Top headlines: Liz Truss new UK PM; windfall tax not ad hoc, says FM

Sitharaman said windfall tax on petroleum products, crude is not ad hoc, but being charged in regular consultation with the industry

Liz Truss defeats Rishi Sunak to become the next UK Prime Minister

Liz Truss was named as Britain's next prime minister on Monday, winning a leadership race for the governing Conservative party at a time when the country faces a cost of living crisis, industrial unrest and a recession.

After weeks of an often bad-tempered and divisive leadership contest that saw the foreign minister face off against former finance minister Rishi Sunak, Truss came out on top in a vote of Conservative Party members. Read More

Adani Group cites reduced debt load to rebut overleveraged view

The Adani Group said its companies have reduced their debt burden, as the empire backed by Asia’s richest person sought to rebut a report saying its finances had become stretched.

Using figures that differed from those cited by CreditSights in the report last month, the conglomerate said the leverage ratios of its companies “continue to be healthy and are in line with industry benchmarks.” Read More

RIL's current investment cycle less aggressive, says Morgan Stanley

Global brokerage house Morgan Stanley has described Reliance Industries’ (RIL’s) current investment cycle as less aggressive, saying it will reduce the cost of the company's equity.

In a report released on Monday, the brokerage has raised its price target on the stock to Rs 3,085 from the earlier target of Rs 3,015, saying the firm is its top pick. Read More

Windfall tax on petroleum products, crude not ad hoc: FM Sitharaman

Finance minister Nirmala Sitharaman on Monday said windfall tax on petroleum products, crude is not ad hoc, but being charged in regular consultation with the industry.

Addressing an event organised online, the minister said it is unfair to call windfall tax as ad hoc, because the tax rate and its resetting are done in complete consultations with the industry. Read More