set to explore SUV market in India

The government has ordered state-run oil companies to raise cooking gas(LPG) prices by Rs 4 per cylinder every month.

Oil minister Dharmendra Pradhan intends to eliminate all subsidies on cooking gas by March next year.

The government had previously asked Indian Oil (IOC), Bharat Petroleum (BPCL) and Hindustan Petroleum (HPCL) to raise rates of subsidised domestic LPG (liquefied petroleum gas) by Rs 2 per 14.2-kg cylinder per month (excluding VAT).

Now, the quantum has been doubled to bring down the subsidy to zero, Dharmendra Pradhan told the Lok Sabha today.

&quot;Public sector oil marketing companies (OMCs) were authorised to increase price of subsidised domestic LPG cylinder by Rs 2 per cylinder (14.2-kg) per month (excluding VAT) with effect from July 1, 2016,&quot; he said.

&quot;The government in its order dated May 30, 2017, has again authorised OMCs to continue to increase the effective price of subsidised domestic LPG by Rs 4 per cylinder effective June 1, 2017, per month (excluding VAT) till the reduction of government subsidy to &#39;nil&#39;, or till March 2018, or till further orders, whichever is earliest, &quot;&nbsp;he said.

Subsidised LPG now costs Rs 477.46 per 14.2-kg cylinder in Delhi. It was priced at Rs 419.18 in June last year.

Every household in India is entitled to 12 cylinders of 14.2-kg each at subsidised rates in a year. Any requirement beyond that is to be purchased at market price.

There are as many as 18.11 crore customers of subsidised LPG in the country. These include 2.5 crore poor women who were given free connections during the last one year under the Pradhan Mantri Ujjwala Yojna.

There are another 2.66 crore users of non-subsidised cooking gas.

Oil minister Dharmendra Pradhan intends to eliminate all subsidies on cooking gas by March next year.

The government has ordered state-run oil companies to raise cooking gas(LPG) prices by Rs 4 per cylinder every month. Oil minister Dharmendra Pradhan intends to eliminate all subsidies on cooking gas by March next year. The government had previously asked Indian Oil (IOC), Bharat Petroleum (BPCL) and Hindustan Petroleum (HPCL) to raise rates of subsidised domestic LPG (liquefied petroleum gas) by Rs 2 per 14.2-kg cylinder per month (excluding VAT). Now, the quantum has been doubled to bring down the subsidy to zero, Dharmendra Pradhan told the Lok Sabha today. "Public sector oil marketing companies (OMCs) were authorised to increase price of subsidised domestic LPG cylinder by Rs 2 per cylinder (14.2-kg) per month (excluding VAT) with effect from July 1, 2016," he said. "The government in its order dated May 30, 2017, has again authorised OMCs to continue to increase the effective price of subsidised domestic LPG by Rs 4 per cylinder effective June 1, 2017, per month (excluding VAT) till the reduction of government subsidy to 'nil', or till March 2018, or till further orders, whichever is earliest, " he said. Subsidised LPG now costs Rs 477.46 per 14.2-kg cylinder in Delhi. It was priced at Rs 419.18 in June last year. Every household in India is entitled to 12 cylinders of 14.2-kg each at subsidised rates in a year. Any requirement beyond that is to be purchased at market price. There are as many as 18.11 crore customers of subsidised LPG in the country. These include 2.5 crore poor women who were given free connections during the last one year under the Pradhan Mantri Ujjwala Yojna. There are another 2.66 crore users of non-subsidised cooking gas.

LPG prices to be hiked by Rs 4 per month: Government

Engineering and construction major Larsen &amp; Toubro (L&amp;T) today reported a 50.59 per cent jump in consolidated net profit to Rs 1,028.30 crore for the first quarter ended June 30 boosted by higher revenue from its infrastructure business.

Revenue from the infrastructure segment&nbsp;which accounted for about 44 per cent of the company&#39;s total income in the quarter&nbsp;rose 15.5 per cent.

The company had posted net profit of Rs 682.81 crore in the corresponding period a year ago.

The company&#39;s total income in the quarter under review increased 9.89 per cent to Rs 24,374.64 crore as against Rs 22,179.59 crore a year ago.

However, shares of the company closed 1.96 per cent lower at Rs 1,159.10 on BSE Sensex as analysts expected higher net profit. 
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L&T shares were boosted by higher revenue from its infrastructure business

Engineering and construction major Larsen & Toubro (L&T) today reported a 50.59 per cent jump in consolidated net profit to Rs 1,028.30 crore for the first quarter ended June 30 boosted by higher revenue from its infrastructure business. Revenue from the infrastructure segment which accounted for about 44 per cent of the company's total income in the quarter rose 15.5 per cent. The company had posted net profit of Rs 682.81 crore in the corresponding period a year ago. The company's total income in the quarter under review increased 9.89 per cent to Rs 24,374.64 crore as against Rs 22,179.59 crore a year ago. However, shares of the company closed 1.96 per cent lower at Rs 1,159.10 on BSE Sensex as analysts expected higher net profit.

Larsen & Toubro Q1 net profit jumps 51%

The benchmark BSE Sensex and the NSE Nifty closed down today as disappointing quarterly earnings weighed on bank and pharmaceutical shares.

The benchmark BSE Sensex ended down 0.23 per cent to end at 32,309.88 and the broader NSE Nifty closed down 0.06 per cent to close at 10,014.50

However, both BSE Sensex and Nifty ended higher for the week as Indian stocks held steady on Friday.

The NSE Nifty was up 1 per cent for the week and BSE Sensex closed 0.88 per cent higher for the week.

Earlier in the day, Dr&nbsp;Reddy&#39;s Laboratories and ICICI Bank Ltd stocks fell 5.9 per cent and 3.6 per cent, respectively, after reporting weak quarterly results.

Dr. Reddy&#39;s profits halved in the quarter resulting in the stocks going down by as much as 6.5 per cent - its lowest since May 30.

ICICI Bank also took a beating falling 3 per cent after it reported an &nbsp;8 per cent drop in first-quarter profit.

&nbsp;ITC Ltd gained today with the stocks jumping 2 per cent on strong quarterly numbers.

?ITC Ltd gained today with the stocks jumping 2 per cent on strong quarterly numbers.

The benchmark BSE Sensex and the NSE Nifty closed down today as disappointing quarterly earnings weighed on bank and pharmaceutical shares. The benchmark BSE Sensex ended down 0.23 per cent to end at 32,309.88 and the broader NSE Nifty closed down 0.06 per cent to close at 10,014.50 However, both BSE Sensex and Nifty ended higher for the week as Indian stocks held steady on Friday. The NSE Nifty was up 1 per cent for the week and BSE Sensex closed 0.88 per cent higher for the week. Earlier in the day, Dr Reddy's Laboratories and ICICI Bank Ltd stocks fell 5.9 per cent and 3.6 per cent, respectively, after reporting weak quarterly results. Dr. Reddy's profits halved in the quarter resulting in the stocks going down by as much as 6.5 per cent - its lowest since May 30. ICICI Bank also took a beating falling 3 per cent after it reported an 8 per cent drop in first-quarter profit. ITC Ltd gained today with the stocks jumping 2 per cent on strong quarterly numbers.

Sensex, Nifty end flat, bank & pharmaceutical shares fall