Business

Phantom FDI refers to investments that pass through shell companies that have no real business activities and are tailor-made to cut tax liabilities.

ONGC Petro additions Ltd (OPaL), majority-owned by ONGC, is primarily a polymer manufacturer, a chemical compound used in everything from textiles to plastics and packaging.

Sources said the structure of the deal would depend on the approval from the Reserve Bank of India (RBI), given that Paytm founder Vijay Shekhar Sharma already owns stake in Paytm Payments Bank.

Paytm attributed the losses to higher expenses in brand building and business expansions. The company’s total expenses nearly doubled to Rs 7,730.14 crore in FY19 from Rs 4,864.53 crore in FY18.

The deal between Duracell, owned by Warren Buffett’s Berkshire Hathaway, and BM Khaitan’s flagship firm Eveready is reportedly in the final stage of negotiation and is expected to be announced soon.

Markets may trade positively in the short-term in anticipation of policy actions and investors would watch out for industrial production, inflation number and manufacturing production data scheduled to come on Thursday.

Ffood ordering platform Zomato has extended between two to four months' severance pay based on the employee's tenure, a company spokesperson told PTI.

The State Bank of India will release the call letter for specialist cadre officers online examination on or around October 10.

The company responded through a BSE filing saying that the petition has not yet been filed as per the website records of the Delhi High Court, but has been leaked in the social media to create turbulence in the stock price of the company.

The Chennai-headquartered automaker reported a 50 per cent drop in vehicle sales to 8,296 units in August 2019.

The Indian currency has witnessed a significant decline since the start of this year amid sustained foreign fund outflows and weak macro economic environment.

After the merger, PNB will become the second-largest public sector bank (PSB) in India with a deposit market share of 8 per cent, compared to its standalone market share of 5.2 per cent as of March 2019.

The broader Nifty after opening on a flat note in the morning traded in the range of 10,858.75 and 10,746.35 during the session. It finally ended the day with 46.75 points, or 0.43 per cent, gains at 10,844.65.

The eight core sector industries — coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity — had expanded by 7.3 per cent in July last year.

Hong Kong was also being weighed by another weekend of violence, fuelling worries about possible Chinese intervention in the financial hub, while the unrest has also hit property firms and Macau's casinos.

Asked what was her message to people who had lost their jobs and those fearing job losses, Sitharaman said that they are responding to the industry requirements but there is no magic wand.