Category: BUSINESS

The Reserve Bank today kept the key interest rate unchanged but cut its inflation forecast on lower food prices, sparking a rally in the stocks and bond markets. While keeping the benchmark repurchase or repo rate unchanged at 6 per cent and reverse repo at 5.75 per cent for the fourth time straight, the six member Monetary Policy Committee headed by RBI Governor Urjit Patel retained the ‘neutral’ stance. The MPC trimmed its April-September inflation projection to 4.7-5.1 per cent, from its February forecast of 5.1-5.6 per cent. It raised…

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Shares of interest rate-sensitive stocks like auto, banking and realty rallied in morning trade on the bourses ahead of the Reserve Bank of India’s monetary policy decision today. The Monetary Policy Committee (MPC), headed by RBI Governor Urjit Patel, will announce the resolution of the MPC on its first bi-monthly monetary policy for financial year 2018-19 later in the day. Among banking stocks, Kotak Mahindra Bank rose as much as 1.91 per cent, while Yes Bank jumped 2.40 per cent, State Bank of India 2.06 per cent, Federal Bank 2.07…

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India is set to offer a $3-4 billion development plan for the Farzad B gas field to Iran next week after Tehran reduced the scope of the project, two sources familiar with the matter said. Relations between the two countries, which have long held deep trade ties, were strained last year after Iran sought other investors for the field and media reports suggested Tehran would award it to Russia’s Gazprom. In retaliation, India directed its state refiners to cut oil imports from Iran. At a meeting in New Delhi in…

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Chocolate and confectionery firm Hershey India has appointed Herjit S Bhalla as its new Managing Director. Before joining Hershey India, Bhalla spent over 16 years in sales and marketing, management roles at Unilever in India, Russia, Ukraine and Belarus, Hershey India said in a statement. In his last position, Bhalla served on the board of directors with Metro Cash & Carry handling operations for north and east India. Commenting on Bhalla’s appointment, The Hershey Company President International Steven C. Schiller said, “India is a key focus market for Hershey, globally.…

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The BSE Sensex turned choppy after falling nearly 100 points today and NSE Nifty slipped below the 10,200-mark on fresh losses in metal, healthcare, Teck, IT and realty stocks amid muted global cues. The 30-share barometer, which had gained 286.68 points on the first session of new fiscal yesterday, shed 96.77 points, or 0.29 per cent, to 33,158.59. The NSE Nifty too was trading 29.95 points, or 0.29 per cent, lower at 10,181.85. Brokers said investor sentiment turned weak largely in tandem with a bearish trend in other Asian markets,…

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Gold rallied by Rs 110 to Rs 31,460 per 10 gram at the bullion market today, tracking a firm trend overseas amid sustained buying by local jewellers. Silver also advanced by Rs 175 to Rs 39,375 per kg due to increased offtake by industrial units and coin makers. Traders said sentiment remained upbeat on the back of a firm trend overseas as the dollar eased amid fresh concerns of trade tensions between the US and China. Globally, gold rose 0.44 per cent to USD 1,330.80 an ounce and silver by…

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Domestic equities opened on a firm note on the first trading day of the new financial year 2018-19 today, with Sensex reclaiming the 33,000-mark by rising over 100 points amid positive global cues. The 30-share BSE benchmark, which had lost 205.71 points on the last session of FY18 on Wednesday, rose 133.32 points, or 0.40 per cent, to 33,102.00. The gains were led by auto, infrastructure, oil & gas, capital goods, healthcare, IT and metal stocks. Auto stocks such as Tata Motors, Maruti Suzuki, M&M and Bajaj Auto rose up…

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Petroleum minister Dharmendra Pradhan has said the government is open to Saudi oil giant Aramco’s interest to own majority stake in the proposed Rs 3-trillion refinery at Ratnagiri, which when completed will be the largest single location refinery complex in the world with a capacity of 60 million tonne. Saudi Aramco has reportedly sought majority ownership in the mega refinery-cum-petrochemical complex for which state-owned oil firms Indian Oil, Bharat Petroleum and Hindustan Petroleum have inked an agreement. “Aramco is in discussions with us. We have held many rounds of talks…

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