The business wrap: Markets suffer loss amid geo-political tensions, and six other top stories
Other headlines: Moody’s cut China’s rating for the first time since 1989, and the income tax department raided the premises of several UP bureaucrats.
A look at the headlines in this sector:
- Sensex, Nifty down amid geo-political tension between India and Pakistan: Tata Motors, whose shares rose 4.2% to Rs 469, was the top Nifty gainer.
- Moody’s slashes China’s rating for the first time since 1989: The move took a toll on Asian stocks.
- I-T department raids premises of several UP bureaucrats suspected of not paying taxes: The offices of four government officers in Lucknow, Noida, Meerut and Mainpuri have been searched so far.
- Uber admits to underpaying New York City drivers, promises to refund millions of dollars: The company confessed that they had been taking their commission from pre-tax fares, thus transferring the cess burden on to the drivers.
- Adani may walk away from coal project unless offered tax cuts, says Australian minister: You cannot expect the company to make a multi-billion dollar decision if they do not know what tax they will pay, said Matthew Canavan.
- Ramdev’s Patanjali benefited from $46 million in discounted land acquisitions in BJP states: The company’s revenue increased from $156 million to over $322 million under the new administration.
- HCL Technologies will buyback stocks at 17% premium: The buyback size is Rs 3,500 crore.