Business

New Delhi: India’s industrial production shrank by a record of 55.5% in April from the year earlier with manufacturing crashing 64.3%, as computed from data released by the government, which didn’t provide a number for the change from April 2019 because of the Covid-19 lockdown. The ministry of statistics & programme implementation also withheld the headline retail inflation figure for May but official data showed retail food inflation rose 9.28% on year last month. It had also withheld the headline inflation number for April on the grounds that the data…

New Delhi: State Bank of India (SBINSE -3.13 Per cent) moved the insolvency court to recover more than Rs 1,200 crore from Anil Ambani under the personal guarantee clause of the bankruptcy law. It said Ambani had personally guaranteed loans taken by Reliance Communications NSE -5.00  Per cent, currently undergoing insolvency proceedings, which the state-owned lender is trying to recover. SBI moved the National Company Law Tribunal (NCLT) under Section 97(3) of Insolvency and Bankruptcy Code (IBC), seeking its intervention to direct the insolvency board to nominate a resolution professional…

New Delhi: Dutch companies in India, some of whom are present here for decades, are planning long-term and Holland is looking to diversify its supply chains, according to Netherlands Ambassador to India Marten van den Berg. “Holland and Dutch companies are planning to diversify their supply chains and India presents an opportunity,” van den Berg told ET in an exclusive interaction amid the global debate on shifting out supply chains from China. Some of Dutch companies including Phillips and Shell are present in India for decades and are planning a…

Indian shares closed lower on Tuesday, ending upto 13 per cent surge over the last nine sessions, as banks and heavyweight Reliance Industries weighed, with a broader rally on hopes of a quicker global economic recovery coming to a halt. The Nifty closed down 1.2 per cent at 10,046.65, while the Sensex dropped 1.2 per cent to 33956.69. Earlier in the session, the indexes had risen more than 1 per cent each as shopping malls and restaurants reopened this week following the world’s biggest coronavirus lockdown, even as the number…

The Indian Rs on Tuesday gave up all its intra-day gains to close 6 paise lower at 75.61 against the US $ in line with weaker sentiment in financial markets triggered by steeply rising coronavirus cases in the country. Besides, robust US $ against its key rivals also had an impact on the domestic unit.The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.42% to 97.02.  The rupee opened at 75.53 against the US $, but pared the gains to settle at 75.61 against…

Reliance Industries shares surrendered their early gains of nearly 3 % and ended marginally in the red a day after India’s largest conglomerate announced, on Sunday evening, that the Abu Dhabi’s state-owned company ADIA (Abu Dhabi Investment Authority) will purchase a 1.16 % stake in its digital services arm Jio Platforms for Rs 5,683.50 crore through a wholly-owned subsidiary. The shares of Reliance Industries jumped over 2.7 % to the day’s high of Rs 1,624 at opening bell, but lost steam midway through the trading session to end at Rs 1,570,…