The all-powerful GST Council Tuesday approved a transition plan for the implementation of new tax structure for housing units, Revenue Secretary A B Pandey said.

A reasonable time for transition will be given to developers in consultation with states, he told reporters here.

Domestic equities continued their bull run on Monday with the BSE Sensex rising over 300 points and the Nifty reclaiming the 11,500 mark amid unabated foreign fund inflows and narrowing country’s trade deficit.

Besides, positive cues from other Asian markets too bolstered trading sentiment in Mumbai, traders said.

State Bank of India (SBI) on Monday said its board will consider an extension of the approval accorded by the central board of the bank for raising equity capital of up to Rs 20,000 crore till March 31, 2020.

The bank’s board will meet on March 22, SBI said in a regulatory filing.

A London court has issued an arrest warrant against fugitive diamantaire Nirav Modi, the main accused in the $2-billion Punjab National Bank (PNB) scam case, in response to a request by the Enforcement Directorate (ED) for his extradition in a money laundering case, officials said on Monday.

Engineering major Larsen and Toubro (L&T) on Monday mounted a hostile takeover bid for Bengaluru-headquartered Mindtree, with a multipronged strategy to buy around a 67 per cent controlling stake in the IT company for about Rs 10,733 crore.

As the first step, L&T entered into a deal to purchase the 20.32 per cent stake of Mindtree’s single-largest investor, V G Siddhartha, at Rs 980 per share in an all-cash transaction, which translates into Rs 3,269 crore.

The deal between the two Ambani brothers, Anil and Mukesh, has fallen through as Reliance Communi­cations (RCom) and Reliance Jio agreed to terminate the asset-sale agreement on Monday. RCom has cited delays in approval from the government and lenders as the reason.

With an aim to consider extension of timeline for raising funds, State Bank of India (SBI) on Monday said that the central board will meet later this week to consider extension of approval accorded by it for raising equity capital of up to Rs 20,000 crore from the market till end of FY20.

“A meeting of the central board of the bank is scheduled to be held on March 22, 2019 to consider inter alia the extension of approval accorded by central board for raising equity capital of up to Rs 20,000 crore from the market till March 31, 2020,” SBI said in an exchange filing.

Ericsson has received Rs 462 crore from Indian telecoms firm Reliance Communications Ltd (RCom), the Swedish company said on Monday, potentially saving billionaire Anil Ambani and two RCom directors from a jail term.

Late last month, India's top court found Anil Ambani, chairman of the debt-laden firm, guilty of contempt of court for wilfully failing to pay the Swedish telecom equipment maker.

General insurers registered 23 per cent growth in their premium at Rs 12,959.44 crore in February, data from Irdai showed Monday.

The gross premium collected by all the 34 insurers in the general sector stood at Rs 10,573.70 crore during the same month a year ago.

MUMBAI: Creditors to Essar Steel are weighing three options, one of which might be put before an appellate bankruptcy court on Monday, as they seek to draw to a close the insolvency proceedings that have dragged on for about two years.

The options include asking ArcelorMittal to pay up the whole amount and keep the contentious payments to operational creditors in an escrow account or just comply with the suggestions made by the National Company Law Appellate Tribunal (NCLAT) in the last hearing on Friday.

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