Category: BUSINESS

The NSE 50-share Nifty fell 93.20 points to close at 10,452.30 following widespread selling in PSU Bank, Auto, Metal, Media and Realty counters. A rise in global crude oil prices also hit the market sentiment. India imports the majority of its crude oil requirement and a surge in crude prices will add to the country’s fiscal deficit. The market opened with gains but later turned choppy in the absence of any major cues, both domestic and global as Asian markets were closed for long lunar holidays. Banking stocks fell in…

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The Reserve Bank today said it has already undertaken an assessment of control systems at scam-hit Punjab National Bank and will take “appropriate supervisory action”. The country’s second largest state-run lender has been rocked by a Rs 11,400-crore fraud allegedly involving billionaire diamantaire Nirav Modi. In a statement, the central bank said it has already undertaken a supervisory assessment of control systems in Punjab National Bank (PNB). “The fraud in PNB is a case of operational risk arising on account of delinquent behaviour by one or more employees of the…

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The rupee gained another 14 paise to trade at a two-week high of 63.95 against the US dollar in opening trade on Thursday on dollar selling by exporters and banks amid firm equities. The dollar’s weakness against other currencies overseas also supported the rupee sentiment, a currency dealer said. The moved between 63.98 per dollar and 63.93 per dollar at the interbank forex market in early trade. The dollar fell further against the yen to hit a 15-month low in Asian trade while the euro gained after a firm German…

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Shares of Gitanjali Gems today plunged up to 19 per cent in morning trade after the company came under scanner of various investigating agencies following the Punjab National Bank’s declaration of nearly Rs 11,400-crore fraud. The stock today opened on a bearish note at Rs 48, then lost further ground to touch a low of Rs 47.50, down 18.94 per cent over its previous closing price. Similar movement was seen on the NSE as well, where the stock tanked 18.73 per cent to a low of Rs 47.50. Meanwhile, some…

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New Delhi, Feb 15 (DIN NEWS) The Punjab National Bank (PNB) today said it will take “full-capacity” action against the wrong doers in the Rs 11,400-crore Nirav Modi fraud case, which started in 2011. The state-owned bank said it had detected USD 1.77 billion fraud in which billionaire jeweller Nirav Modi allegedly acquired fraudulent letters of undertaking (LoUs) from one its branches for overseas credit from other Indian lenders. PNB has suspended 10 officers over the scam and referred the matter to the CBI for investigations. The Enforcement Directorate is continuing…

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Mumbai, Feb 15 (DIN NEWS) The BSE benchmark Sensex surged over 167 points, staging a strong recovery in early trade on Thursday on firm cues from global markets. A stronger rupee against the dollar also influenced market sentiment. The 30-share index was trading higher by 167.12 points, or 0.48 per cent, at 34,323.07. The gauge had lost 144.52 points in the previous session. The NSE Nifty gained 47.45 points, or 0.45 per cent, to 10.548.35. Widespread buying was seen in metal, healthcare and realty counters. Major gainers were Adani ports, HDFC,…

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In a bid to hasten the resolution of bad loans, RBI has tightened rules to make banks identify and tackle any non-payment of loan rapidly, a move the government said should act as a “wake up call” for defaulters. The Reserve Bank of India abolished half a dozen existing loan-restructuring mechanisms late last night, and instead provided for a strict 180-day timeline for banks to agree on a resolution plan in case of a default or else refer the account for bankruptcy. Financial Services Secretary Rajiv Kumar said the new…

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Prime Minister Narendra Modi on Monday met with industry leaders of the Gulf and West Asia region at the India-Oman business meeting here during which he pitched India as an attractive destination to do business. Modi, who arrived in Muscat on Sunday, from Dubai on the last leg of his three-nation tour, also met Deputy Prime Minister for International Relations and Cooperation Affairs of Oman, Sayyid Asa’ad bin Tariq Al Said. The two leaders discussed intensification of bilateral cooperation in areas of mutual interest, External Affairs Ministry Spokesperson Raveesh Kumar…

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Stocks staged a strong comeback in early trade with the BSE Sensex gaining over 260 points and the Nifty recaputuring the 10,500-level on continued buying by domestic funds ahead of inflation data to be released after market hours on Monday. Asian markets were also trading in the green after a late-day rally on Wall Street on Friday. The 30-share Sensex recovered by 260.12 points, or 0.76 per cent, to 34,265.88 in opening trade. The index had lost 407.40 points or 1.18 per cent to settle at one month low of…

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Germany will no longer lecture other European countries over their economies, the next finance minister of the eurozone’s richest nation said today. Olaf Scholz, of the Social Democratic Party (SDP) that this week struck a deal to reform Germany’s so-called grand coalition government with Chancellor Angela Merkel, said Germany “doesn’t need to dictate to other European states how they run themselves”. “Mistakes have certainly been made in the past,” Scholz told Der Speigel magazine, an apparent reference to the policy of his predecessor Wolfgang Schauble, who oversaw Germany’s oft-criticised massive…

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