Business and Economy

Wednesday, August 21, 2019Gold hits new high of Rs 38,820; silver jumps Rs 1,140

New Delhi, Aug 21: Gold prices on Wednesday appreciated Rs 50 to hit a new high of Rs 38,820 per 10 gram at the bullion market here on account of consistent buying support from jewellers, according to the All India Sarafa Association.

Silver also soared by Rs 1,140 to Rs 45,040 per kg on fresh offtake by industrial units and coin makers.

Traders attributed the gain in gold to increase in t


Wednesday, August 21, 2019Sensex, Nifty flat, Yes Bank down 3%

Mumbai, Aug 21: The Sensex and Nifty on Wednesday traded on a flat note awaiting a stimulus package from the Union government.

The Sensex opened slightly lower at 37,298.73 from its Tuesday's close of 37,328.01.

At 10.07 a.m., the Sensex traded 59.02 points higher at 37,387.03 while the Nifty was up 13.75 points at 11,030.75.

Yes Bank was trading 3.09 per cent lower during the early trad


Wednesday, August 21, 2019Voda-Idea loss triggers Rs 21.5K cr m-cap loss in Birla firms

Mumbai, Aug 21 (IANS) The unabated losses at Vodafone-Idea are eroding the value of other Aditya Birla Group firms, whose combined m-cap declined by a whopping Rs 21,431 crore on August 20, days after the quarterly results of the telecom arm were announced on July 29.

On August 19, the company posted lacklustre subscriber numbers having lost 41 lakh customers. Soon after, it was announced that


Tuesday, August 20, 2019COAI urges cut in USO fee to 3%, telecom licence fee to 4%

New Delhi, Aug 20 (IANS) The Cellular Operators Association of India (COAI) has made a pitch for brining down the total licence fee to 4 per cent from the current 8 per cent of the adjusted gross revenue (AGR).

In a letter to the then Department of Telecom (DoT) Secretary Aruna Sundararajan, the industry association said the Universal Service Obligation (USO) Fund contribution should be kept i


Tuesday, August 20, 2019Resolve stressed assets in time for maximum value: RBI

Mumbai, Aug 20 (IANS) Reserve Bank of India Deputy Governor N.S. Vishwanathan on Tuesday advised lenders to ensure timely resolution of stressed assets under the new framework to extract the maximum value and asked them for deal only with "genuine" cases.

Addressing the annual industry event Fibac, he also said that the central bank will be coming out with the final guidelines for private and


Tuesday, August 20, 2019Sensex down 74 points, Nifty closes at 11,017

Mumbai, Aug 20 (IANS) Indian stock markets closed on a flat note for the second straight day on Tuesday, awaiting a stimulus package from the government. The Sensex closed 74.48 points or 0.20 per cent lower at 37,328.01, while the broader Nifty ended 36.90 points lower at 11,017.

State-run banks declined most on the NSE, followed by private banks and financial service stocks, while auto stock


Tuesday, August 20, 2019Tweak features to end deep discounts, NRAI tells online food aggregators

New Delhi, Aug 20 (IANS) In a bid to stop "unethical" deep discounting practices of online food aggregators amid nationwide #logout campaign, the National Restaurant Association of India (NRAI) on Tuesday told the platforms to realign their offerings to create a restaurant-friendly ecosystem, ending the system of freebies and detox the consumers from discount addiction.

In a meeting with the f


Tuesday, August 20, 2019Vodafone Idea falls 9% on BSE after CEO's resignation

Mumbai, Aug 20 (IANS) Shares of telecom major Vodaone Idea slumped nearly 9 per cent on Tuesday, a day after its Chief Executive Officer Balesh Sharma resigned with immediate effect and the company appointed Ravinder Takkar as new CEO.

Sharma's resignation on Monday is seen as a major casualty of the ongoing stress in the telecom sector and in the company. The company's board said Sharma, appo


Tuesday, August 20, 2019Around 1 mn Indian tourists visited Dubai in H1 2019

New Delhi, Aug 20 (IANS) Out of the 8.36 million international overnight visitors that Dubai welcomed in the first six months of 2019, a whopping 997,000 visitors were from India, according to data released by Dubai Tourism on Tuesday.

In terms of volume, the number of international tourists to Dubai grew three per cent compared to the same period last year.

Dubai continued to drive bookin


Tuesday, August 20, 2019Wipro, IISc to jointly innovate in robotics, 5G

Bengaluru, Aug 20 (IANS) Global software major Wipro on Tuesday tied-up with the Indian Institute of Science (IISc) for advanced research and innovation in autonomous systems, robotics and 5G.

"We have jointly set up the Wipro-IISc research and innovation network, a hybrid industry academia collaboration unit, to drive idea discovery, research and innovation in technology and product design,"


Tuesday, August 20, 2019Yes Bank falls 7% after fraud revelation at CG Power

Mumbai, Aug 20 (IANS) Private lender Yes Bank fell nearly seven per cent during early trade on Tuesday, following revelations of corporate fraud at CG Power and Industrial Solutions. Yes Bank has a significant stake in CG Power and Industrial Solutions.

Yes Bank shares traded 6.91 per cent lower at Rs 71.40 a share at 1.15 p.m.

Hit by major corporate governance issues involving unauthorised


Tuesday, August 20, 2019Sensex slips by 100 points, Nifty holds 11,000

Mumbai, Aug 20: The Sensex and Nifty fell after initial gains on Tuesday awaiting a stimulus package from the government.

According to reports, the Union government is working on a stimulus package to revive economic growth.

At 10.18 a.m., the Sensex was down 104.36 points or 0.28 per cent to 37,298.13.

The benchmark index opened at 37,441.75, slightly higher from its previous close of


Tuesday, August 20, 2019SBI waives processing fee on car loans in festival season

Mumbai, Aug 20: State Bank of India (SBI), the country's largest lender, on Tuesday announced processing fee waiver on car loans during the upcoming festival season in a bid to boost car sales. The bank is also offering the lowest interest rate starting 8.70 per cent on car loans, with no escalation in interest.

"The SBI has waived processing fees on car loans during the festival season. The b


Monday, August 19, 2019Sensex up 73 pts, Nifty above 11,000

Mumbai, Aug 19: The Sensex on Monday opened slightly higher over gains by finance and banking stocks.

At 9.32 a.m., the benchmark Sensex was trading 73.45 points or 0.20 per cent higher at 37,423.78.

It opened at 37,485.92, higher from its Friday's close of 37,350.33.

The Nifty gained 46.35 points or 0.42 per cent to 11,094.15.

Among the Nifty50 stocks, 32 edged higher while 18 traded


Sunday, August 18, 2019Despite low demand, research firm G&R bullish on oil prices

Mumbai, Aug 18 (IANS) Despite the lack of demand in the global markets owing to worldwide slowdown in economic activity, natural resource research firm Goehring & Rozencwajg (G&R) says that it expects oil prices to rise.

Typically, oil prices fall if there is a persistent lack of demand. Currently the global economy is witnessing a major slowdown and economies like China, Germany and India hav


Sunday, August 18, 2019I-T department to adopt 'taxpayer friendly' approach

New Delhi, Aug 18 (IANS) The Income Tax (I-T) Department has decided to adopt a more friendly approach in its dealings with the tax assessees, sources said on Sunday, following Finance Minister Nirmala Sitharaman's call for a mindset change among tax officials.

Sitharaman on Saturday asked the I-T Department to bridge the communcation gap between tax officials and the assessees and sought a ch


Sunday, August 18, 2019Sectoral policy intervention in works, no fiscal stimulus

New Delhi, Aug 18 (IANS) The Finance Ministry is holding back-to-back discussions with the Prime Minister's office and the Reserve Bank of India to come out with a sectoral policy package at the earliest but sources rule out any fiscal stimulus having direct revenue implications.

There will be relief to the sectors in stress through policy interventions like for the auto sector, the industry's


Saturday, August 17, 2019I-T Dept issues 17-point checklist to trace unaccounted DeMO cash

New Delhi, Aug 17 (IANS) In a bid to seize illegal cash, the Income Tax Department has issued a 17-point checklist to tax commisioners across the country to track those who deposited unaccounted cash during demonetisation.

In a directive to the Principal Chief Commissioners of Income Tax and Principal Director Generals of Income Tax, the Central Board of Direct Taxes (CBDT) said that in coniti


Saturday, August 17, 2019CEOs must prioritize water risks in boardroom meets: Report

New Delhi, Aug 17 (IANS) As the world stares at 40 per cent water supply gap by 2030, managing water must be a priority in the boardroom of every company in the world including in India -- to create and develop competitive advantages, while reducing financial losses and ensuring continuity of operations, a new report has suggested.

Businesses often fail to understand the full value of water, a


Saturday, August 17, 2019General Electric engaged in 'bigger fraud than Enron': Whistleblower

San Francisco, Aug 17 (IANS) A whistleblower has accused General Electric (GE) of hiding massive losses by engaging in a $38 billion accounting fraud, which is "bigger than Enron".

In his report this week, investigator Harry Markopolos accused GE of utilising many of the same accounting tricks as Enron did to mislead the investors.

"In fact, GE's $38 billion in accounting fraud amounts to


Saturday, August 17, 2019Jagan calls for catalysing US-Andhra economic ties

Amaravati, Aug 17 (IANS) Andhra Pradesh Chief Minister Y.S. Jagan Mohan Reddy has urged the US-India Business Council (USIBC) to work with his government to identify '5 big ideas' to catalyse the US-Andhra Pradesh economic partnership.

He said that Andhra Pradesh and USIBC can prepare a roadmap to achieve investment and trade targets especially in the areas of agriculture and food security, he


Saturday, August 17, 2019'The great gold bull market has begun'

Mumbai, Aug 17: Gold prices have hit a record high amid a rush for safe haven assets owing to the fears of a recession. Goehring & Rozencwajg, a research firm which focuses on investments in natural resources, says the great gold bull market has begun.

Gold prices have surged over 20 per cent since January 1 and touched a life-time high of Rs 38,666 per 10 gm earlier in the month.

A bull m


Saturday, August 17, 2019SpiceJet to launch 12 new domestic flights from October

New Delhi: Budget passenger carrier SpiceJet said it will launch 12 new domestic flights effective from the first week of October 2019.

According to the airline, all the new flights will be operational daily and the airline will deploy its Boeing 737-800 aircraft on all these routes.

The airline will introduce daily non-stop flight between Delhi and Aurangabad from October 8.

It will al


Saturday, August 17, 2019More than Rs 1 lakh crore in PMJDY accounts

Bhopal, Aug 17: More than Rs 1 lakh crore have been deposited in over 36 crore bank accounts opened under the Pradhan Mantri Jan Dhan Yojana (PMJDY), reveals an RTI.

Chandrashekhar Gaur, a social worker from Neemuch district of Madhya Pradesh, filed the RTI seeking the details of the PMJDY from the Ministry of Finance.

The reply to his RTI application revealed that till July 17, 2019, aro


Saturday, August 17, 2019Gold ETFs: Investors bet big on the safe haven asset

Mumbai, Aug 17: As the global economic scenario remains subdued and trade tensions remain volatile, investors have bet big on the safe haven of gold-backed exchange traded funds (ETF).

According to data from the World Gold Council (WGC), globally investors poured about $2.6 billion into gold-backed ETFs in July, the highest monthly investment since March 2013.

The Gold Exchange Traded Fund


Friday, August 16, 2019Hero MotoCorp stops production for 4 days

Mumbai, Aug 16: Hero MotoCorp, the country's largest two-wheeler manufacturer, on Friday said that their manufacturing facilities will be closed for four days (August 15 to 18) owing to "demand scenario".

Hero MotoCorp indicated it is undergoing a stressful period as it said: "While this has been part of the annual holiday calendar on account of Independence Day, Raksha Bandhan and the weeken


Friday, August 16, 2019Sensex down 140 points amid poor global cues

Mumbai, Aug 16: The Sensex fell by 140 points during the early trade on Friday, dragged by finance and banking stocks.

All the sectoral indices except pharma stocks traded lower. Metal and IT stocks came under heavy selling pressure during the early trade.

Besides, markets are awaiting a stimulus package and relief for foreign portfolio investors from the super-rich surcharge announced in t