Economy News

Tata Consultancy Services net profit up 22.6% to Rs 7,901 crore in second quarter

In a regulatory filing on Thursday, the city-based IT bellwether said consolidated revenue for the quarter (Q2) under review grew 21 per cent annually to Rs 36,854 crore from Rs 30,541 crore in the like period year ago.

Oct 11, 2018

Sensex tanks 1000 points; rupee sinks to new low of 74.45 against US dollar

Forex dealers said besides strong demand for the American currency from importers, concerns of fears of rising fiscal deficit and capital outflows weighed on the domestic currency.

Oct 11, 2018

Saudi Arabia to supply extra oil cargoes to India in November as Iran sanctions loom

Reliance Industries Ltd, Hindustan Petroleum Corp, Bharat Petroleum Corp, and Mangalore Refinery Petrochemicals Ltd are seeking an additional 1 million barrels each in November from Saudi Arabia, the sources said.

Oct 10, 2018

Over 77,000 payments bank accounts opened in Maharashtra, Goa postal

The India Post Payments Bank (IPPB) was launched across 650 districts by Prime Minister Narendra Modi on September 1.

Oct 10, 2018

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IMF forecasts recovery in Indian economy, predicts 7.3% growth in 2018

The world body attributed this growth to a rebound from transitory shocks (the currency exchange initiative and implementation of the national Goods and Services Tax) including strengthening investment and increased private consumption.

Oct 9, 2018

Asia stocks at 17-month low amid China concerns

Japan's Nikkei fell 1.2 percent, hurt in part by a rise in the safe-harbour yen.

Oct 9, 2018

Increasing consumer pessimism should worry Modi as elections approach

The RBI survey gives the government a glimmer of hope. It says that though the present outlook is dispiriting, consumers expect a turnaround net year.

Oct 8, 2018

NBFCs shares plunge as RBI plans to strengthen sector norms

The RBI left key policy rates unchanged on Friday and urged all financial firms to use long-term funds rather than rely on short-term funding.

Oct 8, 2018

A road sign is seen next to Bombay Stock Exchange (BSE) building in Mumbai

Dalal Street bleeds as foreign investors pull out Rs 9,300 crore in just four sessions

The latest depository data shows that foreign portfolio investors (FPIs) have flushed out a net sum of Rs 7,094 crore from equities during the first five days in the month of October.

Oct 7, 2018

Fresh liquidity for Jet as Etihad to make $35 million cash pre-purchase payment

The plan includes a $35 million cash pre-purchase payment to Jet Airway's frequent flyer programme JPPL ( Jet Privilege Private Ltd), which is majority-owned by Etihad Airways.

Oct 7, 2018

Fund outflows, oil prices to sink rupee further; 75-mark in sight

The continuous outflow of foreign funds from the equity segment and global market volatility will likely push the rupee to the 75-mark to a US dollar in the coming days, the experts opined.

Oct 7, 2018

Govt to narrow current account deficit, bolster forex inflows: Finance Minister Arun Jaitley

The government has taken some steps and some more measures that are likely to narrow CAD, Jaitley said at the HT Leadership Summit.

Oct 6, 2018

RBI monetary policy decision hurts Indian currency; rupee hits new low of 74 against USD

Just after the RBI announced its decision, post 2.30 p.m., the rupee plunged to over 74 a US dollar -- the lowest ever mark -- it has touched against the greenback.

Oct 5, 2018