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Hero MotoCorp, Maruti top gainers on ‘historic’ Friday

Stocks of two-wheeler major Hero MotoCorp settled 13.19 per cent or Rs 334.05 higher at Rs 2,866.50 per share.

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Mumbai, Sep 20 (IANS) As Indian stock markets surged to decade-high gains on Friday following Finance Minister Nirmala Sitharaman’s announcement of corporate tax rate cut among other measures, Hero MotoCorp and Maruti Suzuki India were the best performing stocks on the Sensex.

Stocks of two-wheeler major Hero MotoCorp settled 13.19 per cent or Rs 334.05 higher at Rs 2,866.50 per share.

Earlier in the day it surged 19 per cent to touch an intra-day high of Rs 3,015.60 per share.

Shares of Maruti Suzuki India which surged by 18.6 per cent during the intra-day trade, settled at Rs 6,585.25 per share, higher by Rs 646.95 or 10.89 per cent from the previous close.

Among the the other major gainers on the Sensex were IndusInd Bank, which closed 10.74 per cent higher at Rs 1,419.60, Bajaj Finance (10.19 per cent higher at Rs 3,705.60), State Bank of India (10.09 per cent up at Rs 301.70).

Following the major announcements earlier in the day, Indian benchmark indices logged the biggest-ever gains in over 10 years as the government slashed the effective corporate tax rate to about 25 per cent from 30 per cent.

Sensex advanced by a massive 1921.15 points to 38,014.62 and the broader Nifty jumped to 11,275.45 after gaining 570.65 points or 5.33 per cent.

The only stocks which lost on the Sensex were PowerGrid, Infosys, Tata Consultancy Services, NTPC and Tech Mahindra

Sitharaman announced lowering of corporate tax rate on domestic companies to 22 per cent subject to such entity not availing any exemptions and incentives. Also, these companies will not be required to pay any Minimum Alternate Tax (MAT). Effective tax rate in this case would be 25.17 per cent, including cess and surcharge.

Further, the ‘super-rich’ tax will not apply on capital gains arising from the sale of any security, including derivatives in the hands of Foreign Portfolio Investors (FPI).

To provide relief to the listed companies which have already made a public announcement of buyback before July 5, 2019, the government announced that tax on buyback of shares in case of such companies shall not be charged.

These measures also boosted the investor sentiments in the market.

Commenting on the measures, Mustafa Nadeem, CEO, Epic Research said: “This is huge for the market. There were few announcements that were keeping sentiments in check as the Finance Minister was trying to boost market sentiments and improve the state of the economy by boosting exports, banks consolidation, recapitalisation and so on but reducing the corporate tax rate to 22 per cent or domestic players and 15 per cent for new entrants setting up manufacturing units is a big boost. It has two important effects.

“One the domestic environment which was sluggish due to slowdown is going to fade with lowered corporate taxes,” Nadeem said.

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Car crashes deadlier than coronavirus: Elon Musk to SpaceX staff

It’s not that he did not explain why he thought so. In replies to a Twitter user’s question, he said that both the virality of COVID-19 and fatality rate are overstated.

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Tesla CEO Elon Musk

San Francisco, March 14 : Amid the rapid spread of the novel coronavirus which has killed nearly 5,000 people in the world, SpaceX and Tesla CEO Elon Musk appears to be dancing to his own tune, underplaying the danger from the threat time and again.

In a memo to SpaceX employees on Friday, Musk said that they were far less likely to die from COVID-19 than car crashes, BuzzFeed News reported.

Musk added in the email that he does not think COVID-19 is “within the top 100 health risks in the United States”.

In the US, over 1,600 confirmed cases of the novel coronavirus have been reported, while more than 40 people have died due to the disease caused by the virus.

According to a report in The New York Times that cited an estimate by health officials, if the spread of the novel coronavirus is not contained soon, between 160 million and 214 million Americans may become infected in the worst case scenario.

This is not the first time Musk has underplayed the danger from COVID-19.

In a tweet last week he said that “the coronavirus panic is dumb.”

It’s not that he did not explain why he thought so. In replies to a Twitter user’s question, he said that both the virality of COVID-19 and fatality rate are overstated.

“Virality of C19 is overstated due to conflating diagnosis date with contraction date & over-extrapolating exponential growth, which is never what happens in reality. Keep extrapolating & virus will exceed mass of known universe,” the tech billionaire reasoned.

“Fatality rate also greatly overstated. Because there are so few test kits, those who die with respiratory symptoms are tested for C19, but those with minor symptoms are usually not. Prevalence of coronaviruses & other colds in general population is very high,” Musk said.

However, in view of the global spread of the coronavirus, the World Health Organization has already declared it a pandemic.

Globally, coronavirus has infected over 132,500 people in 123 countries.

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Maruti Suzuki launches all new Vitara Brezza

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Maruti Suzuki Vitara Brezza

New Delhi, Feb 24 : Automobile major Maruti Suzuki India on Monday launched the all new compact SUV Vitara Brezza, which was unveiled at the recently held Auto Expo 2020.

The new vehicle has been priced in the range of Rs 7.34 lakh to Rs 11.40 lakh, the automobile major said on Monday.

According to the company, the new compact SUV offers enhanced sportiness, bolder looks, stronger stance, premium interiors and a host of new features.

The vehicle is equipped with the powerful 1.5 litre K-series BS6 petrol engine.

“The compact SUV will be offered with 5-speed manual and advanced automatic transmission with Smart Hybrid,” the company said in a statement.

In less than 4 years of its launch, Vitara Brezza has sold over 500,000 units.

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Bill Gates Is Driving a Porsche Taycan. Here’s Why He Didn’t Get a Tesla

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Bill GatesPorche

San Francisco, Feb 18 : Tesla CEO Elon Musk on Tuesday took a jibe at Microsoft co-founder Bill Gates after the world’s second richest man declared he has bought his first EV — Porsche Taycan.

Gates told a noted YouTube tech reviewer Marques Brownlee in an interview that he purchased his first-ever EV Porsche Taycan, calling the vehicle “very, very cool”.

“My conversations with Gates have been underwhelming tbh (to be honest),” Musk tweeted to a user.

The initial EV Porsche Taycan Turbo S model starts at $185,000 while the entry-level Tesla Model 3 starts from $35,000.

In the interview, Brownlee asked Gates about his thoughts on Tesla’s dominance in the electric vehicle market.

Gates acknowledged that Tesla is the cream of the crop when it comes to electric cars, adding that lots of manufacturers are moving to produce electric vehicles because Tesla’s appeal has been increased over the past few years.

“Tesla, if you had to name one company, that’s helped drive that, it’s them,” said Gates.

You can watch the complete interview here:

Musk has been tweeting his thoughts about tech honchos.

He recently questioned Facebook CEO Mark Zuckerberg’s understanding of Artificial Intelligence (AI) and called Amazon Founder and CEO Jeff Bezos a “copycat”.

Gates recently commissioned a $644 million hydrogen-powered superyacht. The plans of buying the superyacht were unveiled at the Monaco Yacht Show in December last year.

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