Indian Stocks Fell As Metals Weakness Offset Automobile Advances
Indian equities were slightly altered on May 23 after advancing over 3% the prior session, as a severe selloff in metal companies offset advances in automobile sector. The Nifty metals index fell 6.6 percent, while the Nifty auto index increased by 2%. The Indian government announced on May 22 that it will eliminate import duty on anthracite, PCI coal, and coking coal, with the goal of lowering raw material costs.
Tags: Stock market, Indian Stock Market, Automobile, Equity, Import Duty
Courtesy: Indian Express
Govt Reduces Import Duty By 5% On Refined Palm Oil
Amid the skyrocketed prices of edible oils in India, the government reduced the basic customs duty on refined palm oil to 12.5% from 17.5%, effective from December 21. This will continue in effect till March 2022, reported PTI. However, the President of Solvent Extractors' Association of India (SEA), Atual Chaturvedi, said it may increase the imports of refined palmolien. ''This is contrary to our principle of Aatam-Nirbharta,'' he… read-more
Tags: Import Duty, Palm Oil, Indirect tax, India, Edible Oils
Courtesy: Press Trust Of India