NEW DELHI: Indian Oil Corp may go to court if the Odisha government carries out its threat to withdraw tax incentive to its Paradip refinery, in a confrontation that could dent the state’s credibility as an investment destination.

Odisha issued a notice to IOC last month, saying the economic environment had “drastically changed in favour of Indian Oil Corp” so that a fiscal incentive for Paradip refinery has become “unnecessary and unjustified”.

Weak global cues and eyes on the Indian central bank's move in the last monetary policy of the fiscal kept the markets subdued in early trade on Tuesday.

The BSE Sensex was over 45 points down in early trade. However, at 0949hours, it had recovered slightly and was trading at 28,412.27, down 27.01 points or 0.09% from previous close. The National Stock Exchange Nifty was down 13.60 points or 0.15% at 8,787.45 from previous close.

Punjab National Bank's net profit grew to Rs 207.18 crore in the quarter-ended December 2016 compared to the Rs 51.01 crore posted in the same period last year, up four fold.

The total income earned by the bank in the quarter grew to Rs 14,497.65 crore compared to Rs 13,891.20 crore posted in the same period last year, up 4.4%.

ITC rallied as much as 5.6% to hit its 52-week high on BSE after the Specified Undertaking of the Unit Trust of India (SUUTI) sold 2% stake in the company via block deals.

The 2% stake sale in ITC will fetch the government approximately Rs 6,700 crore, making the divestment target of Rs 45,500 crore more achievable. For FY17, the total divestment made via minority stake sale and strategic stake sale stands close to Rs 37,700 crore.

Over Rs 5 crore was spent on Jayalalithaa's treatment after she was rushed to the Apollo Hospital here on the night of September 22, where she subsequently died after 75 days.

P Balaji of Madras Medical College, who attended on the late chief minister, told reporters that around Rs 5 crore to Rs 5.5 crore was the hospital bill for the treatment provided to her.

Among Silicon Valley’s top tech employers, Facebook could be the most vulnerable to US President Donald Trump’s expected crackdown on guest-worker visas, according to a Reuters analysis of US Labor Department filings.

More than 15 per cent of Facebook’s US employees in 2016 used a temporary work visa, giving the social media leader a legal classification as a H1B “dependent” company. That is a higher proportion than Alphabet’s Google, Apple, Amazon.com or Microsoft.

Jet Airways is planning to add 11 Boeing 737 aircraft to arrest its falling domestic market share. The move to expand fleet follows a weak third quarter that also saw a slowdown in the West Asia market.

Jet Airways has a fleet of 114 planes, including 76 Boeing 737s, which it deploys on both domestic and short-haul overseas routes.

State-run CIL is exploring coking coal assets overseas as the country is faced with constraints of techno-commercially viable domestic metallurgical coal reserves, Parliament was informed today. “CIL (Coal India Ltd) is scouting for acquiring coking coal assets abroad, as India is faced with constraints for techno-commercially viable domestic coking coal reserves,” Coal and Power Minister Piyush Goyal said in a written reply to Rajya Sabha.

Researchers have developed a terahertz (THz) transmitter capable of transmitting digital data at a rate 10 times or more faster than that offered by the fifth-generation mobile networks (5G) expected to appear around 2020. The terahertz transmitter could make it possible for the whole content on a DVD (digital versatile disk) to be transferred in a fraction of a second, according to the research scheduled to be presented at the International Solid-State Circuits Conference (ISSCC) 2017 being held from February 5-9 in San Francisco, California.

Clarifying the punishment on cash transactions of over Rs 3,00,000 as mentioned in the Union Budget 2017, Chairman of the Central Board of Direct Taxation, Sushil Chandra said that anyone found guilty of the crime would be liable to pay a penalty of 100%; the complete transaction amount.

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