Category: BUSINESS

Equity benchmark Sensex tumbled over 300 points in early trade on Monday, tracking losses in index majors Infosys, HDFC Bank and ICICI Bank amid concerns over the spread of the Omicron variant in the country and weak cues from global markets. The 30-share index was trading 311.11 points or 0.54 per cent lower at 57,385.35 in initial deals. Similarly, the Nifty fell 81.70 points or 0.48 per cent to 17,115. IndusInd Bank was the top loser in the Sensex pack, shedding over 2 per cent, followed by Maruti, Bajaj Finance,…

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Volatility is likely to continue in the stock market this week amid Omicron uncertainty and the RBI monetary policy meeting will be a key driver for benchmark indices going ahead, say analysts. It will be an event-packed week for the markets, with RBI policy and several macroeconomic numbers scheduled to be announced, they added. “Volatility is likely to continue amid Omicron uncertainty, RBI credit policy, and macroeconomic numbers. There are lots of news flows on the Omicron variant which are causing volatility in the market while on the domestic front…

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Goa Chief Minister Pramod Sawant on Saturday launched Goa Electricity Mobility Promotion Policy 2021 here to promote usage of e-vehicles. He launched the policy at the ‘Round Table To Promote Electric Mobility’ event organised by the Ministry of Heavy Industries. The policy’s main objective to launch the policy is to promote use of battery-driven vehicles and create jobs for the people of the state, Sawant said. Speaking further on the benefits being provided under the policy, he said, “We are giving incentives on manufacturing, waiver of road tax up to…

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The government is willing to look at extending a phased manufacturing plan (PMP) for the AC industry to check imports and increase local value addition and employment, a top official has said. Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Anurag Jain said this while responding to suggestions made by some of the CEOs present in a roundtable to come out with a PMP for the AC industry on November 25. The government is willing to look at the PMP for the AC industry to check…

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The Indian rupee depreciated by 16 paise to 74.68 against the US dollar in opening trade on Friday, tracking the negative domestic equity market and a firm American dollar. Further, unabated foreign fund outflows weighed on investor sentiment, traders said. At the interbank foreign exchange, the rupee opened on a weak note at 74.60, then lost further ground and touched 74.68 against the American dollar, registering a decline of 16 paise from the last close. On Thursday, the rupee had closed at 74.52 against the US dollar. The dollar index,…

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Market benchmark Sensex crashed over 1,170 points to log its worst single-day drop in over seven months on Monday amid concerns over government’s reform measures after farm laws repeal announcement and weak listing of country’s largest fintech firm Paytm. Extending its losses for the fourth straight session, the BSE gauge plunged 1,170.12 points or 1.96 per cent to settle the day at 58,465.89 its lowest closing level in over two months. In terms of absolute single-session drop, this was the biggest fall since April 12 this year. Similarly, the NSE…

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 India’s economy is moving towards a higher growth trajectory and is likely to grow at around 10 per cent in 2021-22, Economic Advisory Council to the Prime Minister (EAC-PM) Chairman Bibek Debroy said on Wednesday. I am confident that we are on a path towards a higher growth trajectory, higher poverty reduction, higher employment, and a prosperous, more developed and better governed India. I think it is, more or less, agreed that the real rate of growth this year (FY2022) is going to be around 10 per cent, Debroy said…

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Equity benchmarks buckled under selling pressure for the third session on the trot on Thursday as bearish global cues and a disappointing market debut for Paytm unnerved investors. The 30-share BSE Sensex tumbled 372.32 points or 0.62 per cent to finish at 59,636.01. Similarly, the NSE Nifty dived 133.85 points or 0.75 per cent to 17,764.80. M&M was the top loser in the Sensex pack, shedding 3.28 per cent, followed by Tech Mahindra, HCL Tech, L&T, Tata Steel, IndusInd Bank and Maruti. Only six index constituents managed to close in…

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The initial public offer of Go Fashion (India) Limited, which owns women’s wear brand Go Colors, was subscribed 1.18 times within hours of opening for subscription on Wednesday. The Rs 1,013.6-crore IPO received bids for 95,49,687 shares against 80,79,491 shares on offer, according to NSE data till 12:42 hours. The category for retail individual investors (RIIs) received huge demand, getting subscribed 6.28 times and non-institutional investors received 14 per cent subscriptions. The initial public offer has a fresh issue of up to Rs 125 crore and an offer for sale…

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FSN E-Commerce Ventures Ltd., the entity that operates the Indian beauty startup Nykaa, saw its profit fall 96% as marketing costs surged in the quarter before its initial public offering. Shares dropped on Monday. FSN E-Commerce Ventures Ltd., the entity that operates the Indian beauty startup Nykaa, saw its profit fall 96% as marketing costs surged in the quarter before its initial public offering. Shares dropped on Monday. Net income dipped to ₹ 1.2 crore ($161,000) in the quarter ended September from ₹ 27 crore the previous year, according to a statement late Sunday,…

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