Category: BUSINESS

 Benchmark BSE Sensex and Nifty closed lower by nearly 1 per cent on Tuesday amid fresh foreign fund outflows and mixed global trends. The 30-share BSE benchmark fell by 497.73 points or 0.89 per cent to settle at 55,268.49, extending its losses for second straight day. During the day, it tanked 562.79 points or 1 per cent to 55,203.43. The broader NSE Nifty declined by 147.15 points or 0.88 per cent to 16,483.85. Among Sensex constituents, Infosys, Axis Bank, Hindustan Unilever, Dr Reddy’s Lab, Wipro, Kotak Mahindra Bank and Larsen…

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Reliance Industries Ltd expects prices of natural gas in India to rise again in October but wants government-dictated caps to go, in a bid to align domestic rates with global energy prices. The conglomerate, controlled by billionaire Mukesh Ambani, expects the price cap for its KG-D6 gas sales to rise over the current USD 9.92 per million British thermal units, Sanjay Roy, senior vice-president for exploration and production, said in an investor call following the announcement of the firm’s quarterly earnings on Friday. After remaining a loss-making provision for several…

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Iraq has filed a complaint to the UN Security Council, requesting an urgent session to discuss a deadly artillery attack this week that Baghdad blames on Turkey, the Foreign Ministry said on Saturday. Wednesday’s attack on the district of Zakho in Iraq’s northern, semi-autonomous Kurdish region killed nine Iraqi tourists, including a child, and wounded 20. Foreign Ministry spokesman Ahmad al-Sahaf said the ministry also recalled Iraq’s charg d’affaires from Ankara. Iraq’s parliament held a session Saturday on the attack, with lawmakers deciding to form a committee to investigate further.…

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COVID-19 symptoms left President Joe Biden with a raspy voice and cough as he met Friday via videoconference with his top economic team. But the president tried to strike a reassuring tone, declaring, I feel much better than I sound. Biden took off a mask and sipped water as he opened the meeting to discuss the decline in gas prices in recent weeks. Reporters were allowed into a White House auditorium to view a few minutes of the proceedings, and when they asked how Biden was feeling, he flashed a…

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The Reserve Bank of India is in the process of implementing the Central Bank Digital Currency (CBDC) in a phased manner for the wholesale and retail segments, an official said on Wednesday. The introduction of CBDC was announced in the Union Budget 2022-23, by Finance Minister Nirmala Sitharaman and necessary amendments to the relevant section of the RBI Act, 1934 has been made with the passage of the Finance Bill 2022, Ajay Kumar Choudhary, Executive Director (Fintech), Reserve Bank of India (RBI) said. The passage of the bill has enabled…

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 In view of rising pressure on government finances due to the cut in taxes on fuel, the Centre needs to manage subsidies more strictly and in a targeted manner, official sources said. The government had on May 23 cut excise duty on petrol by Rs 8 per litre and on diesel by Rs 6 a litre to cool record high inflation, thereby sacrificing revenue of Rs 1 lakh crore annually. Earlier in April, the Centre approved a subsidy of Rs 60,939.23 crore for phosphatic and potassic (P&K) fertilisers, including DAP,…

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Billionaire Gautam Adani-led Adani Data Networks, Reliance Jio, Bharti Airtel and Vodafone Idea have applied to participate in the upcoming 5G auction, according to a list issued by the Department of Telecom on Tuesday. The spectrum auction, scheduled to start on July 26, may see aggressive bids for some frequency bands, with the entry of Adani Data Networks and established players Reliance Jio and Bharti Airtel looking to strengthen their hold in the industry. “…applications have been received from the…applicants for participation in the 2022 Auction for rights to use…

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Eight of the 10 most valued domestic firms together added Rs 1,81,209.89 crore in market valuation last week, with Hindustan Unilever emerging as the biggest gainer. Last week, the BSE benchmark Sensex advanced 1,573.91 points or 2.97 per cent. From the top-10 pack, Reliance Industries and Tata Consultancy Services (TCS) were the only laggards. Among the winners, Hindustan Unilever Ltd (HUL) added Rs 50,058.05 crore, taking its valuation to Rs 5,86,422.74 crore. ICICI Bank’s valuation jumped Rs 35,956.8 crore to reach Rs 5,25,656.96 crore. The market valuation of HDFC Bank…

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 Passenger vehicle retail sales in the country rose 40 per cent in June indicating an improvement in semiconductor supplies even as demand, especially for SUVs, remained robust, auto dealer’ body FADA said on Tuesday. According to the Federation of Automobile Dealers Associations (FADA), passenger vehicle (PV) registrations rose to 2,60,683 units last month, as compared to 1,85,998 units in June 2021, registering an increase of 40 per cent. “The PV segment continued to see robust growth. An increase in dispatches clearly shows that semiconductor availability is now getting easier,” FADA…

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