Category: BUSINESS

The rupee tanked 102 paise to close at 75.63 (provisional) against the US currency on Thursday as riskier assets took a hit after Russia launched military operations against Ukraine. Forex traders said sustained foreign fund outflows, heavy selling in domestic equities and elevated crude oil prices weighed on investor sentiment. At the interbank foreign exchange market, the rupee opened at 75.02 against the American dollar but later dropped to a low of 75.75 against the greenback. The local unit finally finished at 75.63, down 102 paise from the previous close.…

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The rupee recovered 21 paise to 74.63 in early trade on Wednesday tracking positive domestic equities as investors continued to keep a watch on the latest developments around Ukraine. The local currency opened on a strong note at 74.64 to a dollar at the interbank foreign exchange market and inched higher to 74.63, registering a gain of 21 paise over its previous close. On Tuesday, the rupee depreciated by 29 paise to close at 74.84 against the US currency. Meanwhile, the dollar index, which gauges the greenback’s strength against a…

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Bullish on the future of green mobility, the Hinduja Group flagship Ashok Leyland plans to set up a new manufacturing facility in the country to roll out electric vehicles, according to a top company official. The Chennai-based firm has also lined up a Rs 500 crore investment to develop powertrains based on alternative fuels like CNG, hydrogen and electric for its commercial vehicles range. The company has already announced a USD 200 million (nearly Rs 1,500 crore) investment through its UK-based arm Switch Mobility for electric mobility. The commercial vehicle…

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Electric vehicle (EV) charging stations have expanded by two-and-a-half times across nine mega cities, including Delhi, Mumbai and Chennai, in the last four months, the power ministry said on Saturday. Efforts by the government resulted in 2.5 times increase in charging stations in Surat, Pune, Ahmedabad, Bengaluru, Hyderabad, Delhi, Kolkata, Mumbai, and Chennai in the last four months, a power ministry statement stated. According to the statement, additional 678 public EV charging stations were installed between October 2021 and January 2022 in these nine cities. About 940 of India’s 1,640…

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Domestic equity gauges Sensex and Nifty were marginally down in opening deals on Friday, as participants remained cautious tracking other Asian markets amid renewed fears of a Russian invasion of Ukraine. The BSE Sensex was trading 70.40 points or 0.12 per cent lower at 57,821.61 and the NSE Nifty was down 15.95 points or 0.09 per cent at 17,288.65. The Sensex was dragged lower by mainly IT shares with Wipro, Tech Mahindra, Infosys and HCL Tech dropping as much as 1.23 per cent. On the index, 22 shares were trading…

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The Uttar Pradesh Real Estate Regulatory Authority (RERA) has slapped a penalty of over Rs 1.40 crore on more than half a dozen project promoters over non-compliance of its orders, officials said. The action was taken against nine promoters during the 84th meeting of UP RERA under the chairmanship of Rajive Kumar on February 11, according to the officials. The penalised promoters are AIMS Promoters, Wave Mega City Centre, Ansal Housing and Ansal Properties and Infrastructure, Antriksh Realtech, AVP Realty, ATS Realty, Krishna Estate Developers, Ratan Buildtech and Redicon Infrastructure…

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The rupee appreciated 18 paise to 75.14 against the US dollar in the opening trade on Wednesday amid signs of de-escalation in the conflict between Russia and Ukraine. At the interbank foreign exchange, the rupee opened at 75.24 against the American dollar and then inched higher to quote 75.14, registering a rise of 18 paise from the last close. On Tuesday, the rupee snapped its five-session losing streak and surged 28 paise to close at 75.32 against the US dollar. Meanwhile, the dollar index, which gauges the greenback’s strength against…

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The BSE gauge Sensex recovered over 315 points to trade at 56,721 in opening deals on Tuesday, on emergence of buying mainly in IT and FMCG stocks, despite a lacklustre trend in global markets due to the Ukraine crisis. The 30-share Sensex opened on a positive note and firmed up its gains as the morning trade progressed. It was quoted at 56,721.45, showing a gain of 315.61 points or 0.56 per cent. Likewise, the NSE barometer Nifty was trading 128 points or 0.76 per cent higher at 16,970.80. The Sensex…

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Finance Minister Nirmala Sitharaman on Friday said the Indian economy suffered the biggest contraction due to COVID-19 pandemic, but the government has been able to contain retail inflation at 6.2 per cent. Replying to a general discussion on the Union Budget in Rajya Sabha, the minister said, the Budget for 2022-23 fiscal year, stands for continuity, brings stability to the economy along with predictability of taxation. She stated that the objective of the budget is a stable and sustainable recovery in the economy. Compared to the performance of the UPA…

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Reserve Bank of India (RBI) on Thursday kept the benchmark interest rate unchanged at 4 per cent and decided to continue with its accommodative stance in the backdrop of an elevated level of inflation This is the tenth time in a row that the Monetary Policy Committee (MPC) headed by RBI Governor Shaktikanta Das has maintained the status quo. RBI had last revised its policy repo rate or the short-term lending rate on May 22, 2020 in an off-policy cycle to perk up demand by cutting the interest rate to…

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