Category: BUSINESS

The central board of the Reserve Bank of India (RBI) is facing shortage of nine non-official directors, including seven from the category of people of eminence from various fields. The central board is the highest decision making body of the apex bank headed by the RBI governor. According to the RBI Act, the government nominates 10 eminent persons from various fields to the central board of the RBI, besides four directors (one from each of the four local boards). The government is yet to appoint seven non-official directors from the…

Read More

 Equity benchmark Sensex tumbled over 100 points in early trade on Friday, tracking losses in index majors HDFC Bank, ICICI Bank and L&T amid sustained foreign fund outflow. After opening over 150 points higher, the 30-share BSE index pared all gains to trade 141.67 points or 0.27 per cent lower at 52,695.54 in initial deals, while the broader NSE Nifty declined 42.05 points or 0.27 per cent to 15,782. L&T was the top loser in the Sensex pack, shedding around 1 per cent, followed by Sun Pharma, Bajaj Finance, HDFC…

Read More

Equity benchmark Sensex tumbled over 100 points in early trade on Friday, tracking losses in index majors HDFC Bank, ICICI Bank and L&T amid sustained foreign fund outflow. After opening over 150 points higher, the 30-share BSE index pared all gains to trade 141.67 points or 0.27 per cent lower at 52,695.54 in initial deals, while the broader NSE Nifty declined 42.05 points or 0.27 per cent to 15,782. L&T was the top loser in the Sensex pack, shedding around 1 per cent, followed by Sun Pharma, Bajaj Finance, HDFC…

Read More

 Vedanta Group on Wednesday said it spent Rs 331 crore on social impact initiatives in 2020-21. In 2019-20, the company had spent Rs 296 crore on its Corporate Social Responsibility (CSR) initiatives. “Vedanta Group…is focused on its commitment towards communities as it spent Rs 331 crore on social impact initiatives in FY2021,” the company said in a statement. Vedanta’s CSR spend is 28 per cent or Rs 93 crore more than the stipulated requirement. The company’s CSR expenditure has been spread across the company’s core impact areas of education, health,…

Read More

Edtech major Byju’s on Wednesday said it has acquired Epic, a digital reading platform for kids, for USD 500 million (about Rs 3,729.8 crore). The company will invest an additional USD 1 billion in North America to accelerate its vision of “helping students fall in love with learning”, a statement said. The acquisition will help Byju’s expand its footprint in the US by providing access to the more than two million teachers and 50 million kids in Epic’s existing global user-base, which has more than doubled over the last year,…

Read More

 The Indian rupee reversed early losses to close 27 paise higher at 74.61 against the US dollar on Tuesday amid a lacklustre greenback overseas and weak crude oil prices. At the interbank forex market, the domestic currency witnessed heavy volatility. The local unit opened weak at 74.93 a dollar and touched a low of 74.95 and a high of 74.55 during the day. The local unit finally closed at 74.61 against the American currency, registering a rise of 27 paise over its previous close. On Monday, the rupee had settled…

Read More

The Indian rupee depreciated 20 paise to 74.77 against the US dollar in opening trade on Monday as firm American currency and weak domestic equities weighed on investor sentiment. At the interbank foreign exchange, the rupee opened at 74.73 against the dollar, then fell further to 74.77, registering a fall of 20 paise over its previous close. On Friday, the rupee had settled at 74.57 against the US dollar. The Indian Rupee started on a weaker note this Monday against the greenback tracking the strength of the dollar, Reliance Securities…

Read More

Total outstanding dues owed by electricity distribution utilities or discoms to power producers fell 15.25 per cent to Rs 82,305 crore in May 2021 from a year ago. Distribution companies (discoms) owed a total Rs 97,111 crore to power generation firms in May 2020, according to portal PRAAPTI (Payment Ratification And Analysis in Power procurement for bringing Transparency in Invoicing of generators). The outstanding dues of discoms towards electricity producers have been increasing year-on-year as well as month-on-month for years showing perennial stress in the power sector till February this…

Read More

Equity benchmark Sensex jumped over 100 points to touch record intra-day high in early trade on Friday, tracking gains in index majors Reliance Industries, HDFC twins and ITC despite a largely negative trend in global markets. After surging to a peak of 53,290.81 in opening session, the 30-share BSE index was trading 111.60 points or 0.21 per cent higher at 53,270.45 in initial deals, while the broader NSE Nifty rose 33.60 points or 0.21 per cent to 15,957.80. ITC was the top gainer in the Sensex pack, surging over 1…

Read More

 The country’s largest carmaker Maruti Suzuki India (MSI) is planning to invest around Rs 18,000 crore on a new manufacturing facility in Haryana, as per a top company official. The new plant would replace the company’s Gurugram-based facility and is expected to have an installed production capacity of 7.5-10 lakh units per annum. While confirming the Rs 18,000 crore investment plan, MSI Chairman RC Bhargava told PTI that the company had always planned to shift the Gurugram facility to a nearby location. He however declined to share details about the…

Read More