Category: BUSINESS

The rupee Thursday slumped 39 paise to close at more than six-week low of 70.25 against the US dollar due to rising crude oil prices and a late sell-off in domestic equity markets.Besides, a strengthening dollar against some major currencies overseas also weighed on the home unit, forex dealers said.At the Interbank Foreign Exchange, the rupee opened sharply lower at 70.06 and fell further to the day’s low of 70.27 as crude oil prices breached the USD 75 per barrel mark for the first time this year. The domestic currency finally…

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The rupee Wednesday declined by 24 paise to close at 69.86 against the US currency, weighed down by a strong dollar sentiment and high demand for the greenback from importers.The domestic currency dropped to more than four-month low of 69.97 in the day trade in line with losses in other Asian currencies against the dollar after positive US economic data.Foreign fund inflows and strong gains in equity markets helped the domestic currency reverse some of the losses before close.”The broader US dollar is trading strong today, with most Asian currencies…

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As they explore ways to recover debt, lenders of Jet Airways are in favour of a resolution outside the insolvency law framework in case the ongoing bidding process fails to take off, sources said.Running into debt of more than Rs 8,500 crore, Jet Airways has shut down operations temporarily after lenders decided against extending emergency funds for its survival.SBI, the lead lender of the seven-member consortium of domestic banks that have extended loans to the airline, has started the bidding process for stake sale in the carrier and clarity about…

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Equity benchmark Sensex retreated from its lifetime high to close 135 points lower Thursday as investors booked profits at higher levels amid weak global cues.After rising to an intra-day record of 39,487.45 points, the 30-share index turned negative to settle 135.36 points, or 0.34 per cent, lower at 39,140.28. The broader NSE Nifty slipped 34.35 points, or 0.29 per cent, to 11,752.80.The benchmark indices had closed at record highs on Tuesday on earnings optimism and forecast of a near-normal monsoon. Markets were closed Wednesday for Mahavir Jayanti.”After a period of…

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Lenders to the cash-strapped Jet Airways are committed to reviving the air carrier but nothing has been finalised yet, Punjab National Bank (PNB) Managing Director Sunil Mehta said on Tuesday.PNB is part of a consortium of 26 lenders, led by State Bank of India (SBI), which have exposure to Jet Airways’ debt of over Rs 8,000 crore.”Discussions for reviving the airline are underway and nothing has been finalised as of now. SBI Capital Markets is working on the revival package for Jet Airways,” Mehta told reporters here.On Monday, SBI said…

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Malaysia’s government said Friday it has decided to resume a China-backed rail link project, after the Chinese contractor agreed to cut construction cost by one-third.The deal ended months of vacillating over the 688-kilometer (430-mile) East Coast Rail Link, which connects Malaysia’s west coast to eastern rural states and is a key part of China’s Belt and Road infrastructure initiativeThe prime minister’s office said in a statement it welcomed the signing of a supplementary agreement between Malaysia Rail Link Sendirian Berhad and state-owned China Communications Construction Company Ltd. to revive the…

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The Reserve Bank Wednesday said it has imposed a penalty of Rs 1 lakh on UP Postal Primary Co-operative Bank, Lucknow for violation of norms regarding shifting of its branch.The RBI had issued a show-cause notice to the bank, in response to which the lender submitted a written reply. After considering the facts of the case and the bank’s reply in the matter and personal hearing, the Reserve Bank of India (RBI) came to the conclusion that the violation was substantiated and warranted imposition of penalty. The Rs 1 lakh…

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State Bank of India (SBI) Monday invited bids for stake sale in ailing Jet Airways.SBI, which is the lead lender of a consortium of domestic lenders that has extended loans to Jet Airways, is looking for “change in control and management” of the carrier, according to a public notice.SBI Capital Markets would be assisting and advising the lenders on the bid process.The bids have to be submitted by April 10.The lenders’ consortium has taken control of the airline under a debt recast plan.Under the debt resolution plan approved by the…

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Commerce and Industry Minister Suresh Prabhu has underlined a need to develop a proper matrix to understand changes in the Indian economy and job creation that is happening at a rapid pace.The minister’s comments have come against the backdrop of former RBI Governor Raghuram Rajan recently raising doubts over the Indian economy growing at 7 per cent when not enough jobs were being created. In response, Prabhu said, “We have to have proper matrix to be developed to understand this changing profile of India’s economy and in which job creation is…

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The BSE benchmark Sensex jumped over 200 points in early trade Friday led by gains in realty, metal, oil and gas and banking stocks amid positive global cues on hopes of a trade deal between the US and China.The BSE gauge Sensex was trading 200.69 points, or 0.52 per cent, higher at 38,885.41. The 30-share Sensex index settled 192.40 points, or 0.49 per cent, lower at 38,684.72 in its previous session.Similarly, the NSE benchmark Nifty rose 60.45 points, or 0.52 per cent, to 11,658.45 in early session.Top gainers in the…

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