Here are the top stories this afternoon:
Market erases losses to end marginally lower; FMCG, realty gain, oil & gas drag
Among sectors, Realty and FMCG indices up 1-2 percent, while oil & gas index shed 3 percent. Read more.
ONGC and Oil India sink as government imposes windfall tax on production
Shares of Oil and Natural Gas Corporation and Oil India sank on July 1 after the government imposed a special additional excise duty of Rs 23,250 per tonne of crude oil production. In a wide-ranging notification by the government that has sought to curtail some of the outsized benefits reaped by domestic oil producers and crude oil refiners, the government has imposed special excise duties or windfall gains tax on the oil and gas industry. Read more.
Import tax on gold hiked from 7.5% to 12.5% to curb shipments
The government has raised the basic import tax on gold to 12.5 percent from 7.5 percent. The step has been taken in an effort to curb imports, as the rupee slumped to a record low. The imports of gold totalled 107 tonnes in May and shipments are also likely to have been significant in June. Read more.
RBI, government keeping an eye on rupee’s exchange rate, says finance minister
The Reserve Bank of India and the government are keeping an eye on the exchange rate of the rupee, Finance Minister Nirmala Sitharaman said on July 1, after the rupee hit a fresh record low against the dollar. Read more.
Gross GST collections for June at Rs 1.45 lakh crore, up 56% YoY
Gross Goods and Services Tax (GST) collections rose to Rs 1.45 lakh crore, the second-highest monthly total and a gain of 56 percent from a year earlier. Monthly GST collections, which had totalled Rs 1.41 lakh crore in May, have stayed above the 1.40 lakh crore level since March. Read more.
Maruti Suzuki sales up 6% in June at 1,55,857 units
The country's largest carmaker Maruti Suzuki India (MSI) on Friday reported a 5.7 percent increase in total wholesales at 1,55,857. The company had dispatched 1,47,368 units to dealers in June 2021, MSI said in a statement. Read more.
In first cabinet meet, Eknath Shinde-Devendra Fadnavis seek to shift proposed Metro-3 car shed back to Aarey Colony, revive Jalyukt schemeDuring the meeting held here on Thursday evening, soon after the swearing-in ceremony, Fadnavis directed the state Advocate General and the administration to submit a proposal on building the Metro-3 car shed in Aarey Colony instead of Kanjurmarg. Read more.