Export Duty Hike

Investors reeling from the brutal emerging markets selloff over the past six months again fled the rupee as India's currency hit new lows, prompting the government to curb gold imports and oil exports to arrest a widening deficit.

Reliance Industries and ONGC shares were hammered on Friday after thegovernment imposed export taxes on petrol, diesel and a windfall tax on domestic crude oil to boost internal supplies.

India's export duty hikes and tax cuts will likely hurt economic growth and raise the chances of the fiscal deficit widening

Government's decision to remove import duty on certain raw materials of steel industry will lead to lower costs for domestic steel manufacturers

Indian equity benchmarks on Monday settled lower in a volatile trading session, dragged by heavy losses in metal stocks.

Steel shares fell mainly in the aftermath of Government waiving off customs duty on import of some raw materials like coking coal and ferronickel

To facilitate greater domestic availability, the duty on exports of iron ore has been hiked by up to 50 per cent by the Government

The rupee rose sharply against the US dollar to close at 72.37 on Wednesday, breaking its two-day fall. That marked the biggest single-day recovery in the rupee since March 14, 2017. The upmove in the rupee came on a day the government proposed a hike in effective import duty on some steel products, as part of its plan to cut "non-necessary" import...

As per estimates, India exports steel and aluminium goods worth $2 billion to the US every year.

EEPC India, a body of engineering exporters in the country, has said the government should increase duty drawback rates to make up for the recent hike in basic customs duty (BCD) on certain steel products.

India already levies a 30 per cent tax on exports of iron ore fines and lumps since December 2011. Along with mining and export curbs in key producing states Karnataka and Goa aimed at addressing illegal mining, the tariffs have helped cut India's iron ore exports by around 85 per cent, or 100 million tonnes, over the past two years.

Shares in jewellery makers like Titan Industries and Gitanjali Germs traded with over 2 per cent losses on Tuesday. Most other big jewellery retailers saw selling pressure in a flat market today.

India, the world's biggest buyer of gold, raised import duty on dore bars and ores to 5 per cent from 2 per cent, a day after increasing tax on processed yellow metal to 6 per cent.

India may consider diplomatic efforts to ask the Sri Lankan government to bring down import tariff on automobiles in the wake of the island nation hiking duties that has affected exports from the country.

After Sri Lanka increased import duties by 50 per cent, Bajaj Auto stands to sell up to 55,000 units less.

Investors reeling from the brutal emerging markets selloff over the past six months again fled the rupee as India's currency hit new lows, prompting the government to curb gold imports and oil exports to arrest a widening deficit.

Reliance Industries and ONGC shares were hammered on Friday after thegovernment imposed export taxes on petrol, diesel and a windfall tax on domestic crude oil to boost internal supplies.

India's export duty hikes and tax cuts will likely hurt economic growth and raise the chances of the fiscal deficit widening

Government's decision to remove import duty on certain raw materials of steel industry will lead to lower costs for domestic steel manufacturers

Indian equity benchmarks on Monday settled lower in a volatile trading session, dragged by heavy losses in metal stocks.

Steel shares fell mainly in the aftermath of Government waiving off customs duty on import of some raw materials like coking coal and ferronickel

To facilitate greater domestic availability, the duty on exports of iron ore has been hiked by up to 50 per cent by the Government

The rupee rose sharply against the US dollar to close at 72.37 on Wednesday, breaking its two-day fall. That marked the biggest single-day recovery in the rupee since March 14, 2017. The upmove in the rupee came on a day the government proposed a hike in effective import duty on some steel products, as part of its plan to cut "non-necessary" import...

As per estimates, India exports steel and aluminium goods worth $2 billion to the US every year.

EEPC India, a body of engineering exporters in the country, has said the government should increase duty drawback rates to make up for the recent hike in basic customs duty (BCD) on certain steel products.

India already levies a 30 per cent tax on exports of iron ore fines and lumps since December 2011. Along with mining and export curbs in key producing states Karnataka and Goa aimed at addressing illegal mining, the tariffs have helped cut India's iron ore exports by around 85 per cent, or 100 million tonnes, over the past two years.

Shares in jewellery makers like Titan Industries and Gitanjali Germs traded with over 2 per cent losses on Tuesday. Most other big jewellery retailers saw selling pressure in a flat market today.

India, the world's biggest buyer of gold, raised import duty on dore bars and ores to 5 per cent from 2 per cent, a day after increasing tax on processed yellow metal to 6 per cent.

India may consider diplomatic efforts to ask the Sri Lankan government to bring down import tariff on automobiles in the wake of the island nation hiking duties that has affected exports from the country.

After Sri Lanka increased import duties by 50 per cent, Bajaj Auto stands to sell up to 55,000 units less.