A look at the headlines in the sector right now:
- GST Council lowers tax rates on 178 goods, only 50 items now under 28% slab: Congress-ruled states had asked for the highest tax rate to be 18%.
- State Bank of India’s net profit shrinks 37% in July-September, asset quality improves: The net profit of Rs 1,582 crore was way below the market estimates.
- Sensex, Nifty close higher despite rise in global oil prices: The biggest gainer on both indices was State Bank of India, whose shares rose despite reporting lower-than-expected second-quarter earnings.
- JustDial says report about Google buying it is ‘factually incorrect’: Shares of the Indian search engine surged almost 20% after a report in ‘Business Standard’ said it was discussing a deal with Google.
- Travel website TripAdvisor to flag hotels where cases of sexual assault have been reported: Business listings will not be removed from the portal regardless of the number of complaints, the company said.
- Rising food prices to push India’s October inflation to 7-month high, says Reuters poll: Inflation will be at its highest since March if the data, due to be released on November 13, matches expectations.
- Centre expects mineral auction worth Rs 50,000 crore in the last four months of the 2017-’18 financial year: The government has been able to auction Rs 1.80 lakh crore worth of minerals for 33 mines during the last two years, Union Mines Secretary Arun Kumar said.