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Oil marketing companies (OMCs) have announced a price cut of Rs 33.50 for 19 kg commercial LPG cylinders, effective August 1. In Delhi, the revised retail price will be Rs 1,631.50. However, there is no change in the cost of 14.2 kg domestic LPG cylinders. This marks yet another adjustment in a series of reductions over recent months. On July 1, the price of commercial LPG was slashed by Rs 58.50, bringing it down to Rs 1,665 per cylinder. Prior to that, OMCs had reduced prices by Rs 24 in June, Rs 41 in April, and Rs 7 in February. March had seen a marginal hike of Rs 6. The latest cut is expected to ease the financial burden on small businesses such as restaurants, hotels, and street food vendors that rely heavily on commercial LPG for their daily operations. While domestic usage accounts for nearly 90% of India’s total LPG consumption, the remaining 10% serves commercial, industrial, and automotive sectors. Domestic LPG prices tend to remain stable despite frequent revisions in comm...

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The reemergence of meme stock mania last week has professional investors facing a quandary: ride the excitement of retail traders or take it as the latest warning sign that the frothy markets are due for a pullback.The speculative stocks caught up in the frenzy this week, like Opendoor Technologies and Kohl's, gave up some of their gains as the week went on, but most are still trading at their highest levels in months. The broader S&P 500 Index and Nasdaq 100 Index are doing even better, sitting at all-time highs after charging back from the early April selloff set off by President Donald Trump's tariff announcements.There are indicators that investors are abandoning restraint and betting on further gains. The amount that investors are borrowing to buy stocks on the New York Stock Exchange, known as margin debt, has exceeded the tech-bubble highs to reach a new record, according to data from the Financial Industry Regulatory Authority. But signs of fatigue are creeping in. ...

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AI Engineering Services (AIESL), the former maintenance arm of Air India, said on Sunday that it handed over all aircraft records to the airline that took over the maintenance oversight after its acquisition by the Tata Group."We are confident that the records we provided were complete and in full compliance with all regulatory standards," AIESL chief executive Sharad Agarwal said in response to ET's queries.AIESL is now a subsidiary of AI Assets Holding Company, a government-owned entity that owns the Air India assets that were not part of its privatisation in 2022.122939948The comments come as India's civil aviation regulator, the Directorate General of Civil Aviation (DGCA), investigates potential engineering lapses at Air India following a Boeing 787 crash last month that killed 260 people.During an audit in June, the DGCA found that there were gaps in practices. The airline has allegedly been operating multiple components in aircraft beyond their life period.Peop...

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At Tata Steel's plant in IJmuiden on the outskirts of Amsterdam, cauldrons of lavalike molten steel are poured into long, thin trays that harden into identical 40-by-4-foot slabs of steel.The end products, though, are strictly haute couture. Every item is made to order: battery casings that do not leak, crumple-zone car parts that absorb the force of a crash, cans that safely preserve food for years.Very few companies in the world can produce this kind of advanced high-grade steel. Even so, Tata is being hit by the same forces that are pummelling every steelmaker: Manufacturers are producing more steel than the world can possibly use.Excess steel production is estimated to reach 721 million tons by 2027, according to the Organization for Economic Cooperation and Development.One answer would be to simply make less steel. The problem is that no country wants to be the one to stop producing a material that is considered essential to its economic and national security.Steelmaking has a...

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Mumbai: India will slash duties on high-end cars from the United Kingdom under the free trade deal signed on Thursday, while protecting the mass-market segment where Indian manufacturers are gaining global ground."Vehicles priced below £40,000 (about ₹46 lakh including cost, insurance and freight), where Indian automakers are highly active, have been explicitly excluded from any duty concession," an explanatory note released by the commerce ministry said."The concessions are targeted largely at large engine capacity ICE vehicles- above 3000 cc petrol or 2500 cc diesel and high-end EVs priced above £80,000 (CIF)...providing a protective shield to the mass-market EV segment," it said.The deal is likely to benefit luxury car brands such as Aston Martin, Rolls-Royce, McLaren, Lotus, Jaguar Land Rover (JLR) and BMW Mini, which currently face steep import duties of about 110% in India.Under the Comprehensive Economic and Trade Agreement (CETA), India will gradually reduce...

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Indian promoters and several family offices using limited liability partnerships (LLPs) to own shares of companies, other securities, and invest in private equity and venture capital funds are in for a nasty surprise lurking in the new income tax (I-T) Bill.Such LLPs, which have emerged as a convenient investment vehicle over last decade, will have to shell out more tax on their profits from sale of securities if the new Bill is enacted in its present form. The tax rate on profits from sale of shares or other investments could rise from 12.5%—the existing tax applicable for long-term capital gains—to 18.5% for these investment entities.This looming tax arises with the proposed law widening the scope of the alternative minimum tax (AMT) on LLPs. AMT is aimed at collecting taxes from non-corporate taxpayers like individuals, Hindu undivided families (HUFs), and LLPs who claim significant deductions to lower their tax outgo.122844725Under the present tax regulations, if specified deductio...

U.S. President Donald Trump said on Tuesday that the Philippines will pay a 19% tariff rate following the conclusion of a trade deal with the United States. "It was a beautiful visit, and we concluded our Trade Deal, whereby The Philippines is going OPEN MARKET with the United States, and ZERO Tariffs. The Philippines will pay a 19% Tariff," Trump said after Filipino President Ferdinand Marcos visited the White House. from Economic Times https://ift.tt/Cs4fRGE

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India is considering a cut in the goods and services tax (GST) rate on fuel blends with higher ethanol content, Nitin Gadkari, minister for road transport and highways, said at an ET Roundtable in New Delhi on July 17. He added that this will encourage greater adoption of vehicles that run on 100% ethanol, which will help reduce India's fossil fuel imports, cut down on pollution and make the country self-reliant.The minister said his intent is to achieve the daily award of 100 km of national highways, compared with the average of 23 km in FY24 or 46.7 km in FY18, the highest so far. Edited excerpts:Who is going to be the next president of the Bharatiya Janata Party (BJP)?Your question is right, but the person is wrong. Only the president of the BJP can answer this.Are there differences between the RSS and the party about the position of president? I have no idea. All talks are within the party. Maybe Mr (JP) Nadda will be able to tell.Will the next president be someone who has been...

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U.S. President Donald Trump on Friday reiterated his threat of imposing tariffs on members of the BRICS group of nations and said the group would end very quickly if they ever form in a meaningful way. "When I heard about this group from BRICS, six countries, basically, I hit them very, very hard. And if they ever really form in a meaningful way, it will end very quickly," Trump said without naming the countries. Trump also said he was committed to preserving the dollar's global status as a reserve currency and pledged to never allow the creation of a central bank digital currency in America. from Economic Times https://ift.tt/LIXylC5

Bharti Airtel's revenue market share (RMS) touched a record around 40% in FY25, growing 178 basis points on-year, for its mobile services business even as its vice chairman Gopal Vittal called for further "tariff repair" for a sustainable return on capital employed. Airtel's strong revenue growth was supported by an improved portfolio mix, continued premiumisation and tariff repair across our mobile pricing plans, the company said in its annual report released Thursday.During FY25, Bharti Airtel chairman Sunil Mittal drew an annual remuneration of Rs 32.55 crore, an increase of 0.89% over the previous fiscal. Vice Chairman and Vittal, also the managing director, drew an annual salary of Rs 20.2 crore, a 9.14% increase over last year. The company paid Rs 37,300 crores in license fee and spectrum usage charges to the state exchequer. It additionally paid Rs 28,900 towards spectrum obligations, including annual and prepayment of past spectrum dues in FY2025."Over th...

The Union cabinet has approved the Prime Minister Dhan-Dhaanya Krishi Yojana (PMDDKY), a scheme to develop 100 agricultural districts through the convergence of 36 schemes of 11 ministries.The scheme has an outlay of ₹24,000 crore per year, said information and broadcasting minister Ashwini Vaishnaw, adding that it would be implemented for six years beginning with the current financial year. A master plan for implementation of PMDDKY, which will include agriculture and allied activities, will be drawn up for every district, he added. The plan will be prepared by District Dhan Dhaanya Samiti headed by the Collector."The district plans will be aligned to the national goals of crop diversification, conservation of water and soil health, self-sufficiency in agriculture and allied sectors as well as expansion of natural and organic farming," an official statement said.The plans will be based on extensive consultations and understanding cropping patterns and allied activities as pe...

Donald Trump said Tuesday that Ukraine should not target Moscow, after a report that the US president had encouraged President Volodymyr Zelensky to hit the Russian capital.The Financial Times reported that Trump had brought up a potential counteroffensive with Zelensky and even asked his Ukrainian counterpart whether he could hit Moscow, if Washington provided long-range weapons.Asked by reporters at the White House if Zelensky should target Moscow, Trump replied that "he shouldn't." from Economic Times https://ift.tt/fWPVFYs

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More than 20 states have sued President Donald Trump's administration over billions of dollars in frozen funding for after-school and summer programs and other programs. Aiden Cazares is one of 1.4 million children and teenagers around the country who have been attending after-school and summer programming at a Boys & Girls Club, the YMCA or a public school for free thanks to federal taxpayers. Congress set aside money for the programs to provide academic support, enrichment and child care to mostly low-income families, but President Donald Trump's administration recently froze the funding. The money for the 21st Century Community Learning Centers is among more than $6 billion in federal education grants Trump's Republican administration has withheld, saying it wants to ensure recipients' programs align with the president's priorities. On Monday afternoon, more than 20 Democratic-led states sued the Trump administration to force the release of the money. Led by ...

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Jannik Sinner overwhelmed a not-fully-fit Novak Djokovic 6-3, 6-3, 6-4 in the Wimbledon semifinals on Friday to set up a showdown for the championship against Carlos Alcaraz.The No. 1-ranked Sinner's victory at Centre Court put him in his first final at the All England Club.No. 2 Alcaraz defeated Taylor Fritz 6-4, 5-7, 6-3, 7-6 (6) earlier Friday to move within one victory of a third consecutive Wimbledon title.Sinner, a 23-year-old Italian, and Alcaraz, a 22-year-old Spaniard, now head into a rematch of their epic final at the French Open four weeks ago.Alcaraz is 5-0 so far in Grand Slam title matches. Sinner owns three major trophies.They are far and away the leaders of men's tennis — and are at the height of their games right now.Alcaraz takes a career-best 24-match winning streak into Sunday. Sinner will be participating in his fourth consecutive Grand Slam final, after winning the U.S. Open last September and the Australian Open in January, before his heartbreaking defeat...

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New Delhi: The Enforcement Directorate conducted search operations on July 8 and 9 at four premises in Gurugram and Jind, Haryana related to Probo Media Technologies Pvt Ltd and its promotors namely, Sachin Subhaschandra Gupta & Ashish Garg under the provisions of Prevention of Money Laundering Act (PMLA), 2002 in connection with the company's alleged illegal gambling/ betting activities across India.Probo Media Technologies Pvt Ltd operates the app & website "Probo', which provides platform for online gaming.ED initiated investigation on the basis of multiple FIRs registered under various sections of BNS, 2023 and Public Gambling Act, 1867 against Probo Media Technologies Pvt Ltd and its directors/ promoters in Gurugram, Palwal (Haryana)and Agra (Uttar Pradesh).The agency in a press statement on Wednesday said that the complainants in the FIRs had alleged that they were cheated and dishonestly presented a scheme of earning money through simple "yes or no...

Telcos such Bharti Airtel and Vodafone Idea have sided with tech players and equipment makers while seeking administrative allocation of microwave spectrum unlike the market leader Reliance Jio. But each group has different rationales. Reliance Jio has backed auction for all microwave spectrum and E/V bands, arguing that auction will prevent hoarding of backhaul airwaves."We submit that the administrative assignment of spectrum is not a prudent or legally tenable policy, especially when the spectrum bands cannot be termed as purely backhaul," Jio said in its comments to Trai. The Telecom Regulatory Authority of India had sought comments for fresh regulations on allocation, pricing, and quantum of spectrum in microwave backhaul in 6 GHz (lower), 7 GHz, 13 GHz, 15 GHz, 18 GHz, 21 GHz bands, E-band, and V-band.The consultation paper notes that the Telecom Act, 2023, specifies spectrum for radio backhaul shall be assigned through administrative allocation. However, the Trai has c...

The Central Board of Direct Taxes (CBDT) recovered ₹20,000 crore in outstanding dues in the first quarter of this financial year, almost double of what it had recovered in the year-ago period.The sum included ₹17,244 crore as corporate tax, ₹2,714 crore as personal income-tax and ₹180 crore as short payment or non-payment of tax deducted at source, said officials.The recovery was against the demand notices sent by the income-tax department till March 31.122326754The recovery drive is set to intensify in the coming months, as the department is targeting to recover ₹1.96 lakh crore this fiscal, according to officials."In the last few years, recovery has been good and this year our target is to touch at least Rs 2 lakh crore, and we will comfortably achieve it," a senior official told ET on condition of anonymity.The department is identifying areas where it feels taxpayers are not declaring correct income or are wilfully evading tax.The CBDT has asked its field formations to exp...

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From Ottawa to Beijing, US President Donald Trump’s trade war has made many enemies. But it has also won America some allies. Asia's richest tycoon is preparing to welcome US cargo originally meant for China but rerouted to India. The ship Mukesh Ambani is waiting for is laden with ethane. This colorless, odorless component of natural gas is shipped in liquefied form in special carriers such as STL Qianjiang, which is currently on its way from the US Gulf Coast to billionaire Ambani’s terminal in Dahej, Gujarat, on India’s western seaboard. There, his flagship Reliance Industries Ltd. has an ethane cracker to produce ethylene, a key building block of plastic products.The unit, completed in 2017, made Reliance “the first company to globally conceptualize large-scale imports of ethane from North America as feedstock,” it boasted in a press release back then. Eight years later, that foresight may come in handy to trade negotiators in New Delhi. “Stop obsessing over your $43 billion tr...

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India captain Shubman Gill became the first batsman in Test history to make scores of 250 and 150 in the same match before Mohammed Siraj and Akash Deep again struck with the new ball as the tourists pressed for a series-levelling win at Edgbaston on Saturday.Gill followed his first-innings 267 in the second Test with another superb knock of 161 off just 162 balls.He eventually declared India's second innings on 427-6 after tea on the fourth day.That left England needing a mammoth 608 runs to go 2-0 up in this five-match series. No side in 148 years of Test cricket have made more to win in the fourth innings than the West Indies' 418 against Australia at St John's in 2003.England's corresponding record is the 378 they made against India at Edgbaston three years ago.But at Saturday's close in Birmingham they were 72-3, needing a further 536 runs on the final day to achieve a win that would be remarkable even in their current 'Bazball' era of aggressive battin...

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There’s one major point of difference between two of India’s greatest match-winners in Tests. They played at almost the same time, in a wide variety of conditions, had long careers, both came back from career-threatening injuries that needed surgery, and led India … did it all, basically. Anil Kumble was told very early on that he simply should not bowl. That his action was illegal, that he was too fast through the air, too tall to flight the ball, turned it too little to be a genuine spinner. At every step of the way, he had to prove to his peers and those who picked teams and coached them that he belonged. The only language Kumble knew was success. By taking wickets and winning games, he carved out his place in the cricketing ecosystem, in the Indian scheme of things and eventually the hall of fame. Ridicule and scepticism followed him around, and at every turn, Kumble the outsider had to come good. Sachin Tendulkar was born to play cricket. He batted like an angel when curly hair fr...

Business investors and wealthy Americans are among the biggest winners in President Donald Trump’s ‘Big, Beautiful’ bill. Those hit the hardest by the sweeping package include elite universities, who face new levies, and immigrants.Here’s who won and who lost in the legislative centerpiece of the president’s domestic agenda:WINNERSMultimillionairesBill includes estimated $4.5T worth of tax cuts; estate tax exemption rises to $15M for individuals--$30B for married couples; 2017 Trump income tax cuts become permanent, favoring wealthyResidents of High-Tax StatesState and local tax deduction cap raised to $40K annually for five years, then reverts to $10KSmall Business Owners2017 law that allowed 20% pass-through income deduction for sole proprietorships, LLCs, partnerships permanently extended from 2026Private EquityCarried interest tax break survives; interest expense deductions expanded for private equityDomestic Car DealersUp to $10K a year in USmade car loan interest deductible throu...

The Supreme Court on Friday refused to entertain HDFC Bank Managing Director and Chief Executive Officer Sashidhar Jagdishan's appeal seeking quashing of a first information report (FIR) for his alleged involvement in the fraudulent activities concerning the financials of the Lilavati Kirtilal Mehta Medical Trust, which runs the Lilavati Hospital in Bandra, Mumbai.A Bench of Justices P.S. Narasimha and R. Mahadevan said that it would be improper for it to intervene in the matter when Jagdishan’s plea to quash the criminal complaint is already listed for hearing before the Bombay High Court on July 14. “...we will not apply our mind on the merits. The case is listed on July 14. We hope it will be taken up on that day," the top court said.The FIR registered in May against Jagdishan on the trust’s complaint accused him of accepting Rs 2.05 crore in bribes to help the Chetan Mehta Group retain illegal and undue control over the governance of the trust. Jagdishan is accused of misu...

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Mumbai: Tractors and Farm Equipment Ltd (TAFE) is targeting tractor sales of over 200,000 units in FY26, up from about 175,000 in FY25. The company is expected to outpace overall industry growth, supported by a series of new product launches and expanded manufacturing activity at key facilities, according to people aware of the company's plans.In May, TAFE reported 17,767 tractor sales, with 12.4% growth in domestic markets and 24% growth in exports from the year before, significantly ahead of the industry average of 9% and 1%, respectively, the people said.To support future growth, TAFE is rolling out several new products from its manufacturing base in Tamil Nadu, including a six-row paddy transplanter, a track harvester for both domestic and export use besides making tractor cabins. Separately, the Deutz engine programme at TAFE's Alwar plant is on track. This is expected to be a key growth driver for the company's engines business, which is projected to cross 130,000 uni...

MUMBAI: The National Company Law Tribunal (NCLT) has approved Adani Properties' acquisition of two assets of defunct real estate developer Housing Development and Infrastructure (HDIL) through the corporate insolvency resolution process (CIRP).The assets include a commercial property known as 'Inspire BKC' in Mumbai's business district Bandra-Kurla Complex and a land parcel in Kalyan Shahad on the outskirts of Mumbai.Adani Properties was found to be the only bidder to make Insolvency and Bankruptcy Code (IBC)-compliant proposal for both the properties.For the Inspire BKC commercial project, its resolution plan is valued at Rs 3 crore. This includes Rs 2.85 crore allocated to creditors and Rs 15 lakh for CIRP costs. In the case of Shahad land parcel, the fair value and liquidation value were estimated at Rs 89.66 crore and Rs 62.76 crore, respectively.According to industry experts, both these assets in central Mumbai and Kalyan together are estimated to be valued at over...

New Delhi: The government will have a relook at the closure of State Trading Corporation of India Limited (STC) and PEC Limited through the Bankruptcy Code, the first instance of pursuing closure of central public sector enterprises or CPSEs through this mechanism. Both these firms are categorised as a nonperforming asset or NPA with lenders.A senior government official confirmed that the closure of these two firms under the ministry of commerce and industry is now being examined through the Insolvency and Bankruptcy Code (IBC) mechanism."Last month, after discussions at the level of the Prime Minister Office (PMO), it was decided to explore this route while also taking into consideration the existing guidelines for closure of sick and loss-making CPSEs," he said, adding that inter-ministerial discussions involving the finance, commerce and law ministries are now being pursued.A cabinet note on this matter is also being discussed.122189830"We will examine the possible op...