Category: Business

Business

Rupee rises 7 paise to settle at 83.18 against U.S. dollar

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Rupee rises 7 paise to settle at 83.18 against U.S. dollar

The rupee continued its gaining momentum for the second consecutive day and appreciated 7 paise to settle at 83.18 (provisional) against the U.S. dollar on October 11 amid robust buying in domestic equities and a weak American currency overseas. However, unabated withdrawal of funds by foreign institutional investors weighed on the domestic currency, Forex analysts…

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Business

World Bank says high rates threaten some countries

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World Bank says high rates threaten some countries

The World Bank’s chief economist warned Wednesday that interest rate hikes could spell trouble for countries struggling to deal with debt. The U.S. Federal Reserve, the European Central Banks and others have raised rates and warned that they could remain high longer than expected in order to bring down elevated inflation. The International Monetary Fund…

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Business

Sensex rises 393 pts, Nifty closes above 19,800 on gains in energy FMCG shares

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Sensex rises 393 pts, Nifty closes above 19,800 on gains in energy FMCG shares

Sensex rose by 393 points while Nifty closed above the 19,800 level on Wednesday | Photo Credit: Reuters Benchmark Sensex rose by 393 points while Nifty closed above the 19,800 level on Wednesday on buying in energy, FMCG and capital goods shares amid mixed global cues and easing inflation concerns. Rising for the second straight…

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Business

India has high debt like China, but risks are moderated: IMF

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India has high debt like China, but risks are moderated: IMF

India has a high debt like that of China but the risks associated with it are not as great as that of its northern neighbour, a senior official from the International Monetary Fund has said, advising India in the medium term to have an ambitious fiscal consolidation plan that brings down deficits. “The current debt…

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Business

Bank of Baroda falls after RBI ban on adding new app customers

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Bank of Baroda falls after RBI ban on adding new app customers

“Bank of Baroda will be allowed to onboard customers to its Bob World app only after rectifying certain deficiencies,” the RBI said on October 10, without giving any details about the issues. | Photo Credit: Reuters Shares of Bank of Baroda fell nearly 4% on October 11, a day after the Reserve Bank of India…

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Business

Sensex soars over 400 points in early trade on positive global cues

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Sensex soars over 400 points in early trade on positive global cues

Image used for representative purpose only. | Photo Credit: REUTERS Continuing with the positive momentum, Sensex and Nifty surged in early trade on October 11 as encouraging trends in the global market boosted investor sentiments. The 30-share Sensex surged 416.22 points or 0.63% to 66,495.58 points while the broader Nifty jumped 120 points or 0.61%…

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Business

Net Direct Tax Collections Rises 21.8% To Rs 9.57 Lakh Crore

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Net Direct Tax Collections Rises 21.8% To Rs 9.57 Lakh Crore

Refunds amounting to Rs 1.50 lakh crore have been issued from April 2023 to October 9, 2023. New Delhi: The net direct tax collection increased by 21.82 per cent to over Rs 9.57 lakh crore till October 9, helped by good inflow from corporates and individuals, the Finance Ministry said on Tuesday. The net collections…

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Business

The tale of two American auto giants and their former Indian workers

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The tale of two American auto giants and their former Indian workers

For over a week now, the General Motors Employees Union, comprising of a little over 1,000 retrenched workers from American automobile major General Motors India’s Talegaon plant in Maharashtra, are on an indefinite relay hunger strike. The workers are seeking reinstatement and are attempting to catch the attention of the state government. They allege that…

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Business

Net direct tax kitty up 21.8% to ₹9.57 lakh crore

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Net direct tax kitty up 21.8% to ₹9.57 lakh crore

Image used for representation purpose only. India’s net direct tax collections grew 21.8% to ₹9.57 lakh crore by October 9, surpassing over half of the Budget estimates for this year, with personal income tax revenues rising 32.5% and corporate taxes increasing 12.4%. While tax refunds amounting to ₹1.5 lakh crore have been remitted to taxpayers…

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Business