Business highlights

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Business highlights
New Delhi, Dec 11 () Following are the top business stories at 1820 hours:

DEL64 BIZ-LD-ADB-INDIA-GROWTH ADB cuts India's growth forecast to 5.1pc for FY2019; projects 6.5 pc for next year New Delhi: Asian Development Bank (ADB) on Wednesday lowered India's economic growth forecast for FY2019 to 5.1 per cent on slowing job prospects, rural distress exacerbated by poor harvest and credit crunch.

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DCM23 BIZ-GST GST rates may go up for various items to meet revenue shortfall New Delhi: With pressure on revenue collection, the goods and services tax (GST) rates and slabs may be raised during the GST Council meeting next week.

DEL84 BIZ-LD STOCKS Markets back to winning ways as bank, IT stocks shine Mumbai: Equity benchmarks resumed their upward march on Wednesday, propelled by fag-end buying in bank, IT and auto stocks amid lacklustre global cues.

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DCM30 BIZ-INDIA-US-OIL US replaces Kuwait as India's 6th biggest oil supplier New Delhi: The United States has surpassed Kuwait to become India's sixth largest oil supplier as it supplied 70 per cent more crude to the world's third largest energy consumer during April-September.

DEL85 BIZ-RUPEE-CLOSE Rupee extends winning run for 6th day against US dollar, gains 7 paise Mumbai: The rupee appreciated by 7 paise to settle at a fresh one-month high of 70.85 against the US dollar on Wednesday on the back of firm domestic equities and easing crude oil prices, extending its winning run for the sixth straight session.

DCM42 BIZ-DATA PROTECTION BILL-REAX Sweeping powers to govt under data protection Bill a step backwards, say experts New Delhi: The Personal Data Protection Bill giving investigating agencies unbridled powers to carry out surveillance on private data has spooked companies and experts who argue that such overarching access is against established principles and is a dramatic step backwards.

DCM14 BIZ-ADANI-QATAR Qatar sovereign wealth fund QIA buys 25.1 pc stake in Adani Electricity Mumbai for Rs 3,200 cr New Delhi: Qatar Investment Authority has agreed to buy a 25.1 per cent stake in Adani Electricity Mumbai Ltd - the firm that distributes power to three million consumers in Mumbai - for Rs 3,200 crore.

DCM3 BIZ-CGPOWER-SFIO SFIO begins probe against CG Power and Industrial Solutions, 15 group firms New Delhi: The Serious Fraud Investigation Office (SFIO) has started probe into the alleged irregularities at CG Power and Industrial Solutions Ltd and its 15 group companies.

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