Income Tax recovery orders to jewelers could lead to bankruptcies, frauds: IBJA

The Indian Bullion and Jewellers Association (IBJA) has requested a stay on Income Tax department’s recovery orders, saying it could lead to frauds and bankruptcies in jewellery industry. The jewellers’ body said that assessments were made without proper opportunities of being heard and even all evidences and records were shown to explain cash sales were rejected. The […]

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The oil surplus is going to continue in 2020; average price may rule at $65 a barrel: IEA

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Global oil markets will remain well supplied this year, with a possible overhang of some 1 million bpd, the head of the International Energy Agency, Fatih Bitol, told Reuters. “Non-OPEC production is very strong. We still expect production coming from, not just United States, but also Norway, Canada, Guyana, among other countries,” Birol said, adding “Therefore, I […]

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Kharif production likely to decline by 53% due to heavy post-monsoon showers: NBHC

The country’s kharif food production could be much lower than the Centre’s first advance estimate of a marginal fall. Heavy post-monsoon showers are a key reason. The production of coarse grains, pulses, oil seeds and sugarcane is expected to decline in the summer season of 2019-20 due to late monsoon and erratic and heavy rains […]

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Improvement in macro sentiment leading to recovery in Aluminium, Copper prices: ICRA

Prices of aluminium and copper are showing signs of recovery in the last three months as trade tensions in international markets have eased to an extent leading to an improvement in sentiment, rating agency ICRA said in its research report. Consequently, while aluminium prices at the spot market have increased by 4 per cent in […]

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High premium committed at iron ore auction to take toll on steel companies next fiscal: CRISIL

The production cost difference between integrated steel producers and others is expected to increase sharply after the aggressive bidding by merchant iron ore in Karnataka. The iron ore cost is set to rise 30-40 per cent for non-integrated steel companies after the Karnataka auction. Bidders have to commit a portion of their iron sales realisation […]

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India restricts refined palm oil imports from Malaysia over Kashmir, CAA

The government has imposed restrictions on imports of refined palm oil and palmolein, a move in retaliation against top supplier Malaysia after its criticism of India’s actions in Kashmir and the Citizenship (Amendment) Act, 2019 (CAA). According to a notification of the Directorate General of Foreign Trade (DGFT), “import policy” is amended from “free to […]

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India’s core sector growth contracts 1.5 per cent in November 2019

Showing no signs of improvement, the output of eight core infrastructure industries contracted for the fourth consecutive month in November by 1.5 per cent, according to official data. Since August, the eight core industries are recording negative growth. The output of coal, crude oil, natural gas, steel, and electricity declined by 2.5 per cent, 6 […]

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