Category: BUSINESS

US President Donald Trump has signed into law the historic USD 2 trillion rescue package, setting in motion a desperately needed financial relief for millions of Americans and secure the country’s economy ravaged by the coronavirus pandemic that has killed over 1,700 and infected more than 100,000 people across the nation. Trump signed the bill on Friday just hours after the House passed it in a bipartisan vote. The far-reaching legislation is the largest emergency aid package in US historyand promises to deliver a tidal wave of cash to individual…

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The RBI on Friday put on hold EMI payments on all term loans for three months and cut interest rate by steepest in more than 11 years as it joined the government effort to rescue a slowing economy that has now got caught in coronavirus whirlwind. The Reserve Bank of India (RBI) cut repo to 4.4 per cent, the lowest in at least 15 years. Also, it reduced the cash reserve ratio maintained by the banks for the first time in over seven years. CRR for all banks was cut…

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Equity benchmark Sensex jumped over 700 points in opening session on Thursday led by gains in HDFC twins, Infosys, ICICI Bank and Axis Bank amid mixed global cues. The 30-share BSE barometer was trading 713.76 points or 2.30 per cent higher at 29,249.54. Similarly, the NSE Nifty was up 167.95 points, or 2.02 per cent, at 8,485.80. IndusInd Bank was the top gainer in the Sensex pack, rallying up to 20 per cent, followed by Axis Bank, Bajaj Auto, ICICI Bank, HDFC and Bajaj Finance. On the other hand, ITC,…

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Equity benchmark Sensex jumped over 600 points in opening session on Wednesday after the government took drastic measures to combat Covid-19 outbreak with Prime Minister Narendra Modi announcing a complete lockdown of the country for 21 days. Asian peers were also trading higher as authorities world over stepped up efforts to fight the pandemic. However, concerns over the impact of worldwide lockdowns kept investors on edge, traders said. After rallying 625.41 points, the BSE barometer gave up all gains to trade 157.91 points or 0.59 per cent lower at 26,516.12.…

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The Reserve Bank, which has been snapping up greenbacks in the past two years, has also been lapping up US treasury bills and the holdings touched a record high in January. The holdings rose by more than USD 2 billion between December 2019 and January 2020. At USD 164.3 billion, the Reserve Bank’s US treasury holdings is at an all-time high, show the latest data from the US Treasury Department. The love for dollars and other US government assets began with the collapse of the gold standard or the Bretton…

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The Indian stock market suffered worst-ever single-day crash on Monday, with the benchmark indices plunging as much as 13.15 per cent, as panicked investors remained in sell-off mode amid lockdowns in several states in the country due to mounting coronavirus cases. The BSE benchmark Sensex plummetted 3,935 points or 13. 15 per cent to close at 25,981.24; while the NSE barometer Nifty cracked 1,135.20 points or 12.98 per cent to settle at 7,610.25. On the currency front, the Indian rupee plunged below the 76-level (intra-day) for the first time. In…

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Amid businesses getting affected due to the novel coronavirus pandemic, the country’s largest lender State Bank of India has opened an emergency credit line to meet any liquidity mismatch for its borrowers. The additional liquidity facility Covid-19 Emergency Credit Line (CECL), will provide funds up to Rs 200 crore and will be available till June 30, 2020, SBI said in a circular issued on Friday. The loan will be offered at an interest rate of 7.25 per cent with a tenure of 12 months. With a view to provide some…

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Equity benchmark Sensex soared over 1,800 points in afternoon session on Friday amid hopes of a stimulus package as Prime Minister Narendra Modi announced a financial task force to combat the Covid-19 pandemic’s economic fallout. After starting on a volatile note, the BSE barometer was trading 1,848.07 points or 6.53 per cent higher at 30,136.30 at 1330 hours. Similarly, the NSE Nifty was trading 515.50 points, or 6.24 per cent, up at 8,778.95. ONGC was the top gainer in the Sensex pack, rallying up to 15 per cent, followed by…

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Petrol price was on Sunday cut by 12 paise a litre and diesel rates by 14 paise as oil companies moderated rate reduction amid the fall in global prices to absorb the hike in excise duty on fuel by the government.Petrol in Delhi now costs Rs 69.75 per litre, while diesel is priced at Rs 62.44, according to a price notification of state-owned oil firms. Delhi has the lowest fuel prices among metros because of lower state taxes.Industry sources said the reduction in rates would have been higher but for…

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The government on Saturday hiked excise duty on petrol and diesel by a steep Rs 3 per litre each to garner about Rs 39,000 crore additional revenue as it repeated its 2014-15 act of not passing on gains arising from slump in international oil prices.Retail prices of petrol and diesel will not be impacted by the tax changes as state-owned oil firms adjusted them against the recent fall in oil prices and the likely trend in the near future, industry officials said. According to a notification issued by the Central…

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