Category: BUSINESS

New Delhi, May 18 (DIN NEWS) The government has decided not to hike prices of foodgrains sold via public distribution system (PDS) for one more year, Food Minister Ram Vilas Paswan said today. Foodgrains are supplied at a highly subsidised rate of Rs 3/kg for rice, Rs 2/kg for wheat and Rs 1/kg for coarse grains via ration shops under the National Food Security Act (NFSA). “The Prime Minister has approved to keep central issue price of rice, wheat and coarse grains unchanged at the rate of Rs 3/2/1 per kg,…

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New Delhi, May 18 (DIN NEWS) To ensure 24X7 power supply to people, Union Minister Piyush Goyal today urged ministries of railways, power and coal to work in coordination and also asked power plants to increase their plant load factor (PLF), an official statement said. Plant load factor is the amount of power a plant is producing as against its total capacity. In this regard, Goyal, who is minister of railways and coal, chaired a detailed review meeting with R K Singh, Minister of State (IC) for Power and New and…

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Washington, May 18 (DIN NEWS) US President Donald Trump today hit out at China for “fleecing” his country with hundreds of billions of dollars every year, even as high-level delegations from the two countries were holding intense negotiations in Washington over a series of trade disputes between them. “China has taken our hundreds of billions of dollars a year from the United States. And I explained to (Chinese) President Xi (Jinping), we can’t do that anymore, we just can’t do that anymore. It’s a much different situation,” Trump told reporters at…

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Mumbai, May 18 (DIN NEWS) The BSE Sensex drifted lower by another 125 points in early trade today amid unabated foreign fund outflows and surging global crude oil prices. The rupee depreciating against the US dollar also affected momentum. Brokers said sentiment remained weak largely on sustained capital outflows by foreign funds and rising global crude oil prices, which went past the USD 80 per barrel mark. Investors also kept an eye on political developments in Karnataka. The 30-share index fell by 125.10 points, or 0.35 per cent, to 35,024.02 in…

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Washington, May 17 (DIN NEWS) US Treasury Secretary Steven Mnuchin will lead trade talks with China due to take place today and tomorrow as the countries try to head off a trade war. “These meetings are a continuation of the talks held in Beijing two weeks ago and will focus on re-balancing the United States-China bilateral economic relationship,” the White House said in a statement. The US has threatened to impose 25 per cent punitive duties on up to USD 150 billion in Chinese goods while China has targeted USD 50…

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Mumbai, May 17 (DIN NEWS) Snapping a two-day falling streak, benchmark stock indices opened on a positive note today after BJP’s B S Yeddyurappa was sworn in as the chief minister of Karnataka. Unabated buying by domestic institutional investors set the tone, brokers said. BJP legislature party leader B S Yeddyurappa was today sworn in as the chief minister of Karnataka for the second time, after an overnight high-voltage legal battle in the Supreme Court. The 30-share Sensex bounced 122.13 points, or 0.34 per cent, to 35,510.01. It had lost 168.83…

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Mumbai, May 16 (DIN NEWS) Global rating agency Fitch today affirmed Reliance Industries’ long-term foreign-currency rating at BBB-, with a stable outlook. RIL’s rating is supported by its strong business profile, which is driven by its robust refining and petrochemical operations, the agency said in a note. Its primary analyst and a director Muralidharan R cited the robust and improved refining operations that consistently outperform regional refining benchmarks as one of the reasons for retaining the rating with stable outlook. The company runs the world’s largest single-location refinery at Jamnagar with…

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New Delhi, May 16 (DIN NEWS) India’s GDP and larger developmental process will gain momentum over the coming decades and in turn bolster the mining and minerals sector, President Ram Nath Kovind said today. He also asserted that eventually the local communities must benefit from the discovery, extraction and development of mineral resources. The reform process set in motion in the mining sector four years ago is bearing rich dividends and will enhance the fiscal health of states, Kovind said at the National Geoscience awards event here. “India is one of…

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The Indian rupee (INR) today fell against the US dollar in volatile trade. In Karnataka election results, BJP is close to the majority mark. At day’s low, the rupee fell to 67.79 against the US dollar before recovering to 67.48 at day’s high. But the rupee could not sustain the gain and again slipped against the US dollar. The rupee was trading at 67.66 in afternoon trade against the US dollar. The stock markets also remained volatile today with Sensex rising as much as 436 points at day’s high, before…

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Punjab National Bank (PNB) reported on Tuesday a $1.98 billion fourth-quarter net loss, the worst ever by an Indian lender, after being hit by a massive fraud. The loss for the three months to March 31 came in at Rs. 13,417 crore compared with a net profit of Rs. 262 crore a year ago, the fourth-biggest Indian lender by assets said in a statement. Shares in PNB fell 6 per cent after the results. For the March quarter, the bank saw its total provisions more than triple from a year earlier to Rs. 20,353 crore. Of…

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