Stock markets were choppy in Mumbai’s Dalal Street. The stocks crashed to a new low level. The Mumbai Stock Exchange’s benchmark index, Sensex closed at 11,695, down by another 105 points. The NSE’s Nifty 50 closed at 3606, up by 4.2 points. In bullion market, gold is being quoted at Rs.13,441/10gm and silver at Rs.19,289/kg. Nymex crude was trading low at around 90 US dollars a barrel. Rupee loses further against the dollar. The US dollar was at Rs.47.9.
The Indian stock market regulator, SEBI has removed the restrictions on issuing participatory notes (P-notes) by foreign investors to ease foreign fund inflows.
Tata’s Nano plant is shifting to Ahemdabad, Gujarat. West Bengal’s loss is Gujarat’s gain. Tatas are planning to manufacture 2.5 to 3 lakh cars in the first phase.
Revenue collection by direct taxes in India is up by 32.54% during the first half of the current fiscal. Corporate tax contributed significantly.
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