Category: BUSINESS

Equity benchmark Sensex Monday surged over 718 points to close over 34,000-level buoyed by stellar performance of banking stocks tracking robust quarterly earnings and RBI’s move to ease liquidity crunch. Among the Sensex constituents, ICICI Bank was the biggest gainer with 11 per cent jump, followed by State Bank of India, which rose 8.04 per cent. The country’s top private sector lender ICICI Bank swung into profit in the second quarter of this ongoing fiscal. The bank had reported a net loss of Rs 119.55 crore in the first quarter of the…

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The benchmark Sensex plunged over 297 points and the broader NSE Nifty slipped below the 10,100 mark in early trade Friday as the November derivatives series took off on a weak note amid negative Asian cues.The 30-share Sensex, which lost 344 points Thursday, fell further by 297.40 points, or 0.88 per cent, to 33,392.69.All sectoral indices of BSE, led by metal, power, realty and bankex were trading in the negative territory, falling by up to 1.63 per cent.The NSE Nifty too declined by 101.45 points, or 1 per cent, to…

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The rupee depreciated by 11 paise to close at 73.27 against the US dollar Thursday due to steady capital outflows and sharp decline in domestic equities amid intensifying geopolitical tensions.Dealers said a spurt in dollar demand from importers and hardening yields in the US markets weighed on the domestic currency.Foreign investors pulled out around Rs 1,495.71 crore on a net basis from capital markets Thursday with stocks declining 1 per cent in line with global sell-off. FPIs had pulled out Rs 2,046.54 crore on net basis Wednesday.However, easing crude oil…

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The billionaire brothers Cyrus and Shapoor Mistry have announced formation of Mistry Ventures LLP to incubate and fund the startup ecosystem.  The announcement on Wednesday comes on the second anniversary of Cyrus’ unceremonious salving by the Tatas as the group chairman.  The new firm is jointly promoted by Cyrus and his elder brother Shapoor, both promoters of the Shapoorji Pallonji Group, which owns 18.4 per cent stake in Tata Sons.  Promoted by the fourth richest Indians (collectively), the new venture is flushed with cash.  According to Forbes 2018 ranking, the…

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The benchmark BSE Sensex Tuesday extended its losing spree for the fourth straight day and dipped below the 34,000-mark in early trade, on unabated foreign fund outflows and selling by domestic institutional investors amid weakness in Asian markets.Moreover, the rupee depreciating by another 23 paise to 73.79 against the dollar also dampened sentiments.The 30-share index slipped 204.78 points, or 0.60 per cent, to 33,929.60. The benchmark had lost 1,028 points in the previous three sessions.All the sectoral indices led by oil&gas, FMCG, capital goods and PSU, were trading in the…

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Petrol pumps across the national capital were shut on Monday in protest against the Delhi government’s refusal to cut sales tax (VAT) on petrol and diesel.But for a dozen company-owned-company-operated petrol pumps in the city, all pumps refused fuel, sending motorists running low on fuel and scrambling for alternate refuels.”All 400 petrol pumps and linked CNG pumps shut operations from 6.00 am Monday and will remain closed till 5 am tomorrow (Tuesday),” said Delhi Petrol Dealers Association (DPDA) President Nishcal Singhania.Pump operators, however, refuelled emergency service vehicles like ambulances and…

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Global investors will meet in Goa in December to help finance the start-up community in the state, Union Commerce Minister Suresh Prabhu said Sunday.    He said the Centre was thinking of making Goa as the start-up and logistics hub to create more jobs and that it will also promote agricultural export from the coastal state.  “One of the problems faced by start-ups is finance. We have called all global players who are into financing. This event, to be held on December 7, will bring in global players for investment in…

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Shares of Reliance Industries Friday slumped 7 per cent despite the company reporting its highest ever quarterly net profit in the July-September quarter.The stock opened lower and declined further by 6.59 per cent to Rs 1,073.15 on BSE.At NSE, shares of the company dived 7 per cent to Rs 1,070.25.In terms of equity volume, 10.50 lakh shares of the company were traded on BSE and over one crore shares changed hands at NSE during the morning trade. Reliance Industries Wednesday reported its highest ever quarterly net profit of Rs 9,516…

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The government has no plans to scale down its target for steel production unlike other countries as consumption of the alloy in India is growing slower than expected, Union Minister Birender Singh said Thursday.“…as far as China is concerned they reduction is 112 million tonnes (MT)….We are on a different footing and that’s why we (have) decided in 2017 to have a capacity of 300 MT, which is at present…is more than the double, rather 2.5 time more than our present capacity,” the steel minister said.Excess production of steel world…

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