Reliance Industries Ltd’s (RIL) Hazira manufacturing unit in Gujarat has come under the scanner of central revenue authorities for alleged excise duty evasion of at least Rs 25 crore.

The Directorate General of Central Excise Intelligence (DGCEI) here has started a probe in the case and sought certain clarification from RIL, official sources said.

State-run Bharat Sanchar Nigam Ltd today termed Reliance Jio’s entry into the market as a “challenge” for all operators, but said it expects to match the intense competition “tariff-by-tariff”.

BSNL Chairman and Managing Director Anupam Shrivastava told PTI that the telecom PSU will adopt an aggressive stance on tariffs going forward.

Tata Motors has bagged orders worth Rs 900 crore for over 5,000 buses from various state and city transport undertakings in the first five months of the financial year. The numbers mark a sharp 80% jump in order book over last year. Most of these orders will be executed during the current financial year.

“The big surge in STU (State Transport Undertakings) buying across, is being witnessed after a gap of nearly four years, indicating renewed focus of various state governments / city transport providers on public transport,” the largest commercial vehicle player in the country said.

Calcutta, Sept. 5: Coal India Ltd (CIL) could fall short of its production target of close to 1 billion tonnes by 2019-20 unless there is an improvement in offtake.

In the first five months of 2016-17, cumulative offtake stood at 211.38 million tonnes (mt), a growth of 0.2 per cent over the year-ago period. Production at 194.81mt grew only 1.3 per cent during the period.

New Delhi, Sept. 5: State-owned refiner Indian Oil Corporation plans to add 24 million tonnes per annum (mtpa) to its refining capacity by 2022 at an investment of about Rs 40,000 crore.

The expansion will help the PSU to garner additional foreign exchange through export of petroleum products and meet the growing energy demands of the country.

Mumbai: The CNX Nifty hit the 8,900 mark for the first time in 18 months led by gains in auto and banking stocks after weaker-than-expected US non-payroll data reduced investor fears of a Federal Reserve rate hike in the near term. Continuous inflow from foreign and domestic institutional investors also helped.

In intra-day trading, Nifty touched a high of 8,905.10, a level last seen on 5 March 2015, and gained as much as 1.08% from its previous close. India’s benchmark Sensex index touched a high of 28,843.48, a level last seen on 16 April 2015, and gained as much as 1.1%. Both indices gained in five out of the last six trading sessions.

ITC shares surged on Tuesday after Delhi High Court ruled in favour of the company in the biscuit packaging dispute with Britannia. The court has asked Britannia to withdraw NutriChoice zero biscuit stocks within 4 weeks. Reacting to the news, ITC shares were trading 1.07 per cent up at Rs 265.25 at 11.06 am. The scrip opened at Rs 262.80 and touched a high and low of Rs 266 and Rs 262.40, respectively. Sensex was trading 297.12 points up at 28,829.23 during the same time.

Infosys rose 1.47% to Rs 1,046.20 on the BSE after the company said it has entered into a joint venture pact with Saudi Prerogative Company in the Kingdom of Saudi Arabia to conduct IT services for customers in the Kingdom of Saudi Arabia.

The announcement was made after market hours on Friday, 2 September 2016. The stock market was closed yesterday, 5 September 2016, on account of Ganesh Chaturthi.

The Securities and Exchange Board of India (Sebi) has sought major changes in the newly implemented central Know Your Customer (KYC) process. The regulator has written that several market intermediaries such as mutual funds (MFs), brokerages and even banks were facing issues adhering to the new central KYC process.

Starting August 1, the government has shifted to the central KYC process, to enable common and one-time KYC for all financial market intermediaries.

Hyundai Motor India had posted a growth of nine per cent in sales as compared to the industry growth of seven per cent in the first eight months of the year, said Y K Koo, managing director and chief executive of the company. The automobile company has seen a booking of 400 units of Elantra sedan in a few days till the end of August.

“We have sold 3,27,844 units in the past eight months and a nine per cent growth against the market growth of 7.5 per cent. We are ahead of the industry growth,” said Koo after inaugurating the company’s first Global Dealership Space Identity showroom in Chennai.

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