Category: BUSINESS

Petrol price was Saturday hiked by a minimum Rs 2.40 per litre and diesel by Rs 2.36 after Finance Minister Nirmala Sitharaman raised taxes on the fuels to part-fund her Budget for 2019-20.Petrol price in Delhi was increased by Rs 2.45 per litre to Rs 72.96 while the increase in Mumbai was Rs 2.42 to Rs 78.57, according to a price notification issued by state-owned Indian Oil Corp (IOC).In Kolkata, petrol price went up by Rs 2.40 to Rs 75.15 and in Chennai by Rs 2.57 to Rs 75.76 a…

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Petrol price will be hiked by over Rs 2.5 per litre and diesel by more than Rs 2.3 after Finance Minister Nirmala Sitharaman Friday raised taxes on the fuels to part-fund her Budget for 2019-20.Sitharaman raised excise duty and road and infrastructure cess on the auto fuels by Rs 2 per litre each to raise over Rs 28,000 crore.Post considering local sales tax or value added tax (VAT), which is charged after adding central excise duty on base price, the increase in petrol price would be over Rs 2.5 per…

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Banks have reported a massive 73 percent increase in incidents of fraud worth Rs 71,543 crore in FY19, a senior Reserve Bank official said Thursday. Till March 2019, the top five, 10 and 100 cases of frauds cumulatively reported constituted 24 percent, 34 percent and 70 percent of all frauds, respectively, a chief general manager with the RBI Jayant Dash said. In FY18, the banks had reported frauds worth Rs 41,167 crore, he added. “Total value involved in these frauds reported by the RBI-regulated entities during FY19 amounted to Rs…

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Equity benchmarks Sensex and Nifty ended modestly higher Wednesday after a volatile session as investors looked ahead to the Union Budget for further cues.Extending its gains for the third session, the 30-share BSE Sensex settled 22.77 points, or 0.06 per cent, higher at 39,839.25. Similarly, the broader NSE Nifty edged up 6.45 points, or 0.05 per cent, to 11,916.75.Investors are keeping their powder dry ahead of Budget 2019-20, to be presented Friday, and are expecting measures to spur growth and revive demand, traders said.Risk sentiment was also affected after data…

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State-owned Oil and Natural Gas Corp (ONGC) has discovered over 230 million tonnes of in-place oil reserves in the last three years, Petroleum Minister Dharmendra Pradhan said Monday.In a written reply to a question in the Lok Sabha, he said India’s top oil and gas producer ONGC as on April 1, 2019, has in place oil reserves of 459.84 million tonnes.These reserves are spread over 16 assets it currently extracts oil from, he said.”ONGC has established 230.29 million tones of oil initial-in-place during the last three years,” he added.The company…

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Supply of coal to the power sector by state-owned CIL declined by 2.6 per cent to 80.9 million tonnes in the first two months of the ongoing fiscal, government data showed. This comes amid coal imports rising 12.9 per cent to 235.2 million tonnes (MT) in FY’19 over 208.2 MT imported in FY’18.The country’s top dry-fuel miner Coal India Ltd (CIL) had supplied 83.1 MT of coal in April-May period of FY’18, according to government data.In May, coal dispatch by CIL dropped 4.9 per cent to 40.6 million tonnes from…

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Equity benchmarks nursed losses Friday as investors remained cautious ahead of the crucial US-China trade talks on the sidelines of the G-20 meet.Domestic trading sentiment was also at a low ebb following tightening of mutual fund norms by regulator Sebi, and the RBI recommending extra vigil regarding non-banking finance companies (NBFCs), traders said.After a choppy session, the 30-share BSE Sensex settled 191.77 points, or 0.48 per cent, lower at 39,394.64, dragged by index heavyweights RIL, HDFC Bank, ICICI Bank and TCS.The broader NSE Nifty fell 52.70 points, or 0.45 per…

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Domestic equity benchmark BSE Sensex rose over 100 points in early trade Thursday tracking positive cues from global markets ahead of the G-20 summit. The 30-share index was trading 88.07 points, or 0.22 per cent, higher at 39,680.15 at 0930 hours. Similarly, the broader NSE Nifty was quoting 25.20 points, or 0.21 per cent, up at 11,872.75.In the previous session Wednesday, the BSE gauge finished 157.14 points, or 0.40 per cent, higher at 39,592.08, and the broader NSE Nifty jumped 51.10 points, or 0.43 per cent, to 11,847.55.Top gainers in…

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The Indian rupee Wednesday advanced by 21 paise to close at 69.15 against the US currency in line with uptrend in domestic equities.At the interbank foreign exchange market, the rupee opened at 69.40 a dollar and advanced to a high of 69.07 during the day. It finally settled at 69.15, up 21 paise against its previous close of 69.36.Forex dealers said a positive sentiment built up ahead of a scheduled meeting at G20 between US President Donald Trump and his Chinese counterpart Xi Jinping, later this week.Meanwhile, US Treasury Secretary…

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Bank fraud fugitive Mehul Choksi may be extradited to India after he exhausts all legal options available with him, Antigua Prime Minister Gaston Browne was quoted as saying by a media report.Choksi, 60 and his nephew Nirav Modi, who is currently in a London jail, are wanted by the Enforcement Directorate (ED) and the CBI for allegedly defrauding the Punjab National Bank (PNB) to the tune of Rs 13,400 crore. Prime Minister Browne said the citizenship of the billionaire diamond trader will be revoked by the Caribbean country after he exhausts…

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