Category: BUSINESS

Equity benchmark Sensex dropped over 200 points in early trade on Monday tracking losses in index majors Infosys, HDFC and TCS amid a mixed trend in global markets. In a highly volatile opening session, the 30-share BSE index was trading 203.52 points or 0.42 per cent lower at 48,831.15. Similarly, the broader NSE Nifty fell 70.60 points or 0.49 per cent to 14,363.10. IndusInd Bank was the top loser in the Sensex pack, shedding around 3 per cent, followed by PowerGrid, Maruti, Bajaj Finance, Bajaj Finserv and ONGC. On the…

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Union MSME Minister Nitin Gadkari has pitched for more research to identify products that can be indigenously manufactured as cost-effective import substitutes. The industries and industrial associations should do more research to identify these substitutes to curb imports, he added. Instead of importing spare part, the industry should help their vendors to find an indigenous replacement, Gadkari said in a virtual meeting on Friday. He was speaking at the inauguration ceremony of Atmanirbhar Innovation Challenge organised by Marathwada Accelerator for Growth and Incubation Council (MAGIC). It is a branch of…

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The rupee snapped its three-session winning streak and settled for the day 3 paise lower at 73.07 against the US dollar on Friday, with weaker Asian peers and heavy selloffs in domestic equities weighing on sentiment. At the interbank forex market, the rupee opened at 73.07 and hit an intra-day high of 72.99 and a low of 73.15. It finally finished at 73.07, lower by 3 paise to US dollar. On a weekly basis, the rupee has appreciated by 17 paise or 0.23 per cent. The dollar index, which gauges…

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“As promised,” Musk tweeted in response to a thread linked to a blog that analysed how India could still be a market to be developed for Tesla cars despite its high prices. Earlier this week, it emerged that US electric car maker Tesla has registered its Indian arm amid indications that the company is set to enter the country’s automobile market. According to a regulatory filing, the firm has registered Tesla India Motors and Energy Pvt Ltd with Registrar of Companies (RoC) Bangalore. The company has been registered as an…

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The rupee recouped early losses and provisionally closed 15 paise higher at 73.25 against the US dollar on Tuesday, supported by weakness in the dollar index and recovery in domestic equities. At the interbank forex market, the rupee opened weak at 73.42, but recovered lost ground and finished 15 paise higher over its last close. During the trading session, the domestic unit witnessed an intra-day high of 73.24 and a low of 73.44. On Monday, the rupee had closed at 73.40 against the American currency. Meanwhile, the dollar index, which…

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Equity benchmark Sensex surged over 400 points in early trade on Monday to top the 49,000 mark for the first time, tracking gains in IT stocks amid largely positive trend in global equities and massive FPI inflow. After touching a record intra-day high of 49,260.21, the 30-share BSE index was trading 405.45 points or 0.83 per cent higher at 49,187.96. Similarly, the broader NSE Nifty jumped 112.45 points or 0.78 per cent to 14,459.70 in opening deals. It hit a fresh intra-day high of 14,474.05. On the Sensex chart, Infosys…

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Big players in the steel and cement industry are indulging in cartelisation to jack-up prices, Union Road Transport Minister Nitin Gadkari has said, pitching to place a regulator for the sectors. It will be difficult to achieve Prime Minister Narendra Modi’s dream of making India a USD 5 trillion economy if the steel and cement prices keep going up, Gadkari said, pointing out the target of investing Rs 111 lakh crore on infrastructure projects in the next five years to aid the economy. It can be noted that allegations of…

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Domestic markets returned to winning ways on Friday after two days of declines as strong buying in IT stocks ahead of TCS’ results propelled benchmarks to fresh lifetime highs amid a bullish trend overseas. A recovering rupee and foreign fund inflows further buoyed sentiment, traders said. The 30-share BSE Sensex sprinted 689.19 points or 1.43 per cent to close at a record 48,782.51. It touched an all-time peak of 48,854.34 during the session. Similarly, the broader NSE Nifty rallied 209.90 points or 1.48 per cent to close at its new…

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Equity benchmark Sensex dropped over 100 points in opening trade on Tuesday, tracking losses in index majors Reliance Industries, ICICI Bank and Kotak Bank amid weak trend in global equities. The 30-share BSE index was trading 112.74 points or 0.23 per cent lower at 48,064.06, and the broader NSE Nifty fell 38.25 points or 0.27 per cent to 14,094.65. ONGC was the top laggard in the Sensex pack, shedding around 2 per cent, followed by M&M, NTPC, Bajaj Auto, Kotak Bank, ICICI Bank and Reliance Industries. On the other hand,…

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Equity benchmark Sensex jumped nearly 300 points in opening trade on Monday, tracking gains in index majors ITC, Infosys and ICICI Bank as investors cheered domestic COVID-19 vaccine approvals. The 30-share BSE index touched its lifetime intra-day high of 48,168.22 in early trade. It was trading 272.73 points or 0.57 per cent higher at 48,141.71, and the broader NSE Nifty surged 90.90 points or 0.65 per cent to a record high of 14,109.40. TCS was the top gainer in the Sensex pack, rising around 2 per cent, followed by ONGC,…

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