Page 2351 - Business Finance
Nifty, Sensex slump as energy stocks drag; RBI keeps rates unchanged
(Reuters) - Indian shares plunged on Friday, dragged by energy and financial stocks, after the central bank in a surprise decision kept key interest rates unchanged while the government's announcement on Thursday to cut gasoline and diesel prices hurt oil marketers.
Market tumbles in a broad-based sell-off
Key benchmark indices dropped sharply amid a broad-based sell-off in index pivotals. The barometer index, the S&P BSE Sensex, lost 792.17 points or 2.25% at 34,376.99. The Nifty 50 index lost 282.80 points or 2.67% at 10,316.45. Today's slide on the bourses was led by index pivotals Reliance Industries, HDFC and ITC. Shares from oil & gas sectors dropped sharply. Sentiment was impacted after the Reserve Bank of India (RBI) changed its stance to calibrated tightening. Negative global stocks also weighed on the sentiment.
RBI maintains status quo; warns volatile oil prices pose risk to inflation
The Reserve Bank Friday unexpectedly maintained status quo on the benchmark interest rate but warned that volatile and rising oil prices, and tightening of global financial conditions pose substantial risks to the growth and inflation. The Reserve Bank of India in its fourth bi-monthly policy this fiscal changed the policy stance to 'calibrated tightening' from 'neutral', while affirming its commitment to achieve the medium-term objectives to contain price rise. A majority of the analysts and bankers were expecting the six-member Monetary Policy Committee (MPC) to raise interest rate by at least a 0.25 per cent, while the developments over the last few days, especially the weakness in the rupee, had led to speculations that it could be even high as high as 0.50 per cent. Soon after the announcement, the rupee breach 74 mark against a dollar for the first time, making imports costlier and posing a threat to current account deficit (CAD). "The MPC reiterates its commitment to achieving .
Russian Railways plans to deliver rolling stock to India - First Deputy CEO
"Today, we will discuss the joint organization and the delivery of the rolling stock as well as the localization [of manufacturing] and the organization of building railroad cars here," Misharin told reporters.The volume rail traffic in India is high so entering this market is very important and interesting for Russian Railways, according to Misharin."The first batch there is 100 railroad cars. And we have further big prospects because the market here can be measured in thousands [of railroad cars]," Misharin pointed out.
Russia-India Trade May Reach $30Bln by 2025 - Russian Economic Development Minister
"As for the enhancement of our economic ties, we have been tasked to increase trade up to $30 billion ... and investment up to $50 billion by 2025," Oreshkin said at the Russian-Indian Business Forum.According to the Russian Federal Customs Service, the Russian-Indian trade amounted to $9.3 billion in 2017, which was a 21 percent year-on-year increase.
Indices plunge post RBI policy decision; Sensex down nearly 800 points
The Indian equity indices plunged during the late afternoon trade session on Friday, after the Reserve Bank of India (RBI) changed its policy stance and kept key benchmark lending rates intact.
Pakistan quickly needs bigger FX reserves, more reforms - IMF
ISLAMABAD (Reuters) - The International Monetary Fund (IMF) warned on Friday that Pakistan needs to quickly secure "significant external financing" to stave off a foreign currency crisis, though it did not suggest who could supply the money.
Lenovo, ZTE tumble as investors fret over impact of China's hack report
HONG KONG (Reuters) - Shares in Lenovo Group and ZTE Corp tumbled on Friday, hurt by worries about overseas sales after Bloomberg reported that systems of many U.S. firms had been infiltrated by malicious computer chips inserted by Chinese spies.
Mercedes drives in new AMG G 63 at Rs 2.19 cr
German luxury carmaker Mercedes-Benz Friday launched a new version of its premium SUV AMG G 63 priced at Rs 2.19 crore (ex-showroom). The model comes powered by a 4-litre V8 biturbo petrol (rpt) petrol engine that generates 585 hp of power. It can attain 100 km/h from standstill in 4.5 seconds and achieve a top speed of 220 km/h. "The extreme rock-climbing abilities combined with sports car performance, class leading styling and a high-tech cabin makes the new Mercedes-AMG G 63 yet another legend in the making," Mercedes-Benz India Vice President, Sales and Marketing Michael Jopp told reporters here. The company continues its product offensive and the new AMG G 63 is the tenth product it has launched for the Indian market in 2018, he added. "We have an exciting line-up for the upcoming festive season and our product innovations will continue in the coming months," Jopp said.
RBI policy decision dents rupee; touches new low of over 74 to USD
The Indian rupee plunged to a fresh record low of over 74 to a US dollar on Friday late afternoon, after the Reserve Bank of India (RBI) maintained its key benchmark lending rates.
RBI Keeps Policy Repo Rate Unchanged At 6.5%
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Hindustan Petroleum Corporation Ltd leads losers in 'A' group
Bharat Petroleum Corporation Ltd, Oil & Natural Gas Corpn Ltd, Indian Oil Corporation Ltd and Oil India Ltd are among the other losers in the BSE's 'A' group today, 05 October 2018.
Global Markets: The pre-payrolls calm after another mini-storm
LONDON (Reuters) - World markets steadied ahead of U.S. jobs numbers on Friday, as a four-year high in oil prices and the biggest weekly jump in Treasury yields since February left investors wondering where to go next.
RBI keeps policy rate unchanged in surprise move, rupee tumbles
MUMBAI (Reuters) - The Reserve Bank of India (RBI) held interest rates unchanged at a policy meeting on Friday, sending the rupee tumbling to a record low and stunning analysts who had expected a rate increase to combat inflationary pressures arising from high oil prices.
Huawei gets DoT invite to take part in 5G trials in India
Putting speculation about its participation in India's 5G roll-out process to rest, Chinese telecom giant Huawei on Friday said it had received an invitation from the Department of Telecommunications to take part in the trials for development of 5G use cases in India.
Kerala's 4th international airport to open on December 9
Kerala's fourth international airport at Kannur is slated to open on December 9 following an approval by the Director General of Civil Aviation (DGCA), a top official said here on Friday.
RDIF, Russian PhosAgro, Indian Potash may jointly invest in mineral fertilizer production
"The parties to this agreement will consider the possibility of jointly implementing attractive investment projects in the area of mineral fertilizer production, including the construction of production facilities and related infrastructure, as well as the introduction of advanced technologies in Russia and India," the RDIF's press release said on Friday.The agreement also prescribed long-term deliveries of PhoAgro-produced mineral fertilizers to Indian partners. The volume of mineral fertilizer supplies may amount to up to 2 million tonnes during the period from 2019 to 2021 totaling about $1 billion."The mineral fertilizer market is one of the fastest and most dynamically developing sectors in Russia's agroindustry, in which about 70% of domestic produce is exported. A partnership with India's leading fertilizer producer will further strengthen the position of our portfolio company PhosAgro in international markets and will make an important contribution to the further development ..
Exclusive: SoftBank deepening ties to ride-hailing firm Grab with $500 million funding: sources
SINGAPORE/JAKARTA (Reuters) - SoftBank Group Corp is closing in on a deal to invest about $500 million in Grab as part of roughly $1 billion that Southeast Asia's biggest ride-hailing firm is seeking in its latest funding, sources with knowledge of the matter said.
Russia's Phosagro strikes $1 billion fertiliser deal with India
NEW DELHI (Reuters) - Russia's Phosagro has struck a deal to supply 2 million tonnes of fertiliser worth $1 billion to India by 2021, it said on Friday, adding that supplies would rise further if India cancels a 5 percent duty on Russian fertiliser imports.
RBI keeps policy rates intact; stance unchanged
Belying market expectations of a rate hike, the Reserve Bank of India (RBI) on Friday held its key lending rates intact on the back of an uncertain global economic scenario.