NEW DELHI: The Income Tax Department today conducted survey operations at major Bitcoin exchanges across the country on suspicion of alleged tax evasion, official sources said.

They said various teams of sleuths of the department, under the command of the Bengaluru investigation wing, today visited the premises of nine such exchanges in the country including in Delhi, Bengaluru, Hyderabad, Kochi and Gurugram, since early morning.

Google has officially announced that it is opening an AI center in Beijing, China.

The confirmation comes after months of speculation fueled by a major push to hire AI talent inside the country.

New Delhi: Swedish car maker Volvo Car Corp. will sell only electric, hybrid and plug-in hybrid cars in India after 2019 as part of its plan to shift to such vehicles worldwide.

“We must follow the same strategy in India and if we would want to be the leaders here when it comes to electrification, then we have to be the first in line,” said Charles Frump, managing director of Volvo Auto India Pvt. Ltd.

Ten State Bank of India (SBI) officials with deputy managing director (DMD) rank will be interviewed by the Banks Board Bureau (BBB) on Wednesday for the post of the fourth managing director (MD) of the bank, sources told FE. Among those expected to be interviewed include Mrutyunjay Mahapatra (chief information officer), Anshula Kant (chief financial officer), Prashant Kumar (corporate development officer), Pallav Mohapatra (of Stressed Assets Management Group) and Haridas KV (head of retail business in national banking group).

ICICI Bank, the country’s second-largest private sector lender by assets, has reduced the interest rate on one-year deposits by 15 basis points (bps) to 6.6% per annum. The reduced rate will apply to fixed deposits of under Rs 1 crore with a tenure of between one year and 389 days. The bank has left rates on retail deposits of most other tenures unchanged. Deposits maturing between 390 days and two years continue to earn 6.75%, while those with longer maturities yield 6.5%.

State-run lender Punjab National Bank launched a Rs 5,000-crore fund-raising programme late on Monday evening through qualified institutional placement (QIP) of shares at a likely price of Rs 168 per share in a move that will shore up the bank’s capital adequacy ratio (CAR). The base size of the QIP is Rs 3,000 crore or 17.9 crore shares, with an option to retain an additional Rs 2,000 crore through issue of another 11.9 crore shares.

We had upgraded BHEL to ‘Buy’ in July 2016 anchored by a few positive triggers on the horizon. Of these, thermal ordering/demand has not picked up materially, which remains a key monitor able. On the positive side though, the company’s executable order book (OB) has jumped to 78% (54% last year) in H1FY18 as execution of slow-moving orders has gathered pace and gross margin has improved to ~40%.

The Securities & Exchange Board of India (Sebi) chairman Ajay Tyagi on Tuesday came out very strongly against the leaking of price-sensitive information and key financial data of listed companies through social media, before such information is made public. “We are taking it very seriously. How come such messages, about reputed listed companies, are leaked quite close to the financial results? This is something we are not going to sit quietly on,” Tyagi said.

Key stock barometer Sensex fell 105 points today after disappointing economic data forced investors to tighten their exposure.

Surging oil prices and a sluggish trend in Asian markets brought pain, too.

The Supreme Court on Tuesday rejected the government's stand of imposing a monetary fine and a jailtermm on restaurant owners and other persons who would sell mineral water bottles over and above their maximum retail price (MRP).

The apex court held that hotels and restaurants can charge to their customers more than the MRP marked on a bottle of the mineral water.

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