SENSEX DROPS 275 POINTS, NIFTY SLIPS BELOW 10,600

MUMBAI: The BSE benchmark Sensex extended losses for the second session on Wednesday by declining over 250 points on heavy selling in IT, teck, metal and auto stocks amid weak global cues. Besides, fresh foreign fund outflows further hurt trading sentiments. However, crude oil’s fall to one-year low in the global market on excess supply concerns, capped the fall in the indices. The 30-share index, after rising briefly to 35,494.25 at the outset, quickly slipped into the negative terrain in line with a weak trend at other Asian markets and touched a low of 35,112.49. However, it pared early losses on emergence of buying after a higher opening of European shares. It closed 274.71 points, or 0.77%, down at 35,199.80. Also, the broader NSE Nifty, after shuttling between 10,562.35 and 10,671.30 points, finally settled 56.15 points, or 0.53% down at 10,600.05 points.

₹29,088 cr indirect tax evasion detected in Aproct

NEW DELHI: The investigation arm of the finance ministry has detected tax evasion worth ₹29,088 crore in 1,835 cases during April-october period of the current financial year, a senior official said on Wednesday. Of this, the Directorate General of GST Intelligence (DGGI), which is enforcement agency for checking indirect tax evasion, has detected evasion of goods and services tax (GST) worth ₹4,562 crore in 571 cases. However, the bulk of the evasion was detected in case of service tax. The total number of cases where service tax was evaded stood at 1,145 involving ₹22,973 crore. In case of central excise duty, the DGGI detected 119 cases where tax evaded was worth ₹1,553 crore.

Renault retains Ghosn; names Bollore interim CEO

PARIS: Renault SA stopped short of dismissing long-time chief executive officer Carlos Ghosn despite his arrest in Japan over allegations of financial impropriety, though the French automaker named Thierry Bollore to lead on a temporary basis. Bollore, the heir apparent since he was elevated to chief operating officer in February, was named interim deputy CEO, with the same powers as Ghosn, Renault said late Tuesday. Philippe Lagayette will chair the board’s meetings as lead independent director.

Piramal Enterprises to raise up to $1,000 cr via NCDS

NEW DELHI: Piramal Enterprises on Wednesday said it plans to raise up to ₹1,000 crore through issue of secured non-convertible debentures (NCDS) on private placement basis. The administrative committee of the board approved issue of secured NCDS on private placement basis up to ₹500 crore with an option to retain over-subscription of up to ₹500 crore, aggregating the total issue size to ₹1,000 crores in two series, the company said in a filing to the BSE. The issue size of Series 1 is ₹100 crore, it added. The size of Series 2 is ₹400 crore with green shoe option of ₹500 crore, so that the total value shall not exceed ₹900 crore.

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