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A proposed merger between <a href="https://www.wionews.com/business-economy/fiat-chrysler-confirms-merger-talks-with-renault-221892">Renault and Fiat-Chrysler remains a "good opportunity</a>," France's finance minister said Monday after the Italian-American carmaker withdrew the offer over "unreasonable" political resistance from Paris.

"A merger project with FCA remains a good opportunity," Bruno Le Maire told reporters in Tokyo, where he is meeting Japanese officials after this weekend's gathering of G20 finance ministers.

But he said any merger would have to ensure the "durability" of Renault's alliance with Japanese automakers Nissan and Mitsubishi Motors, as well as preserve manufacturing jobs in France.

On May 27, FCA stunned the auto world with a proposed "merger of equals" with Renault that would -- together with Renault's Japanese partners Nissan and Mitsubishi Motors -- create a car giant spanning the globe.

A combined group would be by far the world's biggest, with total sales of some 15 million vehicles, compared to both Volkswagen and Toyota which sell around 10.6 million apiece.

But FCA pulled the plug on the deal suddenly last week, saying negotiations had become "unreasonable" due to political resistance in Paris.

On Saturday, Le Maire told AFP that Paris might consider reducing the state's 15-per cent stake in Renault if it led to a "more solid" alliance between the firm and its Japanese partners.

And he said Renault should focus on shoring up its relationship with Nissan, which has soured since the arrest of the alliance's chief Carlos Ghosn on financial misconduct charges, before pursuing mergers with other firms.

"Otherwise, everything risks collapsing like a house of cards," he warned in the interview on the sidelines of the G20 finance ministers meeting.

In the latest sign of deteriorating ties between the alliance partners, Nissan said Monday that Renault plans to block the Japanese firm's plans to overhaul its governance structure.

Nissan CEO Hiroto Saikawa said Renault had informed the company in a letter that it would abstain from a vote on the overhaul, effectively denying the measure the two-thirds majority needed to pass.

"Nissan finds Renault's stance on this matter most regrettable, as such a stance runs counter to the company's efforts to improve its corporate governance," Saikawa said in a statement.

The measures would introduce three governance committees intended to improve oversight at Nissan, but Renault reportedly fears the changes would reduce its influence.

Le Maire declined to comment directly on the spat but urged reconciliation.

"The management of Renault and the management of Nissan must resolve their difficulties and misunderstandings as soon as possible," he said Monday.

A proposed merger between Renault and Fiat-Chrysler remains a "good opportunity," France's finance minister said Monday after the Italian-American carmaker withdrew the offer over "unreasonable" political resistance from Paris.

A proposed merger between Renault and Fiat-Chrysler remains a "good opportunity," France's finance minister said Monday after the Italian-American carmaker withdrew the offer over "unreasonable" political resistance from Paris. "A merger project with FCA remains a good opportunity," Bruno Le Maire told reporters in Tokyo, where he is meeting Japanese officials after this weekend's gathering of G20 finance ministers. But he said any merger would have to ensure the "durability" of Renault's alliance with Japanese automakers Nissan and Mitsubishi Motors, as well as preserve manufacturing jobs in France. On May 27, FCA stunned the auto world with a proposed "merger of equals" with Renault that would -- together with Renault's Japanese partners Nissan and Mitsubishi Motors -- create a car giant spanning the globe. A combined group would be by far the world's biggest, with total sales of some 15 million vehicles, compared to both Volkswagen and Toyota which sell around 10.6 million apiece. But FCA pulled the plug on the deal suddenly last week, saying negotiations had become "unreasonable" due to political resistance in Paris. On Saturday, Le Maire told AFP that Paris might consider reducing the state's 15-per cent stake in Renault if it led to a "more solid" alliance between the firm and its Japanese partners. And he said Renault should focus on shoring up its relationship with Nissan, which has soured since the arrest of the alliance's chief Carlos Ghosn on financial misconduct charges, before pursuing mergers with other firms. "Otherwise, everything risks collapsing like a house of cards," he warned in the interview on the sidelines of the G20 finance ministers meeting. In the latest sign of deteriorating ties between the alliance partners, Nissan said Monday that Renault plans to block the Japanese firm's plans to overhaul its governance structure. Nissan CEO Hiroto Saikawa said Renault had informed the company in a letter that it would abstain from a vote on the overhaul, effectively denying the measure the two-thirds majority needed to pass. "Nissan finds Renault's stance on this matter most regrettable, as such a stance runs counter to the company's efforts to improve its corporate governance," Saikawa said in a statement. The measures would introduce three governance committees intended to improve oversight at Nissan, but Renault reportedly fears the changes would reduce its influence. Le Maire declined to comment directly on the spat but urged reconciliation. "The management of Renault and the management of Nissan must resolve their difficulties and misunderstandings as soon as possible," he said Monday.

Fiat-Renault merger 'good opportunity': France's finance minister

Indian shares ended higher on Monday boosted by IT stocks, after paring some of the early gains on optimism from the US-Mexico migration deal last week that averted a potential tariff war.

The broader NSE Nifty ended up 0.44% at 11,922.70, while the benchmark BSE Sensex closed 0.43% higher at 39,784.52.

Shares of Tata Consultancy Services, Infosys Ltd and Tech Mahindra Ltd ended between 1.9% and 2.5% higher, boosting the Nifty IT index, which closed 1.57% higher.

Britannia Industries Ltd ended as the top gainer among the bluechips, closing up 3.47% to 3,000 rupees, an over three-month high.

Oil and gas companies such as Indian Oil Corp Ltd, Gail (India) Ltd and Oil and Natural Gas Corporation Ltd were among the top losers, dragged by a rise in crude prices due to tighter supply.

Financials, which gained at the opening bell, reversed course to end in the red. The Nifty banking index closed 0.1% lower, with Yes Bank Ltd finishing the day down 2.43%. 
&nbsp;

Indian shares ended higher on Monday boosted by IT stocks, after paring some of the early gains on optimism from the US-Mexico migration deal last week that averted a potential tariff war.

Indian shares ended higher on Monday boosted by IT stocks, after paring some of the early gains on optimism from the US-Mexico migration deal last week that averted a potential tariff war. The broader NSE Nifty ended up 0.44% at 11,922.70, while the benchmark BSE Sensex closed 0.43% higher at 39,784.52. Shares of Tata Consultancy Services, Infosys Ltd and Tech Mahindra Ltd ended between 1.9% and 2.5% higher, boosting the Nifty IT index, which closed 1.57% higher. Britannia Industries Ltd ended as the top gainer among the bluechips, closing up 3.47% to 3,000 rupees, an over three-month high. Oil and gas companies such as Indian Oil Corp Ltd, Gail (India) Ltd and Oil and Natural Gas Corporation Ltd were among the top losers, dragged by a rise in crude prices due to tighter supply. Financials, which gained at the opening bell, reversed course to end in the red. The Nifty banking index closed 0.1% lower, with Yes Bank Ltd finishing the day down 2.43%.

Nifty, Sensex close higher, IT firms lead gains

<a href="https://www.wionews.com/business-economy/avoiding-temptation-rbi-likely-to-cut-key-rate-by-just-25-basis-points-207455">Reserve Bank of India</a> Governor Shaktikanta Das said the central bank would closely monitor the health of non-banking financial companies and it would not hesitate to take corrective measures, if needed, to address issues in the shadow banking sector.

"We will not hesitate to take any required steps to maintain financial stability in the short-, medium- and long-term," Das said in a speech on Saturday at a convocation ceremony in the western Indian city of Pune.

The comment comes at a time when there are fears that India may be facing a major crisis in its shadow banking sector after shares of Indian mortgage lender Dewan Housing Finance Corp Ltd (DHFL) plunged this week after two credit-rating firms cut their view of DHFL debt to "default" levels.

The looming trouble at DHFL comes nine months after a series of downgrades and defaults at another major NBFC, Infrastructure Leasing and Financial Services (IL&amp;FS), shook stock markets and stoked concerns of a malaise in the sector.

"<a href="https://www.wionews.com/business-economy/reserve-bank-of-indias-interest-rate-cut-in-monetary-policy-unlikely-to-stimulate-growth-report-224711">The Reserve Bank</a> will continue to monitor the activity and performance of this sector with a focus on major entities and their inter-linkages with other sectors," he said, in a speech that was published on the RBI's website late on Saturday.

The regulator will soon issue final guidelines for liquidity risk management and will put in place a comprehensive information technology framework to strengthen surveillance of NBFCs, the governor said.

Given the importance of NBFCs for the Indian economy, the governor stressed the need for a higher level of supervision of such companies to ensure solid credit growth and asset liability management.

Das said as part of initiatives to enhance supervision of NBFCs, the central bank is putting in place a system to ensure regular interaction with all stakeholders in the shadow banking value chain such as auditors, credit-rating agencies and banks.

The central bank on Friday issued new guidelines around the resolution of stressed assets after India's Supreme Court in April struck down its earlier guidelines saying it had acted beyond its powers.

The new rules "will sustain the improvements in credit culture" and help in making India's financial system strong and resilient, Das said on Saturday.

Das also urged Indian public sector banks (PSBs) to not depend solely on government capital infusions to solidify their balance sheets.

"Depending upon individual situations, PSBs should access the capital market for mobilisation of capital," he said.

Reserve Bank of India Governor Shaktikanta Das said the central bank would closely monitor the health of non-banking financial companies and it would not hesitate to take corrective measures, if needed, to address issues in the shadow banking sector.

Reserve Bank of India Governor Shaktikanta Das said the central bank would closely monitor the health of non-banking financial companies and it would not hesitate to take corrective measures, if needed, to address issues in the shadow banking sector. "We will not hesitate to take any required steps to maintain financial stability in the short-, medium- and long-term," Das said in a speech on Saturday at a convocation ceremony in the western Indian city of Pune. The comment comes at a time when there are fears that India may be facing a major crisis in its shadow banking sector after shares of Indian mortgage lender Dewan Housing Finance Corp Ltd (DHFL) plunged this week after two credit-rating firms cut their view of DHFL debt to "default" levels. The looming trouble at DHFL comes nine months after a series of downgrades and defaults at another major NBFC, Infrastructure Leasing and Financial Services (IL&FS), shook stock markets and stoked concerns of a malaise in the sector. "The Reserve Bank will continue to monitor the activity and performance of this sector with a focus on major entities and their inter-linkages with other sectors," he said, in a speech that was published on the RBI's website late on Saturday. The regulator will soon issue final guidelines for liquidity risk management and will put in place a comprehensive information technology framework to strengthen surveillance of NBFCs, the governor said. Given the importance of NBFCs for the Indian economy, the governor stressed the need for a higher level of supervision of such companies to ensure solid credit growth and asset liability management. Das said as part of initiatives to enhance supervision of NBFCs, the central bank is putting in place a system to ensure regular interaction with all stakeholders in the shadow banking value chain such as auditors, credit-rating agencies and banks. The central bank on Friday issued new guidelines around the resolution of stressed assets after India's Supreme Court in April struck down its earlier guidelines saying it had acted beyond its powers. The new rules "will sustain the improvements in credit culture" and help in making India's financial system strong and resilient, Das said on Saturday. Das also urged Indian public sector banks (PSBs) to not depend solely on government capital infusions to solidify their balance sheets. "Depending upon individual situations, PSBs should access the capital market for mobilisation of capital," he said.

Reserve Bank of India to enhance monitoring of shadow banking firms: governor

The <a href="https://www.wionews.com/india-news/interim-budget-2019-how-high-was-piyush-goyals-josh-asks-anand-mahindra-194413">Union Budget for 2019-20</a> is likely to spell out a roadmap for banking reforms, including consolidation of the state-owned lenders, with a view to enabling the sector to play a pivotal role in pushing India towards US $5 trillion economies, sources said.

The first Budget of Modi 2.0 government is scheduled to be presented on July 5 by Finance Minister Nirmala Sitharaman on the backdrop of India's economy hitting 5-year low growth of 6.8 per cent in 2018-19.

The banking sector has an important role in the reinvigorating sagging economy, the sources said, adding the Budget speech of the Finance Minister will contain a roadmap for the reforms in the sector.

The upcoming Budget would also provide direction to the consolidation journey in the public sector banking space, started last year by affecting the first three-way merger, they added.

As part of this exercise, erstwhile Vijaya Bank and Dena Bank were merged with Bank of Baroda (BoB) effective April 1 to create the third-largest lender of the country.

According to the sources, the journey will continue broadly on the same lines of the merger of smaller banks with big lenders.

So, fit candidates for the acquisition of small lenders would be Punjab National Bank, Canara Bank, Bank of India and Union Bank of India with some capital support, the sources added.

It is to be noted that the government infused Rs 5,042 crore in BoB to enhance its capital base to meet additional expense due to an amalgamation of Dena Bank and Vijaya Bank.

The maiden three-way amalgamation is the first step in the consolidation of the public sector banking industry, recommended in 1991 by the Narasimham Committee report. Through this merger, the government has created an institution of global scale and size, thereby providing significant benefit to all stakeholders.

The consolidated entity started the operation with a business mix of over Rs 15 lakh crore on the balance sheet, with deposits and advances of Rs 8.75 lakh crore and Rs 6.25 lakh crore, respectively.

BoB, the second-largest public sector lender after State Bank of India, now has over 9,500 branches, 13,400 ATMs, and 85,000 employees to serve 12 crore customers.

Prior to BoB merger, the government only had experience of State Bank which had merged five of its associate banks - State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Travancore and State Bank of Hyderabad and also Bhartiya Mahila effective April 2017.

The Union Budget for 2019-20 is likely to spell out a roadmap for banking reforms, including consolidation of the state-owned lenders, with a view to enabling the sector to play a pivotal role in pushing India towards US $5 trillion economies, sources said.

The Union Budget for 2019-20 is likely to spell out a roadmap for banking reforms, including consolidation of the state-owned lenders, with a view to enabling the sector to play a pivotal role in pushing India towards US $5 trillion economies, sources said. The first Budget of Modi 2.0 government is scheduled to be presented on July 5 by Finance Minister Nirmala Sitharaman on the backdrop of India's economy hitting 5-year low growth of 6.8 per cent in 2018-19. The banking sector has an important role in the reinvigorating sagging economy, the sources said, adding the Budget speech of the Finance Minister will contain a roadmap for the reforms in the sector. The upcoming Budget would also provide direction to the consolidation journey in the public sector banking space, started last year by affecting the first three-way merger, they added. As part of this exercise, erstwhile Vijaya Bank and Dena Bank were merged with Bank of Baroda (BoB) effective April 1 to create the third-largest lender of the country. According to the sources, the journey will continue broadly on the same lines of the merger of smaller banks with big lenders. So, fit candidates for the acquisition of small lenders would be Punjab National Bank, Canara Bank, Bank of India and Union Bank of India with some capital support, the sources added. It is to be noted that the government infused Rs 5,042 crore in BoB to enhance its capital base to meet additional expense due to an amalgamation of Dena Bank and Vijaya Bank. The maiden three-way amalgamation is the first step in the consolidation of the public sector banking industry, recommended in 1991 by the Narasimham Committee report. Through this merger, the government has created an institution of global scale and size, thereby providing significant benefit to all stakeholders. The consolidated entity started the operation with a business mix of over Rs 15 lakh crore on the balance sheet, with deposits and advances of Rs 8.75 lakh crore and Rs 6.25 lakh crore, respectively. BoB, the second-largest public sector lender after State Bank of India, now has over 9,500 branches, 13,400 ATMs, and 85,000 employees to serve 12 crore customers. Prior to BoB merger, the government only had experience of State Bank which had merged five of its associate banks - State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Travancore and State Bank of Hyderabad and also Bhartiya Mahila effective April 2017.

Budget likely to spell out roadmap for banking sector reforms: Report

Ford Motor Co is ready to sell its idle Russian plants and sees interest from potential buyers, the carmaker's Europe chairman said in St. Petersburg on Friday.

The company had announced in March that its Russian joint venture Ford Sollers would close two assembly plants and an engine factory in Russia, exiting the country's passenger vehicle market.

"We are open to discuss potential sales to other companies," said Steven Armstrong on the sidelines of the International Economic Forum. "We have had interest from a number of different companies."

Ford Motor Co is ready to sell its idle Russian plants and sees interest from potential buyers, the carmaker's Europe chairman said in St. Petersburg on Friday. The company had announced in March that its Russian joint venture Ford Sollers would close two assembly plants and an engine factory in Russia, exiting the country's passenger vehicle market.

Ford Motor Co is ready to sell its idle Russian plants and sees interest from potential buyers, the carmaker's Europe chairman said in St. Petersburg on Friday. The company had announced in March that its Russian joint venture Ford Sollers would close two assembly plants and an engine factory in Russia, exiting the country's passenger vehicle market. "We are open to discuss potential sales to other companies," said Steven Armstrong on the sidelines of the International Economic Forum. "We have had interest from a number of different companies."

Ford ready to sell Russian plants, says companies have shown interest

FedEx Corp on Friday decided to not renew its contract with Amazon.com Inc for US cargo delivery through FedEx Express, the unit that delivers packages on planes, a move that reflects the broader trend of the e-commerce company moving services in-house.

Amazon has been building out its own delivery network of planes, trucks and vans, a development that is seen posing a potential long-term challenge to FedEx and delivery rival United Parcel Service Inc, both of which count Amazon as a customer.

FedEx described the decision as a strategic move that would allow it to focus on the broader e-commerce market, a group that would include rivals of Amazon scaling up one- and two-day delivery. FedEx forecast that the market would double to 100 million packages per day in the United States by 2026.

"Amazon had a better rate with UPS so it made no sense for them to use FedEx," said Dean Maciuba, director of consulting services at Logistics Trends and Insights.

The decision does not impact any existing contracts between Amazon and other FedEx business units or relating to international services, the package delivery company said.

Amazon accounted for less than 1.3% of FedEx's revenue last year, the company said in its statement.

Analysts said that the ending of FedEx Express' contract with Amazon is likely to benefit UPS, which gets a relatively larger share of revenue from the online retailer.

"We would expect UPS to report much stronger volume growth in next-day air products over the next several quarters," Bernstein analyst David Vernon wrote in a client note.

UPS volumes have been boosted by Amazon's move to one-day shipping for its paid Prime service, and "this news means more growth in lower priced, lower weight, lower service level ... domestic express products at UPS," Vernon said.

In recent years, Amazon has steadily expanded its fleet of delivery aircraft, which Air Transport Services Group Inc and Atlas Air Worldwide Holdings have operated.

The company is investing $1.5 billion to build an air cargo hub in northern Kentucky, setting it up to rely less on others for air shipping.

Amazon already has 40 leased cargo planes and has signed an agreement to induct 10 more planes into the fleet in the next two years.

"We respect FedEx's decision and thank them for their role serving Amazon customers over the years," Amazon said in an emailed statement.

Shares of FedEx, which rose as much as 1.65% earlier in the session, pared gains and closed up 0.75% at $158.02. Amazon shares ended the day 2.8% higher at $1,804.03.

UPS shares closed up 0.2% at $98.23 after rising as much as 1% earlier in the session.

FedEx Corp on Friday decided to not renew its contract with Amazon.com Inc for US cargo delivery through FedEx Express, the unit that delivers packages on planes, a move that reflects the broader trend of the e-commerce company moving services in-house.

FedEx Corp on Friday decided to not renew its contract with Amazon.com Inc for US cargo delivery through FedEx Express, the unit that delivers packages on planes, a move that reflects the broader trend of the e-commerce company moving services in-house. Amazon has been building out its own delivery network of planes, trucks and vans, a development that is seen posing a potential long-term challenge to FedEx and delivery rival United Parcel Service Inc, both of which count Amazon as a customer. FedEx described the decision as a strategic move that would allow it to focus on the broader e-commerce market, a group that would include rivals of Amazon scaling up one- and two-day delivery. FedEx forecast that the market would double to 100 million packages per day in the United States by 2026. "Amazon had a better rate with UPS so it made no sense for them to use FedEx," said Dean Maciuba, director of consulting services at Logistics Trends and Insights. The decision does not impact any existing contracts between Amazon and other FedEx business units or relating to international services, the package delivery company said. Amazon accounted for less than 1.3% of FedEx's revenue last year, the company said in its statement. Analysts said that the ending of FedEx Express' contract with Amazon is likely to benefit UPS, which gets a relatively larger share of revenue from the online retailer. "We would expect UPS to report much stronger volume growth in next-day air products over the next several quarters," Bernstein analyst David Vernon wrote in a client note. UPS volumes have been boosted by Amazon's move to one-day shipping for its paid Prime service, and "this news means more growth in lower priced, lower weight, lower service level ... domestic express products at UPS," Vernon said. In recent years, Amazon has steadily expanded its fleet of delivery aircraft, which Air Transport Services Group Inc and Atlas Air Worldwide Holdings have operated. The company is investing $1.5 billion to build an air cargo hub in northern Kentucky, setting it up to rely less on others for air shipping. Amazon already has 40 leased cargo planes and has signed an agreement to induct 10 more planes into the fleet in the next two years. "We respect FedEx's decision and thank them for their role serving Amazon customers over the years," Amazon said in an emailed statement. Shares of FedEx, which rose as much as 1.65% earlier in the session, pared gains and closed up 0.75% at $158.02. Amazon shares ended the day 2.8% higher at $1,804.03. UPS shares closed up 0.2% at $98.23 after rising as much as 1% earlier in the session.

FedEx to end Amazon contract for FedEx Express plane service

BSE Sensex was up by 41.67 points trading at 39,568 in early trade on Friday morning.

Earlier, the Sensex opened in red due to losses in financial stocks amid concerns over the state of the NBFC sector. The 30-share index was trading 211.04 points, or 0.53 per cent, lower at 39,318.68, and the broader Nifty slipped 34.25 points, or 0.29 per cent, to 11,809.50. &nbsp; &nbsp;

On Thursday, both benchmark indices posted their biggest one-day drop this year after the RBI delivered a rate cut on expected lines but failed to allay investor concerns regarding the non-banking financial company (NBFC) sector.&nbsp;

In the previous session, the 30-share BSE Sensex cracked 553.82 points, or 1.38 per cent, to settle at 39,529.72. The broader NSE Nifty plunged 177.90 points, or 1.48 per cent, to end at 11,843.75.

Top losers in the Sensex pack include IndusInd Bank, Sun Pharma, Kotak Bank, Maruti, PowerGrid, HUL, ONGC, TCS, RIL and HDFC twins, falling up to 1.38 per cent.

While, Vedanta, SBI, Infosys, L&amp;T, Bajaj Finance and M&amp;M were trading in the green.

No specific comment regarding the ongoing NBFC crisis was taken as a surprise while delay in monsoon added to the fear, said Vinod Nair, Head of Research, Geojit Financial Services.

The NBFC pack has been under heavy selling pressure following the bond defaults by mortgage lender DHFL on June 4, which led to a slew of rating downgrades for the company. The stock was trading over 4 per cent lower in early session.

"These patches of corrections will be near-term in nature, till the final budget, consolidation in oil prices and new measures will auger well for the market," he added.

Foreign fund outflow too weighed on investor sentiment here, traders said. 
Foreign institutional investors sold equity worth Rs 1,448.99 crore on Thursday, and domestic institutional investors offloaded shares to the tune of Rs 650.84 crore, provisional data available with stock exchanges showed.

Elsewhere in Asia, bourses in China, Japan and Korea were trading on a mixed note in their respective early sessions.

Bourses on Wall Street ended in the green on Thursday. 
On the currency front, the rupee was trading flat at 69.27 against the US dollar.

Brent crude futures, the global oil benchmark, were 1.36 per cent higher at 62.51 per barrel.

BSE Sensex was up by 41.67 points trading at 39,568 in early trade on Friday morning. Earlier, the Sensex opened in red due to losses in financial stocks amid concerns over the state of the NBFC sector.

BSE Sensex was up by 41.67 points trading at 39,568 in early trade on Friday morning. Earlier, the Sensex opened in red due to losses in financial stocks amid concerns over the state of the NBFC sector. The 30-share index was trading 211.04 points, or 0.53 per cent, lower at 39,318.68, and the broader Nifty slipped 34.25 points, or 0.29 per cent, to 11,809.50. On Thursday, both benchmark indices posted their biggest one-day drop this year after the RBI delivered a rate cut on expected lines but failed to allay investor concerns regarding the non-banking financial company (NBFC) sector. In the previous session, the 30-share BSE Sensex cracked 553.82 points, or 1.38 per cent, to settle at 39,529.72. The broader NSE Nifty plunged 177.90 points, or 1.48 per cent, to end at 11,843.75. Top losers in the Sensex pack include IndusInd Bank, Sun Pharma, Kotak Bank, Maruti, PowerGrid, HUL, ONGC, TCS, RIL and HDFC twins, falling up to 1.38 per cent. While, Vedanta, SBI, Infosys, L&T, Bajaj Finance and M&M were trading in the green. No specific comment regarding the ongoing NBFC crisis was taken as a surprise while delay in monsoon added to the fear, said Vinod Nair, Head of Research, Geojit Financial Services. The NBFC pack has been under heavy selling pressure following the bond defaults by mortgage lender DHFL on June 4, which led to a slew of rating downgrades for the company. The stock was trading over 4 per cent lower in early session. "These patches of corrections will be near-term in nature, till the final budget, consolidation in oil prices and new measures will auger well for the market," he added. Foreign fund outflow too weighed on investor sentiment here, traders said. Foreign institutional investors sold equity worth Rs 1,448.99 crore on Thursday, and domestic institutional investors offloaded shares to the tune of Rs 650.84 crore, provisional data available with stock exchanges showed. Elsewhere in Asia, bourses in China, Japan and Korea were trading on a mixed note in their respective early sessions. Bourses on Wall Street ended in the green on Thursday. On the currency front, the rupee was trading flat at 69.27 against the US dollar. Brent crude futures, the global oil benchmark, were 1.36 per cent higher at 62.51 per barrel.

Sensex up by 41 points after early openings in Red

The rupee opened marginally higher and touched 69.21 against the US dollar in opening trade Friday, after the Reserve Bank cut key interest rates by 0.25 percentage point.

To boost the sagging economy, the RBI Thursday lowered its benchmark lending rate to a nearly nine-year low of 5.75 per cent and changed its monetary policy stance to accommodative, leaving space for future rate cuts.

Forex traders said investors welcomed the RBI policy decision as this would help to boost the slowing economy.

The rupee opened at 69.23 the interbank forex market then gained further ground to touch 69.21 per dollar amid positive opening in domestic equities, displaying gains of 7 paise against the greenback.

On Thursday, the rupee had settled at 69.28 against the US dollar.

Meanwhile, foreign fund inflows, higher crude oil prices and lower opening in domestic equities weighed on the domestic currency and restricted the upmove.

Foreign funds pulled out Rs 1,448.99 crore in the capital markets on a net basis Thursday, provisional data showed.

The benchmark BSE Sensex opened on a cautious note and was trading lower by 43.75 points or down 0.11 per cent to quote at 39,485.97. While the NSE Nifty was trading at 11,827.95, down 15.80 points, or 0.13 per cent.

Meanwhile, brent crude, the global benchmark, was trading at 62.53 per barrel higher by 1.39 per cent.

The rupee opened marginally higher and touched 69.21 against the US dollar in opening trade Friday, after the Reserve Bank cut key interest rates by 0.25 percentage point.

The rupee opened marginally higher and touched 69.21 against the US dollar in opening trade Friday, after the Reserve Bank cut key interest rates by 0.25 percentage point. To boost the sagging economy, the RBI Thursday lowered its benchmark lending rate to a nearly nine-year low of 5.75 per cent and changed its monetary policy stance to accommodative, leaving space for future rate cuts. Forex traders said investors welcomed the RBI policy decision as this would help to boost the slowing economy. The rupee opened at 69.23 the interbank forex market then gained further ground to touch 69.21 per dollar amid positive opening in domestic equities, displaying gains of 7 paise against the greenback. On Thursday, the rupee had settled at 69.28 against the US dollar. Meanwhile, foreign fund inflows, higher crude oil prices and lower opening in domestic equities weighed on the domestic currency and restricted the upmove. Foreign funds pulled out Rs 1,448.99 crore in the capital markets on a net basis Thursday, provisional data showed. The benchmark BSE Sensex opened on a cautious note and was trading lower by 43.75 points or down 0.11 per cent to quote at 39,485.97. While the NSE Nifty was trading at 11,827.95, down 15.80 points, or 0.13 per cent. Meanwhile, brent crude, the global benchmark, was trading at 62.53 per barrel higher by 1.39 per cent.

Rupee opens marginally higher post RBI policy decision

Japanese auto major Toyota on Thursday launched its premium hatchback Glanza in India. The car is Toyota's version of Suzuki's Baleno, which it is sourcing from its compatriot as part of their collaboration.

The Glanza has been tagged at an introductory price ranging from Rs 7.22 lakh to Rs 8.9 lakh.

Toyota, which is present in India through a joint venture with the Kirloskar group (Toyota Kirloskar Motors or TKM), is offering the Glanza only in two variants in 1.2 litre petrol engine with automatic transmission options. The variants are equipped with a new BS-VI compliant 'K-series' petrol engines.

Maruti Suzuki currently sells its Baleno in both petrol and diesel engine options with four different variants with automatic transmission options priced between Rs 5.46 lakh to Rs 8.9 lakh.

Commenting on the launch, Toyota Kirloskar Motor (TKM) Managing Director Masakazu Yoshimura said, "In a dynamic market like India, it will be our constant endeavour to offer a range of options to our customers whose choices are governed by their mobility needs and expectations from brand."

TKM is offering warranty of 3 years/1 lakh kilometres that can be extended up to 5 years/2.2 lakh km.

The Glanza comes equipped with features such as touchscreen audio with Android Auto and Apple CarPlay for smart phone based navigation.

In March this year, Toyota and Suzuki expanded scope of collaboration including manufacturing of Suzuki-developed compact SUV Vitara Brezza at Toyota's plant in India from 2022.

The two companies had also stated that they were considering a concrete collaboration in new fields that would include Suzuki supplying its Ciaz sedan and Ertiga multi-purpose vehicle to Toyota in India in addition to the already agreed supplies of premium hatchback Baleno and compact SUV Vitara Brezza.

The two partners had also agreed to extend their collaboration to Europe and Africa over and above their partnership in India. Suzuki will supply its India-produced vehicles - Baleno, Vitara Brezza, Ciaz, Ertiga - to Toyota for the African market as well.

Toyota on the other hand, will provide Suzuki its hybrid electric vehicle (HEV) technologies in India through local procurement of HEV systems, engines, and batteries, while also supplying THS (Toyota Hybrid System) to Suzuki in the global markets.

Japanese auto major Toyota on Thursday launched its premium hatchback Glanza in India. The car is Toyota's version of Suzuki's Baleno, which it is sourcing from its compatriot as part of their collaboration.

Japanese auto major Toyota on Thursday launched its premium hatchback Glanza in India. The car is Toyota's version of Suzuki's Baleno, which it is sourcing from its compatriot as part of their collaboration. The Glanza has been tagged at an introductory price ranging from Rs 7.22 lakh to Rs 8.9 lakh. Toyota, which is present in India through a joint venture with the Kirloskar group (Toyota Kirloskar Motors or TKM), is offering the Glanza only in two variants in 1.2 litre petrol engine with automatic transmission options. The variants are equipped with a new BS-VI compliant 'K-series' petrol engines. Maruti Suzuki currently sells its Baleno in both petrol and diesel engine options with four different variants with automatic transmission options priced between Rs 5.46 lakh to Rs 8.9 lakh. Commenting on the launch, Toyota Kirloskar Motor (TKM) Managing Director Masakazu Yoshimura said, "In a dynamic market like India, it will be our constant endeavour to offer a range of options to our customers whose choices are governed by their mobility needs and expectations from brand." TKM is offering warranty of 3 years/1 lakh kilometres that can be extended up to 5 years/2.2 lakh km. The Glanza comes equipped with features such as touchscreen audio with Android Auto and Apple CarPlay for smart phone based navigation. In March this year, Toyota and Suzuki expanded scope of collaboration including manufacturing of Suzuki-developed compact SUV Vitara Brezza at Toyota's plant in India from 2022. The two companies had also stated that they were considering a concrete collaboration in new fields that would include Suzuki supplying its Ciaz sedan and Ertiga multi-purpose vehicle to Toyota in India in addition to the already agreed supplies of premium hatchback Baleno and compact SUV Vitara Brezza. The two partners had also agreed to extend their collaboration to Europe and Africa over and above their partnership in India. Suzuki will supply its India-produced vehicles - Baleno, Vitara Brezza, Ciaz, Ertiga - to Toyota for the African market as well. Toyota on the other hand, will provide Suzuki its hybrid electric vehicle (HEV) technologies in India through local procurement of HEV systems, engines, and batteries, while also supplying THS (Toyota Hybrid System) to Suzuki in the global markets.

Toyota Glanza: Variants, price and features of the premium hatchback

Toyota launched Premium hatchback Glanza for price of Rs 7.22 lakh, Glanza happens to be the Toyota's variant of Maruti Suzuki Baleno. Watch this video to know more.

WION Wallet: Premium hatchback Toyota Glanza launched

Oil prices rose around one per cent on Friday to move further away<a href="https://www.wionews.com/business-economy/international-oil-prices-fall-below-60-per-barrel-recovers-slightly-amid-rising-us-supply-stalling-economy-224824"> from five-month lows hit earlier</a> in the week, buoyed by a report that Washington could postpone trade tariffs on Mexico and signs OPEC and other producers may extend crude supply cuts.

Brent crude futures were up 50 cents, or 0.8 per cent, at $62.17 a barrel, having risen earlier to $62.41. They gained 1.7 per cent on Thursday.

US West Texas Intermediate crude futures were up 50 cents, or one per cent, at $53.09 per barrel, after trading as high as $53.33. They finished the previous session 1.8 per cent higher.

On Wednesday, Brent and WTI sank to their lowest levels since mid-January at $59.45 and $50.60 respectively, after US crude production hit a new record-high and stockpiles climbed to their highest since July 2017.

By then, both contracts were in bear-market territory, having lost more than 20 per cent from peaks reached in late April.

But on Thursday oil prices followed US stocks higher after Bloomberg News reported the United States is considering a delay in the tariffs on Mexico as talks continue.

"After prices hit the depth of the sewer this week, and (are) arguably in oversold territory, traders were always going to be predisposed to book profits ahead of the weekend," Stephen Innes, managing partner at Vanguard Markets said in a morning note.

Nevertheless, sentiment on prices remains dim as fresh signs emerge of a stalling global economy and ongoing concerns about growing US crude supply.

Prices had been supported by supply curbs by the Organization of the Petroleum Exporting Countries (OPEC) and some allies including Russia. Supply has also been limited by US sanctions on oil exports from Iran and Venezuela.

President Vladimir Putin said on Thursday that Russia had differences with OPEC over what constituted a fair price for oil, but that Moscow would take a joint decision on output at a policy meeting in coming weeks.

Oil prices rose around one per cent on Friday to move further away from five-month lows hit earlier in the week, buoyed by a report that Washington could postpone trade tariffs on Mexico and signs OPEC and other producers may extend crude supply cuts.

Oil prices rose around one per cent on Friday to move further away from five-month lows hit earlier in the week, buoyed by a report that Washington could postpone trade tariffs on Mexico and signs OPEC and other producers may extend crude supply cuts. Brent crude futures were up 50 cents, or 0.8 per cent, at $62.17 a barrel, having risen earlier to $62.41. They gained 1.7 per cent on Thursday. US West Texas Intermediate crude futures were up 50 cents, or one per cent, at $53.09 per barrel, after trading as high as $53.33. They finished the previous session 1.8 per cent higher. On Wednesday, Brent and WTI sank to their lowest levels since mid-January at $59.45 and $50.60 respectively, after US crude production hit a new record-high and stockpiles climbed to their highest since July 2017. By then, both contracts were in bear-market territory, having lost more than 20 per cent from peaks reached in late April. But on Thursday oil prices followed US stocks higher after Bloomberg News reported the United States is considering a delay in the tariffs on Mexico as talks continue. "After prices hit the depth of the sewer this week, and (are) arguably in oversold territory, traders were always going to be predisposed to book profits ahead of the weekend," Stephen Innes, managing partner at Vanguard Markets said in a morning note. Nevertheless, sentiment on prices remains dim as fresh signs emerge of a stalling global economy and ongoing concerns about growing US crude supply. Prices had been supported by supply curbs by the Organization of the Petroleum Exporting Countries (OPEC) and some allies including Russia. Supply has also been limited by US sanctions on oil exports from Iran and Venezuela. President Vladimir Putin said on Thursday that Russia had differences with OPEC over what constituted a fair price for oil, but that Moscow would take a joint decision on output at a policy meeting in coming weeks.

Oil prices rise over possible postponement of tariffs on Mexico, OPEC cuts

The rupee on Friday fell by 18 paise to close at 69.46 against the US currency on the strengthening of the greenback in overseas markets and rising crude oil prices.

Forex traders said that weakened Asian currencies also added to the pressure on the domestic unit.

However, gains in domestic equities supported the rupee and capped its losses to some extent, they added.

At the interbank foreign exchange (forex) market, the domestic currency opened higher at 69.23 per dollar, but lost ground during the day to fall to 69.52. The rupee finally settled at 69.46, down 18 paise over its previous close.

The rupee had settled at 69.28 against the US dollar Thursday.

The local currency on a weekly basis gained 24 paise.

"Rupee has declined against the dollar following recovery in crude oil prices and lower Asian currencies against US dollar," said V K Sharma, Head-PCG &amp; Capital Market Strategy, HDFC Securities.

Brent crude futures, the global oil benchmark, climbed 1.62 per cent to USD 62.67 per barrel.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.02 per cent to 97.06, ahead of the US payroll data. 
Meanwhile, the 10-year government bond yield was at 6.97 per cent on Friday.

"The yield on benchmark 10-year bonds rises 4 bps to 6.97 per cent, heading for a fourth straight weekly drop after RBI's "accommodative" stance from "neutral" and cut 25 bps interest rate," Sharma said.

Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 478.84 crore Friday, the provisional data showed.

Equity benchmarks had a highly volatile trade Friday. The BSE gauge settled 86.18 points, or 0.22 per cent, up at 39,615.90. The broader NSE Nifty rose 26.90 points, or 0.23 per cent, to settle at 11,870.65.

Meanwhile, Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 69.3205 and for rupee/euro at 77.8192. The reference rate for rupee/British pound was fixed at 87.8744 and for rupee/100 Japanese yen at 64.12.&nbsp;

The rupee on Friday fell by 18 paise to close at 69.46 against the US currency on the strengthening of the greenback in overseas markets and rising crude oil prices.

The rupee on Friday fell by 18 paise to close at 69.46 against the US currency on the strengthening of the greenback in overseas markets and rising crude oil prices. Forex traders said that weakened Asian currencies also added to the pressure on the domestic unit. However, gains in domestic equities supported the rupee and capped its losses to some extent, they added. At the interbank foreign exchange (forex) market, the domestic currency opened higher at 69.23 per dollar, but lost ground during the day to fall to 69.52. The rupee finally settled at 69.46, down 18 paise over its previous close. The rupee had settled at 69.28 against the US dollar Thursday. The local currency on a weekly basis gained 24 paise. "Rupee has declined against the dollar following recovery in crude oil prices and lower Asian currencies against US dollar," said V K Sharma, Head-PCG & Capital Market Strategy, HDFC Securities. Brent crude futures, the global oil benchmark, climbed 1.62 per cent to USD 62.67 per barrel. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.02 per cent to 97.06, ahead of the US payroll data. Meanwhile, the 10-year government bond yield was at 6.97 per cent on Friday. "The yield on benchmark 10-year bonds rises 4 bps to 6.97 per cent, heading for a fourth straight weekly drop after RBI's "accommodative" stance from "neutral" and cut 25 bps interest rate," Sharma said. Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 478.84 crore Friday, the provisional data showed. Equity benchmarks had a highly volatile trade Friday. The BSE gauge settled 86.18 points, or 0.22 per cent, up at 39,615.90. The broader NSE Nifty rose 26.90 points, or 0.23 per cent, to settle at 11,870.65. Meanwhile, Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 69.3205 and for rupee/euro at 77.8192. The reference rate for rupee/British pound was fixed at 87.8744 and for rupee/100 Japanese yen at 64.12.

Rupee drops 18 paise to 69.46 vs US dollar as crude oil rebounds

The BSE benchmark Sensex ended 86 points higher after a highly volatile session Friday tracking mixed domestic and global cues.

After swinging over 400 points, the BSE gauge settled 86.18 points, or 0.22 per cent, up at 39,615.90. The index hit an intra-day high of 39,703.10 and a low of 39,279.47.

Similarly, the broader NSE Nifty rose 26.90 points, or 0.23 per cent, to settle at 11,870.65. During the day, the index touched a high of 11,897.50 and a low of 11,769.50.

During the week, the Sensex fell 98.30 points and the broader Nifty lost 52.15 points.

Top gainers in the Sensex pack Friday included IndusInd Bank, Bajaj Finance, M&amp;M, SBI, ICICI Bank and Vedanta, rising up to 1.90 per cent.

On the other hand, Yes Bank, PowerGrid, Sun Pharma, Coal India, Bajaj Auto, ONGC and RIL were among the top losers, dropping up to 2.37 per cent.

The Indian rupee depreciated 20 paise to 69.48 against the US dollar. 
Meanwhile, other Asian bourses ended on a mixed note, while Europe was trading in the green in opening deals.

Brent crude futures, the global oil benchmark, rose 1.20 per cent to USD 62.41 per barrel.&nbsp;

The BSE benchmark Sensex ended 86 points higher after a highly volatile session Friday tracking mixed domestic and global cues. After swinging over 400 points, the BSE gauge settled 86.

The BSE benchmark Sensex ended 86 points higher after a highly volatile session Friday tracking mixed domestic and global cues. After swinging over 400 points, the BSE gauge settled 86.18 points, or 0.22 per cent, up at 39,615.90. The index hit an intra-day high of 39,703.10 and a low of 39,279.47. Similarly, the broader NSE Nifty rose 26.90 points, or 0.23 per cent, to settle at 11,870.65. During the day, the index touched a high of 11,897.50 and a low of 11,769.50. During the week, the Sensex fell 98.30 points and the broader Nifty lost 52.15 points. Top gainers in the Sensex pack Friday included IndusInd Bank, Bajaj Finance, M&M, SBI, ICICI Bank and Vedanta, rising up to 1.90 per cent. On the other hand, Yes Bank, PowerGrid, Sun Pharma, Coal India, Bajaj Auto, ONGC and RIL were among the top losers, dropping up to 2.37 per cent. The Indian rupee depreciated 20 paise to 69.48 against the US dollar. Meanwhile, other Asian bourses ended on a mixed note, while Europe was trading in the green in opening deals. Brent crude futures, the global oil benchmark, rose 1.20 per cent to USD 62.41 per barrel.

Sensex ends 86 points higher; Nifty below 11,900

Qatar Airways plans to seek compensation from Boeing over the grounding of three 737 MAX aircraft by Italian airline Air Italy, where the Qatari company is a major shareholder, group chief executive Akbar al-Baker told.

Boeing MAX jets have been grounded worldwide and airlines are cancelling multimillion contracts following crashes in October and March that killed nearly 350 people.

"At Qatar Airways we do not operate any MAX airplanes – it affected our investment into Air Italy. Air Italy has three MAX operated in its fleet and they were grounded so it affected us – we had to take extra routing from outside," al-Baker said.

In 2017, Qatar purchased 49% of Air Italy, Italy's second largest carrier behind Alitalia, which, in turn, is partly owned by Abu Dhabi’s Etihad Airways.

"Boeing has to compensate us for grounding," al-Baker said, but did not elaborate on the potential cost.

In Russia, Qatar Airways is in talks to buy a 20% stake in Vnukovo airport, Moscow's third largest by passenger traffic.

Al-Baker said Qatar Airways was looking to close the deal "sometime before the end of the year."

Last year, Vnukovo's handled around 21 million passengers, compared with 29 million at Domodedovo and almost 46 million at Sheremetyevo, Russia's biggest airport and one of the busiest in Europe.

"Sheremetyevo and Domodedovo are already congested and the only airport that has an expansion opportunity is Vnukovo," Al-Baker said.

"We see a huge potential to grow the airport to bring more traffic, to intensify traffic, to grow there, to increase the duty free footprint."

Asked if Qatar Airways could consider acquiring a stake in Sheremetyevo, 30% of which may be on offer by the airport's private shareholders, Al-Baker said: "We cannot do more than one airport at the same place."

At home, at Hamad International Airport in Doha, passenger traffic was at around 35 million people last year.

"This year we hope that we will exceed 42 million passengers but during the blockade we did lose nearly 10% of the traffic because it was all of a sudden. But we have recovered now," Al-Baker said.

Saudi Arabia, the United Arab Emirates, Bahrain and Egypt imposed an economic and diplomatic boycott on Qatar in 2017 over allegations that Qatar supports terrorism and is aligning itself with regional foe Iran. Qatar denies the allegations.

Qatar Airways plans to seek compensation from Boeing over the grounding of three 737 MAX aircraft by Italian airline Air Italy, where the Qatari company is a major shareholder, group chief executive Akbar al-Baker told.

Qatar Airways plans to seek compensation from Boeing over the grounding of three 737 MAX aircraft by Italian airline Air Italy, where the Qatari company is a major shareholder, group chief executive Akbar al-Baker told. Boeing MAX jets have been grounded worldwide and airlines are cancelling multimillion contracts following crashes in October and March that killed nearly 350 people. "At Qatar Airways we do not operate any MAX airplanes – it affected our investment into Air Italy. Air Italy has three MAX operated in its fleet and they were grounded so it affected us – we had to take extra routing from outside," al-Baker said. In 2017, Qatar purchased 49% of Air Italy, Italy's second largest carrier behind Alitalia, which, in turn, is partly owned by Abu Dhabi’s Etihad Airways. "Boeing has to compensate us for grounding," al-Baker said, but did not elaborate on the potential cost. In Russia, Qatar Airways is in talks to buy a 20% stake in Vnukovo airport, Moscow's third largest by passenger traffic. Al-Baker said Qatar Airways was looking to close the deal "sometime before the end of the year." Last year, Vnukovo's handled around 21 million passengers, compared with 29 million at Domodedovo and almost 46 million at Sheremetyevo, Russia's biggest airport and one of the busiest in Europe. "Sheremetyevo and Domodedovo are already congested and the only airport that has an expansion opportunity is Vnukovo," Al-Baker said. "We see a huge potential to grow the airport to bring more traffic, to intensify traffic, to grow there, to increase the duty free footprint." Asked if Qatar Airways could consider acquiring a stake in Sheremetyevo, 30% of which may be on offer by the airport's private shareholders, Al-Baker said: "We cannot do more than one airport at the same place." At home, at Hamad International Airport in Doha, passenger traffic was at around 35 million people last year. "This year we hope that we will exceed 42 million passengers but during the blockade we did lose nearly 10% of the traffic because it was all of a sudden. But we have recovered now," Al-Baker said. Saudi Arabia, the United Arab Emirates, Bahrain and Egypt imposed an economic and diplomatic boycott on Qatar in 2017 over allegations that Qatar supports terrorism and is aligning itself with regional foe Iran. Qatar denies the allegations.

Qatar Airways to seek compensation from Boeing over MAX grounding

The Reserve Bank of India(RBI) today cut repo rate for the third consecutive time this year to 5.75 per cent from the current 6 per cent amid falling economic growth and uncertain global scenario.

The central bank changed its policy stance to accommodative&nbsp;from neutral.

The RBI cut interest rates by 0.25 per cent. India's central bank also cut GDP growth forecast for FY20 from 7.2 per cent to 7 per cent.

"The MPC (monetary policy committee) notes that growth impulses have weakened significantly, a sharp slowdown in investment activity along with a continuing moderation in private consumption growth is a matter of concern," the policy resolution said.&nbsp;

The central bank&nbsp;raised inflation projection to 3-3.1 per cent for April-September.&nbsp;

The six-member monetary policy committee (MPC) headed by Governor Shaktikanta Das concluded its second meeting for the fiscal year 2019-20. On February 7 and April 4, the central bank had reduced the key lending rate by 25 basis points to infuse liquidity and push growth.

Repo rate is the rate at which the RBI lends money to commercial banks. A repo rate cut allows banks to reduce interest rates for consumers on loans, and lowers equal monthly instalments on home loans, car loans and personal loans.

India's economy grew just 6.8 per cent in 2018-19, according to government data. In the fourth quarter (January to March), the growth dipped to 5.8 per cent, marking a five-year low.

The Reserve Bank of India(RBI) today cut repo rate for the third consecutive time this year to 5.75 per cent from the current 6 per cent amid falling economic growth and uncertain global scenario.

The Reserve Bank of India(RBI) today cut repo rate for the third consecutive time this year to 5.75 per cent from the current 6 per cent amid falling economic growth and uncertain global scenario. The central bank changed its policy stance to accommodative from neutral. The RBI cut interest rates by 0.25 per cent. India's central bank also cut GDP growth forecast for FY20 from 7.2 per cent to 7 per cent. "The MPC (monetary policy committee) notes that growth impulses have weakened significantly, a sharp slowdown in investment activity along with a continuing moderation in private consumption growth is a matter of concern," the policy resolution said. The central bank raised inflation projection to 3-3.1 per cent for April-September. The six-member monetary policy committee (MPC) headed by Governor Shaktikanta Das concluded its second meeting for the fiscal year 2019-20. On February 7 and April 4, the central bank had reduced the key lending rate by 25 basis points to infuse liquidity and push growth. Repo rate is the rate at which the RBI lends money to commercial banks. A repo rate cut allows banks to reduce interest rates for consumers on loans, and lowers equal monthly instalments on home loans, car loans and personal loans. India's economy grew just 6.8 per cent in 2018-19, according to government data. In the fourth quarter (January to March), the growth dipped to 5.8 per cent, marking a five-year low.

RBI cuts repo rates to boost growth; lowers GDP growth forecast to 7% in FY20

The rupee opened on a weak note and declined by 19 paise to 69.45 against the US dollar in opening trade Thursday, ahead of the Reserve Bank of India's monetary policy decision.

Forex traders said, foreign fund outflows and rising crude oil prices also kept pressure on the Indian rupee.

The RBI's Monetary Policy Committee (MPC) is slated to announce its bi-monthly policy decision later in the day.

The rupee opened weak at 69.41 at the interbank forex market and then fell further to 69.45, down 19 paise over its last close.

The rupee had settled at 69.26 against the US dollar Tuesday.

Indian bonds and Forex markets were closed Wednesday on account of Id-Ul-Fitr.

Forex traders said a cautious opening in domestic equities weighed on the local unit.

Brent crude futures, the global oil benchmark, rose 0.25 per cent to USD 60.78 per barrel.

Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 416.08 crore Tuesday, as per provisional data.

Domestic bourses opened on a cautious note Thursday with benchmark indices Sensex trading 85.04 points down at 39,998.50 and Nifty down 42.60 points at 11,979.05.

The rupee opened on a weak note and declined by 19 paise to 69.45 against the US dollar in opening trade Thursday, ahead of the Reserve Bank of India's monetary policy decision.

The rupee opened on a weak note and declined by 19 paise to 69.45 against the US dollar in opening trade Thursday, ahead of the Reserve Bank of India's monetary policy decision. Forex traders said, foreign fund outflows and rising crude oil prices also kept pressure on the Indian rupee. The RBI's Monetary Policy Committee (MPC) is slated to announce its bi-monthly policy decision later in the day. The rupee opened weak at 69.41 at the interbank forex market and then fell further to 69.45, down 19 paise over its last close. The rupee had settled at 69.26 against the US dollar Tuesday. Indian bonds and Forex markets were closed Wednesday on account of Id-Ul-Fitr. Forex traders said a cautious opening in domestic equities weighed on the local unit. Brent crude futures, the global oil benchmark, rose 0.25 per cent to USD 60.78 per barrel. Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 416.08 crore Tuesday, as per provisional data. Domestic bourses opened on a cautious note Thursday with benchmark indices Sensex trading 85.04 points down at 39,998.50 and Nifty down 42.60 points at 11,979.05.

Rupee slips 19 paise to 69.45 vs US dollar in early trade ahead of RBI policy outcome

Domestic equity benchmarks BSE Sensex and NSE Nifty opened on a cautious note Thursday as investors await RBI's monetary policy decision.

The 30-share index was trading 31.03 points, or 0.08 per cent, lower at 40,052.51, and the broader Nifty slipped 18.20 points, or 0.15 per cent, to 12,003.45.

Top losers in the Sensex pack include Yes Bank, SBI, IndusInd Bank, Bharti Airtel, Vedanta, ICICI Bank, RIL, M&amp;M and HDFC, shedding up to 2.91 per cent.

While, PowerGrid, Bajaj Auto, HUL, Coal India, Asian Paints, HDFC Bank and HCL Tech were trading in the green.

Bourses were closed Wednesday on account of Eid-ul-Fitr.

In the previous session on Tuesday, the BSE gauge settled 184.08 points, or 0.46 per cent, lower at 40,083.54. The broader NSE benchmark fell 66.90 points, or 0.55 per cent, to settle at 12,021.65.

According to traders, investors were cautious ahead of the Reserve Bank's policy outcome.

The Reserve Bank of India's Monetary Policy Committee (MPC) is slated to announce its bi-monthly policy later in the day. The central bank had cut the short-term lending rate (repo rate) by 25 basis points each in its last two policy reviews.

Foreign fund outflow too weighed on market mood here, traders said.

Foreign institutional investors sold equity worth Rs 416.08 crore on Tuesday, and domestic institutional investors offloaded shares to the tune of Rs 355.42 crore, provisional data available with stock exchanges showed.

Elsewhere in Asia, bourses in China, Japan and Korea were trading on a mixed note in their respective early sessions.

Bourses on Wall Street too ended in the green on Wednesday.

On the currency front, the rupee depreciated 13 paise to 69.39 against the US dollar.

Brent crude futures, the global oil benchmark, were trading 0.23 per cent higher at 60.77 per barrel.

Domestic equity benchmarks BSE Sensex and NSE Nifty opened on a cautious note Thursday as investors await RBI's monetary policy decision. The 30-share index was trading 31.

Domestic equity benchmarks BSE Sensex and NSE Nifty opened on a cautious note Thursday as investors await RBI's monetary policy decision. The 30-share index was trading 31.03 points, or 0.08 per cent, lower at 40,052.51, and the broader Nifty slipped 18.20 points, or 0.15 per cent, to 12,003.45. Top losers in the Sensex pack include Yes Bank, SBI, IndusInd Bank, Bharti Airtel, Vedanta, ICICI Bank, RIL, M&M and HDFC, shedding up to 2.91 per cent. While, PowerGrid, Bajaj Auto, HUL, Coal India, Asian Paints, HDFC Bank and HCL Tech were trading in the green. Bourses were closed Wednesday on account of Eid-ul-Fitr. In the previous session on Tuesday, the BSE gauge settled 184.08 points, or 0.46 per cent, lower at 40,083.54. The broader NSE benchmark fell 66.90 points, or 0.55 per cent, to settle at 12,021.65. According to traders, investors were cautious ahead of the Reserve Bank's policy outcome. The Reserve Bank of India's Monetary Policy Committee (MPC) is slated to announce its bi-monthly policy later in the day. The central bank had cut the short-term lending rate (repo rate) by 25 basis points each in its last two policy reviews. Foreign fund outflow too weighed on market mood here, traders said. Foreign institutional investors sold equity worth Rs 416.08 crore on Tuesday, and domestic institutional investors offloaded shares to the tune of Rs 355.42 crore, provisional data available with stock exchanges showed. Elsewhere in Asia, bourses in China, Japan and Korea were trading on a mixed note in their respective early sessions. Bourses on Wall Street too ended in the green on Wednesday. On the currency front, the rupee depreciated 13 paise to 69.39 against the US dollar. Brent crude futures, the global oil benchmark, were trading 0.23 per cent higher at 60.77 per barrel.

Sensex, Nifty start on a cautious note ahead of RBI policy outcome

Oil prices steadied on Thursday after falling to near five-month lows in the previous session, but sentiment remained weak as markets are under pressure from rising <a href="https://www.wionews.com/business-economy/oil-prices-fall-on-rise-in-united-states-inventories-supply-worries-224433">US supply and a stalling economy</a>.

Front-month Brent crude futures were at $60.78 at 0246 GMT. That was 15 cents, or 0.3%, above last session's close.

US West Texas Intermediate (WTI) crude futures were at $51.84 per barrel, 16 cents, or 0.3%, above their last settlement.

Brent and WTI on Wednesday hit their lowest levels since mid-January at $59.45 and $50.60 per barrel, respectively, amid a surge in US crude inventories and record production, and as a global economic slowdown was starting to hit energy demand.

Despite Thursday's gains, <a href="https://www.wionews.com/world/us-says-countries-buying-iranian-oil-will-be-subject-to-sanctions-223000">oil markets have moved</a> into bear territory as defined by a 20 per cent fall from recent peaks reached in late April.

US crude production rose to a record 124.4 million barrels per day (bpd) in the week to May 31, the Energy Information Administration (EIA) said on Wednesday, an increase of 1.63 million bpd since May 2018.

Amid surging output, US commercial crude inventories surged by 6.8 million in week to May 31, to 483.26 million barrels, their highest levels since July 2017.

"Rising US production is more than offsetting the efforts from the OPEC+ and if we add the negative effect a trade war could have on energy demand the result is lower prices," said Alfonso Esparza, senior analyst at futures brokerage OANDA.

The Middle East-dominated producer club of the Organization of the Petroleum Exporting Countries (OPEC) and some non-affiliated producers including Russia, known as OPEC+, have been withholding oil supply since the start of the year to prop up the market.

But outside OPEC+ supply has been&nbsp;rising, not just in the United States.&nbsp;Oil output at Kazakhstan's Kashagan field reached a record 400,000 bpd this week, industry sources said.

Output rose after completion of maintenance in May. Prior to that, production at Kashagan was about 330,000 to 340,000 bpd.

With supply ample despite the OPEC-led cuts, much will depend on demand.

Bank of America Merrill Lynch said this week "global oil demand growth is running at the weakest rate since 2012" at below 1 million bpd, and that this was "leading the selloff" in oil prices recently.

Global economic growth took a dip late last year before recovering in early 2019, but analysts now warn growth is stalling again.

"The nascent recovery has stalled amid trade tensions," Morgan Stanley said.

The US bank said it expected this downturn to result in "the lowest growth rate since global financial crisis" of 2008/2009.

Oil prices steadied on Thursday after falling to near five-month lows in the previous session, but sentiment remained weak as markets are under pressure from rising US supply and a stalling economy.

Oil prices steadied on Thursday after falling to near five-month lows in the previous session, but sentiment remained weak as markets are under pressure from rising US supply and a stalling economy. Front-month Brent crude futures were at $60.78 at 0246 GMT. That was 15 cents, or 0.3%, above last session's close. US West Texas Intermediate (WTI) crude futures were at $51.84 per barrel, 16 cents, or 0.3%, above their last settlement. Brent and WTI on Wednesday hit their lowest levels since mid-January at $59.45 and $50.60 per barrel, respectively, amid a surge in US crude inventories and record production, and as a global economic slowdown was starting to hit energy demand. Despite Thursday's gains, oil markets have moved into bear territory as defined by a 20 per cent fall from recent peaks reached in late April. US crude production rose to a record 124.4 million barrels per day (bpd) in the week to May 31, the Energy Information Administration (EIA) said on Wednesday, an increase of 1.63 million bpd since May 2018. Amid surging output, US commercial crude inventories surged by 6.8 million in week to May 31, to 483.26 million barrels, their highest levels since July 2017. "Rising US production is more than offsetting the efforts from the OPEC+ and if we add the negative effect a trade war could have on energy demand the result is lower prices," said Alfonso Esparza, senior analyst at futures brokerage OANDA. The Middle East-dominated producer club of the Organization of the Petroleum Exporting Countries (OPEC) and some non-affiliated producers including Russia, known as OPEC+, have been withholding oil supply since the start of the year to prop up the market. But outside OPEC+ supply has been rising, not just in the United States. Oil output at Kazakhstan's Kashagan field reached a record 400,000 bpd this week, industry sources said. Output rose after completion of maintenance in May. Prior to that, production at Kashagan was about 330,000 to 340,000 bpd. With supply ample despite the OPEC-led cuts, much will depend on demand. Bank of America Merrill Lynch said this week "global oil demand growth is running at the weakest rate since 2012" at below 1 million bpd, and that this was "leading the selloff" in oil prices recently. Global economic growth took a dip late last year before recovering in early 2019, but analysts now warn growth is stalling again. "The nascent recovery has stalled amid trade tensions," Morgan Stanley said. The US bank said it expected this downturn to result in "the lowest growth rate since global financial crisis" of 2008/2009.

International oil prices fall below $60 per barrel; recovers slightly amid rising US supply, stalling economy

Reserve Bank of India reduced the repo rate by 25 basis points (bps) to 5.75 percent in the second bi-monthly monetary policy meet of the financial year 2019-20 (FY20). Watch this video to know more.

RBI cuts interest rates for third time in a row

Automaker Ford is planning to close Bridgend engine plant in UK. Watch this video to know more.

WION Wallet: Ford to close Bridgend engine plant

WION Wallet: RBI reduces repo rate by 0.25% to 5.75%

Industry body Cellular Operators Association of India (COAI) has urged the government to clarify its stance on the <a href="https://www.wionews.com/world/amid-us-china-row-huawei-signs-deal-with-russian-telecom-company-mts-to-develop-5g-network-224867">use of Huawei equipment in telecom</a> infrastructure, particularly for futuristic 5G networks, at the earliest to enable operators to take a long-term view in investment decisions.

Cellular Operators' Association of India (COAI) Director General, Rajan Mathews told PTI that it is for the government to decide on whether Huawei telecom gear will be allowed in 5G networks, but an early decision on the matter would help operators make investment decisions.

"The industry is saying, it is really up to the government to decide on Huawei ... All we are saying is let us know earlier rather than later because we have to make decisions on 4G ... Operators are buying 4G equipment that future proof, in terms of forward compatibility for 5G...Any sudden change of rules midway, will mean financial loss to us...," Mathews said.

Last month, the Trump administration had placed Huawei and its affiliates on blacklist, a move that essentially banned the Chinese telecom equipment company from purchasing parts and components from American firms without the US government approval. The US had subsequently relaxed some of the restrictions to reduce disruption for its customers.&nbsp;

India, however, is yet to take a call on whether it intends to place curbs on Huawei or allow the Chinese telecom equipment maker to participate in the upcoming 5G trials, that are scheduled to commence in 100 days.

IT Minister Ravi Shankar Prasad Monday alluded to the contentious issue saying it was a "complex" matter and will be looked at seriously including security aspects.

"We will take a firm view on it. There are also security issues...It is not only a matter of technology, as regard their participation in 5G is concerned...Participation of 5G is not conditional upon the trial being started. Whether a particular company is allowed to participate or not, is a complex question including security issues," the Minister had then said.

The same day, Chinese telecom gear maker Huawei said its engagement with the Indian government for 5G trials has been "positive" and hoped that India will make its "own independent decision" on the issue.

"I think it's the right time for Telecom Department to make the decision after almost 6-8 months of very close engagement... They are quite happy and positive in the engagement," Huawei Telecommunications India CEO, Jay Chen had said on the sidelines of a COAI panel discussion on 5G.

Industry body Cellular Operators Association of India (COAI) has urged the government to clarify its stance on the use of Huawei equipment in telecom infrastructure, particularly for futuristic 5G networks, at the earliest to enable operators to take a long-term view in investment decisions.

Industry body Cellular Operators Association of India (COAI) has urged the government to clarify its stance on the use of Huawei equipment in telecom infrastructure, particularly for futuristic 5G networks, at the earliest to enable operators to take a long-term view in investment decisions. Cellular Operators' Association of India (COAI) Director General, Rajan Mathews told PTI that it is for the government to decide on whether Huawei telecom gear will be allowed in 5G networks, but an early decision on the matter would help operators make investment decisions. "The industry is saying, it is really up to the government to decide on Huawei ... All we are saying is let us know earlier rather than later because we have to make decisions on 4G ... Operators are buying 4G equipment that future proof, in terms of forward compatibility for 5G...Any sudden change of rules midway, will mean financial loss to us...," Mathews said. Last month, the Trump administration had placed Huawei and its affiliates on blacklist, a move that essentially banned the Chinese telecom equipment company from purchasing parts and components from American firms without the US government approval. The US had subsequently relaxed some of the restrictions to reduce disruption for its customers. India, however, is yet to take a call on whether it intends to place curbs on Huawei or allow the Chinese telecom equipment maker to participate in the upcoming 5G trials, that are scheduled to commence in 100 days. IT Minister Ravi Shankar Prasad Monday alluded to the contentious issue saying it was a "complex" matter and will be looked at seriously including security aspects. "We will take a firm view on it. There are also security issues...It is not only a matter of technology, as regard their participation in 5G is concerned...Participation of 5G is not conditional upon the trial being started. Whether a particular company is allowed to participate or not, is a complex question including security issues," the Minister had then said. The same day, Chinese telecom gear maker Huawei said its engagement with the Indian government for 5G trials has been "positive" and hoped that India will make its "own independent decision" on the issue. "I think it's the right time for Telecom Department to make the decision after almost 6-8 months of very close engagement... They are quite happy and positive in the engagement," Huawei Telecommunications India CEO, Jay Chen had said on the sidelines of a COAI panel discussion on 5G.

Cellular Operators Association of India urges government to clear the air on Huawei telecom gear

The Indian rupee recouped most of its early losses and closed marginally lower at 69.28 to the US dollar after the Reserve Bank in a widely expected move cut key interest rates by 0.25 percentage point.

To boost the sagging economy, the RBI Thursday lowered its benchmark lending rate to a nearly nine-year low of 5.75 per cent and changed its monetary policy stance to accommodative, leaving space for future rate cuts.

After opening on a weak note at 69.41 at the interbank forex market, the Indian unit fell further to 69.45 against the US currency. Following the RBI's Monetary Policy Committee (MPC) decision, the local currency recovered most of the lost ground and settled for the day at 69.28, down 2 paise over its previous close.

The rupee had settled at 69.26 against the US dollar Tuesday.

Indian bonds and Forex markets were closed Wednesday on account of Id-Ul-Fitr.

"Market participants had already priced in the rate cut in monetary policy meet," said V K Sharma Head-PCG &amp; Capital Market Strategy, HDFC securities.

Forex traders said, foreign fund outflows and rising crude oil prices also kept pressure on the Indian rupee. Moreover, heavy selling in domestic equities also weighed on the local unit.

Foreign funds pulled out Rs 416.08 crore in the capital markets on a net basis Tuesday, provisional data showed.

The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.04 per cent to 97.28.

Meanwhile, the 10-year government bond yield was at 6.93 per cent on Thursday.

"The sovereign Indian bonds advanced on speculation that the central bank in addition to cutting rates may also take measures to ease liquidity in the banking system," Sharma said.

Meanwhile, the RBI lowered its growth forecast for the economy to 7 per cent from the April view of 7.2 per cent for the 2019-20 April-March fiscal year.

Brent crude futures, the global oil benchmark, rose 1.20 per cent to trade at USD 61.36 per barrel.

Benchmark indices settled for the day in the negative territory. The 30-share index cracked 553.82 points, or 1.38 per cent, to settle at 39,529.72. 
In similar movement, the NSE Nifty plunged 177.90 points, or 1.48 per cent, to end at 11,843.75.

The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 69.2918 and for rupee/euro at 78.0009. The reference rate for rupee/British pound was fixed at 87.8324 and for rupee/100 Japanese yen at 64.21.&nbsp;

The Indian rupee recouped most of its early losses and closed marginally lower at 69.28 to the US dollar after the Reserve Bank in a widely expected move cut key interest rates by 0.

The Indian rupee recouped most of its early losses and closed marginally lower at 69.28 to the US dollar after the Reserve Bank in a widely expected move cut key interest rates by 0.25 percentage point. To boost the sagging economy, the RBI Thursday lowered its benchmark lending rate to a nearly nine-year low of 5.75 per cent and changed its monetary policy stance to accommodative, leaving space for future rate cuts. After opening on a weak note at 69.41 at the interbank forex market, the Indian unit fell further to 69.45 against the US currency. Following the RBI's Monetary Policy Committee (MPC) decision, the local currency recovered most of the lost ground and settled for the day at 69.28, down 2 paise over its previous close. The rupee had settled at 69.26 against the US dollar Tuesday. Indian bonds and Forex markets were closed Wednesday on account of Id-Ul-Fitr. "Market participants had already priced in the rate cut in monetary policy meet," said V K Sharma Head-PCG & Capital Market Strategy, HDFC securities. Forex traders said, foreign fund outflows and rising crude oil prices also kept pressure on the Indian rupee. Moreover, heavy selling in domestic equities also weighed on the local unit. Foreign funds pulled out Rs 416.08 crore in the capital markets on a net basis Tuesday, provisional data showed. The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.04 per cent to 97.28. Meanwhile, the 10-year government bond yield was at 6.93 per cent on Thursday. "The sovereign Indian bonds advanced on speculation that the central bank in addition to cutting rates may also take measures to ease liquidity in the banking system," Sharma said. Meanwhile, the RBI lowered its growth forecast for the economy to 7 per cent from the April view of 7.2 per cent for the 2019-20 April-March fiscal year. Brent crude futures, the global oil benchmark, rose 1.20 per cent to trade at USD 61.36 per barrel. Benchmark indices settled for the day in the negative territory. The 30-share index cracked 553.82 points, or 1.38 per cent, to settle at 39,529.72. In similar movement, the NSE Nifty plunged 177.90 points, or 1.48 per cent, to end at 11,843.75. The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 69.2918 and for rupee/euro at 78.0009. The reference rate for rupee/British pound was fixed at 87.8324 and for rupee/100 Japanese yen at 64.21.

Rupee ends almost flat at 69.28 against dollar after RBI cuts rate

India plans to order Uber and Ola to convert 40 per cent of their fleet of cars to electric by April 2026, according to a source and records of government meetings to discuss new rules for clean mobility.

Uber and Ola, both backed by Softbank Group, would need to start converting their fleet as early as next year to achieve 2.5 per cent electrification by 2021, 5 per cent by 2022, 10per cent by 2023 before hiking it to 40 per cent, according to the person and the records that have been reviewed by Reuters.

Some taxi players, like Ola, have previously tried to operate electric cars in the country, but with little success given inadequate infrastructure and high costs.

New Delhi, however, is looking to push the new policy to boost the adoption of electric vehicles (EVs) as it tries to bring down its oil imports and curb pollution so it can meet its commitment as part of the 2015 Paris climate change treaty.

Niti Aayog, chaired by Prime Minister Narendra Modi and which plays a crucial role in policymaking, is working with several ministries on the new policy.

China, home to the world's top auto market, is already leading the world in electrification by setting tough EV sales targets for car makers and offering incentives to taxi operators to increase their fleet of clean-fuel cars.

EV sales in India grew three-fold to 3,600 in the year ended March but still account for about 0.1 per cent of the 3.3 million diesel and gasoline cars sold in the country over the period, industry data showed. China's electric car sales, meanwhile, rose 62 per cent in 2018 to 1.3 million vehicles.

In a meeting in New Delhi on May 28, Niti Aayog officials and the ministries of road transport, power, renewable energy and steel, as well as the departments of heavy industries and trade, were among those recommending taxi operators in India gradually convert to electric.

They also recommended that all new cars sold for commercial use should only be electric from April 2026, a change that would also apply to Uber and Ola, said the person who has direct knowledge of the matter but spoke on condition of anonymity.&nbsp;

Motorcycles and scooters sold for commercial purposes, like food delivery or for use by e-commerce companies, will also need to be electric from April 2023, the person added.

India has seen a boom in food delivery apps like Zomato and Swiggy, which counts Naspers and Tencent as investors. Sales by e-commerce firms like Amazon and Walmart-owned Flipkart are also rising.

Motorbikes too

The EV proposal comes weeks after the inter-ministerial committee recommended electrifying most motorbikes and scooters for private use and all three-wheeled autorickshaws within the next six to eight years.

While there are several electric scooter manufacturers in the country including Ather Energy, Hero Electric and Okinawa, there are only two car makers that build and sell electric cars - Mahindra &amp; Mahindra and Tata Motors.

Some taxi operators have so far had little success operating electric cars in India. Ola launched a pilot project in Nagpur in 2017 but a year later drivers, unhappy with long wait times at charging stations and high operating expenses, wanted to return to gasoline cars.

Ola, however, is not giving up yet.

Its Ola Electric Mobility unit in March that raised 4 billion rupees from investors including venture capital fund Tiger Global and Matrix Partners.

It also raised $300 million from Hyundai Motor and Kia Motors and formed a strategic partnership with the South Korean duo to help build India-specific EVs.

Modi's government in 2017 had set an ambitious target to electrify new cars and utility vehicles by 2030 but resistance from the industry forced it to scale back the plan.

India plans to order Uber and Ola to convert 40 per cent of their fleet of cars to electric by April 2026, according to a source and records of government meetings to discuss new rules for clean mobility.

India plans to order Uber and Ola to convert 40 per cent of their fleet of cars to electric by April 2026, according to a source and records of government meetings to discuss new rules for clean mobility. Uber and Ola, both backed by Softbank Group, would need to start converting their fleet as early as next year to achieve 2.5 per cent electrification by 2021, 5 per cent by 2022, 10per cent by 2023 before hiking it to 40 per cent, according to the person and the records that have been reviewed by Reuters. Some taxi players, like Ola, have previously tried to operate electric cars in the country, but with little success given inadequate infrastructure and high costs. New Delhi, however, is looking to push the new policy to boost the adoption of electric vehicles (EVs) as it tries to bring down its oil imports and curb pollution so it can meet its commitment as part of the 2015 Paris climate change treaty. Niti Aayog, chaired by Prime Minister Narendra Modi and which plays a crucial role in policymaking, is working with several ministries on the new policy. China, home to the world's top auto market, is already leading the world in electrification by setting tough EV sales targets for car makers and offering incentives to taxi operators to increase their fleet of clean-fuel cars. EV sales in India grew three-fold to 3,600 in the year ended March but still account for about 0.1 per cent of the 3.3 million diesel and gasoline cars sold in the country over the period, industry data showed. China's electric car sales, meanwhile, rose 62 per cent in 2018 to 1.3 million vehicles. In a meeting in New Delhi on May 28, Niti Aayog officials and the ministries of road transport, power, renewable energy and steel, as well as the departments of heavy industries and trade, were among those recommending taxi operators in India gradually convert to electric. They also recommended that all new cars sold for commercial use should only be electric from April 2026, a change that would also apply to Uber and Ola, said the person who has direct knowledge of the matter but spoke on condition of anonymity. Motorcycles and scooters sold for commercial purposes, like food delivery or for use by e-commerce companies, will also need to be electric from April 2023, the person added. India has seen a boom in food delivery apps like Zomato and Swiggy, which counts Naspers and Tencent as investors. Sales by e-commerce firms like Amazon and Walmart-owned Flipkart are also rising. Motorbikes too The EV proposal comes weeks after the inter-ministerial committee recommended electrifying most motorbikes and scooters for private use and all three-wheeled autorickshaws within the next six to eight years. While there are several electric scooter manufacturers in the country including Ather Energy, Hero Electric and Okinawa, there are only two car makers that build and sell electric cars - Mahindra & Mahindra and Tata Motors. Some taxi operators have so far had little success operating electric cars in India. Ola launched a pilot project in Nagpur in 2017 but a year later drivers, unhappy with long wait times at charging stations and high operating expenses, wanted to return to gasoline cars. Ola, however, is not giving up yet. Its Ola Electric Mobility unit in March that raised 4 billion rupees from investors including venture capital fund Tiger Global and Matrix Partners. It also raised $300 million from Hyundai Motor and Kia Motors and formed a strategic partnership with the South Korean duo to help build India-specific EVs. Modi's government in 2017 had set an ambitious target to electrify new cars and utility vehicles by 2030 but resistance from the industry forced it to scale back the plan.

India to order Uber, Ola to go electric by April 2026: Report

IT czar Azim Premji will retire as executive chairman of Wipro with effect from July 30, but will continue to serve on the board as a non-executive director and founder chairman, the company said in a statement.

His son Rishad Premji, chief strategy officer and a board member, will take over as the executive chairman of the company.

"Azim Premji, one of the pioneers of the Indian technology industry and founder of Wipro Limited, will retire as executive chairman upon the completion of his current term on July 30, 2019, after having led the company for 53 years. However, he will continue to serve on the board as a non-executive director and founder chairman," Wipro said in a statement announcing the top deck changes.

The board has also announced that chief executive and executive director Abidali Z Neemuchwala will be re-designated as CEO and managing director.&nbsp;

"These changes will be effective July 31, 2019, subject to shareholder approval," the company added.

IT czar Azim Premji will retire as executive chairman of Wipro with effect from July 30, but will continue to serve on the board as a non-executive director and founder chairman, the company said in a statement.

IT czar Azim Premji will retire as executive chairman of Wipro with effect from July 30, but will continue to serve on the board as a non-executive director and founder chairman, the company said in a statement. His son Rishad Premji, chief strategy officer and a board member, will take over as the executive chairman of the company. "Azim Premji, one of the pioneers of the Indian technology industry and founder of Wipro Limited, will retire as executive chairman upon the completion of his current term on July 30, 2019, after having led the company for 53 years. However, he will continue to serve on the board as a non-executive director and founder chairman," Wipro said in a statement announcing the top deck changes. The board has also announced that chief executive and executive director Abidali Z Neemuchwala will be re-designated as CEO and managing director. "These changes will be effective July 31, 2019, subject to shareholder approval," the company added.

Azim Premji to retire as executive chairman of Wipro; son Rishad to take over

The BSE benchmark <a href="https://www.wionews.com/business-economy/sensex-tanks-over-500-points-after-rbi-policy-outcome-financial-stocks-drag-224917">Sensex</a> plunged 554 points Thursday, dragged down by losses in banking, energy and capital goods stocks even as the RBI cut the policy rate to shore up growth.

Slashing benchmark lending rate for the third time this year, the central bank cut the repo rate by 0.25 per cent and changed its monetary policy stance from 'neutral' to 'accommodative'.

The RBI, however, lowered the economic growth forecast for the current fiscal to 7 per cent due to slow down in domestic activities and escalation in a global trade war. Following the announcement, the 30-share index cracked 553.82 points, or 1.38 per cent, to settle at 39,529.72. The bourse hit an intra-day low of 39,481.15 and a high of 40,159.26.

In similar movement, the NSE Nifty plunged 177.90 points, or 1.48 per cent, to end at 11,843.75. During the day, it hit a low of 11,830.25 and high of 12,039.80. Top losers in the Sensex pack included IndusInd Bank, Yes Bank, SBI, L&amp;T, Tata Steel, M&amp;M, Bajaj Finance, Vedanta, Tata Motors and RIL, tumbling up to 6.97 per cent.

Bucking the negative market trend, Coal India, PowerGrid, NTPC, HUL, Hero MotoCorp, Asian Paints and Infosys gained up to 1.92 per cent.

"The rate cut could not infuse positivity, and the decline steepened as focus shifted from policy rates to new emerging short-term tight liquidity situation due to issues like IL&amp;FS, DHFL and its impending impact on other financial institutions if any," said Narendra Solanki, Head-Fundamental Research (Investment Services) - AVP Equity Research, Anand Rathi Shares &amp; Stock Brokers.

Lowered GDP forecast for the current year and failure to get any cue from RBI on the liquidity front except general assurance of addressing the situation added to the selling pressure later in the day, he added. The Indian rupee fell marginally to 69.28 against the US dollar.

Meanwhile, other Asian bourses ended on a mixed note, while Europe was trading in the green in opening deals. 
Brent crude futures, the global oil benchmark, fell 0.76 per cent to 61.09 per barrel.&nbsp;

The BSE benchmark Sensex plunged 554 points Thursday, dragged down by losses in banking, energy and capital goods stocks even as the RBI cut the policy rate to shore up growth.

The BSE benchmark Sensex plunged 554 points Thursday, dragged down by losses in banking, energy and capital goods stocks even as the RBI cut the policy rate to shore up growth. Slashing benchmark lending rate for the third time this year, the central bank cut the repo rate by 0.25 per cent and changed its monetary policy stance from 'neutral' to 'accommodative'. The RBI, however, lowered the economic growth forecast for the current fiscal to 7 per cent due to slow down in domestic activities and escalation in a global trade war. Following the announcement, the 30-share index cracked 553.82 points, or 1.38 per cent, to settle at 39,529.72. The bourse hit an intra-day low of 39,481.15 and a high of 40,159.26. In similar movement, the NSE Nifty plunged 177.90 points, or 1.48 per cent, to end at 11,843.75. During the day, it hit a low of 11,830.25 and high of 12,039.80. Top losers in the Sensex pack included IndusInd Bank, Yes Bank, SBI, L&T, Tata Steel, M&M, Bajaj Finance, Vedanta, Tata Motors and RIL, tumbling up to 6.97 per cent. Bucking the negative market trend, Coal India, PowerGrid, NTPC, HUL, Hero MotoCorp, Asian Paints and Infosys gained up to 1.92 per cent. "The rate cut could not infuse positivity, and the decline steepened as focus shifted from policy rates to new emerging short-term tight liquidity situation due to issues like IL&FS, DHFL and its impending impact on other financial institutions if any," said Narendra Solanki, Head-Fundamental Research (Investment Services) - AVP Equity Research, Anand Rathi Shares & Stock Brokers. Lowered GDP forecast for the current year and failure to get any cue from RBI on the liquidity front except general assurance of addressing the situation added to the selling pressure later in the day, he added. The Indian rupee fell marginally to 69.28 against the US dollar. Meanwhile, other Asian bourses ended on a mixed note, while Europe was trading in the green in opening deals. Brent crude futures, the global oil benchmark, fell 0.76 per cent to 61.09 per barrel.

Sensex dives 554 points despite RBI rate cut; financial stocks crack