Category: BUSINESS

Domestic equity benchmarks BSE Sensex and NSE Nifty started on a cautious note Monday amid weak cues from other Asian markets and rising crude prices. The 30-share index was trading 50.59 points, or 0.13 per cent, higher at 39,245.08 at 0930 hours. Similarly, the broader NSE Nifty was quoting 5.55 points, or 0.05 per cent, up at 11,729.65.In the previous session Friday, the BSE gauge settled 407.14 points, or 1.03 per cent, lower at 39,194.49, and the broader NSE Nifty tumbled 107.65 points, or 0.91 per cent, to 11,724.10.Top gainers…

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Chinese President Xi Jinping will attend the G-20 summit in Japan this week during which he would meet his US counterpart Donald Trump for key talks to clinch a deal to end the bruising trade war and to forestall moves by Washington to clamp tariffs on the remaining USD 300 billion of exports from China.Xi will attend the 14th Group of 20 (G-20) summit in Osaka, Japan from June 27 to 29, at the invitation of Japanese Prime Minister Shinzo Abe, Foreign Ministry spokesperson Lu Kang said in a brief…

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The government is exploring various consolidation options including merger of state-owned general insurance companies with New India Assurance with a view to create synergy and unlock value. The Department of Investment and Public Asset Management (DIPAM) under the Ministry of Finance is also looking at other options including stake sale in three state-owned insurance firms like National Insurance Company, Oriental Insurance Company and United India Insurance Company, sources said. The idea is to fast track stake sale in the public sector general insurance companies, which has been pending for the…

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Commerce and Industry Minister Piyush Goyal Friday said the ministry is in dialogue with banks to see ways to extend foreign currency loans to exporters.Addressing members of the CII here, he said there are ways to resolve the problem of inadequate and expensive credit without putting a significant stress to the exchequer.He said providing subsidies is not a solution to any trade-related issues.”I would like to articulate a possible alternate scenario to all to consider and see whether that is better. If instead of that (subsidies and interest subvention), we…

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Equity benchmark Sensex surged 489 points Thursday in tandem with upbeat global markets after the US Federal Reserve’s dovish stance galvanised investor sentiment. The 30-share Sensex, after a lacklustre opening, witnessed across-the-board buying led by banking, healthcare and auto counters.It finally settled 488.89 points, or 1.25 per cent, higher at 39,601.63.Similarly, the broader NSE Nifty soared 140.30 points, or 1.20 per cent, to finish at 11,831.75. Global equities marched higher after the US central bank indicated its rate cut cycle might begin as soon as next month. The Fed left…

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IT services major HCL Technologies Wednesday said it has signed a multi-year deal with Cricket Australia (CA) to deliver digital experiences to fans, players and employees.The financial details of the deal were not disclosed.HCL Tech will help the Australian cricket’s governing body provide an elevated and immersive digital experience to cricket fans, players, partners, employees, and volunteers across the country and around the world, through CA’s digital offerings, HCL Technologies said in a statement. HCL Tech will also engineer a digital core ecosystem for CA through a composable platform that will…

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Facebook is leaping into the world of cryptocurrency with its own digital money, designed to let people save, send or spend money as easily as firing off text messages.”Libra” — described as “a new global currency” — was unveiled Tuesday in a new initiative in payments for the world’s biggest social network with the potential to bring crypto-money out of the shadows and into the mainstream.Facebook and some two dozen partners released a prototype of Libra as an open source code to be used by developers interested in weaving it…

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Facebook is set Tuesday to unveil a bid to bring cryptocurrency payments into the mainstream, reportedly with the endorsement of governments and financial giants. The world’s biggest social network is expected to outline details of a virtual currency launching next year that it hopes will avoid the rollercoaster volatility of “blockchain” technologies such as bitcoin.Facebook is setting up a consortium called “Libra” which, according to the Wall Street Journal, has been joined by more than a dozen companies including Visa, Mastercard, PayPal and Uber.The companies along with venture capitalists and…

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Vedanta Ltd has lost about USD 200 million in profits ever since its copper smelter plant in Tamil Nadu was shut more than a year back after police fired on protesters and killed 13 people, Group Chairman Anil Agarwal said.Agarwal added that the stoppage of production at the Tuticorin plant of the firm’s unit Sterlite led to the country having to import copper, spending precious foreign exchange.”We have lost about USD 200 million in bottomline (profits),” he told PTI in an interview. “Forget about bottomline. How can you stop production…

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The fifth meeting of Niti Aayog’s Governing Council began here Saturday with the main agenda of deliberating upon drought situation, farm distress and security concerns over Naxal-affected districts.Prime Minister Narendra Modi is chairing the meeting, which is being held at Rashtrapati Bhavan. This will be the first governing council meeting under the new Modi governmentAmong others attending the meet are Union ministers Amit Shah, Nitin Gadkari, Nirmala Sitharaman and Rajnath Singh.The agenda for the meeting also includes rain-water harvesting, aspirational districts programme and structural reforms in the agriculture sector.The council,…

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