Category: BUSINESS

Market benchmark Sensex dropped over 150 points in opening session on Thursday dragged by losses in Reliance Industries, HDFC Bank and Infosys ahead of January derivatives’ expiry. After opening 181 points higher, the 30-share BSE index turned volatile and surrendered all gains to trade 168.61 points or 0.41 per cent lower at 41,030.05. Similarly, the broader NSE was trading 41.65 points, or 0.34 per cent, down at 12,087.85. In the previous session, Sensex settled 231.80 points, or 0.57 per cent, higher at 41,198.66, and Nifty closed 73.70 points, or 0.61…

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The Indian rupee appreciated by 6 paise to 71.37 against the US dollar in early trade on Tuesday tracking gains in domestic equity market and easing crude oil prices. Forex traders said rupee is trading in a narrow range amid fast-spreading coronavirus outbreak in China stoking fears about more trouble for the global economy.The Centre on Monday decided to take steps for possible evacuation of over 250 Indians from Chinese city of Wuhan, the epicentre of the coronavirus outbreak, and announced a raft of precautionary measures to deal with suspected…

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Market gauges Sensex and Nifty tumbled further on Tuesday as investors continued to engage in sell-offs for a second day in a row fearing economic fallout of deadly coronavirus. Besides, other domestic factors like weak quarterly earnings by corporates, reports suggesting shortfall in tax collections and a general caution ahead of Union Budget weighed on investor sentiments.At the closing bell, the 30-share BSE Sensex was down 188.26 points, or 0.46 per cent, at 40,966.86 — its weakest level in over six weeks. During the day, the index swung over 463…

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The government on Monday announced sale of 100 per cent stake in debt-laden Air India as it issued the preliminary bid document for the strategic disinvestment with the deadline for submitting expression of interest set as March 17 As part of the strategic disinvestment, Air India would also sell 100 per cent stake in low-cost airline Air India Express and 50 per cent shareholding in joint venture AISATS, as per bid document issued on Monday Management control of the airline would also be transferred to the successful bidder This is…

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Markets regulator Sebi has levied a penalty of Rs 18.80 lakh on Scan Steels Ltd for indulging in fraudulent trading in the stock options segment of the BSE. The matter pertains to a probe conducted by the regulator between April 2014 and September 2015 after observing large scale reversal of trades in stock options segment of the BSE by certain entities including Scan Steels that led to creation of artificial volume. The probe found that the trades executed by the company “were not genuine trades and being non-genuine, created an…

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Market benchmark Sensex rose over 250 points on Thursday tracking gains in L&T, Axis Bank and Infosys, despite massive selloff in global equities.The 30-share BSE index was trading 233.92 points or 0.57 per cent higher at 41,349.30. Similarly, the broader NSE was trading 60.80 points, or 0.50 per cent, up at 12,167.70.Larsen & Toubro (L&T) and Axis Bank were the top gainers in the Sensex pack, rising up to 2.77 per cent, after the companies posted positive quarterly numbers.After market hours on Wednesday, L&T reported a 15 per cent rise…

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The issue of interim dividend may come up for discussion in the next Reserve Bank board meeting as the government struggles to meet its ambitious fiscal deficit target of 3.3 per cent amid revenue shortfall, sources said.Government finances have come under pressure due to moderation in revenue collection and a slew of measures taken to lift growth from over six-year-low of 4.5 per cent in the second quarter of the current fiscal.As per the government’s estimate, the country’s GDP growth is seen dipping to an 11-year low of 5 per…

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Iran Foreign Minister Mohammad Javad Zarif on Friday said India and Iran need to work together to expedite rail connectivity to Afghanistan and procurement of equipment for development of Chabahar Port.The minister who was in the city said that India has good relations with Iran as well as US and can play a role in bringing both the countries to negotiating table.Despite the US exempting India from sanctions imposed on Iran for the development of the port in Novermber 2018, the European and Chinese suppliers who had bagged contracts to…

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Snapping its five-day winning run, the rupee on Tuesday slipped by 1 paise to close at 70.87 against the US dollar ahead of the signing of the US-China trade deal and weak macro economic data on the domestic front. The domestic currency had opened on a strong note in line with other Asian peers after the US on Monday removed the currency manipulator label it imposed on China last summer. However, weak macro data weighed, rising crude oil prices and strengthening of the American currency in the overseas market dragged…

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Equity benchmarks Sensex and Nifty opened on a volatile note on Tuesday tracking losses in banking stocks as weak inflation numbers weighed on domestic investor sentiment. After opening nearly 100 points lower, the 30-share BSE index was trading 50.26 points or 0.12 per cent lower at 41,809.43. Similarly, the broader NSE Nifty slipped 13.80 points or 0.11 per cent to 12,315.75. HDFC twins, ICICI Bank, HUL, L&T, Ultratech Cement and ONGC were the among the top losers in the Sensex pack, shedding up to 0.63 per cent. On the other…

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