Business

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,…

New Delhi: Reduction in GST rate and introduction of scrappage policy would help in reviving the commercial vehicle sector which has been facing headwinds for quite for some time now, a top Ashok LeylandNSE 5.68 % official said. The Hinduja Group flagship company also expects the situation due to the current downturn in the industry, most recently due to the coronavirus pandemic, to improve gradually during the current fiscal. “The answer is yes, it certainly will,” Ashok Leyland MD and CEO Vipin Sondhi told when asked if the GST rate…

State Bank of India (SBI) – the country’s largest lender by assets – on Friday reported a net profit of Rs 3,580.81 crore for the quarter ended March 31. That marked a surge of more than four times compared to its profit of Rs 838.40 crore in the corresponding to period of a year ago. The financial results by State Bank of India (SBI) come at a time when the country is in the 5th  phase of a nationwide lockdown to battle the spread of the coronavirus pandemic, which has battered the…

The government is negotiating with banks to give loans to the small businesses at a lower interest rate of around 7.5-8 %, Minister of State for Finance and Corporate Affairs Anurag Singh Thakur said on Friday. He was interacting with the MCCI members on a webinar where he heard the concerns of the members about overcoming the COVID-19 induced crisis on the economy and human lives. Adequate & cheaper credit is the mainline demand of the industry in these difficult times. Regarding schemes of the government where it provides a…