Category: BUSINESS

Mahindra South Africa has achieved growth in the South African passenger vehicle and pickup market despite an overall drop in sales because of the current economic downturn in the country.Figures released by the National Association of Automobile Manufacturers of South Africa (NAAMSA) show that Mahindra South Africa is one of the country’s fastest growing passenger vehicle and pickup brands.Data from NAAMSA, which recently consolidated the sales for the first three quarters of 2019, show that Mahindra is on track to reach a new overall sales record that will easily exceed…

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Equity benchmark BSE Sensex declined by 141 points after a volatile session on Monday, dragged down by losses in index heavyweights ITC, TCS, L&T, HDFC twins and Infosys amid weak global cues.After swinging 439 points during the day, the 30-share Sensex ended 141.33 points, or 0.38 per cent, lower at 37,531.98. It hit an intra-day low of 37,480.53 and a high of 37,919.47.The broader NSE Nifty dropped 48.35 points, or 0.43 per cent, to close at 11,126.40.Top laggards in the Sensex pack included ONGC, ITC, Tata Steel, M&M, Tata Motors,…

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Equity benchmark BSE Sensex plummeted 434 points on Friday, dragged by heavy losses in banking stocks after the RBI slashed the country’s economic growth outlook for this fiscal.In its fourth bi-monthly policy review, the central bank also reduced its benchmark lending rate by 0.25 per cent to revive growth that has hit a six-year low.After opening nearly 300 points higher, the 30-share index gave up all the gains to turn negative after the policy announcement by the Reserve Bank of India (RBI).After gyrating 770 points during the day, the 30-share…

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The S&P BSE Sensex and NSE Nifty 50 indexes registered fourth session of losses on Thursday. In the last four trading sessions the Sensex has fallen 883 points or 2.26 per cent and Nifty has dropped 257 points or 2.22 per cent. The losses in the benchmarks came on the back of sharp selloff in banking and financial services shares. The sub-index of banking shares on the NSE tumbled 1,586 points or 5.29 per cent. “After Finance Minister Nirmala Sitharaman announced surprise tax cuts the benchmarks staged a sharp jump…

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A total of 34 functional teams have been formed to smoothen the process of merger of United Bank of India (UBI), Punjab National Bank (PNB) and Oriental Bank of Commerce (OBC), a senior official said.The merger is scheduled to come into force from April 1 next year.”Thirty four functional teams have been created to come out with solutions for the process of integration,” a UBI official told DIN.A team comprises two members each from the three banks from different functional areas, he said.”The functional teams will also try standardising the…

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A top US senator has said that America’s relationship with India is critically important and it has made considerable strides in recent years.Senator Bob Menendez, Ranking Member of the Senate Foreign Relations Committee, said that “We need to continue growing this relationship, one that will extend long beyond the tenures of leadership in either country.””Our relationship with India is critically important and has made considerable strides in recent years,” said Menendez ahead of his India trip as part of a Congressional delegation.He said this during a roundtable with Indian-American community…

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Domestic equity benchmark BSE Sensex rebounded over 100 points in early session on Friday, driven by by gains banking, auto and IT stocks amid positive domestic and global cues. The 30-share index was trading 119.27 points, or 0.33 per cent, higher at 36,212.74 at 0930 hours, while the broader Nifty rose 23.90 points, or 0.22 per cent, to 10,728.70. In the previous session, the BSE barometer ended 470.41 points, or 1.29 per cent, lower at 36,093.47, while the Nifty plunged 135.85 points, or 1.25 per cent, to settle at 10,704.80.…

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The Indian rupee opened 24 paise down at 71.36 against the American currency on Thursday after the US Federal Reserve cut its benchmark interest rate.At the interbank foreign exchange the domestic currency witnessed heavy volatility in early trade. The rupee opened at 71.36 per US dollar then touched a high of 71.15 and a low of 71.37. On Wednesday, rupee had settled for the day at 71.24 against the US dollar.The domestic unit pared some losses and was trading at 71.23 against the dollar at 1010 hrs. In line with…

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Market benchmark BSE Sensex rose 83 points on Wednesday, led by gains in energy, metal and power stocks as global crude oil prices eased and rupee recovered against the dollar. After a rangebound session, the 30-share index ended 82.79 points, or 0.23 per cent, higher at 36,563.88. The index hit an intra-day high of 36,712.99 and a low of 36,465.92. Similarly, the broader NSE Nifty settled 23.05 points, or 0.21 per cent, up at 10,840.65. Top gainers in the Sensex pack included Tata Steel, Vedanta, SBI, Tech Mahindra, Bajaj Finance,…

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The rupee tumbled by 68 paise to 71.60 against the US currency in early trade on Monday, as a sharp jump in global crude oil prices dampened investor sentiments.Forex traders said, market participants were concerned as the drone attack on Saudi Arabia’s oil facilities has stroked fiscal slippage concerns.Crude oil prices witnessed a sharp spike after a weekend drone attack on Saudi Arabia cut into global energy supplies and halved the kingdom’s oil production. Saturday’s explosions set off fires that engulfed the Abqaiq plant, the world’s largest oil processing facility,…

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