Business

Tata Steel, which saw its net loss widen to Rs 4,168.57 crore last fiscal from Rs 497.09 crore in the previous year, said the average percentage increase in salary of its employees, excluding the KMPs, in FY17 was 6.60 percent.

The GST Council, headed by Finance Minister Arun Jaitley, also finalised the e-way bill that mandates pre-registration of all goods worth over Rs 50,000 before they are moved for sale beyond 10 km.

The Reserve Bank's decision to lower the benchmark rate by 25 bps to 6 per cent on Wednesday was already priced in, which is why there is nothing to cheer, dealers said.

The dollar's muted show against other currencies overseas added to the rupee value, dealers said.

This is the best closing for the home currency since July 22, 2015, when it had ended at 63.58 against the US dollar.

The central bank has previously warned that inflation could accelerate due to a seasonal rebound in food prices and factors such as planned pay hikes for government employees.

"We plan to set up a number of petrochemical clusters, two each in east and west coasts, and some in south India. They will be created (integrated with refineries) so that the entire chain is benefited," said Dharmendra Pradhan.

Dealers said early losses in domestic equity markets also weighed on the rupee.

The bank had earned a profit of Rs 3,238.91 crore in the April-June quarter of last fiscal.

Operated by state-run Indian Oil Corp (IOC), the R&D facility is designed to test all types of fuel including petrol, diesel, ethanol-blended petrol, bio-diesel, CNG, LNG, hydrogen-CNG and 2G-ethanol blends to ensure they meet the superior BS-VI norms.

Irani said GST was supported by all political parties in Parliament which is a rare achievement.

The dollar rose to a position of strength overseas, which pushed down the rupee. But continuous foreign capital inflows and a higher opening in the domestic stock market pulled it back

The court was hearing a petition filed by Essar Steel against insolvency proceedings.

The clarification comes after doubts were raised regarding the applicability of the Margin Scheme under the GST for dealers in second hand goods in general and for dealers in old and used empty bottles in particular.

Infosys, the second-largest IT exporter in the country, reported 1.3 per cent growth in consolidated net profit at Rs 3,483 crore for the quarter ended June 30, 2017.

In a boon for unorganised sector, the Union government is planning to create a social security fund.