Category: BUSINESS

 India’s foreign exchange reserves declined by USD 2.25 billion to USD 407.81 billion in the week to June 22 on account of fall in foreign currency assets, Reserve Bank of India (RBI) data showed.In the previous week, reserves had decreased by USD 3.04 billion to USD 410.07 billion. Forex reserves had touched a record high of USD 426.028 billion in the week to April 13, 2018. Reserves had crossed the USD 400-billion mark for the first time in the week to September 8, 2017, but have since been fluctuating. In…

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The government today ruled out any “knee-jerk reaction” to tackle the fall in rupee and said appropriate measures would be taken after taking into consideration the global situation. Against the backdrop of the rupee breaching the 69-mark versus the US dollar and touching lifetime lows on Thursday, Finance Minister Piyush Goyal emphasised that there is no need for any knee-jerk reaction to deal with the situation. The rupee closed at an all-time low of 68.79 on Thursday due to multiple headwinds, including concerns over inflation and weak global cues. The…

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San Francisco, Jun 28 (DIN NEWS) Apple and Samsung have ended a years-long patent battle over copied iPhone design with an undisclosed settlement, according to a US court filing today. The world’s two biggest smartphone makers reached a truce in their seven-year-old court battle a month after a federal court jury ordered Samsung to pay Apple some 539 million for copying patented iPhone features. That award was seen as a victory for Apple, which had argued in court that design was essential to the iPhone. Financial terms of the settlement…

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Mumbai, Jun 28 (DIN NEWS) The rupee recovered marginally from its lifetime low to trade at 68.95 per dollar in late morning deals today amid heavy month-end demand for the American currency from importers and banks. The domestic unit plunged to a record low at 69.10 before gaining ground to 68.95 at 1030 hrs, still down by 34 paise. The Indian unit resumed sharply lower at 68.89 from yesterday’s closing level of 68.61 at the inter-bank foreign exchange here. Rising crude oil prices have deepened concerns about the country’s current…

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The BSE Sensex advanced nearly 54 points in opening trade today, spurred by a fresh spell of buying in select blue-chip stocks like Infosys, TCS and Sun Pharma amid mixed global cues.Sustained buying by domestic institutional investors (DIIs) and short-covering of outstanding positions by speculators ahead of tomorrow’s June series expiry in the derivatives segment also supported the uptrend, brokers said.The 30-share index was trading higher by 53.85 points, or 0.15 per cent, at 35,543.89.IT, teck, healthcare and consumer durables indices were in the green, with gains of up to…

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The GST investigation wing has detected tax evasion of over Rs 2,000 crore in two months, and data analysis reveals that only 1 per cent of over 1.11 crore registered businesses pay 80 per cent of the taxes, a senior official said today. CBIC member John Joseph said alike small businesses who are making mistakes while filing GST returns, multinationals and big corporates too have slip-ups. “If you look at the way tax revenues are paid, it gives an alarming picture. We have registration of more than 1 crore businesses. “But…

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Mumbai, Jun 26 (DIN NEWS) The BSE Sensex recovered from its weak start to trade 86.22 points higher in late morning trade today on buying in FMCG, telecom, IT, consumer durables and metal sectors amid weak Asian cues. Investors remained cautious on escalating trade tensions between the US and other leading economies, including the EU, China and India. Selling was witnessed in energy, industrials, healthcare and power stocks. The 30-share index was trading at 35,556.57, showing a gain of 86.22 points, or 0.24 per cent at 1105 hrs. The broader…

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Washington, Jun 26 (DIN NEWS) External Affairs Minister Sushma Swaraj and Defence Minister Nirmala Sitharaman will hold talks with their American counterparts Mike Pompeo and James Mattis here next week which experts here hope will help change the current narrative surrounding the bilateral relationship amid economic and trade issues. Pompeo and Mattis will host Swaraj and Sitharaman in Washington DC for the maiden India-US 2+2 Dialogue, the format of which was agreed between the two sides during the White House meeting between Prime Minister Narendra Modi and US President Donald…

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New Delhi, Jun 25 (DIN NEWS) Power distribution company BYPL has signed a memorandum of understanding (MoU) with Business Finland, a Finnish government agency, for collaborative activities in different areas, including energy efficiency and electric vehicles. The agreement was signed last week by BSES Yamuna Power Limited (BYPL) chief executive officer PR Kumar and Jukka Holappa, commercial councilor and head Business Finland’ India, at the Embassy of Finland here, said a BYPL spokesperson. The three year MoU on cooperation in the power distribution sector’ will encompass joint studies, pilot projects,…

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Mumbai, Jun 25 (DIN NEWS) The BSE Sensex slumped over 219 points to close at 35,470.35 today amid a weak rupee and continuing trade spat between the US and China. After a positive start, the 30-share benchmark advanced to a high of 35,806.97, but turned negative and hit a low of 35,430.11 on profit-booking and foreign fund outflows. It finally ended at 35,470.35 — down by 219.25 points or 0.61 per cent. On similar lines, the NSE Nifty cracked below the 10,800-mark to hit a low of 10,753.05 intra-day, before…

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