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Equity benchmark indices plunged further in the afternoon on Friday with selling pressure across the board amid concerns over growth and earnings recovery.

At 1:30pm, the BSE S&amp;P Sensex was down 505 points at 38,392 while the Nifty lost 154 points at 11,441.

At the National Stock Exchange, all sectoral indices were in the red. Nifty auto was down 2.16 per cent, realty by 1.8 per cent, financial services by 1.49 per cent and PSU banks by 1.45 per cent.

Among stocks, Bajaj Finance dropped 4.89 per cent to Rs 3,298 per share while Bajaj Finserve slipped 3.88 per cent to Rs 7,543 per share. Mahindra &amp; Mahindra was down 2.5 per cent, Tata Motors by 2.4 per cent, Eicher Motors by 2.2 per cent and Hero MotoCorp by 2.1 per cent.

Among the other losers were GAIL, IndusInd Bank, Tech Mahindra and UPL.

A day earlier, Finance Minister Nirmala Sitharaman said foreign portfolio investors (FPIs) should consider the option of structuring themselves as companies rather than trusts to avoid paying the increased surcharge announced in Union Budget for 2019-20.

FPIs registered as trusts will have to pay the new tax surcharge, Sitharaman said, quashing hopes that the government may tweak relevant portions of the Finance Bill to protect them from the effects of `super-rich tax.`

Reports say foreign investors have pulled out more than Rs 5,000 crore from the cash segment of Indian equity markets so far in July.

(With ANI inputs)

Equity benchmark indices plunged further in the afternoon on Friday with selling pressure across the board amid concerns over growth and earnings recovery. At 1:30pm, the BSE S&P Sensex was down 505 points at 38,392 while the Nifty lost 154 points at 11,441.

Equity benchmark indices plunged further in the afternoon on Friday with selling pressure across the board amid concerns over growth and earnings recovery. At 1:30pm, the BSE S&P Sensex was down 505 points at 38,392 while the Nifty lost 154 points at 11,441. At the National Stock Exchange, all sectoral indices were in the red. Nifty auto was down 2.16 per cent, realty by 1.8 per cent, financial services by 1.49 per cent and PSU banks by 1.45 per cent. Among stocks, Bajaj Finance dropped 4.89 per cent to Rs 3,298 per share while Bajaj Finserve slipped 3.88 per cent to Rs 7,543 per share. Mahindra & Mahindra was down 2.5 per cent, Tata Motors by 2.4 per cent, Eicher Motors by 2.2 per cent and Hero MotoCorp by 2.1 per cent. Among the other losers were GAIL, IndusInd Bank, Tech Mahindra and UPL. A day earlier, Finance Minister Nirmala Sitharaman said foreign portfolio investors (FPIs) should consider the option of structuring themselves as companies rather than trusts to avoid paying the increased surcharge announced in Union Budget for 2019-20. FPIs registered as trusts will have to pay the new tax surcharge, Sitharaman said, quashing hopes that the government may tweak relevant portions of the Finance Bill to protect them from the effects of `super-rich tax.` Reports say foreign investors have pulled out more than Rs 5,000 crore from the cash segment of Indian equity markets so far in July. (With ANI inputs)

Sensex tanks over 500 points as auto stocks take a hit; Nifty at 11,441

Reliance Industries Ltd's telecom unit Jio pipped rival Bharti Airtel to become India's second-largest operator by subscribers as of May, government data showed.

Jio, controlled by Asia's richest man Mukesh Ambani, has disrupted the telecom industry in the country since it was launched in 2016, offering cheap bundles and prompting shutdowns.

As of the end of May, the operator had added 8.2 million users since April to end the month with 323 million wireless customers, data from the Telecom Regulatory Authority of India showed. The data was published on Friday.&nbsp;

Both Vodafone Idea, which was the top operator with 387.6 million customers, and Bharti Airtel lost users over the month.

Reliance Industries is expected to post quarterly results later in the day. The company has been betting big on the unit as it diversifies from its core oil and gas operations. 
&nbsp;

Reliance Industries Ltd's telecom unit Jio pipped rival Bharti Airtel to become India's second-largest operator by subscribers as of May, government data showed.

Reliance Industries Ltd's telecom unit Jio pipped rival Bharti Airtel to become India's second-largest operator by subscribers as of May, government data showed. Jio, controlled by Asia's richest man Mukesh Ambani, has disrupted the telecom industry in the country since it was launched in 2016, offering cheap bundles and prompting shutdowns. As of the end of May, the operator had added 8.2 million users since April to end the month with 323 million wireless customers, data from the Telecom Regulatory Authority of India showed. The data was published on Friday. Both Vodafone Idea, which was the top operator with 387.6 million customers, and Bharti Airtel lost users over the month. Reliance Industries is expected to post quarterly results later in the day. The company has been betting big on the unit as it diversifies from its core oil and gas operations.

Reliance Jio overtakes Bharti Airtel to become Number 2 operator

Equity benchmark indices were lower during early hours on Thursday tracking weak global cues and continued selling by foreign investors.

At 10:15 am, the BSE S&amp;P Sensex was down 54 points at 39,162 while the Nifty 50 slipped 20 points to 11,667.&nbsp;

At the National Stock Exchange, all sectoral indices were in the red except for Nifty financial services.

Among stocks, Yes Bank dipped 10.72 per cent lower at Rs 87.85 per share after reporting 91 per cent drop in its net profit and bad loans worth Rs 6,230 crore during the first quarter of current fiscal.

The other losers were mining major Vedanta, ONGC, Tata Motors and HCL Tech. However, Wipro gained 2.85 per cent to Rs 267 per share. UPL, HDFC, Indiabulls Housing Finance and Bharti Airtel saw marginal gains.&nbsp;

Meanwhile, Asian shares edged lower as Wall Street stocks dropped on signs that the US-China trade war could hurt corporate earnings. Earlier in the week, US President Donald Trump kept up the pressure on Beijing with a threat to put tariffs on another 325 billion dollars of Chinese goods.&nbsp;

The benchmark Nikkei shed 1.7 per cent and Chinese shares followed the suit with Shanghai Composite and blue-chip CSI 300 down 0.7 per cent and 0.6 per cent respectively.&nbsp;

Hong Kong`s Hang Seng retreated 0.5 per cent and South Korea`s market was off 0.4 per cent after the Bank of Korea unexpectedly cut its policy interest rate for the first time in three years.

Equity benchmark indices were lower during early hours on Thursday tracking weak global cues and continued selling by foreign investors. At 10:15 am, the BSE S&P Sensex was down 54 points at 39,162 while the Nifty 50 slipped 20 points to 11,667.

Equity benchmark indices were lower during early hours on Thursday tracking weak global cues and continued selling by foreign investors. At 10:15 am, the BSE S&P Sensex was down 54 points at 39,162 while the Nifty 50 slipped 20 points to 11,667. At the National Stock Exchange, all sectoral indices were in the red except for Nifty financial services. Among stocks, Yes Bank dipped 10.72 per cent lower at Rs 87.85 per share after reporting 91 per cent drop in its net profit and bad loans worth Rs 6,230 crore during the first quarter of current fiscal. The other losers were mining major Vedanta, ONGC, Tata Motors and HCL Tech. However, Wipro gained 2.85 per cent to Rs 267 per share. UPL, HDFC, Indiabulls Housing Finance and Bharti Airtel saw marginal gains. Meanwhile, Asian shares edged lower as Wall Street stocks dropped on signs that the US-China trade war could hurt corporate earnings. Earlier in the week, US President Donald Trump kept up the pressure on Beijing with a threat to put tariffs on another 325 billion dollars of Chinese goods. The benchmark Nikkei shed 1.7 per cent and Chinese shares followed the suit with Shanghai Composite and blue-chip CSI 300 down 0.7 per cent and 0.6 per cent respectively. Hong Kong`s Hang Seng retreated 0.5 per cent and South Korea`s market was off 0.4 per cent after the Bank of Korea unexpectedly cut its policy interest rate for the first time in three years.

Equity gauges on a weak note, Yes Bank drops over 11 per cent

Tapping into surging data consumption on smartphones, Netflix Inc on Wednesday said it would roll out a lower-priced mobile-only plan in India. &nbsp;

The video streaming pioneer said in March that it was testing a 250 rupee ($3.63) monthly subscription for mobile devices in India, where data plans are among the cheapest in the world.

"We believe this plan ... will be an effective way to introduce a larger number of people in India to Netflix and to further expand our business in a market where Pay TV ARPU is low," news agency Reuters stated quoting the company.

With the cheaper plan, Netflix is planning to fight cheaper offerings from rivals such as Amazon.com Inc's Prime Video and Hotstar, a video streaming platform owned by Walt Disney Co's India unit.

Netflix currently offers three monthly plans in India, priced between 500 rupees and 800 rupees.

In contrast, Hotstar, which also offers content from AT&amp;T Inc's HBO and streams live sports, charges 299 rupees per month. Amazon bundles its video and music streaming services with its Prime membership.

Netflix's announcement was part of its quarterly results, in which it reported lower-than-expected subscriber additions.

India figures prominently in Netflix Chief Executive Officer Reed Hastings' global expansion plans and the company is investing heavily in creating blockbuster shows such as crime thriller "Sacred Games" and "Delhi Crime" with A-list Bollywood actors.

The second season of "Sacred Games" is set to release in August.

(With inputs from Reuters)

Tapping into surging data consumption on smartphones, Netflix Inc on Wednesday said it would roll out a lower-priced mobile-only plan in India. The video streaming pioneer said in March that it was testing a 250 rupee ($3.

Tapping into surging data consumption on smartphones, Netflix Inc on Wednesday said it would roll out a lower-priced mobile-only plan in India. The video streaming pioneer said in March that it was testing a 250 rupee ($3.63) monthly subscription for mobile devices in India, where data plans are among the cheapest in the world. "We believe this plan ... will be an effective way to introduce a larger number of people in India to Netflix and to further expand our business in a market where Pay TV ARPU is low," news agency Reuters stated quoting the company. With the cheaper plan, Netflix is planning to fight cheaper offerings from rivals such as Amazon.com Inc's Prime Video and Hotstar, a video streaming platform owned by Walt Disney Co's India unit. Netflix currently offers three monthly plans in India, priced between 500 rupees and 800 rupees. In contrast, Hotstar, which also offers content from AT&T Inc's HBO and streams live sports, charges 299 rupees per month. Amazon bundles its video and music streaming services with its Prime membership. Netflix's announcement was part of its quarterly results, in which it reported lower-than-expected subscriber additions. India figures prominently in Netflix Chief Executive Officer Reed Hastings' global expansion plans and the company is investing heavily in creating blockbuster shows such as crime thriller "Sacred Games" and "Delhi Crime" with A-list Bollywood actors. The second season of "Sacred Games" is set to release in August. (With inputs from Reuters)

Netflix to introduce cheaper mobile-only plan in India to take on rivals 

India's consumer goods industry is losing steam as spending in the country's rural heartland cools and small manufacturers lose competitive advantages in a slowing economy, market research firm Nielsen said on Thursday.

Volume growth in India's fast-moving consumer goods (FMCG) sector slowed to 6.2 per cent&nbsp;in the three months to June from 9.9 per cent&nbsp;in the previous quarter, Nielsen said, citing internal data from retail research.

"The sentiments echo those in India's economic environment, with GDP moving down," the report said.

In Jan-March, India's economy grew at its slowest pace in more than four years, while retail inflation hit an eight-month high in June on higher food prices.

Growth in the consumer goods sector in rural India, where over two-thirds of Indians live, was slowing at twice the rate of urban areas in the previous few quarters, Nielsen said.

Higher raw material costs and slowing demand in the foods sector have hurt small manufacturers, the report added.

India's biggest FMCG companies also posted disappointing results in the March quarter. Hindustan Unilever Ltd, which owns brands such as Dove, Surf excel and Lakme, reported a smaller-than-expected rise in profit, while rival Dabur India Ltd posted a fall in profit.

Nielsen also cut its forecast for FMCG growth for the first half of 2019 to 12 per cent against their earlier prediction of 13-14 per cent.

India's consumer goods industry is losing steam as spending in the country's rural heartland cools and small manufacturers lose competitive advantages in a slowing economy, market research firm Nielsen said on Thursday.

India's consumer goods industry is losing steam as spending in the country's rural heartland cools and small manufacturers lose competitive advantages in a slowing economy, market research firm Nielsen said on Thursday. Volume growth in India's fast-moving consumer goods (FMCG) sector slowed to 6.2 per cent in the three months to June from 9.9 per cent in the previous quarter, Nielsen said, citing internal data from retail research. "The sentiments echo those in India's economic environment, with GDP moving down," the report said. In Jan-March, India's economy grew at its slowest pace in more than four years, while retail inflation hit an eight-month high in June on higher food prices. Growth in the consumer goods sector in rural India, where over two-thirds of Indians live, was slowing at twice the rate of urban areas in the previous few quarters, Nielsen said. Higher raw material costs and slowing demand in the foods sector have hurt small manufacturers, the report added. India's biggest FMCG companies also posted disappointing results in the March quarter. Hindustan Unilever Ltd, which owns brands such as Dove, Surf excel and Lakme, reported a smaller-than-expected rise in profit, while rival Dabur India Ltd posted a fall in profit. Nielsen also cut its forecast for FMCG growth for the first half of 2019 to 12 per cent against their earlier prediction of 13-14 per cent.

India's consumer goods growth slows as rural demand cools: Report

Taiwan Semiconductor Manufacturing Co Ltd (TSMC) on Thursday said it expects a stronger half-year on <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/china-soon-to-issue-5g-license-as-it-enters-crucial-period-223979&amp;sa=U&amp;ved=2ahUKEwjzz7_2pr7jAhWKiXAKHdeuASUQFjAAegQIARAC&amp;usg=AOvVaw3Jz3ha5QNLHaEe2H2YzeoJ">5G telecoms</a> demand, and that a dispute over chip-making materials between Japan and South Korea in its most uncertain factor.

The world's largest contract chipmaker reported a decline in second-quarter profit but said demand is likely to recover during the rest of 2019 particularly from smartphone makers, hampered at present by the impact of a Sino-US&nbsp;trade war.

"Although our business continues to be impacted by a global slowing economy ... we have also passed the bottom of the cycle of our business and again began to see demand increasing," Chief Executive Officer and Vice Chairman Chung Ching Wei told analysts during an earnings briefing.

Taiwan's supply chain manufacturers have been navigating slowing global demand for smartphones - a primary source of revenue - as well as market disruption stemming from tit-for-tat import tariffs between China and the United States, plus the latter's ban on US companies doing business with Chinese telecoms equipment maker Huawei Technologies Co Ltd.

Adding to risk factors, Japan last week tightened curbs on exports of high-tech materials used in smartphone displays and chips to South Korea, home to the world's biggest memory chip makers, Samsung Electronics Co Ltd, and SK Hynix Inc.

TSMC Chairman Mark Liu said the dispute is a major uncertainty for the coming months as it is likely to impact technology supply chains, as Japan dominates the market for the materials in question.

Earlier, TSMC, a proxy for technology demand as its clients include iPhone maker Apple and chip leader Qualcomm Inc, reported a 7.6% decline in April-June net profit at T$66.77 billion ($2.15 billion), meeting analyst estimates.

Revenue rose 3.3% to T$241 billion but fell 1.4% to $7.75 billion in US&nbsp;dollar terms - still topping both the firm's forecast and the average of 23 analyst estimates compiled by Refinitiv.

Business in the third quarter will be driven by increased demand for fifth-generation telecommunications (5G) equipment as well as for smartphones spurred by new product launches, and the fourth quarter will be even stronger, Wei said.

TSMC forecast a gross profit margin of 46% to 48% for the third quarter, and an operating margin of 35% to 37%, compared with 47.4% and 36.6%, respectively, a year earlier.

The chipmaker also said it expected annual capital expenditure for the year to exceed the high end of its earlier forecast of $10 billion to $11 billion due to strong 5G demand.

Even so, analysts were cautious about TSMC's growth outlook for the coming months, citing a slower-than-expected introduction of 5G technology and still-tepid demand for smartphones, which they said accounted for nearly half of its first-quarter sales.

"With a still-slow demand recovery and excessive inventory, we think wafer orders from fabless companies might remain weak," Fubon Securities analyst Sherman Shang wrote in a research note prior to TSMC's earnings announcement.

TSMC's short-term downside, however, could be supported by "major customers' recovery in 2020 from a very low base in 2019, such as Apple," Shang wrote.

Indicating evolving market conditions, the spread of accelerating the spread of 5G networks helped Dutch semiconductor equipment maker ASML Holding NV, a supplier to TSMC, beat analysts' second-quarter earnings estimates on Wednesday.

Prior to TSMC's announcement, shares in the chipmaker closed up 0.8% versus a 0.25% fall in the wider market. The stock has risen around 13% so far this year.

Taiwan Semiconductor Manufacturing Co Ltd (TSMC) on Thursday said it expects a stronger half-year on 5G telecoms demand, and that a dispute over chip-making materials between Japan and South Korea in its most uncertain factor.

Taiwan Semiconductor Manufacturing Co Ltd (TSMC) on Thursday said it expects a stronger half-year on 5G telecoms demand, and that a dispute over chip-making materials between Japan and South Korea in its most uncertain factor. The world's largest contract chipmaker reported a decline in second-quarter profit but said demand is likely to recover during the rest of 2019 particularly from smartphone makers, hampered at present by the impact of a Sino-US trade war. "Although our business continues to be impacted by a global slowing economy ... we have also passed the bottom of the cycle of our business and again began to see demand increasing," Chief Executive Officer and Vice Chairman Chung Ching Wei told analysts during an earnings briefing. Taiwan's supply chain manufacturers have been navigating slowing global demand for smartphones - a primary source of revenue - as well as market disruption stemming from tit-for-tat import tariffs between China and the United States, plus the latter's ban on US companies doing business with Chinese telecoms equipment maker Huawei Technologies Co Ltd. Adding to risk factors, Japan last week tightened curbs on exports of high-tech materials used in smartphone displays and chips to South Korea, home to the world's biggest memory chip makers, Samsung Electronics Co Ltd, and SK Hynix Inc. TSMC Chairman Mark Liu said the dispute is a major uncertainty for the coming months as it is likely to impact technology supply chains, as Japan dominates the market for the materials in question. Earlier, TSMC, a proxy for technology demand as its clients include iPhone maker Apple and chip leader Qualcomm Inc, reported a 7.6% decline in April-June net profit at T$66.77 billion ($2.15 billion), meeting analyst estimates. Revenue rose 3.3% to T$241 billion but fell 1.4% to $7.75 billion in US dollar terms - still topping both the firm's forecast and the average of 23 analyst estimates compiled by Refinitiv. Business in the third quarter will be driven by increased demand for fifth-generation telecommunications (5G) equipment as well as for smartphones spurred by new product launches, and the fourth quarter will be even stronger, Wei said. TSMC forecast a gross profit margin of 46% to 48% for the third quarter, and an operating margin of 35% to 37%, compared with 47.4% and 36.6%, respectively, a year earlier. The chipmaker also said it expected annual capital expenditure for the year to exceed the high end of its earlier forecast of $10 billion to $11 billion due to strong 5G demand. Even so, analysts were cautious about TSMC's growth outlook for the coming months, citing a slower-than-expected introduction of 5G technology and still-tepid demand for smartphones, which they said accounted for nearly half of its first-quarter sales. "With a still-slow demand recovery and excessive inventory, we think wafer orders from fabless companies might remain weak," Fubon Securities analyst Sherman Shang wrote in a research note prior to TSMC's earnings announcement. TSMC's short-term downside, however, could be supported by "major customers' recovery in 2020 from a very low base in 2019, such as Apple," Shang wrote. Indicating evolving market conditions, the spread of accelerating the spread of 5G networks helped Dutch semiconductor equipment maker ASML Holding NV, a supplier to TSMC, beat analysts' second-quarter earnings estimates on Wednesday. Prior to TSMC's announcement, shares in the chipmaker closed up 0.8% versus a 0.25% fall in the wider market. The stock has risen around 13% so far this year.

TSMC expects 5G earnings boost, flags South Korea-Japan spat as risk

Equities ended a three-day winning streak on Thursday with across-the-board selling pressure during the last hour of trading.

The BSE S&amp;P Sensex closed 318 points down at 38,897 while the Nifty 50 lost 91 points to wind up the day at 11,597.

At the National Stock Exchange, all sectoral indices were in the red except for financial services. Nifty PSU bank dipped by 3.18 per cent, auto by 2.74 per cent, metal by 2.46 per cent and realty by 1.52 per cent.

Among stocks, Yes Bank dropped 12.7 per cent at Rs 85.90 per share after reporting 91 per cent drop in its net profit and bad loans worth Rs 6,230 crore during the first quarter of current fiscal.

ONGC was down by 4.4 per cent, Coal India by 4.3 per cent, Tata Motors by 4.1 per cent and Maruti by 3.3 per cent.

However, Wipro gained over 3 per cent. HDFC and Zee Entertainment too gained over 2 per cent each while Britannia and HDFC Bank showed marginal gains.

Meanwhile, Asian shares edged lower as Wall Street stocks dropped on signs that the US-China trade war could hurt corporate earnings.

Earlier in the week, US President Donald Trump kept up the pressure on Beijing with a threat to put tariffs on another 325 billion dollars of Chinese goods.

The benchmark Nikkei shed 1.97 per cent and Chinese shares followed the suit with Shanghai Composite down 1.04 per cent.

Hong Kong's Hang Seng retreated 0.46 per cent and South Korea's market was off 0.3 per cent after the Bank of Korea unexpectedly cut its policy interest rate for the first time in three years.&nbsp; 
&nbsp;

Equities ended a three-day winning streak on Thursday with across-the-board selling pressure during the last hour of trading. The BSE S&P Sensex closed 318 points down at 38,897 while the Nifty 50 lost 91 points to wind up the day at 11,597.

Equities ended a three-day winning streak on Thursday with across-the-board selling pressure during the last hour of trading. The BSE S&P Sensex closed 318 points down at 38,897 while the Nifty 50 lost 91 points to wind up the day at 11,597. At the National Stock Exchange, all sectoral indices were in the red except for financial services. Nifty PSU bank dipped by 3.18 per cent, auto by 2.74 per cent, metal by 2.46 per cent and realty by 1.52 per cent. Among stocks, Yes Bank dropped 12.7 per cent at Rs 85.90 per share after reporting 91 per cent drop in its net profit and bad loans worth Rs 6,230 crore during the first quarter of current fiscal. ONGC was down by 4.4 per cent, Coal India by 4.3 per cent, Tata Motors by 4.1 per cent and Maruti by 3.3 per cent. However, Wipro gained over 3 per cent. HDFC and Zee Entertainment too gained over 2 per cent each while Britannia and HDFC Bank showed marginal gains. Meanwhile, Asian shares edged lower as Wall Street stocks dropped on signs that the US-China trade war could hurt corporate earnings. Earlier in the week, US President Donald Trump kept up the pressure on Beijing with a threat to put tariffs on another 325 billion dollars of Chinese goods. The benchmark Nikkei shed 1.97 per cent and Chinese shares followed the suit with Shanghai Composite down 1.04 per cent. Hong Kong's Hang Seng retreated 0.46 per cent and South Korea's market was off 0.3 per cent after the Bank of Korea unexpectedly cut its policy interest rate for the first time in three years.

Sensex plunges 318 points on global worries, Yes Bank down 12.7%

Netflix Inc said on Wednesday it would roll out a lower-priced mobile-only plan in India within the next three months to tap into a price-sensitive market at a time the streaming company is losing customers in its home turf.

India is among the last big growth markets for the company, where it faces competition from Amazon.com Inc's Prime Video and Hotstar, a video streaming platform owned by Walt Disney Co's India unit.

<a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/entertainment/game-of-thrones-and-netflix-tipped-to-sweep-emmy-nominations-236401&amp;sa=U&amp;ved=2ahUKEwj6qv3Km77jAhWUjeYKHSlxBmwQFjABegQIEBAC&amp;usg=AOvVaw2Lm1Zz_htOed5vy4tEub9Y">Netflix</a> lost US streaming customers for the first time in eight years on Wednesday, when it posted quarterly results. It also missed targets for new subscribers overseas.

"India is a mobile-first nation, where many first-time users are experiencing the internet on their phones. In such a scenario, a mobile-only package makes sense to target new users," said Tarun Pathak, an analyst at Counterpoint Research.

The creator of "Stranger Things" and "The Crown" said in March that it was testing a 250-rupee ($3.63) monthly subscription for mobile devices in India, where data plans are among the cheapest in the world.

The country figures prominently in Chief Executive Officer Reed Hastings' global expansion plans.

"We believe this plan, which will launch in the third quarter, will be an effective way to introduce a larger number of people in India to Netflix and to further expand our business," the company said in a letter to investors released late on Wednesday.

Netflix currently offers three monthly plans in India, priced between 500 rupees ($7.27) and 800 rupees $11.63).

It has created a niche following in the country by launching local original shows like the thriller "Sacred Games" and dystopian tale "Leila", which feature popular Bollywood actors.

The second season of "Sacred Games" is set to release in August.

In contrast, Hotstar, which also offers content from AT&amp;T Inc's HBO and also streams live sports, charges 299 rupees ($4.35) per month. Amazon bundles its video and music streaming services with its Prime membership.

"We've been seeing nice steady increases in engagement with our Indian viewers that we think we can keep building on. Growth in that country is a marathon, so we're in it for the long haul," Netflix Chief Content Officer Ted Sarandos said.

Netflix Inc said on Wednesday it would roll out a lower-priced mobile-only plan in India within the next three months to tap into a price-sensitive market at a time the streaming company is losing customers in its home turf.

Netflix Inc said on Wednesday it would roll out a lower-priced mobile-only plan in India within the next three months to tap into a price-sensitive market at a time the streaming company is losing customers in its home turf. India is among the last big growth markets for the company, where it faces competition from Amazon.com Inc's Prime Video and Hotstar, a video streaming platform owned by Walt Disney Co's India unit. Netflix lost US streaming customers for the first time in eight years on Wednesday, when it posted quarterly results. It also missed targets for new subscribers overseas. "India is a mobile-first nation, where many first-time users are experiencing the internet on their phones. In such a scenario, a mobile-only package makes sense to target new users," said Tarun Pathak, an analyst at Counterpoint Research. The creator of "Stranger Things" and "The Crown" said in March that it was testing a 250-rupee ($3.63) monthly subscription for mobile devices in India, where data plans are among the cheapest in the world. The country figures prominently in Chief Executive Officer Reed Hastings' global expansion plans. "We believe this plan, which will launch in the third quarter, will be an effective way to introduce a larger number of people in India to Netflix and to further expand our business," the company said in a letter to investors released late on Wednesday. Netflix currently offers three monthly plans in India, priced between 500 rupees ($7.27) and 800 rupees $11.63). It has created a niche following in the country by launching local original shows like the thriller "Sacred Games" and dystopian tale "Leila", which feature popular Bollywood actors. The second season of "Sacred Games" is set to release in August. In contrast, Hotstar, which also offers content from AT&T Inc's HBO and also streams live sports, charges 299 rupees ($4.35) per month. Amazon bundles its video and music streaming services with its Prime membership. "We've been seeing nice steady increases in engagement with our Indian viewers that we think we can keep building on. Growth in that country is a marathon, so we're in it for the long haul," Netflix Chief Content Officer Ted Sarandos said.

Netflix to roll out cheaper mobile-only plan for India

Global shares slipped on Thursday on growing signs that a trade dispute between the United States and China was taking a toll on corporate earnings, with nerves spreading from Wall Street through Asia to European markets.

MSCI world equity index, which tracks shares in 47 countries, fell 0.2% to its lowest in nine days, while the Euro STOXX 600 slipped 0.5% to its lowest in almost three weeks.

The earnings season, kicking off this week brought bad signs as rail freight giant CSX Corp, cut its revenue forecast as it warned of the impact of the US-China trade war, pushing down Wall Street indexes on Wednesday.

In Europe, too, earnings were top of the agenda. Tech stocks led the slide as software firm SAP, Europe's most valuable tech stock by market cap, reported poor results, also flagging the impact of the US-China trade war.

With nerves already on edge over when face-to-face talks between the United States and China will resume, US President Donald Trump on Tuesday maintained pressure on Beijing with a threat to put tariffs on another $325 billion of Chinese goods.

Investors also cited a report that progress toward a US-China trade deal has stalled as the Trump administration works out how to address Beijing's demands that it ease restrictions on Huawei Technologies.

"It's still about the US and China dispute," Christophe Barraud, chief economist and strategist at Market Securities. "The trade war is creating uncertainty, weighed on capEx, and clearly on trade flows."

"There are also problems with guidance, especially in the transportation sector. The fact is that one of the key stories of this year is global trade flows contraction," he said.

Adding to the concerns over corporate health, Netflix shed US subscribers for the first time in 8 years, sending shares falling over 10% after the close of the market.

Compounding the trade concerns were concerning signs for the economy emerging from Japan to the United States.

Japan's exports slumped yet again, falling 6.7% in June, while manufacturers' confidence fell to a three-year low in July on the back of the trade tensions and slowing China's growth.

US housebuilding fell in June for a second consecutive month, with building permits also falling, in a possible sign of more trouble ahead for the housing market.

The earnings anxiety and macro data boosted demand for safe-haven assets, with yields on benchmark 10-year and 30-year US Treasuries climbing overnight.

Eurozone government bond yields slipped back towards record lows on Thursday as economic indicators and corporate earnings deepened gloom on the global economy and increased bets on interest-rate cuts by major central banks.

Amid the gloomy outlook, bets for further monetary policy easing from major central banks have grown, with speculation on whether the US Federal Reserve will be cut by 25 basis points or 50 basis points in July.

While markets take comfort from central banks' willingness to support growth, said Sunil Krishnan, head of multi-asset funds at Aviva Investors, there were concerns for equity markets that have rallied on the back of stimulus expectations.

The weak start to the Q2 earnings season may spill over into the outlook for the remainder of the year, threatening equity markets' stellar rally this year.

"We are probably in the middle of analysts downgrading Q3 company earnings expectations," he said.

Earlier in the day, MSCI's broadest index of Asia-Pacific shares outside Japan lost 0.3%, with Tokyo's benchmark Nikkei tumbling 2.0%, its biggest one-day fall in four months.

POUND TO PARITY?

In currencies, the dollar edged lower against its rivals on the softer US&nbsp;Treasury yields, with investors focusing their attention on the Fed's meeting next week.

Against a basket of its rivals, the dollar edged 0.1% lower to 97.195.

Sterling was a shade higher at $1.244, off its lowest since April 2017 touched on Wednesday amid growing risks of Britain leaving the European Union in a no-deal Brexit.

Major British banks, such as HSBC, are already talking of the possibility of the pound breaching post-Brexit referendum lows of $1.149, with some asking whether the pound is headed for parity against both the dollar and the euro.

Oil prices were mixed, with US&nbsp;crude extending losses after data showed U.S. stockpiles of gasoline and other products rising sharply last week, suggesting weak demand.

Brent crude futures were up 6 cents, or 0.1%, at $63.71 a barrel by 0755 GMT. They fell by 1.1% on Wednesday.

Global shares slipped on Thursday on growing signs that a trade dispute between the United States and China was taking a toll on corporate earnings, with nerves spreading from Wall Street through Asia to European markets.

Global shares slipped on Thursday on growing signs that a trade dispute between the United States and China was taking a toll on corporate earnings, with nerves spreading from Wall Street through Asia to European markets. MSCI world equity index, which tracks shares in 47 countries, fell 0.2% to its lowest in nine days, while the Euro STOXX 600 slipped 0.5% to its lowest in almost three weeks. The earnings season, kicking off this week brought bad signs as rail freight giant CSX Corp, cut its revenue forecast as it warned of the impact of the US-China trade war, pushing down Wall Street indexes on Wednesday. In Europe, too, earnings were top of the agenda. Tech stocks led the slide as software firm SAP, Europe's most valuable tech stock by market cap, reported poor results, also flagging the impact of the US-China trade war. With nerves already on edge over when face-to-face talks between the United States and China will resume, US President Donald Trump on Tuesday maintained pressure on Beijing with a threat to put tariffs on another $325 billion of Chinese goods. Investors also cited a report that progress toward a US-China trade deal has stalled as the Trump administration works out how to address Beijing's demands that it ease restrictions on Huawei Technologies. "It's still about the US and China dispute," Christophe Barraud, chief economist and strategist at Market Securities. "The trade war is creating uncertainty, weighed on capEx, and clearly on trade flows." "There are also problems with guidance, especially in the transportation sector. The fact is that one of the key stories of this year is global trade flows contraction," he said. Adding to the concerns over corporate health, Netflix shed US subscribers for the first time in 8 years, sending shares falling over 10% after the close of the market. Compounding the trade concerns were concerning signs for the economy emerging from Japan to the United States. Japan's exports slumped yet again, falling 6.7% in June, while manufacturers' confidence fell to a three-year low in July on the back of the trade tensions and slowing China's growth. US housebuilding fell in June for a second consecutive month, with building permits also falling, in a possible sign of more trouble ahead for the housing market. The earnings anxiety and macro data boosted demand for safe-haven assets, with yields on benchmark 10-year and 30-year US Treasuries climbing overnight. Eurozone government bond yields slipped back towards record lows on Thursday as economic indicators and corporate earnings deepened gloom on the global economy and increased bets on interest-rate cuts by major central banks. Amid the gloomy outlook, bets for further monetary policy easing from major central banks have grown, with speculation on whether the US Federal Reserve will be cut by 25 basis points or 50 basis points in July. While markets take comfort from central banks' willingness to support growth, said Sunil Krishnan, head of multi-asset funds at Aviva Investors, there were concerns for equity markets that have rallied on the back of stimulus expectations. The weak start to the Q2 earnings season may spill over into the outlook for the remainder of the year, threatening equity markets' stellar rally this year. "We are probably in the middle of analysts downgrading Q3 company earnings expectations," he said. Earlier in the day, MSCI's broadest index of Asia-Pacific shares outside Japan lost 0.3%, with Tokyo's benchmark Nikkei tumbling 2.0%, its biggest one-day fall in four months. POUND TO PARITY? In currencies, the dollar edged lower against its rivals on the softer US Treasury yields, with investors focusing their attention on the Fed's meeting next week. Against a basket of its rivals, the dollar edged 0.1% lower to 97.195. Sterling was a shade higher at $1.244, off its lowest since April 2017 touched on Wednesday amid growing risks of Britain leaving the European Union in a no-deal Brexit. Major British banks, such as HSBC, are already talking of the possibility of the pound breaching post-Brexit referendum lows of $1.149, with some asking whether the pound is headed for parity against both the dollar and the euro. Oil prices were mixed, with US crude extending losses after data showed U.S. stockpiles of gasoline and other products rising sharply last week, suggesting weak demand. Brent crude futures were up 6 cents, or 0.1%, at $63.71 a barrel by 0755 GMT. They fell by 1.1% on Wednesday.

Global Markets: Stocks slide as US-China trade war takes toll on earnings

A high-level committee set up by the Reserve Bank of India (RBI) on its Economic Capital Framework (ECF) has recommended that surplus reserves held by the central bank be transferred to the government in tranches over three to five years, according to published reports.

As of today, RBI sits on a reserve of 9.6 lakh crore.

The six-member committee which took this decision was headed by former RBI governor Bimal Jalan who was tasked with examining the Central Bank’s requirements on provisions, reserve and buffer. Finance ministry has maintained that 28 per cent gross assets maintained by the central is well above the global norm of 14 per cent.

The committee is expected to submit its final report to the RBI in next 15 days. A large share of RBI’s income stems from interest earned on foreign reserves invested overseas and that on securities in India.

Any extra capital will help the government meet the fiscal deficit target for the current year, which has been set at 3.3 per cent of the gross domestic product (GDP).

The six-member panel was set up on December 26, 2018. The panel has been further entrusted with the task of reviewing the best practices followed by central banks worldwide in making assessments and provisions for risks.

The government had invoked powers under rarely used section 7 of the RBI Act in October, seeking consultations with the central bank on 12 points, including the ECF.

A high-level committee set up by the Reserve Bank of India (RBI) on its Economic Capital Framework (ECF) has recommended that surplus reserves held by the central bank be transferred to the government in tranches over three to five years, according to published reports.

A high-level committee set up by the Reserve Bank of India (RBI) on its Economic Capital Framework (ECF) has recommended that surplus reserves held by the central bank be transferred to the government in tranches over three to five years, according to published reports. As of today, RBI sits on a reserve of 9.6 lakh crore. The six-member committee which took this decision was headed by former RBI governor Bimal Jalan who was tasked with examining the Central Bank’s requirements on provisions, reserve and buffer. Finance ministry has maintained that 28 per cent gross assets maintained by the central is well above the global norm of 14 per cent. The committee is expected to submit its final report to the RBI in next 15 days. A large share of RBI’s income stems from interest earned on foreign reserves invested overseas and that on securities in India. Any extra capital will help the government meet the fiscal deficit target for the current year, which has been set at 3.3 per cent of the gross domestic product (GDP). The six-member panel was set up on December 26, 2018. The panel has been further entrusted with the task of reviewing the best practices followed by central banks worldwide in making assessments and provisions for risks. The government had invoked powers under rarely used section 7 of the RBI Act in October, seeking consultations with the central bank on 12 points, including the ECF.

Centre may use RBI surplus to tackle fiscal deficit 

Mobile network gear maker <a href="https://www.wionews.com/business-economy/swedish-gearmaker-ericsson-increases-5g-forecasts-226258">Ericsson</a> posted a second-quarter profit in line with expectations on Wednesday and said it was on track to meet its financial goals due to strong sales of 5G equipment.

Some analysts had expected the company to upgrade its 2020 targets after showing steady profitability improvements in 2018 and 2019 on rising 5G demands following a period of falling spending by operators.

The company, which counts <a href="https://www.wionews.com/india-news/indian-companies-supplying-technology-to-chinas-huawei-may-face-us-sanctions-ravi-shankar-prasad-232872">China's Huawei </a>and Finland's Nokia as its main rivals, has pledged to deliver an operating margin, excluding restructuring costs, of over 10 percent in 2020.

"We see strong momentum in our 5G business with both new contracts and new commercial launches as well as live networks," Chief Executive Borje Ekholm said in a statement. "To date, we have provided solutions for almost two-thirds of all commercially launched 5G networks."

Quarterly gross margin in Networks fell to 41.4 per cent &nbsp;from 43.2 per cent in the previous quarter, mainly due to litigation settlement costs, strategic contracts and lower intellectual property rights licensing revenues.

Ericsson said the strategic contracts would boost margins in the long run but would hurt profitability in the near term. Overall, gross margin was 36.6 per cent compared to 34.8 per cent a year ago.

"In the quarter we had a negative impact on gross margin and expect this impact to increase during the second half of the year," it said in the report.

Quarterly operating profit rose to 3.7 billion crowns from a 0.2 billion profit a year ago, in line with a mean forecast for a 3.7 billion profit in an analyst poll. Sales rose to 54.8 billion crowns from a-year-ago 49.8 billion, above forecasts of 53.2 billion.

Profit was negatively impacted by a litigation settlement cost to Intellectual Ventures of 400 million crowns.

Ericsson has staked its recovery on the growing demand for next-generation 5G gear, and some analysts think it could benefit from the current turmoil surrounding market leader Huawei.

($1 = 9.3873 Swedish crowns)

Mobile network gear maker Ericsson posted a second-quarter profit in line with expectations on Wednesday and said it was on track to meet its financial goals due to strong sales of 5G equipment.

Mobile network gear maker Ericsson posted a second-quarter profit in line with expectations on Wednesday and said it was on track to meet its financial goals due to strong sales of 5G equipment. Some analysts had expected the company to upgrade its 2020 targets after showing steady profitability improvements in 2018 and 2019 on rising 5G demands following a period of falling spending by operators. The company, which counts China's Huawei and Finland's Nokia as its main rivals, has pledged to deliver an operating margin, excluding restructuring costs, of over 10 percent in 2020. "We see strong momentum in our 5G business with both new contracts and new commercial launches as well as live networks," Chief Executive Borje Ekholm said in a statement. "To date, we have provided solutions for almost two-thirds of all commercially launched 5G networks." Quarterly gross margin in Networks fell to 41.4 per cent from 43.2 per cent in the previous quarter, mainly due to litigation settlement costs, strategic contracts and lower intellectual property rights licensing revenues. Ericsson said the strategic contracts would boost margins in the long run but would hurt profitability in the near term. Overall, gross margin was 36.6 per cent compared to 34.8 per cent a year ago. "In the quarter we had a negative impact on gross margin and expect this impact to increase during the second half of the year," it said in the report. Quarterly operating profit rose to 3.7 billion crowns from a 0.2 billion profit a year ago, in line with a mean forecast for a 3.7 billion profit in an analyst poll. Sales rose to 54.8 billion crowns from a-year-ago 49.8 billion, above forecasts of 53.2 billion. Profit was negatively impacted by a litigation settlement cost to Intellectual Ventures of 400 million crowns. Ericsson has staked its recovery on the growing demand for next-generation 5G gear, and some analysts think it could benefit from the current turmoil surrounding market leader Huawei. ($1 = 9.3873 Swedish crowns)

Ericsson says on track for 2020 targets as second-quarter profit matches forecasts

Indian shares closed higher for the third straight day on Wednesday, boosted by gains in financial stocks, with top lender State Bank of India (SBI) clocking a record closing high.

Twenty-eight of the 50 stocks on the broader NSE Nifty fell, but gains in large cap stocks helped the bourse close up 0.21% at 11,687.5. The benchmark BSE Sensex settled 0.22% higher at 39,215.64.

Property finance firm Indiabulls Housing Finance Ltd topped the gains on the NSE Nifty, closing 3.4% higher. Troubled peer Dewan Housing Finance Corporation Ltd ended up 11.2%.

SBI, India`s largest lender by assets, climbed 2.2%, driving the Nifty PSU Bank index 1.1% higher.

Yes Bank Ltd slumped 5.3% ahead of its quarterly results and was the biggest loser on the indexes, while automaker Eicher Motors Ltd dropped 3.2%.&nbsp;

Indian shares closed higher for the third straight day on Wednesday, boosted by gains in financial stocks, with top lender State Bank of India (SBI) clocking a record closing high.

Indian shares closed higher for the third straight day on Wednesday, boosted by gains in financial stocks, with top lender State Bank of India (SBI) clocking a record closing high. Twenty-eight of the 50 stocks on the broader NSE Nifty fell, but gains in large cap stocks helped the bourse close up 0.21% at 11,687.5. The benchmark BSE Sensex settled 0.22% higher at 39,215.64. Property finance firm Indiabulls Housing Finance Ltd topped the gains on the NSE Nifty, closing 3.4% higher. Troubled peer Dewan Housing Finance Corporation Ltd ended up 11.2%. SBI, India`s largest lender by assets, climbed 2.2%, driving the Nifty PSU Bank index 1.1% higher. Yes Bank Ltd slumped 5.3% ahead of its quarterly results and was the biggest loser on the indexes, while automaker Eicher Motors Ltd dropped 3.2%.

Nifty, Sensex gain for third straight day as financials surge

<a href="https://www.wionews.com/world/goldman-sachs-ditches-single-use-plastic-products-193983">Goldman Sachs Group Inc</a> reported a better-than-expected quarterly profit on Tuesday as the <a href="https://www.wionews.com/world/wall-street-notches-all-time-highs-as-rate-cut-hopes-lift-investor-spirits-235406">Wall Street investment bank</a> benefited from higher equity trading and an increase in lending to its wealthy clients and companies.

The bank, like its rivals, is facing several challenges in growing its revenue in the face of rising geopolitical uncertainties and concerns about the impact of future interest rate cuts by the US Federal Reserve.

Goldman is also shifting its business model away from a focus on trading to a more stable, consumer-focused revenue stream.

Revenue fell at three of its four major businesses, with the biggest declines in trading and investment management.

Institutional client revenue, which includes trading, slipped 3 per cent, while investment banking revenue was down 9 per cent. However, revenue from the bank's investing and lending business rose 16 per cent.

"Given the strength of our client franchise, we are well-positioned to benefit from a growing global economy," Chief Executive Officer David Solomon said in a statement.

While revenue slipped in the quarter, lower compensation expenses provided some relief. Total operating expenses were nearly flat at $6.12 billion.

The bank is aiming to generate $5 billion in new revenue by 2020, and is currently undergoing a front-to-back review of all its businesses started last October when Solomon took control as CEO.

While the final strategy is not expected until early next year, the bank has already made moves to expand its consumer division, by growing online bank Marcus and launching a credit card with Apple Inc. It also announced plans in May to acquire United Capital, a boutique wealth management firm.

The bank's net earnings applicable to common shareholders fell 6 per cent to $2.20 billion in the quarter ended June 30. Earnings per share fell to $5.81 from $5.98 a year earlier.

Total net revenue fell 2 per cent to $9.46 billion. Analysts had expected earnings of $4.89 per share and revenue of $8.83 billion, according to IBES estimate from Refinitiv.

Goldman's main rival Morgan Stanley is expected to report quarterly results later in the week.

Goldman Sachs Group Inc reported a better-than-expected quarterly profit on Tuesday as the Wall Street investment bank benefited from higher equity trading and an increase in lending to its wealthy clients and companies.

Goldman Sachs Group Inc reported a better-than-expected quarterly profit on Tuesday as the Wall Street investment bank benefited from higher equity trading and an increase in lending to its wealthy clients and companies. The bank, like its rivals, is facing several challenges in growing its revenue in the face of rising geopolitical uncertainties and concerns about the impact of future interest rate cuts by the US Federal Reserve. Goldman is also shifting its business model away from a focus on trading to a more stable, consumer-focused revenue stream. Revenue fell at three of its four major businesses, with the biggest declines in trading and investment management. Institutional client revenue, which includes trading, slipped 3 per cent, while investment banking revenue was down 9 per cent. However, revenue from the bank's investing and lending business rose 16 per cent. "Given the strength of our client franchise, we are well-positioned to benefit from a growing global economy," Chief Executive Officer David Solomon said in a statement. While revenue slipped in the quarter, lower compensation expenses provided some relief. Total operating expenses were nearly flat at $6.12 billion. The bank is aiming to generate $5 billion in new revenue by 2020, and is currently undergoing a front-to-back review of all its businesses started last October when Solomon took control as CEO. While the final strategy is not expected until early next year, the bank has already made moves to expand its consumer division, by growing online bank Marcus and launching a credit card with Apple Inc. It also announced plans in May to acquire United Capital, a boutique wealth management firm. The bank's net earnings applicable to common shareholders fell 6 per cent to $2.20 billion in the quarter ended June 30. Earnings per share fell to $5.81 from $5.98 a year earlier. Total net revenue fell 2 per cent to $9.46 billion. Analysts had expected earnings of $4.89 per share and revenue of $8.83 billion, according to IBES estimate from Refinitiv. Goldman's main rival Morgan Stanley is expected to report quarterly results later in the week.

Goldman Sachs profit beats expectations on equity trading, lending

Oil prices steadied on Tuesday as a resumption of output in the Gulf of Mexico after Hurricane Barry and a boom in <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/us-oil-sanctions-wont-go-without-response-iran-213205&amp;sa=U&amp;ved=2ahUKEwjj4bTblLnjAhWJA4gKHayhADcQFjAAegQIAhAC&amp;usg=AOvVaw2N7rYgrXrmgJR5alcxjn-1">US&nbsp;supply</a> due to shale oil countered tensions in the Middle East.

Prices remained under pressure as data on Monday showed that second-quarter economic growth in China slowed to 6.2% from a year earlier, the weakest pace in at least 27 years.

Brent crude futures were up 4 cents at $66.52 a barrel by 0852 GMT. The international benchmark lost 24 cents, or 0.4%, on Monday.

West Texas Intermediate crude futures rose by 1 cent to $59.59 a barrel. The US&nbsp;benchmark fell about 1% in the previous session.

US&nbsp;oil companies on Monday began restoring some of the nearly 74% of production that was shut at <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/business-economy/oil-prices-jump-45-per-cent-on-united-states-crude-stocks-draw-gulf-of-mexico-storm-234960&amp;sa=U&amp;ved=2ahUKEwjU6vaclbnjAhVinI8KHdSmCrUQFjABegQIDhAC&amp;usg=AOvVaw3wuMvTZ1nP71fehkxYtIVE">Gulf of Mexico</a> platforms ahead of Hurricane Barry.

"Crude oil is having a quiet day today after giving back some of last week's gains," Saxo Bank commodity strategist Ole Hansen said.

"US&nbsp;output from the Gulf looks set to increase and ... Barry failed to hit refinery assets along the coast."

Workers were returning to the more than 280 production platforms that had been evacuated. However, it can still take several days for full production to resume.

"You could almost hear the big sigh of relief from oil producers and refiners in the region as the storm passed without causing significant damage," PVM analyst Tamas Varga said.

The market was also weighed down by signs of further increases in output from the United States, which has ridden a wave of shale oil production to become the world's biggest crude producer, ahead of Russia and Saudi Arabia.

US&nbsp;oil output from seven major shale formations is expected to rise by about 49,000 barrels per day in August, to a record 8.55 million barrels per day, the US&nbsp;Energy Information Administration said.

Rising US&nbsp;output will undermine efforts by Russia and Saudi Arabia to reduce global oil inventories by convincing suppliers in the Organization of the Petroleum Exporting Countries and outside OPEC to cut production.

The global supplier group, known as OPEC+, agreed this month to extend production cuts for another nine months.

Market activity has started to slow as it tends to do in July and August, the peak European and US&nbsp;holiday season, Hansen said.

Tension between the United States and Iran over Tehran's nuclear programme kept the market nervous given the potential for a price spike should the situation deteriorate.

"The Iranian tension ... still makes any oil bear careful," Varga said.

Oil prices steadied on Tuesday as a resumption of output in the Gulf of Mexico after Hurricane Barry and a boom in US supply due to shale oil countered tensions in the Middle East.

Oil prices steadied on Tuesday as a resumption of output in the Gulf of Mexico after Hurricane Barry and a boom in US supply due to shale oil countered tensions in the Middle East. Prices remained under pressure as data on Monday showed that second-quarter economic growth in China slowed to 6.2% from a year earlier, the weakest pace in at least 27 years. Brent crude futures were up 4 cents at $66.52 a barrel by 0852 GMT. The international benchmark lost 24 cents, or 0.4%, on Monday. West Texas Intermediate crude futures rose by 1 cent to $59.59 a barrel. The US benchmark fell about 1% in the previous session. US oil companies on Monday began restoring some of the nearly 74% of production that was shut at Gulf of Mexico platforms ahead of Hurricane Barry. "Crude oil is having a quiet day today after giving back some of last week's gains," Saxo Bank commodity strategist Ole Hansen said. "US output from the Gulf looks set to increase and ... Barry failed to hit refinery assets along the coast." Workers were returning to the more than 280 production platforms that had been evacuated. However, it can still take several days for full production to resume. "You could almost hear the big sigh of relief from oil producers and refiners in the region as the storm passed without causing significant damage," PVM analyst Tamas Varga said. The market was also weighed down by signs of further increases in output from the United States, which has ridden a wave of shale oil production to become the world's biggest crude producer, ahead of Russia and Saudi Arabia. US oil output from seven major shale formations is expected to rise by about 49,000 barrels per day in August, to a record 8.55 million barrels per day, the US Energy Information Administration said. Rising US output will undermine efforts by Russia and Saudi Arabia to reduce global oil inventories by convincing suppliers in the Organization of the Petroleum Exporting Countries and outside OPEC to cut production. The global supplier group, known as OPEC+, agreed this month to extend production cuts for another nine months. Market activity has started to slow as it tends to do in July and August, the peak European and US holiday season, Hansen said. Tension between the United States and Iran over Tehran's nuclear programme kept the market nervous given the potential for a price spike should the situation deteriorate. "The Iranian tension ... still makes any oil bear careful," Varga said.

Oil steadies as US supply concerns ease, Iran tension unresolved

Indian shares ended higher on Tuesday, led by strong gains in Yes Bank Ltd ahead of its quarterly results, while Tata Motors Ltd saw its best day in nearly two months.

The broader NSE Nifty closed up 0.64% at 11,662.6, while the benchmark <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/business-economy/post-budget-sensex-down-over-630-points-pnb-stocks-falls-further-233908&amp;sa=U&amp;ved=2ahUKEwifjN6upLnjAhViguYKHd50C0gQFjACegQIEBAC&amp;usg=AOvVaw0bCZs3sQ08IfmUpzUTVTVp">BSE Sensex</a> settled 0.6% higher at 39,131.04.

Private-sector lender Yes Bank, due to report quarterly results on Wednesday, surged 11.4% to its best closing level in two weeks. This was also its best daily performance since mid-Feb.

Automaker Tata Motors jumped 5.6% to its highest close since June 11.

Top IT firm Tata Consultancy Services Ltd, down 1.9%, was the biggest loser on the indexes.

Indian shares ended higher on Tuesday, led by strong gains in Yes Bank Ltd ahead of its quarterly results, while Tata Motors Ltd saw its best day in nearly two months.

Indian shares ended higher on Tuesday, led by strong gains in Yes Bank Ltd ahead of its quarterly results, while Tata Motors Ltd saw its best day in nearly two months. The broader NSE Nifty closed up 0.64% at 11,662.6, while the benchmark BSE Sensex settled 0.6% higher at 39,131.04. Private-sector lender Yes Bank, due to report quarterly results on Wednesday, surged 11.4% to its best closing level in two weeks. This was also its best daily performance since mid-Feb. Automaker Tata Motors jumped 5.6% to its highest close since June 11. Top IT firm Tata Consultancy Services Ltd, down 1.9%, was the biggest loser on the indexes.

Sensex and Nifty close higher as Tata Motors, Yes Bank surge

The Indian government is set to introduce rules in six months that could lead to the phase-out of monopolies controlled by natural gas distribution companies in 34 cities, including New Delhi and Mumbai, allowing many consumers to choose a new supplier, a senior regulatory official said.

In 2009, natural gas supply regulator - the Petroleum and Natural Gas Regulatory Board (PNGRB) - gave exclusive gas marketing rights, initially for five years, to companies who had established gas distribution networks in cities across the country.

It allowed them to use their pipelines exclusively for 25 years to help them recover billions of dollars they had invested.

However, now one of the three members of the PNGRB's board said the regulator is soon moving to open up the still relatively new business to the competition.

"These companies have more than recovered their costs as indicated by their profitability and market cap," said the board member, Satpal Garg, who is in control of its commercial and monitoring responsibilities.

"The rules will be ready in three months, and implementation would take another three months as the regulator will first seek feedback from companies and the public", he said.

The move could affect the business of GAIL (India) Ltd, formerly known as Gas Authority of India Ltd, the biggest gas distributor in the country.

GAIL has direct or indirect control of many of the single-city distributors, such as Mahanagar Gas Ltd in Mumbai, Indraprastha Gas Ltd in New Delhi. They could now face new competition.

Another major player, Gujarat Gas Ltd, could see potential rivals consider moving into the 11 cities in which it distributes gas, including Jamnagar, Ahmedabad, Hazira, Surat and Rajkot in western Gujarat state.

Some cities awarded to Indian Oil and Adani Gas Ltd would also now be open to new distributors, under the new provisions.

The liberalisation could, though, also allow some better capitalised and more aggressive firms, including some associated with GAIL, and Adani Group, to challenge existing distributors in other cities.

No immediate comment was available from the five companies.

The Indian government is set to introduce rules in six months that could lead to the phase-out of monopolies controlled by natural gas distribution companies in 34 cities, including New Delhi and Mumbai, allowing many consumers to choose a new supplier, a senior regulatory official said.

The Indian government is set to introduce rules in six months that could lead to the phase-out of monopolies controlled by natural gas distribution companies in 34 cities, including New Delhi and Mumbai, allowing many consumers to choose a new supplier, a senior regulatory official said. In 2009, natural gas supply regulator - the Petroleum and Natural Gas Regulatory Board (PNGRB) - gave exclusive gas marketing rights, initially for five years, to companies who had established gas distribution networks in cities across the country. It allowed them to use their pipelines exclusively for 25 years to help them recover billions of dollars they had invested. However, now one of the three members of the PNGRB's board said the regulator is soon moving to open up the still relatively new business to the competition. "These companies have more than recovered their costs as indicated by their profitability and market cap," said the board member, Satpal Garg, who is in control of its commercial and monitoring responsibilities. "The rules will be ready in three months, and implementation would take another three months as the regulator will first seek feedback from companies and the public", he said. The move could affect the business of GAIL (India) Ltd, formerly known as Gas Authority of India Ltd, the biggest gas distributor in the country. GAIL has direct or indirect control of many of the single-city distributors, such as Mahanagar Gas Ltd in Mumbai, Indraprastha Gas Ltd in New Delhi. They could now face new competition. Another major player, Gujarat Gas Ltd, could see potential rivals consider moving into the 11 cities in which it distributes gas, including Jamnagar, Ahmedabad, Hazira, Surat and Rajkot in western Gujarat state. Some cities awarded to Indian Oil and Adani Gas Ltd would also now be open to new distributors, under the new provisions. The liberalisation could, though, also allow some better capitalised and more aggressive firms, including some associated with GAIL, and Adani Group, to challenge existing distributors in other cities. No immediate comment was available from the five companies.

India to launch rules to end gas distributor's monopoly in 34 areas

Domestic stock market shares headed higher on Monday, led by Infosys Ltd after the country`s no.2 software services firm reported a strong quarter and raised its revenue forecast.

The broader NSE Nifty was up 0.2% at 11,576 as of 0430 GMT, while the benchmark BSE Sensex was 0.3% higher at 38,855.61.

Broader Asian shares were also buoyant after China`s second-quarter economic growth came in line with consensus, and industrial output and retail sales topped forecasts, suggesting the world`s second-biggest economy may be starting to stabilise thanks to ramped-up stimulus from Beijing.&nbsp;

On Friday, data showed India`s retail inflation stayed below the central bank`s target in June despite hitting a eight-month high on higher food prices, potentially giving the RBI room for a further interest rate cut to boost slowing growth.

Infosys topped gains on the local indexes, climbing as much as 5.8% in its sharpest intraday gain in two years and pushing the Nifty IT index 2.1% higher.

The IT firm on Friday lifted its revenue forecast for the fiscal year ending March 2020 to between 8.5% and 10% on constant currency basis, from its previous guidance of between 7.5% to 9.5%, as its first-quarter net profit beat analysts` estimates.

Yes Bank Ltd rose as much as 5.4% after television channel ET NOW said the private-sector lender got a $850 million term-sheet from a U.S.-based private equity firm.&nbsp; 
Sun Pharmaceutical Industries Ltd advanced 4.2% and was headed for its fifth straight session of gains.

Shares of property finance firm Dewan Housing Finance Corp Ltd (DHFL) plunged 10% after warning that it may not survive as a going concern, as it posted first quarterly loss since at least 2005.

Allahabad Bank sank 14.4%, its worst daily drop since Nov. 13, after the state-owned bank said it detected a fraud worth $259 million in accounts of bankrupt steelmaker Bhushan Power &amp; Steel Ltd.

Allahabad Bank is the second Indian state-owned bank to report a major alleged fraud by Bhushan this month.

Domestic stock market shares headed higher on Monday, led by Infosys Ltd after the country`s no.2 software services firm reported a strong quarter and raised its revenue forecast.

Domestic stock market shares headed higher on Monday, led by Infosys Ltd after the country`s no.2 software services firm reported a strong quarter and raised its revenue forecast. The broader NSE Nifty was up 0.2% at 11,576 as of 0430 GMT, while the benchmark BSE Sensex was 0.3% higher at 38,855.61. Broader Asian shares were also buoyant after China`s second-quarter economic growth came in line with consensus, and industrial output and retail sales topped forecasts, suggesting the world`s second-biggest economy may be starting to stabilise thanks to ramped-up stimulus from Beijing. On Friday, data showed India`s retail inflation stayed below the central bank`s target in June despite hitting a eight-month high on higher food prices, potentially giving the RBI room for a further interest rate cut to boost slowing growth. Infosys topped gains on the local indexes, climbing as much as 5.8% in its sharpest intraday gain in two years and pushing the Nifty IT index 2.1% higher. The IT firm on Friday lifted its revenue forecast for the fiscal year ending March 2020 to between 8.5% and 10% on constant currency basis, from its previous guidance of between 7.5% to 9.5%, as its first-quarter net profit beat analysts` estimates. Yes Bank Ltd rose as much as 5.4% after television channel ET NOW said the private-sector lender got a $850 million term-sheet from a U.S.-based private equity firm. Sun Pharmaceutical Industries Ltd advanced 4.2% and was headed for its fifth straight session of gains. Shares of property finance firm Dewan Housing Finance Corp Ltd (DHFL) plunged 10% after warning that it may not survive as a going concern, as it posted first quarterly loss since at least 2005. Allahabad Bank sank 14.4%, its worst daily drop since Nov. 13, after the state-owned bank said it detected a fraud worth $259 million in accounts of bankrupt steelmaker Bhushan Power & Steel Ltd. Allahabad Bank is the second Indian state-owned bank to report a major alleged fraud by Bhushan this month.

Sensex, Nifty lifted by Infosys, Yes Bank; DHFL sinks

India will keep its sugar export subsidies despite complaints to the <a href="https://www.wionews.com/business-economy/brazil-escalates-world-trade-organisation-dispute-over-india-sugar-subsidies-235185">World Trade Organisation </a>(WTO) from rival producers Brazil and Australia, though it will tweak how it provides them, four sources directly involved in the matter said.

The export subsidies are designed to increase shipments from the world's second-biggest sugar producer and reduce their brimming inventories. But that could pressure global prices that have only eked out a 2.1 per cent gain this year after plunging more than 20 per cent in 2018.

"The industry needs government support for exports. It will be provided without violating the WTO framework," said a senior government official involved in the policymaking. "We may need to make some changes in the way we provide incentives."

Government and industry officials did not say what kind of changes they are planning to make, though they said they are seeking guidance from WTO experts.

Years of bumper cane harvests and record sugar production have hammered Indian sugar prices, making it hard for mills to pay money owed to farmers, who form an influential voting bloc.

To reduce that debt and are rising inventories, New Delhi said in September it would provide incentives to mills for overseas sugar sales and set an export target of 5 million tonnes for the 2018/19 marketing year ending on Sept. 30.

India's exports surged to 3.3 million tonnes from 620,000 tonnes a year earlier. That prompted rivals to complain at the WTO, alleging the incentives violate trade rules.

The Brazilian government said on Thursday it had asked the WTO to establish a panel aimed at resolving its dispute over Indian sugar subsidies. Australia and Guatemala also lodged complaints on Thursday.

India has been providing transport subsidies of between 1,000 rupees a tonne to 3,000 rupees a tonne to sugar mills, depending on the distance to ports. The government has also raised the amount it directly pays to cane growers to 138 rupees a tonne in assistance from 55 rupees a year ago.

On Wednesday, the Indian industry and government officials discussed how an incentive can be provided in the next marketing year starting from October 1 without violating WTO rules.

"The export policy for the next season could be finalised early next month," said an industry official, who participated in Wednesday's discussion.

Sugar mills are requesting that the government provide incentives to export 7 million to 8 million tonnes of sugar in the next season, up from this season's target of 5 million tonnes, said Abinash Verma, director general of the Indian Sugar Mills Association (ISMA).

Announcing the export policy will help mills in deciding whether to produce raw or white sugar for export at the beginning of the season, said Prakash Naiknavare, managing director of the National Federation of Cooperative Sugar Factories Ltd (NFCSF).

Indian mills traditionally produce white sugar for local consumption, but they produce raw sugar during years of surplus to help exports. Selling raw sugar is easier in the world market than white. In the next marketing year, India's sugar production is expected to drop by 18 per cent from a year ago after a drought last year forced farmers to curb their cane planting and as weaker monsoon rains this year limit crop growth.

India could start the new season with an inventory of more than 14.7 million tonnes and could produce another 28.2 million tonnes in the season, against local demand of around 26 million tonnes, the ISMA estimates.

India will keep its sugar export subsidies despite complaints to the World Trade Organisation (WTO) from rival producers Brazil and Australia, though it will tweak how it provides them, four sources directly involved in the matter said.

India will keep its sugar export subsidies despite complaints to the World Trade Organisation (WTO) from rival producers Brazil and Australia, though it will tweak how it provides them, four sources directly involved in the matter said. The export subsidies are designed to increase shipments from the world's second-biggest sugar producer and reduce their brimming inventories. But that could pressure global prices that have only eked out a 2.1 per cent gain this year after plunging more than 20 per cent in 2018. "The industry needs government support for exports. It will be provided without violating the WTO framework," said a senior government official involved in the policymaking. "We may need to make some changes in the way we provide incentives." Government and industry officials did not say what kind of changes they are planning to make, though they said they are seeking guidance from WTO experts. Years of bumper cane harvests and record sugar production have hammered Indian sugar prices, making it hard for mills to pay money owed to farmers, who form an influential voting bloc. To reduce that debt and are rising inventories, New Delhi said in September it would provide incentives to mills for overseas sugar sales and set an export target of 5 million tonnes for the 2018/19 marketing year ending on Sept. 30. India's exports surged to 3.3 million tonnes from 620,000 tonnes a year earlier. That prompted rivals to complain at the WTO, alleging the incentives violate trade rules. The Brazilian government said on Thursday it had asked the WTO to establish a panel aimed at resolving its dispute over Indian sugar subsidies. Australia and Guatemala also lodged complaints on Thursday. India has been providing transport subsidies of between 1,000 rupees a tonne to 3,000 rupees a tonne to sugar mills, depending on the distance to ports. The government has also raised the amount it directly pays to cane growers to 138 rupees a tonne in assistance from 55 rupees a year ago. On Wednesday, the Indian industry and government officials discussed how an incentive can be provided in the next marketing year starting from October 1 without violating WTO rules. "The export policy for the next season could be finalised early next month," said an industry official, who participated in Wednesday's discussion. Sugar mills are requesting that the government provide incentives to export 7 million to 8 million tonnes of sugar in the next season, up from this season's target of 5 million tonnes, said Abinash Verma, director general of the Indian Sugar Mills Association (ISMA). Announcing the export policy will help mills in deciding whether to produce raw or white sugar for export at the beginning of the season, said Prakash Naiknavare, managing director of the National Federation of Cooperative Sugar Factories Ltd (NFCSF). Indian mills traditionally produce white sugar for local consumption, but they produce raw sugar during years of surplus to help exports. Selling raw sugar is easier in the world market than white. In the next marketing year, India's sugar production is expected to drop by 18 per cent from a year ago after a drought last year forced farmers to curb their cane planting and as weaker monsoon rains this year limit crop growth. India could start the new season with an inventory of more than 14.7 million tonnes and could produce another 28.2 million tonnes in the season, against local demand of around 26 million tonnes, the ISMA estimates.

India to keep sugar export subsidies even as rivals complain: Sources

Indian shares settled higher on Monday, as IT giant Infosys Ltd surged to an all-time high on the back of strong quarterly results and a hike in the revenue forecast.

The broader NSE Nifty closed up 0.31% at 11,588.35, while the benchmark BSE Sensex settled 0.41% higher at 38,896.71.

Shares of Infosys climbed 7.2% to a record closing high on their best day in nearly four years, while Sun Pharmaceutical Industries Ltd advanced 3.7% after Morgan Stanley double upgraded the stock.

Meanwhile, troubled property finance firm <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/business-economy/sensex-nifty-lifted-by-infosys-yes-bank-dhfl-sinks-236036&amp;sa=U&amp;ved=2ahUKEwiKpe-t4LbjAhXy6nMBHfmRD9EQFjAAegQIAxAC&amp;usg=AOvVaw0yJmh1gzqkNzvGQjHVVVqO">Dewan Housing Finance Corporation</a> Ltd (DHFL) sank 29.2% to its worst closing level in more than a decade, after it warned it may not survive as a going concern and reported a net loss of for the March quarter.

This was also DHFL's worst day since Sept. 21, 2018, when concerns over about a credit crunch in Infrastructure Leasing &amp; Financial Services and DHFL first sparked a sell-off in the share market.

DHFL's rival Indiabulls Housing Finance Ltd, a component of the Nifty 50, fell 4.1% on Monday and checked the gains on the index.

Indian shares settled higher on Monday, as IT giant Infosys Ltd surged to an all-time high on the back of strong quarterly results and a hike in the revenue forecast.

Indian shares settled higher on Monday, as IT giant Infosys Ltd surged to an all-time high on the back of strong quarterly results and a hike in the revenue forecast. The broader NSE Nifty closed up 0.31% at 11,588.35, while the benchmark BSE Sensex settled 0.41% higher at 38,896.71. Shares of Infosys climbed 7.2% to a record closing high on their best day in nearly four years, while Sun Pharmaceutical Industries Ltd advanced 3.7% after Morgan Stanley double upgraded the stock. Meanwhile, troubled property finance firm Dewan Housing Finance Corporation Ltd (DHFL) sank 29.2% to its worst closing level in more than a decade, after it warned it may not survive as a going concern and reported a net loss of for the March quarter. This was also DHFL's worst day since Sept. 21, 2018, when concerns over about a credit crunch in Infrastructure Leasing & Financial Services and DHFL first sparked a sell-off in the share market. DHFL's rival Indiabulls Housing Finance Ltd, a component of the Nifty 50, fell 4.1% on Monday and checked the gains on the index.

Nifty, Sensex close higher on Infosys boost

<a href="https://www.wionews.com/business-economy/oil-prices-drop-as-trade-tensions-stoke-economy-worries-234147">Oil prices</a> slipped on Monday after China posted its slowest quarterly economic growth in at least 27 years, reinforcing concerns about demand in the world's largest crude oil importer.

Brent crude futures for September fell 15 cents, or 0.2 per cent, to $66.57 a barrel by 0611 GMT while US crude for August was down 24 cents, or 0.4 per cent, at $59.97 a barrel. Both contracts last week posted their biggest weekly gains in three weeks on cuts in <a href="https://www.wionews.com/business-economy/oil-prices-jump-45-per-cent-on-united-states-crude-stocks-draw-gulf-of-mexico-storm-234960">US oil production</a> and diplomatic tensions in the Middle East.

Refineries in the path of Tropical Storm Barry continued to operate despite flood threats while the storm has slashed <a href="https://www.wionews.com/world/new-orleans-braces-for-flooding-trump-declares-emergency-ahead-of-storm-barry-235308">US Gulf of Mexico</a> crude output by 73per cent, or 1.38 million barrels per day.

"The supply side is keeping prices firm," said Michael McCarthy, chief market strategist at CMC Markets in Sydney.

China's economic growth slowed to 6.2 per cent in the second quarter from a year earlier, in line with analysts' expectations, with demand at home and abroad faltering as the Sino-US trade war bites.

Still, China's industrial output and retail sales beat forecasts, "suggesting that the economy in China is healthier than we previously been pricing," McCarthy said.

China's crude oil throughput rose to a record of 13.07 million barrels per day in June, up 7.7 per cent from a year earlier, following the start-up of two new, large refineries, official data showed on Monday.

ANZ analysts said China's crude oil imports year-to-date still looked impressive even as imports fell in June for a second straight month.

"We believe additional crude oil quota (given) to private refiners should keep the imports upbeat in H2 2019," the bank said.

In the Middle East, Iranian President Hassan Rouhani said in a televised speech on Sunday that Iran is ready to hold talks with the United States if Washington lifts sanctions and returns to the 2015 nuclear deal it quit last year.

Meanwhile Britain has offered to facilitate the release of the detained Iranian oil tanker Grace 1 if Tehran gave guarantees that it would not go to Syria.

"The Iran situation is also in focus. It's not making headlines but it has the potential to move markets around," CMC Markets' McCarthy said.

Oil prices slipped on Monday after China posted its slowest quarterly economic growth in at least 27 years, reinforcing concerns about demand in the world's largest crude oil importer.

Oil prices slipped on Monday after China posted its slowest quarterly economic growth in at least 27 years, reinforcing concerns about demand in the world's largest crude oil importer. Brent crude futures for September fell 15 cents, or 0.2 per cent, to $66.57 a barrel by 0611 GMT while US crude for August was down 24 cents, or 0.4 per cent, at $59.97 a barrel. Both contracts last week posted their biggest weekly gains in three weeks on cuts in US oil production and diplomatic tensions in the Middle East. Refineries in the path of Tropical Storm Barry continued to operate despite flood threats while the storm has slashed US Gulf of Mexico crude output by 73per cent, or 1.38 million barrels per day. "The supply side is keeping prices firm," said Michael McCarthy, chief market strategist at CMC Markets in Sydney. China's economic growth slowed to 6.2 per cent in the second quarter from a year earlier, in line with analysts' expectations, with demand at home and abroad faltering as the Sino-US trade war bites. Still, China's industrial output and retail sales beat forecasts, "suggesting that the economy in China is healthier than we previously been pricing," McCarthy said. China's crude oil throughput rose to a record of 13.07 million barrels per day in June, up 7.7 per cent from a year earlier, following the start-up of two new, large refineries, official data showed on Monday. ANZ analysts said China's crude oil imports year-to-date still looked impressive even as imports fell in June for a second straight month. "We believe additional crude oil quota (given) to private refiners should keep the imports upbeat in H2 2019," the bank said. In the Middle East, Iranian President Hassan Rouhani said in a televised speech on Sunday that Iran is ready to hold talks with the United States if Washington lifts sanctions and returns to the 2015 nuclear deal it quit last year. Meanwhile Britain has offered to facilitate the release of the detained Iranian oil tanker Grace 1 if Tehran gave guarantees that it would not go to Syria. "The Iran situation is also in focus. It's not making headlines but it has the potential to move markets around," CMC Markets' McCarthy said.

Slower China Gross Domestic Product growth nudges oil prices lower

One of India's biggest housing finance companies, Dewan Housing Finance Corp Ltd (DHFL), warned on Saturday that its financial situation was so grim that it may not survive.

The company said it was "undergoing substantial financial stress" and its ability to raise funds was "substantially impaired and the business has been brought to a standstill with there being minimal/virtually no disbursements."

"These developments may raise a significant doubt on the ability of the company to continue as a going concern," it said in notes accompanying results for the fourth quarter ending March 31, signed by Chairman and Managing Director Kapil Wadhawan.

DHFL posted a net loss of 22.23 billion rupees ($324.3 million) during the quarter compared with a profit of 1.34 billion rupees in the same period a year earlier.

DHFL separately announced on Saturday it had defaulted on interest payments worth 285.8 million rupees on non-convertible debentures, due on July 6 and July 8.

The results are the latest sign of stress in India's banking and shadow lending sectors. The nation's state-owned banks have been burdened with bad debts for several years.

Reforming and restructuring banks and shadow lenders so they can do more to finance economic growth is a major challenge for the government of Prime Minister Narendra Modi, who recently secured a second term in an election landslide.

India's economic growth slipped to 5.8% in the January-March quarter, the lowest quarterly figure in more than four years. DHFL said it was talking to bankers and other lenders on restructuring its borrowings, was in discussions over the sale of its retail and wholesale portfolio and had also had talks with a potential strategic partner to take a stake.

Provisions

"The ability of the company to continue as a going concern is predicated upon its ability to monetize its assets, secure funding from the bankers/investors, restructure its liabilities and recommence its operations," it said in the notes.

The results published late on Saturday were unaudited. It was not immediately clear why its auditors had not signed off.

The audit committee had asked the board to submit audited stand-alone and consolidated financial results by July 22. The firm previously said it had delayed announcing results for the year to March 31 due to "unforeseen operational engagements."

The reported loss was largely due to additional provisions related to an assessment of the fair value of its portfolio and for an expected credit loss, the firm said.

Two major credit rating agencies - ICRA, an affiliate of Moody's Investors Service, and Standard &amp; Poor's local unit Crisil - last month categorised DHFL's commercial paper at default levels for missing bond payments.

The shadow banking sector has been in turmoil since September as Infrastructure Leasing and Financial Services (IL&amp;FS), one India's largest non-banking financial firms, defaulted, sparking fear of contagion risk. IL&amp;FS' series of debt defaults last year showed much of the sector was highly leveraged.

The Reserve Bank of India, the country's central bank, is taking a more active role in scrutinising the sector. It said last month that the failure of a large non-banking financial company could cause as much damage as the collapse of a big bank.

Adding to concerns about bad debts, Allahabad Bank on Saturday became the second Indian state-owned bank this month to report a major alleged fraud by bankrupt steelmaker Bhushan Power &amp; Steel Ltd.

Last week, the government announced a fresh capital infusion of about $10 billion into state banks and credit guarantees to support shadow lenders. Tens of billions of dollars of taxpayers' money has gone to the banks in the past four years. ($1 = 68.5500 Indian rupees)

One of India's biggest housing finance companies, Dewan Housing Finance Corp Ltd (DHFL), warned on Saturday that its financial situation was so grim that it may not survive.

One of India's biggest housing finance companies, Dewan Housing Finance Corp Ltd (DHFL), warned on Saturday that its financial situation was so grim that it may not survive. The company said it was "undergoing substantial financial stress" and its ability to raise funds was "substantially impaired and the business has been brought to a standstill with there being minimal/virtually no disbursements." "These developments may raise a significant doubt on the ability of the company to continue as a going concern," it said in notes accompanying results for the fourth quarter ending March 31, signed by Chairman and Managing Director Kapil Wadhawan. DHFL posted a net loss of 22.23 billion rupees ($324.3 million) during the quarter compared with a profit of 1.34 billion rupees in the same period a year earlier. DHFL separately announced on Saturday it had defaulted on interest payments worth 285.8 million rupees on non-convertible debentures, due on July 6 and July 8. The results are the latest sign of stress in India's banking and shadow lending sectors. The nation's state-owned banks have been burdened with bad debts for several years. Reforming and restructuring banks and shadow lenders so they can do more to finance economic growth is a major challenge for the government of Prime Minister Narendra Modi, who recently secured a second term in an election landslide. India's economic growth slipped to 5.8% in the January-March quarter, the lowest quarterly figure in more than four years. DHFL said it was talking to bankers and other lenders on restructuring its borrowings, was in discussions over the sale of its retail and wholesale portfolio and had also had talks with a potential strategic partner to take a stake. Provisions "The ability of the company to continue as a going concern is predicated upon its ability to monetize its assets, secure funding from the bankers/investors, restructure its liabilities and recommence its operations," it said in the notes. The results published late on Saturday were unaudited. It was not immediately clear why its auditors had not signed off. The audit committee had asked the board to submit audited stand-alone and consolidated financial results by July 22. The firm previously said it had delayed announcing results for the year to March 31 due to "unforeseen operational engagements." The reported loss was largely due to additional provisions related to an assessment of the fair value of its portfolio and for an expected credit loss, the firm said. Two major credit rating agencies - ICRA, an affiliate of Moody's Investors Service, and Standard & Poor's local unit Crisil - last month categorised DHFL's commercial paper at default levels for missing bond payments. The shadow banking sector has been in turmoil since September as Infrastructure Leasing and Financial Services (IL&FS), one India's largest non-banking financial firms, defaulted, sparking fear of contagion risk. IL&FS' series of debt defaults last year showed much of the sector was highly leveraged. The Reserve Bank of India, the country's central bank, is taking a more active role in scrutinising the sector. It said last month that the failure of a large non-banking financial company could cause as much damage as the collapse of a big bank. Adding to concerns about bad debts, Allahabad Bank on Saturday became the second Indian state-owned bank this month to report a major alleged fraud by bankrupt steelmaker Bhushan Power & Steel Ltd. Last week, the government announced a fresh capital infusion of about $10 billion into state banks and credit guarantees to support shadow lenders. Tens of billions of dollars of taxpayers' money has gone to the banks in the past four years. ($1 = 68.5500 Indian rupees)

Indian housing lender DHFL warns it may not survive as a going concern

The Allahabad Bank on Saturday became the second Indian state-owned bank to report a major alleged fraud by bankrupt steelmaker Bhushan Power &amp; Steel Ltd this month, adding to concerns about a banking industry burdened with bad debts.

Allahabad Bank said in a statement that it had told the Reserve Bank of India (RBI) that it had identified a fraud worth $259 million in Bhushan's accounts.

On July 6, state-run Punjab National Bank (PNB) said it had reported an alleged fraud of $554.6 million in the steelmaker's accounts.

"It has been observed that the company has misappropriated bank funds, manipulated books of accounts to raise funds from consortium lender banks," Allahabad Bank said in its statement, adding that it had made provisions of about $131 million against the bank's exposure.

Bhushan Power &amp; Steel, one of India's most indebted companies, was among the first 12 companies referred by the RBI to a bankruptcy court for a debt resolution process under India's new insolvency law.

Prime Minister Narendra Modi's government introduced new bankruptcy resolution rules in 2016 to help with faster resolution of bad loans, but litigation has tied down some big restructuring deals.

To revive the banking sector the Indian government has injected about $36 billion of taxpayers' money into the banks in the past five years and initiated an asset quality review by the central bank.

Only about 5% of the stressed assets of banks have so far been dealt with through the bankruptcy process.

Bhushan Power &amp; Steel could not be immediately reached for comment on the latest allegation.

The Allahabad Bank on Saturday became the second Indian state-owned bank to report a major alleged fraud by bankrupt steelmaker Bhushan Power & Steel Ltd this month, adding to concerns about a banking industry burdened with bad debts.

The Allahabad Bank on Saturday became the second Indian state-owned bank to report a major alleged fraud by bankrupt steelmaker Bhushan Power & Steel Ltd this month, adding to concerns about a banking industry burdened with bad debts. Allahabad Bank said in a statement that it had told the Reserve Bank of India (RBI) that it had identified a fraud worth $259 million in Bhushan's accounts. On July 6, state-run Punjab National Bank (PNB) said it had reported an alleged fraud of $554.6 million in the steelmaker's accounts. "It has been observed that the company has misappropriated bank funds, manipulated books of accounts to raise funds from consortium lender banks," Allahabad Bank said in its statement, adding that it had made provisions of about $131 million against the bank's exposure. Bhushan Power & Steel, one of India's most indebted companies, was among the first 12 companies referred by the RBI to a bankruptcy court for a debt resolution process under India's new insolvency law. Prime Minister Narendra Modi's government introduced new bankruptcy resolution rules in 2016 to help with faster resolution of bad loans, but litigation has tied down some big restructuring deals. To revive the banking sector the Indian government has injected about $36 billion of taxpayers' money into the banks in the past five years and initiated an asset quality review by the central bank. Only about 5% of the stressed assets of banks have so far been dealt with through the bankruptcy process. Bhushan Power & Steel could not be immediately reached for comment on the latest allegation.

Allahabad Bank reports $259 million alleged fraud by Bhushan Power & Steel

India and US trade officials held talks on Friday in a bid to resolve the pertaining trade differences.

The US delegations headed by Assistant USTR for India Christopher Wilson reached New Delhi yesterday.&nbsp;The delegation also includes Deputy Assistant USTR Brendan Lynch.

The two sides are holding a comprehensive dialogue in the Commerce and Industry Ministry with the Additional Secretary.

This is the <a href="https://www.wionews.com/business-economy/us-to-seek-rollback-of-indian-tariffs-during-trade-talk-report-235194">first engagement between the two sides</a> on trade issues after Prime Minister Narendra Modi met with Trump in Osaka on the sidelines of G20 Summit last month.

Trump has repeatedly raised the issue of India putting high import duties on American products.

The trade tensions between the two nations escalated on June 5 when Washington rolled back the privileges that New Delhi was enjoying under their GSP or Generalised System of Preferences programme.

The GSP, implemented since 1974, is the largest and oldest US trade-preference scheme and it allows duty-free imports for thousands of products from designated beneficiary countries.

On its part, India had imposed retaliatory tariffs on 25 American goods, less than two weeks after the Trump administration announced an end to the preferential trade treatment for India.

India on Thursday said that it seeks very constructive and positive engagement with the US counterparts.

"Meeting with the US delegation is underway as we speak. There was a meeting followed by lunch, in the afternoon, and also it will resume again. It was decided in Osaka, where Prime Minister Modi and President Donald Trump met, that officials from both sides will meet to resolve all outstanding issues related to trade very soon," External Affairs Ministry spokesperson Raveesh Kumar said at the weekly briefing.

During the visit of US Secretary of State Mike Pompeo to New Delhi last month, India and the US had acknowledged there were issues between the two countries on trade and committed themselves to remove differences between them.

After talks with Pompeo, External Affairs Minister S Jaishankar had told the media that both the countries should take "constructive and pragmatic view" on the issues pertaining to trade.

India and US trade officials held talks on Friday in a bid to resolve the pertaining trade differences. The US delegations headed by Assistant USTR for India Christopher Wilson reached New Delhi yesterday.

India and US trade officials held talks on Friday in a bid to resolve the pertaining trade differences. The US delegations headed by Assistant USTR for India Christopher Wilson reached New Delhi yesterday. The delegation also includes Deputy Assistant USTR Brendan Lynch. The two sides are holding a comprehensive dialogue in the Commerce and Industry Ministry with the Additional Secretary. This is the first engagement between the two sides on trade issues after Prime Minister Narendra Modi met with Trump in Osaka on the sidelines of G20 Summit last month. Trump has repeatedly raised the issue of India putting high import duties on American products. The trade tensions between the two nations escalated on June 5 when Washington rolled back the privileges that New Delhi was enjoying under their GSP or Generalised System of Preferences programme. The GSP, implemented since 1974, is the largest and oldest US trade-preference scheme and it allows duty-free imports for thousands of products from designated beneficiary countries. On its part, India had imposed retaliatory tariffs on 25 American goods, less than two weeks after the Trump administration announced an end to the preferential trade treatment for India. India on Thursday said that it seeks very constructive and positive engagement with the US counterparts. "Meeting with the US delegation is underway as we speak. There was a meeting followed by lunch, in the afternoon, and also it will resume again. It was decided in Osaka, where Prime Minister Modi and President Donald Trump met, that officials from both sides will meet to resolve all outstanding issues related to trade very soon," External Affairs Ministry spokesperson Raveesh Kumar said at the weekly briefing. During the visit of US Secretary of State Mike Pompeo to New Delhi last month, India and the US had acknowledged there were issues between the two countries on trade and committed themselves to remove differences between them. After talks with Pompeo, External Affairs Minister S Jaishankar had told the media that both the countries should take "constructive and pragmatic view" on the issues pertaining to trade.

Amid escalating trade tensions, US, India begin talks

The United States will seek rollback of Indian tariffs imposed on some agricultural products such as almonds when the two sides meet on Friday, a senior Indian government source told Reuters.

A delegation led by Assistant US Trade Representative for South and Central Asia, Christopher Wilson, will meet Indian officials to try to <a href="https://www.wionews.com/india-news/india-us-begin-trade-talks-new-delhi-says-keep-bigger-picture-in-mind-235057">re-start negotiations on the tariffs</a>, which were a response to the US removing some trade privileges from Indian products.

US President Donald Trump has been putting pressure on India to do more to open its markets, saying this week on Twitter that its high tariffs were "unacceptable".

The United States would seek a rollback of some of those tariffs, and India would in return seek better access to the US market for Indian farm products, said the Indian official who is aware of the agenda for discussions. He declined to be named.

India was unlikely to immediately commit to any changes to foreign investment rules for foreign e-commerce firms such as Walmart's Flipkart and Amazon, the official said. The rules have forced the two American companies to rework their business strategies for India.

Walmart told the US government privately in January that <a href="https://www.wionews.com/business-economy/walmart-told-us-government-indias-e-commerce-rules-regressive-warned-of-trade-impact-235131">India's new investment rules for e-commerce were regressiv</a>e and had the potential to hurt trade ties, Reuters reported on Thursday.

The United States will seek rollback of Indian tariffs imposed on some agricultural products such as almonds when the two sides meet on Friday, a senior Indian government source told Reuters.

The United States will seek rollback of Indian tariffs imposed on some agricultural products such as almonds when the two sides meet on Friday, a senior Indian government source told Reuters. A delegation led by Assistant US Trade Representative for South and Central Asia, Christopher Wilson, will meet Indian officials to try to re-start negotiations on the tariffs, which were a response to the US removing some trade privileges from Indian products. US President Donald Trump has been putting pressure on India to do more to open its markets, saying this week on Twitter that its high tariffs were "unacceptable". The United States would seek a rollback of some of those tariffs, and India would in return seek better access to the US market for Indian farm products, said the Indian official who is aware of the agenda for discussions. He declined to be named. India was unlikely to immediately commit to any changes to foreign investment rules for foreign e-commerce firms such as Walmart's Flipkart and Amazon, the official said. The rules have forced the two American companies to rework their business strategies for India. Walmart told the US government privately in January that India's new investment rules for e-commerce were regressive and had the potential to hurt trade ties, Reuters reported on Thursday.

US to seek rollback of Indian tariffs during trade talk: Report

The Brazilian government said on Thursday it had asked the <a href="https://www.wionews.com/business-economy/us-complains-against-india-at-wto-over-customs-duty-hike-on-28-american-goods-233145">World Trade Organisation</a> to establish a panel aimed at resolving its dispute over Indian sugar subsidies,&nbsp;according to a joint statement by the foreign and agriculture ministries.

The WTO's Dispute Settlement Body is expected to take up Brazil's request at its meeting scheduled for July 22, the statement said. Australia and Guatemala also lodged complaints against India on Thursday, according to the ministries.

Brazil alleges that the Indian government has taken actions that distort global sugar markets. The South American country claims India doubled the minimum price for sugarcane since the 2010/2011 crop year with Indian sugar exports soaring in 2018/19 to 5 million tonnes from 2 million tonnes the prior year.

In February, Brazil had requested that the WTO start consultations on the subject but the two sides failed to reach a resolution, the statement said.&nbsp;

The Brazilian government said on Thursday it had asked the World Trade Organisation to establish a panel aimed at resolving its dispute over Indian sugar subsidies, according to a joint statement by the foreign and agriculture ministries.

The Brazilian government said on Thursday it had asked the World Trade Organisation to establish a panel aimed at resolving its dispute over Indian sugar subsidies, according to a joint statement by the foreign and agriculture ministries. The WTO's Dispute Settlement Body is expected to take up Brazil's request at its meeting scheduled for July 22, the statement said. Australia and Guatemala also lodged complaints against India on Thursday, according to the ministries. Brazil alleges that the Indian government has taken actions that distort global sugar markets. The South American country claims India doubled the minimum price for sugarcane since the 2010/2011 crop year with Indian sugar exports soaring in 2018/19 to 5 million tonnes from 2 million tonnes the prior year. In February, Brazil had requested that the WTO start consultations on the subject but the two sides failed to reach a resolution, the statement said.

Brazil escalates World Trade Organisation dispute over India sugar subsidies

Indian shares were trading flat on Friday, tracking subdued Asian peers, as investors stayed on the sidelines after concerns over US-China trade tensions resurfaced.

The NSE Nifty was 0.05% higher at 11,587.45 as 0353 GMT, while the BSE Sensex was up 0.03% at 38,836.33.

The US President Donald Trump said on Thursday <a href="https://www.wionews.com/world/china-fails-to-buy-agricultural-goods-as-promised-donald-trump-235155">China was not living up to promises</a> it made on buying agricultural products from farmers in the United States.

"US-China tensions are the variable which will continue to haunt investors worldwide," Saurabh Jain, assistant vice-president research, SMC Global Securities, said.

"Not much good can happen on the trade front between these two countries, with Trump unlikely to back down on his tariffs."

However, expectations of an interest rate cut by the US Federal Reserve limited losses in the broader market. MSCI's broadest index of Asia-Pacific shares outside Japan inched 0.05% lower.

Meanwhile, <a href="https://www.wionews.com/india-news/india-us-begin-trade-talks-new-delhi-says-keep-bigger-picture-in-mind-235057">India and the United States</a> will resume trade talks on Friday, with little sign of a compromise on a series of protectionist measures taken by both governments in recent months.

The country's IT index was trading up as much 0.52%, with shares of IT services firm Infosys Ltd ticking up as much as 0.8% ahead of its first-quarter results due later in the day.

Shares of InterGlobe Aviation Ltd was trading up as much as 2.55%, reversing losses seen in the last two sessions after one of the co-founders of India`s largest airline IndiGo alleged a violation of corporate governance rules at the parent group.

Shares of KPR Mill Ltd fell as much as 6.21% - its lowest since April 15. The textile manufacturer on Thursday became the first company to withdraw a buyback proposal after the government in the Union budget last week imposed an additional 20% tax on buybacks by listed companies.

Indian shares were trading flat on Friday, tracking subdued Asian peers, as investors stayed on the sidelines after concerns over US-China trade tensions resurfaced.

Indian shares were trading flat on Friday, tracking subdued Asian peers, as investors stayed on the sidelines after concerns over US-China trade tensions resurfaced. The NSE Nifty was 0.05% higher at 11,587.45 as 0353 GMT, while the BSE Sensex was up 0.03% at 38,836.33. The US President Donald Trump said on Thursday China was not living up to promises it made on buying agricultural products from farmers in the United States. "US-China tensions are the variable which will continue to haunt investors worldwide," Saurabh Jain, assistant vice-president research, SMC Global Securities, said. "Not much good can happen on the trade front between these two countries, with Trump unlikely to back down on his tariffs." However, expectations of an interest rate cut by the US Federal Reserve limited losses in the broader market. MSCI's broadest index of Asia-Pacific shares outside Japan inched 0.05% lower. Meanwhile, India and the United States will resume trade talks on Friday, with little sign of a compromise on a series of protectionist measures taken by both governments in recent months. The country's IT index was trading up as much 0.52%, with shares of IT services firm Infosys Ltd ticking up as much as 0.8% ahead of its first-quarter results due later in the day. Shares of InterGlobe Aviation Ltd was trading up as much as 2.55%, reversing losses seen in the last two sessions after one of the co-founders of India`s largest airline IndiGo alleged a violation of corporate governance rules at the parent group. Shares of KPR Mill Ltd fell as much as 6.21% - its lowest since April 15. The textile manufacturer on Thursday became the first company to withdraw a buyback proposal after the government in the Union budget last week imposed an additional 20% tax on buybacks by listed companies.

Nifty, Sensex subdued as trade tensions resurface, Infosys up ahead of results