Category: BUSINESS

Reliance Industries on Monday became the first Indian firm to hit a market valuation of USD 150 billion helped by a continuous rally in its share price.   In morning trade, the company’s market valuation jumped Rs 28,248.97 crore to Rs 11,43,667 crore (USD 150 billion) on the BSE. The heavyweight stock surged 2.53 per cent to a record high of Rs 1,804.10 on the BSE. On the NSE, it rose by 2.54 per cent to an all-time high of Rs 1,804.20. Reliance Industries on Friday became the first Indian…

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Diesel price on Saturday hit a record high after rates were hiked by 61 paise per litre while petrol price was up 51 paise, taking the cumulative increase in rates in two weeks to Rs 8.28 and Rs 7.62 respectively. Petrol price in Delhi was hiked to Rs 78.88 per litre from Rs 78.37, while diesel rates were increased to Rs 77.67 a litre from Rs 77.06, according to a price notification of state oil marketing companies. Rates have been increased across the country and vary from state to state…

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Tata Power on Friday said its wholly-owned arm has bagged a contract to develop a 100 MW solar project in Maharashtra. “Tata Power Renewable Energy Limited (TPREL) has received a letter of award from Maharashtra State Electricity Distribution Co Ltd. (MSEDCL) to develop a 100 MW solar project in Maharashtra,” the company said in a filing to BSE. The energy will be supplied to MSEDCL under a power purchase agreement, valid for a period of 25 years from scheduled commercial operation date. The project is required to be commissioned within…

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Petrol price on Wednesday was hiked by 55 paise per litre and diesel by 60 paise a litre, marking the 11th consecutive day of increase in rates that now totals to Rs 6.02 for petrol and Rs 6.4 for diesel. Petrol price in Delhi was hiked to Rs 77.28 per litre from Rs 76.73, while diesel rates were increased to Rs 75.79 a litre from Rs 75.19, according to a price notification of state oil marketing companies. Rates have been increased across the country and vary from state to state…

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Equity benchmark Sensex rallied over 700 points in early trade on Tuesday led by rebound in financial stocks amid strong cues from global equities. After touching a high of 34,022.01, the 30-share index was trading 725.86 points, or 2.18 per cent, higher at 33,954.66. Similarly, NSE Nifty surged 201.10 points, or 2.05 per cent, to 10,014.80. All Sensex components were trading in the positive territory with Tata Steel as the top gainer in the pack, jumping around 5 per cent. ICICI Bank, HDFC, Bajaj Finance, IndusInd Bank, HDFC Bank, Infosys,…

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Petrol price on Monday was hiked by 48 paise per litre and diesel by 23 paise a litre as oil companies for the ninth day in a row adjusted retail rates in line with costs since ending an 82-day hiatus in rate revision. Petrol price in Delhi was hiked to Rs 76.26 per litre from Rs 75.78, while diesel rates were increased to Rs 74.26 a litre from Rs 74.03, according to a price notification of state oil marketing companies. Rates have been increased across the country and vary from…

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The rupee depreciated 31 paise to 76.10 against the US dollar in opening trade on Friday as strengthening US dollar, weak domestic equities and sustained foreign fund outflows weighed on investor sentiment. Forex traders said risk appetite has waned and there is growing concern about a resurgence of COVID-19 infections. The rupee opened weak at 76.10 at the interbank forex market, down 31 paise over its last close. It had settled at 75.79 against the US dollar on Thursday. Traders said, market participants are keenly awaiting Consumer Price Index (CPI)…

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Asian shares were mostly lower Thursday, with Tokyo dropping more than 1 per cent as the Japanese yen gained after the Federal Reserve said it would keep interest rates low through 2022.   Asian markets had been expected to fall after the Fed signaled a long path to recovery from the devastation of the coronavirus pandemic. Overnight, stocks ended a bumpy day mostly lower on Wall Street, though gains for several big technology companies helped push the Nasdaq above 10,000 for the first time. It gained 0.7 per cent, to…

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Eva Rahmi Salama worries that authorities in Jakarta, Indonesia’s sprawling capital, are acting too soon to lift restrictions put in place two months ago to fight the spread of the coronavirus.   Salama, who lives in Jakarta with her husband, has reason to be concerned. She saw firsthand the tremendous agony the virus can inflict when her mother and father both died from COVID-19 within two days of each other. As Indonesia’s overall virus caseload continues to rise, Jakarta has moved to restore normalcy by lifting some restrictions this week,…

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Equity benchmark Sensex jumped over 100 points in early trade on Tuesday on optimism over reopening of the economy and unabated foreign fund inflows.   The gains were, however, capped as profit-booking at higher levels restrained benchmarks from strengthening further, traders said. After opening at 34,520.79, the 30-share index turned choppy. It was trading 59.04 points, or 0.17 per cent, lower at 34,311.54. Similarly, NSE Nifty slipped 17.55 points, or 0.17 per cent, to 10,149.90. HDFC Bank was the top laggard in the Sensex pack, falling around 2 per cent,…

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