Government-run oil marketing companies reduced on Friday the retail prices of petrol and diesel by Rs. 2.43 per litre and Rs. 3.60 per litre, respectively.
In a move that galvanised the stock markets, the government on Friday decided to raise its outlay for recapitalising state-owned banks this financial year to Rs 25,000 crore, more than three times the amount earmarked in the Budget. This money will be given in three tranches.
India’s infrastructure output growth slowed to 3% in June, pulled down by a slowdown in electricity production, latest data released on Friday showed.
Despite a marginal growth in overall revenue, engineering major Larsen & Toubro (L&T) on Friday reported a 37.3% decline in consolidated net profit at Rs 606.19 crore in the three months to June due to high base effect in the year-ago period.
Car maker Honda said on Friday that net profit in April-June jumped nearly 20% as strong sales in North America and a weak yen helped offset the impact of an exploding air-bag crisis.
The bank had a standalone net profit of Rs 2,655.30 crore in the corresponding quarter of last fiscal. The gross non-performing assets (NPAs) as a percentage of total advances of the bank rose to 3.68% during the quarter under review from 3.05% in the same quarter last fiscal, ICICI Bank said in a filing to BSE.
The stock market on Friday continued its rally for the third straight day as the benchmark BSE Sensex surged by 409.21 points to 28,114.56 led by gains in banking stocks after the government announced plans to infuse fresh capital into state-run lenders by September.
The rupee declined by 12 paise to 64.10 against the US dollar in early trade on Friday, extending weakness for the second day due to appreciation of the American currency overseas.
The report raised fresh questions on the state of RBI, which is in the midst of a controversial overhaul on the governor’s powers in managing interest rates, saying any tampering with the central bank’s autonomy may hurt India’s credibility.
Come Friday, and there could be some cheer for the common man as oil marketing companies could effect a steep cut in petrol and diesel prices.
Replying in the Rajya Sabha, external affairs minister Sushma Swaraj said Modi visited 26 countries from June 2014 to July 2015 and all visits had a substantial economic component.
App based taxi aggregator Uber has plans to invest $1 billion into a major initiative in India to target 1 million rides per day by March 2016. The news comes in a few days after it was reported that local rival Ola is in talks to raise $500 million.
Chinese stocks on Friday fell and looked set to suffer their biggest monthly loss in nearly six years amidst a series of support measures and promises from Beijing to step up efforts to bolster the flagging economy.
Acquisition marks French bank’s second big play at retail broking in India after Geojit 8 years ago.
In its first earnings report after its merger with ING Vysya Bank, Kotak Mahindra Bank reported a 26% fall in consolidated net profit at Rs 517 crore in the June quarter, hit by massive provisions for the South India-based lender's stressed assets and retirement benefits.