Despite Wall Street ending in green and the Asian market mostly up, uncertainty over the pace of interest rate hikes among traders will keep the market on its toes on Friday.
SpiceJet, Credit Suisse AG tell SC they resolved financial dispute
SpiceJet and Swiss firm Credit Suisse AG Thursday told the Supreme Court about the resolution of their financial dispute which led to the withdrawal of an appeal by the low-cost airline against a Madras High Court verdict which had ordered its winding up due to alleged non-payment of dues to the Swiss firm.
“There is a settlement which has taken place on May 23, 2022, as per the consent terms. In view of it, both the parties are satisfied with the settlement and want to withdraw the SLP (special leave petition) filed by the petitioner.
“Accordingly, the application is allowed,” an apex court bench comprising Chief Justice N V Ramana and Justices Hima Kohli and C T Ravikumar said in the order. (PTI)
Centre cuts windfall tax on domestic crude
The union government has reduced the windfall tax on sale of locally produced crude oil to ₹13,000 per tonne.
For the past two weeks, the sale of crude oil produced in India attracted an additional duty of ₹17,750 per tonne.
Centre has also revised the cess on export of aviation turbine fuel (ATF) to ₹2 per litre. For the past two weeks, ATF exports did not attract the cess.
The special additional excise duty on export of diesel has been increased from ₹5 to ₹6 per litre, and including a cess it would ₹7 per litre.
Stocks end higher on Wall Street after more choppy trading
Another day of choppy trading on Wall Street ended with modest gains for stocks Thursday and the benchmark S&P 500 barely back into the green for the week.
The S&P 500 rose 0.2% after shifting between small gains and losses for much of the day. It’s now up 0.1% for the week.
The Dow Jones Industrial Average managed a 0.1% gain, while the Nasdaq rose 0.2% as technology companies gained ground. (AP)
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