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IT searches at ABG Shipyard offices, official residences
Income Tax authorities are carrying out search operations at various establishments of the shipbuilding and repairing firm, ABG Shipyard, for alleged tax evasion, an Income Tax Department source has said.

Congress may retain CMs in three states
As the Congress held its fort in the key industrial states of Haryana and Maharashtra and strategically important Arunachal Pradesh, the three incumbent chief Ministers — Bhupinder Singh Hooda, Ashok Chavan and Dorjee Khandu — are likely to retain their place in the new governments.

News of the day

K'taka plans Rs 22,000 cr project for Bangalore development
Karnataka government has drawn up a blueprint for the overall development of Bangalore city with a massive financial outlay of Rs 22,000 crore. The development works will be carried out through Bruhat Bangalore Mahanagara Palike (BBMP). The move is aimed at drastically changing the face of the city with improved roads, drains and lakes in the next three years.
Online Business

Bharat Forge declines on ICRA loan downgrade

Bharat Forge declined 2.5% to Rs 227. The stock touched a low of Rs 219 during the day. The counter clocked a volume of 349,244 shares as against its two-week average traded quantity of 762,305 shares. ___________________________________________________________ Negative view on state-run oil cos: Fitch Jan cement sales in high double-digit Bharat Forge has dropped over 3% after rating agency ICRA downgraded loans of the company. The company today opened at Rs 229 and touched a high of Rs 230. It dipped 4% to a low of Rs 223 and is currently trading at Rs 225 - down 3.5%. However, Bharat Forge has soared 71% in the last month. Around 147,524 shares have been traded so far on the BSE. ICRA has downgraded the long term ratings of the company to LA+ from LAA- to the proposed Rs 350 crore non-convertible debentures programme of the company. The agency has also also assigned a short term rating of A1+ to the Rs 100 crore short-term debt programme of the company.


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