Newsmakers: Pulses hoarders on govt radar, IndiGo cuts IPO size and more

Pulses hoarders on govt radar: The government said action against hoarders and blackmarketeers has been stepped up and the state governments have seized over 5,800 tonne of pulses in five states over the last few months. This is basically aimed at boosting supply and bringing down prices of tur dal that have shot up to Rs 200 per kg.

HCL Tech to buy Volvo's external IT business: Global truck maker Volvo said it signed a letter of intent with HCL Technologies to sell its external IT business in a deal seen boosting operating earnings by about 900 million Swedish crowns ($108.5 million). The Swedish company said in a statement that about 2,600 Volvo staff would be affected by the transaction and offered employment at HCL. The deal was expected to close during the second quarter of next year.

IndiGo IPO size cut by over Rs 200 crore: Low-cost carrier IndiGo's operator InterGlobe Aviation has lowered its IPO size by over Rs 200 crore to nearly Rs 3,000 crore with one promoter deciding to sell less number of shares in the public offer. The promoters of the IndiGo, which is among the few profitable airlines in the country, will now sell nearly 23 million shares, down from about 26.1 million they had earlier proposed for the Offer For Sale component of the IPO.

YES Bank cuts interest rate on savings A/C: Private sector lender YES Bank cut interest rate on savings account by 1 per cent to 6 per cent. The interest rate for resident and non-resident savings account has been revised from 7 per cent to 6 per cent with effect from November 1, YES Bank said in a statement.

CBDT to connect with taxpayers online: The Income Tax Department has started a pilot project of using e-mails for sending notices, getting replies as well as carrying out tax assessments in an attempt to make sure taxpayers don't have to visit I-T offices physically in smaller cases. The Central Board of Direct Taxes (CBDT) has identified 100 initial cases for e-hearing.