A look at the headlines in the sector right now:

  1. Income Tax Returns can now be filed till August 5 as Centre extends deadline: The I-T Department said its systems were overloaded and many taxpayers could not access the website on Monday, which was the earlier deadline.   
  2. Snapdeal calls off merger talks with Flipkart, to pursue ‘independent talks’, says report: The company said it is exploring a new direction, which it called Snapdeal 2.0, and has made a gross profit this month.
  3. SBI cuts interest rates by 0.5% on savings account deposits: Accounts with balance of less than Rs 1 crore will now earn 3.5%.  
  4. Sensex trades more than 100 points higher, Nifty crosses 10,000 mark: The stocks of Larsen and Toubro rose almost 4% after the company posted its first quarter earnings.   
  5. After Reliance announces JioPhone, Idea Cellular says it will launch its own handsets: The devices will be priced at Rs 2,500, managing director, Himanshu Kapania said.   
  6. E-waybill floor could be raised above Rs 50,000 to prevent harassment by tax officials, reports The Economic Times: The GST council could take up the matter in its next meeting on August 5, the business daily reported.   
  7. GST was not an easy reform to implement, says Finance Minister Arun Jaitley: Jaitley said there was ‘great amount of public support’ for the GST as people had become ‘restless’.