State-owned BPCL has received green nod to set up additional facilities at its Kochi refinery to meet the BS-VI quality auto fuel norms and establish new MS block, which will entail an investment of Rs 3,313 crore.

As per Auto Fuel Policy 2025, the government has laid down a roadmap for complete transition to Bharat Stage (BS)-VI auto fuel by April 2020 in the country.

Shares of cigarette makers such as ITC, Godfrey Phillips India and VST Industries rallied by up to 7% on BSE in early morning trade after the Goods and Services Tax (GST) Council's propose to place tobacco products in the 28% tax slab and an additional cess.

The current rate of taxation on cigarettes is around 64% and 81% on chewing tobacco.

Key benchmark indices continue to trade lower weighed down by pharma shares. At 13:05 IST, the barometer index, the S&P BSE Sensex was down 79 points or 0.3% to 27,351. The Nifty 50 index was currently down 34 points or 0.4% at 8,450.

The Sensex and the Nifty recovered after hitting hit their lowest intraday levels in almost four months in early afternoon trade. The Sensex fell 130.26 points, or 0.47% at the day's low of 27,300.02 in early afternoon trade, its lowest level since 8 July 2016.

Japan's Suzuki Motor Corp will invest about 100 billion yen ($970.97 million) in a second vehicle production line at its new plant in Gujarat, even before operations have begun, the Nikkei business daily reported on Friday.

The second line could debut in early 2019, the report said, and will manufacture the same yearly volume as the first production line, which is slated to debut in 2017.

The government plans to offload up to three per cent stake in Larsen & Toubro (L&T) held under Specified Undertaking of the Unit Trust of India (Suuti) through a block deal on Friday, said investment banking sources.

The base price for the share sale has been set at Rs 1,415.66, about two per cent discount to L&T's closing price of Rs 1,445 on Thursday. The government will be able to mop up around Rs 4,000 crore through the transaction. Suuti owns around 8.32 per cent stake in L&T. Besides L&T, Suuti owns around 11 per cent each in ITC and Axis Bank.

Software lobby group National Association of Software and Services Companies (Nasscom) said it was yet to get clarity on the rates for IT products but cautioned that the bigger challenge for the sector would be the implementation of the goods and services tax.

“The industry is looking at a rate of 12-16 per cent. So, it entirely depends on how it gets. But, the bigger concern is how the GST is applied,” said R Chandrashekhar, president of Nasscom.

New Delhi: Prime Minister Narendra Modi on Thursday sought greater cohesion in the international response to disasters, and urged women to play a bigger role in disaster risk management.

“In the aftermath of a disaster, disaster responders pour in from all over the world. This collective strength and solidarity could be enhanced further if we work under a common umbrella,” Modi said in his inaugural speech at the Asian Ministerial Conference on Disaster Risk Reduction (AMCDRR) 2016.

MUMBAI: Sensex plummeted some 97 points to hit nearly four-month low of 27,430.28, falling for the fourth straight session, and Nifty crashed below the key 8,500-level on Thursday, tracking cautious global markets amid a new poll suggesting a likely win for Donald Trump in US election.

After opening lower at 27,518.06, the Sensex recovered to the day's high of 27,600.74 on bargain-buying by participants, including domestic financial institutions.

Apex industry body ASSOCHAM has mooted a proposal to the Union Government to constitute an appropriate authority either at the Central or state level to fix the ceiling on road freight rates and breaking local monopolies.

“Transporters charge exorbitant rates for movement of iron ore and other raw materials from mines and ports to steel plants, besides they also prevent free competition through their dominating presence in local areas,” said ASSOCHAM highlighting the double whammy being faced by the domestic steel sector.

The rupee edged higher by 2 paise to 66.69 against the US dollar at the forex market in early trade today on fresh selling of the American currency by exporters.

Besides, the dollar’s weakness against some currencies overseas supported the rupee but early losses in the domestic equity market restricted gains, dealers said.

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