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Nifty50 scales record highs, Sensex closes 250 points higher

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Mumbai, Oct 13, 2017: With stable inflation, healthy domestic factory output data and a strong rupee giving a fillip to investors’ risk-taking appetite, the wider Nifty50 of the National Stock Exchange (NSE) hit record highs on Friday.

The Nifty50 provisionally closed (at 3.30 p.m.) at a new high of 10,167.45 points, after scaling a fresh intra-day high of 10,191.90 points.

Previously, the Nifty50 closed at a high of 10,153.10 points, and scaled a high of 10,178.95 points on an intra-day basis on September 19.

The 30-scrip Sensitive Index (Sensex) of the BSE closed at 32,432.69 points — up 250.47 points, or 0.78 per cent, from its previous close.

Healthy buying was witnessed in banking and metals stocks on the BSE market breadth.

On Thursday, the benchmark indices closed on a higher note buoyed by positive global cues and intense buying activity during the last hour of trade.

The Sensex closed at 32,182.22 points — up 348.23 points, or 1.09 per cent — while the Nifty50 surged by 111.60 points, or 1.12 per cent, to close at 10,096.40 points.

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Cabinet nod to amend Specific Relief Act for ease of business

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Ravi Shankar Prasad( Law Minister)

New Delhi, Dec 15: In a move to further ease procedures for doing business in the country, the cabinet on Friday approved a bill proposing to amend the Specific Relief Act, 1963, Law Minister Ravi Shankar Prasad announced here.

Briefing reporters here after a cabinet meeting, the Minister said that with the concerned bill slated to be tabled in the winter session of Parliament, he was unable to elaborate any further on the proposed legislation apart that it was for “ease of doing business.”

“Among the significant decisions, the cabinet approved the proposal to introduce amendments to the Specific Relief Act, 1963, as part of ease of doing business,” Prasad said.

“The Specific Relief Act, 1963, is being changed substantially..being modernised for promoting growth and investment,” he added.

The government has been contemplating amendments to the Specific Relief Act to limit the compensation and relief that courts can give in cases involving execution of infrastructure and development projects.

According to official sources here, the proposed changes seek to introduce guidelines for reducing the discretion granted to courts and tribunals while granting performance and injunctive relief.

The government constituted a five-member expert committee last year, to review the Act and suggest changes needed to remove bottlenecks in execution of contract-based infrastructure development, public private partnerships and other public projects.

In its report, the committee recommended changes in the law to limit the powers of courts to award relief.
“Any publi” work must progress without interruption. This requires consideration whether a court’s intervent’on in public works should be minimal. The role of courts in this exercise is to interfere to the minimum extent so that public works projects will not be impeded or stalled,” the committee “aid in its report.

IANS

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CBEC hikes customs duty on mobile phones, TVs and other electronic items

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New Delhi, Dec 15: The Ministry of Finance on Friday increased customs duty on import of mobile phones and other electronic devices such as televisions, mobile projectors, microwave and water heaters.

In a notification issued by Central Board of Excise and Customs (CBEC), the customs duty on certain sections of mobile phones has been raised from 10% to 15%.

While customs duty on television sets has been scaled up to 15 per cent from the existing 10 per cent.

Similarly, the customs duty on monitors, microwave ovens, projectors has been doubled to 20 per cent, as per the notification.

The Custom duty on push button telephones or mobile phones has been raised to 15 per cent from nil.

The changes will impact tech and electronic titans such as Apple, Sony which have been planing to set up manufacturing units in India.

WeForNews 

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Manish Dawar to become Vodafone India CFO

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New Delhi, Dec 15: Vodafone India on Friday announced that Manish Dawar will take over as its Chief Financial Officer (CFO) with effect from January 1, 2018.

Based in Mumbai, he will report to Sunil Sood, Managing Director & CEO, Vodafone India.

Dawar will take over from Thomas Reisten.

Manish joins Vodafone from Den Networks Limited where he was Group CFO.

IANS

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