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State Bank of India (SBI) — the country’s largest lender — reported an 81% rise in quarterly profit on Friday, helped by a one-time gain from a stake sale in its life insurance unit.

Net profit of SBI rose 81% year-on-year to Rs 4,189 crore in the three months ended June. This includes an exceptional gain worth Rs 1,540 crore due to sale of investments in SBI Life Insurance.

Country's largest bank's standalone total income increased to Rs 74,457.86 crore in the first quarter of 2020-21 as against Rs 70,653.23 crore in the same period a year ago, as per the financial results posted by the bank on stock exchanges.

Its gross non-performing assets (NPA) of the total advances declined to 5.44 per cent at June-end, over 7.53 per cent at June-end last year.

Similarly, net NPAs also declined to 1.8 per cent in June 2020 against 3.07 per cent a year ago.

On a consolidated basis, SBI's net profit rose by 62 per cent to Rs 4,776.50 crore as against Rs 2,950.50 crore in the same quarter a year ago.

At the same time, total income increased Rs 87.984.33 crore as compared to Rs 83,274.04 crore in the first quarter of the previous fiscal.&nbsp;

(With inputs from agencies)

State Bank of India (SBI) — the country’s largest lender — reported an 81% rise in quarterly profit on Friday, helped by a one-time gain from a stake sale in its life insurance unit.

State Bank of India (SBI) — the country’s largest lender — reported an 81% rise in quarterly profit on Friday, helped by a one-time gain from a stake sale in its life insurance unit. Net profit of SBI rose 81% year-on-year to Rs 4,189 crore in the three months ended June. This includes an exceptional gain worth Rs 1,540 crore due to sale of investments in SBI Life Insurance. Country's largest bank's standalone total income increased to Rs 74,457.86 crore in the first quarter of 2020-21 as against Rs 70,653.23 crore in the same period a year ago, as per the financial results posted by the bank on stock exchanges. Its gross non-performing assets (NPA) of the total advances declined to 5.44 per cent at June-end, over 7.53 per cent at June-end last year. Similarly, net NPAs also declined to 1.8 per cent in June 2020 against 3.07 per cent a year ago. On a consolidated basis, SBI's net profit rose by 62 per cent to Rs 4,776.50 crore as against Rs 2,950.50 crore in the same quarter a year ago. At the same time, total income increased Rs 87.984.33 crore as compared to Rs 83,274.04 crore in the first quarter of the previous fiscal. (With inputs from agencies)

State Bank of India's profit surges 81% in Q1, bad loans decline

Indian rupee is trading higher at 74.75 per dollar, amid volatile trade seen in the domestic equity market.

At the interbank forex market, the rupee opened at 74.74, gained further ground and touched 74.69 against the US dollar, up 15 paise over its last close of 74.84.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell by 0.40 per cent to 92.65.

"The US dollar extended losses this morning in Asian trade weighed down by weak economic data and President Trump's tweet on elections," Reliance Securities said in a research note.

(With inputs from agencies)

Indian rupee is trading higher at 74.75 per dollar, amid volatile trade seen in the domestic equity market. At the interbank forex market, the rupee opened at 74.

Indian rupee is trading higher at 74.75 per dollar, amid volatile trade seen in the domestic equity market. At the interbank forex market, the rupee opened at 74.74, gained further ground and touched 74.69 against the US dollar, up 15 paise over its last close of 74.84. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell by 0.40 per cent to 92.65. "The US dollar extended losses this morning in Asian trade weighed down by weak economic data and President Trump's tweet on elections," Reliance Securities said in a research note. (With inputs from agencies)

Rupee trades higher at 74.745 per dollar

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Uber will keep its Asian headquarters in Singapore for now in view of regulatory uncertainty for thwarting a mooted shift to Hong Kong.

The company announced massive layoffs in May due to the coronavirus, and said it was ready to move its regional base to the semi-autonomous Chinese city if there was progress on regulation there.

The decision comes in the wake of China imposing a controversial national security law on Hong Kong -- although Uber did not mention the legislation in its announcement.

Uber has been operating in Hong Kong for several years despite not being legal there and facing strong resistance from the local taxi industry.

Announcing its decision, Uber said in a statement it had "seen strong public support for reform (in Hong Kong), but not the level of certainty from the government that we need".

"We have decided to keep Singapore as a regional hub for the medium term," the statement added.

Its Asian headquarters will remain in Singapore until the end of 2022, at the earliest. Its office in the city-state has about 90 employees.

The San Francisco-based company has not operated ride-hailing or food delivery services in Singapore since 2018, when it sold its Southeast Asian businesses to rival Grab.

Uber will keep its Asian headquarters in Singapore for now in view of regulatory uncertainty for thwarting a mooted shift to Hong Kong. The company announced massive layoffs in May due to the coronavirus, and said it was ready to move its regional base to the semi-autonomous Chinese city if there was progress on regulation there.

Uber will keep its Asian headquarters in Singapore for now in view of regulatory uncertainty for thwarting a mooted shift to Hong Kong. The company announced massive layoffs in May due to the coronavirus, and said it was ready to move its regional base to the semi-autonomous Chinese city if there was progress on regulation there. The decision comes in the wake of China imposing a controversial national security law on Hong Kong -- although Uber did not mention the legislation in its announcement. Uber has been operating in Hong Kong for several years despite not being legal there and facing strong resistance from the local taxi industry. Announcing its decision, Uber said in a statement it had "seen strong public support for reform (in Hong Kong), but not the level of certainty from the government that we need". "We have decided to keep Singapore as a regional hub for the medium term," the statement added. Its Asian headquarters will remain in Singapore until the end of 2022, at the earliest. Its office in the city-state has about 90 employees. The San Francisco-based company has not operated ride-hailing or food delivery services in Singapore since 2018, when it sold its Southeast Asian businesses to rival Grab.

Uber keeps Asia HQ in Singapore, ditching Hong Kong move

Some investors of TikTok’s parent company ByteDance seeking to take over the popular social media app are valuing it at about $50 billion, significantly more than peers such as Snap Inc, according to people familiar with the matter.

Beijing-based ByteDance is considering a range of options for TikTok amid pressure from the United States to relinquish control of the app, which allows users to create short videos with special effects and has become wildly popular with US teenagers. The app’s success has helped turn ByteDance into one of only a handful of truly global Chinese conglomerates.

The Committee on Foreign Investment in the United States (CFIUS), a US government panel which reviews deals by foreign acquirers for potential national security risks, has raised concerns about the safety of the personal data that TikTok handles under its Chinese owner, Reuters has previously reported.

Privately held ByteDance has received a proposal from some of its investors, including Sequoia and General Atlantic, to transfer majority ownership of TikTok to them, the sources said. It has also fielded acquisition interest in TikTok from other companies and investment firms, the sources said.

The investors’ bid values TikTok at 50 times its projected 2020 revenue of about $1 billion, according to the sources. By comparison, Snap is valued at 15 times its projected 2020 revenue, at about $33 billion, according to data provider Refinitiv.

It is unclear whether ByteDance’s founder and CEO, Yiming Zhang, will be satisfied with the offer. ByteDance executives recently discussed valuation projections for TikTok that exceed $50 billion, one of the sources said.

TikTok is growing rapidly as it rakes in more cash from advertising, and its management team expects to achieve $6 billion in revenue in 2021, one of the sources said. ByteDance, which owns other apps including TikTok’s Chinese counterpart, Douyin‎, has set itself a revenue target for 2020 of about 200 billion yuan ($28 billion), Reuters has previously reported.

ByteDance was valued at as much as $140 billion earlier this year when one of its shareholders, Cheetah Mobile Inc, sold a small stake in a private deal, one of the sources said.

If a deal for the whole of TikTok cannot be reached, ByteDance is exploring divesting only TikTok’s US operations, one of the sources said. It is not clear what such a deal would be worth and what ties TikTok in the United States would maintain with its global operations.

There is no certainty that ByteDance will agree to any deal, the sources said. It is pushing ahead with structural changes that will further ringfence the US business of TikTok from its global empire, the sources added. These changes could include a new holding company for TikTok and an independent board, one of the sources said, cautioning that no decision has been made. The company has already separated TikTok operationally from its other apps through dedicated teams.

The sources requested anonymity because the deliberations are confidential.

ByteDance, General Atlantic and Sequoia declined to comment, while Cheetah Mobile and a CFIUS spokeswoman did not respond to requests for comment.

TikTok CEO Kevin Mayer said in a blog post on Wednesday that the company was committed to following US laws, and was allowing experts to observe its moderation policies and examine the code that drives its algorithms.

TARGET OF US LAWMAKERS

As relations between the United States and China deteriorate over trade, Hong Kong’s autonomy, cyber security and the spread of the novel coronavirus, TikTok has emerged as a flashpoint in the dispute between the world’s two largest economies.

Last week, the US Senate Committee on Homeland Security and Governmental Affairs unanimously passed a bill that would bar US federal employees from using TikTok on government-issued devices. It will be taken up by the full Senate for a vote. The House of Representatives has already voted for a similar measure.

President Donald Trump and top administrations officials have said they are considering a broader ban on TikTok and other Chinese-linked apps.

ByteDance acquired Shanghai-based video app Musical.ly app in a $1 billion deal in 2017 and relaunched it as TikTok the following year. About 70% of the equity capital ByteDance has raised from outside investors has come from the United States, according to one of the sources.

Some investors of TikTok’s parent company ByteDance seeking to take over the popular social media app are valuing it at about $50 billion, significantly more than peers such as Snap Inc, according to people familiar with the matter.

Some investors of TikTok’s parent company ByteDance seeking to take over the popular social media app are valuing it at about $50 billion, significantly more than peers such as Snap Inc, according to people familiar with the matter. Beijing-based ByteDance is considering a range of options for TikTok amid pressure from the United States to relinquish control of the app, which allows users to create short videos with special effects and has become wildly popular with US teenagers. The app’s success has helped turn ByteDance into one of only a handful of truly global Chinese conglomerates. The Committee on Foreign Investment in the United States (CFIUS), a US government panel which reviews deals by foreign acquirers for potential national security risks, has raised concerns about the safety of the personal data that TikTok handles under its Chinese owner, Reuters has previously reported. Privately held ByteDance has received a proposal from some of its investors, including Sequoia and General Atlantic, to transfer majority ownership of TikTok to them, the sources said. It has also fielded acquisition interest in TikTok from other companies and investment firms, the sources said. The investors’ bid values TikTok at 50 times its projected 2020 revenue of about $1 billion, according to the sources. By comparison, Snap is valued at 15 times its projected 2020 revenue, at about $33 billion, according to data provider Refinitiv. It is unclear whether ByteDance’s founder and CEO, Yiming Zhang, will be satisfied with the offer. ByteDance executives recently discussed valuation projections for TikTok that exceed $50 billion, one of the sources said. TikTok is growing rapidly as it rakes in more cash from advertising, and its management team expects to achieve $6 billion in revenue in 2021, one of the sources said. ByteDance, which owns other apps including TikTok’s Chinese counterpart, Douyin‎, has set itself a revenue target for 2020 of about 200 billion yuan ($28 billion), Reuters has previously reported. ByteDance was valued at as much as $140 billion earlier this year when one of its shareholders, Cheetah Mobile Inc, sold a small stake in a private deal, one of the sources said. If a deal for the whole of TikTok cannot be reached, ByteDance is exploring divesting only TikTok’s US operations, one of the sources said. It is not clear what such a deal would be worth and what ties TikTok in the United States would maintain with its global operations. There is no certainty that ByteDance will agree to any deal, the sources said. It is pushing ahead with structural changes that will further ringfence the US business of TikTok from its global empire, the sources added. These changes could include a new holding company for TikTok and an independent board, one of the sources said, cautioning that no decision has been made. The company has already separated TikTok operationally from its other apps through dedicated teams. The sources requested anonymity because the deliberations are confidential. ByteDance, General Atlantic and Sequoia declined to comment, while Cheetah Mobile and a CFIUS spokeswoman did not respond to requests for comment. TikTok CEO Kevin Mayer said in a blog post on Wednesday that the company was committed to following US laws, and was allowing experts to observe its moderation policies and examine the code that drives its algorithms. TARGET OF US LAWMAKERS As relations between the United States and China deteriorate over trade, Hong Kong’s autonomy, cyber security and the spread of the novel coronavirus, TikTok has emerged as a flashpoint in the dispute between the world’s two largest economies. Last week, the US Senate Committee on Homeland Security and Governmental Affairs unanimously passed a bill that would bar US federal employees from using TikTok on government-issued devices. It will be taken up by the full Senate for a vote. The House of Representatives has already voted for a similar measure. President Donald Trump and top administrations officials have said they are considering a broader ban on TikTok and other Chinese-linked apps. ByteDance acquired Shanghai-based video app Musical.ly app in a $1 billion deal in 2017 and relaunched it as TikTok the following year. About 70% of the equity capital ByteDance has raised from outside investors has come from the United States, according to one of the sources.

ByteDance investors value TikTok at $50 billion in takeover bid

The country's largest carmaker Maruti Suzuki India on Wednesday reported first ever quarterly loss since becoming public 17 years back with a consolidated net loss of Rs 268.3 crore for the first quarter ended June 30, hit hard by coronavirus pandemic.

The auto major, which got listed way back in July 2003, had posted a consolidated net profit of Rs 1,376.8 crore in the April-June quarter of 2019-20.

Net sales declined to Rs 3,679 crore in the first quarter as against Rs 18,738.8 crore in the year-ago period, MSI said in a statement.

On a standalone basis, the company reported a net loss of Rs 249.4 crore for the first quarter ended June 30.

It had posted net profit of Rs 1,435.5 crore on standalone basis in April-June of 2019-20.

The auto major's net sales during the period under review declined to Rs 3,677.5 crore, as compared to Rs 18,735.2 crore in the year-ago period.

During the first quarter, MSI sold a total of 76,599 vehicles. Sales in the domestic market stood at 67,027 units, while exports were at 9,572 units.

The company had sold 4,02,594 units in the first quarter previous fiscal.

"Owing to the global pandemic of COVID-19, it was an unprecedented quarter in the company's history wherein a large part of the quarter had zero production and zero sales in compliance with a lockdown stipulated by the government," MSI said.

Production and sales started in a very small way in May, it added.

The company's first priority was health, safety and wellbeing of all employees and associates across the value chain, including its customers, the auto major said.

"Hence, with carefully designed safety protocols, which went far beyond compliance levels, the production in the whole Quarter was equivalent to just about two weeks' of regular working. The results have to be viewed in this context," it noted.

MSI stock ended 1.62 per cent down at Rs 6,185.6 on the BSE on Wednesday.

The country's largest carmaker Maruti Suzuki India on Wednesday reported first ever quarterly loss since becoming public 17 years back with a consolidated net loss of Rs 268.

The country's largest carmaker Maruti Suzuki India on Wednesday reported first ever quarterly loss since becoming public 17 years back with a consolidated net loss of Rs 268.3 crore for the first quarter ended June 30, hit hard by coronavirus pandemic. The auto major, which got listed way back in July 2003, had posted a consolidated net profit of Rs 1,376.8 crore in the April-June quarter of 2019-20. Net sales declined to Rs 3,679 crore in the first quarter as against Rs 18,738.8 crore in the year-ago period, MSI said in a statement. On a standalone basis, the company reported a net loss of Rs 249.4 crore for the first quarter ended June 30. It had posted net profit of Rs 1,435.5 crore on standalone basis in April-June of 2019-20. The auto major's net sales during the period under review declined to Rs 3,677.5 crore, as compared to Rs 18,735.2 crore in the year-ago period. During the first quarter, MSI sold a total of 76,599 vehicles. Sales in the domestic market stood at 67,027 units, while exports were at 9,572 units. The company had sold 4,02,594 units in the first quarter previous fiscal. "Owing to the global pandemic of COVID-19, it was an unprecedented quarter in the company's history wherein a large part of the quarter had zero production and zero sales in compliance with a lockdown stipulated by the government," MSI said. Production and sales started in a very small way in May, it added. The company's first priority was health, safety and wellbeing of all employees and associates across the value chain, including its customers, the auto major said. "Hence, with carefully designed safety protocols, which went far beyond compliance levels, the production in the whole Quarter was equivalent to just about two weeks' of regular working. The results have to be viewed in this context," it noted. MSI stock ended 1.62 per cent down at Rs 6,185.6 on the BSE on Wednesday.

COVID-19 effect: Maruti Suzuki posts first quarterly loss in 17 years

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Domestic stock markets were trading with slight cuts in Wednesday's range-bound trade, weighed down by information technology (IT) stocks.

At 02:00 pm, the Sensex was down by 222.68 at 38,264.61 and the Nifty was down 48.25 at 11,252.10.&nbsp;

The Nifty sectoral indices were trading mixed, with the Nifty IT index, down 1 per cent, leading the list of losers.

The Indian rupee gained 6 paise to trade at 74.78 against the American dollar in early deals on tracking weakness in the greenback.

At the interbank forex market, the rupee was trading in a narrow range.

It opened at 74.83 against the US dollar gained further ground and touched 74.78 against the US dollar, up 6 paise over its last close of 74.84.

(With inputs from agencies)

Domestic stock markets were trading with slight cuts in Wednesday's range-bound trade, weighed down by information technology (IT) stocks. At 02:00 pm, the Sensex was down by 222.

Domestic stock markets were trading with slight cuts in Wednesday's range-bound trade, weighed down by information technology (IT) stocks. At 02:00 pm, the Sensex was down by 222.68 at 38,264.61 and the Nifty was down 48.25 at 11,252.10. The Nifty sectoral indices were trading mixed, with the Nifty IT index, down 1 per cent, leading the list of losers. The Indian rupee gained 6 paise to trade at 74.78 against the American dollar in early deals on tracking weakness in the greenback. At the interbank forex market, the rupee was trading in a narrow range. It opened at 74.83 against the US dollar gained further ground and touched 74.78 against the US dollar, up 6 paise over its last close of 74.84. (With inputs from agencies)

Sensex down nearly 200 points; Nifty below 11,300

Domestic stock market indices were trading higher on Tuesday, tracking positive global trends, led by gains in banks and heavyweight Tech Mahindra post its Q1 earnings.&nbsp;

The S&amp;P BSE Sensex was trading around 38,125 levels, up 190 points and the Nifty50 index hovered around the 11,200-mark.

Individually, Tech Mahindra surged over 6 per cent in the intra-day trade after its June quarter profit before tax rose 32.9 per cent sequentially to Rs 1,283 crore.

The precious metal had stormed almost $40 higher at one point to reach $1,980 an ounce, only for a wave of selling to slap it back to $1,947 in wild trade.&nbsp;

The Indian rupee gained 4 paise to trade at 74.79 against the American dollar in early deals on Tuesday amid caution ahead of the two-day US Federal Reserve's meeting. 
At the interbank forex market, the rupee was trading in a narrow range.

It opened at 74.86 against the US dollar but soon recovered the lost ground and touched 74.79 against the US dollar, up 4 paise over its last close of 74.83.

(With inputs from agencies)

Domestic stock market indices were trading higher on Tuesday, tracking positive global trends, led by gains in banks and heavyweight Tech Mahindra post its Q1 earnings.

Domestic stock market indices were trading higher on Tuesday, tracking positive global trends, led by gains in banks and heavyweight Tech Mahindra post its Q1 earnings. The S&P BSE Sensex was trading around 38,125 levels, up 190 points and the Nifty50 index hovered around the 11,200-mark. Individually, Tech Mahindra surged over 6 per cent in the intra-day trade after its June quarter profit before tax rose 32.9 per cent sequentially to Rs 1,283 crore. The precious metal had stormed almost $40 higher at one point to reach $1,980 an ounce, only for a wave of selling to slap it back to $1,947 in wild trade. The Indian rupee gained 4 paise to trade at 74.79 against the American dollar in early deals on Tuesday amid caution ahead of the two-day US Federal Reserve's meeting. At the interbank forex market, the rupee was trading in a narrow range. It opened at 74.86 against the US dollar but soon recovered the lost ground and touched 74.79 against the US dollar, up 4 paise over its last close of 74.83. (With inputs from agencies)

Sensex rises over 150 points, Nifty tests 11,200; IT, autos rally

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Chinese companies with around 200 investment proposals are waiting for security clearance from the Ministry of Home Affairs (MHA) after revised FDI policy was notified in April, making Government of India's approval mandatory for Foreign Direct Investment (FDI) by neighbouring countries.

In April, with an aim to curb the opportunistic takeover of Indian companies whose valuations have come down due to the coronavirus pandemic, the government has made its nod compulsory for all foreign direct investment coming from neighbouring countries including China.

The new rules mark a major change in the foreign direct policy of the country and they now&nbsp;also apply to transfer of ownership of FDI.

The stricter measures have been taken to avoid the opportunistic takeover of Indian companies as their valuations have plummeted post the COVID-19 pandemic.

Earlier this year concerns were raised when HDFC had declared that China's central bank PBOC now owns more than 1 per cent of Indian lender's stake.

China's central bank had gradually raised stake in Indian lender from 0.8% to 1.1 per cent. &nbsp;The department for the promotion of industry and internal trade has said through press note that an entity of a country which shares a land border with India can invest only after receiving government approval.

Meanwhile, India and China have been engaging in diplomatic and military dialogue to achieve de-escalation along the LAC in eastern Ladakh where a violent face-off in Galwan Valley led to casualties on both sides in June.

(With inputs from agencies)

Chinese companies with around 200 investment proposals are waiting for security clearance from the Ministry of Home Affairs (MHA) after revised FDI policy was notified in April, making Government of India's approval mandatory for Foreign Direct Investment (FDI) by neighbouring countries.

Chinese companies with around 200 investment proposals are waiting for security clearance from the Ministry of Home Affairs (MHA) after revised FDI policy was notified in April, making Government of India's approval mandatory for Foreign Direct Investment (FDI) by neighbouring countries. In April, with an aim to curb the opportunistic takeover of Indian companies whose valuations have come down due to the coronavirus pandemic, the government has made its nod compulsory for all foreign direct investment coming from neighbouring countries including China. The new rules mark a major change in the foreign direct policy of the country and they now also apply to transfer of ownership of FDI. The stricter measures have been taken to avoid the opportunistic takeover of Indian companies as their valuations have plummeted post the COVID-19 pandemic. Earlier this year concerns were raised when HDFC had declared that China's central bank PBOC now owns more than 1 per cent of Indian lender's stake. China's central bank had gradually raised stake in Indian lender from 0.8% to 1.1 per cent. The department for the promotion of industry and internal trade has said through press note that an entity of a country which shares a land border with India can invest only after receiving government approval. Meanwhile, India and China have been engaging in diplomatic and military dialogue to achieve de-escalation along the LAC in eastern Ladakh where a violent face-off in Galwan Valley led to casualties on both sides in June. (With inputs from agencies)

China corporates wait for Government of India's approval with 200 investment proposals

The domestic stock market indices inched lower on Monday as heavyweight banking stocks fell after a central bank report forecast that bad loans could soar due to a rise in pandemic-led debt burdens, with a record jump in daily virus cases also denting sentiment.

The S&amp;P BSE Sensex dipped 120 points to 38,000 levels while the Nifty50 index slipped below the 11,200 mark. Among individual stocks, HDFC Bank dipped over 3 per cent after Managing Director Aditya Puri sold 95 per cent of his shareholding in the bank valued at Rs 842.7 crore between July 21 and July 23.

During the day trade S&amp;P BSE Sensex was down over 200 points while the 50-stock Nifty slipped below the 11,150 mark.&nbsp;

Meanwhile, the rupee pared its initial gains and settled on a flat note at 74.83 (provisional) to the US dollar. At the interbank forex market, the domestic unit opened on a strong note at 74.70, but erased the gains to finally close at 74.83, unchanged from its previous closing.

(With inputs from agencies)

The domestic stock market indices inched lower on Monday as heavyweight banking stocks fell after a central bank report forecast that bad loans could soar due to a rise in pandemic-led debt burdens, with a record jump in daily virus cases also denting sentiment.

The domestic stock market indices inched lower on Monday as heavyweight banking stocks fell after a central bank report forecast that bad loans could soar due to a rise in pandemic-led debt burdens, with a record jump in daily virus cases also denting sentiment. The S&P BSE Sensex dipped 120 points to 38,000 levels while the Nifty50 index slipped below the 11,200 mark. Among individual stocks, HDFC Bank dipped over 3 per cent after Managing Director Aditya Puri sold 95 per cent of his shareholding in the bank valued at Rs 842.7 crore between July 21 and July 23. During the day trade S&P BSE Sensex was down over 200 points while the 50-stock Nifty slipped below the 11,150 mark. Meanwhile, the rupee pared its initial gains and settled on a flat note at 74.83 (provisional) to the US dollar. At the interbank forex market, the domestic unit opened on a strong note at 74.70, but erased the gains to finally close at 74.83, unchanged from its previous closing. (With inputs from agencies)

Sensex down over 100 points, Nifty below 11,150

Indian two-wheeler majors Hero Moto and Bajaj Auto plan to sharply expand two-wheeler production in India. Watch this video to know more.

WION Dispatch: Indian two-wheeler majors Hero Moto, Bajaj Auto plan expansion

ZeeBusiness.in - the digital platform of business news channel Zee Business – clocked 27.1 million monthly active users as per ComScore India report in May 2020. The website has grown massively by 7.5 times in terms of MAUs year-on-year. Last year in May 2019, the website had 3.6 million users as per the ComScore report.

The growth witnessed by ZeeBusiness.in has been the highest when compared to its top competitors. During the same period, Economictimes.com, LiveMint.com, FinancialExpress.com, and Moneycontrol.com grew by only 1.5 times, 3.7 times, 1.9 times and 1.2 times respectively.

Speaking on the occasion, Sudhir Choudhary, CEO - Cluster 1, ZMCL, said “As India's first Hindi business news channel, Zee Business has always been in a league of its own. It's a product for the common Indian. Our coverage is aimed at helping the layperson decode the developments in the market and plan his or her future finances. This unprecedented growth in our audience in the wake of the pandemic and economic uncertainty, shows the faith people repose in Zee Business. We hope to live up to this vote of confidence from India”.

Anil Singhvi, Managing Editor – Zee Business, shared “At Zee Business, our constant endeavour is to give consumers credible information on Stock Markets, Investments, Trading &amp; more that would add value to their Portfolio.

ZeeBusiness.in to have achieved this milestone first time in the history of the brand, shows the growing trust our consumers have in us in Money matter decisions. We deeply thank our consumers and shall continue to provide guidance along with accurate &amp; timely information”.

ZeeBusiness.in has been focused on bringing latest business news and updates to its readers while continuously educating them about latest stock market trends, data and insights. The platform integrates with its broadcast property to present expert analysis of Stock Markets for online readers.

Commenting on the phenomenal performance, Rohit Chadda, CEO - Digital Publishing, ZEE Group, said, “Our strong focus on the personal finance space has driven the maximum number of users to the platform. The section educates investors on safe investment practices, ideal schemes and a lot more. When it comes to money matters, ZeeBusiness.in has emerged as the one stop solution for queries and investment ideas, beating competition hands down. We try to break the most complicated news items and present them in snackable format for readers which has worked for us. Going forward we plan to aggressively push in business news domain and set new standards for stock market and personal finance reporting while keeping our readers at the helm of coverage.”

The growth registered by ZeeBusiness.in is in line with tremendous leap taken by Zee digital over the last 12 months. The online arm of Zee Group continued its phenomenal growth into 2020 and crossed the 185 million-users mark on ComScore in May 2020. Zee Digital now occupies 3rd position in the ComScore rankings among all digital media group.

 
&nbsp;

ZeeBusiness.in - the digital platform of business news channel Zee Business – clocked 27.1 million monthly active users as per ComScore India report in May 2020.

ZeeBusiness.in - the digital platform of business news channel Zee Business – clocked 27.1 million monthly active users as per ComScore India report in May 2020. The website has grown massively by 7.5 times in terms of MAUs year-on-year. Last year in May 2019, the website had 3.6 million users as per the ComScore report. The growth witnessed by ZeeBusiness.in has been the highest when compared to its top competitors. During the same period, Economictimes.com, LiveMint.com, FinancialExpress.com, and Moneycontrol.com grew by only 1.5 times, 3.7 times, 1.9 times and 1.2 times respectively. Speaking on the occasion, Sudhir Choudhary, CEO - Cluster 1, ZMCL, said “As India's first Hindi business news channel, Zee Business has always been in a league of its own. It's a product for the common Indian. Our coverage is aimed at helping the layperson decode the developments in the market and plan his or her future finances. This unprecedented growth in our audience in the wake of the pandemic and economic uncertainty, shows the faith people repose in Zee Business. We hope to live up to this vote of confidence from India”. Anil Singhvi, Managing Editor – Zee Business, shared “At Zee Business, our constant endeavour is to give consumers credible information on Stock Markets, Investments, Trading & more that would add value to their Portfolio. ZeeBusiness.in to have achieved this milestone first time in the history of the brand, shows the growing trust our consumers have in us in Money matter decisions. We deeply thank our consumers and shall continue to provide guidance along with accurate & timely information”. ZeeBusiness.in has been focused on bringing latest business news and updates to its readers while continuously educating them about latest stock market trends, data and insights. The platform integrates with its broadcast property to present expert analysis of Stock Markets for online readers. Commenting on the phenomenal performance, Rohit Chadda, CEO - Digital Publishing, ZEE Group, said, “Our strong focus on the personal finance space has driven the maximum number of users to the platform. The section educates investors on safe investment practices, ideal schemes and a lot more. When it comes to money matters, ZeeBusiness.in has emerged as the one stop solution for queries and investment ideas, beating competition hands down. We try to break the most complicated news items and present them in snackable format for readers which has worked for us. Going forward we plan to aggressively push in business news domain and set new standards for stock market and personal finance reporting while keeping our readers at the helm of coverage.” The growth registered by ZeeBusiness.in is in line with tremendous leap taken by Zee digital over the last 12 months. The online arm of Zee Group continued its phenomenal growth into 2020 and crossed the 185 million-users mark on ComScore in May 2020. Zee Digital now occupies 3rd position in the ComScore rankings among all digital media group.

ZeeBusiness.in crosses 25 million monthly active users in May, registers massive year-on-year growth of 7.5x

Hit by eroding traveler demand, owing to coronavirus hit lockdowns, Emirates is offering some pilots and cabin crew up to 4 months of unpaid leave. Watch report.

COVID-19 has hit aviation demand: Emirates offers up to 4 months of unpaid leave

The representative organization of bank employees United Forum of Bank Unions (UFBU) and Indian Banks' Association (IBA) have agreed on a 15 per cent hike in the existing wage bill of 35 lenders, along with a first-of-its-kind performance-linked incentive (PLI) for state-owned banks.

The wage revision will be effective from 1 November, 2017. The wage revision will benefit nearly 10 lakh employees.

“The annual wage increase in salary and allowances is agreed at 15 per cent of the wage bill as of March 31, 2017, which works out to be Rs 7,898 crore on pay slip components (annually),” according to a memorandum of understanding between the Indian Banks’ Association and the United Forum of Bank Unions, representing workmen unions and officers’ associations.

"We are happy to state that in the meeting between the IBA and the UFBU at Mumbai, a broad understanding has been reached and a Memorandum of Understanding (MoU) was signed," All India Bank Employees' Association (AIBEA) General Secretary CH Venkatachalam said.

The new pay scales will be constructed after merging dearness allowance corresponding to 6352 points (average index point as applicable for the quarter of June-July, August, 2016) and adding thereon a loading of 2.5% on basic pay plus dearness allowance as on March 31, 2017 amounting to around ₹1,155 crore.

They also agreed for encashment of privilege leave at five days every year - seven days for workers and officers aged 55 and above - during any festival. 
&nbsp; 
The bank's contribution to National Pension Scheme will be raised to 14 per cent from the current 10 per cent.

(With inputs from agencies)

The representative organization of bank employees United Forum of Bank Unions (UFBU) and Indian Banks' Association (IBA) have agreed on a 15 per cent hike in the existing wage bill of 35 lenders, along with a first-of-its-kind performance-linked incentive (PLI) for state-owned banks.

The representative organization of bank employees United Forum of Bank Unions (UFBU) and Indian Banks' Association (IBA) have agreed on a 15 per cent hike in the existing wage bill of 35 lenders, along with a first-of-its-kind performance-linked incentive (PLI) for state-owned banks. The wage revision will be effective from 1 November, 2017. The wage revision will benefit nearly 10 lakh employees. “The annual wage increase in salary and allowances is agreed at 15 per cent of the wage bill as of March 31, 2017, which works out to be Rs 7,898 crore on pay slip components (annually),” according to a memorandum of understanding between the Indian Banks’ Association and the United Forum of Bank Unions, representing workmen unions and officers’ associations. "We are happy to state that in the meeting between the IBA and the UFBU at Mumbai, a broad understanding has been reached and a Memorandum of Understanding (MoU) was signed," All India Bank Employees' Association (AIBEA) General Secretary CH Venkatachalam said. The new pay scales will be constructed after merging dearness allowance corresponding to 6352 points (average index point as applicable for the quarter of June-July, August, 2016) and adding thereon a loading of 2.5% on basic pay plus dearness allowance as on March 31, 2017 amounting to around ₹1,155 crore. They also agreed for encashment of privilege leave at five days every year - seven days for workers and officers aged 55 and above - during any festival. The bank's contribution to National Pension Scheme will be raised to 14 per cent from the current 10 per cent. (With inputs from agencies)

Banks, trade unions agree on 15% wage hike for bank employees

As restrictions imposed to curb the coronavirus outbreak in Canada are eased, the country's annual inflation rate in June has witnessed its biggest jump.

Canada inflation rate jumps highest in 9 years

Australia is set to face the largest budget deficit since World War II when the federal government hands down the country's economic standing on October 6. Watch report.

Australia's biggest deficit since world war 2

Saudi Arabia is looking to sell assets in sectors that were not previously considered for privatization. These sectors would include healthcare and education.

Healthcare and education could be privatized in Saudi Arabia

Equity benchmarks Sensex and Nifty opened with marginal gains on Thursday led by buying in index majors HDFC and ITC amid positive cues from global markets.

The S&amp;P BSE Sensex rose 67 points to 37,937.82 levels and the Nifty50 index hovered above 11,150 levels. 
 
Asian Paints (up 2%) was the top Sensex gainer. Larsen &amp; Toubro was also trading over 1 per cent higher after announcing its June quarter results. 
 
ICICI Securities also rose as much as 7 per cent following the announcement of its quarterly results.

Biocon, Dish TV, and HDFC AMC, among others, are scheduled to announce their June quarter results today.

Equity benchmarks Sensex and Nifty opened with marginal gains on Thursday led by buying in index majors HDFC and ITC amid positive cues from global markets. The S&P BSE Sensex rose 67 points to 37,937.

Equity benchmarks Sensex and Nifty opened with marginal gains on Thursday led by buying in index majors HDFC and ITC amid positive cues from global markets. The S&P BSE Sensex rose 67 points to 37,937.82 levels and the Nifty50 index hovered above 11,150 levels. Asian Paints (up 2%) was the top Sensex gainer. Larsen & Toubro was also trading over 1 per cent higher after announcing its June quarter results. ICICI Securities also rose as much as 7 per cent following the announcement of its quarterly results. Biocon, Dish TV, and HDFC AMC, among others, are scheduled to announce their June quarter results today.

Sensex up 67 points, currently at 37,938; Nifty at 11,168

Pakistan tax officials will look the other way if tax evaders invest their illicit wealth in housing projected initiated by Imran Khan government.&nbsp;

According to the Federal Board of Revenue, if people with black money invest in constuction projects like the Pakistan government's Naya Pakistan Housing Program by December 31, they will be forgiven by tax authorities.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/pakistan-200-year-old-gurdwara-handed-back-to-sikhs-in-balochistan-315460">Pakistan: 200-year-old Gurdwara handed back to Sikhs in Balochistan</a>

"There is all this money with developers who have been doing tax evasion and small scale projects," Zaigham Rizvi, member of Naya Pakistan Housing Program taskforce, in an interview said, reports Bloomberg.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/india-news/indias-nuclear-strategy-focus-shifts-from-pakistan-to-china-report-315192">India's nuclear strategy focus shifts from Pakistan to China: Report</a>

"I support the decision to bring funds from the dark economy into the tangible economy. Construction will generate some sort of tax directly or indirectly if that money is put through the value added system."

Last financial year, Pakistan economy shrank for the first time in seven decades and situation worsened with the arrival of the pandemic.&nbsp;

The Pakistani PM is trying to bring into the system the illegal money that has a value as high as about 56 per cent of the nation's economy.&nbsp;

This is not the first time Pakistan administration has tried to lure the tax cheats and have been brought such schemes at least once by four earlier governments, however, none of them was able to bring back any major sum of black money into the system.&nbsp;

 
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Pakistan tax officials will look the other way if tax evaders invest their illicit wealth in housing projected initiated by Imran Khan government. According to the Federal Board of Revenue, if people with black money invest in constuction projects like the Pakistan government's Naya Pakistan Housing Program by December 31, they will be forgiven by tax authorities.

Pakistan tax officials will look the other way if tax evaders invest their illicit wealth in housing projected initiated by Imran Khan government. According to the Federal Board of Revenue, if people with black money invest in constuction projects like the Pakistan government's Naya Pakistan Housing Program by December 31, they will be forgiven by tax authorities. Also read | Pakistan: 200-year-old Gurdwara handed back to Sikhs in Balochistan "There is all this money with developers who have been doing tax evasion and small scale projects," Zaigham Rizvi, member of Naya Pakistan Housing Program taskforce, in an interview said, reports Bloomberg. Also read | India's nuclear strategy focus shifts from Pakistan to China: Report "I support the decision to bring funds from the dark economy into the tangible economy. Construction will generate some sort of tax directly or indirectly if that money is put through the value added system." Last financial year, Pakistan economy shrank for the first time in seven decades and situation worsened with the arrival of the pandemic. The Pakistani PM is trying to bring into the system the illegal money that has a value as high as about 56 per cent of the nation's economy. This is not the first time Pakistan administration has tried to lure the tax cheats and have been brought such schemes at least once by four earlier governments, however, none of them was able to bring back any major sum of black money into the system.

Pakistan to forgive tax cheaters if black money is invested in housing projects

Flipkart said on Thursday it had acquired parent Walmart Inc`s local cash-and-carry business, as the e-commerce firm strengthens its wholesale offerings to compete better with Amazon.com Inc.

The deal will allow Flipkart to launch a digital marketplace called Flipkart Wholesale next month, the Bengaluru-headquartered firm said, without disclosing any financial details of the deal.

Walmart, which has been running Best Price wholesale cash-and-carry stores in India since 2009, bought a controlling stake in Flipkart in 2018 for $16 billion.

The brand has 28 wholesale stores, two fulfillment centers and more than 1.5 million members, largely comprising mom-and-pop stores, but Walmart has not been able to make money from this business.

The Flipkart deal, which local daily Economic Times had said&nbsp;was in the offing in January, comes as e-commerce players including Amazon look to woo India`s mom-and-pop stores that are considered the backbone of the economy.

Flipkart also faces competition from local online grocery upstart JioMart, backed by billionaire Mukesh Ambani-led Reliance Industries, whose digital arm has raised around $20 billion.

India does not allow foreign investors to control and market their own inventory on their e-commerce platforms, which is seen as giving JioMart and other local players an edge in a key growth market for e-commerce.

Walmart India employees will join the Flipkart Group as part of the deal, Flipkart said.

Flipkart said on Thursday it had acquired parent Walmart Inc`s local cash-and-carry business, as the e-commerce firm strengthens its wholesale offerings to compete better with Amazon.

Flipkart said on Thursday it had acquired parent Walmart Inc`s local cash-and-carry business, as the e-commerce firm strengthens its wholesale offerings to compete better with Amazon.com Inc. The deal will allow Flipkart to launch a digital marketplace called Flipkart Wholesale next month, the Bengaluru-headquartered firm said, without disclosing any financial details of the deal. Walmart, which has been running Best Price wholesale cash-and-carry stores in India since 2009, bought a controlling stake in Flipkart in 2018 for $16 billion. The brand has 28 wholesale stores, two fulfillment centers and more than 1.5 million members, largely comprising mom-and-pop stores, but Walmart has not been able to make money from this business. The Flipkart deal, which local daily Economic Times had said was in the offing in January, comes as e-commerce players including Amazon look to woo India`s mom-and-pop stores that are considered the backbone of the economy. Flipkart also faces competition from local online grocery upstart JioMart, backed by billionaire Mukesh Ambani-led Reliance Industries, whose digital arm has raised around $20 billion. India does not allow foreign investors to control and market their own inventory on their e-commerce platforms, which is seen as giving JioMart and other local players an edge in a key growth market for e-commerce. Walmart India employees will join the Flipkart Group as part of the deal, Flipkart said.

Flipkart buys parent Walmart's Indian wholesale business

Amazon founder Jeff Bezos, 56, added $13 billion to his net worth on Monday along with Tesla CEO Elon Musk, 49, added $5 billion, according to Bloomberg's billionaire's index.

<a href="https://www.wionews.com/technology/very-close-to-level-5-autonomous-driving-technology-tesla-chief-elon-musk-311978">Also Read:&nbsp;'Very close' to level 5 autonomous driving technology, says&nbsp;Tesla chief Elon Musk</a>

The Amazon founder's one-day jump is the highest for an individual in history.&nbsp;Bezos fortune surged after Amazon stocks rocketed 7.9 per cent on growing web shopping trends amid the pandemic. 
&nbsp; 
The Amazon stocks are already 73 per cent up this year and have grown exponentially since the coronavirus pandemic began as people around the world were asked to stay home leading to shopping from the web portals.

Bezos current net worth is $189.3 billion. The Amazon chief had recently pledged $2 billion in projects aimed at combatting climate change, stepping up efforts to reduce the carbon footprint of the tech giant.

Bezos has already added $74.4 billion to his fortune this year. Bezos ex-wife Mackenzie Bezos also saw her fortune rise as she added $4.6 billion to her net worth becoming the thirteenth richest person in the world and the second richest woman after L’Oréal's heiress Françoise Bettencourt Meyers.

Tesla chief Elon Musk also rocked on Monday as Tesla stocks surged 9.5 per cent ahead of the earnings report.&nbsp;

Musk's net worth climbed $5 billion as he became the fifth richest man in the world with a net worth of $74.2 billion.

Tesla's rally at the stock market added 305.6 billion to the company's value overtaking Toyota by nearly $100 billion. Toyota till recently was the most valuable motor company in the world but has been shaken up by Musk's new electric car initiative.

Amazon founder Jeff Bezos, 56, added $13 billion to his net worth on Monday along with Tesla CEO Elon Musk, 49, added $5 billion, according to Bloomberg's billionaire's index.

Amazon founder Jeff Bezos, 56, added $13 billion to his net worth on Monday along with Tesla CEO Elon Musk, 49, added $5 billion, according to Bloomberg's billionaire's index. Also Read: 'Very close' to level 5 autonomous driving technology, says Tesla chief Elon Musk The Amazon founder's one-day jump is the highest for an individual in history. Bezos fortune surged after Amazon stocks rocketed 7.9 per cent on growing web shopping trends amid the pandemic. The Amazon stocks are already 73 per cent up this year and have grown exponentially since the coronavirus pandemic began as people around the world were asked to stay home leading to shopping from the web portals. Bezos current net worth is $189.3 billion. The Amazon chief had recently pledged $2 billion in projects aimed at combatting climate change, stepping up efforts to reduce the carbon footprint of the tech giant. Bezos has already added $74.4 billion to his fortune this year. Bezos ex-wife Mackenzie Bezos also saw her fortune rise as she added $4.6 billion to her net worth becoming the thirteenth richest person in the world and the second richest woman after L’Oréal's heiress Françoise Bettencourt Meyers. Tesla chief Elon Musk also rocked on Monday as Tesla stocks surged 9.5 per cent ahead of the earnings report. Musk's net worth climbed $5 billion as he became the fifth richest man in the world with a net worth of $74.2 billion. Tesla's rally at the stock market added 305.6 billion to the company's value overtaking Toyota by nearly $100 billion. Toyota till recently was the most valuable motor company in the world but has been shaken up by Musk's new electric car initiative.

One day gain in net value: Amazon founder Jeff Bezos makes $13 billion, Tesla chief Musk adds $5 billion