MUMBAI: The rupee continued its slide against the dollar on Thursday, closing at a record low for the third consecutive session as it ended at 85.26 – down six paise from its previous close. It hit an all-time intraday low of 85.28 as buyers for dollars outstripped sellers in weak year-end trades.“The rupee weakened marginally…
CHENNAI: After SAIC (which owns MG) , Sajjan Jindal’s steel-to-paints conglomerate JSW Group is in talks with multiple auto majors for more electric vehicle joint ventures. According to sources with direct knowledge of the matter, among the OEMs that JSW is in talks with is Chinese auto major Geely. JSW, say sources, is betting aggressively…
MUMBAI: Global supply chains are shifting in the favour of India as more weightage is given to resilience over efficiency, according to Tata Sons chairman N Chandrasekaran. He reiterated that the Tata Group will create five lakh manufacturing jobs in the next five years in facilities that produce batteries, semiconductors, electric vehicles, solar equipment, and…
MUMBAI: IndusInd Bank has decided to auction Rs 1,573 crore of non-performing microfinance loans in a bid to clean up its balance sheet. The bank has set a reserve price of Rs 85 crore, indicating that it has written down nearly 95% of the value of these loans.Meanwhile, IndusInd Bank promoters – IndusInd International Holdings…
NEW DELHI: The combination of monetary policy stance and macroprudential measures by the central bank, and structural factors, may have contributed to slowdown in demand, a finance ministry report said on Thursday in the latest sign of divergent views between North Block and the Reserve Bank of India (RBI) over growth and inflation. This is…
NEW DELHI: India is considering cutting income tax for individuals making up to Rs 15 lakh a year in February’s budget to provide relief to the middle class and boost consumption as the economy slows, two government sources told Reuters. The move could benefit tens of millions of taxpayers, especially city dwellers burdened by high…
NEW DELHI: The Indian rupee slid to a record low of 85.24 against the US dollar in early trade on Thursday, weighed down by rising US Treasury yields and a decline in most Asian currencies. The rupee, which had closed at 85.20 on Tuesday, opened lower after a mid-week holiday in Indian financial markets.The 10-year…
Representative photo (AI image) NEW DELHI: Indian stock markets opened marginally higher on Thursday after a mid-week break for the Christmas holiday. However, the initial gains were short-lived as persistent market pressures weighed on investor sentiment, dimming hopes for a year-end rally. By 11:15 am, the BSE Sensex traded at 78,510.17, up just 37.30 points…
MUMBAI: A relatively weak rupee, in the short term, benefits India’s trade balance, a report published by RBI said. However, in the long run, a stronger rupee is more beneficial to trade balance. Trade balance is the difference between exports and imports of goods and services.The report, published in RBI’s Nov bulletin, carries data on…
World Bank chief economist Indermit Gill believes there are several things going for India – from the demographics to geopolitics and from a large domestic market to low debt levels in the private sector. He tells TOI in an interview that India should seek to push its potential growth from 6% to 8% by focusing…
