NEW DELHI: The government on Monday hiked import tariff value on gold and silver to $399 per 10 grams and $495 per kg, respectively, taking cues from global market.

For the first fortnight of this month, the import tariff value on gold was fixed at $388 per 10 grams and on silver was $487 per kg.

Mumbai: Pushing a step closer to launching India’s first Real Estate Investment Trust (REIT), real estate firm DLF Ltd expects to complete forming a special purpose vehicle (SPV) within the next six months, said a top company executive of the Delhi-based company.

“We would be ready with the SPV in the next six months. As we announced earlier, we have signed non-disclosure agreements with 25 global investors. We should be the first one to crack it (REITs),” Rajeev Talwar, chief executive officer (CEO), DLF Ltd, told Mint over the phone.

Mumbai: Japan’s Sumitomo Mitsui Banking Corp. on Tuesday sold a large part of the Kotak Mahindra Bank Ltd stake to Canada Pension Plan Investment Board (CPPIB), which manages 268.6 billion Canadian dollars ($203.09 billion) in pension fund assets, according to two people aware of the development.

On Monday, Mint reported that Sumitomo was looking to sell almost half of its stake in the private sector lender for around $300 million (approximately Rs.2,050 crore).

Markets regulator Sebi has imposed a total penalty of Rs 4.5 lakh on three firms for not registering with SCORES, the regulators' online complaint redressal system.

It was alleged that the companies -- Akshya Nidhi, Barduar Tea & Timber Company and Appu India -- did not obtain Sebi Complaints Redressal System (SCORES) authentication from the Securities and Exchange Board of India (Sebi) within the mandated timeframe even after repeated reminders.

Larsen & Toubro (L&T) is trading higher by 3% to Rs 1,115 on the BSE after the company announced that it has won orders worth Rs 2,213 crore across its various businesses.

The transportation infrastructure business has bagged new orders worth Rs 1,078 crore from the National Highways Authority of India (NHAI) for the construction of the Kerala/TamilNadu –Villikuri -Kanyakumari sections of NH-47 and NH 47B under NHDP Phase-3 in the state of Tamil Nadu on EPC mode. The projects are scheduled to be completed in 24 months.

Defying a hike in excise duty on tobacco products, the ITC stock on Tuesday opened Rs 9 higher than its Monday closing price on the Bombay Stock Exchange. In fact after a sharp dip of 5-6% soon after the announcement of an increase in excise duty on most tobacco products in the Union Budget for 2016-17, it had recovered and closed in the green yesterday.

Finance Minister Arun Jaitley on Monday announced a 10% increase in excise duty on cigarettes, but analysts had already factored in an 8-10% increase anyway.

Leonardo DiCaprio's long-pending maiden Academy win is not just special for him but it has emerged as a record-breaker by being the most-tweeted moment of an Oscars broadcast ever.

DiCaprio won the best actor trophy for his role of a fur-trapper in "The Revenant" and the much-anticipated moment saw 440,000 tweets per minute flooding the micro-blogging site, reported Entertainment Weekly.

New Delhi: Prime Minister Narendra Modi on Monday said Union Budget 2016 is pro-village, pro-poor and pro-farmer, with focus on bringing about qualitative change in the country and alleviate poverty through a slew of time-bound programmes.

Commenting on the budget, which was presented by finance minister Arun Jaitley earlier in the day, Modi said special attention has been paid to agriculture, village infrastructure, healthcare, employment generation and Dalit entrepreneurship.

Mumbai: The Indian rupee strengthened against the US dollar, and bond yield dropped, after finance minister Arun Jaitley said the government will retain the fiscal deficit target of 3.5% of the gross domestic product (GDP) for fiscal 2017. The gains in the rupee were also due to improved fiscal deficit.

The rupee closed at 68.42, up 0.31% from its Friday’s close of 68.63. The rupee opened 68.69 and touched a high of 68.36 in intraday trade, a level last seen on 18 February.

Prime Minister Narendra Modi, given his penchant for abbreviations, might have liked to put it as the new ‘GPS’ or guiding principle of his government in preparation for the 2019 Lok Sabha elections. It looks as if the Modi government has initiated its re-election strategy a couple of years early with Finance Minister Arun Jaitley’s budget speech promising Gas (LPG cylinders to below poverty line families), Power (to all un-electrified villages) and Sadak (road connectivity to all villages) by 2018-19.

Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.