Business highlights

Following are the top business stories at 1830 hours:

DCM4 BIZ-CBDT-FPI FPI surcharge rollback has not created differential regime between FPIs, domestic investors: CBDT

New Delhi: The government's rollback of enhanced surcharge on select investors, announced as part of a series of measures to boost the economy last week, has not created a differential regime between FPIs and domestic investors, CBDT said in statement on Wednesday.

DCM19 BIZ-STUDY-LD GDP India Ratings cut GDP forecast to 6.7 pc for FY'20

New Delhi: India Ratings on Wednesday lowered the country's growth forecast to six-year low of 6.7 per cent for the current fiscal from an earlier estimate of 7.3 per cent on account of slowdown in consumption and moderation in industrial growth among other factors.

DCM2 BIZ-EV-KANT Cost of EVs to be at par with combustion engine cars in 3-4 yrs: Kant

New Delhi: NITI Aayog CEO Amitabh Kant on Wednesday said the cost of electric vehicles will almost become at par with combustion engine cars in the next 3-4 years, largely owing to decline in battery price and India should be ready for this transition. DEL38 BIZ-LD STOCKS

Sensex snaps 3-day winning run as recession fears loom; Yes Bank tanks 7 pc Mumbai: The BSE Sensex snapped its three-session rising streak to close 189 points lower on Wednesday, led by losses in metals, energy, banking and auto counters, as global markets wobbled amid recession fears.

DEL48 BIZ-RUPEE-CLOSE

Rupee slips 29 paise against US dollar to 71.77 Mumbai: The rupee declined by 29 paise to close at 71.77 against the US dollar on Wednesday as fears of an impending global recession prompted investors to stick to safe-haven assets like the Japanese yen.

DEL32 BIZ-GOLD-CLOSE

Gold nears Rs 40,000; silver soars Rs 2,110 New Delhi: Resuming its record-setting streak, gold price jumped Rs 300 on Wednesday to a fresh all-time high of Rs 39,970 per 10 gm here, according to the All India Sarafa Association, on higher demand from local jewellers and the yellow metal's appeal as safe-haven amid global economic concerns.

DCM26 BIZ-GOYAL

Govt has decided to achieve 100 pc electrification of railway in 10 years: Goyal New Delhi: The government has decided to move towards achieving 100 per cent electrification of railways, as part of efforts to curb carbon footprints, Union Minister Piyush Goyal said on Wednesday.

DCM10 BIZ-TOYOTA-SUZUKI ALLIANCE

Toyota, Suzuki to acquire stake in each other, strengthen alliance Tokyo/New Delhi: Japanese auto majors Toyota Motor Corporation and Suzuki Motor Corporation on Wednesday said they will acquire stake in each other as they seek to strengthen their alliance.

DCM23 BIZ-LIC-MD

BBB recommends names of M K Gupta, Raj Kumar for post of MD LIC New Delhi: The Banks Board Bureau (BBB) has recommended names of Mukesh Kumar Gupta and Raj Kumar for the post of managing director of insurance behemoth LIC.