MARKETS EXTEND GAINS FOR A THIRD SESSION, CLOSE AT ALLTIME HIGHS

MUMBAI : Market benchmarks Sensex and Nifty extended their rise for the third straight session on Tuesday, though gains were marginal, and closed at fresh closing highs on buying in pharma and IT stocks amid optimism over Us-china trade talks. The BSE Sensex edged higher by 7 points and managed to end at a new peak of 38,285.75, surpassing its previous record closing of 38,278.75 hit on Monday. The 30-share index also went on to hit its life-time high (intra-day) at 38,402.96 in day’s trade. Its previous intra-day high was 38,340.69, reached on Monday. During the day, it touched a low of 38,213.87. The broader NSE

Nifty also logged its fresh closing high of 11,570.90, up 19.15 points, or 0.17%. The 50-issue index surpassed its previous record closing of 11,551.75, marked on Monday. The Nifty also met its intra-day record high at 11,581.75, breaking its previous day’s record of 11,565.30.

July GSTR3B can be filed till August 24: Govt

NEW DELHI: The government has extended the last date for filing of GST summary sales returns for the month of July to August 24. “Last date of filing GSTR-3B for the month of July, 2018 has been extended to August 24, 2018,” an official statement said. The earlier due date was August 20. “There were instances of technical glitches faced on August 20 in filing the return, which was the last date for submission of GSTR 3B. It’s good that more time has been given for filing,” said Pratik Jain, Partner and Leader, Indirect Tax, PWC. GST collections rose to ₹96,483 crore in July from ₹95,610 crore mopped up in the previous month.

Trade deficit greater concern than rupee: NITI

NEW DELHI: NITI Aayog vicechairman Rajiv Kumar said on Tuesday that he was more concerned about the rising trade deficit than the falling rupee, and called for efforts to push exports. He also said that there is a constituency which benefits from strong rupee but it needs to be put on the back foot. “I don’t believe in strong rupee... Rupee should remain in its natural value, some countries depreciate their currency deliberately, this is wrong. It will be very difficult for India to try and push up the rupee,” Kumar said at an event organised by industry body CII. “There is a constituency that benefits from strong rupee...the constituency should be put on back foot,” he added. The rupee on August 16 had slumped to life-time low of 70.32.

Govt asks ONGC to list OVL on stock exchanges

NEW DELHI: The government has asked ONGC to list its overseas investment arm, ONGC Videsh

Ltd (OVL) on stock exchanges and transfer proceeds to it in the form of a special dividend, helping meet its disinvestment target, according to a letter written by the Department of Investment and Public Asset Management (DIPAM). According to a letter DIPAM wrote to ONGC management last week, the listing of OVL would help unlock value by improving its corporate governance and efficiency. ONGC had helped the government meet its disinvestment target last fiscal when it bought a 51.11% stake in stateowned Hindustan Petroleum Corp. Ltd for ₹36,915 crore.

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