Domestic equity benchmark BSE Sensex dropped over 100 points in early trade on Wednesday as investor sentiment dampened further after IMF cut India’s growth outlook.

After swinging nearly 250 point in highly volatile opening session, the 30-share index was trading 104.13 points or 0.27% lower at 37,878.61 at 09:30 hours; and the broader Nifty also fell 38.30 points or 0.34% to 11,292.75.

Larsen and Toubro (L&T) on Tuesday reported a decent set of numbers for the three months to June but indicated that a revival in private sector capex was a good 12-18 months away.

The engineering firm reported a smart 21% year-on-year jump in consolidated net profit to Rs 1,473 crore, though revenues grew at a sedate 10% y-o-y to Rs 29,636 crore. Moreover, fresh orders during the quarter were up a modest 11% y-o-y to Rs 38,700 crore.

In an effort to combat subdued sales, Bajaj Auto and TVS Motor Co are taking measures like trimming prices by anywhere between Rs 500 and Rs 2,000 on some products. For their part, some dealers are also sacrificing a part of their margins. Prices of two-wheelers have risen over the past year on several counts, including higher insurance costs and because vehicles needed to fitted with anti-lock braking systems from April 1, 2019.

The Indian currency Rupee opened lower at 69.09 a dollar against the previous close of 68.94 a dollar on Wednesday amid sustained selling by foreign institutional investors. Yesterday, the Rupee ended marginally lower amid strengthening of the US dollar against major currencies and continuous foreign fund outflows. Rupee ended at 68.94 per dollar against the last settlement of 68.9125 per dollar on Tuesday.

Rejecting demands for rollback of import duty on the paper used for printing newspapers, Finance Minister Nirmala Sitharaman on Tuesday said 10 percent customs duty on imported newsprint was a move to provide a level playing field for domestic manufacturers.

Replying to the debate on Finance Bill 2019, which contained the tax proposal, in the Rajya Sabha, she said domestic newsprint manufacturers were finding it difficult to find buyers because the same was being imported.

The death toll in Bihar and Assam floods mounted to 174, with a total of 1.09 crore people being affected by the calamity in the two states, officials said.

Though water levels have started receding in several districts of the two states, both reported two deaths each since Monday.

As part of its efforts to strengthen strategic alliances between the US and the Indian IT industry, the National Association of Software and Services Companies (Nasscom) recently took a delegation of SMEs to the US to help them explore the possibilities of entering the American market.

The Federal Trade Commission (FTC) is set to announce on Wednesday that Facebook Inc has agreed to a sweeping settlement of significant allegations it mishandled user privacy and pay $5 billion, two people briefed on the matter said.

As part of the settlement, Facebook will agree to create a board committee on privacy and will agree to new executive certifications that users' privacy is being properly protected, the people said.

As US President Donald Trump on Monday offered to mediate between India and Pakistan on the Kashmir issue after meeting Pakistan Prime Minister Imran Khan at the White House for the first time, India rejected POTUS offer.

Trump said he is ready to help, if the two countries ask.

New Delhi: Flat owners will have to pay GST at 18 per cent if their monthly contribution to resident welfare association (RWA) exceeds Rs 7,500, the Finance Ministry said Monday.

As per the rules, RWAs are required to collect GST on monthly subscription/contribution charged from its members if such payment is more than Rs 7,500 per flat per month and the annual turnover of RWA by way of supply of services and goods exceeds Rs 20 lakhs.

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