Govt Cuts Petrol, Diesel Prices by Rs 2.50, Asks States to Lower Taxes

Agencies
October 4, 2018

New Delhi, Oct 4: The Centre on Thursday announced Rs 2.50 litre cut in petrol and diesel prices.

The reduction will include a Rs 1.5 cut in excise duty and another Re 1 will be borne by oil market companies, said Finance Minister Arun Jaitley.

Jaitley said the excise duty cut would have an impact of Rs 10,500 crore on central government's tax revenues.

He also asked state governments to follow suit by cutting a sales tax or VAT by a similar amount.

The reduction followed petrol and diesel prices touching new highs.

In Delhi, where the fuel prices are the lowest among all metros and most state capital, petrol is sold at Rs 84 per litre and diesel at Rs 75.45.

Jaitley said the move followed Brent crude oil touching four-year high of USD 86 a barrel Wednesday and interest rates in US reaching seven-year high.

Inflation in India, however, is still moderate at less than 4 percent and higher direct tax collections give comfort with regard to fiscal deficit, he said adding domestic macroeconomic indicators are strong and stable, except for current account deficit (CAD).

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November 30,2024

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Aleppo: Dreaded Takfiri-terrorist groups reached Syria’s second city of Aleppo Friday, as they pressed a lightning offensive against forces of the Iranian and Russian-backed government.

The fighting is some of the deadliest in years, with 255 people killed, according to the Syrian Observatory for Human Rights. Most of the dead have been combatants but the toll also includes 24 civilians.

The offensive began on Wednesday, the same day that a fragile ceasefire took effect in neighboring Lebanon between Israel and Iran-backed militant group Hezbollah.

‘Zionist plot’

Iranian Parliament Speaker Mohammad Baqer Qalibaf has vowed to support Syria in its fight against terrorists after the resurgence of Takfiri terrorism in the Arab country. 

“The new movements of Takfiri-terrorist groups are part of the plot of the US and the illegitimate Zionist regime,” Qalibaf said on Friday in a post on his X account.

He urged the neighbors of Syria “to be vigilant and not to fall into their trap.”

“After defeating the Zionist regime, the Islamic Republic of Iran and the axis of resistance will support the Syrian government and people against the new conspiracy like in the past,” Qalibaf stressed.

Captured 50 towns

By Friday, the terrorists had wrested control of more than 50 towns and villages in the north, according to the Britain-based Observatory, in the government’s biggest loss of territory in years.

They then entered western districts of Aleppo, a city of some two million people that was Syria’s pre-war manufacturing hub.

“Hayat Tahrir Al-Sham (HTS) and allied factions... were able to enter the outskirts of the Al-Hamdaniya and New Aleppo neighborhoods... after carrying out twin suicide attacks with two booby-trapped cars,” the war monitor said.

HTS, a dreaded terror alliance led by Al-Qaeda’s former Syria branch, shelled a student residence in the city, killing four civilians, state media reported.

Syrian and Russian warplanes launched intense air strikes on the rebel enclave around Idlib, where the militants are based, carrying out 23 raids, according to the Observatory.

Army reinforcements have arrived in Aleppo, a Syrian security official told AFP, requesting anonymity to discuss sensitive matters.

An army statement said troops had repelled the assault on the city and retaken some positions.

The United Nations Office for the Coordination of Humanitarian Affairs said “more than 14,000 people — nearly half are children — have been displaced” by the violence.

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News Network
November 25,2024

Udupi: Six junior artists from the prequel of Kannada blockbuster film ‘Kantara’ were injured, when the bus they were travelling in overturned in the district, police said on Monday.

According to police, the accident occurred near Jadkal on Sunday night when the mini-bus carrying the crew of the film overturned.

“The incident happened while they were returning to Kollur after completing the shoot at Mudoor in Jadkal. The mini-bus was carrying 20 junior artistes when it met with the accident,” a police officer said.

The injured were rushed to hospitals in Jadkal and Kundapur for treatment, they said.

The Kollur police are investigating the matter.

"The news making rounds is completely false. The Kantara: Chapter 1 team began shooting at 06:00 AM today, and everything is proceeding as normal. A minor accident occurred 20 kilometres away from the shooting location, involving a local bus carrying some members of the Kantara team. However, no injuries were reported," a source close to the production said.

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November 21,2024

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Shares of Adani Group companies lost about $28 billion in market value in morning trade on Thursday after US prosecutors charged the billionaire chairman of the Indian conglomerate in an alleged bribery and fraud scheme.

Gautam Adani's flagship company Adani Enterprises tumbled 23 per cent, while Adani Ports, Adani Total Gas, Adani Green, Adani Power, Adani Wilmar and Adani Energy Solutions, ACC , Ambuja Cements and NDTV fell between 20 per cent and 90 per cent.

Adani group's 10 listed stocks had a total market capitalisation of about $141 billion at 0534 GMT, compared to $169.08 billion on Tuesday.

US authorities said Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay about $265 million in bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years, and develop India's largest solar power plant project.

Adani Green in a statement on Thursday said the US Justice Department had issued a criminal indictment against board members Gautam Adani and Sagar Adani and the Securities and Exchange Commission had issued a civil complaint against them.

The US Justice Department also included Adani Green board member Vneet Jaain in the criminal indictment, it said.

Adani Green's units had decided not to proceed with the proposed US dollar denominated bond offerings due to developments, it added.

"Investors will shy away from Adani Group stocks ... and that's what this sharp selling is signifying," said Saurabh Jain, assistant vice president of retail equities research at SMC Global Securities.

"This could hurt the credibility of the group and maybe borrowing costs will rise," he said.

The indictment comes nearly two years after US shortseller Hindenburg Research alleged that Adani had improperly used tax havens and was involved in stock manipulation, allegations the conglomerate denied.

Also in early Asian trading on Thursday, Adani dollar bonds slumped, with prices down 3c-5c on bonds for Adani Ports and Special Economic Zone. The falls were the largest since the Adani Group came under a short-seller attack in February 2023.

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