Category: BUSINESS

Benchmark Nifty rose 20.65 points to end at 10,584.70 today, driven by buying in realty, pharma, IT, media, PSU bank and auto sectors. Metal, FMCG, infrastructure and finance service counters witnessed hectic profit-booking. The rupee falling to its weakest level since March, continued FII outflows and April derivative expiry day this week influenced trading sentiment, brokers said. Overseas, European shares fell early today as results from Switzerland’s biggest bank, UBS, disappointed investors. Asian stocks closed lower as investors kept an eye on rising US Treasury yields. The Nifty 50 index…

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Mobile gaming company Nazara Technologies has received markets regulator Sebi’s go-ahead to float an initial public offering. The company is popularly known for its games on World Cricket Championship, Chhota Bheem and Motu Patlu series. Nazara, which filed draft papers with Sebi to launch an IPO on February 1, obtained its “observations” on April 20, as per the latest update with the markets watchdog. Sebi’s observations are necessary for any company to launch public issue like initial public offer (IPO), follow-on public offer (FPO) and rights issue. Going by the…

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Favouring status quo on key policy rate, RBI Governor Urjit Patel preferred to wait for more data before changing monetary stance though he took note of recovery in economic activities and continued improvement in credit offtake, according to minutes of the April policy meeting. The six-member Monetary Policy Committee (MPC), headed by Patel, had left the benchmark repo rate unchanged for the third time in a row after deliberations on April 4-5. As per the minutes of the MPC meeting released by the RBI, Patel noted that economic activity has…

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The BSE benchmark Sensex rose over 100 points in early trade today tracking strong Asian cues supported by a rally in oil prices and easing global trade concerns. The 30-share index was trading higher by 147.14 points, or 0.42 per cent, to 34,478.82 with metal, realty, FMGC, Teck, IT and capital goods stocks rising up to 1.81 per cent. The gauge had shed 63.38 points in the previous session. The NSE Nifty was up 42.70 points, or 0.40 per cent, at 10,568.90 in early trade. Investors sentiment was optimistic ahead…

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Entities having sufficient networth and the ability to run Air India (AI) can bid for 76 per cent stake in the national carrier, DIPAM Secretary Neeraj Gupta said today. Prodding venture capital funds to participate in the PSU disinvestment programme, Gupta said such funds may tie up with domestic companies to bid for state-run assets. “Even in Air India, we are not looking for only an airline to take over…Finance is the main criteria and the capability to take over and run such an asset is the main criteria,” said…

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India is among four countries to pool into an innovative USD 5 million fund for small states to obtain easier access to international trade finance to diversify their economies and achieve the sustainable development goals. The announcement of the Commonwealth Small States Trade Finance Facility came at the ongoing Commonwealth Heads of Government Meeting (CHOGM) in London. The announcement came Prime Minister Narendra Modi arrived in the UK overnight. He will attend bilateral meetings today before the multilateral dialogue with 52 other heads of government as part of the 25th…

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The BSE Sensex rose over 100 points in early trade today, continuing its winning spree for the 10th straight session, on positive global leads and sustained buying by domestic institutional investors. The 30-share index moved higher by 110.13 points, or 0.32 per cent, to 34,505.19. The gauge had gained 1,375.99 points in the previous nine sessions. All the sectoral indices, led by metal and healthcare stocks, were trading in the positive territory. The broader Nifty too opened higher by 30.70 points, or 0.29 per cent, at 10,579.40. Brokers said continuous…

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A parliamentary panel has called Reserve Bank Governor Urjit Patel on May 17 to answer queries on a spate of banking scams unearthed in the last few months, sources said. The Standing Committee on Finance, headed by veteran Congress leader M Veerappa Moily, today raised several queries related to the banking sector with Financial Services Secretary Rajiv Kumar. “We have invited the RBI Governor on May 17. We will be asking him about the scams and other banking regulations,” said a source. Former Prime Minister Manmohan Singh, who is member…

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The commerce and industry ministry is working on different areas such as improving standards of products and identifying new markets and goods to promote the country’s exports, Union Minister Suresh Prabhu today said. He said the ministry is also working on ways to promote shipments in Africa as the region holds huge potential. The commerce and industry minister is visiting Africa at the end of the month to discuss trade and investment opportunities with businesses and leaders of 12 countries. “We are working on several areas to promote exports. We…

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General Motors will cut more than 1,000 jobs in the US tied to production of sedans that are in low demand, the automaker said today. The cuts will affect GM’s factory in Lordstown, Ohio, where the biggest US automaker produces the Chevrolet Cruze. Sales of the vehicle have dropped 32 per cent in the last four years, the company said, part of a broader trend in the US that has seen consumers ignore small cars in favour of sports utility vehicles and larger “crossover” cars amid low gasoline prices and…

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