Category: BUSINESS

With the Centre allowing reopening of neighbourhood and standalone shops, traders on Saturday sought more clarity for easier implementation of the order and urged states to issue necessary guidelines, without which shop owners would not be able to resume work. The Retailers Association of India (RAI) said the government’s order to allow reopening of shops is open to interpretation as terms like “market complexes” are not easily understood. The retail industry body said keeping in mind the current environment and lessons learnt by keeping essential retail open through the lockout,…

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Equity benchmark Sensex rose over 200 points in opening trade on Wednesday lifted by strong gains in index heavyweight Reliance Industries even as weak cues from global markets weighed on overall market sentiment.   After hitting a high of 30,856.14, the 30-share index was trading 130.78 points or 0.43 per cent higher at 30,767.49. Similarly, the NSE Nifty advanced 17.50 points, or 0.19 per cent, to 8,998.95. Reliance Industries (RIL) was the top gainer in the Sensex pack, rallying over 7 per cent, after Facebook announced an investment of USD…

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Equity benchmark Sensex plunged over 1,000 points in opening trade on Tuesday tracking heavy losses in banking, energy and IT stocks amid volatility in global market as international crude oil prices went into a tailspin overnight.   After hitting a low of 30,634.41, the 30-share index was trading 822.45 points or 2.60 per cent lower at 30,825.55. Similarly, the NSE Nifty tanked 235.05 points, or 2.54 per cent, to 9,026.80. Maruti was the top laggard in the Sensex pack, sinking up to 7 per cent, followed by Tata Steel, IndusInd…

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The government on Saturday made its prior approval mandatory for foreign investments from countries that share land border with India to curb “opportunistic takeovers” of domestic firms following the COVID-19 pandemic, a move which will restrict FDI from China. Countries which shares land borders with India are China, Bangladesh, Pakistan, Bhutan, Nepal, Myanmar, and Afghanistan. “An entity of a country, which shares land border with India or where the beneficial owner of an investment into India is situated in or is a citizen of any such country, can invest only…

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Banking and financial stocks were in high demand on Friday, advancing up to 21 per cent after the Reserve Bank announced a host of liquidity-boosting measures to support the economy amid the coronavirus crisis.   Axis Bank zoomed 13.45 per cent, ICICI Bank rose by 9.89 per cent, IndusInd Bank 9.13 per cent, Federal Bank 9 per cent, City Union Bank 5.39 per cent and Kotak Mahindra Bank 4.96 per cent on the BSE. Axis Bank was the top gainer in the Sensex pack. Also, HDFC Bank jumped 3.33 per…

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Equity benchmark Sensex dropped over 300 points in opening trade on Thursday tracking losses in global markets as investors fretted over rising number of Covid-19 cases and its impact on the world economy.   After hitting a low of 30,016.17, the 30-share index was trading 336.77 points or 1.11 per cent lower at 30,043.04. Similarly, the NSE Nifty was quoting 81.10 points, or 0.91 per cent, down at 8,844.20. Infosys was the top laggard in the Sensex pack, shedding up to 4 per cent, followed by Kotak Bank, Hero MotoCorp,…

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India’s GDP growth will see strong recovery from the second quarter of this fiscal as economic activities resume, Niti Aayog Vice Chairman Rajiv Kumar said on Wednesday.   He also expressed hope that the government will unveil fiscal measures to jumpstart growth, which has plummeted due to the Covid-19 crisis. In an interview with news channel CNBC-TV18, Kumar said April would be a washout in terms of economic activity, though all has not been lost for agriculture. “Once economic activity starts in the second quarter, I think you will see…

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The rupee pared initial losses to settle on a flat note at 76.27 against the US dollar on Monday amid weakening of the greenback in the international market. Forex traders said the rupee is trading in a narrow range as losses in the greenback supported the rupee, while weak domestic equities weighed on the local unit. Moreover, investor confidence strengthened after the minutes of the central bank’s policy meeting revealed that the RBI will use any instrument necessary to revive growth and preserve financial stability. “The Reserve Bank will continue…

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Turning ‘crisis into opportunity’, India needs renewed focus on infrastructure in the wake of the damage caused by COVID-19 and talks are on with state governments to re-start highway construction projects where migrant labourers can be gainfully employed, union minister Nitin Gadkari said. In a video-conference with PTI, the road transport, highways and MSME minister said talks are on with state governments for facilitating safe return of migrant labourers, an estimated 20 lakh of whom are in shelters pan-India. “I had a meeting with road sector officials. Work can be…

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US President Donald Trump has said that when to reopen the country’s economy that has been crippled by the “invisible enemy” will be the “biggest decision” he will ever had to make, as his administration grappled with the raging coronavirus pandemic. America’s economy, the world’s largest, has literally come to a standstill due the COVID-19 pandemic. More than 95 per cent of the 330 million population are under stay-at-home order amid a national emergency in place. A record number of over 16 million people have lost their jobs due to…

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