A look at the headlines in this sector:

  1. Sensex, Nifty down amid geo-political tension between India and Pakistan: Tata Motors, whose shares rose 4.2% to Rs 469, was the top Nifty gainer.
  2. Moody’s slashes China’s rating for the first time since 1989: The move took a toll on Asian stocks.
  3. I-T department raids premises of several UP bureaucrats suspected of not paying taxes: The offices of four government officers in Lucknow, Noida, Meerut and Mainpuri have been searched so far.
  4. Uber admits to underpaying New York City drivers, promises to refund millions of dollars: The company confessed that they had been taking their commission from pre-tax fares, thus transferring the cess burden on to the drivers.
  5. Adani may walk away from coal project unless offered tax cuts, says Australian minister: You cannot expect the company to make a multi-billion dollar decision if they do not know what tax they will pay, said Matthew Canavan.
  6. Ramdev’s Patanjali benefited from $46 million in discounted land acquisitions in BJP states: The company’s revenue increased from $156 million to over $322 million under the new administration.
  7. HCL Technologies will buyback stocks at 17% premium: The buyback size is Rs 3,500 crore.