Page 2352 - Business Finance
Rupee hits new low of 74.13, plunges 55 paise against US dollar
The Indian rupee Friday crashed below the 74-level against the US dollar for the first time ever after the Reserve Bank kept its key policy rate unchanged. The domestic currency was quoted 55 paise lower at 74.13 against the dollar soon after the RBI announced its monetary policy. Investors remained concerned over sustained foreign capital outflows and fears of widening current account deficit in the wake of soaring crude oil prices. At the Interbank Foreign Exchange (Forex) market, the local currency opened higher at 73.56 a dollar against its previous record low closing of 73.58. But, it failed to sustain the initial strength and fell back to breach the 74-mark. On Thursday, the domestic unit plummeted by 24 paise to end at record low of 73.58 a dollar. The BSE Sensex too plunged by 584.53 points, or 1.66 per cent, to 34,584.63 in late afternoon trade.
RBI Keeps Interest Rates Unchanged
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Ashapura Intimates Fashion Ltd leads losers in 'B' group
GPT Infraprojects Ltd, Shirpur Gold Refinery Ltd, Emkay Global Financial Services Ltd and Ambition Mica Ltd are among the other losers in the BSE's 'B' group today, 05 October 2018.
India keeps policy rate unchanged in surprise move
MUMBAI (Reuters) - The Reserve Bank of India held its policy rate unchanged, surprising most analysts who had expected a rate increase to combat inflationary pressures arising from high oil prices and a weakening rupee.
RBI keeps policy rates unchanged
The Reserve Bank opted for a surprising status quo at the bi-monthly review Friday on expectations of softening price rise, but changed the policy stance to "calibrated tightening" from "neutral". A majority of the analysts and bankers were expecting the six-member Monetary Policy Committee to go at least for a 0.25 per cent hike in key rates at the review. "The MPC reiterates its commitment to achieving the medium-term target for headline inflation of 4 per cent on a durable basis," the resolution of the MPC after a three-day meet said. The repo rate, at which the RBI lends to the system, will continue to be at 6.5 per cent and the reverse repo at which it absorbs excess funds will be 6.25 per cent. The Monetary Policy Committee (MPC) voted 5:1 in favour of a status quo, with only Chetan Ghate voting for a 0.25 per cent hike. The MPC headed by RBI Governor Urjit Patel said that the recent excise duty cut by the government on petrol and diesel will help contain inflation.
Metal and mining stocks decline
Key indices traded with weakness in mid-afternoon trade led by slide in index pivotals Reliance Industries, ONGC and HDFC. At 14:25 IST, the barometer index, the S&P BSE Sensex, was down 452.17 points or 1.29% at 34,716.99. The Nifty 50 index was down 164.05 points or 1.55% at 10,435.20. Metal and mining stocks declined. Negative global stocks weighed on the sentiment.
Volumes soar at Grindwell Norton Ltd counter
Grindwell Norton Ltd clocked volume of 2.71 lakh shares by 14:14 IST on NSE, a 13.53 times surge over two-week average daily volume of 20047 shares
Volkswagen says best selling VW models now conform to WLTP rules
FRANKFURT (Reuters) - Volkswagen on Friday said the best selling versions of all VW models conform to the Worldwide Harmonised Light Vehicle Test (WLTP) anti-pollution rules, easing a delivery bottleneck that has hurt sales.
Hong Kong Stocks fall for fourth straight session
The S&P 500 and the Nasdaq on Thursday booked their worst sessions in about three months as a powerful climb in government bond yields rippled through Wall Street, forcing a broad reassessment of assets perceived as risky, like stocks. The yield on the 10-year U.S. Treasury note was up 3.8 basis points at 3.196% and earlier topped 3.23% to trade at its highest since 2011. This comes a day after its largest one-day rise since March 2017. Investors dumped bonds as economic indicators pointed to continued strength in the economy. A higher yield can dampen enthusiasm for stocks, as it offers higher returns for income-seeking investors, without the risk or volatility typically associated with equities.
Desktop virtualisation company Citrix rejigs APJ team
Desktop virtualisation leader Citrix on Friday appointed Colin Brookes as Senior Vice President of Sales and Service for the Asia Pacific and Japan region.
Allocated Rs 300 cr to renovate existing toilets, construct new ones: Rlys
Indian Railways has allocated Rs 300 crore to renovate existing toilets and construction of new toilets as part of its contribution to the Swachch Bharat campaign, a ministry statement said Friday. The national transporter has constructed or improved 1,800 toilets at 1,400 stations including the construction of around 200 toilets which are disable-friendly in the current year, it said. The target is to construct 2,700 toilets at 2,700 stations under the Swachh Bharat Mission Program, the statement said. Apart from this, railways have undertaken building of toilets in circulating areas at railway stations for local community and surrounding area inhabitants as well as for general public visiting railway stations under the CSR initiative. "Awareness activities were stepped up to ensure greater level of hygiene and sanitation at stations, at work places, at workshops as well as at railway colonies. Public participation and accountability building are being increasingly acknowledged as ...
Rahul urges for inclusion of petrol, diesel under GST
A day after Finance Minister Arun Jaitley announced a Rs 2.50 reduction in the prices of fuel, Congress President Rahul Gandhi once again called for the inclusion of petrol and diesel under the ambit of the Goods and Services Tax (GST).In a tweet addressed to Prime Minister Narendra Modi, Rahul said the common man was badly affected by the skyrocketing prices of fuel, and therefore urged the former to bring petroleum products under the GST to provide some respite to citizens.Fuel prices have been witnessing an upward trend for the last few weeks, burning a hole in people's pockets. In Mumbai, petrol rates had breached Rs 90 per litre mark.In the wake of the skyrocketing fuel prices, Jaitley, while addressing the media on Thursday, announced a cut of Rs 2.50 per litre on both petrol and diesel, and directed the state governments to implement the same.
Gold prices fall on weak global cues, low demand
Gold prices fell by Rs 250 to Rs 31,850 per 10 gram at the bullion market Friday, tracking a sluggish trend overseas amid fall in demand from local jewellers. Silver prices, too, fell by Rs 100 to Rs 39,250 per kg due to reduced offtake by industrial units and coin makers. According to traders, gold prices took a hit due to fall in demand at prevailing levels from local jewellers at the domestic spot market and a weak trend overseas. Globally, gold softened by 0.16 per cent to USD 1,199.40 an ounce in Singapore Friday as investors remained cautious after the US Treasury yields hit multi-year peaks and ahead of monthly employment data. Silver, too, shed 0.03 per cent to USD 14.64 an ounce. In the national capital, gold of 99.9 per cent and 99.5 per cent purity dropped Rs 250 each to Rs 31,850 and Rs 31,700 per 10 gram, respectively. The precious metal had gained Rs 625 in the previous two days. Sovereign gold, however, traded flat at Rs 24,600 per piece of 8 gram. In sync with gold, ...
Rosneft slams Indian taxation system, calls it hurdle
Russian oil firm Rosneft, the biggest foreign investor in India's energy sector, Friday criticised taxation policy in the country saying it was a major hurdle in its expansion plans. Rosneft and its partners had in August last year completed a USD 12.9-billion acquisition of Essar Oil to enter the world's fastest-growing energy market, but have to pay a 20 per cent withholding tax even after paying corporate tax and dividend, the Russian firm's First Vice President for Economics and Finance, Pavel Fedorov said. The Indian market's potential is unparalleled and "that's why we love to invest in India," he said at a business event here. However, India needs to streamline its taxation system with international regime and not double tax foreign investors, he said. "If an Indian company invests in Russia, yes it has to give tax and dividends, but on the other side, when we invest in India, we have to give all of this, but on top of it, we are being charged a withholding tax of 20 per cent. .
Dhruv Consultancy Services bags consultancy contract from PWD, Govt. of Maharashtra
Contract amount will be Rs. 4.49 crire for the said Consultancy for which the contract period will be 66 months ( 18 months construction period and 48 months O&M period ) from the date of appointment.
Cloudera and Hortonworks merge to create leading data platform
Software company Cloudera and data management platform and solutions firm Hortonworks have announced an all-stock merger of equals, creating a leading next-generation data platform.
Japanese firm bats for better environment, social life in U.S.
Rinnai, the American branch of a Japanese company Tankless, which makes water heater systems, is introducing unique ideas to solve carbon dioxide emission problems prevalent in the United States.To promote its newest product, the company started "Try Rinnai Tour" at nearly 1,500 locations throughout the U.S. and Canada. It is an open house event offering communities the opportunity to experience game-changing new products, hands-on virtual reality installs, and a new product - Rebates.David Federico of Rinnai America said "Try Rinnai Tour has gone very well. We launched the tour with seven vans. Our key challenge in launching the products is to see that the plumbers and contractors understand and hopefully get interested in buying them."Virtual Reality (VR) product experience is another promotion of this tour. Surrounded by virtual workspace, the user is guided by voice instructions on easier and faster installation processA four-minute-long simulation allows users to slip on the ...
Indices trading weak
Weakness persisted on the bourses in afternoon trade on sustained selling pressure in index pivotals. At 13:30 IST, the barometer index, the S&P BSE Sensex, was down 457.15 points or 1.3% at 34,712.01. The Nifty 50 index was down 173.85 points or 1.64% at 10,425.40. Negative global stocks weighed on the sentiment.
Infra cos need to work on innovative instrument to attract global funds: Prabhu
Stating that there is no dearth of funds, Commerce and Industry Minister Suresh Prabhu Friday said there is a need to work on innovative instrument and structure to attract global money for investment in infrastructure sector. The government is in talks with various global funds to sell India growth story, he said. "I have talked to funds in Australia and Canada and government is trying to work with them. Uniqueness of this is that the pension funds of both Canada and Australia is more than the their national GDP," Prabhu said at an event organised by rating agency Crisil here. The government is talking to them, he added. "On 15th of this month, I have invited the chairman of Abu Dhabi Investment Authority, which is the largest sovereign wealth fund in the world. "They are very keen for investment in India. They feel that India is a growth story...India's GDP is bound to rise...they want to invest in India. Now, with all these things in place what is missing is instrument, structures .
Unilever backs down on HQ move to Netherlands after investor revolt
LONDON (Reuters) - Unilever scrapped plans to move its headquarters to the Netherlands on Friday in the face of a British shareholder revolt, keeping one of the country's most valuable companies in London ahead of Brexit.