News Wrap: India On Edible Oil Taxes; All About Delhivery's IPO; Vedantu Is The New Unicorn; TechArt Flagship Store In Bangalore
May 5, 2022
Sensex and Nifty 50 are bullish today!
BSE Sensex gained 33.20 points (0.060%), a closing price of 55,702.23
Nifty 50 rose by not much but 5.05 points (0.030%), closing price landed at 16,682.65
Bank Nifty dropped by 31.7 points (0.090%), a closing price of 35,232.85.
Few sectoral indices like Nifty IT and Financial services were bullish whereas other sectoral indices like Nifty Realty and FMCG were bearish
BSE midcap and smallcap indices both plunged by 0.21% and 0.32% each.
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India To Cut Down On Edible Oil Taxes
India plans to decrease taxes on various edible oils to calm the domestic market after the crisis in Ukraine and Indonesia's restriction on palm oil exports which drove the price rise in commodities, people familiar with the situation mentioned.
According to the people, India, the world's biggest importer of vegetable oils, is trying to reduce the agriculture infrastructure and development cess on crude palm oil imports from 5%. According to the people, the new tax amount is still being debated.
The cess is imposed on specific products in addition to basic tax rates and is used to fund agriculture infrastructure initiatives. The crude palm oil import tariff tax has already been eliminated.
Delhivery IPO Will Open On May 11th
Next Monday, the logistics and supply chain firm will begin trading on markets with an IPO of $5,235 crore.
The IPO will be available for investors to subscribe to on May 11 and will run through May 13, 2022. Anchor investors will be allowed to purchase the issue one working day before the opening date, on May 10.
The IPO's price band is set at $462 per equity share on the low end and $487 per equity share on the high end. Each one has a face value of Rs 1. Employees who are eligible for the Employee Reservation Portion will get a discount of Rs 25 per equity share on the price band specified above.
More To Know:
On the second day of the deal, the Life Insurance Corporation of India's initial public offering was subscribed 1.02 times.
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