Category: BUSINESS

The rupee appreciated 6 paise to 74.68 against the US dollar in the opening trade on Wednesday, supported by firm domestic equities and weak American currency. At the interbank foreign exchange, the rupee opened at 74.70 against the American dollar and then inched higher to quote 74.68, registering a rise of 6 paise from the last close. On Tuesday, the domestic unit settled at 74.74 against the US dollar. The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.11 per cent lower at…

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The rupee appreciated 10 paise to 74.59 against the US dollar in opening trade on Tuesday, tracking the weakness of the American currency in the overseas market. However, the surge in the rupee was restricted amid elevated crude oil prices and muted domestic equities. At the interbank foreign exchange, the rupee opened at 74.65, then gained further ground to touch 74.59 against the American dollar, registering a rise of 10 paise from the last close. In the previous session on Friday, the rupee had settled at 74.69 against the greenback.…

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Telecom operator Bharti Airtel has plans to spend about Rs 1.17 lakh crore through business transactions with its subsidiaries like Indus Towers, Nxtra and Bharti Hexacom, according to a regulatory filing. The company will hold an extraordinary general meeting of the members of the company on February 26 to also seek their approval for issuing shares to Google for its about Rs 7,500 crore investment in the company to buy 1.28 per cent stake. According to the EGM notice, Bharti Airtel will spend Rs 88,000 crore in business with mobile…

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Striking a different note from its peers, US brokerage Bank of America Securities has maintained that the Reserve Bank will leave rates unchanged next week, recognising growth-focused and capex-driven fiscal expansion, which though poses huge price pressure and interest rate risks later. The RBI’s rate setting panel Monetary Policy Committee (MPC) will begin its deliberations next Monday and announce the policy moves on Wednesday (February 9) in the backdrop of a massive spike in bond yields post the Budget. Almost all major central banks are in the process of hiking…

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Finance Minister Nirmala Sitharaman on Tuesday again took a digital tablet wrapped in a traditional bahi-khata style pouch as she headed for Parliament to present the Union Budget 2022-23 in a paperless format just like the last year. She posed for the traditional ‘briefcase’ picture outside her office along with her team of officials before heading to meet the President. She, however, was holding a tablet instead of a briefcase to present the Budget in a digital format. “#AatmanirbharBharatKaBudget | From ‘Bahi Khata’ to Made in India’ Tablet Finance Minister…

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India’s economy is expected to grow by 8-8.5 per cent in the fiscal beginning April 1 and is well placed to meet the future challenges on the back of widespread vaccine coverage, supply-side reforms and easing of regulations, said the pre-Budget Economic Survey on Monday The Economic Survey 2021-22, tabled by Finance Minister Nirmala Sitharaman in Parliament, expects the economy to grow by 9.2 per cent during the current financial year, indicating a recovery to the pre-pandemic level. The economy had contracted by 7.3 per cent in 2020-21 on account…

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The rupee declined 7 paise to 74.67 against the US dollar in opening trade on Tuesday weighed down by the strength of the American currency and muted domestic equities. Forex traders said geopolitical tensions, sustained foreign fund outflows and elevated crude oil prices also dragged down the local unit. Further, investors will also await the outcome of the US Federal Reserve meeting this week. At the interbank foreign exchange, the rupee opened flat at 74.60 against the US dollar, then slipped further to 74.67, registering a decline of 7 paise…

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The rupee declined 9 paise to 74.52 against the US dollar in opening trade on Monday, as muted domestic equities and elevated crude oil prices weighed on investor sentiments. Forex traders said the Indian rupee is trading in a narrow range ahead of the US Federal Reserve meeting later this week. At the interbank foreign exchange, the rupee opened weak at 74.43 against the US dollar, then slipped further to 74.52 against the greenback, registering a decline of 5 paise from the last close. On Friday, the rupee had settled…

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The Indian rupee was trading in a narrow range in morning trade on Friday as muted domestic equities and sustained foreign fund outflows negated the impact of easing crude oil prices. At the interbank foreign exchange, the rupee opened at 74.50 against the American dollar, then inched higher to 74.48. The local unit also touched an early low of 74.53 against US dollar in the opening session. On Thursday, the rupee had slipped 7 paise to close at 74.51 against the US dollar. The dollar index, which gauges the greenback’s…

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Equity benchmark Sensex slumped nearly 700 points in opening trade on Friday, tracking intense selling pressure across the counters amid a negative trend in global markets and sustained foreign fund outflow. The BSE gauge was trading 690.51 points or 1.16 per cent lower at 58,774.11 in early trade. Likewise, the Nifty fell 194.10 points or 1.09 per cent to 17,562.90. Bajaj Finserv was the top loser in the Sensex pack, shedding 2.59 per cent, followed by Infosys, Dr Reddy’s, Tech Mahindra, Sun Pharma, Wipro and IndusInd Bank. On the other…

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