Category: BUSINESS

The government on Tuesday imposed restrictions on sugar exports from June 1, a move aimed at increasing availability of the commodity in the domestic market and curbing price rise. “Export of sugar (raw, refined and white sugar) is placed under restricted category from June 1, 2022 onwards,” the Directorate General of Foreign Trade (DGFT) said in a notification. However, it said that these restrictions would not be applicable on sugar being exported to the EU and the US under CXL and TRQ. A specified amount of sugar is exported to…

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Equity indices frittered away a good start to close with modest losses on Monday, pressured by heavy selling in metal stocks after the government imposed export duties on steel-making raw materials to curb soaring prices. The 30-share BSE Sensex opened strong and gained momentum as the session progressed, but came under severe selling pressure in afternoon trade to close 37.78 points or 0.07 per cent lower at 54,288.61. On similar lines, the broader NSE Nifty slipped 51.45 points or 0.32 per cent to end at 16,214.70. Metal stocks took a…

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 Petrol price on Sunday was slashed by Rs 8.69 a litre and diesel by Rs 7.05 per litre following the government cutting excise duty on auto fuels to give relief to consumers battered by high fuel prices that has also pushed inflation to record high. The government on Saturday announced a record Rs 8 per litre cut in excise duty on petrol and Rs 6 per litre reduction on diesel. The excise duty cut will translate into a reduction of Rs 8.69 a litre on petrol in Delhi and Rs…

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The price of CNG in the national capital on Saturday was hiked by Rs 2 per kg, the 13th increase in rates in just over two months. CNG in the national capital territory of Delhi now costs Rs 75.61 per kg, up from Rs 73.61 per kg, according to the information posted on the website of Indraprastha Gas Ltd (IGL) — the firm which retails CNG and piped cooking gas in the national capital and adjoining cities. This is the 13th increase in price since March 7. In all, the…

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Benchmark equity indices Sensex and Nifty on Tuesday spurted by over 2.5 per cent to log their best single-day gains in three months, propelled by heavy buying in metal, energy and banking stocks amid a global rally in stocks. The 30-share BSE benchmark zoomed 1,344.63 points or 2.54 per cent to settle at 54,318.47 points with all of its constituents closing with gains. During the day, it jumped 1,425.58 points or 2.69 per cent to 54,399.42. The broader NSE Nifty rallied 417 points or 2.63 per cent to finish at…

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Eight of the 10 most valued companies suffered a combined erosion of Rs 2,48,372.97 crore in their market valuation last week in line with a weak broader market trend, with Reliance Industries taking the biggest hit. Last week, Sensex lost 2,041.96 points or 3.72 per cent. While Reliance Industries, Tata Consultancy Services, HDFC Bank, Infosys, ICICI Bank, State Bank of India, HDFC and Bharti Airtel were the laggards, Hindustan Unilever Limited and Kotak Mahindra Bank emerged as gainers. The market valuation of Reliance Industries tumbled Rs 1,30,627.7 crore to reach…

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Debt-ridden Sri Lanka’s inflation soared to 21.5 per cent, according to official data released on Friday, even as finance minister Ali Sabry met IMF officials in Washington to negotiate a bailout package for the country. Sri Lanka’s nation-wide inflation for March 2022 under the National Consumer Price Index (NCPI) surged to 21.5 per cent from 17.5 per cent reported in February 2022, the Department of Census and Statistics reported. Consequently, the food inflation also increased from 24.7 per cent last month to 29.5 per cent for March. Similarly, the moving…

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Equity benchmark Sensex jumped 423.14 points in early trade on Thursday, led by strong gains index major Reliance Industries, Bajaj Finserv and Asian Paints amid a mixed trend in global markets. The BSE benchmark Sensex was trading 423.14 points higher at 57,460.64. The Nifty gained 117.25 points to 17,253.80. From the 30-share Sensex pack, IndusInd Bank, Reliance Industries, Asian Paints, Bajaj Finserv, Dr Reddy’s and M&M were among the major gainers. In contrast, Nestle, Tata Steel, HCL Technologies and Axis Bank were the laggards. Halting its five-day fall on Wednesday,…

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Equity indices tripped in the last half-an-hour of trade on Tuesday to notch up losses for the fifth consecutive session as finance and IT counters continued to bear the brunt of heavy selling amid negative global cues. Russia ramping up its offensive in Ukraine, coupled with unabated foreign fund outflows, a depreciating rupee and inflationary concerns sapped investor confidence, traders said. The 30-share BSE Sensex opened modestly higher and weathered bouts of volatility to trade in the positive territory, but succumbed to a sudden burst of selling towards the fag-end…

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Finance Minister Nirmala Sitharaman on Tuesday made a strong case for regulating cryprocurrencies at a global level to mitigate the risk of money laundering and terror funding. Participating at a high-level panel discussion organised by the IMF, the Finance Minister said that as long as the non-governmental activity of the crypto assets was through unhosted wallets, the regulation was going to be very difficult. However, she said, cross border payments between countries will become very effective through Central Bank-driven digital currencies. “The risk which worries me more on the non-governmental…

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