Category: BUSINESS

Three promoters of Ram Dev International, recently booked by the CBI for allegedly cheating a consortium of six banks to the tune of Rs 411 crore, have already fled the country before the State Bank of India reached the agency with the complaint, officials said on Saturday. The CBI had recently booked the company engaged in export of Basmati rice to the West Asian and European countries and its directors Naresh Kumar, Suresh Kumar and Sangita on the basis of complaint from the State Bank of India (SBI), which suffered…

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Equity benchmark Sensex fell over 300 points in early trade on Thursday as spiking COVID-19 cases in the country and poor macroeconomic data weighed on investor sentiment.   After touching a low of 31,362.96, the 30-share index was trading 158.23 points or 0.50 per cent lower at 31,527.52. Similarly, NSE Nifty slipped 33 points, or 0.36 per cent, to 9,237.90. HUL was the top loser in the Sensex pack, dropping over 3 per cent, followed by Kotak Bank, ONGC, Bharti Airtel, PowerGrid, Titan and Nestle. On the other hand, HCL…

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The rupee depreciated 9 paise to close at 75.72 against the US dollar on Wednesday, following a strong American currency overseas and fears of a renewed trade war between the US and China.   Forex traders said the weakness in the rupee was largely due to the strengthening of the US dollar and sustained foreign fund outflows. Moreover, rising coronavirus cases in the country also weighed on the local unit. Rupee opened weak at 75.77 at the interbank forex market and then pared some losses to finally settle at 75.72,…

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Shares advanced in Asia early Tuesday after Wall Street shook off a weak start and ended with modest gains thanks to another solid showing from big technology companies.   Shares rose in Hong Kong, Sydney and Singapore. Markets in Shanghai and Tokyo were closed for a holiday. Wall Street shook off a weak start and ended with modest gains Monday, thanks to another solid showing from big technology companies. A recovery in oil prices was helping drive gains in Asia on Tuesday as the U.S. benchmark added 1.50, or more…

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Equity benchmark Sensex plummeted over 1,500 points in opening trade on Monday dragged by selloff in index-heavyweights HDFC twins, ICICI Bank, TCS and Infosys amid negative cues from global markets.   The 30-share index was trading 1,513.68 points or 4.49 per cent lower at 32,203.94, and the NSE Nifty plunged 425.70 points, or 4.32 per cent, to 9,434.20. ICICI Bank was the top laggard in the Sensex pack, sinking over 8 per cent, followed by IndusInd Bank, Tata Steel, Bajaj Finance, Tech Mahindra, HDFC and HDFC Bank. Shares of Reliance…

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Retailers and traders expect to re-open more shops from Monday under the new relaxed guidelines by the government for the extended lockdown period till May 17, although they are still seeking clarity from local authorities. Retailers Association of India (RAI) said it will have to be seen how it works out at the ground as there is confusion, and many states are yet to come up with guidelines to follow the Centre’s decision. It has already stated that what constitutes market places could be misinterpreted. Similarly, Confederation of All India…

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Duchess of Sussex Meghan Markle on Friday lost the first round of her High Court battle against the publishers of a UK newspaper, which reproduced excerpts of a letter she wrote to her father. The 38-year-old former American actress and wife of Prince Harry had filed the claim for alleged breach of privacy and copyright infringement against Associated Newspapers, the publishers of the ‘Mail on Sunday’, in the Royal Courts of Justice in London. In a ruling on Friday following a preliminary hearing held last week, Justice Mark Warby struck…

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The rupee appreciated 34 paise to 75.84 against the US dollar in early trade on Wednesday tracking positive opening of domestic equities and weakness in the American dollar.   Forex traders said positive start of domestic stocks supported the local unit. Besides, market sentiments improved as more countries are announcing gradual lifting of lockdowns that have been imposed to contain coronavirus infection. At the interbank foreign exchange, the rupee opened at 75.94, then gained ground and touched 75.84, registering a rise of 34 paise over its previous close. On Tuesday,…

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Amid the COVID-19 lockdown, the Centre has procured 1.92 lakh tonnes of gram and tur dal and 1.83 lakh tonnes of mustard seeds, totalling 3.75 lakh tonnes under the Price Support Scheme (PSS), according to the Agriculture Ministry.   The PSS is operationalised on state governments’ request when prices fall below the minimum support price (MSP). The procurement is undertaken by nodal agencies like Nafed at minimum support price (MSP). Only fair average quality commodity is purchased. However in view of COVID-19 pandemic, the daily procurement limit has been increased…

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Equity benchmark Sensex settled 416 points higher on Monday, led by gains in financial stocks as RBI’s Rs 50,000-crore stimulus to mutual funds and positive cues from global markets buoyed investor sentiment.   Though, after rallying over 700 points during the session, the BSE gauge pared some of its intra-day gains. The 30-share index finally settled 415.86 points or 1.33 per cent higher at 31,743.08. Similarly, the NSE Nifty closed 127.90 points, or 1.40 per cent, to 9,282.30. IndusInd Bank was the top gainer in the Sensex pack, rallying over…

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