The business wrap: Gujarat, Maharashtra slash VAT on fuel prices, and six other top stories
Other headlines: Sebi told SC that the Sahara Group was obstructing the auction of its Aamby Valley project, and PepsiCo Chairman Shivakumar has stepped down.
A look at the headlines in the sector:
- Gujarat, Maharashtra cut Value Added Tax on petrol and diesel, effective midnight: Poll-bound Gujarat cut VAT on the fuels by 4%, while Maharashtra lowered the prices by Rs 2 and Re 1 per litre.
- Sahara is obstructing the auction of its Aamby Valley project, Sebi tells Supreme Court: The court had earlier ordered that the property be attached and sold in order to recover dues worth Rs 24,000 crore from Sahara.
- PepsiCo Chairman Shivakumar resigns, to join Aditya Birla Group: Ahmed El Sheikh, the senior vice president and general manager for PepsiCo Egypt and Jordan, will take over the post.
- Delhi Metro rides to get costlier from today as new fare structure comes into effect: People travelling beyond 5 km on the metro will have to pay Rs 10 extra, while journeys falling in the 2-5 km distance slab will cost Rs 5 more.
- Nifty reclaims 10,000, Sensex ends 77 points up as markets await second-quarter results: There was uninterrupted buying by domestic financial institutions as companies are expected to start reporting their July-September earnings this week.
- Microsoft says it will not develop new features for Windows phones any more: There were too few users for most developers to invest in building new apps, a top executive said.
- Supreme Court rules out forming a Special Investigation Team to look into the Panama Papers leak: A Multi-Agency Group with officers from Central Board of Direct Taxes, RBI and Financial Intelligence Unit was already like an SIT, the bench said.