ADVERTISEMENT

Mumbai

India’s forex reserves hit a record high of $ 426.416 billion

ADVERTISEMENT
India’s foreign exchange reserves soared by a whopping $ 4.216 billion to hit a record high of $ 426.412 during the week ended June 21, the Reserve Bank of India (RBI) said here today.
 
The reserves had touched their previous high in the week ended April 13, 2018 when they had gone up by $ 1.217 billion to $ 426.082 billion.
 
In the previous week, ended June 14, the foreign exchange reserves had, reversing a three-week uptrend, dipped by $ 1.353 billion to $ 422.2 billion.
 
In its weekly statistical supplement issued here, the central bank said that foreign currency assets, which constitute a major chunk of the foreign exchange reserves, had risen by $ 4.202 billion to $ 398.649 billion during the week.
 
Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.
 
According to the bulletin, the country’s gold reserves remained unchanged at $ 22.958 billion, while its special drawing rights (SDR) increased by $ 4.2 million to $ 1.4532 billion.
 
India’s reserve position in the International Monetary Fund (IMF) went up by $ 9.6 million to $ 3.3548 billion, the bulletin added.
 
NNN
 

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Sensex ends 192 points down, Nifty below 11,800

Indian equity indices ended lower over the weak monsoon and ahead of the crucial US-China meet on the margins of the G-20 summit.
 
Private banks and auto companies fell the most on the NSE. Yes Bank and IndusInd Bank contributed most to the fall in the Nifty Private bank index. 
 
On the contrary, Nifty PSU Bank index gained. Union Bank jumped over 4 per cent while PNB and Central Bank gained over two to three per cent. 
 
Investors are hopeful of some kind of fiscal stimulus and talks of reforms from the government to arrest the economic slowdown. The key things to watch would be G20 talks, the monsoon and the Budget, said Sanjeev Zarbade, VP PCG Research, Kotak Securities. 
 
Auto scrips like Tata Motors, Eitcher Motors and Exide India fell as investors sentiments were weighed by weakness in the passenger vehicle sales globally owing to issues around Brexit and US-China trade war. 
 
The Sensex fell by 191.77 points to settle at 39,394.64 while the Nifty slipped by 52.70 points to finish at 11,788.85. 
 
"Caution ahead of G-20 meet, weak monsoon rains and RBIs concern over NBFC's liquidity impacted the sentiment," said Vinod Nair, Head of Rese arch, Geojit Financial Services. 
 
Nair added that the Auto and Metal sectors are likely to be subdued due to low demand and benign raw material prices. 
 
IANS
 

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

SBI names 10 big 'wilful defaulters'

State Bank of India building (Photo: IANS)
State Bank of India building (Photo: IANS)
The State Bank of India on Friday revealed the names of 10 new big-ticket firms from the pharmaceuticals, gems and jewellery and power sectors and also their top officials as it declared them 'wilful defaulters'.
 
Mostly based in Mumbai, the outstandings from these loan defaulters are pegged at nearly Rs. 1,500 crore, and they have been served repeated reminders to clear their borrowings.
 
The SBI has warned them all of legal action if they fail to repay their dues with interest and other charges within the next 15 days.
 
The defaulters also include players from the infrastructure and other sectors, according to public notices issued by the Stressed Assets Management Branch 1 (SAM-1), Cuffe Parade.
 
The biggest defaulter on the list, with an outstanding of Rs 3,47,30,46,322, is Spanco Ltd. The company has its office in Godrej Coliseum, Sion, and its two directors -- Kapil Puri and his wife Kavita Puri -- live nearby in Chembur.
 
The next one is Calyx Chemicals & Pharmaceuticals Ltd, Andheri East with an outstanding of Rs 3,27,81,97,772. Its directors -- Smitesh C. Shah, Bharat S. Mehta and Rajat I. Doshi -- are all based in Mumbai.
 
Raigad-based Loha Ispaat Ltd. has an outstanding of Rs 2,87,30,52,225 and its Chairman and Managing Director is Rajesh G. Poddar, while other directors named are Anju Poddar (both Mumbai-based), Manish O. Garg and Sanjay Bansal (both from Navi Mumbai).
 
Following them is Auro Gold Jewellery Pvt. Ltd. from Lower Parel, with an outstanding of Rs 229,05,43,248. Its Chairman Amritlal G. Jain and his son and Managing Director Ritesh Jain have been named as 'wilful defaulters'.
 
The others on the list include directors Imran Khan and Mohammed I. Khan of Excel Metal Processors Pvt. Ltd. with loans worth Rs 61.26 crore; directors Hrishikesh Shah and Jaykishan Shah of Microcosm Infrastructure & Power Pvt Ltd. with Rs 56.73 crore; and Metal Link Alloys Ltd. (currently in liquidation) Chairman Bhavarlal M. Jain, Managing Director Rajmal M. Jain and their father and Director Mangilal G. Jain with an outstanding of Rs 53.79 crore.
 
The smallest defaulters are: Directors Chetan R. Dhruv and Shirish J. Parekh of Resilient Auto India Ltd., Andheri with an outstanding of Rs 32.71 crore; directors Amin Rangara, Nizar Rangara, Malik Rangara and Daulataben Rangara of Rangara Industries Pvt. Ltd. with Rs 29.51 crore; and sole director Narayan P. Tekriwal of Global Hi-Tech Industries Ltd. with Rs 27.80 crore.
 
Public has been cautioned against having any dealings with these companies and individuals as it could be subject to the legal recourse the SBI is planning in the matter

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Sensex, Nifty flat ahead of US-China meet

The Sensex and the Nifty traded on a flat note during the morning trade on Friday.
 
Investors continued to be cautious as the G20 summit, where the US and China will discuss trade relations, will begin in Osaka, Japan on Friday.
 
At 9.38 a.m., the Sensex was down 0.03 per cent or 13.04 points to 39,573.37 after it opened higher.
 
The Nifty also traded on a flat note 2.85 points or 0.02 per cent lower to 11,838.70.
 
Among the Nifty50 top gainers during the early trade were Tech Mahindra, Britannia, Larsen and Toubro and Sun Pharma and Dr. Reddy's Lab.
 
Bharti Infratel, India Bulls Housing Finance, Yes Bank and Bharti Airtel were the top losers
 
On Thursday, Foreign Institutional Investors (FIIs) sold Rs 0.71 crore worth of shares while the Domestic Institutional investors bought Rs 196.57 crore worth of scrips.
 
IANS

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Indian equity markets pause ahead of US-China trade meet

With the key US-China trade talks just around the corner, Indian markets took a pause on Thursday.
 
The Sensex and Nifty closed on a flat note before turning choppy towards the end of the session.
 
The Sensex finished just 5.67 points lower at 39,592.08 while the Nifty also ended on a flat note at 11,841.55.
 
"A healthy environment was developed ahead of the G20 meet. Markets took a pause today awaiting the outcome of the US-China trade talks," said Vinod Nair, Head of Research, Geojit Financial Services.
 
The Sensex and Nifty have shown no decisive trend in the past fortnight as investors are awaiting the presentation of the Union Budget and the outcome of trade talks between the US and China.
 
Besides, the forecast of a weak monsoon has kept the investors away from participating.
 
The imposition by the US of 25 per cent tariffs on the remaining $300 billion of imports from China would reduce world economic output by 0.4 percentage points (pp) in 2020, Fitch Ratings has said.
 
IANS

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Key Indian equity market indices open in green

Taking a cue from global markets, the key Indian equity market indices opened higher on Thursday.
 
The Sensitive Index (Sensex) of the BSE, which had closed at 39,592.08 points on Wednesday, opened higher at 39,633.97 points.
 
Minutes into trading, it was quoting at 39,660.66 points, up by 68.58 points, or 0.17 per cent.
 
At the National Stock Exchange (NSE), the broader Nifty 50, which had closed at 11,847.55 points on Wednesday, was quoting at 11,873.15 points, up by 25.60 points or 0.22 per cent.
 
As many as 37 stocks advanced in the Nifty 50 index while 12 stocks declined and one remained unchanged. In BSE Sensex 23 stocks including Tata Motors, AITC were trading in green while 7 stocks including Reliance and HDFC Bank were trading in red at 9.20 a.m.
 
Both the indices on Wednesday had closed higher over signs of easing trade tension between the US and China.
 
The Sensex was up by 157.14 points, or 0.40 per cent, at Wednesday's closing. In the day's trade, the barometer 30-scrip sensitive index had touched a high of 39,674.22 points and a low of 39,319.64 points. The Nifty, too, was up by 51.10 points or 0.43 per cent.
 
On Thursday, Asian indices were showing a positive trend. Japan's Nikkei 225 was quoting in green, up by 1.01 per cent, Hang Seng was also up by 1.10 per cent. South Korea's Kospi was quoting in green, up by 0.77 per cent. China's Shanghai Composite was also trading in green, up by 0.84 per cent.
 
Overnight, Nasdaq closed in green, up by 0.32 per cent while FTSE was, however, down by 0.08 per cent at the closing on Wednesday.
 
IANS
 

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Sensex ends 157 points up, metal stocks surge

Steel companies made hay on Wednesday over signs of easing trade tension between the US and China, assisting the Sensex and Nifty to end higher on Wednesday.
 
Steel companies such as Jindal Steel, Vedanta, JWS Steel and SAIL gained in the range of 4 to 5 per cent on a positive statement by US Treasury Secretary on US-China trade tension.
 
The Nifty closed 51.10 points higher at 11,847.55 points while the Sensex gained 157.14 points to settle at 39,592.08.
 
"Stocks from the banking and midcap space witnessed good momentum and have shown outperformance in the last couple of sessions," said Ruchit Jain, Equity Technical Analyst, Angel Broking.
 
"Along with it, the stocks from the metal space were in limelight today as the Nifty metal index has given a breakout from consolidation phase. We expect the stocks from this sector to participate in the upmove and provide decent returns going ahead," Jain added.
 
IANS
 

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Indian equity markets open in the red on Wednesday

The 30-scrip Sensitive Index (Sensex) opened on a negative note during the morning session of the trade on Wednesday.
 
Opening at 39,379.13 points, the BSE Sensex touched a high of 39,413.14 points and a low of 39,319.64 points.
 
On Tuesday, the Sensex closed at 39,434.94 points.
 
The Sensex wass trading at 39,426.74 this morning, down by 8.20 points or 0.02 per cent.
 
The broader 50-scrip Nifty at the National Stock Exchange (NSE) opened at 11,768.15 points after closing at 11,796.45 points. The Nifty was trading at 11,788.30 points this morning.
 
 IANS
 

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Lara admitted to hospital with chest pain, now fine

ADVERTISEMENT
Legendary West Indies batsman Brian Lara, who was on Tuesday admitted to a hospital here after he complained of chest pain, said he is fine and recovering and will be back in his hotel on Wednesday.
 
"I am fine. I am recovering and I will be back in my hotel room tomorrow," Windies Cricket quoted Lara saying in a tweet.
 
Lara was admitted to the Global Hospital in Parel at around 12.30 p.m., which was confirmed by the West Indies Cricket Board later in the afternoon.
 
However, despite repeated attempts, the hospital declined to divulge details on the former cricketer's medical condition, even as speculation was rife over his health status.
 
"We understand media's interest, but we do not reveal our patients' clinical and health condition without their explicit consent. We respect our patients' right to privacy at all times," a spokesperson for Global Hospital said.
 
Lara is currently in India working as a cricket expert for Star Sports, the official broadcaster of the ongoing ICC ODI World Cup.
 
The former Caribbean batsman played 131 Tests for the West Indies and amassed 11,953 runs, while he scored 10,405 runs at 40.17 in 299 ODIs.
 
IANS
 

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Lara admitted to Mumbai hospital with chest pain

ADVERTISEMENT
Legendary West Indies batsman Brian Lara was on Tuesday admitted to a Mumbai hospital after he complained of chest pain.
 
Lara was admitted to the Global Hospital in Parel at around 12:30 pm, which was confirmed by the West Indies Cricket Board later in the afternoon.
 
However, despite repeated attempts, the hospital declined to divulge details on the former cricketer's medical condition, as speculation was rife over his health status.
 
"We understand media's interest, but we do not reveal our patients' clinical and health condition without their explicit consent. We respect our patients' right to privacy at all times," an official spokesperson for Global Hospital said.
 
Lara is currently in India working as a cricket expert for Star Sports, the official broadcaster of the ongoing ICC ODI World Cup. 
 
The former Caribbean batsman played 131 Tests for the West Indies and amassed 11,953 runs, while he scored 10,405 runs at 40.17 in 299 ODIs.
 
IANS
 

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Markets surge by 311 pts as oil prices retreat

ADVERTISEMENT
The Sensex logged a 311-point gain on Tuesday as the Brent crude prices retreated after a sharp rise during the past few sessions over US-Iran tension.
 
Buying was seen in the beaten down steel companies such as JWS Steel and Tata Steel. Besides, index-heavyweight Reliance Industries finished among the top of the Nifty 50 companies. 
 
A total of 35 out of 50 constituent companies of Nifty 50 advanced, while 15 ended lower. The BSE Sensex closed 311 points higher at 39,434.94 and the Nifty settled at 11,796.45 after both the indices opened lower.
 
Although the indices closed higher, markets have witnessed a lack of participation over the last fortnight.
 
Investors are cautious ahead of the Union Budget, set to be tabled on July 5 and the US-China trade meet at the G20 Summit in Osaka, Japan, where the leaders will discuss trade.
 
"Market recovered after two days of consolidation as investors are looking for opportunities in quality heavy-weights in segments such as banks, cement and infrastructure, where long-term sentiment is positive," said Vinod Nair, Head of Research, Geojit Financial Services.
 
Nair said a positive momentum was triggered as monsoon intensified and PSU banks outperformed based on the statement from FM regarding faster recovery in bad loans and recapitalization.
 
IANS
 

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Sensex, Nifty flat; metal scrips gain

The Sensex and the Nifty traded on a flat note during the morning trade session on Tuesday.
 
Traders remain cautious ahead of the Union Budget and a key meting between US and Chinese Presidents Donald Trump and Xi Jinping at the G20 Summit in Osaka, Japan, where the two leaders are likely to discuss the ongoing trade war.
 
Metal stocks gained after heavy selling on Monday.
 
At 10.04 a.m., the S&P BSE Sensex traded 6.75 points lower or 0.02 per cent at 39,116.21.
 
The Sensex opened slightly higher from its previous close of 39,131.94.
 
The Nifty was 1.15 points or 0.01 per cent down at at 11,700.80.
 
Globally, investor sentiment dampened over heightened tension between the US and Iran after American President Donald Trump signed an order imposing financial sanctions on Tehran's senior leaders.
 
This followed Iran's downing of US drone which increased tensions in the region.
 
IANS

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Sensex, Nifty end lower, steel companies fall over growth worries

Dragged by steel companies like Jindal Steel, JSW Steel and Tata Steel, the Indian equity indices ended lower for the second consecutive day on Monday.
 
Investors usually shed metal stocks over growth concerns. Analysts noted that metal companies have come under renewed pressure ahead of the crucial US-China trade meet later this week. Investors fear that the tension between the two major economies might escalate and hurt global growth prospects.
 
The S&P BSE Sensex declined by 71.53 points or 0.18 per cent to 39,122.96, while the NSE Nifty50 fell by 24.45 points or 0.21 per cent to 11,699.65.
 
Domestic investors were also worried over the delay in monsoon, which is crucial to revive the ongoing consumption slowdown. This, along with caution ahead of the budget, have kept the Sensex and Nifty in a tight range for the past few weeks.
 
"Consolidation is continuing as investors are waiting for the government to announce some concrete measures to support the weakening economy," said Vinod Nair, Head of Research, Geojit Financial Services.
 
Nair added that lack of triggers and premium valuation was impacting new investment, while delay in monsoon and F&O expiry may add to the volatility.
 
At the last Monetary Policy Committee (MPC) meeting, Reserve Bank of India Governor Shaktikanta Das, while giving rationale for a rate cut, had said that there was clear evidence of the economic activity losing traction.
 
IANS
 

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Rupsa Batabyal, 6, wins 'Super Dancer - Chapter 3'

Rupsa Batabyal and Nishant Bhatt
Rupsa Batabyal and Nishant Bhatt
Kolkata's Rupsa Batabyal, a six-year-old who wowed the audience with her moves and expressions, has won "Super Dancer - Chapter 3".
 
Rupsa charmed her way into the audiences' hearts with superlative performances week after week, and won the maximum votes in the finale episode of the contest, aired on Sony Entertainment Television on Sunday night.
 
"It feels really nice and I am very happy to have won the trophy of 'Super Dancer Chapter - 3'. I will continue dancing because I love it. I look forward to going home to Kolkata, and celebrating with my entire family," she said in a statement.
 
The young girl and her 'Super Guru' Nishant Bhatt were awarded a trophy and a cheque of Rs 15 lakh and Rs 5 lakh respectively from the channel.
 
Close on Rupsa's heels was contestant Tejas Verma from Mumbai who was declared the runner-up.
 
Each finalist was awarded with a certificate of appreciation along with a cheque of Rs 1 lakh each, and the Top 5 finalists, including Gourav Sarwan, Saksham Sharma and Jayshree Gogoi, were awarded a cheque of Rs 1 lakh each from Lotus Herbals.
 
The grand finale saw the contestants and their gurus perform for one last time on the platform.
 
Judges Anurag Basu, Shilpa Shetty Kundra and Geeta Kapoor along with the hosts Rithvik Dhanjani and Paritosh Tripathi also reminisced the show's journey.
 
NNN
 

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.

ADVERTISEMENT
 

RBI Deputy Governor Viral Acharya resigns

Viral Acharya (File photo: IANS)
Viral Acharya (File photo: IANS)
Reserve Bank of India (RBI) Deputy Governor Viral Acharya has quit six months before the end of his term, sources said on Monday.
 
Acharya is the second top RBI official to quit after Governor Urijit Patel's exit last December. 
 
The sources said that Acharya, who joined as the RBI Deputy Governor in January 2017, was against the central bank's decision on repeated cuts of repo rates to support the government's public spending and consumption boost measures to tackle the slowing growth. 
 
Acharya viewed such steps as putting fiscal discipline into risk and he did not want to be part of "those decisions", sources said. 
 
The RBI, however, has not responded to queries on this regard, neither has Acharya made any statement as yet.
 
To spur the economy, the Rserve Bank of India (RBI) had cut repo rate by 25 bps to 5.75 per cent in June while switching to "accommodative" stance implying it was amenable to further cuts. 
 
This is the third time on the trot that the six-member Monetary Policy Committee (MPC) has decided on a 25-basis points rate cut, making it a hat-trick of repo rate cuts. 
 
The rate cut also comes in the backdrop of benign retail inflation. Following the MPC decision, the repo rate now stands at 5.75 per cent against 6 per cent earlier. 
 
Acharya will be now returning to the New York University's Stern School of Business in August instead of February 2020. 
 
The market was at 39,120, down 72.10 points as of 10.17 a.m. on Monday.
 
With Acharya's resignation, the RBI is now left with three Deputy Governors -- N. S. Vishwanathan, B. P. Kanungo and M. K. Jain. 
 
IANS
 

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Sensex in red, Nifty at 11,700

ADVERTISEMENT
The Sensex and the Nifty declined during the morning session of the trade on Monday over weak global cues.
 
Globally, investor sentiments were affected due to rising oil prices over tensions in the Middle East.
 
Investors were also cautious ahead of a crucial meet between US President Donald Trump and his Chinese counterpart Xi Jinping at the G20 summit in Japan on June 28-29
 
At 10.19 a.m., the S&P BSE Sensex traded 75.53 points lower or 0.19 per cent at 39,118.96.
 
The Sensex opened slightly lower from its previous close of 39,194.49.
 
The Nifty was 23.75 points or 0.20 per cent down at at 11,700.35.
 
Meanwhile in a major development, Deputy Reserve Bank of India Governor Viral Acharya has resigned six months before the scheduled end of his term, sources said on Monday.
 
IANS
 

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

ED offers to provide air ambulance to bring Choksi back

ADVERTISEMENT
The Enforcement Directorate (ED) on Saturday rejected a plea by fugitive diamantaire Mehul Choksi that he should be questioned in Antigua because of his health condition and said it could arrange an air ambulance with medical experts to bring him back to India for interrogation in connection with the PNB fraud case.
 
Choksi, who is an accused in the case, has taken refuge in the Caribbean island nation of Antigua.
 
He has approached the Bombay High Court and said that he is willing to join investigation if his questioning was held in Antigua or through video conferencing in the light of his medical condition.
 
But the ED rejected his plea and said that he has to return to India for questioning.
 
"Taking a humanitarian approach, the ED is ready to provide an expert medical team along with an air ambulance to bring the petitioner (Choksi) from Antigua to India under proper medical supervision," the ED said in its counter-affidavit filed in the Bombay High Court.
 
Choksi has also said that he has left India for his medical treatment abroad and not to avoid prosecution in the case.
 
Countering his submission, the ED told the court that the best medical facilities are available in India and would be provided to Choksi if he returns to India.
 
The ED said that the agency's intention has never been to play with the health or life of any person.
 
IANS
 

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

One killed in fire aboard under-construction warship in Mumbai

ADVERTISEMENT
A contract worker was killed in a fire that broke out on an under-construction warship 'Visakhapatnam' in the Mazagon Dock Shipbuilders Ltd here, officials said on Friday evening.
 
The fire was reportedly confined to the second and third decks of the ship during grinding operations in a tank around 4 pm.
 
Firefighting operations were taken up and the blaze was brought under control within three hours, though the extent of damage to the vessel is not known.
 
One contract worker, identified as Brajendra Kumar, 23, who was trapped in the blaze, succumbed to his burn injuries and possible asphyxia, and another worker suffered minor injuries.
 
Launched in April 2015, the 'Vishakhapatnam' is the first of the class of stealth guided missile destroyers under Project 15B, being constructed at the MDL, and scheduled to be commissioned to the Indian Navy in 2021.
 
The MDL has ordered a probe to ascertain the cause of the fire, sources said.
 
IANS
 

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

India’s forex reserves dip by $ 1.353 billion to $ 422.2 billion

ADVERTISEMENT
Reversing a three-week uptrend, India’s foreign exchange reserves dipped by $ 1.353 billion to $ 422.2 billion during the week ended June 14, the Reserve Bank of India (RBI) said here today.
 
The country’s forex reserves had gone up by $ 1.686 billion to $ 423.554 billion during the previous week.
 
In its weekly statistical supplement issued here, the central bank said that foreign currency assets, which constitute a major chunk of the foreign exchange reserves, had gone down by $ 1.353 billion to $ 394.447 billion during the week.
 
Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.
 
According to the bulletin, the country’s gold reserves remained unchanged at $ 22.958 billion, while its special drawing rights (SDR) declined by $ 0.1 million to $ 1.449 billion.
 
India’s reserve position in the International Monetary Fund (IMF) decreased by $ 0.2 million to $ 3.3452 billion, the bulletin added.
 
NNN

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Sensex ends 407 points lower, Brent crude up over 1.5%

ADVERTISEMENT
Delayed monsoon and a sharp surge in crude oil prices over two straight sessions pushed the Sensex to finish over 400 points lower on Friday. Index heavyweights like HDFC and Reliance Industries contributed most to the fall.
 
Crude oil rose another 1.5 per cent on fears of a US military attack on Iran that would disrupt flows from the Middle East, which accounts for over 20 per cent of the world's oil output.
 
Brent crude, the global oil benchmark, surged over 5 per cent on Thursday over renewed tensions in the Middle East after Iran shot down a US drone. 
 
US President Donald Trump warned that Iran had made "a very big mistake".
 
The Sensex declined by 407.14 points or 1.03 per cent lower to settle at 39,194.49. The Nifty fell by 107.65 points or 0.91 per cent to 11,724.10.
 
"Concern over shortfall in tax collection and RBI's indication of losing traction on growth impacted the sentiment," said Vinod Nair, Head of Research, Geojit Financial Services.
 
"Market seems to factor in some rationalization in GST rates in the upcoming meeting and more fiscal measures in the budget due next month. Delayed monsoon and a surge in oil prices due to US-Iran tensions further led the consolidation," Nair added.
 
Tata Motors shares recovered from early declines to close slightly lower after global rating agency Moody's downgraded its credit rating and that of Jaguar Land Rover.
 
Shares of aviation companies Interglobe Aviation and SpiceJet fell after a sharp surge in crude oil prices.
 
FII outflows totaled $65 mn for the past five days and DII inflows at $181 mn for the same period. 
 
Going ahead, the markets would continue to consolidate and may react to geopolitical tensions (in Iran), crude prices and monsoons, said Sanjeev Zarbade, VP PCG Research, Kotak Securities.
 
IANS
 

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Thomas Cook (India) sees 22% growth as demand for family bonding trips, adventure experiences surges

ADVERTISEMENT
Cash-rich but time-poor Indians are increasingly embarking on family bonding trips while the millennial generation looks for varied experiences and work-weary corporate India wants getaways.
 
Thomas Cook (India) Ltd., an integrated travel and travel related financial services company, has said that it saw a vibrant 22% growth this summer with the emergence of such significant trends.
 
Releasing its Summer Report 2019, the company said India has grown into a spender’s economy and, with travel being leveraged as a clear status symbol, holidays are on the rise. With today’s cash-rich, but time-poor generation opting for travel to bond with their families, parent-child bonding tours are in high demand.
 
There is a surge in takers for Thomas Cook India’s Theme Park Holidays, outdoors-adventure, music and culture tourism and sports tourism being a significant driver, it said.
 
Demand has also been growing for trips to Singapore, Dubai-Abu Dhabi, France, Hong Kong, UK, Orlando (USA) and New Zealand as well as newer destinations like Seychelles, the company said in a press release, citing the findings of the report.
 
The demand among the millennial generation for adventure travel recorded a surge of approximately 28% for experiences like white/black water rafting (New Zealand), scuba diving (Andamans/Malaysia), fissure snorkelling (Iceland); alpine treks/glacier climbs (Switzerland/ Germany/ Canada/Scandinavia).
 
Additionally, adrenalin highs of sky diving/ bungee jumping/ zorbing/ abseiling (Australia-New Zealand and South Africa) are in demand for their brag worthiness, the report said.
 
Offbeat destinations and exclusive experiences are growing in popularity. The demand is rising for unique experiences like Vespa tours in Singapore or Segway rides in Spain, horseback trails and shark cage diving in South Africa, and more.
 
In fact, most millennials prioritise experiences over luxury and economise on transport and accommodation (hostels/apartments over hotels, trains and self-drives over flights), and splurge on local and interest/ passion-based experiences.
 
A report by the National Sample Survey Office (NSSO)'s first periodic labour force survey (PLFS) reveals that Indians spend the longest hours at work as compared to their global peers. Work-weary business travellers are increasingly opting for short travel breaks to relax and rejuvenate, leading to a strong 33% jump in such trips.
 
Destinations in demand include Goa, Kerala, Andamans, Himachal Pradesh, Sikkim, Meghalaya (domestic); Mauritius, Maldives, Singapore, Thailand, Dubai-Abu Dhabi, Turkey, Indonesia (international).
 
Indian travellers are also leapfrogging the transition from a single long annual vacation to multiple short recurring holidays or micro-breaks. Covering a gamut of destinations, each spanning 3-7 days, travellers are availing such frequent micro–itineraries to fuel their travel goals and tick off their bucket-lists, the report said.
 
The micro-break trend has also seen the rise in last-minute travellers (up by 30%). Indian travellers are gravitating towards on–the–go travel planning and seizing every opportunity to set off on a mini-break.
 
‘Smart weekend’ destinations on the Indian travellers’ radar are Goa, Pondicherry, Coorg, Alleppey, Hampi, Udaipur, Manali, Nainital and Dharmshala among others; equally short-haul or visa friendly international destinations such as Singapore, Dubai, Abu Dhabi, Malaysia, Thailand, Bhutan, Nepal, Indonesia, Maldives, Mauritius, Hong Kong-Macau.
 
Experiential luxury travel has also grown by 15-20% and has expanded to include exotic destinations like Iceland, Kenya, Tasmania, Korea and Japan and along with eclectic experiences.
 
These include a classic vintage car drive along the French Riviera or Ferrari self-drives in Maranello, Italy, private wine tasting experiences in South Africa, a private yachting/speedboat experience on Italy’s Lake Como, breakfast in a hot air balloon/private island dining in Australia.
 
Also on the agenda are volcano caving tours in Iceland, top-of-the-line spa experiences in Switzerland and an uber-luxe Michelin restaurant chase in Europe. Luxury backpacking also displayed a strong demand.
 
Such a growing appetite for travel is also seeing a 50-60% growth in travel loans; loans no longer being perceived as a taboo for travel. The data has further highlighted a surge, especially from young travellers between the age group of 25–35 years, who believe in instant gratification.
 
It indicates an average transaction of 20-25 loans per month for an average loan of Rs 1 lakh. Some of the factors driving the demand are diverse offerings, ease/ convenience and children-centricity, novelty and unique experiences along with social media, discounts and easy visa/visa-on-arrival facilities.
 
The traveller survey also detected a strong shift in source markets to regional Tier 2 and 3 cities/ towns. While metro/ mini-metro cities (such as Mumbai, New Delhi, Hyderabad, Bangalore, Ahmedabad and Chennai) continue to witness an increase in demand with 20% growth over last year, Tier 2 and 3 markets (Amritsar, Karnal, Guwahati, Ranchi, Aurangabad, Vishakapatnam, Hubli, Udaipur and Vijayawada) have showcased a high growth in demand upwards of 30%.
 
Speaking about the strong growth in summer holiday bookings, Rajeev Kale, President & Country Head – Holidays, MICE, Visa, Thomas Cook (India) Ltd., said, “While summer has always been a peak travel season, this year, we have noticed a significant growth in bookings of 22% as compared to the previous year.
 
“Among others, one of the key highlights of this season there has been a definitive increase in the range of traveller segments, each one unique and clear about what they seek from their holidays. Indians are no longer shying away from spending, with an increased demand observed for travel loans to fulfil their travel aspirations,” he added.
 
“A key highlight has been the shift from a saver’s economy to a spender’s economy with the rise in the number of vacations Indians take as a family each year. Combined with their willingness to explore unchartered territories, and demand for immersive experiences, travel brands and services are being pushed to reinvent the wheel even during the peak season to capture consumer attention. This is a positive development not just for consumers, but the industry as a whole,” he said.
 
“To help our customers plan a perfect summer holiday, this year Thomas Cook India launched over 100 road shows across metros and mini metros showcasing handpicked product offerings catering to the distinct audience in every source market,” he added.
 
NNN
 

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Sensex down 190 points, Nifty below 11,800

After opening on a flat note, the benchmark Sensex fell over 190 points during the early trade on Friday.
 
Investor sentiment took a hit after oil prices rose sharply.
 
Brent crude, the global oil benchmark, surged over 5 per cent on renewed tensions in the Middle East after Iran shot down a US military drone.
 
At 10 a.m., the Sensex traded 190.27 points or 0.48 per cent lower at 39,411.36.
 
The Nifty was 44.80 points or 0.38 per cent down to 11,786.95.
 
On Thursday, Indian shares rose sharply, taking cues from firm global markets after the US Federal Reserve hinted at a rate cut.
 
IANS
 

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

RBI's MPC found clear signs of economy losing traction

RBI logo
RBI logo
At the Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) meeting earlier this month, RBI Governor Shaktikanta Das had pointed to clear evidence of economic activity losing traction while presenting the rationale for a rate cut, as per the minutes of the MPC meeting released by the central bank on Thursday.
 
In its second monetary policy review of the current fiscal earlier this month, the MPC had cut the RBI's repo, or short term lending rate for commercial banks, by 25 basis points to 5.75 per cent from 6 per cent.
 
Taking note of the significant weakness of growth impulses and expressing concern over the "sharp slowdown" in investment activity, all the six members of the MPC voted for the rate cut.
 
Chaired by the RBI Governor, the MPC includes Chetan Ghate, Pami Dua, Ravindra H. Dholakia, Michael Debabrata Patra and Viral V. Acharya as its members. While Patra is an Executive Director of the central bank and Acharya is an RBI Deputy Governor, the others are external members of the MPC. 
 
"All members of the MPC unanimously decided to reduce the policy repo rate by 25 basis points and change the stance of monetary policy from neutral to accommodative," the MPC minutes said.
 
"Overall, there is clear evidence of economic activity losing traction, with the GDP growth in Q4 (fourth quarter) 2018-19 slowing down to 5.8 per cent," Das said, as per the minutes of the MPC meeting.
 
Das also noted that "growth impulses have clearly weakened", while the headline inflation trajectory is projected to remain below 4 per cent throughout 2019-20 even after considering the expected transmission of the past two policy rate cuts.
 
Growth has seriously dipped and can recover relatively fast on policy support though it is likely to remain well below the potential at least for next three to four quarters, Dholakia said.
 
Patra said that India cannot afford to be complacent about the danger of a deepening of the global slowdown.
 
"Intensification of trade wars and geopolitical tensions amidst volatile crude prices and nervous financial markets render the outlook fraught with downside risks," Patra added.
 
IANS
 

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Attack on web series crew: 3 accused nabbed, remanded to custody

ADVERTISEMENT
A city court on Thursday remanded to police custody till June 24 three prime accused who were arrested for attacking the cast and crew of a web series being shot at an outdoor locale in Thane while Maharashtra Chief Minister Devendra Fadnavis ordered a probe into the incident, police said.
 
The accused Krishna Sonar, Sonu Das, and Suraj Sharma were nabbed from different parts of Thane district early on Thursday.
 
"We have charged them under Indian Penal Code sections 326, 143, 180 and others," Senior Police Inspector of Kasarvadawali Police Station Kishore Khairnar told IANS.
 
The trio was produced before the court this afternoon, and efforts are on to trace the other suspects involved in the incident which happened on the sets of the web series titled 'Fixer', he added.
 
Later this afternoon, a delegation of the series makers met Chief Minister Fadnavis in  Mumbai to apprise him of the brutal attacks and sought protection.
 
After listening to them, Fadnavis ordered Thane Police Commissioner and Konkan Range IGP to get the incident probed.
 
"Strict action will be taken if any police official is found responsible for delay in investigation or performing duty," Fadnavis warned.
 
Producer Sakett Saawhney thanked Fadnavis on social media for the action against the perpetrators.
 
At least four drunken miscreants allegedly barged onto the sets of 'Fixer' produced by ALTBalaji located in a factory premises on the picturesque Ghodbunder Road on Wednesday afternoon, creating a ruckus and vandalising the sets with sticks and rods.
 
In the attack, at least 10 members of the cast and crew of were injured, including the director of photography Santosh Tandyal, but lead actress Mahie Gill escaped unhurt as she ran and hid in her vehicle parked outside the venue.
 
The director Soham Shah also was hurt, while Tandyal later received half a dozen stitches for his injuries, according to filmmaker-actor Tigmanshu Dhulia who is also a part of the show.
 
Associate Producer Rajveer Ahuja said that the goons also damaged valuable shooting equipment, vanity vans, and lights before fleeing.
 
IANS
 

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Fed opens gate for rate cut, sends Sensex soaring

In line with Asian financial markets the Sensex and Nifty closed with significant gains on Thursday after the US Federal Reserve indicated rate cuts in future, considered positive for developing markets.
 
The US central bank left interest rates unchanged but opened the door for a possible rate cut in the future.
 
The S&P BSE Sensex jumped 488.89 points higher to finish at 39,601.63. The Nifty closed 140 points in the green, at 11,831.75.
 
"The status quo on rates ensures that the key rate remains in the range of 2.25-2.50 per cent range. Fed Chair, Jerome Powell's statements can be construed to mean that the Fed remains willing to cut rates in future," said Jaikishan Parmar, Senoir Equity Research Analyst, BFSI, Angel Broking.
 
"Wall Street was not too impressed by the shift in language and would have rather preferred an outright rate cut. While US markets were mildly in the positive, markets across Asia have certainly celebrated the decision," he added.
 
Jet Airways scrips advanced by a massive 93 per cent to close at Rs 64 a piece ahead of National Company Law Tribunal's (NCLT) order on whether the bankruptcy case will be admitted.
 
The SBI-led lenders' consortium earlier this week took the grounded airline to the NCLT for the speedy recovery of their dues.
 
The heavily beaten down Yes Bank counter reversed its negative trend to close over 10 per cent higher. 
 
The private lender was followed by healthcare major Sun Pharma, which surged over 4 per cent. 
 
IndusInd Bank, Larsen and Toubro, ICICI bank were the other top gainers.
 
IANS
 

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 
Syndicate content
© Copyright 2012 NetIndian. All rights reserved. Republication or redistribution of NetIndian content, including by framing or similar means, is expressly prohibited without the prior written consent of NetIndian Media Corporation. Write to info[AT]netindian[DOT]in for permission to use content. Read detailed Terms of Use.