The Tamil Nadu government today sought to allay fears over discovery of the first Zika case, saying the victim has already been cured and the village from which it was reported is under close watch.

The man affected by the virus "has been cured and is doing well ... There is no need for panic," Health Minister C Vijayabaskar told the state assembly.

Benchmark indices pared some morning gains to trade flat in the noon deals with Nifty trading hovering around 9,800 ahead of June CPI data, to be announce later in the day. Investors expected the inflation to be at record low, which will put pressure on RBI to cut rates in the coming monetary policy review meet.

Asian Markets were also trading mixed amind political controvery surrounding Donald Trump after emails disclosed by President Donald Trump's eldest son cited Russian support for his father's 2016 election campaign. Street also watched out for US Fed Chair Janet Yellen's testimoney to get clues on timeline of further rate hikes by Fed.

Reliance Industries (RIL) hit an over 9-year high of Rs 1,525, up 2% on BSE in early morning trade.

The stock was trading at its highest level since January 17, 2008. Thus far in the calendar year 2017, it outperformed the market by surging 41% as compared to 19% rise in the S&P BSE Sensex.

Ravi Shastri has been appointed head coach of the Indian cricket team, it has been reported. The announcement comes hours after the CAC member Sourav Ganguly told DNA that they would take a few days to announce the coach.

Shastri, who has served as Indian team director from August 2014 to June 2016, shares a healthy rapport with the players including captain Virat Kohli.

CDM, the Boston-based consultancy firm that allegedly paid kickbacks to the National Highways Authority of India (NHAI) officials between 2011 and 2015 to bag contracts was blacklisted by the authority in 2015 itself.

According to an official, CDM Smith was blacklisted by NHAI in 2015.

Morgan Stanley Research has downgraded the Indian utilities industry, citing the threat from renewable power. These risks were not unknown, but the brokerage firm goes further and says the market is yet to fully price-in the impact of solar power, becoming the cheapest form of new electricity generation.

As demand remains subdued and renewable power achieves grid parity or becomes the cheapest source of new electricity, thermal power units will be unable to compete, making them redundant, or so the argument goes.

The $150 billion Indian IT industry is expected to have a sedate start this fiscal, with the first quarter results of top tier companies like TCS, Infosys and Wipro commencing this week. Analysts believe that revenue growth will be subdued and operating profit margins will be under stress in the April-June period, with the demand environment yet to pick up pace. EBIT margins in the first quarter may compress by up to 260bps for large-caps, primarily due to rupee appreciation, wage increases, and visa costs.

Microsoft is not only building IT solutions solely to support conspicuous consumption, it is also working to make a positive impact in the world, Indian American CEO Satya Nadella has said. “Whether it’s helping a 50-year-old insurance business modernise their line-of-business application, or growing a new business from scratch, Microsoft is betting on the future for our collective customers,” Nadella told an annual meeting of Microsoft’s partners gathered here from across the globe, including 176 from India.

Rental income from residential property has been exempt from GST but any earning over Rs 20 lakh annually from renting or leasing for commercial purposes would attract the levy. Revenue Secretary Hasmukh Adhia said that if the house property is rent out for shop or office purpose, no Goods and Service Tax (GST) will be levied up to Rs 20 lakh. “Rental income received from residential house is exempt. But if you have given your unit to commercial enterprise, then it is taxable if you are getting more than Rs 20 lakh as rent,” Adhia said at the GST Master Class. The taxpayer earning more than the exempted threshold will have to register with the GST Network and pay taxes.

The flagship Sensex on Tuesday rallied to a fresh all-time high of 31,802 and the NSE Nifty hit off a new peak of 9,807 on uninterrupted foreign capital inflows coupled with earnings optimism among participants.

There are expectations that key macro data such as inflation and industrial production -- lined up for tomorrow -- will be encouraging.

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