Tax Tangle

Employees of Indian software company Infosys walk past Infosys logos at their campus in the Electronic City area in Bangalore September 4, 2012. REUTERS/Vivek Prakash/Files

Infosys to challenge new tax demand

Infosys Ltd, India's No. 2 software services exporter, said on Monday it would challenge a 5.77 billion rupees income tax demand raised by Indian authorities earlier this month.  Full Article 

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Sensex hits 1-month high; auto makers gain

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A broker (L) watches a TV news channel as another monitors share prices at a brokerage firm in Mumbai August 9, 2011. REUTERS/Danish Siddiqui/Files

A broker (L) watches a TV news channel as another monitors share prices at a brokerage firm in Mumbai August 9, 2011.

Credit: Reuters/Danish Siddiqui/Files

MUMBAI | Thu Jun 7, 2012 4:00pm IST

MUMBAI (Reuters) - The BSE Sensex rose on Thursday to its highest close since May 7, as improving global risk environment continued to spark a broad rally, while auto makers gained on hopes the country would not increase excise duties on diesel car sales.

The 30-share index rose 1.18 percent to end at a provisional 16,649.05 points, marking its fourth consecutive daily gain.

The broader 50-share NSE index rose 1.05 percent, to a provisional close of 5,049.65 points.

Banking shares, as measured by the NSE banking index, rose 2.1 percent, gaining for a fourth consecutive day, on continued hopes the Reserve Bank of India would cut interest rates on June 18.

Axis bank (AXBK.NS), ICICI Bank (ICBK.NS) and HDFC Bank (HDBK.NS) each ended more than 3 percent each.

Auto makers, which had also benefitted this week from rate cut expectations, continued gains on Thursday, with Maruti Suzuki India (MRTI.NS) ending up 3.2 percent.

(Reporting by Abhishek Vishnoi; Editing by Rafael Nam)
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