Old vehicle owners may have to pay up to ₹3,800 per year as ‘Green tax’

<keyword id="6367091" type="COMPANY" weightage="20" keywordseo="petrol">Petrol</keyword> and <keyword id="6356109" type="UNKNOWN" weightage="20" keywordseo="diesel">diesel</keyword> <keyword id="6366990" type="UNKNOWN" weightage="20" keywordseo="Prices">prices</keyword> on Tuesday were hiked for the sixth time this month, propelling prices to cross the ₹100-a-litre-mark in places from Nanded in <keyword id="13126" type="COMPANY" weightage="20" keywordseo="Maharashtra">Maharashtra</keyword> to Rewa in Madhya Pradesh to Jaisalmer in Rajasthan. Petrol price was hiked by 27 paise a litre and diesel by 30 paise per litre, according to a price notification by state-owned fuel retailers. The increase took petrol and diesel prices to their highest-ever level across the country. In <keyword id="66" type="LOCATION" weightage="20" keywordseo="Delhi">Delhi</keyword>, petrol now comes for ₹91.80 per litre and diesel is priced at ₹82.36. This was the sixth increase in prices since May 4, when the state-owned oil firms ended an 18-day hiatus in rate revision they observed during assembly elections in states like West Bengal. The price increase led to petrol rates crossing the ₹100-mark in more places of Rajasthan, Madhya Pradesh and Maharashtra. Fuel prices differ from state to state depending on the incidence of local taxes such as <keyword id="6370857" type="COMPANY" weightage="20" keywordseo="VAT">VAT</keyword> and freight charges. Rajasthan levies the highest value-added tax (VAT) on petrol in the country, followed by Madhya Pradesh. Sri Ganganagar district of Rajasthan had the costliest petrol and diesel in the country at ₹102.70 per litre and ₹95.06 a litre respectively. Also in Rajasthan, petrol crossed the ₹100-mark in Jaisalmer (₹100.71) and Bikaner (₹100.70) while it neared that mark in Barmer (₹99.82). Petrol in several districts of Madhya Pradesh, including Shahdol (₹102.06), Rewa (₹102.04), Chhindwara (₹101.67) and Balaghat (₹101.98) crossed the physiological mark. It neared that mark in Indore (₹99.90 a litre) and Bhopal (₹99.83). If rates continue to raise, Bhopal will be the first state capital to see petrol at ₹100. In Nanded district of Maharashtra, petrol was being sold at ₹100.30. In six increases, petrol price has risen by ₹1.41 per litre and diesel by ₹1.63. After raising petrol price by a record ₹21.58 per litre and diesel by ₹19.18 since the government raised excise duty to an all-time high in March last year, state-owned fuel retailers, <keyword id="6354733" type="COMPANY" weightage="20" keywordseo="ioc">IOC</keyword>, <keyword id="44555" type="COMPANY" weightage="20" keywordseo="BPCL">BPCL</keyword> and <keyword id="6362419" type="COMPANY" weightage="20" keywordseo="hpcl">HPCL</keyword> had reduced petrol price by 67 paise a litre and diesel by 74 paise per litre effected between March 24 and April 15. Oil companies, who have in recent months resorted to unexplained freeze in rate revision, had hit a pause button after cutting prices marginally on April 15. This coincided with electioneering hitting peak to elect new governments in five states including West Bengal. No sooner had voting ended, oil companies indicated an impending increase in retail prices in view of firming trends in international oil markets. They said prices have been on a continuous uptrend since April 27. Central and state taxes make up for 60 per cent of the retail selling price of petrol and over 54 per cent of diesel. The union government levies ₹32.90 per litre of excise duty on petrol and ₹31.80 on diesel. In Mumbai, the petrol price was hiked to ₹98.12 a litre on Tuesday from ₹97.86, while diesel rates were increased to ₹89.48 from ₹89.17, the price notification showed. SEE ALSO: <a href="https://www.businessinsider.in/business/news/this-ev-startup-mobycy-went-from-solving-last-mile-commute-to-delivery/articleshow/82513392.cms">It took one pivot and five years for this EV startup founder to hit the sweet spot for business in India</a> <a href="https://www.businessinsider.in/tech/apps/news/clubhouse-android-download-release-date-beta-version/articleshow/82515109.cms">Clubhouse for Android finally launched as downloads and hype take a plunge</a> <a href="https://www.businessinsider.in/finance/banks/news/bandhan-bank-share-price-falls-after-reporting-an-80-fall-in-its-net-profit/articleshow/82516642.cms">Bandhan Bank falls 4% after reporting an 80% fall in its net profit – positive market trends help it bounce back into the green</a>

Petrol and diesel prices go up for the sixth time in May, crosses ₹100-mark in Maharashtra, MP and Rajasthan

<ul><li>India's benchmark stock indices are set for the best April since 2009.</li><li>However, over half of those gains came in the last week of trading, and a big chunk of it Thursday, April 30. </li><li>At least three out of the top ten weekly gainers, IndusInd Bank, HDFC, and ICICI Bank, were buoyed by hopes that loan defaults in India won't be as bad as previously expected.</li><li>Follow the latest news and highlights on businessinsider.in.</li></ul>India's top ten listed companies together added a whopping ₹3.1 lakh crore to market capitalisation last week. In a week, shortened by a holiday, India's benchmark indices gained over 7%. However, the sharpest rise in percentage terms, among the blue-chip stocks, came from companies outside of the heavyweights like Reliance Industries, Tata Consultancy Services (TCS), and the HDFC twins. American drug maker Gilead’s success in a clinical trial has given the world hope of finding a cure for COVID-19 coronavirus pandemic. That led to an over- 1,000 point rally in the Sensex on Thursday (April 30) morning, in sync with <a href="https://www.businessinsider.in/stock-market/news/dow-soars-530-points-as-coronavirus-treatment-optimism-overshadows-gdp-slump/articleshow/75460930.cms" data-type="tilCustomLink" target="_blank">the optimism around the globe</a>. <div type="Article" hostid="261" msid="75459632" title="Indian-American-led clinical trial of remdesivir in COVID-19 treatment shows positive results" mstype="2" mssubtype="0"></div> The Indian benchmark indices, Sensex and Nifty, have gone up 14% since April 3, but more than half of those gains came in the last week of trading ⁠— at a time when <a href="https://www.businessinsider.in/policy/economy/news/this-is-how-global-economies-are-expected-to-grow-in-the-first-year-after-coronavirus-pandemic/articleshow/75441608.cms" data-type="tilCustomLink" target="_blank">Moody’s slashed India’s growth forecast</a> for calendar year 2020 to 0.2%, from 2.5% it had projected in March, <a href="https://www.businessinsider.in/business/startups/news/udaan-fires-half-its-contract-employees/articleshow/75357229.cms" data-type="tilCustomLink" target="_blank">layoffs continue</a>, earnings from a top lender (<a href="https://www.businessinsider.in/business/corporates/news/axis-bank-q4-earnings-show-bad-loans-ease-but-ceo-amitabh-chaudhry-maintains-caution/articleshow/75429938.cms" data-type="tilCustomLink" target="_blank">Axis Bank</a>) disappointed, and some of the world’s <a href="https://www.businessinsider.in/business/news/sachin-bansal-takes-the-same-line-as-donald-trump-and-elon-musk-let-people-work-and-live-with-coronavirus/articleshow/75453465.cms" data-type="tilCustomLink" target="_blank">most influential billionaires</a> lost their patience with the economic shutdown. Though they had no impact on the market, two of India's most-talented Bollywood stars, <a href="https://www.businessinsider.in/entertainment/news/irrfan-khans-inspiring-journey-from-chandrakanta-to-macbeth-to-a-father-struggling-to-get-his-child-into-a-school/articleshow/75445225.cms" data-type="tilCustomLink" target="_blank">Irrfan Khan</a> and <a href="https://www.businessinsider.in/entertainment/news/rishi-kapoor-passes-away-at-67/articleshow/75464201.cms?upache=2" data-type="tilCustomLink" target="_blank">Rishi Kapoor</a>, passed away making the general mood a lot worse. While the bigger picture looked bleak, there were quiet celebrations happening in different pockets of the Indian share market. At least two out of the top ten weekly gainers, IndusInd Bank and HDFC, were buoyed by hopes that loan defaults in India won't be as bad as previously expected. Here’s a look at the top 10 gainers among the blue-chip stocks this week ending April 30: <table style="width: 461pt;"> <colgroup></colgroup><col /> <col /> <col /> <tbody><tr> <td class="xl66" style="height:15.0pt;width:128pt">Stock</td> <td class="xl67" style="border-left-width: initial; border-left-style: none; width: 98pt;">Gains this week</td> <td class="xl68" style="border-left-width: initial; border-left-style: none; width: 235pt;">Trigger</td> </tr> <tr> <td class="xl69" style="height: 30pt; border-top-width: initial; border-top-style: none;">Tata Motors </td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">23.93%</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 235pt;">Jaguar Land Rover has <a href="https://www.livemint.com/auto-news/jaguar-land-rover-recovers-up-to-75-production-in-china-as-demand-returns-11588159987336.html" data-type="tilCustomLink" target="_blank">restored three-fourths of its budgeted production</a> in China </td> </tr> <tr> <td class="xl69" style="height: 45pt; border-top-width: initial; border-top-style: none;">ONGC</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">20.34%</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 235pt;">Raised ₹1,000 crore via commercial papers at a cheap rate of 4.13% per annum. This showed debt market’s strong interest in India’s largest explorer despite an oil crash that has hammered its cash flows, <a href="https://economictimes.indiatimes.com/markets/stocks/news/ongc-issues-cps-worth-rs-1000-crore-at-4-13-interest-rate/articleshow/75416400.cms" data-type="tilCustomLink" target="_blank">the Economic Times reported</a>. </td> </tr> <tr> <td class="xl69" style="height: 45pt; border-top-width: initial; border-top-style: none;">UPL</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">19.76%</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 235pt;">The agrochemical maker said that the business is less affected by COVID crisis because farming continues with push from governments to ensure adequate food supply during lockdown. The company also repaid 30% of its debt in the last 3 months.</td> </tr> <tr> <td class="xl69" style="height: 45pt; border-top-width: initial; border-top-style: none;"><a href="https://economictimes.indiatimes.com/hindalco-industries-ltd/stocks/companyid-13637.cms" data-type="tilCustomLink" target="_blank">Hindalco</a> </td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">17.21%</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 235pt;">The <a href="https://www.businessinsider.in/business/corporates/news/hindalco-novelis-completes-acquisition-of-aleris/articleshow/75151080.cms" data-type="tilCustomLink" target="_blank">Aleris acquisition turned out</a> to be better than expected. Hindalco decided to pay an additoinal $50 million due to the better than expected performance revealed in the latest results. </td> </tr> <tr> <td class="xl69" style="height: 45pt; border-top-width: initial; border-top-style: none;"><a href="https://www.businessinsider.in/business/auto/article/hero-moto-share-price-is-at-a-six-year-but-exports-karizma-and-xtreme-sports-can-help/articleshow/74190134.cms" data-type="tilCustomLink" target="_blank">Hero Motocorp</a></td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">17.05%</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 235pt;">The stock has been on an uptrend since mid April due to a host of reasons including hopes that COVID fears may push people to avoid public transport in the near future but not everyone may be able to afford a car </td> </tr> <tr> <td class="xl69" style="height: 30pt; border-top-width: initial; border-top-style: none;">GAIL India </td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">15.74% </td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 235pt;">At the start of the week, the stock was down 50% in the last one year and nearly 20 'Buy' recommendations. </td> </tr> <tr> <td class="xl69" style="height: 60pt; border-top-width: initial; border-top-style: none;">Vedanta</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">15.21%</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 235pt;">The rally in Vedanta was part of a larger change in sentiment in favour of metal stocks hoping for a reduction in competition from China.</td></tr><tr><td class="xl69" style="height: 60pt; border-top-width: initial; border-top-style: none;">HDFC </td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">14.96% </td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 235pt;">The IndusInd Bank experience eases fear of defaults by borrowers of India's largest mortgage lender. </td> </tr> <tr> <td class="xl69" style="height: 45pt; border-top-width: initial; border-top-style: none;">HCL Tech</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">14.58%</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 235pt;">Nomura gave a 'Buy' call on the stock on April 20 with a target price 25% higher. The stock has rallied since and is just ₹25 short of the target. </td> </tr> <tr> <td class="xl71" style="height: 60.75pt; border-top-width: initial; border-top-style: none;">IndusInd Bank</td> <td class="xl72" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">13.82%</td> <td class="xl73" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 235pt;">Earnings surprise as borrowers continue to <a href="https://www.businessinsider.in/stock-market/news/indusind-bank-shares-skyrocket-by-10-as-its-customers-choose-not-to-defer-paying-off-loans/articleshow/75425195.cms" data-type="tilCustomLink" target="_blank">repay loan instalments</a> </td> </tr></tbody></table>There will be no trading on May 1 on account of Maharashtra Day celebrations. The money did not come from the foreign investors. They continued to be net sellers in the cash market for the fourth straight month. It was domestic institutional investors like mutual funds that bought the most in this rally. “Markets this week rallied from the lows seen in March 2020. After almost a month of lockdown the world over, early signs of easing of the same along with some signs of the flattening of the COVID -19 curve spurred hope of economic activity resuming albeit at a slow pace. Some promise of a possible cure with positive preliminary results of a few drugs also added to hope and optimism," Shibani Sircar Kurian, Executive Vice President, Fund Manager &amp; Head- Equity Research,Kotak Mahindra Asset Management Company said. <div type="image" title="fii dii data" msid="75466705" hostid="261" caption="&amp;lt;p&amp;gt;Foreign investors in Indian share market remain net sellers for the fourth straight month. &amp;lt;/p&amp;gt;"></div> So, what does the road ahead look like? “The Fear Of Missing Out will drive many investors – including myself – off the sidelines," said Nigel Green, founder and chief executive of deVere Group, a global financial advisory firm. “Investor exuberance is contagious. As the markets move steadily higher - unfazed by the recent poor economic data from the peak of the pandemic – it can be expected that the uptick will further sharpen due to that powerful investor sentiment: FOMO," he added. If FOMO drives some of the global investors back to India, the rally may spillover into May. However, investors must also remember that the month of May is usually one where stocks underperform, leading to the widely-known adage "<a href="https://www.investopedia.com/terms/s/sell-in-may-and-go-away.asp" data-type="tilCustomLink" target="_blank">sell in may and go away</a>." Will May 2020 break the trend? SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/indusind-bank-shares-skyrocket-by-10-as-its-customers-choose-not-to-defer-paying-off-loans/articleshow/75425195.cms" data-type="tilCustomLink" target="_blank">IRCTC share price has jumped 30% in April so far despite the lockdown that’s halted trains, ticketing, and even Rail Neer sales</a> <a href="https://www.businessinsider.in/business/corporates/news/tech-mahindra-shares-are-rising-ahead-of-earnings-because-every-two-out-of-five-rupees-in-revenue-come-from-telecom/articleshow/75445808.cms" data-type="tilCustomLink" target="_blank">Tech Mahindra shares are rising ahead of earnings because every two out of five rupees in revenue come from telecom⁠</a> <a href="https://www.businessinsider.in/policy/economy/article/a-corporate-lawyer-explains-why-indias-power-companies-cant-get-lower-tax-rate/articleshow/75442365.cms" data-type="tilCustomLink" target="_blank">Lawyers explain why India's power producers can't avail the lower tax rate</a> <a href="https://www.businessinsider.in/stock-market/news/hero-moto-to-tech-mahindra-to-wipro-indias-top-ten-cheapest-stocks-investors-can-buy-now/articleshow/75007066.cms" data-type="tilCustomLink" target="_blank">From Hero Moto to Tech Mahindra to Wipro ⁠— ten of India’s cheapest stocks that you could buy for bargain now</a>

India's blue-chip indices see a dizzying rally this week⁠— these are the top ten gainers and what pumped them up

As the second phase of the <keyword id="43573" type="EVENT" weightage="20" keywordseo="General-Election">general election</keyword> takes off in India, voters in 11 states and 1 union territory— West Bengal, Odisha, <keyword id="20154" type="ORGANIZATION" weightage="20" keywordseo="tamil-nadu">Tamil Nadu</keyword>, Maharashtra, Karnataka, Jammu and Kashmir, Uttar Pradesh, Bihar, Chhattisgarh, Assam, Manipur and Puducherry — were up early queuing up at the election booths. Nearly 5 million people are eligible to vote in the state of West Bengal with a nearly equal distribution between men and women, albeit there are only 87 registered third-gender voters in the three constituencies going to vote in the state today today. And Puducherry, while being a union territory, is home to nearly one million voters who have been facing <a href="https://economictimes.indiatimes.com/news/elections/lok-sabha/india/puducherry-congress-tries-to-win-back-sole-mp-seat/articleshow/68899027.cms">increasing</a> debt and a fall in social initiatives due to lower devolution of taxes from the central government. A lot of voters and politicians are wondering if the second phase of polling will be marred with problems of EVM malfunctions and poll booth violence like evidenced during the first phase of the general election in India. Two incidents of poll booth violence have already been reported in West Bengal. In Uttar Pradesh, four of the contesting politicians — Samajwadi Party’s Azam Khan, Union Minister Maneka Gandhi, Chief Minister Yogi Adityanath and Bahujan Samaj Party’s Mayawati — have been <a href="https://www.businesstoday.in/top-story/up-election-2019-after-yogi-mayawati-ec-bans-azam-maneka-from-campaigning/story/337566.html">banned</a> from campaigning by the Election Commission of India (ECI) for issuing controversial comments. For Tamil Nadu, the days leading up to the election were a little chaotic after the Income Tax (IT) department seized over 1,350 kilograms of gold and nearly ₹14.8 million which was allegedly stashed to bribe voters. Elections in Vellore, one of Tamil Nadu’s most-watched constituencies, were cancelled altogether after ₹1.05 million was found at Durai Murugan’s house, the father of Kathir Anand — a DMK candidate in the district. Another ₹115.3 was also found at Poonjolai Srinivasan’s cement godown, a known associate of Murugan. Even Maharashtra hasn’t had an easy go of it with over 15,000 cases of alleged Model Code of Conduct violations <a href="https://www.hindustantimes.com/lok-sabha-elections/lok-sabha-elections-2019-over-15-000-code-of-conduct-cases-filed-in-maharashtra/story-luAZtetS7fq6EUDRsYztmI.html">registered</a> since March 10.The Additional Chief Electoral Officer, Dilip Shinde, has stated that over 700,000 officers and employees of the states are involved in keeping elections in Maharashtra peaceful and efficient for the 10 seats of the state going to the polls today. <div type="ExtQuote" text="The enforcing departments (Income Tax and Police) also lodged total 15,095 FIRs against the offenders for violating the model code of conduct, with most of the cases pertaining to storage and distribution of illicit liquor, followed by possession of firearms." auname="Additional Chief Electoral Officer Dilip Shinde"></div>

 If voters aren’t being bribed, then they’re being threatened. Kawasi Lakhma, a Congress minister from Chhattisgarh, has been <a href="https://www.ndtv.com/india-news/general-elections-2019-chhattisgarh-congress-mla-kawasi-lakhma-threatens-voters-with-electric-shocks-2024279">telling</a> voters that they vote against his party, the EVM machine will deliver an electric shock. While Maharashtra and Tamil Nadu struggle with voter bribery issues, Bihar and Karnataka are more concerned with voter turnout. The city of Bengaluru — the Silicon Valley of India — in particular, has issues of <a href="https://www.businessinsider.in/election-2019-gold-confiscated-in-tamil-nadu-ahead-of-second-phase/articleshow/68933494.cms">voter turnout</a> while Bihar’s <a href="https://www.livemint.com/elections/lok-sabha-elections/bihar-elections-2019-patna-is-missing-a-whole-generation-of-millennials-1555350536677.html">brain drain</a> means that a lot of its eligible millennial voters don’t actually live in the state anymore. As Manipur goes to polls again, the Returning Officer (RO)The Returning Officer (RO) of the Outer Manipur Parliamentary Constituency, Haobam Rosita, has <a href="https://www.newsclick.in/returning-officer-recommends-re-poll-19-polling-stations-manipur">recommended</a> that re-polling needs to take place at 19 of the polling stations from the first phase of the general elections in the state. Among the many reasons that Rosita cites for repolling, the most disturbing is probably one of the constituencies showed that voter turnout in excess of 100% and that the polling booth for the Najang Village was put up at a non-designated location. In order to keep disruptive elements from affecting the polls similarly, the west Indian states of West Bengal and Assam are <a href="https://timesofindia.indiatimes.com/city/patna/2nd-phase-tight-security-in-five-election-bound-districts/articleshow/68868180.cms">increasing</a> security in constituencies along the border — especially in districts classified as ‘vulnerable’ and ‘critical’. And unfortunately, for Jammu and Kashmir, none of the contesting political parties are talking about the environmental issues which have a heavy bearing on the state’s water supply as well as its tourism industry, which has been suffering as more and more of the state’s green capital is being destroyed. The third phase of the general election will kick off on April 23 covering 14 states — Assam, Goa, Karnataka, Odisha, Dadra and Nagar Haveli, Bihar, Gujarat, Kerala, Uttar Pradesh, Daman and Diu, Chhattisgarh, Jammu and Kashmir, Maharashtra and West Bengal. See also: <a href="https://www.businessinsider.in/election-2019-gold-confiscated-in-tamil-nadu-ahead-of-second-phase/articleshow/68933494.cms">Over a ton of gold seized a day ahead of polls shows the depth of the rot in Tamil Nadu</a> <a href="https://www.businessinsider.in/job-losses-will-haunt-bengaluru-indias-silicon-valley-as-it-goes-to-polls-today/articleshow/68930893.cms">Job losses will haunt Bengaluru, India’s Silicon Valley, as it goes to polls today</a> <a href="https://www.businessinsider.in/lok-sabha-elections-2019-second-phase-of-polling-in-tamil-nadu-voters-issues/articleshow/68930595.cms">Tamil Nadu’s angry voters have a small oil field, a big highway, a medical entrance test, and a police shootout in mind</a>

Here’s what the second phase of the Indian general election has in store for the 11 states polling today

<ul><li><keyword id="498480" type="General" weightage="20" keywordseo="jsw-infra" source="Orion">JSW Infra</keyword> has fixed a price band of ₹113-119 per equity share for its maiden public issue.</li><li>The IPO is entirely a fresh issue worth ₹2,800 crore, where promoters will not sell their shares.</li><li>Investors can bid for a minimum of 126 equity shares and in multiples of 126 thereafter. </li></ul>JSW Infrastructure will open its initial public offer (IPO) on September 25 and close on September 27. It has fixed a price band of ₹113-119 per equity share. The Sajjan Jindal-led steel-to-power group is unlocking value from its ports business after a gap of 13 years. Its power business, JSW Energy, went public in 2010. JSW Infra is India’s second largest private port operator after Adani Ports &amp; SEZ. In a rare move, the public issue is entirely a fresh issue worth ₹2,800 crore, where promoters will not sell their shares. With the IPO proceeds, the company intends to prepay or repay ₹880 crore of its outstanding borrowings; finance capital expenditure requirements amounting to ₹865.75 cr for an LPG Terminal Project. It intends to use the rest to set-up an electric sub-station, purchase and install a dredger and expand at Mangalore Container Terminal besides general corporate purposes. Investors can bid for a minimum of 126 equity shares and in multiples of 126 thereafter. The issue is being managed by eight investment banks — JM Financial, Axis Capital, Credit Suisse Securities (India), DAM Capital Advisors, HSBC Securities and Capital Markets (India), ICICI Securities, Kotak Mahindra Capital, and SBI Capital Markets are the book running lead managers. KFin Technologies is the registrar to the Issue. The shares are proposed to be listed on BSE and NSE. Nine ports in India, 2 abroad The company expanded from one port in Mormugao in 2002 to nine ports as of June, 2023. Its ports are present in Maharashtra, Goa, Karnataka on the west coast, and Odisha and Tamil Nadu on the east coast. It also operates two port terminals under operations &amp; maintenance agreements in Fujairah Terminal and Dibba Port in the UAE. It also plans to expand its operations through brownfield and greenfield projects. It also has a third party cargo business in India and witnessed a compounded annual growth rate of 65% between FY21 to FY23. Financials &amp; risk factors The company’s revenues and profits have been steadily growing for the last three years as detailed below. Its total debt as of June 2034 is at ₹4,228 crore. <table style="border-width: initial; border-style: none;"><colgroup></colgroup><col /><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY23 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY22 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY21 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue from operations </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,194 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,273 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,603 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net profit </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹810.9 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹425.9 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹392.6 crore </td></tr></tbody></table> Source: RHP Apart from operating in a capital-intensive industry and reliance on top five customers – two of whom are related parties; the company cited reliance on concession and license agreements from government and quasi-governmental organizations — as its risk factors. It may not have marketable titles over some of the land it occupies. “We also occupy certain land on a leasehold basis, including the land on which we propose to set up the terminal for handling LPG products, by utilizing the net proceeds. In addition, we use our registered and corporate office on a co-sharing basis with other members of the JSW Group,” it said adding a failure to renew existing arrangements may have a material effect on its business. Its business is subject to extensive environmental and other related regulations and policies. The environmental clearance for capacity enhancement issued to its subsidiary, South West Port Limited has been challenged before the National Green Tribunal and is subject to the outcome of certain other litigations. The company has six tax proceedings against it, which amounts to ₹28.2 crore. One tax and one regulatory proceedings are pending against its directors amounting to ₹311 crore. Its promoters also have one pending tax proceedings amounting to ₹302 crore. Its subsidiaries have undertaken one criminal proceeding and six material proceedings amounting to ₹17.2 crore. One criminal, 22 tax and two regulatory proceedings and five material proceedings against its subsidiaries are ongoing amounting to ₹175.9 crore.

India’s second largest private port operator, JSW Infra’s IPO to open on September 25

States which failed to submit their options before the <keyword id="3680839" type="PERSON" weightage="20" keywordseo="gst-council-meeting">GST Council meeting</keyword> in October will have to wait for at least two years to get compensation on Goods and Services Tax collection shortfall expected during the transition period, Finance Ministry sources said on Monday. The sources said that such states will have to wait till June 2022 to get compensation dues, subject to the condition that the GST Council extends the cess collection period beyond 2022. This is so because the Council is expected to adopt one of the two options given by the Centre to meet the <keyword id="2600993" type="PERSON" weightage="20" keywordseo="GST-compensation">GST compensation</keyword> needs of the states this year. The states which decide against operationalisation of the new <keyword id="9971535" type="UNKNOWN" weightage="20" keywordseo="gst-compensation-formula">GST compensation formula</keyword> will get their dues only to the extent of compensation cess collected in FY21 and distributed in proportion among all states and union territories. The balance shortfall will only be met from the collection of GST compensation cess beyond the five-year transition period that ends in June 2022. This will be subject to GST Council approval to the extension of compensation cess. The GST Council, in its 41st meeting on August 27, 2020, had decided to give its member-states two borrowing options to meet their compensation shortfall and a response time of 7 working days from the formal receipt of the detailed proposal on the options by email. Almost 15 states had submitted their options by September 15 and more have joined since. Option-1 on GST compensation brought before the Council last month allows states to borrow, under a special dispensation from the Reserve Bank of India, a sum of about Rs 97,000 crore shortfall calculated by the Centre that is directly on account of GST implementation. Option-2 allows states to borrow the entire projected GST compensation shortfall of Rs 2,35,000 crore (total shortfall of Rs 3 lakh crore minus Rs 65,000 crore collected as GST compensation cess) for FY21. So far, 21 states/UTs have expressed preference for Borrowing Option-1 proposed by the Centre. With GST Act requiring voting for any resolution regarding an option by at least 20 states, the move is expected to be adopted by the GST Council at its meeting next month. If this option is indeed adopted, all states would be able to move ahead and borrow under the scheme suggested by the Centre to meet their shortfall arising due to GST switchover. If states still opt out, they will have to wait to get full compensation. Among the 21 states/UTs which support the first option on GST compensation are Andhra Pradesh, Arunachal Pradesh, Assam, Bihar, Goa, Gujarat, Haryana, Himachal Pradesh, Jammu and Kashmir, Karnataka, Madhya Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Odisha, Puducherry, Sikkim, Tripura, Uttarakhand, and Uttar Pradesh. Manipur, the only state which had earlier opted for Option-2, later preferred to change it to Option-1. A few more states are, also, to give their borrowing option in a day or two. However, some of them like Jharkhand, Kerala, Maharashtra, NCT of Delhi, Punjab, Rajasthan, Tamil Nadu, Telangana, and West Bengal are yet to respond to the GST Council proposal to decide their options. Under the existing GST Act, compensation for shortfall in GST collections over an agreed formula is payable by the Centre for the first five years of the operation of the new tax system from July 2017 to June 2022. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/top-ten-phishing-examples-and-tricks-used-by-companies-to-test-their-employees-cybersecurity-smarts/slidelist/78228072.cms">Top ten phishing tricks that companies are using to test their employees’ cybersecurity smarts</a> <a href="https://www.businessinsider.in/stock-market/markets/news/indian-tech-companies-hcl-tech-wipro-infosys-tcs-share-price-are-green-today/articleshow/78228700.cms">It’s not just the DWS deal, Morgan Stanley's outlook has painted HCL Tech green⁠ — along with TCS, Infosys and Wipro</a> <a href="https://www.businessinsider.in/tech/apps/news/google-hits-back-at-paytm-reiterates-that-repeated-policy-violations-will-lead-to-stricter-actions/articleshow/78229677.cms">Google hits back at Paytm ⁠— reiterates that ‘repeated policy violations’ will lead to stricter actions</a>

States not choosing GST compensation options by October will have wait another two years

(Eds: Combining related stories) New Delhi, May 8 () Amid a continuing rise in the number of people testing positive for COVID-19, the Union Health Ministry on Friday said people should "learn to live with the virus" while the nationwide tally of confirmed infections crossed 57,000 and the death toll neared 1,900. The ministry also reeled off various datasets, including those showing a rising number of infection-free districts and an increasing recovery rate, to suggest success of the government's strategy in the COVID-19 fight, even as it sought "a behavioural change" and everyone's support in this massive challenge. Maharashtra Chief Minister Uddhav Thackeray, however, admitted there has been no success yet in breaking the virus chain and said his government may seek deployment of central forces, if needed, to allow police personnel to take rest in phases. The state tops the nationwide tally for confirmed cases as well as deaths. A large number of new cases were reported during the day from various cities in Maharashtra and Tamil Nadu, while Uttar Pradesh, Karnataka, Andhra Pradesh and Odisha also reported rise in their tallies. However, Kerala and Himachal Pradesh reported only one fresh positive case each. The economic cost of the COVID-19 fight and the ongoing nationwide lockdown also appeared rising manifold with Moody's Investors Service projecting India's economic growth at zero per cent for the current fiscal. It also said that a high government debt, weak social and physical infrastructure, and a fragile financial sector face further pressures due to the coronavirus outbreak. According to experts, industrial and other business establishments may also face a huge labour shortage once they resume operations after the lockdown, which has been in place since March 25 and is scheduled to continue till May 17. Lakhs of migrant workers have either left for their native places or are in the process of doing so, including by trains and buses arranged by central and state governments. There are also worries that the virus spread may grow further in newer areas following these movements, while a large number of Indians stranded abroad have also begun returning home in special flights. During a press briefing on the COVID-19 situation, Health Ministry Joint Secretary Lav Agarwal said, "As we talk of relaxations to the lockdown and of migrant workers returning back to their respective homes, there is a big challenge in front of us that we also have to learn to live with the virus." "And when we are talking about learning to live with the virus then it is very important that the guidelines that are there on saving oneself from the virus are adopted in the community as a behavioural change," he said. It is a big challenge and the government needs the community support for it, Agarwal added. Delhi Chief Minister Arvind Kejriwal had also recently said the people will have to be ready to live with the novel coronavirus and that time has come to re-open the city. Agarwal said there has been a reduction in the doubling time of COVID-19 cases in the country from 12 days till two days ago to 10 now because of the spike in cases at some places, but asserted that the peak of the disease can be avoided if the prescribed do's and don'ts are followed. According to the daily morning update from the ministry, a total of 3,390 COVID-19 cases and 103 deaths were reported in the last 24 hours till Friday 8 AM, taking the total number of cases to 56,342 and death toll to 1,886. However, a tally of numbers reported by different states and union territories till 6.30 PM showed that nearly 57,500 have tested positive so far across the country. This marks an increase of nearly 5,000 since Thursday morning. Close to 17,000 COVID-19 patients have also recovered so far, giving a recovery rate of more than 29 per cent. The worldwide recovery rate has been hovering around 33 per cent for the past few days. Since its outbreak in China last December, more than 38.6 lakh people have been found to be infected with this virus, while over 2.7 lakh have lost their lives. Nearly 13 lakh people have recovered so far, including about 2 lakh in the US. In India, big urban centres across Maharashtra, Gujarat, Tamil Nadu, Madhya Pradesh and Delhi have been reporting large numbers of positive cases. While rising numbers were reported from Mumbai, Nashik, Thane and Aurangabad, among other places, in Maharashtra on Friday as well, Tamil Nadu saw its tally rising by 600 to cross the 6,000-mark while its death toll also rose to 40. On the outskirts of the national capital, Noida reported its first death while its tally of confirmed cases rose to 214. Gujarat reported 390 new cases, taking its tally to 7,403, while the death toll also rose to 449 with 24 more patients dying in the last 24 hours. Giving the district-wise situation of coronavirus cases, Agarwal said there are 216 districts in which no COVID-19 case has been reported till date. On May 1, the ministry had divided 733 districts in the country into three zones -- 130 in red, 284 in orange and 319 in green. Agarwal said 42 districts have had no fresh cases in the last 28 days while 29 districts have reported no new case in the last 21 days. Also, 36 districts have not registered any fresh cases in the last 14 days and 46 districts have had no fresh cases in the last seven days, he said. In Kerala, which reported one solitary case during the day, Chief Minister Pinarayi Vijayan said the state has flattened the COVID-19 curve. He also said the state needed to be careful to avoid another wave of the deadly virus but asserted it was ready to fight it in such an event. Among other people, several paramilitary personnel have also contracted the virus and one CISF official posted in Kolkata succumbed to COVID-19 on Friday. The number of active cases of the infection in the five paramilitary is more than 530, while thousands have been placed under preventive or clinical quarantine, officials said. A total of five paramilitary personnel have died so far of COVID-19, two each from BSF and CISF and one from the CRPF. Maharashtra's Health Minister Rajesh Tope said Mumbai should see a sharp decline in COVID-19 cases in the next 15-20 days. Separately, a panel of experts, formed to suggest ways to revive Maharashtra's economy, hit by the COVID-19 crisis and the resultant lockdown, submitted its report to the government during the day. Several states have been taking steps to shore up their resources, including by levying higher taxes on fuel and liquor. After Delhi, Andhra Pradesh and several others, Himachal Pradesh government has now decided to impose a 'corona cess' on liquor sales, while Puducherry Chief Minister V Narayanasamy also said the territorial administration was mulling imposition of special COVID-19 tax on liquor to wriggle out of the current fiscal crisis. The Madras High Court, however, ordered closure of liquor shops in Tamil Nadu a day after they were reopened, but allowed sale of liquor through online and door delivery till the end of the lockdown. The Supreme Court also asked states to consider non-direct contact or online sales and home delivery of liquor during the lockdown period to prevent the spread of coronavirus on account of crowding at the shops. Liquor shops were allowed to be opened in the third phase of the lockdown, which began on May 4, subject to compliance to social distancing and other guidelines issued by the government. PLB ASK ENM UD KIS JD AA NES MR DJI MNL ABA SJK PJT PD BJBJ

Hundreds more test positive for COVID-19; Health Ministry says 'learn to live with virus'

<ul><li>Indian stock market indices opened in green on Thursday.</li><li>The Sensex was trading 0.45% higher, while the Nifty50 was up 0.37%. </li><li>These are the top stocks that are buzzing on D-street today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian benchmark stock index, Sensex advanced over 175 points in early trade on Thursday, led by financial stocks and fuelled by foreign funds ahead of the expiry of monthly derivative contracts. The Sensex was trading 0.45% higher, while the Nifty50 was up 0.37%. <table style="border-width: initial; border-style: none;"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hero MotoCorp </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Housing Development Finance Corp </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Auto </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBI </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shree Cement </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">M&amp;M </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Eicher Motors </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ONGC </td></tr></tbody></table>*as of August 27 10:40 am These are the top stocks that are buzzing in trade today: ICICI Bank gained over a percent ICICI Bank gained over a percent after the bank said it would sell up to 6.4 million shares (about 2% of the company) of its broking subsidiary ICICI Securities. The market value of 2% stake would be about ₹300 crore. With overall credit demand languishing under the weight of the pandemic, ICICI Bank has been cashing out of its investments. In <a href="https://www.businessinsider.in/finance/banks/news/just-like-sbi-icici-bank-has-created-a-cash-cushion-in-case-bad-loans-rise/articleshow/77140214.cms">June 2020, the country's second largest private bank sold</a> stake in <keyword id="6468827" type="COMPANY" weightage="20" keywordseo="ICICI-Prudential-Life-Insurance">ICICI Prudential Life Insurance</keyword> and ICICI Lombard to raise around ₹3,090 crore. <div type="Article" hostid="261" msid="77776199" title="ICICI Bank's share price is expected to surge as much as 34% in the coming year — despite having more loans under moratorium than other lenders" mstype="2" mssubtype="0"></div> Mahindra &amp; Mahindra Limited shares up over 1% Mahindra &amp; Mahindra share price gained over a percent after the company said it has entered into a memorandum of understanding (MoU) with Israel-based e-mobility technology company REE Automotive to explore development and manufacturing of commercial electric vehicles for global markets. Reports suggest that the joint venture will produce up to 250,000 vehicles in the first few years. More importantly, the partnership will enhance Mahindra Group's capabilities in producing electric vehicles. <div type="Article" hostid="261" msid="77389244" title="M&amp;M’s farm equipment segment may have fueled investors hopes — but analysts aren’t too optimistic about it" mstype="2" mssubtype="0"></div> Sunteck, Godrej Properties and Oberoi Realty and other real estate stocks zoom Sunteck zooms 8%, Godrej Properties gains 5% and Oberoi Realty up over 6% after the Maharashtra government decided to slash stamp duty on sale deed documents by 3% from September 1 to December 31, 2020, and by 2% from January 1, 2021, to March 31 2021. <div type="Article" hostid="261" msid="77757126" title="Indians are borrowing heavily against gold⁠— but it may have been wiser to borrow money to buy the precious metal instead of homes" mstype="2" mssubtype="0"></div> Future Enterprises hit upper circuit Future Enterprises shares hit a 5% upper circuit set by the stock-exchanges after the company said it is considering raising funds through the issuance of bonds. The cash-strapped Future Group <a href="https://www.business-standard.com/article/companies/future-enterprises-board-likely-to-discuss-merger-plan-on-saturday-120082100066_1.html?1597982924">reportedly</a> may merge three of its group companies before selling 50% stake in the combined entity to <keyword id="6355199" type="COMPANY" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword>. This has led to a rally in other group stocks as well, like Future Retail (up 7%), Future Consumer (up 4.3%), and <keyword id="1854044" type="PERSON" weightage="20" keywordseo="Future-Lifestyle">Future Lifestyle</keyword> (up 5%). HAL tanks 11% HAL shares tanked 11% after news surfaced that the Union Government is selling 15% of its equity stake in the state-owned Hindustan Aeronautics Ltd (HAL) at ₹1,001 per share to raise about ₹5,000 crore through an offer for sale (OFS). This government owned defence equipment maker has been a bad investment for shareholders since its listing over 2 years ago. While the government raised a little over ₹4,000 crore from the IPO, the shares have remained below the issue price for nearly the entire time. It did cross the threshold earlier this month, for the first time since the listing, but the exuberance lasted barely a week. Auto stocks tanked despite the expected GST rate revision <table style="border-width: initial; border-style: none;"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> Top losers on Nifty50 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Growth % </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Auto </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.26% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Eicher Motors </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.13% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hero MotoCorp </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.13% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Maruti Suzuki </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.56% </td></tr></tbody></table> According to a statement issued by <keyword id="6363932" type="COMPANY" weightage="20" keywordseo="confederation-of-indian-industry">Confederation of Indian Industry</keyword>, Finance Minister Nirmala Sitharaman hinted at a cut in goods and services tax (GST) rate from 28% to 18%. The proposal is expected to be discussed at the 41st GST Council meeting at 11 am today via video conferencing. Allcargo Logistics gains about a percent Allcargo Logistics shares gained nearly a percent during the early trade hours on August 27. The board of directors of Allcargo Logistics is slated to meet today to consider and approve the voluntary delisting of shares. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-in-trade-icici-bank-oberoi-realty-godrej-properties-hal-infosys-mm-itc-rossari-biotech-allcargo-and-more/articleshow/77775215.cms" data-type="tilCustomLink">Top stocks to watch in trade— ICICI Bank, Oberoi Realty, Godrej Properties, HAL, Infosys, M&amp;M, ITC, Rossari Biotech, Allcargo and more</a> <a href="https://www.businessinsider.in/defense/news/china-fires-two-missiles-into-the-south-china-sea-and-asian-markets-feel-the-blow/articleshow/77777358.cms" data-type="tilCustomLink">China fires two missiles into the South China Sea and Asian markets feel the blow</a>

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