A look at the headlines in the sector right now:
- Income Tax Returns can now be filed till August 5 as Centre extends deadline: The I-T Department said its systems were overloaded and many taxpayers could not access the website on Monday, which was the earlier deadline.
- Snapdeal calls off merger talks with Flipkart, to pursue ‘independent talks’, says report: The company said it is exploring a new direction, which it called Snapdeal 2.0, and has made a gross profit this month.
- SBI cuts interest rates by 0.5% on savings account deposits: Accounts with balance of less than Rs 1 crore will now earn 3.5%.
- Sensex trades more than 100 points higher, Nifty crosses 10,000 mark: The stocks of Larsen and Toubro rose almost 4% after the company posted its first quarter earnings.
- After Reliance announces JioPhone, Idea Cellular says it will launch its own handsets: The devices will be priced at Rs 2,500, managing director, Himanshu Kapania said.
- E-waybill floor could be raised above Rs 50,000 to prevent harassment by tax officials, reports The Economic Times: The GST council could take up the matter in its next meeting on August 5, the business daily reported.
- GST was not an easy reform to implement, says Finance Minister Arun Jaitley: Jaitley said there was ‘great amount of public support’ for the GST as people had become ‘restless’.
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