Category: BUSINESS

The Indian economy will likely see significant benefits in the form of lower current account deficit, reduced inflation and higher GDP following a slump in international crude oil prices, Kotak Institutional Equities Research said on Wednesday.The collapse in cooperation between Saudi Arabia and Russia has triggered a plunge in oil prices that shows no signs of abating. Saudi Arabia has been cooperating with Russia to limit supply to the oil market and prop up prices.Market participants had expected OPEC+ (OPEC nations plus 10 non-OPEC oil-producing countries including Russia) to extend…

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The government is set to more than double the manpower at the Serious Fraud Investigation Office (SFIO) to nearly 350 as it continues efforts to curb corporate wrongdoings. Corporate Affairs Secretary Injeti Srinivas said the process was on to further professionalise and streamline the SFIO. “Corporate frauds are very complex. The whole challenge is in getting quality people with domain expertise (for the SFIO).“The strength also has to be increased significantly. There is a proposal to increase it from 133 to close to 350,” Srinivas told PTI in an interview.The…

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Equity benchmark Sensex plummeted over 1,400 points in opening session on Friday led by massive selloff in global stocks as volatility peaked amid rising concerns over the economic strain of the coronavirus outbreak. The rupee too depreciated 53 paise to 73.86 against the US dollar in morning session.Incessant foreign fund outflow also spooked market participants, traders said.After sinking 1,459.52 points in early trade, the 30-share index was down 1052.33 points, or 2.74 per cent, at 37,418.28, and the NSE Nifty plunged 318.30 points, or 2.82 per cent, to 10,950.70. In…

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Equity indices resumed their downward march on Wednesday as domestic investors were spooked by a sudden spike in coronavirus cases in India. The government on Wednesday said 28 Covid-19 cases have been detected in the country so far, up from six as of Tuesday. This includes a group of 16 Italian tourists and their Indian driver. Meanwhile, Union minister Prakash Javadekar said the government is proactively engaged in dealing with coronavirus, and the Prime Minister is monitoring the situation everyday. After gyrating over 945 points during the day, the 30-share…

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The Indian rupee appreciated by 33 paise to 72.43 against the US dollar in early trade on Tuesday tracking positive opening in domestic equities. At the interbank foreign exchange the rupee opened at 72.50, then gained further ground and touched a high of 72.43 against the US dollar, registering a rise of 33 paise over its previous close. The domestic currency, however, could not hold on to the gains and was trading at 72.64 against the American unit at 1002 hrs. On Monday, rupee had settled at 72.76 against the…

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Market benchmark Sensex rebounded over 750 points in opening session on Monday led by strong gains in index-heavyweights Reliance Industries, ICICI Bank and HDFC as global investors began bottom-fishing after last week’s selloff. After rallying over 785 points, the 30-share index pared some gains to trade 449.56 points, or 1.17 per cent, higher at 38,746.85. Likewise, the NSE Nifty recovered 120.05 points, or 1.07 per cent, to 11,321.80. Top gainers in the Sensex pack included ICICI Bank, HCL Tech, Reliance Industries, TCS, ONGC, Titan and Infosys, rising up to 3…

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China’s manufacturing activity fell to its lowest level on record in February as official data on Saturday confirmed the massive damage the deadly coronavirus epidemic has caused to the world’s second-largest economy.The announcement comes as the epidemic has rapidly spread to a growing number of countries, pushing stock markets to their lowest levels since the 2008 global financial crisis over fears that the coronavirus could wreak havoc on the world economy.Analysts have warned that China’s economic growth will likely take a major hit in the first quarter, and Saturday’s data…

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Market benchmark Sensex dropped over 200 points in opening session on Thursday as incessant foreign fund outflow and coronavirus overhang weighed on global investor sentiment. The 30-share index dropped 202.44 points, or 0.51 per cent, to 39,686.52, while the NSE Nifty fell 62.75 points, or 0.54 per cent, to 11,615.75. Top losers in the Sensex pack included HCL Tech, HDFC Bank, TCS, M&M, IndusInd Bank, Sun Pharma, ICICI Bank and Reliance Industries. On the other hand, Titan, NTPC, Nestle India and Kotak Bank were trading with gains. In the previous…

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Market benchmarks Sensex and Nifty opened on a volatile note on Monday tracking tepid cues from global markets amid concerns over the impact of coronavirus epidemic on world economy.After opening over 150 points higher, the 30-share index pared all gains, trading 34.62 points, or 0.09 per cent, lower at 40,328.61.Similarly, the NSE Nifty was trading down by 17.15 points, or 0.14 per cent, at 11,812.25. HCL Tech was the top loser in the Sensex pack, followed by Sun Pharma, Titan, Tech Mahindra and Bajaj Auto. On the other hand, NTPC,…

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The Indian rupee declined by 30 paise to 71.94 against the US dollar in opening trade on Monday amid muted opening in domestic equities and strengthening of the American currency overseas. Besides, as investor sentiments remained fragile amid coronavirus fears. China’s death toll from the new coronavirus rose to 2,592 on Monday. Forex traders, however, said easing crude oil prices supported the local unit and restricted the fall to some extent. The rupee opened weak at 71.94 at the interbank forex market, down 30 paise over its last close. The…

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