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Bhubaneswar
Monday, June 25, 2018

Business

Gold tops Rs 26,000-mark, climbs Rs 430 tracking global trend

Gold prices regained the Rs 26,000- mark by soaring Rs 430 -- its biggest one-day surge this year -- to trade at its highest level in over three weeks at Rs 26,330, tracking uptrend in the global bullion market and rise in demand from domestic jewellers. In the global market, the precious metal once again topped the USD 1,100 an...

Nirav Gate Effect: PNB Stock Slumps 9% To Hit 52-Week Low

New Delhi(PTI): Shares of Punjab National Bank today slumped as much as 9 per cent to hit their 52-week low level in morning trade on bourses after the lender said the amount of fraudulent transactions could be as much as Rs 12,700 crore. Shares of the company opened weak at Rs 107.80, then cracked 8.75 per cent to a 52-week...

Mkts On Record Highs; NSE Chaos Leaves Investors Flustered

Mumbai (PTI): The BSE Sensex surged by over 355 points to record a new closing high of 31,715.64 and NSE Nifty settled above the 9,700-mark for the first time, even as technical glitches disrupted trade on NSE for hours leaving investors flustered. The first session of the day's trading was marred by chaos on NSE -- the country's biggest stock exchange...

UK Mulls Pension Loophole Fix To Help Tata Steel: Report

London, (PTI): The UK government is reportedly considering a law change to plug a loophole in its pension laws to help Indian steel giant Tata Steel save jobs at its Port Talbot plant in south Wales, a media report claims. A deal to reduce Tata's financial burden in the 15- billion-pound pension scheme for its British steel business is central to...

IMF Not Endorsing UBI In India: Official

Washington(PTI): The IMF on Sunday shot down media reports speculating that it was pushing for the Public Distribution System (PDS) to be replaced by the Universal Basic Income (UBI) in India. The reports emerged in a section of media after the International Monetary Fund (IMF), in its annual Fiscal Monitor report, said the UBI will outperform the PDS in terms...

GST Rejig: Tax Rate On 178 Daily Items Reduced To 18% From 28%

Guwahati(PTI): In the biggest GST rejig yet, tax rates on over 200 items, ranging from chewing gum to chocolates, to beauty products, wigs and wrist watches, were today cut to provide relief to consumers and businesses amid economic slowdown. As many as 178 items of daily use were shifted from the top tax bracket of 28 per cent to 18...

Rahuram Rajan: Had Come Back To India To Exchange Scrapped Notes

New Delhi(PTI): Former RBI Governor Raghuram Rajan himself had to come back to India to exchange scrapped currency as he had no clue about the demonetisation date, though the process started during his governorship. Rajan, who ended his three-year term as RBI Governor on September 4 last year, said he had taken some Indian currency with him to the US. He added...

RBI Asks Banks To Ensure Safety Of Customers’ Lockers

New Delhi (PTI): The Reserve Bank has asked banks to ensure customers' lockers remain safe and there is "no negligence" that could render banks liable to claims by locker holders, Parliament was informed today. Besides, banks are being probed by fair trade regulator CCI for alleged cartelisation in providing locker services to their customers. In a written reply to the Rajya Sabha,...

MCL Betters Record By Producing 7.84 Lakh Tonne A Day

Bhubaneswar(PTI): The Mahanadi Coalfields Limited (MCL), a subsidiary of Coal India Limited, broke its own record by producing 7.84 lakh tonne in a single day, an official said. The MCL created this record on March 27, breaking the earlier record set by the company. On March 21, MCL had become the first company in the country to have crossed the 6...

‘Hiccups,Confusions and Strikes’, as GST Rolls Out Tonight.

Delhi: As India prepares to launch its biggest tax reform since independence, business houses,individuals and small traders across the country are bracing for economic chaos. At the stroke of midnight today,July 1, Prime Minister Narendra Modi will formally usher in the country's new goods and services tax. With the deadlines looming, protests and industrial strikes broke out across the country...

RBI Imposes Rs 59 Crore Fine On ICICI Bank For Violating Securities Sale Norms

Mumbai(PTI): The Reserve Bank has imposed a penalty of Rs 58.9 crore on the country's leading private sector lender ICICI Bank for violating central bank's directions pertaining to direct sale of securities. "The Reserve Bank of India (RBI) has imposed through an order dated March 26, 2018, a monetary penalty of Rs 589 million on ICICI Bank Limited for non-compliance...

Union Government To Invite Fresh Applications For RBI Deputy Governor Post

New Delhi(PTI): The government will soon invite fresh applications for the post of RBI Deputy Governor, a position that fell vacant after S S Mundra retired on completion of his three-year term on July 31, 2017. Although interviews were conducted on July 29 last year, the government has decided to start the process all over again, sources said without giving...

Gold extends gains on global cues, jewellers buying

New Delhi: Riding on strong global cues and increased buying by jewellers at the domestic bullion market, gold today shot up by Rs 225 to Rs 25,840 per ten grammes. Silver followed suit and edged higher by Rs 75 to Rs 33,700 per kg on increased offtake from industrial units and coin makers. Bullion merchants attributed rally in the precious metal to...

Rupee declines 13 paise against American currency

The rupee depreciated 13 paise at Rs 66.32 against the USD at the Inter-bank Foreign Exchange on month-end demand for the American currency from importers amid capital outflows. Yesterday, rupee closed at Rs 66.19, up by 2 paise. Forex dealers stated month-end demand for the US currency from importers mainly weighed, but the dollar's weakness against other currencies overseas and a higher opening of...