Rain brings winter chill to Delhi
The Reserve Bank of India (RBI) lowered its policy repo rate by 25 basis points to 7.5% on Wednesday, delivering its second cut this year on the back of easing inflation and a government commitment to fiscal discipline.
The Sensex on Wednesday made history by surpassing 30,000 level after RBI announced a surprise rate cut within days of the Budget but the benchmark wiped off all gains to end with a 213-point loss on heavy profit-booking.
In line with weak stocks, the rupee on Wednesday slipped by a hefty 33 paise -- its fourth straight daily loss -- to close at 62.25 against dollar amid RBI Governor Raghuram Rajan's comment that an "excessively strong rupee" is undesirable as it triggers disinflationary pressures.
The RBI has said the uncertainty surrounding global oil prices can have an adverse bearing on the inflation outlook though it will endeavour to bring it down to the target of 4% by 2016-17.
Chief economic adviser Arvind Subramanian has welcomed Wednesdya's repo cut by the RBI and described budget 2015-16 as a "balanced" one.
India Inc has hailed the the cut in the repo rate by 25 basis points by RBI, saying the move sends a positive signal to investors and will help boost growth by lowering the cost of capital.
The benchmark BSE Sensex breached the 30,000-mark and the NSE Nifty zoomed to hit a lifetime high of 9,119.20 in opening trade on Wednesday on buying in rate-sensitive stocks after RBI, in a surprise move, cut repo rate by 0.25%.
The much-awaited auctions 2G and 3G spectrum or airwaves began Wednesday morning. The govenment expects to fetch over Rs 80,000 crore from the auction.
The Sahara Group may lose its hold on the iconic Grosvenor House hotel in London as its largest creditor, Bank of China, has put the property up for sale to recover its dues.
In tandem with its efforts to bring back black money stashed abroad, the finance ministry is planning to introduce a new and comprehensive Benami Transactions (Prohibition) Bill during the ongoing Budget session of Parliament.
SpiceJet’s founder and new promoter Ajay Singh has begun the process of rejigging the airline’s board.
After three sessions of gains, the benchmark BSE Sensex fell by over 75 points in early trade on Tuesday on emergence of profit-booking by participants amid disappointing economic data.
Sun Pharmaceutical Industries Ltd, India's largest drugmaker by sales, said on Tuesday it has agreed to buy GlaxoSmithKline's opiates business in Australia.
Larsen and Toubro’s (L&T) construction arm won orders amounting to R2215 crore in the last two months across various segments, the company said in a press release on Tuesday.
The rupee depreciated by 4 paise to trade at 61.91 against the US dollar in early trade on Tuesday, extending Monday's weakness due to sustained demand for the American currency from importers.