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Tuesday
16
July 2019

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Markets

2,715.70 0.40%
Volume
205,549,836
Turnover
0.40%
Trades
2,853
16
Up
3
Flat
12
Down
Traded stocks 31
5,041.94 -0.28%
Volume
43,975,807
Turnover
-0.28%
Trades
1,382
8
Up
5
Flat
16
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7.8
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0.7
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1.33
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0.85
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1.31
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3.07
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3.75
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5.11
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14.82
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4.88
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1.33
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0.35
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0.33
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1.33
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0.92

Business


Rupee opens 5 paise down at 68.59 against dollar

Mumbai: The rupee depreciated marginally by 5 paise to 68.59 against the US dollar in early trade on Tuesday as the country's exports entered the negative zone after a gap of eight months. At the interbank forex market, the rupee opened weak at 68.59 registering a decline of 5 paise over its last close. The local currency however pared the initial loss and was trading at 68.55 at 0945 hrs. The rupee had settled at 68.54 against the US dollar on Monday. Forex traders said weak trade data, foreign fund outflows and rising crude oil prices weighed on the domestic...

Will India's tax on the rich hit foreign investment inflows?

New Delhi: The government’s budget proposal earlier this month to increase taxes on those with annual incomes of more than 20 million rupees has rattled many foreign portfolio investors (FPIs). The realisation that the new tax likely applies to the trusts through which many foreign investors put money into Indian financial markets sent stocks plunging last week. Now, their advisors say the investors are threatening to pull funds from India unless rules are amended so that they won’t take a tax hit. Here are some facts about the new tax rules. What are the new rules? In her budget, Indian...
16/07/2019

Uber ties some executive pay to diversity goals

Uber has said it will link pay for some senior executives to progress made toward improving diversity.Diversity will be used as one "key metric" to assess performance and determine executive compensation for senior leaders, the firm said. The policy also sets a target to increase the number of women in senior roles to 35% by 2022. Other tech firms including Microsoft have also tied some executive pay to improving diversity."From our corporate offices to our driver-partners across the globe, diversity is one of our greatest assets," Uber said in its 2019 diversity report. The ride-hailing firm said "progress on measurable...

RBI slaps Rs 7 cr penalty on SBI for violating various norms

Mumbai: The Reserve Bank of India Monday said it has slapped a penalty of Rs 7 crore on the country's largest bank SBI for non-compliance with norms related to NPA identification and fraud risk management, among others. The penalty has been imposed on the bank for non-compliance of income recognition and asset classification (IRAC) norms, code of conduct for opening and operating current accounts and reporting of data on Central Repository of Information on Large Credits (CRILC), and fraud risk management and classification and reporting of frauds. Giving details of the case, it said the statutory inspection of SBI with...

NCLAT to hear ArcelorMittal's plea on EPC Construction on August 8

New Delhi: The NCLAT on August 8 will hear global steel major ArcelorMittal's plea, challenging Royale Partners' bid to acquire EPC Construction India Ltd (ECIL), currently under insolvency proceedings. A three-member bench headed by Chairman Justice S J Mukhopadhaya has asked the parties to complete their pleading by filing their reply and rejoinder over it, and directed to list the matter on August 8. The National Company Law Appellate Tribunal's direction came over a petition filed by ArcelorMittal, which has challenged the order of the Mumbai bench of National Company Law Tribunal (NCLT). The NCLT has rejected ArcelorMittal's plea against...
16/07/2019

RBA concerned about Indigenous disadvantage board minutes reveal

By senior business correspondent Peter Ryan The Reserve Bank has highlighted the plight of disadvantaged Indigenous Australians and sustained living standards well below the rest of society.The observations came after the central bank held its July board meeting in Darwin for the first time since 1968."Members observed that the broad statistics on the labour market for the Northern Territory masked the relative disadvantage of the Indigenous population," according to the minutes from the meeting."Indigenous Australians were less likely to complete school and more likely to experience poor health."These measures of Indigenous disadvantage were particularly acute in remote locations where it...

Jio joins GSMA's Connected Women Initiative to bridge gender gap in digital adoption

New Delhi: Telecom operator Reliance Jio on Monday said it has joined GSMA's Connected Women Initiative to bridge the gender gap in digital literacy and adoption. Under the partnership, Jio and global telecom industry body GSMA will work towards empowering more women for increased access to, and use of, life-enhancing digital services. The recent accelerated adoption of mobile and internet technologies has changed how people engage, educate and entertain. However, the gender gap in mobile adoption in India persists due to a lack of access, affordability and inclusion in the digital revolution. As part of the Connected Women Initiative, GSMA...
16/07/2019

Boeing 737 Max unlikely to restart operations by 2020

The globally grounded Boeing 737 Max planes are unlikely to restart operations until 2020 as it will take time to fix a flight-control software and complete other work, government and industry officials have said. The aircraft is currently expected to return to the air in January 2020, 12 months after the company proposed the initial replacement of software implicated in two deadly crashes, Xinhua news agency quoted US Federal Aviation Administration (FAA) officials and industry leaders as saying on Sunday. Boeing executives, FAA engineers and global aviation regulators have extended the safety analyses to cover a growing list of almost...

Underlying trend stays subdued

The market ended in positive territory on Monday with the Sensex gaining 160 points, or 0.41 per cent, higher at 38897 levels and the Nifty closed 36 points, or 0.31 per cent, higher at 11588 levels. However, the broad market saw selling with both BSE Mid-Cap and Small-Cap closing in the red. Technical ViewThe Nifty continued to show range movement and closed the day on a small positive note. A small body of negative candle was formed with long lower shadow. Technically, this pattern indicates a range bound movement in the market with positive bias, analysts said. "The Nifty currently...

16/07/2019

Actis takes on management of two Abraaj funds

DUBAI:Actis said on Monday it had acquired the rights to manage two private equity funds previously managed by collapsed buyout firm Abraaj, in a deal aimed at strengthening its position in the Middle East and Africa. Actis will take over the management rights to Abraaj Private Equity Fund IV and Abraaj Africa fund III, it said in a statement.Abraaj, which filed for provisional liquidation in June 2018, was the largest buyout fund in the Middle East and North Africa until it collapsed last year in the aftermath of a row with investors over the use of money in a $1...
15/07/2019

Government should not manage railways, says review

The man tasked with working out how to improve UK railways says a "fat controller" type figure, independent from government, should be in charge of day-to-day operations.The former boss of British Airways, Keith Williams, said government involvement should be limited to overall policy and budget decisions.But he said the Department for Transport should not manage the system. His review of the rail system will be published this autumn. The Fat Controller is a fictional character who manages the railways in Thomas the Tank Engine, the children's television series based on the The Railway Series books. Mr Williams said he also...
15/07/2019

Harrods of the High Street or fraying at the seams?

Georgia Cobden is about to start a new job in PR and just popped into House of Fraser on Oxford Street because she knows they have a Whistles concession. At 25 Georgia is just the sort of customer troubled retailer House of Fraser needs to attract to achieve the gymnastic feat of turning around its fortunes amid what the chain's owner, Mike Ashley, has called "unbelievably bad" times for retailers.She says she and her friends love the range of products in the beauty department, and now she has had a look she's impressed with what's on offer in fashion too."I...