The fourth anniversary of the Narendra Modi-government has been marred by the pressure on both the fiscal and current account deficits brought about by rising oil prices and the need for populist spending with the general elections just a year away.
Shares of Tata Consultancy Services on Friday attained a milestone when its market valuation briefly crossed the Rs 7-lakh crore mark. The country's largest IT services company becomes the first listed firm to achieve this level.
The spate of bad news continued for state-owned banks with two more lenders reporting losses for the fourth quarter ended March 31, 2018, on higher provisions for bad loans. While IDBI Bank reported a loss of Rs 5,663 crore, Bank of Baroda (BoB) slipped into the red with a net loss of Rs 3,102.34 crore.
Malaysian firm IHH Healthcare Berhard on Friday extended the acceptance period for its revised proposal for acquiring Fortis to June 30 in the wake of changes in the board of the cash-strapped healthcare chain.
The government's attempt to boost domestic oil and gas production could take a hit, if "windfall tax" is considered as a long-term solution to meet the rising prices of petrol and diesel, analysts said. "A windfall tax will discourage both domestic and international companies from entering the oil exploration and production industry, keeping India dependent on imports," energy expert Kirit Parikh said.
Japanese auto majors Toyota and Suzuki will expand their scope of collaboration, including plans for Toyota Kirloskar Motor to manufacture models developed by Suzuki for sale in India through their respective brand networks.
The government is considering a windfall tax on oil exploration and drilling companies such as ONGC, Oil India and Vedanta-run Cairn India as part of a plan to cushion consumers from rising crude prices.