RITES TO BUY 25% STAKE IN IRSDC FOR ₹250 CRORE

NEW DELHI: Public sector enterprise RITES Ltd will buy a 25% stake for ₹250 crore in Indian Railway Station Development Corp. Ltd, (IRSDC), the company tasked with redeveloping 600 railway stations across the country. “The RITES board has approved buying 25% stake in IRSDC for ₹250 crore. The decision was taken in March. We are in the process of finalizing details and participation agreement after which agreements would be signed,” RITES chairman and MD Rajeev Mehrotra said.

Digital camera makers seek GST relief

NEW DELHI: Leading digital camera makers Canon, Sony and Nikon have sought a reduction in the Goods and Services Tax (GST) rate from 28% to 18%, given the growing challenges faced by the industry, including rising competition from smartphones. In a representation, Canon India Pvt. Ltd, Sony India Pvt. Ltd and Nikon India Pvt. Ltd argued that despite the fact that digital cameras are exempted from basic customs duty under the World Trade Organisation’s (WTO) Information Technology Agreement (ITA), high GST rates are making it difficult for them to do business in India.

Gold prices may rise up to ₹34,000 by Diwali

MUMBAI: Gold prices are likely to rise up to ₹34,000 per 10 grams during Diwali mainly on the back of depreciating rupee and geo-political concerns, according to analysts. Gold prices are likely to hold in the range of ₹30,000-34,000 per ten grams until Diwali in the domestic market, and internationally the yellow metal might be in $1,260-1,400 an ounce level, Commtrendz Risk Management director Gnanasekar Thiagarajan said.

COMPILED FROM MINT REPORTERS AND AGENCIES