Business

Fresh foreign fund outflows mainly affected the rupee value against the dollar. FPIs sold shares worth Rs 800.79 crore on Tuesday, as per the provisional data.

Indebted Air India, which last made an annual profit in 2007, has seen its market share shrink in recent years amid rising competition from private carriers.

Chinese shares inched down, with both the Shanghai Composite and the CSI 300 down 0.1 per cent. Hong Kong's Hang Seng retreated 0.3 per cent.

The consortium had evaluated the base price of the Kingfisher House at Rs 150 crore and bid increment amount was Rs 5 lakh.

Ahead of an important board meeting, where Sebi decided to choke fund-raising avenues for wilful defaulters among other key decisions, Jaitley also appreciated the emergence of mutual funds in the country as a 'counter-balance' to foreign portfolio invest...

The 5/20 norm bars airlines from starting overseas operations till they have a fleet of 20 aircraft and five years of domestic flying experience.

The agency's protections are lower than the government's estimate of 7.6 per cent growth in 2015-16 while Reserve Bank sees economy expanding by 7.4 per cent this fiscal.

The industry feels that automatic clearance of FDI proposals will boost the flow of foreign capital to the sector.

Experts said this is a big step towards tax reform and will act as a breather for companies like Vodafone and Cairn.

Shares of ITC tumbled 7.9 per cent, Godfrey Phillips went down by 5.88 per cent, Golden Tobacco dropped 5.31 per cent and VST Industries shed 2.14 per cent on BSE.

With regard to small units having a turnover of Rs 5 crore, the corporate tax rate has been reduced from 30 per cent to 29 per cent, Jaitley said.

The government, Jaitley said, will also focus on infrastructure investment, financial sector reforms, fiscal discipline and tax reforms to reduce compliance burden.

The corporates feel that there is a needs to restore the confidence of the private sector by furthering the reform process that is already under way to improve ease of doing business

According to sources, the objective of the exercise, was to come out with "clear cut guidelines" on taxation.