With petrol and diesel kept out of the purview of GST, the state owned oil industry is losing Rs 200 billion annually in terms of input credit, Union Minister Dharmendra Pradhan said on Thursday.

However, he said, with the GST regime stabilising and apprehensions over GST collection gradually receding, “it is a matter of time that petrol and diesel are brought under GST”.

Shares of pharmaceutical companies were in focus in otherwise subdued market with Nifty Pharma index surging more than 2%, and extending its gains in the past two days on the National Stock Exchange (NSE).

Sun Pharmaceutical Industries, Cadila Healthcare, Dr Reddy’s Laboratories, Cipla, Glenmark Pharmaceuticals and Lupin from the Nifty Pharma index were up in the range of 2% to 3% on the NSE.

IT czar Azim Premji-led PremjiInvest picked up a 6% stake in Future Retail from Bharti Group for about Rs 1,700 crore, in a block deal on Thursday. “Mittal family which held 9% stake in Future Retail, has sold 6% stake to PremjiInvest. PremjiInvest is one of the larger investors in consumer space in India. They are also investors with us in Future Lifestyle Fashion,” Kishore Biyani, the founder and chief executive officer of Future Group told in an interview to CNBC TV18, adding that the total transaction value is about Rs 1,700 crore.

KOLKATA: Nearly five lakh retired employees of Coal India Limited (CIL) got a rude shock at the beginning of this month when they found that their pensions had not been remitted to their accounts, owing to what turned out to be a temporary shortage of funds.

“I have not received my pension for May till today,” NC Jha, former chairman of CIL and president of the state-run monopoly producer’s retired executives’ welfare association told ET on Wednesday.

KOLKATA: The cumulative sales of eight of cigarette-to-soap maker giant ITC’s FMCG brands crossed the $2-billion (Rs 13,000 crore) milestone in the fiscal ending March 2018, with three packaged food brands Sunfeast biscuits, Bingo chips and snacks and Aashirvaad atta driving the surge. This propelled the annual consumer spend on ITC’s FMCG brands to more than Rs 16,000 crore in FY18 compared to Rs 14,000 crore the year before, an investor presentation from the company showed.

State-run Air India on Wednesday said it has revised the excess baggage charges by Rs 100 per kg to Rs 500 for domestic travels from June 11.

As of now, the airline charges Rs 400 per kg for excess baggage.

The referee makes the sign of a screen with his fingers and goes to consult a screen on the edge of the pitch — the controversial VAR, video assistant refereeing system, will make its debut in FIFA World Cup 2018 at Russia.

After experiments in different FIFA tournaments, Serie A in Italy and the German Bundesliga this season, the principle is now well known in most countries.

Siemens on Wednesday said it has commissioned the world’s-largest power grid stabilisation technology solution for State-run utility Power Grid Corporation of India at Rourkela in Odisha.

“Siemens has commissioned 400 kV Synchronous Compensator (STATCOM) solutions at Power Grid Corporation’s substation in Rourkela, Odisha.

BENGALURU: A casual act of letting your spouse or a close relative/friend withdraw money from an ATM using your debit card could prove costly. This is what a Benglauru woman on maternity leave recently learnt, albeit the hard way.

Banking rules categorically state that an ATM card is non-transferable and no other person apart from the account holder should use it.

GMR Infrastructure Ltd’s two main businesses of energy and airports are still not out of the woods. The company’s shares have fallen by 13% since its March quarter results were declared five days ago.

Investors were unimpressed by the auditor’s qualification of a 2,255 crore impairment loss on a stranded power project. Even GMR Infra’s defence that the project has been referred for Special Debt Restructuring, and the onus is now on the bankers, did not help.

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