MUMBAI: Foreign exchange reserves fell by nearly $18 billion in the week ending Nov 15-the sharpest fall on record-as global investors continued pulling out funds from Indian stock markets.According to RBI data, forex reserves declined by $17.8 billion to $657.9 billion during that week. The decline was largely due to a $15.5 billion drop in…
MUMBAI: Interest rate guidance is more effective when policy rates are low as compared to when they are on their way down, according to RBI deputy governor Michael Patra.“Under heightened uncertainty, discretion in forward guidance has increasingly gained legitimacy among major central banks. Empirical evidence in the Indian context suggests that forward guidance in a…
MUMBAI: Sensex rallied to close 2,000 points or 2.5% higher on Friday at 79,117 on the back of a strong Wall Street close on Thursday night and short covering by local speculators during closing hours. While Reliance Industries, Infosys and ICICI Bank contributed the most to the sensex’s gains, all 30 of its constituents closed…
MUMBAI: Flipkart co-founder Binny Bansal has stepped down from the board of PhonePe, the fintech which the e-commerce firm had acquired in 2016 under Bansal’s watch and has now separated from Flipkart. In January this year, Bansal had also exited the board of Flipkart, one of India’s early Startups launched by Bansal alongside fellow IIT…
NEW DELHI: Airlines will now have to provide beverages and snacks to passengers when flights are delayed by two to four hours and meals on those delayed beyond four hours. The Directorate General of Civil Aviation (DGCA) has advised airlines as low visibility in north India has already started leading to delays this winter. And…
NEW DELHI: Green energy solutions provider Avaada Group has said it will invest Rs 5,800 crore to develop a 1200MW pumped hydropower storage project in Rajasthan. The group has entered into a Memorandum of Understanding (MoU) to develop the Pumped Storage Project, a company statement said. The project comprises development of 1200 MW Kadambari PSP…
The $1.2 billion initial share offering of the renewable-energy arm of top Indian power producer NTPC Ltd. was fully sold on the last day of its sale as investors clamor for exposure to the rapidly expanding sector.The demand for NTPC Green Energy Ltd. shares underlines the rush for new issuances in a country that’s been…
Investor wealth tumbled by Rs 5.27 lakh crore on Thursday as markets witnessed a sharp decline, aligning with the fall in Adani Group stocks. The benchmark BSE Sensex dropped 422.59 points, or 0.54 per cent, to close at 77,155.79 after plunging 775.65 points, or 0.99 per cent, earlier in the day to 76,802.73.The market capitalization…
NEW DELHI: The Securities and Exchange Board of India (Sebi) on Thursday issued a circular scraping the mandatory security deposit requirement with exchanges for public issues effective immediately. The market regulator said that this will help companies to streamline business operations for companies. “In order to facilitate ease of doing business to issuer company, the…
Adani group witnessed significant market losses, with two Adani stocks dropping 20%. Gaudam Adani indicted in US: Following the US prosecutors’ indictment of Gautam Adani and seven others, including his nephew Sagar Adani, in a bribery case, Moody’s Ratings indicated on Thursday that this development negatively affects the credit status of Adani Group companies.“The indictment…
