Business
Rupee slumps to all-time low of 77.42 against dollar
The rupee extended its losses and touched an all-time low of 77.42 against the US dollar in early trade on Monday weighed down by the strength of the American currency in the overseas market and unabated foreign fund outflows. At the interbank foreign exchange, the rupee opened at 77.17...
Mumbai areas plunge into darkness in another outage
Many pockets of Mumbai plunged into darkness on Monday evening in a power outage caused by what was termed as a “technical fault”. The outage comes amid a series of disruptions in power supply faced by the financial capital over the last month amid a severe shortage of electricity...
Centre asks states to import coal to raise power output
Amid power cuts due to the low availability of coal and high demand, the central government has invoked an emergency law to start electricity generation at some idle power plants that are running on imported coal, according to a report. These idle plants are not producing electricity due to...
Commercial LPG, jet fuel prices hiked further
The price of a 19-kg commercial LPG cylinder has been hiked by Rs 102.5 to Rs 2,355.50, compared with Rs 2,253 earlier. A five-kg LPG cylinder is now priced at Rs 655. Apart from this, jet fuel prices on Sunday were also hiked by 3.22 per cent — the...
Lankan PM says he won’t resign
Sri Lanka’s embattled Prime Minister Mahinda Rajapaksa on Wednesday said that President Gotabaya Rajapaksa has not asked him to resign and claimed that they were on the “same page” to resolve the worst economic crisis, amidst reports of a rift between the two brothers in running the debt-ridden island...
SC asks banks not to impose penalties for missing EMIs
The Supreme Court has recently directed the banks to not treat the accounts of homebuyers of Amrapali Group of Companies, who have bought their flats under subvention scheme, as non-performing assets accounts. The apex court also said that no penalties will be charged from them for defaulting easy monthly...
RBI survey forecasts double-digit inflation ahead
The household inflation expectations for both three months and one year have crossed the 10 per cent mark, according to a survey by the RBI, whereas the central bank in its latest monetary policy review projected the inflation at 5.7 per cent for the current financial year 2022-23. “Households’...
Adani enters $100 billion club with Musk, Bezos
Gautam Adani has joined the exclusive centibillionaires club, which includes the likes of investor Warren Buffett, Tesla CEO Elon Musk, Amazon chief Jeff Bezos, and Meta founder Mark Zukerberg. Adani has also emerged as the world’s biggest gainer, as per a report, with his fortune going up by nearly...
Banking services hit by strike, impact higher in east India
According to a report by news agency PTI, banking services were partially impacted on Monday as a section of bank employees did not report for duty. Some bank branches, particularly in cities with a strong trade union movement, did very limited over-the-counter public dealings such as cash deposits and withdrawals....
Modi promises full cooperation to Lanka in forex crisis
Sri Lankan Finance Minister Basil Rajapaksa on Friday said that Prime Minister Narendra Modi has assured Colombo of full cooperation in all economic and social matters, including backing at international forums, to further intensify the close bilateral ties. Speaking to reporters after he returned from India, where he clinched...
India eying more cheap Russian Oil
India may take up a Russian offer to buy crude oil and other commodities at a discount, two Indian officials said, in a sign that Delhi wants to keep its key trading partner on board despite Western attempts to isolate Moscow through sanctions. U.S. officials have said in recent...
World Bank warns inflation may trigger riots
Soaring energy and food prices triggered by Russia’s invasion of Ukraine could exacerbate existing food security concerns in the Middle East and Africa, and may fuel growing social unrest, World Bank chief economist Carmen Reinhart said. Germany will host a virtual meeting of agriculture ministers from the Group of Seven...
Rupee hits lifetime low at 76.9 per dollar
The Indian rupee hit a lifetime low in opening deals on Monday as a sharp surge in global crude oil prices threatened to push up imported inflation and widen the country’s trade and current account deficits. The partially convertible rupee was trading at 76.92/93 per dollar, after touching 76.96, its weakest level ever....
IT firms’ work from home ends
Work from home began for most employees when the first Covid-19 lockdown was announced. Now, almost after two years when there is a visible decline in the number of Covid-19 cases, several IT firms are gearing up to call their staff back to offices. However, in a slight respite to...
Rupee trade with Russia planned to soften sanctions
India is exploring ways to set up a rupee payment mechanism for trade with Russia to soften the blow on New Delhi of Western sanctions imposed on Russia after its invasion of Ukraine, government and banking sources said. Indian officials are concerned that vital supplies of fertilizer from Russia...
Russia-Ukraine war drags Sensex 2,000 points lower
Indian benchmark indices entered correction territory as Russian President Vladimir Putin announced military operations in Eastern Ukraine on Thursday. The Nifty 50 and Sensex have now fallen more than 10 per cent from their recent highs after the brief recovery seen in January. Both the benchmark indices were at...
CBI files case against ABG Shipyard for Rs22,842-cr loan fraud
ABG Shipyard Limited, one of the India’s largest private sector shipyard firm, has been booked in a bank fraud case by the Central Bureau of Investigation (CBI). On Saturday, the CBI filed a case against ABG Shipyard and its then chairman and managing director Rishi Agarwal, and others for allegedly...
SC sets aside HC order for attaching Future, Biyani assets
In a relief for Kishore Biyani-led Future Group, the Supreme Court on Tuesday set aside Delhi High Court order declining stay on an arbitration tribunal decision refusing to interfere with the Emergency Award (EA) of the Singapore International Arbitration Centre (SIAC) in favour of Amazon. The top court said...
