Sensex, Nifty continue the downward spiral
Indian stocks remained in free fall for a sixth straight session as global and domestic factors pushed the benchmark indices to their worst intraday decline in almost 15 months. Investor sentiment took a plunge after the Dow Jones index lost almost 1,200 points overnight spooking the markets worldwide. The fall in the markets comes at a time when the domestic Indian market is worried about the reintroduction of long term capital gains (LTCG) tax in the Budget.
World's richest hardest hit by plunge in US stocks
A plunge in US stocks hit the fortunes of the world's 500 richest people by $114 billion as the optimism over tax cuts gave way to worries about inflation. Berkshire Hathaway Inc. chairman Warren Buffett, the world's third-richest person, was among the worst hit, losing $5.1 billion, according to the Bloomberg Billionaires Index. Even Amazon.com Inc. chief executive officer Jeff Bezos, the world's richest person, was adversely affected. His fortune slipped $3.3 billion to $116.4 billion as shares of the retail major fell 2.8%. Alphabet Inc.'s Larry Page and Sergey Brin each took hits of about $2.3 billion.
Auto Expo opens today
The much-awaited Auto Expo 2018 has opened today . The Auto Expo 2018 will be open to the public from February 9-14 at the India Expo Mart in Greater Noida. Maruti Suzuki has finally pulled the wraps off its highly speculated Future S concept at the Auto Expo. With its aggressive stance and posture, and bold and exciting interiors, the #ConceptFutureS 'will define the next generation of design of compact vehicles in India', said Managing Director and CEO, Maruti Suzuki, Kenichi Ayukawa.
Kia Motors has announced its official entry to Indian market and will showcase 16 models from its global line-up.. Honda will showcase the new Honda Amaze. The Volkswagen Group, Nissan India, Bajaj Auto, Royal Enfield and some others will be conspicuous by their absence at the Expo.
Tata Motors focuses on integrated mobility solutions at Auto Expo
Tata Motors is expected to showcase a global reveal of H5X(SUV) and X45X(hatchback) at the Auto Expo 2018. Both platforms are common tech platforms including future electric powertrains. H5X will hit market in a year's time whereas X45X is slated to hit the markets in 2019. Tata Motors CEO and MD Guenter Butschek said that industry would do a splendid job if only 20-25 per cent of new registrations in the country would be of electric vehicles by 2025. Speaking to Business Today, Butschek said Tata Motors has not decided on electric-only platform and it only plans platforms that can handle both electric and internal combustion engines. Tata Motors had bagged order from state-owned EESL to supply 350 electric cars.
Keep away from plastic, laminated Aadhaar cards: UIDAI
The Unique Identification Authority of India (UIDAI) has cautioned people against using plastic or laminated Aadhaar cards. It stated that unauthorized printing of the cards could render the QR (quick response) code dysfunctional or even expose personal data without an individual's informed consent. There is another risk involved in using these versions of the Aadhaar. It opened up the possibility of Aadhaar details being shared with devious elements without the informed consent of holders. According to UIDAI, the Aadhaar letter sent by it, a cutaway portion or downloaded versions of Aadhaar on ordinary paper or mAadhaar are valid.
Bitcoin earnings to be taxed: CBDT Chairman
Bitcoin investors could soon come under the tax radar in India. The buoyant cryptocurrency, whose meteoric rise to $19,000 mark in December took the Bitcoin frenzy to another level, has now fallen well below 33 per cent to around $7,000. And to add to the woes of the Bitcoin investors in India, the government, which has been apprehensive about the virtual currency from the beginning, now wants to impose tax on the earnings made through the cryptocurrency. CBDT (Central Board of Direct Taxes) Chairman Sushil Chandra said Bitcoin investors could face action if they failed to disclose income generated through bitcoin. "Those who have earned from Bitcoin, would have to give tax.