BUSINESS NEWS CATEGORIES 

Markets continue to remain weak tracking bearish global trends

 Equity indices began the trade on a weak note, falling for the third day running on Friday, amid an overall bearish trend in global markets. The 30-share BSE Sensex declined 319.3 points to 58,800.42 in initial trade. The NSE Nifty fell by 90.8 points to 17,539. Among the 30-share Sensex pack, Power Grid, IndusInd Bank, HDFC, Mahindra & Mahindra, and Axis Bank were the major laggards in early trade. However, Tata Steel, Hindustan Unilever, Sun Pharma, Infosys, HCL Technologies and Dr Reddy’s were the gainers. Elsewhere in Asia, markets in…

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BUSINESS NEWS CATEGORIES 

Politics in air as Biden visits future Intel plant in Ohio

US President Joe Biden steered clear of partisan politics at Friday’s groundbreaking celebration for a huge new computer chip facility in Ohio as a tough Senate contest in that state and a Democratic candidate seeking to distance himself from Biden reflected the challenge of translating White House policy wins into political gains. Biden, a major force behind the legislation that helped lure Intel, went to suburban Columbus to take a victory lap just as voters in the state are starting to tune in to the Senate race between Democratic Rep.…

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BUSINESS NEWS CATEGORIES 

Markets extend previous day gain in early trade

 Benchmark indices started the trade on a positive note on Tuesday, extending their previous day gain in line with the strength in majority of Asian markets and buying in index major Reliance Industries. The BSE Sensex climbed 320.69 points to 59,566.67 in early trade. The NSE Nifty went higher by 98.85 points to 17,764.65. From the Sensex pack, Power Grid, NTPC, Bharti Airtel, Reliance Industries, Titan, Maruti, HDFC Bank, Hindustan Unilever and Bajaj Finance were among major gainers in initial trade. In contrast, Kotak Mahindra Bank, Nestle, Tech Mahindra, Wipro,…

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BUSINESS WORLD NEWS 

Govt may invite financial bids for Shipping Corp sale in March quarter

The government is likely to invite financial bids for privatisation of state-owned Shipping Corporation of India (SCI) in the March quarter, an official said. “The demerger of non-core and land assets of Shipping Corporation is at an advanced stage. The process is expected to be over in about three months’ time, after which financial bids will be invited,” the official told PTI. The financial bids from potential investors are expected in the January-March quarter, the official added. In May, the board of Shipping Corp had approved an updated demerger scheme…

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BUSINESS NEWS CATEGORIES 

FPIs pump in Rs 44,500 cr into Indian equities in three weeks of Aug

 After turning net buyers last month, foreign investors have shown tremendous enthusiasm for Indian equities and have infused close to Rs 44,500 crore in August so far amid softening of inflation in US and falling dollar index. This was way higher than a net investment of nearly Rs 5,000 crore by Foreign Portfolio Investors (FPIs) in entire July, data with depositories showed. FPIs had turned net buyers for the first time in July after nine straight months of massive outflows, which started in October last year. Between October 2021 till…

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BUSINESS NEWS CATEGORIES 

Airtel gets spectrum allocation letter, Sunil Mittal hails ease of doing business

Bharti Airtel received spectrum allocation letter within few hours of making upfront payment to the Department of Telecom, Bharti Enterprises founder and chairman Sunil Bharti Mittal said on Thursday. This is the first time ever that the Department of Telecom (DoT) has handed out a spectrum allocation letter on the day of making upfront payment. “Airtel paid Rs 8,312.4 crore towards spectrum dues and was provided the allocation letter for the designated frequency bands within hours. E band allocation was given along with spectrum as promised. No Fuss, No Follow…

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BUSINESS NEWS CATEGORIES 

Sensex rallies 515 pts to reclaim 59,000-mark; IT, finance stocks sparkle

 Equity benchmark Sensex rallied 515 points on Thursday to reclaim the 59,000-mark after a gap of four months, propelled by heavy buying in IT, banking and financial stocks amid sustained foreign fund inflows and positive Asian equities. The 30-share BSE index ended 515.31 points or 0.88 per cent higher at 59,332.60 — its highest closing since April 8, 2022. Similarly, the broader NSE Nifty gained 124.25 points or 124.25 per cent to close at 17,659. Axis Bank was the top gainer in the Sensex pack, climbing 2.75 per cent, followed…

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BUSINESS NEWS CATEGORIES 

Sensex, Nifty close almost flat; IT stocks weigh

Benchmark BSE Sensex and Nifty closed on a flat note on Wednesday as profit booking in IT and realty shares negated gains in metal and oil & gas stocks. The 30-share BSE Sensex ended 35.78 points or 0.06 per cent lower at 58,817.29 in a volatile session. As many as 17 of its components ended in the red while 13 advanced. The broader NSE Nifty inched up 9.65 points or 0.06 per cent to close at 17,534.75. The market remained range-bound for the most part of the session as investors…

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BUSINESS NEWS CATEGORIES 

Govt cuts windfall tax on diesel, ATF export; raises levy on domestic crude oil

The government has halved the windfall tax on the export of diesel and scrapped the levy on jet fuel (ATF) shipments but raised the tax on domestically produced crude oil. The tax on the export of diesel was cut to Rs 5 per litre from Rs 11, according to an official notification issued on Tuesday evening. Export of petrol will continue to attract nil tax. The tax on domestically produced crude oil was hiked to Rs 17,750 per tonne from Rs 17,000, a move that will hit producers like ONGC…

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BUSINESS NEWS CATEGORIES 

Sensex, Nifty nearly 1 pc on global recession fears

 Benchmark BSE Sensex and Nifty closed lower by nearly 1 per cent on Tuesday amid fresh foreign fund outflows and mixed global trends. The 30-share BSE benchmark fell by 497.73 points or 0.89 per cent to settle at 55,268.49, extending its losses for second straight day. During the day, it tanked 562.79 points or 1 per cent to 55,203.43. The broader NSE Nifty declined by 147.15 points or 0.88 per cent to 16,483.85. Among Sensex constituents, Infosys, Axis Bank, Hindustan Unilever, Dr Reddy’s Lab, Wipro, Kotak Mahindra Bank and Larsen…

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