Employees st public sector units (PSUs) will now get an option to subscribe up to 5% of the issue size at a discount after the completion of disinvestment in the concerned state-owned company.
With the Reserve Bank of India (RBI) all set to provide new licences and a host of private companies eyeing the banking space, bank stocks have been in focus for some time. And experts say they could be on the cusp of a bounceback that long-term investors may gain from. Manik Kumar Malakar reports.
After touching all-time closing low on Tuesday, the rupee gained 7 paise to close at 58.70 against the US dollar on Wednesday, a day ahead of the crucial US Federal Reserve's meeting to decide on continuing with its monetary stimulus programme.
The S&P BSE Sensex today reversed early losses to end with a marginal gain of over 22 points, or 0.1%, to 19,246, on the back of a surge in telecom stocks, amid uncertainty over the outcome of the US Federal Reserve policy meeting.
The rupee is expected to remain under pressure in the near term, given the strengthening of the dollar against major global currencies and widening of the trade deficit, says a report.
Indian gold futures edged up on Tuesday to their highest in nearly a week, helped by a weaker rupee, which was not far from its record low. Silver also moved higher.
Resuming its downfall, the rupee on Tuesday sank by a whopping 90 paise to all-time closing low of 58.77 on massive dollar buying by banks and importers as forex markets became jittery ahead of Fed's decision on continuing monetary stimulus.
Sensex today closed nearly 103 points down at 19,223.28 on selling in bluechips, amid weakness in global markets ahead of US Federal Reserve's decision over continuing monetary stimulus.
A cautious Reserve Bank of India (RBI) governor D Subbarao on Monday kept key lending rates unchanged, warding off mounting pressure for a repeat action to follow up on the central bank’s three successive rate cuts since January.
HT reports.
Money isn't getting cheaperThe rupee cut its earlier losses on Monday after the May trade deficit came in below some market estimates although the gap was still seen as high and unlikely to provide too much comfort about the current account deficit, dealers said.
The rupee held onto its losses on Monday, while stocks edged lower and interest rate swaps rose, after the Reserve Bank of India kept the country's key lending rate unchanged while warning of upwards risks to inflation.
Despite the RBI’s decision to not cut interest rates as widely expected, the stock market gained today, driven largely by gains in index heavyweights and the automobile major Mahindra & Mahindra.
Rajeev Mullick reports.
Shares of Jet Airways slumped over 12% in morning trade on the bourses after the Foreign Investment regulator deferred the Jet-Etihad deal.
The government has approached over half a dozen foreign jurisdictions, including Singapore and some tax havens, for banking and financial details of over 500 individuals and entities that might have “secret offshore accounts” at those places.
If you are planning to buy a house or an automobile, or if you already have a home loan running, you would probably be keeping a strict watch on the Reserve Bank of India’s (RBI) policy rate announcement tomorrow.