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Latest updates on business, finance and economy from across the world

  • Investor wealth soars Rs 5.30 lakh crore in three days of market rally
    on October 16, 2018 at 2:28 pm

    As the equity market continued its winning run for the third straight session on Tuesday, investor wealth soared Rs 5.30 lakh crore in the rally since Friday. In the three trading sessions, the sensex gained 428.9 points. From the 30-share pack, 22 stocks ended with gains led by Mahindra & Mahindra, Adani Ports and Special Economic Zone and ONGC […]

  • Hero MotoCorp's net profit dips marginally in Q2
    on October 16, 2018 at 12:23 pm

    The company had posted a net profit of Rs 1,010.49 crore for the same period of the previous fiscal, Hero MotoCorp said in a BSE filing. Revenue from operations for the quarter under review stood at Rs 9,090.94 crore as against Rs 8,371.74 crore in the same period previous fiscal, it added. […]

  • Rupee spurts 35 paise, ends at nearly 2-week high
    on October 16, 2018 at 12:11 pm

    At the Interbank Foreign Exchange, the rupee opened on a firm note at 73.79 from Monday's close of 73.83. During the day the domestic currency gained further ground to hit a high of 73.47 against the US dollar, driven by selling of the greenback by exporters. […]

  • Infosys net profit rises 10.3% to Rs 4,110 crore in Q2
    on October 16, 2018 at 10:52 am

    The country's No. 2 software services exporter, has also declared an interim dividend of Rs 7 per equity share. Record date for interim dividend has been fixed on October 27 and October 30 will be the payment date, Infosys said in a statement to stock exchanges. […]

  • General Provident Fund interest rate hiked to 8%
    on October 16, 2018 at 10:23 am

    The interest rate would apply on Provident Funds of central government employees, railways and defence forces. Last month, the government announced that the interest on small savings, including NSC and PPF, will be hiked by up to 0.4 percentage point for the October-December quarter, to align it with rising deposit rates in the banks. […]

  • Sensex ends nearly 300 points up; Nifty at 10,585
    on October 16, 2018 at 10:16 am

    Adani Ports, Mahindra and Mahindra, ONGC and ICICI Bank were among the major gainer on BSE, rising as much as 4.17 per cent. On NSE, Nifty PSU Bank and Realty were the top performing sub-indices, gaining as much as 2.72 per cent. […]

  • US sanctions against Iran: Govt says no issues with oil supplies, sentiment hurting price
    on October 16, 2018 at 9:48 am

    Refusing to say if India has sought a waiver of sanctions from the US as to continue purchasing crude oil from Iran, oil minister Dharmendra Pradhan said he has articulated the country's position on importing oil from the Persian Gulf nation in November and "there is nothing new to repeat." […]

  • 'Insurance cos not covering storage of Iranian oil'
    on October 16, 2018 at 8:43 am

    Senior officials on Monday had said that Indian oil companies have optional volumes built in their annual crude oil purchase contracts with suppliers like Saudi Arabia and Iraq that will be more than enough to make up for any shortfall in supplies from sanctions-hit Iran. […]

  • 'Amazon likely to buy 7-8% stake in Future Retail'
    on October 16, 2018 at 7:38 am

    Amazon.com Inc is likely to buy at least 7 per cent to 8 per cent stake in India's Future Retail Ltd through an investment arm. The potential cash-and-stock deal, which is in its final stages, could be worth Rs 2,500 crore ($338 million) and is likely to be signed in the next two weeks. […]

  • Low food prices may hurt for PM Modi's budget plans
    on October 16, 2018 at 6:19 am

    For Prime Minister Narendra Modi, the subdued inflation numbers, largely due to low food prices, may present a budget problem. His government may have to shell out more to compensate farmers for low market prices of some crops under a plan announced this year with a view to double farm incomes by 2022. […]

  • 'India attracted $22bn of FDI flows in first half of 2018'
    on October 16, 2018 at 4:12 am

    The UN Conference on Trade and Development (UNCTAD) stated that the global Foreign Direct Investment (FDI) dropped by 41%.In the same period, India attracted $22 billion of FDI. China was the largest recipient of FDI, attracting an estimated $70 billion, followed by the UK with $65.5 billion and the US with $46.5 billion. […]

  • Markets open higher, Sensex reclaims 35,000-mark
    on October 16, 2018 at 4:06 am

    Asian Paints, IndusInd Bank, Adani Ports, ONGC and ICICI Bank were among the top performing stock on BSE, rising as much as 2.84 per cent. On NSE, sub-indices Nifty Pharma and IT were leading the pack, surging as much as 2.61 per cent. […]

  • Exports dip 2% despite sharp rupee depreciation
    on October 16, 2018 at 12:47 am

    In September 2018, exports were estimated at close to $28 billion, compared to $28.6 billion a year ago. Imports, however, rose 10.4% to $41.9 billion, resulting in a trade deficit of nearly $14 billion. […]

  • Banks move RBI for Aadhaar use as UIDAI bars fintechs
    on October 15, 2018 at 10:30 pm

    The Indian Banks’ Association (IBA) has said that the entire concept of micro-financing will be impacted if credit checks based on the unique ID number are removed. The IBA has asked the RBI to restore the KYC guidelines that made it mandatory to link every bank account with the holder’s Aadhaar number. […]

  • Microsoft co-founder Paul Allen dies at 65
    on October 15, 2018 at 10:29 pm

    Allen and Gates founded Microsoft Corp. in 1975. Microsoft’s big break came in 1980, when IBM Corp. decided to move into personal computers. IBM asked Microsoft to provide the operating system. The decision thrust Microsoft onto the throne of technology and the two Seattle-natives became billionaires. Both later dedicated themselves to philanthropy. […]

  • RIL set to unveil big stakes in Hathway, DEN
    on October 15, 2018 at 6:00 pm

    on Wednesday, the Reliance Industries (RIL) is likely to announce acquiring of big stakes in Hathway Cable and DEN Networks. The move will boost RIL's launch of its home broadband services.RIL will own shares in Hathway and DEN through a common entity, which will become the holding company of the two multi-system operators. […]

  • NCLAT stays proceedings against IL&FS, subsidiaries
    on October 15, 2018 at 3:13 pm

    […]

  • PM Modi urges oil suppliers to review payment terms
    on October 15, 2018 at 11:16 am

    Prime Minister Narendra Modi urged global oil suppliers on Monday to review payment terms in order to give relief to the weak rupee. India, which imports more than 80 per cent of its oil imports, has been under pressure as crude oil prices have surged and its rupee currency has lost value. […]

  • Trade deficit lowest in 5 months; exports turn negative
    on October 15, 2018 at 10:59 am

    NEW DELHI: India's September trade deficit hit its lowest level in five months at $13.98 billion, the country's trade ministry said in a statement on Monday. The figure is despite a rising oil import bill for India, the world's third-biggest crude importer, amid concerns that US sanctions against Iran next month would remove a substantial volume of crude oil from the world markets. […]

  • Ongoing labour issues may hurt govt's jobs push
    on October 15, 2018 at 9:51 am

    Motorbike makers, such as Japan's Yamaha, and India's Eicher Motors - maker of the iconic Royal Enfield motorcycles - have been hit hard by walkouts, although major carmakers have been largely unscathed. […]

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