Category: Business

Business

SIMA calls for budgetary support to address demands of Tamil Nadu’s textile industry

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SIMA calls for budgetary support to address demands of Tamil Nadu’s textile industry

Tamil Nadu’s textile industry needs budgetary allocation from the State government to address some of its critical needs for future growth, according to the Southern India Mills Association (SIMA). The Association said in a press release on Monday that Tamil Nadu’s textile industry, employing about 70 lakh people, accounts for nearly 25 % of India’s…

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RBI sells $14.9 billion during Jan-May to check excess volatility in rupee

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RBI sells .9 billion during Jan-May to check excess volatility in rupee

The RBI’s foreign exchange intervention during January-May 2026 amounted to a net sale of $14.9 billion to check excess volatility of the rupee, Parliament was informed on Monday (August 3, 2026). The value of the Indian Rupee (INR) is market-determined, with no target or specific level or band, Minister of State for Finance Pankaj Chaudhary…

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Government proposes to ease tax relief conditions for offshore funds

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Government proposes to ease tax relief conditions for offshore funds

To strengthen India’s position as a global fund management hub, the Government has proposed to substantially relax the eligibility conditions for an Eligible Investment Fund (EIF) managed from India to avail tax exemption on its global income. As per the Taxation and Other Laws (Amendment) Bill, 2026, to avail tax exemption on global income, offshore…

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Business

LIC Mutual Fund plans SIF launch by October, targets ₹500 crore corpus

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LIC Mutual Fund plans SIF launch by October, targets ₹500 crore corpus

R.K. Jha, MD and CEO, LIC Mutual Fund Asset Management Ltd, sounds bullish on its upcoming SIF | Photo Credit: BIJOY GHOSH LIC Mutual Fund is planning to launch its first Specialised Investment Fund (SIF) by October, targeting an initial mobilisation of ₹500 crore from high-net-worth investors (HNIs). “We have applied to the Securities and…

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Business

ONGC to reserve half of oil storage facility in Mangaluru towards strategic reserves: MoS Petroleum

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ONGC to reserve half of oil storage facility in Mangaluru towards strategic reserves: MoS Petroleum

A view of ONGC’s advanced drilling rig. File | Photo Credit: @lg_ladakh X/ANI State-owned Oil and Natural Gas Corp (ONGC) would reserve half of its 1.75 million metric tonnes (MMT) oil storage facility in Mangaluru as strategic storage, Suresh Gopi, Minister of State in the Union Petroleum Ministry told the Upper House on Monday (August…

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Business

AI handles 70% of ICICI Lombard Insurance’s customer calls

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AI handles 70% of ICICI Lombard Insurance’s customer calls

AI Voicebot, a feature that ICICI Lombard Insurance claims as an industry first feature, handles as much as 70% of customer calls in the current year, according to Sanjeev Mantri, MD and CEO of the private sector insurer. Speaking at the 25 years anniversary event of the insurer, Mr. Mantri said earlier it was using…

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Business

Stock markets take winning run to 4th day as crude oil prices drop sharply; Nifty surges 1.6%

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Stock markets take winning run to 4th day as crude oil prices drop sharply; Nifty surges 1.6%

Stock market benchmark indices ended higher on Monday (August 3, 2026), with the Sensex climbing 544.39 points and Nifty surging 1.60%, following a sharp decline in crude oil prices amid easing geopolitical tensions. Foreign fund inflows also added to markets’ optimism. Extending the winning momentum to the fourth day, the 30-share BSE Sensex jumped 544.39…

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Business

Rupee rises for 6th day, gains 12 paise to 95.31 against U.S. dollar as crude drops

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Rupee rises for 6th day, gains 12 paise to 95.31 against U.S. dollar as crude drops

Image used for representational purposes. File | Photo Credit: Reuters The rupee strengthened against the U.S. currency for the sixth consecutive session on Monday, closing higher by 12 paise at 95.31 (provisional) following a sharp drop in global crude oil prices and a softer greenback after US President Donald Trump decided to hold off strikes…

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Rupee rises 31 paise to 95.12 against U.S. dollar in early trade

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Rupee rises 31 paise to 95.12 against U.S. dollar in early trade

The rupee surged 31 paise to 95.12 against the U.S. dollar in early trade on Monday (August 3, 2026) over a steep fall in global crude oil prices and a softer greenback after US President Donald Trump decided to hold off strikes against Iran. FII inflows, a rise in the country’s forex reserves, and Reserve…

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Stock markets surge in early trade as crude oil prices drop sharply

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Stock markets surge in early trade as crude oil prices drop sharply

Representative image. | Photo Credit: Getty Images/iStockphoto Stock market benchmark indices Sensex and Nifty surged in early deals on Monday (August 3, 2026) following a sharp decline in crude oil prices amid easing geopolitical tensions. Foreign fund inflows also added to markets’ optimism during the initial trade. The 30-share BSE Sensex jumped 470.06 points to…

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