Equity indices logged their best month since August 2021 with the benchmark BSE sensex scaling over 3,000 points or 4.13 per cent in March. The performance comes in the back of a ragging war between Russia and Ukraine that has spooked stock markets globally, forcing investors to move to safe haven assets.
Shares of India's Tata Coffee surged up to 12% on Wednesday after parent Tata Consumer Products said it would streamline its coffee business by merging the company with itself. Tata Consumer said the plantation business of Tata Coffee would be demerged into Tata Consumer Products' beverages and foods unit, which is known for brands like "Tata Tea" and "Tetley".
Shares of Reliance Industries Limited on Wednesday jumped nearly 2 per cent with its market valuation going past Rs 18 lakh crore mark. The market heavyweight stock climbed 1.94 per cent to settle at Rs 2,673 apiece on the BSE. During the day, it jumped 2.51 per cent to Rs 2,688.
Finance minister Nirmala Sitharaman on Tuesday defended the 137-day hiatus in fuel price revision, saying the disruption in supply chains and the resultant increase in global oil prices due to the war in Ukraine was a "couple of weeks" phenomenon resulting in the record hike in petrol and diesel prices in last 8 days.
Domestic ratings agency Icra on Tuesday cut its FY23 real GDP growth estimate by a sharp 0.8 per cent to 7.2 per cent, primarily driven by the fallout of Russian invasion of Ukraine. Its chief economist Aditi Nayar attributed the downward revision to elevated commodity prices and also fresh supply chain issues arising from the conflict in Ukraine.
A Delhi court on Monday allowed the CBI to collect the handwriting sample of former managing director and chief executive officer of National Stock Exchange (NSE) Chitra Ramkrishna in connection with the NSE co-location case. Special Judge Sanjeev Aggarwal also extended Ramkrishna's judicial custody till April 11.
China's state-run Sinopec Group has suspended talks for a major petrochemical investment and a gas marketing venture in Russia, sources told Reuters, heeding a government call for caution as sanctions mount over the invasion of Ukraine.
Telecom company Bharti Airtel will acquire a 4.7 per cent stake in Indus Towers from Vodafone Group for about Rs 2,388 crore, according to a company filing. The transaction will be executed at a price of Rs 187.88 per share.
Executive director of GAIL, Sanjay Kumar, has taken over as the managing director of Indraprastha Gas Ltd (IGL), the country's largest natural gas distribution company operating CNG and PNG services in 30 districts across three states and the national capital.
Union food minister Piyush Goyal on Thursday assured that the Centre will procure excess stocks of raw rice from Telangana as per the quality specified by the Food Corporation of India. The assurance came from Goyal after a delegation of TRS leaders met Goyal in Parliament over the issue of procurement of rice from Telangana.
The Central Board of Indirect Taxes & Customs (CBIC) has issued a standard operating procedure for the scrutiny of GST returns for financial years 2017-18 and 2018-19, the first two years of the roll-out of the new taxation regime.
IT major TCS is ready to put in place 5G network for any telecom operator across the globe on any given day and the company is working in India on a country-specific gears for the network, a senior company official said.
India ranks 51st in annual appreciation in housing prices with a 2.1 per cent rise in rates during the October-December quarter of the last year, according to property consultant Knight Frank.
State fuel retailers will raise petrol and diesel pump prices by Rs 0.8 rupees per litre from Tuesday, the first increase since November, two dealers told Reuters late on Monday. The dealers, who declined to identified, said they had received information from oil companies about the retail price for Tuesday. The memo on the new prices was reviewed by Reuters.
Russia invaded Ukraine on February 24 in the biggest attack on a European state since World War II, prompting a barrage of sanctions that have limited Russia's ability to do business in major currencies and hit several of its banks and state-owned enterprises.
The Federal Reserve on Wednesday raised interest rates by a quarter of a percentage point and projected its policy rate would hit a range between 1.75% and 2% by year's end in a newly aggressive stance against inflation that will push borrowing costs to restrictive levels in 2023.
India is rolling out measures to help the country become a major exporter of high-quality wheat as importers scramble for supplies after Russia's invasion of Ukraine, two government sources said.
India is exploring options for buying Russian crude oil, authorities said Tuesday, with prices there plunging to record lows in the wake of a global backlash to the Ukraine conflict. New Delhi enjoys historic diplomatic and defence ties with Moscow, hosting a rare overseas trip by President Vladimir Putin late last year, and has called for an end to the violence in Ukraine but stopped short of condemning the invasion.
The department for promotion of industry and internal trade (DPIIT) on Monday notified a government decision to allow up to 20 per cent foreign direct investment (FDI) in IPO-bound LIC with an aim to facilitate disinvestment of the country's largest insurer.
The Reserve Bank of India (RBI) in its letter to Paytm Payments Bank has not mentioned anything about data access but has asked the company to carry out an audit from a third party, a top official of the company said on Monday.
The Employees Provident Fund Organisation (EPFO) on Saturday proposed to lower the interest rate on retirement savings for its 6.4 crore subscribers from 8.5% to 8.1%, the lowest since 1977-78. The payout, which will have to be confirmed by the finance ministry, is in line with the agency’s earnings and will leave it with a surplus of Rs 450 crore during the financial year.
Finance minister Nirmala Sitharaman on Friday held a virtual meeting with International Monetary Fund (IMF) managing director Kristalina Georgieva and discussed various issues, including the impact of rising commodity prices on world economy.
The country's merchandise exports have reached over $380 billion so far this fiscal till March 7 and are expected to reach $410 billion in 2021-22, commerce and industry minister Piyush Goyal said on Friday.
India needs to recalibrate its response to the price situation following disruptions in global supply chains on account of Russia-Ukraine war, as losing the battle against inflation neither serves the government nor the central bank, former RBI governor Raghuram Rajan said.
The Indian Railways has invited bids for manufacturing and procurement of 90,000 wagons with an investment of Rs 30,000 crore to meet the growing demand of wagons amid its increased focus on freight transport.
Indraprastha Gas Ltd on Tuesday raised CNG prices in the national capital and adjoining cities by 50 paisa per kg but left PNG prices unchanged as higher use of imported gas to meet rising demand increased operational costs.
Global benchmark crude rocketed to $139 per barrel, the highest since July 2008, giving the government the handle to allow oil companies to start raising fuel prices gradually as the state polls ended on Monday. People in the know said the general thinking in the government indicates state-run fuel retailers may be allowed to raise prices by Rs 5-6 per litre in small doses to soften the impact.
Tata Consultancy Services (TCS) on Monday said its Rs 18,000 crore share buyback offer will open on March 9 and close on March 23. On February 12, the company announced the share buyback programme entailing 4 crore shares at Rs 4,500 apiece.
Observing that app based taxi firms such as Ola and Uber operating in Maharashtra without valid licenses was an instance of "complete lawlessness," the Bombay high court on Monday directed all such aggregators to apply for valid licenses by March 16 if they wish to continue operations.
In a major development in the National Stock Exchange (NSE) fraud case, the Central Bureau of Investigation (CBI) on Sunday night arrested its ex MD and CEO Chitra Ramkrishna. Arrested from her Delhi residence, Ramkrishna will be produced before the Rouse Avenue Court on Monday, and the agency will seek her custody for questioning.
The finance ministry has asked departments and ministries to surrender savings, if any, for the current financial year 2021-22 by March 21.An office memorandum issued by the budget division of the ministry of finance informed all departments and ministries that the last date for accepting the surrender of savings anticipated in the Grants for 2021-22 has been fixed as March 21, 2022.
The Russian-Ukraine war can hit the global supply chains that are already constrained due to the pandemic and the worst impact will be on ongoing chip shortage because the warring nations brutally control supplies of key raw materials that go into making semiconductors, warns a report.
In a surprise development, Amazon, Biyani Group and Reliance Retail, engaged in a multi-forum litigation for control of Future’s retail empire, agreed to attempt a settlement after the Supreme Court on Thursday warned that a judicial verdict could hurt one of the parties.
Commerce and industry minister Piyush Goyal on Thursday said several countries have evinced interest in India's 'Aatmanirbhar Bharat' initiative and want to emulate its growth story.
Amazon plans to initiate criminal court proceedings this week against its partner Future Retail for allowing the transfer of assets to a major rival despite a legal prohibition, three sources with direct knowledge of the matter told Reuters.
Member countries of the International Energy Agency (IEA), including India, late on Tuesday agreed to release 60 million barrels of oil from their emergency stockpiles as a message to the global oil markets that there will be no shortfall in supplies as a result of the conflict between Ukraine and Russia.from Business News: Business News, Business News Today, Latest Business News, Stock Markets, Financial News, India Business & World Bu...
