Gold shines on falling dollar, yields; pandemic cost concerns drag on shares

06/08/2020
Mumbai, aug 5: Gold scaled a new high on Wednesday as a weaker dollar and falling bond yields burnished its safe-haven appeal, while shares were mostly lower as investors baulked at the ballooning cost of the coronavirus pandemic. Risk assets such as equities have surged in recent months on massive policy stimulus from central banks and governments, but gold has also rallied in a sign of heightened uncertainty around the long-term effects of the global health crisis. Spot gold jumped to a rec...

India’s services activity contracted for fifth straight month in July: PMI

06/08/2020
Bengaluru, aug 5: India’s dominant services industry, a key driver of economic growth, shrank for a fifth straight month in July as restraining measures to stop the spread of the coronavirus hurt business activity and led to record job cuts, a survey showed. India has recorded the third highest number of coronavirus cases globally, behind only the United States and Brazil, with over 1.8 million confirmed infections and more than 38,000 deaths, according to a Reuters tally. That has forced sta...

Rupee gains 10 paise to close at 74.94 against US dollar

06/08/2020
Mumbai, aug 5: The rupee settled with gains of 10 paise at 74.94 (provisional) against the US dollar on Wednesday tracking positive domestic equities and weak American currency. At the interbank forex market, the domestic unit opened strong at 74.93 against the US dollar, then shuffled between an intra-day high of 74.83 and a low of 74.95 against the US dollar. The domestic unit finally closed at 74.94 against the greenback, registering gains of 10 paise over its previous close of 75.04 agains...

Airtel ties up with Amazon to sell AWS solutions to companies in India

06/08/2020
NEW DELHI, aug 5: Telecom service provider Bharti Airtel on Wednesday announced a multi-year, strategic collaboration agreement with Amazon Web Services (AWS) to deliver a “comprehensive set of innovative cloud solutions to large enterprise and small and medium enterprise (SME) customers in India”. Airtel serves over 2,500 large enterprises and more than a million emerging businesses and companies with an integrated product portfolio, including Airtel Cloud, a multi-cloud product and solutions...

Info Edge shares gain 7%, hit all-time high on launch of QIP

06/08/2020
NEW DELHI, aug 5: Shares of Info Edge advanced nearly 7 per cent to hit a record high of Rs 3,419 on the BSE on Wednesday after the company announced it has launched qualified institutional placement (QIP) to raise up to Rs 1,875 crore. In an exchange filing, the company informed on Tuesday that the Board of Directors of the Company at its meeting, approved and authorised the opening of the QIP on August 4, 2020. The floor price of the QIP has been fixed at Rs 3,177.18 per equity share. On Jun...

India has worst disconnect between stock rally, gloomy economy

06/08/2020
NEW DELHI, aug 5: Of all the countries in the world, the disconnect between rallying global stocks and deteriorating data is probably the most pronounced in India. The nation’s shares have logged the one of the best rebounds from the March lows globally while battling some of the world’s worst economic data. The surge has pushed up valuations to a record as investors look past the grim reality and the world’s third-highest tally in coronavirus cases. The conundrum doesn’t bode well for Asia’s...

White-Westinghouse forays into Indian market with licensee partner SPPL, to invest Rs 300 crore for setting manufacturing unit

06/08/2020
NEW DELHI, aug 5: America's largest consumer appliance brand White -Westinghouse has announced entry into Indian market with licensee partner SuperPlastics Private Limited (SPPL) with the launch of its range of washing machines in India. White-Westinghouse in collaboration SPPL will be investing Rs 300 crores for setting manufacturing unit in the country. The brand will launch washing machines in the range of 7 kg, 8kg, and 9kgs category, with price starting at Rs 7,499 on Amazon. The manufac...

ITC’s 60 non-tobacco FMCG product launches in FY20 top previous high

06/08/2020
Kolkata, aug 5: Diversified conglomerate ITC launched as many as 60 new products in the non-cigarette fast-moving consumer goods (FMCG) space during FY20, bettering its earlier record in a year marked by slowdown. Aashirvaad Svasti fortified milk, Aashirvaad Nature's superfoods, Fiama handwash with new fragrance technology, a wellness offering from Sunfeast - Veda Marie Light, and pulse chips Bingo! Starter, were some of them. During FY19, ITC had launched over 50 new FMCG products, which was...

Clean up balance sheets of corporates, banks to rein in fiscal deficit: IMF

06/08/2020
NEW DELHI, aug 5: The International Monetary Fund (IMF) has suggested to India that it should clean up balance sheets of banks, non-banking financial companies, and corporates to rein in fiscal deficit. In its external sector report, IMF also called upon India to strengthen the governance of public sector banks. The Fund pegged the country’s current account deficit at 0.3 per cent of the gross domestic product (GDP) in the current fiscal year. Improving the business climate, easing domestic s...

GDP seen contracting, NITI Aayog suggests ways to boost demand

06/08/2020
Mumbai, aug 5: With the economy going through a slowdown, the NITI Aayog is of the view that India’s GDP may contract around 5.1 per cent in the current fiscal. In a recent presentation to Prime Minister Narendra Modi and the Finance Ministry, it has suggested ways to boost demand, specifically in the key sectors of automobiles and real estate. As per NITI Aayog, the long-awaited scrappage policy should be brought in to help the automobile sector. It has also recommended removal of cess on au...

Economic recovery fragile due to Covid-19, states’ lockdowns: FinMin

05/08/2020
NEW DELHI, aug 4: India’s economic recovery remains "fragile" due to rising number of coronavirus cases and states "intermittently" ordering lockdowns to contain the disease, said the Finance Ministry on Tuesday about July. The government issued on July 30 guidelines for the third phase of lifting curbs imposed to stop the spread of the coronavirus disease, removing night curfew outside containment zones and allowing gyms and yoga centres to reopen from August 5. The guidelines said that schoo...

SpiceJet to commence flight services to UK from next month

05/08/2020
Mumbai, aug 4: Budget carrier SpiceJet on Tuesday said it has secured slots at the London Heathrow Airport, which will allow the airline to commence flight services to the UK from next month. These slots, under the air bubble pact, will later be extended to operate regular flight services once international flight services are resumed, SpiceJet said in a regulatory filing. An air bubble is a bilateral arrangement with a set of regulations and restrictions in which the carriers of the two coun...

Listed companies may approach Sebi to resolve grievances against proxy advisors

05/08/2020
NEW DELHI, aug 4: Listed companies may approach Sebi to resolve grievances against proxy advisors, who advise shareholders on corporate governance issues and assist them with voting recommendation, the market regulator said on Tuesday. This will be applicable from September 1, according to a Securities and Exchange Board of India (Sebi) circular. The regulator noted that proxy advisors, over the past few years, have played a key role in enabling shareholders to effectively participate in corp...

India blocks firms from China, other neighbours in commercial coal auction

05/08/2020
NEW DELHI, aug 4: India will restrict its neighbours from joining commercial coal auctions, said the government as New Delhi and Beijing negotiate to end a border standoff in eastern Ladakh. The Centre had allowed 100 per cent foreign direct investment (FDI) under the automatic route for coal mining, including associated processing infrastructure. The coal ministry issued on Monday a press note citing an amendment made to the FDI Policy in April that restricted entry of countries with which In...

RBI gives nod for Sashidhar Jagdishan to succeed Aditya Puri as CEO and MD of HDFC Bank

05/08/2020
Mumbai, aug 4: The Reserve Bank has confirmed the name of Sashidhar Jagdishan to succeed Aditya Puri as the chief executive and managing director of HDFC Bank, two sources said on Tuesday. Jagdishan, currently working as the 'change agent' of the largest private sector lender and head of finance, has been with the bank since 1996, and the appointment will put an end to one of the most keenly watched successions in the banking industry. Puri is widely credited with building the bank from scratc...

Brand Nexa: A success story from Maruti stable

05/08/2020
Mumbai, aug 4: Brand Nexa, which has become the third largest automobile retail brand in five years since inception in July 2015, is arguably one of the best examples of how customer-centricity can create a premium brand. Nexa, the premium retail brand from the automotive leader Maruti Suzuki, commands a little over 11 per cent of the car market volume and contributes more than 20 per cent of Maruti's annual volumes, grossing over 30,000 units per month even in this downturn. "Nexa marks the ...

Sun Pharma latest to sell Covid-19 drug favipiravir in India

05/08/2020
Bangalore, aug 4: India’s Sun Pharmaceutical Industries Ltd said on Tuesday it would soon begin selling its version of favipiravir, becoming the latest generic drugmaker to supply the antiviral to treat Covid-19 in the world’s third worst-hit nation. Favipiravir, along with another antiviral, remdesivir, has emerged as one of the most sought-after drugs at hospitals fighting Covid-19 in India, which saw a surge of 50,000-plus infections for the sixth straight day on Tuesday. Sun’s version of ...

TVS bets on premium bikes to improve margins in domestic and global markets

05/08/2020
NEW DELHI, aug 4: TVS Motor, one of the country's leading two-wheeler makers, is betting big on premiumisation. The company's management says it will be a key driver of improve company's profit margins both in domestic and international markets. Addressing shareholders last week, Venu Srinivasan, Chairman & Managing Director of TVS Motor, said, “while we have a long-term strategic partnership with BMW, Norton (the UK brand TVS acquired in April) enhances TVS Motor’s global portfolio, brings ...

Google buys $450M stake in ADT to give Nest a new perch

05/08/2020
Mumbai, aug 4: Google is paying 450 million for a nearly 7% stake in longtime home and business security provider ADT Inc, a deal that will open new opportunities for one of the internet's most powerful companies to extend the reach of its Nest cameras and voice-activated voice assistant. As part of the partnership announced Monday, ADT will use Nest's internet-connected cameras, as well as another device called the Nest Home Hub that comes with an internet-connected camera, as part of its cus...

Rupee settles 3 paise down at 75.04 against US dollar

05/08/2020
Mumbai, aug 4: The rupee pared some of its initial losses and settled 3 paise down at 75.04 (provisional) against the US dollar on Tuesday, even as domestic equity market was trading with significant gains. The rupee opened weak at 75.13 at the interbank forex market, then pared some of its early losses to settle at 75.04 against the US dollar, down 3 paise over its previous close of 75.01 against the greenback. During the session, the domestic unit witnessed an intra-day high of 74.85 and a ...

Discoms' outstanding dues to power gencos rise 47 pc to Rs 1.33 lakh cr in June

03/08/2020
NEW DELHI, aug 2: Power producers' total outstanding dues owed by distribution firms rose over 47 per cent year-on-year to Rs 1.33 lakh crore in June 2020, reflecting stress in the sector. Distribution companies (discoms) owed a total of Rs 90,655 crore to power generation firms in June 2019, according to portal PRAAPTI (Payment Ratification And Analysis in Power procurement for bringing Transparency in Invoicing of generators). The portal was launched in May 2018 to bring in transparency in ...

RBI policy, macro data, cos’ earnings to decide market course this week: Experts

03/08/2020
NEW DELHI, aug 2: The domestic equity market in this coming week will be driven by a host of key developments like RBI monetary policy, macro-economic data release and corporate earnings, analysts said. At the start of the week, the market will also take cues from July auto sales numbers which signal a recovery in the sector hit hard by COVID-19. With most parts of the country in unlock phase, the automobile industry has performed better in July over the previous month in terms of sales and i...

Export order books improving, but labour shortage still an issue: Exporters

03/08/2020
NEW DELHI, aug 2: The country's merchandise exports will further revive in the coming months as order books are showing signs of improvement, even as the industry is still facing labour shortage, according to exporters. Ajay Sahai, director general of Federation of Indian Export Organisations (FIEO), said there is no problem of orders in the shorter run, but exporters are still not getting long-term orders. "We are expecting that the situation will improve further as the order book situation i...

AIIB in talks with India for financing of $8-billion health infra scheme

03/08/2020
NEW DELHI, aug 2: The Asian Infrastructure Investment Bank (AIIB) is in discussion with the Indian government for financing a $8-billion scheme for improving health infrastructure at the district level to make the country better prepared for the future healthcare challenges. The Beijing-based multilateral funding agency had earlier approved a financial assistance of $1.2 billion for India to fight the Covid-19 pandemic. "The Government of India has discussed about its ambitious scheme of stre...

Compute tax demand for all assessees by Aug 31, dispose of pending appeals: CBDT chief to taxmen

03/08/2020
NEW DELHI, aug 2: With tepid collections proving to be a challenge in meeting tax revenue goals, CBDT Chairman P C Mody has set monthly targets for field formations for disposing of appeals and asked them to compute taxes for all assesses by August-end. In a letter to Principal Chief Commissioners of Income Tax, Mody said that many taxpayers are waiting to file applications under 'Vivad Se Vishwas' scheme, but they are also waiting for correct demand to be intimated to them. The Central Board ...

Sebi to set up virtual museum of securities market

03/08/2020
NEW DELHI, aug 2: Regulator Sebi is planning to set up a virtual museum of securities market to highlight achievements and milestones in the Indian capital market. In a notice, Sebi has invited Expression of Interest (EoI) from agencies to develop the virtual museum. The museum is intended to be a visual online organised collection of history of evolution, achievements and milestones in the Indian securities market over the decades in terms of market infrastructure, regulation and enforcement...

Toyota looks at localisation to de-risk business from supply chain crisis

03/08/2020
NEW DELHI, aug 2: Toyota Kirloskar Motor (TKM) is looking at enhancing localisation of its products as well as technologies as it aims to de-risk its business from foreign exchange fluctuations as well as supply chain challenges, according to a senior company official. The company, which is a joint venture between Japanese auto major Toyota and the Kirloskar Group, is increasing local content in car manufacturing as well as planning to produce hybrid systems in the country. "We are looking at ...

Delhi, Mumbai Customs to start faceless cargo assessment

03/08/2020
NEW DELHI, aug 2: Delhi and Mumbai Customs will begin faceless assessment of certain imported goods beginning Monday, the CBIC has said. On June 8, 2020, the Central Board of Indirect Taxes and Customs (CBIC) had rolled out in Bengaluru and Chennai the first phase of "faceless assessment" scheme for imported goods, as it prepared for pan-India roll out by January 1, 2021. "Board has decided to begin the 2nd phase of All India rollout of faceless assessment w.e.f. August 3, 2020, by including ...

Steel firms hike prices by Rs 2,000 a tonne in 10 days on demand spike

03/08/2020
Kolkata, aug 2: Steel companies have increased prices by about Rs 2,000 a tonne during the past 10 days, on the back of an increase in domestic demand and international prices, taking it to near-pre-Covid levels. There have been two rounds of increase since the end of July. Industry sources said, in the two rounds that have happened, prices have increased by about Rs 2,000 a tonne. Jindal Steel & Power Ltd (JSPL) managing director, V R Sharma, said that the market had bottomed out. "There have...

Govt to come out with strategic sectors list soon: FM

02/08/2020
NEW DELHI, aug 1: The government will soon come out with a new public sector enterprises policy that will define strategic sectors which will not have more than four PSUs, Finance Minister Nirmala Sitharaman said on Saturday. As part of the 'Aatmanirbhar Bharat Abhiyan' package, the finance minister in May had announced that there will be a maximum of four public sector companies in strategic sectors, and state-owned firms in other segments will eventually be privatised. "We are working on it ...

Wholesale auto sales make comeback in July, 88% jump for Maruti over June

02/08/2020
NEW DELHI, aug 1: Maruti Suzuki, India's largest passenger car manufacturer, on Saturday announced that it had sold 108,000 units in July, 88.2 per cent more than June 2020. The numbers are dispatch from the manufacturer to their dealers and don’t reflect retail sales. While it is a sign of recovery, Maruti executives said that the numbers primarily indicate that supply side issues like availability of workforce and raw material supply has largely been addressed. “The numbers mean that our s...

Privatisation of healthier PSBs should be on table: Viral Acharya

02/08/2020
Mumbai, aug 1: A day after the central bank proposed dilution of the Centre’s stakes in public sector banks (PSBs) to 26 per cent, former RBI Deputy Governor Viral Acharya proposed divestment and even privatisation of healthier PSBs. “In my opinion, the divestments are a first step … divestment beyond majority stake, because they will help relax the fiscal constraint,” he said, adding, “Perhaps privatisation of some of the healthiest public sector banks relatively healthier public sector banks...

Tata Motors posts Rs8,438 crore loss

02/08/2020
NEW DELHI, aug 1: Jaguar Land Rover (JLR), the British luxury unit of Tata Motors Ltd, said car sales recovered in China and the US in the June quarter but warned that the demand outlook for its vehicles remains uncertain because of disruptions caused by sporadic shutdowns across its markets. The sales recovery provides some relief to Tata Motors Ltd, India’s largest commercial vehicle maker, which on Friday reported that loss widened to Rs8,438 crore in the three months to June from Rs3,698 c...

Jet fuel price hiked 3%; LPG, petrol, and diesel rates remain unchanged

02/08/2020
NEW DELHI, aug 1: Jet fuel or ATF price on Saturday was hiked by 3%, the fifth straight increase in two months, while there was no change in rates of cooking gas LPG, petrol and diesel. Aviation turbine fuel (ATF) rates went up by Rs 1,304.25 per kilolitre or 3% in the national capital to Rs 43,932.53 per kl, according to a price notification of state-owned oil companies. ATF price was last hiked by 1.5 % or Rs 635.47 per kl, on July 16. This was the fifth straight increase since June. In four...

Two-pronged strategy: Mukesh Ambani is coming for India’s phones & wallets

02/08/2020
Mumbai, aug 1: Things nobody should lose in a taxi their phone and wallet are what India’s richest man wants to control. And Mukesh Ambani intends to do it in a market of a billion-plus consumers. The oil-and-petrochemicals tycoon’s digital services start-up requires him to dominate the use of mobile devices, while his retail chain, India’s largest, needs maximum grip on customers’ moneybags. Through the fog of the pandemic, the billionaire’s flagship Reliance Industries is showing glimpses ...

British Airways warns of job loss, ExpressJet’s fate in doubt

02/08/2020
Washington, aug 1: Spirit Airlines has warned up to 30 percent of its employees that they will lose their jobs in October, and regional carrier ExpressJet's future is in doubt after losing a key contract as the virus pandemic continues to hammer the airline industry. Spirit is the latest airline to deliver layoff warnings to employees, which are required by federal law 60 days before large-scale job cuts. The budget airline based in Miramar, Florida, said it told unions that about 20 percent ...

Mahindra sales slump 36% to 25,678 units in July, PV sales down 34%

02/08/2020
NEW DELHI, aug 1: Mahindra & Mahindra (M&M) on Saturday reported a 36 per cent decline in total sales at 25,678 units in July. The company had sold 40,142 units in the same month last year, M&M said in a statement. In the domestic market, sales were down 35 per cent to 24,211 units last month compared to 37,474 units in July 2019. Exports dropped by 45 per cent to 1,467 units as against 2,668 units in the year-ago month. In the passenger vehicles segment, which includes UVs, cars and vans, it...

Microsoft weighs TikTok purchase as ad business flattens out: Report

02/08/2020
OAKLAND, aug 1: Microsoft Corp could re-energize its advertising business with a huge supply of video if it follows through on acquiring TikTok's US operations from ByteDance. Reuters reported on Friday, citing a source familiar with the matter, that Microsoft is in exploratory deal talks as the US government prepares to force China-based ByteDance to divest its video app TikTok over data security concerns. Microsoft generates the bulk of its $143 billion in annual revenue by licensing softwar...

India eases loan rules in rescue package to cover more companies

02/08/2020
NEW DELHI, aug 1: India eased some lending rules in the rescue package it announced in May to help more small businesses tide over the crisis triggered by the pandemic. The government has increased the upper limit of loans outstanding as of Feb. 29 to 500 million rupees ($6.7 million) from 250 million rupees, according to Debashish Panda, the ministry of finance’s secretary for banking. The ceiling on annual revenue has been raised to 2.5 billion rupees from 1 billion rupees, he told reporters...

Single window system for industrial approvals will soon be in place: Piyush Goyal

01/08/2020
NEW DELHI, Jul 31: Commerce and Industry Minister Piyush Goyal has said that a single window system for industrial approvals will soon be in place. Inaugurating CII National Digital conference on Ease of Doing Business for Atmanirbhar Bharat on Thursday, the minister urged both industry and government to work as partners and urged the industry to play a proactive role in helping the government identify the tax evaders and violators. On the proposed single window system for investments, the mi...

Focussed on digitising MSMEs in India, on-boarding more sellers: Amazon

01/08/2020
NEW DELHI, Jul 31: E-commerce giant Amazon is focused on digitising micro, small and medium-sized businesses in India and is working on getting more sellers on board and hiring more people, a top company executive said. “We’ve talked about India many times, but a lot of focus on building that out... what’s great about a place – all geographies with a place like India is we’re really focused on digitising the Indian sellers. A lot of micro, small and medium-sized businesses there,” Amazon Direc...

Indian Oil Q1 net profit falls 47% to Rs 1,910.84 crore on poor demand

01/08/2020
NEW DELHI, Jul 31: Indian Oil Corporation Ltd (IOC), the nation's biggest oil firm, on Friday reported a 47 per cent drop in its June quarter net profit as pandemic outbreak pummelled fuel demand and shrank refining margins. Standalone net profit in April-June quarter at Rs 1,910.84 crore, or Rs 2.08 per share, was 46.8 per cent lower than Rs 3,596.11 crore, or Rs 3.92 a share, net profit in the same period of the last financial year, the company said in a regulatory filing. With a good part ...

Gold eyes best month since January 2012 as weak US data dents dollar

01/08/2020
NEW DELHI, Jul 31: Gold rose on Friday en route to its best month in 8-1/2 years as the dollar slid further after dismal US data added to doubts about a swift recovery from the pandemic-induced economic slump, driving investors towards the safe-haven metal. Spot gold was up 0.8% at $1,975.44 per ounce by 0651 GMT after snapping a nine-session winning streak on Thursday. US gold futures rose 1.5% to $1,970.70. The US dollar fell to a two-year low and was on course for its worst month in a deca...

Sensex drops 129 pts; Reliance tumbles 2 pc

01/08/2020
Mumbai, Jul 31: Domestic equity benchmark Sensex dropped 129 points on Friday, tracking losses in index heavyweights Reliance Industries and HDFC twins amid weak cues from global markets. The BSE Sensex ended 129.18 points or 0.34 per cent lower at 37,606.89, while the NSE Nifty fell 28.70 points or 0.26 per cent to 11,073.45. Reliance Industries was the top loser on the Sensex chart, shedding around 2 per cent, as investors began booking profits at higher levels. The company on Thursday rep...

Ford’s results not as grim as expected for virus-marred 2Q

01/08/2020
Detroit, Jul 31: Ford Motor Co. posted results on Thursday that were not as grim as expected for its second quarter that saw its US factories shuttered for half the period to combat the spread of the coronavirus and car buyers sheltering in place. Ford reported a 1.12 billion second-quarter net profit, pushed into the black by a 3.5 billion gain on the value of its stake in the Argo AI autonomous vehicle operation. Without the one-time gain, the company lost 1.9 billion, or a 35 cents per shar...

RBI likely to leave repo rate unchanged in August policy meet: Report

01/08/2020
Mumbai, Jul 31: The Reserve Bank of India is likely to leave repo rate unchanged in the upcoming policy review meeting and the Monetary Policy Committee may look for "unconventional policy measures" to ensure financial stability, says a report. The Monetary Policy Committee (MPC), headed by the RBI Governor, is scheduled to meet for three days beginning August 4 and will announce its decision on August 6. "We believe an August rate cut is unlikely. We believe that the MPC could now well debat...

FMCG sales in rural mkt bounce back in Jun: Nielsen

01/08/2020
NEW DELHI, Jul 31: Rural and semi urban markets have posted a strong bounce back in FMCG sales in June, while bigger cities continue to witness decline as "industry revival in Bharat outpaces that in India", according to data analytics firm Nielsen. Sales in rural and smaller town markets reported increase of 12 per cent and 7 per cent, respectively, while metro and class I cities declined by 4 per cent and 2 per cent in June, Nielsen said in its report Q2 FMCG Growth Snapshot. The coronaviru...

ABB India opens new robotic solution delivery facility in Bengaluru

01/08/2020
NEW DELHI, Jul 31: Engineering major ABB India on Friday said that it has opened a new robotics facility to support the digital transformation of manufacturing in India. The new ABB robotics solutions delivery facility will enable Indian customers to reap the benefits of Industry 4.0 including cutting-edge robotics and digitalisation technologies to help India become a resilient high-tech manufacturing economy in the world, a company statement said. Spread over 3,600 sq mt at the ABB Nelamang...

Rupee settles 3 paise higher at 74.81 against US dollar

01/08/2020
Mumbai, Jul 31: The Indian rupee settled 3 paise higher at 74.81 (provisional) against the American dollar on Friday tracking weakness in the greenback. At the interbank forex market, the rupee opened at 74.74, and witnessed an intra-day high of 74.68 during the session and a low of 74.90 against the US dollar. The domestic unit finally settled for the day at 74.81, 3 paise higher over its previous close of 74.84. Meanwhile, the dollar index, which gauges the greenback's strength against a b...

RBI may allow one-time loan recast in construction & real estate, tourism and aviation

31/07/2020
Mumbai, Jul 30: With banks pushing for a one-time restructuring of loans, the Reserve Bank of India (RBI) may provide this leeway for select stressed sectors. Sectors such as tourism, hospitality and real estate have been seeking this relief to tide over the business slump resulting from effects of COVID-19 pandemic induced economic downturn. A senior official with a leading financial services firm said restructuring of genuine cases of non-performing loans is the need of the hour, as it will ...

India’s FMCG sector to see flat growth in 2020 due to Covid-19: Nielsen

31/07/2020
NEW DELHI, Jul 30: India's fast moving consumer goods (FMCG) sector is expected to witness flat growth in 2020 following severe and extended lockdowns, restrictions on manufacturing units, social distancing norms and store closures, according to data analytics firm Nielsen. Earlier, on April 30, in the middle of the lockdown, Nielsen had slashed the growth forecast for the FMCG sector by almost half to 5-6 per cent for 2020 citing adverse impact of the coronavirus pandemic. Though the FMCG in...

KTM offers additional warranty, assistance for bookings before Sept 20

31/07/2020
Mumbai, Jul 30: Austrian premium motorcycle brand KTM, which is 48 per cent owned by Bajaj Auto Ltd, on Thursday announced a limited-period offer worth Rs 5,000 for all customers who book any KTM model before September 20. The offer includes an additional three-year warranty and free one-year roadside assistance plan, among others, the company said in a release. "As a part of the package, customers will get free three-year additional warranty over and above the existing two-year warranty, fre...

Sensex tumbles 335 pts; Nifty gives up 11,150

31/07/2020
Mumbai, Jul 30: Domestic equity benchmark Sensex slumped 335 points on Thursday, dragged by losses in financial stocks amid negative cues from global markets. The 30-share BSE benchmark ended 335.06 points or 0.88 per cent lower at 37,736.07; while the NSE Nifty tumbled 100.70 points or 0.90 per cent to 11,102.15. IndusInd Bank was the top laggard in the Sensex pack, falling over 5 per cent, followed by HDFC, Axis Bank, PowerGrid, SBI, Bajaj Finserv and Bharti Airtel. On the other hand, Sun ...

Rupee settles 4 paise lower at 74.84 against US dollar

31/07/2020
Mumbai, Jul 30: The rupee fell 4 paise to close at 74.84 (provisional) against the US dollar on Thursday tracking weak domestic equities and strong American currency. At the interbank forex market, the rupee opened at 74.84 and during the session fluctuated between an intra-day high of 74.80 and a low of 74.88 against the US dollar. The domestic unit finally closed at 74.84 against the greenback, down 4 paise over its previous close 74.80. Forex traders said rupee was trading on a muted note...

India’s gold demand in April-June sinks 70% on COVID-19 disruptions: WGC

31/07/2020
Mumbai, Jul 30: Gold demand in India plunged 70 per cent during the April-June quarter to 63.7 tonnes compared with the same period last year mainly due to the nationwide lockdown to prevent the spread of COVID-19 and high prices, according to a World Gold Council (WGC) report. Overall gold demand in the country was 213.2 tonnes during the second quarter of 2019, WGC said in its ‘Q2 Gold Demand Trends’ report. In terms of value, India’s gold demand during the second quarter of this year was R...

Yes Bank takes possession of Anil Ambani’s group HQ in Mumbai for failure to repay dues

31/07/2020
Mumbai, Jul 30: Yes Bank has taken over the headquarter of Anil Ambani's group in surburban Santacruz for failure to repay dues worth Rs 2,892 crore. The private sector lender has also taken possession of two flats in South Mumbai for the non-payment of dues by Reliance Infrastructure, according to a notice published by Yes Bank in a newspaper on Wednesday. Nearly all the major companies in Anil Dhirubhai Ambani Group (ADAG) were operating out of the Santacruz office called 'Reliance Centre'....

Nestle cuts 2020 growth forecast as consumers ate into stockpiles in second quarter

31/07/2020
NEW DELHI, Jul 30: Nestle cut its full-year underlying sales forecast on Thursday, saying demand had slowed as customers worked their way through cupboards they stocked up with food at the start of coronavirus related-lockdowns. Packaged food companies have weathered the crisis better than other industries as consumers bought coffee, pasta or infant formula in bulk during COVID-related lockdowns, although Nestle’s business supplying restaurants and cafes restaurants has suffered. Organic sale...

Airbus trims A350 output, Q2 loss worse than expected due to Covid-19 pandemic

31/07/2020
Paris, Jul 30: Europe’s Airbus announced a new cut in production of its marquee A350 jet on Thursday as it swung to a larger-than-expected second-quarter loss in the face of the global pandemic. But boosting its shares, the planemaker also said it hoped to avoid consuming cash in the second half of the year after a smaller-than-expected second-quarter outflow of 4.4 billion euros as deliveries tumbled due to the coronavirus crisis. “We believe it is going to be a long and slow recovery,” Chief...

Samsung beats earnings estimates on recovery of chips, gadget sales

31/07/2020
NEW DELHI, Jul 30: Samsung Electronics Co. reported earnings that beat profit estimates, as rising internet use during the Covid-19 pandemic boosted chip demand and gadget sales. Net income was 5.5 trillion won ($4.6 billion) in the three months ended June, the company said in a filing on Thursday, compared with the 4.9 trillion won average of estimates compiled by Bloomberg. Samsung had reported preliminary numbers earlier this month that showed operating profit rose 23%. The world’s largest...