The rupee opened on a strong note at the interbank forex market at 75.51 against the US dollar, but pared the initial gains and settled at 75.65 against the US dollar, unchanged against its previous close. The rupee pared initial gains and settled on a flat note at 75.65 (provisional) against the US dollar on Friday as concerns about rising Covid-19 cases weighed on investor sentiment. Forex traders said risk appetite has waned amid spike in fresh coronavirus infections globally. The rupee opened on a strong note at the interbank forex…
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‘Why import even Ganesha idols from China’: Nirmala Sitharaman in push for self-reliance !!
New Delhi: Finance minister Nirmala Sitharaman wondered if importing household products used everyday like a soap-box, plastic items or incense sticks used for pooja purposes would support self-reliance especially when such products were made locally by Indian firms and MSME(s). Finance minister Nirmala Sitharaman said on Thursday there was nothing wrong in imports to spur growth but wondered why even Ganesha idols should be bought from China. Importing raw materials that were not available in the country and needed for our industries was not wrong, she said addressing the BJP’s…
Read MoreSensex soars 300 points to reclaim 35,000-level in opening session, Nifty near 10,400 !!
New Delhi: Indian benchmark indices opened in green on Friday with BSE Sensex reclaiming 35,000-level with a jump of over 300 points in early trade while the broader Nifty was nearing 10,400-mark in early trade in line with global peers.At 9:30 am, Nifty was up at 1.02% or 104.45 points to trade at 10,393.35 whereas Sensex was about 0.86% or 300.36 points higher at 35,139.42. Gains on the Sensex were led by IndusInd Bank and Infosys. Kotak Bank, HUL and Sun Pharma were among the laggards. About 1001 shares have…
Read MoreIndia looks inward to save economy as crisis bites !!
New Delhi: Prime Minister Narendra Modi wants to make India more self-reliant, but if the experience over the past few years is anything to go by, it’s not going to be easy. Faced with disruptions to raw material supplies from China because of the Covid-19 pandemic and millions of job losses following a nationwide lockdown, Modi has ratcheted up calls to boost local manufacturing and reduce India’s reliance on imports. A shortage of personal protective equipment at the beginning of the outbreak increased his resolve — and within the space…
Read MoreCustom check for Chinese goods can worsen shortages of smartphones, laptops, TV !!
Kolkata: India’s move to check each and every consignment coming in from China will lead to delays and amplify shortages of smartphones, tablets, computers and televisions, said executives of leading brands and contract manufacturers. The disruption in the industry’s supply chain comes at a time when demand for these products is higher than supplies, they said. Three senior industry executives said supplies will be impacted for brands such as Apple, Xiaomi, Oppo, Vivo, OnePlus, RealMe, Lenovo and several online focused brands, as consignments for most of them are currently stuck…
Read MoreSequoia India Backs AI-Based Sales Solutions Provider In $8 Mln Round !!
Bengaluru: Salesken.ai, a start-up that provides artificial intelligence-based tools to improve sales, has raised $8 million in a Series A round from Sequoia India. The round also saw existing investors such as Unitus Venture and Michael and Susan Dell Foundation making a partial exit. Founded in 2019 by Sreeraman Vaidyanathan and Surga Thilakan, Salesken’s proprietary technology uses machine learning and data science tools to learn successful sales tactics and help teams with real-time intelligence to land more deals. The Bengaluru-based company said the new funds would be used for further development…
Read More‘Green shoots of economic revival seen across sectors’: Finance ministry
The finance ministry on Tuesday said the agricultural sector would be the foundation of the country’s economic growth and “early green shoots” of economic revival are visible with pickup in agricultural procurement, fertiliser sales, energy consumption, freight movement, digital transactions and forex earnings. “Agricultural sector remains the foundation of the Indian economy and with a forecast of a normal monsoon, it should support the rebooting of the Indian economy,” it said in a statement. Procurement of wheat from farmers by government agencies has been a record 382 lakh metric tonnes (LMT) as on…
Read MoreMukesh Ambani Makes Reliance Net Debt-Free Ahead Of Its March 2021 Target !!
Mumbai: India’s most valuable company Reliance Industries Limited has managed to become net debt-free almost nine months ahead of its set target, thanks to the INR 168,818 Cr fundraising in the last eight weeks. The Mukesh Ambani-led company has raised INR 1.15 Lakh Cr from global tech investors like Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, Abu Dhabi Investment Authority, L Catterton and Public Investment Fund by selling less than a quarter for its digital arm Jio Platforms. Reliance Industries’ chairman and managing director Ambani said, “Over…
Read MoreFrom infrastructure to hi-tech: Mapping China’s large trade footprint in India !!
New Delhi: The deadly border skirmishes between India-China have cast a cloud over trade relations, which have seen the latter rapidly expand its footprint in the Indian economy, spanning infrastructure, physical goods and hi-tech, with the value of total bilateral trade surging 20% in the last six years, according to official data. At least some of this surge, experts admit, has come at the cost of local industry. Chinese firms have ploughed huge investments into some of the country’s most iconic tech brands, such as the ride-hailing service Ola, a…
Read MorePidilite Industries share price falls 3% after Q4 net profit plunges 34% !!
Shares of Pidilite Industries fell almost 3 percent intraday on June 18, a day after the company reported a nearly 34% year-on-year (YoY) decline in its consolidated net profit to Rs 156.51 crore for the fourth quarter ended March 31. The company had posted a net profit of Rs 236.87 crore for the January-March period of 2018-19. Its revenue from operations declined to Rs 1,544.68 crore for the fourth quarter as compared with Rs 1,639.28 crore in the same period of 2018-19, Pidilite Industries said in a regulatory filing. For…
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