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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

Oil prices rose on Friday as <a href="https://www.wionews.com/world/tropical-storm-barry-nears-new-orleans-raising-flood-threat-235161">US oil producers in the Gulf of Mexico</a> cut more than half their output in the face of a tropical storm and as tensions continued in the Middle East.

Brent crude futures were up 37 cents, or 0.6 per cent, at $66.89 per barrel by 0115 GMT. The international benchmark settled down 0.7 per cent on Thursday after hitting its highest since May 30 at $67.52 a barrel.

US West Texas Intermediate (WTI) crude futures were up 34 cents, or 0.6 per cent, at $60.54 a barrel. The US benchmark closed 0.38 per cent lower on Thursday after marking its highest since May 23 at $60.94.

By Thursday, oil companies in the Gulf of Mexico had cut more than 1 million barrels per day (bpd) of output, or 53 per cent&nbsp;of the region's production, due to Tropical Storm Barry.

The storm was forecast to become a category one hurricane with at least 74-mile-per hour (119 km-per-hour) winds.

"Brent crude oil ... extended its gains as storms in the Gulf of Mexico halted production of oil and US oil inventories continued to recede more than expected," ANZ Bank said in a note.

US crude oil inventories have decreased for four consecutive weeks. US crude stocks fell 9.5 million barrels in the week to July 5, the Energy Information Administration (EIA) said, a drop that was more than triple the 3.1 million-barrel draw expected by analysts.

Meanwhile, Iran's alleged attempt to block a British-owned tanker heightened tensions in the Middle East in the wake of attacks on tankers and the downing of US drone by Iran in June.

"While a full-scale military conflict remains the least likely scenario, the strong increases for cost of insurance will make for most costly transportation of crude and see new routes explored, delaying crude arrivals," said Edward Moya, senior market analyst at OANDA in New York.

But a lower 2020 oil demand outlook from the Organization of the Petroleum Exporting Countries kept price gains in check. OPEC said the world would need 29.27 million bpd of crude from its 14 members in 2020, down 1.34 million bpd this year.

Oil prices rose on Friday as US oil producers in the Gulf of Mexico cut more than half their output in the face of a tropical storm and as tensions continued in the Middle East.

Oil prices rose on Friday as US oil producers in the Gulf of Mexico cut more than half their output in the face of a tropical storm and as tensions continued in the Middle East. Brent crude futures were up 37 cents, or 0.6 per cent, at $66.89 per barrel by 0115 GMT. The international benchmark settled down 0.7 per cent on Thursday after hitting its highest since May 30 at $67.52 a barrel. US West Texas Intermediate (WTI) crude futures were up 34 cents, or 0.6 per cent, at $60.54 a barrel. The US benchmark closed 0.38 per cent lower on Thursday after marking its highest since May 23 at $60.94. By Thursday, oil companies in the Gulf of Mexico had cut more than 1 million barrels per day (bpd) of output, or 53 per cent of the region's production, due to Tropical Storm Barry. The storm was forecast to become a category one hurricane with at least 74-mile-per hour (119 km-per-hour) winds. "Brent crude oil ... extended its gains as storms in the Gulf of Mexico halted production of oil and US oil inventories continued to recede more than expected," ANZ Bank said in a note. US crude oil inventories have decreased for four consecutive weeks. US crude stocks fell 9.5 million barrels in the week to July 5, the Energy Information Administration (EIA) said, a drop that was more than triple the 3.1 million-barrel draw expected by analysts. Meanwhile, Iran's alleged attempt to block a British-owned tanker heightened tensions in the Middle East in the wake of attacks on tankers and the downing of US drone by Iran in June. "While a full-scale military conflict remains the least likely scenario, the strong increases for cost of insurance will make for most costly transportation of crude and see new routes explored, delaying crude arrivals," said Edward Moya, senior market analyst at OANDA in New York. But a lower 2020 oil demand outlook from the Organization of the Petroleum Exporting Countries kept price gains in check. OPEC said the world would need 29.27 million bpd of crude from its 14 members in 2020, down 1.34 million bpd this year.

Oil prices rise over Storm Barry, Middle East tensions

Wall Street stocks set new records Thursday for a second straight session, with the Dow finishing above 27,000 points -- a first -- over an expected Federal Reserve interest rate cut later this month.

The latest new landmark, which was accompanied by a fresh record for the <a href="https://www.wionews.com/world/sp-500-hits-3000-for-the-first-time-as-fed-signals-possible-rate-cut-234770">S&amp;P 500</a>, came as Fed Chair Jerome Powell completed the second day of congressional testimony at which he emphasised economic risks in remarks that were widely interpreted as signalling a likely interest rate cut.&nbsp;

The new high drew a cheer from US President Donald Trump, who has repeatedly <a href="https://www.wionews.com/world/trump-bashes-stubborn-child-federal-reserve-as-economy-shows-signs-of-weakness-230162">criticised Powell on monetary policy</a>. Trump extolled the latest new peak on Twitter, saying "Dow just hit 27,000 for the first time EVER!" &nbsp;

The <a href="https://www.wionews.com/business-economy/nasdaq-ends-at-record-high-dollar-falls-as-us-fed-signals-possible-rate-cut-234814">Nasdaq, which had closed at a record</a> following Powell's testimony on Wednesday, pulled back slightly.&nbsp;

It was joined lower by European bourses, which were pressured by stronger currencies after Powell's remarks weighed on the dollar.&nbsp;

"It's safe to say that investors were pleased with Jerome Powell's first day of testimony on Wednesday, with equity markets jumping on his dovish assessment," said Oanda analyst Craig Erlam.

"The Fed Chairman doesn't typically provide strong and direct messages on policy direction, which makes predicting future rate movements all the more difficult. But Wednesday's message was clear, the data is softening -- particularly on the inflation side -- and downside risks are significant," Erlam said.

Fresh trade discord

But Thursday's records came amid fresh signs of trade policy discord that have troubled investors over the last year.

Trump, also on Twitter, accused China Beijing of backsliding on a recent pledge to buy more US farm exports. "Hopefully they will start soon!"&nbsp;

Trump's latest tweet on China "means we are not closer to a deal with China," said Art Hogan, chief market strategist at National Securities.

There were also fresh signs of tension between the US and Europe.

On Wednesday, officials said US President Donald Trump had ordered an investigation into France's planned tax on internet services. The French parliament passed the tax anyway on Thursday, making Google, Apple, Facebook and Amazon principal targets of the higher taxes.

Among individual companies, Delta Air Lines climbed 1.2 percent as it reported a nearly 40 per cent surge in second-quarter profits to $1.4 billion on strong flying demand.

The company also benefited from its lack of exposure to the Boeing 737 MAX, which has been grounded following two crashes. Delta does not own any of planes.

Wall Street stocks set new records Thursday for a second straight session, with the Dow finishing above 27,000 points -- a first -- over an expected Federal Reserve interest rate cut later this month.

Wall Street stocks set new records Thursday for a second straight session, with the Dow finishing above 27,000 points -- a first -- over an expected Federal Reserve interest rate cut later this month. The latest new landmark, which was accompanied by a fresh record for the S&P 500, came as Fed Chair Jerome Powell completed the second day of congressional testimony at which he emphasised economic risks in remarks that were widely interpreted as signalling a likely interest rate cut. The new high drew a cheer from US President Donald Trump, who has repeatedly criticised Powell on monetary policy. Trump extolled the latest new peak on Twitter, saying "Dow just hit 27,000 for the first time EVER!" The Nasdaq, which had closed at a record following Powell's testimony on Wednesday, pulled back slightly. It was joined lower by European bourses, which were pressured by stronger currencies after Powell's remarks weighed on the dollar. "It's safe to say that investors were pleased with Jerome Powell's first day of testimony on Wednesday, with equity markets jumping on his dovish assessment," said Oanda analyst Craig Erlam. "The Fed Chairman doesn't typically provide strong and direct messages on policy direction, which makes predicting future rate movements all the more difficult. But Wednesday's message was clear, the data is softening -- particularly on the inflation side -- and downside risks are significant," Erlam said. Fresh trade discord But Thursday's records came amid fresh signs of trade policy discord that have troubled investors over the last year. Trump, also on Twitter, accused China Beijing of backsliding on a recent pledge to buy more US farm exports. "Hopefully they will start soon!" Trump's latest tweet on China "means we are not closer to a deal with China," said Art Hogan, chief market strategist at National Securities. There were also fresh signs of tension between the US and Europe. On Wednesday, officials said US President Donald Trump had ordered an investigation into France's planned tax on internet services. The French parliament passed the tax anyway on Thursday, making Google, Apple, Facebook and Amazon principal targets of the higher taxes. Among individual companies, Delta Air Lines climbed 1.2 percent as it reported a nearly 40 per cent surge in second-quarter profits to $1.4 billion on strong flying demand. The company also benefited from its lack of exposure to the Boeing 737 MAX, which has been grounded following two crashes. Delta does not own any of planes.

Dow ends above 27,000 points for first time, S&P 500 hits record on Federal Reserve rate cut optimism

Gold rose on Friday and was on track to post a weekly gain, supported by an easing dollar and weaker than expected Chinese trade data which stoked global growth concerns.

Spot gold was up 0.3% at $1,408.27 per ounce at 1136 GMT.

<a href="https://www.wionews.com/entertainment/bollywood-celebrities-applaud-dutee-chand-for-winning-gold-in-world-university-235221">Gold</a> has risen about 0.6% so far this week.

<a href="https://www.wionews.com/business-economy/us-delegation-to-discuss-indias-new-e-commerce-rules-during-trade-talks-235262">US</a> gold futures rose 0.2% to $1,409.8 an ounce.

"We have <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/opinions/us-china-trade-war-is-making-china-stronger-234526&amp;sa=U&amp;ved=2ahUKEwiN-qTzsK_jAhXVfd4KHd9NDEsQFjAJegQIABAC&amp;usg=AOvVaw2mZbA9dK8Er7gAUzoNsiFc">(China's) trade</a> data out this morning which disappointed mainly on the import side, suggesting the Chinese economy is still struggling," said Julius Baer analyst Carsten Menke.

"This provided fuel to the growth worries, so that's why gold as a haven is benefiting."

China's exports fell in June as the United States ramped up trade pressure, while imports shrank more than expected, pointing to further strains on the world's second-largest economy.

Also helping gold was the dollar index, which eased for a third straight session as stronger-than-expected US <a href="https://www.wionews.com/business-economy/euro-zone-growth-inflation-outlook-cut-as-risks-from-us-trade-grow-234720/amp">inflation</a> data failed to shake convictions that the Federal Reserve will start cutting interest rates this month.

Despite the robust core US consumer price index data, money markets still indicated one rate cut at the end of July and a cumulative 64 basis points in cuts by the end of 2019.

"The comments from the Fed and the minutes this week were on the dovish side and have given the market hope that there might be a chance of a 50 basis point cut," said ABN Amro analyst Georgette Boele.

Fed Chair Jerome Powell indicated on Thursday that a rate cut is likely at the Fed's next meeting as businesses slow investment due to trade disputes and their impact on global growth.

Spot gold has risen more than 11% since it touched the year's low of $1,265.85 per ounce in May, mainly on expectations of aggressive monetary policy easing and growth worries.

"The market is clearly more aggressive than we are, so there is some potential for disappointment on the rate side," Menke said.

"So, if we don't get three rate cuts by the end of the year this could be a trigger for a little bit of a short-term correction in gold."

In the physical market, gold buying stalled in top Asian hubs this week as consumers sold back bullion to cash in on the steep price rally.

A recent import duty hike further dented waning interest in an Indian market hit by a surge in local rates.

Elsewhere, silver and platinum were up 0.1% at $15.13 and $821 per ounce respectively.

Palladium fell 0.2% to $1,557.50 an ounce, edging away from a 16-week peak of $1,605.52 touched in the previous session.

Gold rose on Friday and was on track to post a weekly gain, supported by an easing dollar and weaker than expected Chinese trade data which stoked global growth concerns.

Gold rose on Friday and was on track to post a weekly gain, supported by an easing dollar and weaker than expected Chinese trade data which stoked global growth concerns. Spot gold was up 0.3% at $1,408.27 per ounce at 1136 GMT. Gold has risen about 0.6% so far this week. US gold futures rose 0.2% to $1,409.8 an ounce. "We have (China's) trade data out this morning which disappointed mainly on the import side, suggesting the Chinese economy is still struggling," said Julius Baer analyst Carsten Menke. "This provided fuel to the growth worries, so that's why gold as a haven is benefiting." China's exports fell in June as the United States ramped up trade pressure, while imports shrank more than expected, pointing to further strains on the world's second-largest economy. Also helping gold was the dollar index, which eased for a third straight session as stronger-than-expected US inflation data failed to shake convictions that the Federal Reserve will start cutting interest rates this month. Despite the robust core US consumer price index data, money markets still indicated one rate cut at the end of July and a cumulative 64 basis points in cuts by the end of 2019. "The comments from the Fed and the minutes this week were on the dovish side and have given the market hope that there might be a chance of a 50 basis point cut," said ABN Amro analyst Georgette Boele. Fed Chair Jerome Powell indicated on Thursday that a rate cut is likely at the Fed's next meeting as businesses slow investment due to trade disputes and their impact on global growth. Spot gold has risen more than 11% since it touched the year's low of $1,265.85 per ounce in May, mainly on expectations of aggressive monetary policy easing and growth worries. "The market is clearly more aggressive than we are, so there is some potential for disappointment on the rate side," Menke said. "So, if we don't get three rate cuts by the end of the year this could be a trigger for a little bit of a short-term correction in gold." In the physical market, gold buying stalled in top Asian hubs this week as consumers sold back bullion to cash in on the steep price rally. A recent import duty hike further dented waning interest in an Indian market hit by a surge in local rates. Elsewhere, silver and platinum were up 0.1% at $15.13 and $821 per ounce respectively. Palladium fell 0.2% to $1,557.50 an ounce, edging away from a 16-week peak of $1,605.52 touched in the previous session.

Gold edges up on weaker dollar, China data fuels growth concerns

Indian shares closed lower after a volatile session on Friday, led by declines in IT firm Wipro Ltd and Oil and Natural Gas Corporation&nbsp;(ONGC).

The broader NSE Nifty closed down 0.26% at 11,552.5, while the benchmark BSE Sensex settled 0.22% lower at 38,736.23. Both indexes saw their worst week since May 10.

Wipro was the biggest percentage loser on the NSE Nifty, falling 3.3% to its worst closing level since March 29, while energy giant ONGC slipped 2.2%.

India's no. two&nbsp;IT services firm Infosys Ltd closed up 0.7% ahead of its quarterly results.

&nbsp;

Indian shares closed lower after a volatile session on Friday, led by declines in IT firm Wipro Ltd and Oil and Natural Gas Corporation (ONGC). The broader NSE Nifty closed down 0.

Indian shares closed lower after a volatile session on Friday, led by declines in IT firm Wipro Ltd and Oil and Natural Gas Corporation (ONGC). The broader NSE Nifty closed down 0.26% at 11,552.5, while the benchmark BSE Sensex settled 0.22% lower at 38,736.23. Both indexes saw their worst week since May 10. Wipro was the biggest percentage loser on the NSE Nifty, falling 3.3% to its worst closing level since March 29, while energy giant ONGC slipped 2.2%. India's no. two IT services firm Infosys Ltd closed up 0.7% ahead of its quarterly results.

Nifty and Sensex slip as Wipro, ONGC drag

The government has plans to raise as much as 3.25 trillion rupees in the next five years by reducing its stakes in some large state-owned firms to 40%, two senior government officials told Reuters, in the nation's biggest privatisation push in more than two decades.

Last week, finance minister <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/business-economy/budget-2019-nirmala-sitharaman-to-launch-study-in-india-initiative-to-encourage-foreign-students-233240&amp;sa=U&amp;ved=2ahUKEwjngeeHjK_jAhULbo8KHQhRD_0QFjAAegQIABAC&amp;usg=AOvVaw05Zl3o-mH6_vHpdxNAwju9">Nirmala Sitharaman</a> in her budget announced that the government will look to reduce direct controlling stakes in some state-run firms on a case-by-case basis.

The plan will open up a steady stream of state companies to greater private investment, and target the kind of annual divestment revenue that will be crucial to meet fiscal deficit targets.

Prime Minister Narendra Modi's administration already sold government stakes in a host of companies to raise a record $40.92 billion in his first five-year term, nearly three times the divestment proceeds of $14.52 billion achieved by the Congress party government in 2009-2014. Modi was re-elected for a second term in a landslide victory in April-May.

The government has identified a number of state-owned firms, including explorer Oil and Natural Gas Corp, oil refiner Indian Oil Corp, gas transmitter GAIL (India) Ltd, power producers NHPC Ltd and NTPC, miners NMDC Ltd and Coal India, and Bharat Heavy Electricals Ltd, said the sources, who declined to be named due to the sensitive nature of the matter.

"We have done a calculation on current prices and we could get 3.25 trillion rupees if we bring our stake down to 40% in government companies, excluding banks," one of the officials, said.

The government has plans to raise as much as 3.25 trillion rupees in the next five years by reducing its stakes in some large state-owned firms to 40%, two senior government officials told Reuters, in the nation's biggest privatisation push in more than two decades.

The government has plans to raise as much as 3.25 trillion rupees in the next five years by reducing its stakes in some large state-owned firms to 40%, two senior government officials told Reuters, in the nation's biggest privatisation push in more than two decades. Last week, finance minister Nirmala Sitharaman in her budget announced that the government will look to reduce direct controlling stakes in some state-run firms on a case-by-case basis. The plan will open up a steady stream of state companies to greater private investment, and target the kind of annual divestment revenue that will be crucial to meet fiscal deficit targets. Prime Minister Narendra Modi's administration already sold government stakes in a host of companies to raise a record $40.92 billion in his first five-year term, nearly three times the divestment proceeds of $14.52 billion achieved by the Congress party government in 2009-2014. Modi was re-elected for a second term in a landslide victory in April-May. The government has identified a number of state-owned firms, including explorer Oil and Natural Gas Corp, oil refiner Indian Oil Corp, gas transmitter GAIL (India) Ltd, power producers NHPC Ltd and NTPC, miners NMDC Ltd and Coal India, and Bharat Heavy Electricals Ltd, said the sources, who declined to be named due to the sensitive nature of the matter. "We have done a calculation on current prices and we could get 3.25 trillion rupees if we bring our stake down to 40% in government companies, excluding banks," one of the officials, said.

Government seeks to raise $47 billion from stake sales in state firms over five years: Sources

A US delegation is in New Delhi to hammer out differences over <a href="https://www.wionews.com/business-economy/amid-escalating-trade-tensions-us-india-begin-talks-235230">India's new investment rules</a> for the e-commerce which has considerably grown in size in last one decade. The bone of contention is a rule put in place by Prime Minister Narendra Modi just before the Lok Sabha elections.

The new rules barred companies from selling products via firms in which they have an equity interest and also from making deals with sellers to sell exclusively on their platform.

It was done to protect India's small trader community which forms the political backbone of BJP. Small traders in India had been complaining to the government for a long time that they are steadily losing their business to foreign e-commerce giants. While the new rule helped the Indian business, it was not taken kindly by the US e-commerce giants.

It is learnt that Walmart told the US government privately in January that India's new investment rules for e-commerce were regressive and have the potential to hurt trade ties. Walmart had invested US $16 billion in Indian e-commerce giant Flipkart, its biggest acquisition ever globally.

India's Commerce Minister Piyush Goyal has said that the government was committed to protecting small traders, but open to ironing out policy-related issues. Goyal said on Twitter on Wednesday that he met Walmart international CEO Judith MC Kenna and discussed ways of boosting sales of Indian made products.

Walmart told the United States trade representative in January that its unit Flipkart, as well as Amazon, had opened many new distribution centres over the past three years in India, creating thousands of jobs and benefitting the customers.

The US delegation will return on Friday after concluding talks with the Indian government.

A US delegation is in New Delhi to hammer out differences over India's new investment rules for the e-commerce which has considerably grown in size in last one decade.

A US delegation is in New Delhi to hammer out differences over India's new investment rules for the e-commerce which has considerably grown in size in last one decade. The bone of contention is a rule put in place by Prime Minister Narendra Modi just before the Lok Sabha elections. The new rules barred companies from selling products via firms in which they have an equity interest and also from making deals with sellers to sell exclusively on their platform. It was done to protect India's small trader community which forms the political backbone of BJP. Small traders in India had been complaining to the government for a long time that they are steadily losing their business to foreign e-commerce giants. While the new rule helped the Indian business, it was not taken kindly by the US e-commerce giants. It is learnt that Walmart told the US government privately in January that India's new investment rules for e-commerce were regressive and have the potential to hurt trade ties. Walmart had invested US $16 billion in Indian e-commerce giant Flipkart, its biggest acquisition ever globally. India's Commerce Minister Piyush Goyal has said that the government was committed to protecting small traders, but open to ironing out policy-related issues. Goyal said on Twitter on Wednesday that he met Walmart international CEO Judith MC Kenna and discussed ways of boosting sales of Indian made products. Walmart told the United States trade representative in January that its unit Flipkart, as well as Amazon, had opened many new distribution centres over the past three years in India, creating thousands of jobs and benefitting the customers. The US delegation will return on Friday after concluding talks with the Indian government.

US delegation to discuss India's new e-commerce rules during trade talks

India's strong diesel demand growth is decoupling from the car market as motorists increasingly turn to gasoline vehicles, leaving it more reliant on patchy demand from construction and heavy industry.

A slowdown in demand growth in India -- one of Asia's biggest diesel guzzlers -- could add to a persistent glut of diesel in the region, fuelled in part by strong exports from China, and put pressure on regional refining profit margins.

Transportation has historically accounted for two-thirds of India's diesel use, but a steady decline in diesel's discount to gasoline has seen sales of diesel-powered cars fall to a record low share of total sales, according to industry body Society of Indian Automobile Manufacturers (SIAM).

This diminishing draw from autos means diesel demand growth in Asia's third-largest economy could now depend mainly on government and company infrastructure spending, rather than daily use by an increasingly mobile population.

India's economy grew at its slowest pace in more than four years in the March quarter and the risk of a wider fiscal deficit threatens government spending as private investment falls, leaving the outlook for construction activity appears uncertain over the near to medium term.

The largest drivers of diesel demand growth in India are commercial vehicles including trucks and public transport, where consumption is linked to the overall economy, followed by passenger vehicles, said K Ravichandran, senior vice president at ICRA, a unit of Moody's Investors Service.

"India's diesel demand growth will largely depend on the performance of the economy, now that diesel passenger vehicles have become less glamorous as the price differential with petrol is coming down," Ravichandran said.

Gear shift

Diesel-powered cars accounted for 19% of total car sales in India in the 2018/19 financial year, compared with nearly 50% of sales in 2012/13, according to SIAM.

That drop in diesel-fuelled auto sales, in turn, contributed to slower diesel consumption growth, from roughly 7% annually from 2010 through 2013, to 3% for 2018-19, according to data from the Ministry of Petroleum &amp; Natural gas.

Industry executives expect diesel sales to continue to struggle as diesel's historical price advantage to gasoline diminishes. In 2010, diesel traded at a roughly 23 rupees ($0.33) per litre discount to gasoline, but is now less than 7 rupees cheaper, according to Petroleum Planning and Analysis Cell, a think-tank attached to the federal oil ministry.

"The motivation for owning a diesel vehicle is basically the pricing. With that price differential reducing, there is going to be a preference for petrol vehicles," said M K Surana, the chairman of India's third-largest state refiner Hindustan Petroleum Corp Ltd

Surana expects diesel demand to grow 2.5%-3% in 2019/20, below India's petroleum ministry's initial projections of 3.5%.

The auto sector also expects diesel to struggle. Maruti Suzuki India Ltd, India's biggest automaker, will stop making diesel cars next fiscal year, blaming uncertain fuel prices and stricter emission standards.

Mahindra and Mahindra Ltd, India's third-largest automaker, plans to stop production of some diesel vehicles.

Beyond diesel, India's overall auto sales have been sluggish, recording the slowest pace of growth in four years in 2018-19, according to SIAM.

Farm sector slowdown

At the same time, a renewables push across the farm sector could cut diesel use in irrigation pumps if the government follows through on plans to boost solar generation capacity.

In February, India approved subsidised sales of solar pumps to millions of farmers, which it expects will cut diesel demand by about 1.1 million tonnes a year. The country consumed 83.5 million tonnes of diesel in 2018/19.

The government's ambitious target for electric vehicles to make up 30 per cent of auto sales by 2030 may also dent diesel demand.

Still, over the longer term, India's overall growth trajectory is expected to underpin fuel demand.

"Strong economic momentum should support industrial/freight activities, providing further impetus to long-term gasoil&nbsp;demand growth," said Sri Paravaikkarasu, director at Singapore-based consultancy FGE.

India's strong diesel demand growth is decoupling from the car market as motorists increasingly turn to gasoline vehicles, leaving it more reliant on patchy demand from construction and heavy industry.

India's strong diesel demand growth is decoupling from the car market as motorists increasingly turn to gasoline vehicles, leaving it more reliant on patchy demand from construction and heavy industry. A slowdown in demand growth in India -- one of Asia's biggest diesel guzzlers -- could add to a persistent glut of diesel in the region, fuelled in part by strong exports from China, and put pressure on regional refining profit margins. Transportation has historically accounted for two-thirds of India's diesel use, but a steady decline in diesel's discount to gasoline has seen sales of diesel-powered cars fall to a record low share of total sales, according to industry body Society of Indian Automobile Manufacturers (SIAM). This diminishing draw from autos means diesel demand growth in Asia's third-largest economy could now depend mainly on government and company infrastructure spending, rather than daily use by an increasingly mobile population. India's economy grew at its slowest pace in more than four years in the March quarter and the risk of a wider fiscal deficit threatens government spending as private investment falls, leaving the outlook for construction activity appears uncertain over the near to medium term. The largest drivers of diesel demand growth in India are commercial vehicles including trucks and public transport, where consumption is linked to the overall economy, followed by passenger vehicles, said K Ravichandran, senior vice president at ICRA, a unit of Moody's Investors Service. "India's diesel demand growth will largely depend on the performance of the economy, now that diesel passenger vehicles have become less glamorous as the price differential with petrol is coming down," Ravichandran said. Gear shift Diesel-powered cars accounted for 19% of total car sales in India in the 2018/19 financial year, compared with nearly 50% of sales in 2012/13, according to SIAM. That drop in diesel-fuelled auto sales, in turn, contributed to slower diesel consumption growth, from roughly 7% annually from 2010 through 2013, to 3% for 2018-19, according to data from the Ministry of Petroleum & Natural gas. Industry executives expect diesel sales to continue to struggle as diesel's historical price advantage to gasoline diminishes. In 2010, diesel traded at a roughly 23 rupees ($0.33) per litre discount to gasoline, but is now less than 7 rupees cheaper, according to Petroleum Planning and Analysis Cell, a think-tank attached to the federal oil ministry. "The motivation for owning a diesel vehicle is basically the pricing. With that price differential reducing, there is going to be a preference for petrol vehicles," said M K Surana, the chairman of India's third-largest state refiner Hindustan Petroleum Corp Ltd Surana expects diesel demand to grow 2.5%-3% in 2019/20, below India's petroleum ministry's initial projections of 3.5%. The auto sector also expects diesel to struggle. Maruti Suzuki India Ltd, India's biggest automaker, will stop making diesel cars next fiscal year, blaming uncertain fuel prices and stricter emission standards. Mahindra and Mahindra Ltd, India's third-largest automaker, plans to stop production of some diesel vehicles. Beyond diesel, India's overall auto sales have been sluggish, recording the slowest pace of growth in four years in 2018-19, according to SIAM. Farm sector slowdown At the same time, a renewables push across the farm sector could cut diesel use in irrigation pumps if the government follows through on plans to boost solar generation capacity. In February, India approved subsidised sales of solar pumps to millions of farmers, which it expects will cut diesel demand by about 1.1 million tonnes a year. The country consumed 83.5 million tonnes of diesel in 2018/19. The government's ambitious target for electric vehicles to make up 30 per cent of auto sales by 2030 may also dent diesel demand. Still, over the longer term, India's overall growth trajectory is expected to underpin fuel demand. "Strong economic momentum should support industrial/freight activities, providing further impetus to long-term gasoil demand growth," said Sri Paravaikkarasu, director at Singapore-based consultancy FGE.

India's diesel demand set for detour as drivers switch to gasoline

<a href="https://www.wionews.com/india-news/switzerland-steps-up-process-to-share-banking-information-11-indians-get-notices-in-a-day-221821">Reinsurance group Swiss Re</a> has suspended plans for a &nbsp;4.1 billion dollar initial public offering (IPO) of British life insurer ReAssure, which was set to start trading in London on Thursday, citing weak demand from institutional investors.

The cancellation comes as global share listings hit their lowest level in three years in the first six months, with a prolonged slowdown in Europe.

Listings that did go ahead, such as Volkswagen's truckmaker Traton, were cut in volume and priced at the low end of expectations.

Reuters reported on Wednesday that Swiss Re was considering postponing or restructuring the London listing due to limited investor appetite.

A Swiss Re spokeswoman said the Zurich-based group was not at present considering re-starting the IPO process for ReAssure this year but long-term options remained open.

Chief Financial Officer John Dacey said the group still intended to reduce its ownership in ReAssure.

"There has been no pressing need for Swiss Re to divest shares at a price that we consider to be unrepresentative of ReAssure's value and prospects," he added.

Swiss Re shares were indicated at 0.4 per cent lower in pre-market activity.

Under the flotation plans, Swiss Re would have cut its stake in ReAssure to below 50 per cent from 75 per cent now. Japan's MS&amp;AD Insurance Group Holdings intended to keep its holding at 25 per cent.

Swiss Re had set a price range of 2.80 to 3.30 pounds per share for ReAssure, Britain's sixth-largest life insurer, valuing it at up to 3.3 billion pounds ($4.14 billion).

Swiss Re wanted to spin off ReAssure to put the business under a more favourable regulatory regime and give it easier access to capital to fund its expansion.

It hired Credit Suisse, Morgan Stanley, and UBS to work as joint global coordinators, while BNP Paribas and HSBC acted as joint book runners.

($1 = 0.7980 pounds)

Reinsurance group Swiss Re has suspended plans for a 4.1 billion dollar initial public offering (IPO) of British life insurer ReAssure, which was set to start trading in London on Thursday, citing weak demand from institutional investors.

Reinsurance group Swiss Re has suspended plans for a 4.1 billion dollar initial public offering (IPO) of British life insurer ReAssure, which was set to start trading in London on Thursday, citing weak demand from institutional investors. The cancellation comes as global share listings hit their lowest level in three years in the first six months, with a prolonged slowdown in Europe. Listings that did go ahead, such as Volkswagen's truckmaker Traton, were cut in volume and priced at the low end of expectations. Reuters reported on Wednesday that Swiss Re was considering postponing or restructuring the London listing due to limited investor appetite. A Swiss Re spokeswoman said the Zurich-based group was not at present considering re-starting the IPO process for ReAssure this year but long-term options remained open. Chief Financial Officer John Dacey said the group still intended to reduce its ownership in ReAssure. "There has been no pressing need for Swiss Re to divest shares at a price that we consider to be unrepresentative of ReAssure's value and prospects," he added. Swiss Re shares were indicated at 0.4 per cent lower in pre-market activity. Under the flotation plans, Swiss Re would have cut its stake in ReAssure to below 50 per cent from 75 per cent now. Japan's MS&AD Insurance Group Holdings intended to keep its holding at 25 per cent. Swiss Re had set a price range of 2.80 to 3.30 pounds per share for ReAssure, Britain's sixth-largest life insurer, valuing it at up to 3.3 billion pounds ($4.14 billion). Swiss Re wanted to spin off ReAssure to put the business under a more favourable regulatory regime and give it easier access to capital to fund its expansion. It hired Credit Suisse, Morgan Stanley, and UBS to work as joint global coordinators, while BNP Paribas and HSBC acted as joint book runners. ($1 = 0.7980 pounds)

Swiss Re puts off $4 billion ReAssure IPO amid weak demand

<a href="https://www.wionews.com/business-%26-economy/vistaras-big-expansion-plan-to-buy-19-boeing-airbus-aircraft-for-rs-21000-crore-150734">Indian full-service airline Vistara</a> said on Thursday it would launch its international flights in August, a year later than anticipated, with <a href="https://www.wionews.com/entertainment/singapore-dj-withdraws-from-tedx-talk-over-gay-censorship-232983">Singapore</a> as its first destination.

The carrier, a joint venture between Tata Sons and Singapore Airlines Ltd, will launch one daily flight from Delhi and one from Mumbai to the city-state, a popular destination for Indian travelers.

The loss-making Vistara airline has said the launch of international flights, which will give it a greater scale to grow, is part of its path to profitability.

The new services could also ease pressure on international airfares from India, which rose by as much as 32 per cent after the collapse of Jet Airways Ltd in April.

Vistara met the requirement of having more than 20 jets needed for international flights in June 2018. However, it took longer than expected to receive further regulatory approvals, which proved a setback at a time when the domestic market was highly competitive.

The Jet collapse, which has also pushed up domestic prices, led Vistara to add 6 Boeing Co 737s to its previously all-Airbus SE A320 fleet to fill a supply gap. Vistara said it would use the 737s on flights to Singapore.

"We're excited to start with Singapore as our first international destination, which we see as a very important market given the opportunities it presents for corporate, business as well as leisure travel," Vistara CEO Leslie Thng said in a statement.

The airline has ordered 6 long-range Boeing 787s, which will arrive from next year, giving it the ability to launch flights to more distant destinations.

Cash-strapped Air India, which the government hopes to sell, is the only Indian airline operating widebody planes since Jet stopped flying, but foreign carriers such as Virgin Atlantic and Delta Air Lines have announced plans to add services.

Low-cost carrier AirAsia India, a joint venture between Tata Sons and AirAsia Group Bhd that operates narrowbodies, is also seeking approvals to launch international flights.

AirAsia India reached the 20 plane milestone in December and has said it wants to connect Indian passengers to destinations in Southeast Asia.

Indian full-service airline Vistara said on Thursday it would launch its international flights in August, a year later than anticipated, with Singapore as its first destination.

Indian full-service airline Vistara said on Thursday it would launch its international flights in August, a year later than anticipated, with Singapore as its first destination. The carrier, a joint venture between Tata Sons and Singapore Airlines Ltd, will launch one daily flight from Delhi and one from Mumbai to the city-state, a popular destination for Indian travelers. The loss-making Vistara airline has said the launch of international flights, which will give it a greater scale to grow, is part of its path to profitability. The new services could also ease pressure on international airfares from India, which rose by as much as 32 per cent after the collapse of Jet Airways Ltd in April. Vistara met the requirement of having more than 20 jets needed for international flights in June 2018. However, it took longer than expected to receive further regulatory approvals, which proved a setback at a time when the domestic market was highly competitive. The Jet collapse, which has also pushed up domestic prices, led Vistara to add 6 Boeing Co 737s to its previously all-Airbus SE A320 fleet to fill a supply gap. Vistara said it would use the 737s on flights to Singapore. "We're excited to start with Singapore as our first international destination, which we see as a very important market given the opportunities it presents for corporate, business as well as leisure travel," Vistara CEO Leslie Thng said in a statement. The airline has ordered 6 long-range Boeing 787s, which will arrive from next year, giving it the ability to launch flights to more distant destinations. Cash-strapped Air India, which the government hopes to sell, is the only Indian airline operating widebody planes since Jet stopped flying, but foreign carriers such as Virgin Atlantic and Delta Air Lines have announced plans to add services. Low-cost carrier AirAsia India, a joint venture between Tata Sons and AirAsia Group Bhd that operates narrowbodies, is also seeking approvals to launch international flights. AirAsia India reached the 20 plane milestone in December and has said it wants to connect Indian passengers to destinations in Southeast Asia.

Vistara to launch first international flights in August