The company intends to challenge this decision by filing an appeal before the Income Tax Appellate Tribunal (ITAT) in due course. In a recent development, Cummins disclosed an update regarding its ongoing litigation with the Income Tax Department. Following regulations set forth by SEBI, the company provided details on the matter. The litigation pertains to… Continue reading Cummins faces tax litigation, appeals for relief
Author: Economic Times of India Online News
Road ministry sanctions INR 1,697 cr for NH projects in 3 states
MoRTH has sanctioned INR 576.22 crore for the 4-laning of the Yedegowdanahalli to Arjunahalli segment of NH-373 in Hassan district of Karnataka, spanning 22.3 kilometer. Ministry of Road Transport and Highways (MoRTH) has sanctioned INR 699.19 crore for upgradation of a section of National Highway 58 in Palanpur, Gujarat. The amount will be used to… Continue reading Road ministry sanctions INR 1,697 cr for NH projects in 3 states
Centre sanctions INR 576 crore for 4-laning highway in Karnataka
The approval for the project comes a day after Gadkari cleared an allocation of INR 1385.60 crore for road projects in Karnataka under the Central Road and Infrastructure Fund scheme. New Delhi: Union Minister for Road Transport and Highways Nitin Gadkari on Friday said that an allocation of INR 576.22 crore has been sanctioned for… Continue reading Centre sanctions INR 576 crore for 4-laning highway in Karnataka
Limited units allowed for imports, mandatory localisation: New E-Vehicle Policy could be a win-win
The new policy allows import of cars with CIF value of USD 35000 or more at a steep duty cut. New Delhi: Just a day before the model code of conduct is likely to kick in, the Union Government has quietly eased imports of electric vehicles (EVs), after multiple denials of coming out with such… Continue reading Limited units allowed for imports, mandatory localisation: New E-Vehicle Policy could be a win-win
India approves e-vehicle policy with tax relief to rev up manufacturing hub dream
Updated On Mar 15, 2024 at 02:24 PM IST Read by: 100 Industry Professionals Read by 100 Industry Professionals Manufacturers will be required to establish manufacturing facilities in India within a three-year timeline and commence commercial production of EVs. The Indian government has given the green light to a new electric vehicle scheme with tax… Continue reading India approves e-vehicle policy with tax relief to rev up manufacturing hub dream
Ultraviolette launches Supernova DC fast charging stations for inter-city rides
Updated On Mar 15, 2024 at 01:34 PM IST Read by: 100 Industry Professionals Read by 100 Industry Professionals The Supernova DC Fast Charging stations come equipped with the Type 6 connector, ensuring compatibility and ease of use based on the IS17017-2-6 standard recognized by the BIS. New Delhi: Ultraviolette Automotive, has announced the rollout… Continue reading Ultraviolette launches Supernova DC fast charging stations for inter-city rides
Chinese automakers open factories abroad as export clout causes friction
BYD has capacity to produce 4 million cars in China annually. Its biggest overseas markets in 2023 included Thailand, Brazil, Israel and Australia. Chinese automakers seeking global growth are building more car factories in overseas markets, as foreign regulators mull imposing measures against imports of China-made electric cars. Chery Auto is holding talks with the… Continue reading Chinese automakers open factories abroad as export clout causes friction
Rupee poised to weaken as Fed rate cut expectations recede more
Representative image. The Indian rupee is set to open lower on Friday after fresh data showed that U.S. inflation was proving sticky, prompting investors to dial back expectations on Federal Reserve‘s rate cuts this year. Non-deliverable forwards indicate rupee will open at 82.94-82.96 to the U.S. dollar compared with its previous close of 82.8175. “It… Continue reading Rupee poised to weaken as Fed rate cut expectations recede more
Localisation, warranty norms stricter in Electric Mobility Promotion Scheme
Like FAME, EMPS will also subsidise sales of EVs. But the incentives on offer and the categories being supported have been drastically reduced. New Delhi: Electric vehicle (EV) makers will need to ensure a high degree of localisation for the models subsidised under the Electric Mobility Promotion Scheme (EMPS). They also need to provide a… Continue reading Localisation, warranty norms stricter in Electric Mobility Promotion Scheme
US grants USD 750 mn for hydrogen projects across 24 states
Representative image. The U.S. Department of Energy said on Wednesday it is granting USD 750 million to projects across 24 states that are building capacity to produce and use clean hydrogen. Hydrogen is a fuel that the administration of President Joe Biden sees as crucial to reducing use of fossil fuels and cutting emissions from… Continue reading US grants USD 750 mn for hydrogen projects across 24 states