Category: BUSINESS

New Delhi, July 4 (DIN NEWS) India is looking at the possibility of falling back on the rupee-rial arrangement for importing oil from Iran in the wake of US sanctions on buying oil from the Persian Gulf nation, official sources said today. They said India is expecting the Trump administration to get in touch with it over the issue of imposition of US sanctions on Iran, adding the government will be able to formulate a strategy on oil import from that country following the talks. “In the next few weeks,…

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Mumbai, Jul 4 (DIN NEWS) The BSE Sensex today rose by nearly 267 points to hit a near two-week high of 35,645.40 on bouts of buying towards the fag-end of the session, mainly in bank and auto shares, after the Centre hiked MSP for most kharif crops. The benchmark index moved in a narrow range for most part of the day due to weak global cues amid concerns related to trade tariff spat and macro-economic conditions but the late buying in some key sector stocks helped the Sensex come out…

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New Delhi, Jul 3 (DIN NEWS) Fraud-hit Punjab National Bank (PNB) today said it has no plans to close operations at its Brady House branch, the fountainhead of the Rs 14,000 crore Nirav Modi scam. Modi and his uncle Mehul Choksi, in connivance with certain bank officials, allegedly cheated PNB of about Rs 14,000 crore through issuance of fraudulent Letters of Undertaking (LoUs). PNB’s Brady House branch in Mumbai had fraudulently issued LoUs for the group of companies belonging to Nirav Modi since March 2011. “PNB has no plans to…

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Mumbai, Jul 3 (DIN NEWS) Benchmark Nifty rose 42.60 points to end at 10,699.90 today, led by gains in pharma, information technology and auto stocks amid global trade war tensions. Globally, Asian stocks closed mixed as investors remained cautious ahead of a July 6 deadline when the US is set to impose tariffs on USD 34 billion worth of goods from China. China has announced that it will retaliate with duties on the same value of US products. The broader NSE Nifty went up by 42.60 points or 0.40 to…

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Mumbai, Jul 2 (DIN NEWS) The battered rupee today suffered yet another blow by plunging 34 paise to end at a near five-year low of 68.80 against the buoyant US dollar in the midst of weak global trends and concerns on macro-economic front. This is the level last seen on 28 August, 2013. With very little chance of RBI intervention, panic dollar demand from importers and speculative traders sent the home currency sinking to a low of 68.81 in late afternoon deals. Although the initial gains had been short-lived. It…

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New Delhi, Jul 2 (DIN NEWS) Commerce Minister Suresh Prabhu today said early data indicate that exports have registered a “good performance” in June despite volatility in global markets. The official export numbers for the month of June will be released on July 15. “Despite huge volatility in global markets, when large exporting countries are facing challenges in exports, our exports for month of June again have registered good performance as per early compilation,” Prabhu said in a series of tweets. The country’s merchandise exports recorded 20.18 per cent growth…

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President Ram Nath Kovind today said the Indian economy is set for a surge with the GDP size seen at doubling to USD 5 trillion probably by 2025.He was speaking after launching the platinum jubilee celebrations of chartered accountants’ apex body ICAI.”Indian economy is set for a surge and in the next decade, probably even by 2025, India is expected to double the size of the GDP to USD 5 trillion,” Kovind said. Emphasising that adherence to fair taxation system is much more than merely providing revenue to the government,…

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On the first anniversary of the GST regime, Prime Minister Narendra Modi today hailed the tax as a tool that has brought growth, simplicity and transparency. “It is boosting formalisation, enhancing productivity, furthering ‘Ease of Doing Business’, benefitting small and medium enterprises,” the prime minister tweeted. In his recent Mann Ki Baat radio address, Modi had described the Goods and Services Tax (GST) as a fine example of cooperative federalism.He had termed it as a “festival of honesty” which has ended ‘inspector raj’ in the country.In a series of tweets,…

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India has adequate reserves and firepower to deal with the current volatility in rupee, Economic Affairs Secretary S C Garg said.Stressing that the situation is better than 2013, he said basic source of rupee volatility is demand supply mismatch. “If you expect oil prices to go up, then demand supply mismatch sharpens, it also affects the behaviour of some. If they expect rupee to depreciate, then FIIs tend to behave in a certain way, its all linked so it’s not isolated. We are not even certain what kind of a storm…

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Gold fell by Rs 60 to Rs 31,420 per 10 gram at the bullion market today on sluggish demand from local jewellers despite a firm trend overseas.However, silver held steady at Rs 40,600 per kg on scattered enquiries from industrial units and coin makers. Marketmen attributed the fall in gold prices to muted demand from jewellers and retailers at domestic spot market, but a positive global trend capped the fall.Globally, gold edged higher 0.35 per cent to USD 1,252.50 an ounce and silver by 0.72 per cent to USD 16.09…

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