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Bhubaneswar
Tuesday, August 22, 2017

Business

Sensex, Nifty At New Peak, All Eyes Shift To RBI Move Tomorrow

Mumbai (PTI): Pulling off records for the second day, the benchmark Sensex today closed at 32,575 and the Nifty 10,115 as investors wait for the outcome of the RBI policy meet tomorrow amid corporate earnings momentum. Improving monthly sales numbers from automakers and a firming trend in global markets fuelled the rally. The Sensex settled at yet another new high of 32,575.17...

RBI’s 2-Day MPC Meet Begins, Decision On Rates Tomorrow

Mumbai (PTI): The 6-member Monetary Policy Committee (MPC) headed by RBI Governor Urjit Patel today started two-day deliberations amid expectations of at least 0.25 per cent cut in the key lending rate as inflation has cooled to record low levels. The meeting's outcome tomorrow is being keenly awaited by all stakeholders including industry and stock markets. Encouraged by significant price improvement, bankers...

Deadline For Filing IT Returns, Linking Aadhar To PAN Extended

New Delhi (PTI): In a last minute decision, the government today extended the deadline for filing Income Tax Returns (ITRs) and linking Aadhaar with the Permanent Account Number (PAN) of taxpayers. While ITRs can now be filed by August 5, the Aadhaar-PAN linking can be done till August 31. The government had made mandatory the linking of the two databases for filing...

Rupee Surrenders Early Gains Ahead Of RBI Rate Decision

Mumbai (PTI): The rupee failed to sustain an early strong advance against the US currency and ended lower by 4 paise at 64.19 on bouts of month-end dollar demand from importers and corporates. Currency traders also preferred to stay on sidelines and avoided taking any long positions as caution displayed ahead of the Reserve Bank of India's bi-monthly policy on 2...

RSP’s Plate Mill Creates New Single-Day Record

Bhubaneswar (PTI): The New Plate Mill Rourkela Steel Plant (RSP) has created a new single-day production record by rolling 3601 tonnes of slabs and producing 3188 tonnes of Plates on July 28. The previous record of rolling of 3423 tonnes of slabs and making 3110 tonnes of plates was set on April 16, 2017, a release from RSP said. The 4.3 metre...

Odisha Approves Investment Proposals Worth Rs 1,325 Crore

Bhubaneswar(PTI): Odisha today approved investment proposals of Rs 1,325 crore from Chettinad Cement Corporation, North Eastern Electric Power Corporation Limited (NEEPCO) and Ramky Enviro Engineers Limited. The three proposals if implemented will create employment opportunity for 665 people. The investment proposals got the nod at the State-level Single Window Clearance Authority (SLSWCA) meeting chaired by chief secretary A P Padhi. With the required...

RBI Chief Urjit Meets Jaitley Before Policy Review

New Delhi (PTI): Ahead of the next monetary policy review in August first week, Reserve Bank of India Governor Urjit Patel today called on Finance Minister Arun Jaitley and is believed to have discussed various macro-economic issues. After meeting the minister, Patel met the newly appointed Economic Affairs Secretary Subhash Chandra Garg. RBI governor usually meets Union finance minister before the monetary...

Know Your Saree: From Farmer To Weaver To Designer

New Delhi (PTI):  In Ethicus, a fashion brand, the question of 'who you are wearing' is taken with all seriousness. No, not the designer, but the weaver. The weaver, who patiently wove every single thread to create the exquisite saree that the customer flaunts proudly. The brand has a policy for a mandatory label with the weaver's name and photo attached to...

Rupee Recuperates, Dollar Goes Down

Mumbai (PTI): The rupee today staged an incredible comeback after its three session lustreless trade and ended at a fresh two-and-a-half month high of 64.11 a dollar after the US currency took a big knock amid the Fed indicating it will maintain a slow pace of monetary tightening. The Federal Reserves's statement came after the two-day policy meet where the central...

Sensex Hits New High, Nifty Retreats From Record Level

Mumbai (PTI): The benchmark BSE Sensex today edged up to a new closing record at 32,383.30, but the Nifty was little changed with a negative bias. The Sensex closed marginally higher by 0.84 point at 32,383.30. During the day, the barometer rallied over 290 points to touch fresh high of 32,672.66 following buying spree in financials, banks, realty, auto, IT, FMCG and oil...

Indian Banks Most At Risk Among South, S-E Asian Peers: Moody’s Poll

New Delhi (PTI): Indian banks are most at risk in South and South-East (S-E) Asia, and being under-capitalised, they lack sufficient loan provisioning, says a Moody's poll. It said the government has appeared reluctant to increase capital injection into PSU banks despite the limited ability of these lenders to access equity markets for the much-needed capital. Earlier this month, Moody's polled 210...

HSBC Predicts Repo Rate Reduction By RBI

New Delhi (PTI): The Reserve Bank is expected to go for a 25 basis points (bps) repo rate cut in its policy review meet on August 2 as inflation is likely to have reached a new normal of 4 per cent, says an HSBC report. According to the global financial services major, inflation in India has fallen dramatically, and though the...

JSPL Angul Steel Plant To Double Production By Next March

Bhubaneswar: The Chairman of the Jindal Steel and Power Limited (JSPL) today met senior officials of the Chief Minister's Office(CMO) and several other higher-ups in the state government at the state secretariat here and had detailed discussions about the projects undertaken by his mega company in the state. After his meeting with the officials, the JSPL Chairman Navin Jindal told...

US Dollar Ends A Tad Lower Against Rupee

Mumbai (PTI): The US dollar ended marginally lower against the rupee at Rs 64.37/38 but the pound sterling finished higher at Rs 84.07/09 at the close of the interbank foreign exchange (forex) market here today. Following are the interbank forex and RBI rates: (In Rs per unit) Unit Interbank RBI Reference US Dollar 64.37/38 US Dollar Rs.64.4208 Pound Sterling 84.07/09 Euro Rs...