Category: BUSINESS

New Delhi, July 26 (DIN NEWS) Shares of Dr Reddy’s Laboratories today rose by over 2 per cent after the company reported nearly eight-fold jump in consolidated net profit for the first quarter of 2018-19 fiscal. The stock gained 2.19 per cent to close at Rs 2,134.65 on BSE. During the day, it climbed 4.83 per cent to Rs 2,189.95. On NSE, it rose by 1 per cent to end at Rs 2,110. The company’s market valuation went up by Rs 750.87 crore to Rs 35,421.87 crore. Dr Reddy’s today…

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Mumbai, Jul 26 (DIN NEWS) The BSE Sensex hit the 37,000 level for the first time today on widespread buying in capital goods, FMCG, realty and banking stocks amid heavy buying by domestic institutional investors and positive global cues. NSE Nifty too touched a new peak of 11,172.20. Short-covering of bets, today being the last session of July expiry in the derivatives segment, and strengthening rupee against the dollar, kept the overall market sentiment high. The 30-share index crossed the 37,000-mark by jumping 156.42 points, or 0.42 per cent, to…

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Mumbai, Jul 25 (DIN NEWS) The benchmark Sensex turned volatile after hitting a new high of 36,928.06 in early session as investors turned cautious ahead of July futures and options (F&O) expiry amid mixed quarterly earnings. The 30-share index rose by 102.97 (rpt) 102.97 points, or 0.27 per cent, to hit a new high of 36,928.06, bettering its previous intra-day record of 36,902.06 hit yesterday. However, the index soon turned choppy and was trading 16.05 points, or 0.04 per cent, higher at 36,841.15 at 0940 hrs. The gauge had rallied…

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Mumbai, Jul 25 (DIN NEWS) Reversing its two-session slide, the rupee rebounded by 15 paise today to end at a fresh one-week high of 68.79 against the US dollar on bouts of greenback selling by exporters and corporates. The forex market witnessed a highly volatile session, with the home currency falling initially before staging a comeback. The upbeat trend was supported by unwinding of long dollar positions by speculators and local banks in view of subdued overseas cues, even as Dalal Street’s record-breaking run continued for the third straight day.…

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Indian deposits in Swiss banks fell by 34.5 per cent in 2017 and by 80 per cent since the Narendra Modi government came to power in 2014, Finance Minister Piyush Goyal said today, citing data from the global body of central banks, the Bank for International Settlements (BIS). He said this in Parliament rebutting reports last month, which quoted the Swiss National Bank, the country’s central bank, as saying in its annual report that Indian deposits had risen by 50 per cent in 2017. He told Rajya Sabha during question…

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The Reserve Bank has “wide-ranging and comprehensive” powers to address various situations in banks, the government said today against the backdrop of RBI Governor Urjit Patel seeking more powers to deal with the problem of bad loans at public sector banks. Listing out RBI’s powers to deal with banks, Minister of State for Finance Shiv Pratap Shukla said the central bank can inspect the lenders, examine on oath any officer, direct special audit and give directions to banks. Also, whole-time directors of nationalised banks and State Bank of India are…

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Mumbai, Jul 23 (DIN NEWS) The rupee today slipped by 2 paise to close at 68.86/87 against the US dollar at the interbank foreign exchange market. The domestic currency also finished higher at Rs 90.50/52 against the pound sterling compared to previous close of 89.80 at forex market here. Following are the Interbank forex and FBIL rates : (In Rs per unit) Unit Interbank FBIL Reference US Dollar 68.86/87 US Dollar 68.7040 Pound Sterling 90.50/52 Euro 80.68/70 EURO 80.5619 Japanese yen (100) 62.00/62.

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New Delhi, Jul 23 (DIN NEWS) The Finance Ministry has refused to share copy of three reports on the quantum of black money held by Indians inside the country and abroad, saying its disclosure would cause a breach of privilege of Parliament. The then UPA government had in 2011 commissioned these studies by Delhi-based National Institute of Public Finance and Policy (NIPFP) and National Council of Applied Economic Research (NCAER) as well as the National Institute of Financial Management (NIFM) in Faridabad. Replying to an RTI query, it said the…

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Mumbai, Jul 22 (DIN NEWS) Global investment bank Morgan Stanley sees the Sensex trading flat at around 36,000 by June 2019 if the general elections throw up a weak outcome, but cruising to 44,000 if the poll result is strong. Last week, the Sensex had hit an all-time high of 36,548.41, while the broader Nifty also reclaimed the 11,000-mark, touching a high of 11,078.30. This was the highest closing since January 31, when it had ended at 11,027.70. “The domestic stocks are jostling weak emerging markets, rising rates, higher oil…

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Kochi, Jul 21 (DIN NEWS) Kerala-based South Indian Bank has declared a net profit of Rs 23.04 crores for the first quarter of the financial year 2018-19 as against Rs 101.47 crores during the corresponding period last year. In a press release here, the bank said the reason for the decline in profit was the reduction in the Treasury trading profit by Rs 73 crores and incremental MTM (mark to market) provision in the Treasury Book by Rs 41 crore owing to adverse market conditions, besides incremental one-time employee cost…

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