Top headlines: Windfall tax on crude hiked, India's 1st export contraction

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First G20 meeting under India's presidency in Dec; FM talks in Feb

The first meeting of the Finance Track of the G20 under India’s leadership would be of central bank deputies and senior-most finance ministry bureaucrats of the member countries, or Finance and Central Bank Deputies (FCBD). The meeting would be held in Bengaluru on December 13-15.

There would be two gatherings in India of what is considered the apex meeting of the Finance Track -- that of finance ministers and central bank governors -- one in February and the other in July 2023. The February meeting would also be held in Bengaluru, it has been learnt. Read more

US, China, UAE drive India's first export contraction in nearly 2 yrs

Exports to seven of the top 10 destinations of India, including the US, the United Arab Emirates (UAE), and China witnessed contraction in October, leading to the country’s overall outbound shipments dipping for the first time in two years, according to the data compiled by the Department of Commerce.

These 10 nations have a share of 47 per cent in India’s overall exports. Read more

Windfall profit tax on crude oil hiked, levy on export of diesel cut

The government on Wednesday hiked windfall tax on domestically produced crude oil while reducing the rate on export of diesel.

The tax on crude oil produced by firms such as state-owned Oil and Natural Gas Corporation (ONGC), was hiked to Rs 10,200 per tonne, from Rs 9,500 per tonne, with effect from November 17, a government notification said. Read more

RIL, Tata firms top LIC's equity portfolio as insurer's valuation rises

The market value of Life Insurance Corporation’s stake in India’s top conglomerates has witnessed a sharp rise in the past year, with Reliance Industries and Tata group companies topping the valuation charts, according to data sourced from the stock exchanges. The value of investments in Adani firms more than double in the past year.

LIC’s stake in Reliance Industries was valued at Rs 1.09 trillion as on Tuesday versus Rs 98,342 crore a year ago (November 12, 2021); its stake in various Tata group companies was worth Rs 88,389 crore against Rs 84,015 crore a year ago. LIC’s investment in the Adani group of companies is valued at Rs 77,562 crore, benefitting from the rise in the value of the group companies’ shares in the past year. A year ago, its investments in Adani firms were valued Rs 32,106 crore. Read more

Govt gets Rs 3,839 cr from Axis Bank stake sale; disinvestment kitty swells

The government has garnered about Rs 3,839 crore by selling a 1.5 per cent stake in Axis Bank, held through SUUTI.

Last week the government sold a 1.5 per cent stake in Axis Bank through the Specified Undertaking of the Unit Trust of India (SUUTI). The floor price for the offer was Rs 830.63 per equity share. Read more