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The benchmark BSE Sensex rallied over 200 points in early trade Monday driven by gains in financial stocks ahead of the Reserve Bank's bi-monthly policy review.

The 30-share index was trading 203.82 points, or 0.51 per cent, higher at 39,918.02. Similarly, the broader NSE Nifty spurted 48.35 points, or 0.41 per cent, to 11,971.15.

In the previous session on Friday, the Sensex settled 117.77 points, or 0.30 per cent, lower at 39,714.20, and the Nifty settled lower by 23.10 points, or 0.19 per cent, at 11,922.80.

Top Sensex gainers in early session Monday include Hero MotoCorp, Asian Paints, Bajaj Auto, HUL, HDFC twins, PowerGrid, TCS and Bajaj Finance, rising up to 3 per cent.

While, ONGC, Yes Bank, Tata Motors, SBI, M&amp;M and RIL fell up to 1.77 per cent.

The Reserve Bank of India's Monetary Policy Committee (MPC) is slated to announce its bi-monthly policy Thursday. The central bank had cut the short-term lending rate (repo rate) by 25 basis points each in its last two policy reviews.

The MPC headed by RBI Governor Shaktikanta Das will meet for three days beginning June 3 to firm up the second bi-monthly monetary policy of the fiscal.

According to experts, the Reserve Bank may go for another round of rate cut, third in a row, on Thursday to prop up the economic growth which dropped to a five-year low in the final quarter of 2018-19.

Meanwhile, foreign institutional investors bought equity worth Rs 676.15 crore on Friday, and domestic institutional investors purchased shares to the tune of Rs 394.09 crore, provisional data available with stock exchanges showed.

Elsewhere in Asia, bourses in China, Japan and Korea were trading on a weak note in their respective early sessions.

On the currency front, the rupee also appreciated 24 paise to 69.45 against the US dollar.

Brent crude futures, the global oil benchmark, were trading 1.13 per cent lower at 61.29 per barrel.&nbsp;

The benchmark BSE Sensex rallied over 200 points in early trade Monday driven by gains in financial stocks ahead of the Reserve Bank's bi-monthly policy review. The 30-share index was trading 203.

The benchmark BSE Sensex rallied over 200 points in early trade Monday driven by gains in financial stocks ahead of the Reserve Bank's bi-monthly policy review. The 30-share index was trading 203.82 points, or 0.51 per cent, higher at 39,918.02. Similarly, the broader NSE Nifty spurted 48.35 points, or 0.41 per cent, to 11,971.15. In the previous session on Friday, the Sensex settled 117.77 points, or 0.30 per cent, lower at 39,714.20, and the Nifty settled lower by 23.10 points, or 0.19 per cent, at 11,922.80. Top Sensex gainers in early session Monday include Hero MotoCorp, Asian Paints, Bajaj Auto, HUL, HDFC twins, PowerGrid, TCS and Bajaj Finance, rising up to 3 per cent. While, ONGC, Yes Bank, Tata Motors, SBI, M&M and RIL fell up to 1.77 per cent. The Reserve Bank of India's Monetary Policy Committee (MPC) is slated to announce its bi-monthly policy Thursday. The central bank had cut the short-term lending rate (repo rate) by 25 basis points each in its last two policy reviews. The MPC headed by RBI Governor Shaktikanta Das will meet for three days beginning June 3 to firm up the second bi-monthly monetary policy of the fiscal. According to experts, the Reserve Bank may go for another round of rate cut, third in a row, on Thursday to prop up the economic growth which dropped to a five-year low in the final quarter of 2018-19. Meanwhile, foreign institutional investors bought equity worth Rs 676.15 crore on Friday, and domestic institutional investors purchased shares to the tune of Rs 394.09 crore, provisional data available with stock exchanges showed. Elsewhere in Asia, bourses in China, Japan and Korea were trading on a weak note in their respective early sessions. On the currency front, the rupee also appreciated 24 paise to 69.45 against the US dollar. Brent crude futures, the global oil benchmark, were trading 1.13 per cent lower at 61.29 per barrel.

Sensex jumps over 200 points ahead of RBI policy meet

Asian markets largely tumbled on Monday, tracking global losses as Wall Street clocked its worst month this year, with investors opting for safe-haven assets in the wake of intensifying trade tensions.

US President Donald Trump's abrupt threat last week to hit Mexico with tariffs over immigration concerns did little to reassure investors, who were already anxious about the increasingly fractious US-China trade war.

The tariffs, which are set to kick off on June 10, will begin at five per cent and rise up to 25 per cent, unless Mexico substantially reduces the flow of illegal immigration to the United States, Trump warned.

"People have been saying for years that we should talk to Mexico. The problem is that Mexico is an 'abuser' of the United States, taking but never giving," the US leader tweeted Sunday.

He followed up the threats against Mexico with an announcement that Washington would no longer offer preferential trade treatment to India, starting Wednesday, in a bid to pressure New Delhi to increase market access to US goods.

Coming on the back of a months-long trade spat with China, Trump's latest salvos rattled markets, prompting a flight from equities to safe-haven investments.

That saw the yen strengthen which in turn weighed on Japanese shares, with Tokyo's main index plummeting 1.2 per cent.&nbsp;

Hong Kong fell 0.5 per cent, while Shanghai dropped 0.6 per cent. Sydney lost 0.9 per cent while Singapore edged down 0.2 per cent. But Seoul eked out gains of 0.6 per cent.

Beijing's imposition of duties on $60 billion worth of US goods came into effect Saturday -&nbsp;the move, which emerged in retaliation for Washington raising its penalties on $200 billion in Chinese goods, is the latest round in a bruising battle between the two superpowers.

Referring to "the never-ending game of tariff tag", OANDA senior market analyst Edward Moya said there were fears "we could see a global recession by the middle of next year if the US imposes additional tariffs on China and Mexico".

"The threats to global growth seem to be here to stay as markets appear convinced the new normal will be constant trade negotiations around the world."

"Instead of focusing on one trade deal at a time, the US has overplayed its dominant hand and appears vulnerable to only finalising temporary solutions," he said.&nbsp;

Since Trump fired the first shot, China and the US have deployed tit-for-tat tariffs on two-way trade worth hundreds of billions of dollars.

As talks have stalled, the dispute has spread beyond trade, with the US blacklisting Chinese tech giant Huawei over national security concerns, and Beijing threatening to unveil its own list of "unreliable" foreign companies.

In a sign of its unwillingness to cede too much ground, Chinese defence minister General Wei Fenghe said Sunday that "if the US wants to talk, we will keep the door open. If they want to fight, we are ready".

There are hopes that Trump and Chinese President Xi Jinping will meet at the G20 summit this month to jumpstart negotiations.

The row has seen oil markets plunge due to its effect on demand, cancelling the positive impact of the OPEC+ production cuts.

"The month of May was a disaster for crude prices -&nbsp;the worst May performance in seven years -&nbsp;as the escalation of the global trade war saw the global growth outlook crumble," said OANDA analyst Moya.

"Crude will need to rely on some positive outcomes on the trade front for prices to begin stabilising", he added.

Asian markets largely tumbled on Monday, tracking global losses as Wall Street clocked its worst month this year, with investors opting for safe-haven assets in the wake of intensifying trade tensions.

Asian markets largely tumbled on Monday, tracking global losses as Wall Street clocked its worst month this year, with investors opting for safe-haven assets in the wake of intensifying trade tensions. US President Donald Trump's abrupt threat last week to hit Mexico with tariffs over immigration concerns did little to reassure investors, who were already anxious about the increasingly fractious US-China trade war. The tariffs, which are set to kick off on June 10, will begin at five per cent and rise up to 25 per cent, unless Mexico substantially reduces the flow of illegal immigration to the United States, Trump warned. "People have been saying for years that we should talk to Mexico. The problem is that Mexico is an 'abuser' of the United States, taking but never giving," the US leader tweeted Sunday. He followed up the threats against Mexico with an announcement that Washington would no longer offer preferential trade treatment to India, starting Wednesday, in a bid to pressure New Delhi to increase market access to US goods. Coming on the back of a months-long trade spat with China, Trump's latest salvos rattled markets, prompting a flight from equities to safe-haven investments. That saw the yen strengthen which in turn weighed on Japanese shares, with Tokyo's main index plummeting 1.2 per cent. Hong Kong fell 0.5 per cent, while Shanghai dropped 0.6 per cent. Sydney lost 0.9 per cent while Singapore edged down 0.2 per cent. But Seoul eked out gains of 0.6 per cent. Beijing's imposition of duties on $60 billion worth of US goods came into effect Saturday - the move, which emerged in retaliation for Washington raising its penalties on $200 billion in Chinese goods, is the latest round in a bruising battle between the two superpowers. Referring to "the never-ending game of tariff tag", OANDA senior market analyst Edward Moya said there were fears "we could see a global recession by the middle of next year if the US imposes additional tariffs on China and Mexico". "The threats to global growth seem to be here to stay as markets appear convinced the new normal will be constant trade negotiations around the world." "Instead of focusing on one trade deal at a time, the US has overplayed its dominant hand and appears vulnerable to only finalising temporary solutions," he said. Since Trump fired the first shot, China and the US have deployed tit-for-tat tariffs on two-way trade worth hundreds of billions of dollars. As talks have stalled, the dispute has spread beyond trade, with the US blacklisting Chinese tech giant Huawei over national security concerns, and Beijing threatening to unveil its own list of "unreliable" foreign companies. In a sign of its unwillingness to cede too much ground, Chinese defence minister General Wei Fenghe said Sunday that "if the US wants to talk, we will keep the door open. If they want to fight, we are ready". There are hopes that Trump and Chinese President Xi Jinping will meet at the G20 summit this month to jumpstart negotiations. The row has seen oil markets plunge due to its effect on demand, cancelling the positive impact of the OPEC+ production cuts. "The month of May was a disaster for crude prices - the worst May performance in seven years - as the escalation of the global trade war saw the global growth outlook crumble," said OANDA analyst Moya. "Crude will need to rely on some positive outcomes on the trade front for prices to begin stabilising", he added.

Asian markets tumble over intensifying US-China trade tensions

Coca-Cola's leading bottler Coca Cola HBC AG said on Monday it expects annual revenue growth over the next six years at around 6 per cent, while pointing to margin growth below estimates for the fiscal year 2020.

The company, which sells Coca-Cola drinks in 28 countries, said it expects comparable earnings before income tax (EBIT) margin of 11% by 2020, below analysts' average estimate of 11.2%, according to company-compiled consensus.

Coca Cola HBC forecast comparable EBIT margin to rise by 20-40 basis points on an average beyond fiscal year 2020.

The company said its average annual revenue growth rate up to 2025 is expected to be in the range of 5%-6% on a currency-neutral basis.

The forecast comes ahead of an investor event in London later on Monday where the company will present its strategy to investors and analysts.

The FTSE-100 company's shares were down 1.1% at 1143 GMT.

Coca-Cola's leading bottler Coca Cola HBC AG said on Monday it expects annual revenue growth over the next six years at around 6 per cent, while pointing to margin growth below estimates for the fiscal year 2020.

Coca-Cola's leading bottler Coca Cola HBC AG said on Monday it expects annual revenue growth over the next six years at around 6 per cent, while pointing to margin growth below estimates for the fiscal year 2020. The company, which sells Coca-Cola drinks in 28 countries, said it expects comparable earnings before income tax (EBIT) margin of 11% by 2020, below analysts' average estimate of 11.2%, according to company-compiled consensus. Coca Cola HBC forecast comparable EBIT margin to rise by 20-40 basis points on an average beyond fiscal year 2020. The company said its average annual revenue growth rate up to 2025 is expected to be in the range of 5%-6% on a currency-neutral basis. The forecast comes ahead of an investor event in London later on Monday where the company will present its strategy to investors and analysts. The FTSE-100 company's shares were down 1.1% at 1143 GMT.

Coca Cola HBC targets up to 6% annual revenue growth for next six years

Sensex closed above 40,000 for the first time today, while the Nifty ended the day at record high of 12,103. Sensex closed 553 points higher at 40,267 level. Nifty50 has made an intraday high as well as new high of 12,103 after crossing the earlier high of 12,041.5, whereas Sensex hit all time high of 40,308.

Sensex closes above 40,000 for first time, Nifty too ends at record closing high

The key Indian equity indices created new benchmarks on Monday with the Sensex hitting a record high level of 40,283.54 points.

The Nifty50 on the National Stock Exchange touched its fresh all-time high of 12,081.85 points.

Both the broader NSE Nifty and the benchmark BSE Sensex gained 1.39% each, settling above the 12,000 and 40,000 levels, respectively, for the first time ever.

Hero MotoCorp Ltd advanced about 6% and was the top gainer on both the indexes. The Nifty Auto index rose over 2%.

Top Sensex gainers include Hero MotoCorp, Bajaj Auto, Asian Paints, IndusInd Bank, HUL, Maruti, Coal India, HDFC twins, RIL and TCS, rallying up to 5 per cent.

While, ITC, L&amp;T and NTPC slipped up to 0.29 per cent.

According to traders, investors are lapping up stocks amid expectations of an interest rate cut by Reserve Bank of India (RBI) this week.

The RBI may go for another round of rate cut, third in a row, on Thursday to prop up the economic growth which dropped to a five-year low in the final quarter of 2018-19, experts said.

The RBI's Monetary Policy Committee (MPC) is slated to announce its bi-monthly policy Thursday. The central bank had cut the short-term lending rate (repo rate) by 25 basis points each in its last two policy reviews. 
The MPC headed by RBI Governor Shaktikanta Das will meet for three days beginning June 3 to firm up the second bi-monthly monetary policy of the fiscal.

Meanwhile, foreign institutional investors bought equity worth Rs 676.15 crore on Friday, and domestic institutional investors purchased shares to the tune of Rs 394.09 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.

On the currency front, the rupee also appreciated 43 paise to 69.26 against the US dollar.

Brent crude futures, the global oil benchmark, were trading 0.31 per cent lower at 61.83 per barrel.

(With inputs from agencies)

The key Indian equity indices created new benchmarks on Monday with the Sensex hitting a record high level of 40,283.54 points. The Nifty50 on the National Stock Exchange touched its fresh all-time high of 12,081.

The key Indian equity indices created new benchmarks on Monday with the Sensex hitting a record high level of 40,283.54 points. The Nifty50 on the National Stock Exchange touched its fresh all-time high of 12,081.85 points. Both the broader NSE Nifty and the benchmark BSE Sensex gained 1.39% each, settling above the 12,000 and 40,000 levels, respectively, for the first time ever. Hero MotoCorp Ltd advanced about 6% and was the top gainer on both the indexes. The Nifty Auto index rose over 2%. Top Sensex gainers include Hero MotoCorp, Bajaj Auto, Asian Paints, IndusInd Bank, HUL, Maruti, Coal India, HDFC twins, RIL and TCS, rallying up to 5 per cent. While, ITC, L&T and NTPC slipped up to 0.29 per cent. According to traders, investors are lapping up stocks amid expectations of an interest rate cut by Reserve Bank of India (RBI) this week. The RBI may go for another round of rate cut, third in a row, on Thursday to prop up the economic growth which dropped to a five-year low in the final quarter of 2018-19, experts said. The RBI's Monetary Policy Committee (MPC) is slated to announce its bi-monthly policy Thursday. The central bank had cut the short-term lending rate (repo rate) by 25 basis points each in its last two policy reviews. The MPC headed by RBI Governor Shaktikanta Das will meet for three days beginning June 3 to firm up the second bi-monthly monetary policy of the fiscal. Meanwhile, foreign institutional investors bought equity worth Rs 676.15 crore on Friday, and domestic institutional investors purchased shares to the tune of Rs 394.09 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. On the currency front, the rupee also appreciated 43 paise to 69.26 against the US dollar. Brent crude futures, the global oil benchmark, were trading 0.31 per cent lower at 61.83 per barrel. (With inputs from agencies)

Stock markets close at record high: Sensex surges 553 points, Nifty ends above 12,000 for first time

<a href="https://www.wionews.com/business-economy/indigo-shares-rise-3-per-cent-post-q4-results-222209">India's biggest airline, IndiGo</a>, is close to a decision on engines that could mark a dramatic shift away from Pratt &amp; Whitney towards its French-American rival CFM but a final decision is only expected later in June, according to three people aware of the matter.

IndiGo has an order book of 430 Airbus planes of the A320neo family, of which the first 150 aircraft were to be powered by engines from United Technologies Corp's Pratt &amp; Whitney.

The Indian airline is now running a bidding process in which Pratt and CFM, jointly owned by General Electric and Safran, are competing to provide engines for the remaining 280 planes, two of the people said.

"The competition is going on ... nothing has been finalised yet. The anticipation is to get it done by the Paris air show but these things tend to go down to the wire," said one of the people, adding that Pratt will not let go easily and CFM is pushing very hard to woo the airline.

The air show is from June 17-23.

IndiGo declined to comment. Pratt did not respond to an email seeking comment.

A CFM spokeswoman said it would not comment on potential engine orders, but added that India is an important market.

Although the Pratt engines fitted on the A320neo aircraft are more fuel-efficient than its rivals, there have consistently been issues with them since they entered into service in 2016, forcing IndiGo to ground its planes several times.

While Pratt has found a fix for some of the problems and some others are expected to be fixed later this year, the snags are causing "a brand and reputational issue for the airline", said another of the sources.

"With IndiGo now having ambitions to fly to Europe and expand overseas that becomes a bigger consideration, and it's not all about the edge on fuel," said this source. 
&nbsp;

India's biggest airline, IndiGo, is close to a decision on engines that could mark a dramatic shift away from Pratt & Whitney towards its French-American rival CFM but a final decision is only expected later in June, according to three people aware of the matter.

India's biggest airline, IndiGo, is close to a decision on engines that could mark a dramatic shift away from Pratt & Whitney towards its French-American rival CFM but a final decision is only expected later in June, according to three people aware of the matter. IndiGo has an order book of 430 Airbus planes of the A320neo family, of which the first 150 aircraft were to be powered by engines from United Technologies Corp's Pratt & Whitney. The Indian airline is now running a bidding process in which Pratt and CFM, jointly owned by General Electric and Safran, are competing to provide engines for the remaining 280 planes, two of the people said. "The competition is going on ... nothing has been finalised yet. The anticipation is to get it done by the Paris air show but these things tend to go down to the wire," said one of the people, adding that Pratt will not let go easily and CFM is pushing very hard to woo the airline. The air show is from June 17-23. IndiGo declined to comment. Pratt did not respond to an email seeking comment. A CFM spokeswoman said it would not comment on potential engine orders, but added that India is an important market. Although the Pratt engines fitted on the A320neo aircraft are more fuel-efficient than its rivals, there have consistently been issues with them since they entered into service in 2016, forcing IndiGo to ground its planes several times. While Pratt has found a fix for some of the problems and some others are expected to be fixed later this year, the snags are causing "a brand and reputational issue for the airline", said another of the sources. "With IndiGo now having ambitions to fly to Europe and expand overseas that becomes a bigger consideration, and it's not all about the edge on fuel," said this source.

IndiGo close to new engine deal, may drop Pratt for CFM

Gross revenue on account of Goods and Services Tax (GST) in May totalled Rs 100,289 crore, up by 6.67 per cent from Rs 94,016 crore in the corresponding period of last year, the government said on Saturday.

The revenue in May 2019 is 2.21 per cent higher than the monthly average of GST revenue in fiscal 2018-19, which is Rs 98,114 crore.

Of this, Central GST in May 2019 was Rs 17,811 crore, States GST Rs 24,462 crore and Integrated GST Rs 49,891 crore (including Rs 24,875 crore collected on imports) and cess is Rs 8,125 crore (including Rs 953 crore collected on imports).

The government settled Rs 18,098 crore to CGST and Rs 14,438 crore to SGST from IGST as regular settlement.

The total revenue earned by the Centre and state governments after regular settlement in May 2019 works out to Rs 35,909 crore for CGST and Rs 38,900 crore for the SGST.

The total number of GSTR 3B returns filed for April up to May 31 is 72.45 lakh, according to an official statement.

An amount of Rs 18,934 crore has been released to the states as GST compensation for February and March.

Gross revenue on account of Goods and Services Tax (GST) in May totalled Rs 100,289 crore, up by 6.67 per cent from Rs 94,016 crore in the corresponding period of last year, the government said on Saturday.

Gross revenue on account of Goods and Services Tax (GST) in May totalled Rs 100,289 crore, up by 6.67 per cent from Rs 94,016 crore in the corresponding period of last year, the government said on Saturday. The revenue in May 2019 is 2.21 per cent higher than the monthly average of GST revenue in fiscal 2018-19, which is Rs 98,114 crore. Of this, Central GST in May 2019 was Rs 17,811 crore, States GST Rs 24,462 crore and Integrated GST Rs 49,891 crore (including Rs 24,875 crore collected on imports) and cess is Rs 8,125 crore (including Rs 953 crore collected on imports). The government settled Rs 18,098 crore to CGST and Rs 14,438 crore to SGST from IGST as regular settlement. The total revenue earned by the Centre and state governments after regular settlement in May 2019 works out to Rs 35,909 crore for CGST and Rs 38,900 crore for the SGST. The total number of GSTR 3B returns filed for April up to May 31 is 72.45 lakh, according to an official statement. An amount of Rs 18,934 crore has been released to the states as GST compensation for February and March.

GST revenue collections cross Rs 1 lakh crore in May

India has reacted to the US withdrawing <a href="https://www.wionews.com/business-economy/i-intend-to-end-indias-preferential-trade-treatment-under-gsp-program-trump-201179">Generalised System of Preference</a> (GSP) which is a trade preference programme for developing countries saying its "unfortunate" that Washington did not accept New Delhi's offer for the resolution and it can't offer something that hurts national interest.&nbsp;

The United States would end its preferential <a href="https://www.wionews.com/india-news/suspension-of-preferential-trade-status-for-india-under-gsp-is-done-deal-us-222997">trade treatment for India on June 5</a>.

A release by commerce ministry said, &nbsp;"India as part of our bilateral trade discussions, had offered resolution on significant US requests in an effort to find a mutually acceptable way forward. It is unfortunate that this did not find acceptance by the US."

India had offered a package to US, both before and after White House announced its decision on discontining of GSP status. &nbsp;

Trump administration withdrew the GSP for India, which allows duty-free entry for products from designated developing countries since, according to white house proclamation, "India has not assured the US that it will provide equitable and reasonable access to its markets."

New Delhi, reacting on this said, "India...shall always uphold its national interest in these matters." Adding, it has "significant development imperatives and concerns and our people also aspire for better standards of living. This will remain the guiding factor in the government’s approach."

Watch: Donald Trump to end preferential trade treatment for India on June 5

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But was hopeful, and said, we "will continue to build on our strong ties with the US, both economic and people-to-people."

On 4th March, White House had announced that it plans to terminate India's status under the GSP and had given a 60-day notice period till 3rd of May. India was the largest beneficiary of GSP in 2017 and was able to export $5.7 billion Indian goods to US duty-free. India’s exports to the US during 2018 were $ 51.4 billion

According to export body FIEO (Federation of Indian Export Organisations), the impact of the withdrawal will be minimum but some products may face the heat.

President of FIEO, Ganesh Kumar Gupta said, "Out of $ 6.35 billion value of exports from India to the US under the GSP scheme, net benefit to the tune of only $ 260 million were accrued by the Indian exporters and thus at macro level the impact of GSP withdrawal on our exports to US would be minimal."

But products getting GSP benefits of 3 per cent or more may find it difficult to absorb the loss.&nbsp;

Most impacted sectors would be Leather Articles (footwear not included) with average GSP benefit of 6.1%, Pharmaceuticals &amp; Surgical with average GSP benefit 5.9% &amp; Chemical &amp; Plastics with average GSP benefit of 4.8%.

India has reacted to the US withdrawing Generalised System of Preference (GSP) which is a trade preference programme for developing countries saying its "unfortunate" that Washington did not accept New Delhi's offer for the resolution and it can't offer something that hurts national interest.

India has reacted to the US withdrawing Generalised System of Preference (GSP) which is a trade preference programme for developing countries saying its "unfortunate" that Washington did not accept New Delhi's offer for the resolution and it can't offer something that hurts national interest. The United States would end its preferential trade treatment for India on June 5. A release by commerce ministry said, "India as part of our bilateral trade discussions, had offered resolution on significant US requests in an effort to find a mutually acceptable way forward. It is unfortunate that this did not find acceptance by the US." India had offered a package to US, both before and after White House announced its decision on discontining of GSP status. Trump administration withdrew the GSP for India, which allows duty-free entry for products from designated developing countries since, according to white house proclamation, "India has not assured the US that it will provide equitable and reasonable access to its markets." New Delhi, reacting on this said, "India...shall always uphold its national interest in these matters." Adding, it has "significant development imperatives and concerns and our people also aspire for better standards of living. This will remain the guiding factor in the government’s approach." Watch: Donald Trump to end preferential trade treatment for India on June 5 × But was hopeful, and said, we "will continue to build on our strong ties with the US, both economic and people-to-people." On 4th March, White House had announced that it plans to terminate India's status under the GSP and had given a 60-day notice period till 3rd of May. India was the largest beneficiary of GSP in 2017 and was able to export $5.7 billion Indian goods to US duty-free. India’s exports to the US during 2018 were $ 51.4 billion According to export body FIEO (Federation of Indian Export Organisations), the impact of the withdrawal will be minimum but some products may face the heat. President of FIEO, Ganesh Kumar Gupta said, "Out of $ 6.35 billion value of exports from India to the US under the GSP scheme, net benefit to the tune of only $ 260 million were accrued by the Indian exporters and thus at macro level the impact of GSP withdrawal on our exports to US would be minimal." But products getting GSP benefits of 3 per cent or more may find it difficult to absorb the loss. Most impacted sectors would be Leather Articles (footwear not included) with average GSP benefit of 6.1%, Pharmaceuticals & Surgical with average GSP benefit 5.9% & Chemical & Plastics with average GSP benefit of 4.8%.

Unfortunate Washington didn't accept offer on GSP resolution, says India  

India's&nbsp;budget airline SpiceJet Ltd is examining the prospect of taking over widebody <a href="https://www.wionews.com/business-economy/indigo-forecasts-strong-year-as-jet-airways-collapse-boosts-profit-222065">jets </a>previously operated by Jet Airways Ltd, but initial studies show they need significant maintenance work, its chairman said on Saturday.

<a href="https://www.wionews.com/business-economy/spicejet-posts-22-jump-in-fourth-quarter-profit-sees-strong-year-ahead-222300">SpiceJet</a>, which operates narrowbody and turboprop planes, does not have firm plans to become a widebody operator with longer-range flights in the wake of Jet`s collapse in April, SpiceJet Chairman Ajay Singh said.

"Certainly a gap has been created and there seems to be an opportunity but it is also a business that we don`t know very much about. A higher risk business," he told Reuters on the sidelines of an airline industry conference in Seoul.&nbsp;

"We are exploring it. We'll see. If it looks like it is significantly profitable we can do it."

Leasing or buying widebody jets not previously operated by Jet are another possibility, he said.

SpiceJet took over the leases of 25 Boeing Co 737 jets previously operated by Jet in April and May.

The carrier plans to add another 35 planes throughout the financial year ending March 31, 2020, including some more ex-Jet aircraft on lease, some Q400 turboprops and "hopefully" 737 MAX jets after regulators approve the return to service of the grounded model, Singh said.

SpiceJet had a 13.1% share of India`s domestic market in April, according to government statistics, behind IndiGo's 49.9% and Air India`s 13.9%.

Singh said IndiGo's increasing dominance of the domestic market was becoming a cause for concern to the broader industry.

"I think the government will have to explore what possibilities exist" for remedies, he said. "We haven`t thought about it as yet. The government has just been elected and we are in the middle of a massive expansion ourselves." 
&nbsp;

India's budget airline SpiceJet Ltd is examining the prospect of taking over widebody jets previously operated by Jet Airways Ltd, but initial studies show they need significant maintenance work, its chairman said on Saturday.

India's budget airline SpiceJet Ltd is examining the prospect of taking over widebody jets previously operated by Jet Airways Ltd, but initial studies show they need significant maintenance work, its chairman said on Saturday. SpiceJet, which operates narrowbody and turboprop planes, does not have firm plans to become a widebody operator with longer-range flights in the wake of Jet`s collapse in April, SpiceJet Chairman Ajay Singh said. "Certainly a gap has been created and there seems to be an opportunity but it is also a business that we don`t know very much about. A higher risk business," he told Reuters on the sidelines of an airline industry conference in Seoul. "We are exploring it. We'll see. If it looks like it is significantly profitable we can do it." Leasing or buying widebody jets not previously operated by Jet are another possibility, he said. SpiceJet took over the leases of 25 Boeing Co 737 jets previously operated by Jet in April and May. The carrier plans to add another 35 planes throughout the financial year ending March 31, 2020, including some more ex-Jet aircraft on lease, some Q400 turboprops and "hopefully" 737 MAX jets after regulators approve the return to service of the grounded model, Singh said. SpiceJet had a 13.1% share of India`s domestic market in April, according to government statistics, behind IndiGo's 49.9% and Air India`s 13.9%. Singh said IndiGo's increasing dominance of the domestic market was becoming a cause for concern to the broader industry. "I think the government will have to explore what possibilities exist" for remedies, he said. "We haven`t thought about it as yet. The government has just been elected and we are in the middle of a massive expansion ourselves."

SpiceJet examines taking over widebody jets previously operated by Jet Airways

Shares in Asia's major automakers and their suppliers sank on Friday after US&nbsp;President <a href="https://www.wionews.com/world/trump-plans-5-tariff-on-mexican-imports-over-illegal-immigration-222998">Donald Trump threatened to slap tariffs on Mexican imports</a> next month, potentially affecting vehicles made in Mexico and sold north of the border.

Trump, incensed by a surge of illegal immigrants across the southern border, said late on Thursday a tariff of 5% would be imposed on all goods coming from Mexico, increasing gradually each month until reaching 25% on October 1, unless Mexico takes immediate action.

The move is likely to hit a broad range of industries, but the auto industry looks particularly vulnerable as many global carmakers manufacture vehicles in Mexico to take advantage of its cheap labour, trade deals and its proximity to the United States, the world's second-largest auto market.

"Margins are so thin in the US market right now that there's no way that any automaker is not going to pass on these tariffs to their customers," said Janet Lewis, an analyst at Macquarie Securities.

"The unknown factor is the impact on suppliers, as components can move back and forth between Mexico, the United States and Canada up to 20 times before they make their way into assembled cars."

General Motors Co is the biggest car producer and exporter in Mexico, and its global peers Ford Motor Co, Volkswagen AG and Fiat Chrysler Automobiles NV also have manufacturing presence there.

In Japan, shares in Toyota Motor Corp fell 2% while Nissan Motor Co and Honda Motor Co fell about 3%. Mazda Motor Co took a bigger hit, tumbling nearly 7%. All four automakers operate vehicle assembly plants in Mexico, producing roughly one-third of the vehicles made in the country.

In South Korea, Hyundai Motor Co and affiliate Kia Motors Corp fell 1.1% and 4.2% respectively. Hyundai Wia Corp, which supplies auto components to the duo, fell 5.2%.

"Although we have to wait and see whether the US tariffs plan will be really implemented, this is negatively affecting investor sentiment," said Chang Moon-Su, an analyst at Hyundai Motor Securities in Seoul.

Japan's top automakers and their suppliers, including Denso Corp and Aisin Seiko Co, for decades, have been building vehicles in Mexico not only for the domestic market but also to export to the United States, taking advantage of previous free-trade agreements between the two countries.

Among them, Nissan produces the most vehicles in Mexico, and its exports to the United States account for roughly one-quarter of the firm's total vehicle sales in the country, industry experts say. Its Sentra and Versa models are made in Mexico for the US market.

Smaller rival Mazda exports about 30% of its Mexico-produced cars to the United States, while the figure for Toyota, which has been expanding US&nbsp;production of pick-up trucks, and Honda is less than 10% each.

Japanese automakers together produced about 1.25 million vehicles in Mexico in 2018.

But production in Mexico is dwarfed by the number of cars Japanese automakers produce in the United States, their single largest market, where the top three manufacturers alone produce roughly 4 million vehicles each year.

Shares in Asia's major automakers and their suppliers sank on Friday after US President Donald Trump threatened to slap tariffs on Mexican imports next month, potentially affecting vehicles made in Mexico and sold north of the border.

Shares in Asia's major automakers and their suppliers sank on Friday after US President Donald Trump threatened to slap tariffs on Mexican imports next month, potentially affecting vehicles made in Mexico and sold north of the border. Trump, incensed by a surge of illegal immigrants across the southern border, said late on Thursday a tariff of 5% would be imposed on all goods coming from Mexico, increasing gradually each month until reaching 25% on October 1, unless Mexico takes immediate action. The move is likely to hit a broad range of industries, but the auto industry looks particularly vulnerable as many global carmakers manufacture vehicles in Mexico to take advantage of its cheap labour, trade deals and its proximity to the United States, the world's second-largest auto market. "Margins are so thin in the US market right now that there's no way that any automaker is not going to pass on these tariffs to their customers," said Janet Lewis, an analyst at Macquarie Securities. "The unknown factor is the impact on suppliers, as components can move back and forth between Mexico, the United States and Canada up to 20 times before they make their way into assembled cars." General Motors Co is the biggest car producer and exporter in Mexico, and its global peers Ford Motor Co, Volkswagen AG and Fiat Chrysler Automobiles NV also have manufacturing presence there. In Japan, shares in Toyota Motor Corp fell 2% while Nissan Motor Co and Honda Motor Co fell about 3%. Mazda Motor Co took a bigger hit, tumbling nearly 7%. All four automakers operate vehicle assembly plants in Mexico, producing roughly one-third of the vehicles made in the country. In South Korea, Hyundai Motor Co and affiliate Kia Motors Corp fell 1.1% and 4.2% respectively. Hyundai Wia Corp, which supplies auto components to the duo, fell 5.2%. "Although we have to wait and see whether the US tariffs plan will be really implemented, this is negatively affecting investor sentiment," said Chang Moon-Su, an analyst at Hyundai Motor Securities in Seoul. Japan's top automakers and their suppliers, including Denso Corp and Aisin Seiko Co, for decades, have been building vehicles in Mexico not only for the domestic market but also to export to the United States, taking advantage of previous free-trade agreements between the two countries. Among them, Nissan produces the most vehicles in Mexico, and its exports to the United States account for roughly one-quarter of the firm's total vehicle sales in the country, industry experts say. Its Sentra and Versa models are made in Mexico for the US market. Smaller rival Mazda exports about 30% of its Mexico-produced cars to the United States, while the figure for Toyota, which has been expanding US production of pick-up trucks, and Honda is less than 10% each. Japanese automakers together produced about 1.25 million vehicles in Mexico in 2018. But production in Mexico is dwarfed by the number of cars Japanese automakers produce in the United States, their single largest market, where the top three manufacturers alone produce roughly 4 million vehicles each year.

Asian automaker shares hit as Trump threatens Mexico with tariffs

Amazon.com Inc is interested in buying prepaid cellphone wireless service Boost Mobile from US carriers T-Mobile US Inc and Sprint Corp, two sources familiar with the matter said on Thursday.

Amazon is considering buying Boost - currently one of Sprint's prepaid brands - mainly because the deal would allow it to use the new T-Mobile's wireless network for at least six years, one of the sources said.

New T-Mobile is the name used by T-Mobile and Sprint to refer to the new entity that will result from their potential merger.&nbsp;Amazon would also be interested in any wireless spectrum that could be divested, the source said.

Amazon declined to comment. T-Mobile and Sprint did not immediately respond to requests for comment. It was not immediately clear why the largest US&nbsp;online retailer would want the wireless network and spectrum.

Amazon has already been building experience by offering phone calls through its Echo Connect product, which uses a person's home phone service and allows an Alexa-enabled voice-activated speaker to make phone calls.

Amazon, which started out selling books, has a long history of exploring new ventures, such as making original TV shows for Amazon Prime members. It is now one of the Big Four technology companies along with Alphabet Inc, Apple Inc and Facebook Inc, and is a leading cloud services provider.

T-Mobile and Sprint have already pledged to sell Boost as part of measures to reduce their market share in the prepaid wireless business and gain regulatory approval for their planned $26 billion mergers.

The US&nbsp;Justice Department would need to scrutinize the buyer of a divested asset to ensure it would stay viable and preserve competition.

The carriers are also considering divesting wireless spectrum, or airwaves that carry data, in order to push the merger through.

The merger, if approved, would leave the United States with three wireless carriers instead of four. Some consumer advocates have raised concerns that the merger could raise prices for wireless users and have called for an additional competitor.

The sale of Boost could fetch up to $3 billion, potential bidders previously told Reuters.

This month, analysts at Cowen estimated Boost has 7 million to 8 million customers and a transaction could be valued at $4.5 billion if the deal included wireless spectrum, or the airwaves that carry data, and facilities. Sprint has not disclosed the number of Boost customers.

Amazon.com Inc is interested in buying prepaid cellphone wireless service Boost Mobile from US carriers T-Mobile US Inc and Sprint Corp, two sources familiar with the matter said on Thursday.

Amazon.com Inc is interested in buying prepaid cellphone wireless service Boost Mobile from US carriers T-Mobile US Inc and Sprint Corp, two sources familiar with the matter said on Thursday. Amazon is considering buying Boost - currently one of Sprint's prepaid brands - mainly because the deal would allow it to use the new T-Mobile's wireless network for at least six years, one of the sources said. New T-Mobile is the name used by T-Mobile and Sprint to refer to the new entity that will result from their potential merger. Amazon would also be interested in any wireless spectrum that could be divested, the source said. Amazon declined to comment. T-Mobile and Sprint did not immediately respond to requests for comment. It was not immediately clear why the largest US online retailer would want the wireless network and spectrum. Amazon has already been building experience by offering phone calls through its Echo Connect product, which uses a person's home phone service and allows an Alexa-enabled voice-activated speaker to make phone calls. Amazon, which started out selling books, has a long history of exploring new ventures, such as making original TV shows for Amazon Prime members. It is now one of the Big Four technology companies along with Alphabet Inc, Apple Inc and Facebook Inc, and is a leading cloud services provider. T-Mobile and Sprint have already pledged to sell Boost as part of measures to reduce their market share in the prepaid wireless business and gain regulatory approval for their planned $26 billion mergers. The US Justice Department would need to scrutinize the buyer of a divested asset to ensure it would stay viable and preserve competition. The carriers are also considering divesting wireless spectrum, or airwaves that carry data, in order to push the merger through. The merger, if approved, would leave the United States with three wireless carriers instead of four. Some consumer advocates have raised concerns that the merger could raise prices for wireless users and have called for an additional competitor. The sale of Boost could fetch up to $3 billion, potential bidders previously told Reuters. This month, analysts at Cowen estimated Boost has 7 million to 8 million customers and a transaction could be valued at $4.5 billion if the deal included wireless spectrum, or the airwaves that carry data, and facilities. Sprint has not disclosed the number of Boost customers.

Amazon interested in buying Boost from T-Mobile, Sprint

In the first 100 days of Prime Minister Narendra Modi's second term, a slew of 'big-bang' economic reforms that should please foreign investors are likely to be pursued, according to a top official at the government's main think tank.

The reforms will include changes in labour laws, privatisation moves, and creation of land banks for new industrial development, said Rajiv Kumar, vice chairman of NITI Aayog (National Institute for Transforming India), who reports directly to Modi.

"They (foreign investors) will have reasons to be happy. You will see a slew of reforms I can assure you of that. We are going to pretty much hit the ground running," Kumar told Reuters in an interview.

Modi is chairman of the think tank.

Modi and his Bharatiya Janata Party (BJP) were last weeks declared landslide winners of India's general election with an increased majority in the Lok Sabha.

He was <a href="https://www.wionews.com/india-general-elections-2019/narendra-modi-takes-oath-as-prime-minister-for-second-time-222847">sworn into office for his second term</a> on Thursday night.

Kumar was speaking before Modi on Thursday announced members of his new cabinet, though he hasn't said who will get which portfolio.

Watch: PM Narendra Modi to meet BIMSTEC leaders

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Niti Aayog, which now acts as the main centre for policy making and for driving new ideas, was founded four years back when Modi scrapped the 65-year old planning commission, saying that India was stifled with Soviet-style bureaucracy.

Kumar said reforms in India's complicated labour laws will see the light of day as early as the next parliamentary session in July when the government will place a new bill before the lower house for approval.

It will aim to combine 44 central laws into four codes – wages, industrial relations, social security and welfare, and the fourth - occupational safety, health and working conditions.

This should help companies avoid getting embroiled in a series of complicated disputes with their workers and officials that involve regulations set by authorities at different levels of government and can lead to long, drawn-out adjudication in various parts of the legal system.

The government could also offer swathes of land to foreign investors from the land banks it plans to create from unutilised land controlled by public sector enterprises, Kumar said.

"What could be attempted is to build an inventory of government land that can then be offered to foreign investors," Kumar said.

The land parcels could be designed as clusters catering to a specific set of investors or industrial sectors, Kumar said.

Getting access to some of the large amounts of unutilised Indian government land would reduce major risks for foreign companies as there would be a lot less risk of legal challenges over ownership and development. A lot of the sites they have used in the past was previously farmland, opening them up to protests and court action by local communities over land rights, the environment and other issues.

Kumar said the government will focus on fully privatising or closing more than 42 state-controlled companies in the coming months. The government is even mulling lifting the foreign direct investment cap on Air India, the loss-making state-owned flagship carrier, to make it easier to sell.

Kumar also said that it could create an autonomous holding company that would control all state-owned firms and wouldn't be answerable to lots of different ministries. This would speed up decision making for asset sales, avoiding much of the central government's bureaucracy.

In the first 100 days of Prime Minister Narendra Modi's second term, a slew of 'big-bang' economic reforms that should please foreign investors are likely to be pursued, according to a top official at the government's main think tank.

In the first 100 days of Prime Minister Narendra Modi's second term, a slew of 'big-bang' economic reforms that should please foreign investors are likely to be pursued, according to a top official at the government's main think tank. The reforms will include changes in labour laws, privatisation moves, and creation of land banks for new industrial development, said Rajiv Kumar, vice chairman of NITI Aayog (National Institute for Transforming India), who reports directly to Modi. "They (foreign investors) will have reasons to be happy. You will see a slew of reforms I can assure you of that. We are going to pretty much hit the ground running," Kumar told Reuters in an interview. Modi is chairman of the think tank. Modi and his Bharatiya Janata Party (BJP) were last weeks declared landslide winners of India's general election with an increased majority in the Lok Sabha. He was sworn into office for his second term on Thursday night. Kumar was speaking before Modi on Thursday announced members of his new cabinet, though he hasn't said who will get which portfolio. Watch: PM Narendra Modi to meet BIMSTEC leaders × Niti Aayog, which now acts as the main centre for policy making and for driving new ideas, was founded four years back when Modi scrapped the 65-year old planning commission, saying that India was stifled with Soviet-style bureaucracy. Kumar said reforms in India's complicated labour laws will see the light of day as early as the next parliamentary session in July when the government will place a new bill before the lower house for approval. It will aim to combine 44 central laws into four codes – wages, industrial relations, social security and welfare, and the fourth - occupational safety, health and working conditions. This should help companies avoid getting embroiled in a series of complicated disputes with their workers and officials that involve regulations set by authorities at different levels of government and can lead to long, drawn-out adjudication in various parts of the legal system. The government could also offer swathes of land to foreign investors from the land banks it plans to create from unutilised land controlled by public sector enterprises, Kumar said. "What could be attempted is to build an inventory of government land that can then be offered to foreign investors," Kumar said. The land parcels could be designed as clusters catering to a specific set of investors or industrial sectors, Kumar said. Getting access to some of the large amounts of unutilised Indian government land would reduce major risks for foreign companies as there would be a lot less risk of legal challenges over ownership and development. A lot of the sites they have used in the past was previously farmland, opening them up to protests and court action by local communities over land rights, the environment and other issues. Kumar said the government will focus on fully privatising or closing more than 42 state-controlled companies in the coming months. The government is even mulling lifting the foreign direct investment cap on Air India, the loss-making state-owned flagship carrier, to make it easier to sell. Kumar also said that it could create an autonomous holding company that would control all state-owned firms and wouldn't be answerable to lots of different ministries. This would speed up decision making for asset sales, avoiding much of the central government's bureaucracy.

Foreign investors will have reasons to be happy in Modi's second term, says NITI Aayog official

The rupee appreciated by 15 paise to 69.72 against the US dollar in opening trade Friday, driven by positive opening in domestic equities and weakening of the greenback in overseas markets.

Forex dealers said, easing crude prices, sustained foreign fund inflows and selling of the American currency by exporters supported the rupee.

The rupee opened strong at 69.78 at the interbank forex market then gained further ground to touch 69.72 per dollar, displaying gains of 15 paise against the greenback.

On Thursday, the rupee had settled at 69.87 against the US dollar.

However, the currency market is expected to witness high volatility ahead of the release of key economic data later in the day, they said.

Meanwhile, Narendra Modi was on Thursday <a href="https://www.wionews.com/india-general-elections-2019/narendra-modi-takes-oath-as-prime-minister-for-second-time-222847">sworn in as the Prime Minister for a second term</a> helming a 58-member ministry.

Besides 25 Cabinet ministers including Modi, Shah, Rajnath Singh, Nirmala Sitharaman, Nitin Gadkari, Smriti Irani, Piyush Goyal and Jaishankar, nine were sworn in as Minister of State with Independent charge and another 24 as Minister of State.

Foreign funds infused Rs 1,664.74 crore in the capital markets on a net basis Thursday, provisional data showed.

The benchmark BSE Sensex was trading with gains of 267.63 points, or 0.67 per cent to quote at 40,099.60 while the NSE Nifty was trading at 12,033.30, up 87.40 points, or 0.73 per cent.

Brent crude, the global benchmark, was trading at 66.03 per barrel lower by 1.26 per cent.&nbsp;

The rupee appreciated by 15 paise to 69.72 against the US dollar in opening trade Friday, driven by positive opening in domestic equities and weakening of the greenback in overseas markets.

The rupee appreciated by 15 paise to 69.72 against the US dollar in opening trade Friday, driven by positive opening in domestic equities and weakening of the greenback in overseas markets. Forex dealers said, easing crude prices, sustained foreign fund inflows and selling of the American currency by exporters supported the rupee. The rupee opened strong at 69.78 at the interbank forex market then gained further ground to touch 69.72 per dollar, displaying gains of 15 paise against the greenback. On Thursday, the rupee had settled at 69.87 against the US dollar. However, the currency market is expected to witness high volatility ahead of the release of key economic data later in the day, they said. Meanwhile, Narendra Modi was on Thursday sworn in as the Prime Minister for a second term helming a 58-member ministry. Besides 25 Cabinet ministers including Modi, Shah, Rajnath Singh, Nirmala Sitharaman, Nitin Gadkari, Smriti Irani, Piyush Goyal and Jaishankar, nine were sworn in as Minister of State with Independent charge and another 24 as Minister of State. Foreign funds infused Rs 1,664.74 crore in the capital markets on a net basis Thursday, provisional data showed. The benchmark BSE Sensex was trading with gains of 267.63 points, or 0.67 per cent to quote at 40,099.60 while the NSE Nifty was trading at 12,033.30, up 87.40 points, or 0.73 per cent. Brent crude, the global benchmark, was trading at 66.03 per barrel lower by 1.26 per cent.

Rupee rises 15 paise to 69.72 against US dollar

The benchmark BSE Sensex reclaimed the 40,000 marks, rallying nearly 300 points in early trade Friday led by gains in banking and IT stocks amid positive domestic cues and strong foreign fund inflow.

After hitting a high of 40,119.81, the 30-share index was trading 271.12 points or 0.68 per cent, higher at 40,103.09.

In similar movement, the broader NSE Nifty crossed the 12,000 level and was trading 81.20 points or 0.68 per cent, higher at 12,027.10.

In the previous session on Thursday, the 30-share gauge ended 329.92 points, or 0.84 per cent, higher at 39,831.97 -- its fresh-closing high, while the broader NSE Nifty settled at a new closing peak of 11,945.90, gaining 84.80 points or 0.71 per cent.

Top gainers in the Sensex pack include Asian Paints, Coal India, TCS, ONGC, HCL Tech, L&amp;T, Axis Bank, SBI and IndusInd Bank, rising up to 3 per cent.

On the other hand, Yes Bank, Tata Motors, NTPC, Vedanta, M&amp;M and RIL were the top losers, shedding up to 0.32 per cent.

"Indian markets seem to be defying gravity as they continue to rally. The positive sentiments are driven by investors conviction in the current government's ability to drive strong growth," said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management.

The Indian market has significantly outperformed its emerging market peers in anticipation of the positive election outcome and strong foreign flows and further moves are likely to be determined by policy initiatives, budget and RBI monetary policy, he added.

Investors are also awaiting March quarter GDP data, scheduled for release later in the day, traders said.

Meanwhile, foreign institutional investors (FIIs) bought equities worth Rs 1,664.74 crore on Thursday, while domestic institutional investors (DIIs) sold shares to the tune of Rs 1,122.60 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.

Benchmarks on Wall Street too ended in the green on Thursday.

On the currency front, the rupee appreciated 14 paise to 69.73 against the US dollar.

Brent crude futures, the global benchmark, were trading 1.04 per cent lower at 64.65 per barrel.

The benchmark BSE Sensex reclaimed the 40,000 marks, rallying nearly 300 points in early trade Friday led by gains in banking and IT stocks amid positive domestic cues and strong foreign fund inflow.

The benchmark BSE Sensex reclaimed the 40,000 marks, rallying nearly 300 points in early trade Friday led by gains in banking and IT stocks amid positive domestic cues and strong foreign fund inflow. After hitting a high of 40,119.81, the 30-share index was trading 271.12 points or 0.68 per cent, higher at 40,103.09. In similar movement, the broader NSE Nifty crossed the 12,000 level and was trading 81.20 points or 0.68 per cent, higher at 12,027.10. In the previous session on Thursday, the 30-share gauge ended 329.92 points, or 0.84 per cent, higher at 39,831.97 -- its fresh-closing high, while the broader NSE Nifty settled at a new closing peak of 11,945.90, gaining 84.80 points or 0.71 per cent. Top gainers in the Sensex pack include Asian Paints, Coal India, TCS, ONGC, HCL Tech, L&T, Axis Bank, SBI and IndusInd Bank, rising up to 3 per cent. On the other hand, Yes Bank, Tata Motors, NTPC, Vedanta, M&M and RIL were the top losers, shedding up to 0.32 per cent. "Indian markets seem to be defying gravity as they continue to rally. The positive sentiments are driven by investors conviction in the current government's ability to drive strong growth," said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management. The Indian market has significantly outperformed its emerging market peers in anticipation of the positive election outcome and strong foreign flows and further moves are likely to be determined by policy initiatives, budget and RBI monetary policy, he added. Investors are also awaiting March quarter GDP data, scheduled for release later in the day, traders said. Meanwhile, foreign institutional investors (FIIs) bought equities worth Rs 1,664.74 crore on Thursday, while domestic institutional investors (DIIs) sold shares to the tune of Rs 1,122.60 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. Benchmarks on Wall Street too ended in the green on Thursday. On the currency front, the rupee appreciated 14 paise to 69.73 against the US dollar. Brent crude futures, the global benchmark, were trading 1.04 per cent lower at 64.65 per barrel.

Sensex reclaims 40,000 mark in early trade, Nifty above 12,000

The Australian state of Queensland on Friday approved Adani Enterprise's management plan for an endangered bird at the site for a controversial coal mine, leaving only one more permit before construction can start on the project.

Adani has been working for a decade to obtain approvals to develop the Carmichael mine in the remote Galilee Basin, but the process has been slow as the project has become a touchstone for concerns about climate change.

"The Department of Environment and Science (DES) approved Adani's black-throated finch management plan," the Queensland regulator said.

"DES has met regularly with Adani to ensure that the plan is robust and is well-placed to deliver the best outcomes for the protection of the black-throated finch."

Adani said it had received notice that its plan had been approved.

The approval leaves just one permit outstanding, which relates to the management of a sensitive groundwater source. That is expected to be issued by June 13.

Adani has faced difficulties obtaining finance for the mine and accompanying rail project as climate change concerns have discouraged lenders from backing new thermal coal developments while falling prices have also raised doubts about the mine's economics.

But voters worried about jobs in the downtrodden region returned the ruling Liberal-National coalition to power in an Australian election this month, renewing momentum for the project.

A local conservation group condemned Friday's approval, saying in a statement that "Australians should be alarmed by this decision".

The Australian state of Queensland on Friday approved Adani Enterprise's management plan for an endangered bird at the site for a controversial coal mine, leaving only one more permit before construction can start on the project.

The Australian state of Queensland on Friday approved Adani Enterprise's management plan for an endangered bird at the site for a controversial coal mine, leaving only one more permit before construction can start on the project. Adani has been working for a decade to obtain approvals to develop the Carmichael mine in the remote Galilee Basin, but the process has been slow as the project has become a touchstone for concerns about climate change. "The Department of Environment and Science (DES) approved Adani's black-throated finch management plan," the Queensland regulator said. "DES has met regularly with Adani to ensure that the plan is robust and is well-placed to deliver the best outcomes for the protection of the black-throated finch." Adani said it had received notice that its plan had been approved. The approval leaves just one permit outstanding, which relates to the management of a sensitive groundwater source. That is expected to be issued by June 13. Adani has faced difficulties obtaining finance for the mine and accompanying rail project as climate change concerns have discouraged lenders from backing new thermal coal developments while falling prices have also raised doubts about the mine's economics. But voters worried about jobs in the downtrodden region returned the ruling Liberal-National coalition to power in an Australian election this month, renewing momentum for the project. A local conservation group condemned Friday's approval, saying in a statement that "Australians should be alarmed by this decision".

Adani wins one of last two permits it needs for Australia coal mine

Confirming unemployment rate projected in a pre-election leaked report, the government Friday said joblessness in the country was 6.1 per cent of total labour force during 2017-18, the highest in 45 years.

The data released by the government on a day when Modi 2.0 Cabinet took charge showed 7.8 per cent of all employable urban youth being jobless, while the percentage for the rural was 5.3 per cent.

The joblessness among male on all India basis was 6.2 per cent, while it was 5.7 per cent in case of females.&nbsp;

Confirming unemployment rate projected in a pre-election leaked report, the government Friday said joblessness in the country was 6.1 per cent of total labour force during 2017-18, the highest in 45 years.

Confirming unemployment rate projected in a pre-election leaked report, the government Friday said joblessness in the country was 6.1 per cent of total labour force during 2017-18, the highest in 45 years. The data released by the government on a day when Modi 2.0 Cabinet took charge showed 7.8 per cent of all employable urban youth being jobless, while the percentage for the rural was 5.3 per cent. The joblessness among male on all India basis was 6.2 per cent, while it was 5.7 per cent in case of females.

Unemployment rate at 6.1% in 2017-18, confirms government data

India's gross domestic product (GDP) growth in the January-March quarter of 2018-19 slipped to 5.8 per cent&nbsp;against 6.6% in the third quarter, due to poor performance in agriculture and manufacturing sectors, official data released by Central Statistics Office showed.

The Central Statistics Office (CSO) also revealed that GDP growth during 2018-19 fiscal stood at 6.8 per cent, lower than 7.2 per cent in the previous financial year.

The growth in gross domestic product (GDP) was slowest since 2014-15. The previous low was 6.4 per cent in 2013-14.

The fourth quarter growth was below China's 6.4 per cent.The slowdown in the economy will place India behind China's pace for the first time in nearly two years.

Meanwhile, the fiscal deficit for 2018-19 came in at 3.39 per cent of GDP, marginally lower than 3.4 per cent estimated in the revised estimates of the Budget, mainly due to increase in non-tax revenue and lower expenditure.

In absolute terms, fiscal deficit at the end of March 31, 2019, stood at Rs 6.45 lakh crore as against Rs 6.34 lakh crore in the revised estimates of Budget.

The fiscal deficit for 2018-19 works out to be 3.39 per cent of GDP, as per data released by Controller General of Accounts (CGA).

(With inputs from agencies)

India's gross domestic product (GDP) growth in the January-March quarter of 2018-19 slipped to 5.8 per cent against 6.6% in the third quarter, due to poor performance in agriculture and manufacturing sectors, official data released by Central Statistics Office showed.

India's gross domestic product (GDP) growth in the January-March quarter of 2018-19 slipped to 5.8 per cent against 6.6% in the third quarter, due to poor performance in agriculture and manufacturing sectors, official data released by Central Statistics Office showed. The Central Statistics Office (CSO) also revealed that GDP growth during 2018-19 fiscal stood at 6.8 per cent, lower than 7.2 per cent in the previous financial year. The growth in gross domestic product (GDP) was slowest since 2014-15. The previous low was 6.4 per cent in 2013-14. The fourth quarter growth was below China's 6.4 per cent.The slowdown in the economy will place India behind China's pace for the first time in nearly two years. Meanwhile, the fiscal deficit for 2018-19 came in at 3.39 per cent of GDP, marginally lower than 3.4 per cent estimated in the revised estimates of the Budget, mainly due to increase in non-tax revenue and lower expenditure. In absolute terms, fiscal deficit at the end of March 31, 2019, stood at Rs 6.45 lakh crore as against Rs 6.34 lakh crore in the revised estimates of Budget. The fiscal deficit for 2018-19 works out to be 3.39 per cent of GDP, as per data released by Controller General of Accounts (CGA). (With inputs from agencies)

India's GDP growth rate slows to 5.8% in Jan-March quarter, slowest in two years

In a highly volatile session, the benchmark BSE Sensex ended 118 points lower, dragged by losses mainly in auto and financial stocks.

The NSE Nifty too edged 23 points down to settle below the 12,000-mark.&nbsp;

However, on a weekly basis, the Sensex gained 279.4 points and the Nifty rose 78.70 points.

With the portfolios of ministers in the Narendra Modi government allocated, equity market weighed other global and domestic factors for further cues.

After gyrating nearly 750 points, the 30-share index settled 117.77 points, or 0.30 per cent, lower at 39,714.20. The gauge hit an intra-day low of 39,374.24 and a high of 40,122.34.

The broader NSE Nifty also settled lower by 23.10 points, or 0.19 per cent, at 11,922.80. During the day, the index hit a low of 11,829.45 and a high of 12,039.25.

Yes Bank was the top loser in the Sensex pack, falling 4.27 per cent. Other losers include ITC, Vedanta and M&amp;M, shedding up to 3.61 per cent.

Asian Paints, TCS and HCL Tech were among the gainers, rising up to 2.43 per cent.

Investors also appeared cautious ahead of GDP data, scheduled for release later in the day, traders said.

BJP President Amit Shah who played a crucial role in the return of his party's government at the Centre will be the new Home Minister in Modi 2.0 Cabinet while incumbent Rajnath Singh has moved to Defence, another high profile ministry.

Outgoing Defence Minister Nirmala Sitharaman will be the new Minister for Finance and Corporate Affairs while surprise inductee, former foreign secretary S Jaishankar, has been allocated the critical Ministry of External Affairs, the Rashtrapati Bhavan announced on Friday.

Meanwhile, foreign institutional investors (FIIs) bought equities worth Rs 1,664.74 crore on Thursday, while domestic institutional investors (DIIs) sold shares to the tune of Rs 1,122.60 crore, provisional data available with stock exchanges showed.

Weak trend in global markets too weighed on investor sentiment here, traders said.

Asian bourses ended on a mixed note, while Europe was trading in the red in opening deals.

Meanwhile, the Indian rupee appreciated marginally to 69.82 against the US dollar.

Brent crude futures, the global benchmark, fell 2.62 per cent to 63.62 per barrel.

In a highly volatile session, the benchmark BSE Sensex ended 118 points lower, dragged by losses mainly in auto and financial stocks. The NSE Nifty too edged 23 points down to settle below the 12,000-mark.

In a highly volatile session, the benchmark BSE Sensex ended 118 points lower, dragged by losses mainly in auto and financial stocks. The NSE Nifty too edged 23 points down to settle below the 12,000-mark. However, on a weekly basis, the Sensex gained 279.4 points and the Nifty rose 78.70 points. With the portfolios of ministers in the Narendra Modi government allocated, equity market weighed other global and domestic factors for further cues. After gyrating nearly 750 points, the 30-share index settled 117.77 points, or 0.30 per cent, lower at 39,714.20. The gauge hit an intra-day low of 39,374.24 and a high of 40,122.34. The broader NSE Nifty also settled lower by 23.10 points, or 0.19 per cent, at 11,922.80. During the day, the index hit a low of 11,829.45 and a high of 12,039.25. Yes Bank was the top loser in the Sensex pack, falling 4.27 per cent. Other losers include ITC, Vedanta and M&M, shedding up to 3.61 per cent. Asian Paints, TCS and HCL Tech were among the gainers, rising up to 2.43 per cent. Investors also appeared cautious ahead of GDP data, scheduled for release later in the day, traders said. BJP President Amit Shah who played a crucial role in the return of his party's government at the Centre will be the new Home Minister in Modi 2.0 Cabinet while incumbent Rajnath Singh has moved to Defence, another high profile ministry. Outgoing Defence Minister Nirmala Sitharaman will be the new Minister for Finance and Corporate Affairs while surprise inductee, former foreign secretary S Jaishankar, has been allocated the critical Ministry of External Affairs, the Rashtrapati Bhavan announced on Friday. Meanwhile, foreign institutional investors (FIIs) bought equities worth Rs 1,664.74 crore on Thursday, while domestic institutional investors (DIIs) sold shares to the tune of Rs 1,122.60 crore, provisional data available with stock exchanges showed. Weak trend in global markets too weighed on investor sentiment here, traders said. Asian bourses ended on a mixed note, while Europe was trading in the red in opening deals. Meanwhile, the Indian rupee appreciated marginally to 69.82 against the US dollar. Brent crude futures, the global benchmark, fell 2.62 per cent to 63.62 per barrel.

Sensex trips 118 points; auto, financial stocks drag

Domestic equity benchmarks gave up early gains, with the BSE Sensex dropping over 200 points and the NSE Nifty slipping below the 11,900 mark in afternoon session tracking losses in power, metal and financial stocks.

Market turned volatile as the<a href="https://www.wionews.com/india-news/modi-20-rajnath-singh-is-defence-minister-amit-shah-home-nirmala-sitharaman-gets-finace-223084"> government announced the portfolios for new cabinet ministers</a>, traders said.

<a href="https://www.wionews.com/india-news/amit-shah-pm-modis-right-hand-man-is-indias-new-home-minister-223085">Amit Shah</a> has been named the new Home Minister, Rajnath Singh the new Defence minister and <a href="https://www.wionews.com/india-news/nirmala-sitharaman-replaces-arun-jaitley-as-indias-finance-minister-223094">Nirmala Sitharaman</a> the new Finance minister.

The 30-share index was trading 228.36 points, or 0.57 per cent, lower at 39,603.61.

In similar movement, the broader NSE Nifty was down 64.65 points, or 0.54 per cent, at 11,881.25.

Top losers in the Sensex pack include Vedanta, Yes Bank, Tata Motors, ITC, M&amp;M, NTPC, Kotak Bank, Tata Steel, Hero MotoCorp and SBI, falling up to 3 per cent.

While, Asian Paints, TCS, Coal India, HCL Tech, IndusInd Bank and Infosys rose up to 2 per cent.

Former foreign secretary S Jaishankar has got the external affairs ministry while Smriti Irani will be the new women and child development minister along with retaining the textile ministry, according to a communique issued by the Rashtrapati Bhavan.

Prime Minister Narendra Modi will retain Department of Personnel and Training, Atomic Energy as well as all important policy issues and portfolios not allocated.

<a href="https://www.wionews.com/opinions/from-big-diplomatic-outreach-to-heartening-message-for-minorities-narendra-modi-20-has-sent-the-right-signals-223073">Modi was sworn in on Thursday as prime minister</a> for a second term, helming a 58-member team of ministers, including him and BJP president Amit Shah who makes his debut in the Central government.

Besides volatility on account of allocation of portfolios, investors are also cautious ahead of March quarter GDP data, scheduled for release later in the day, traders said.

On the currency front, the rupee appreciated marginally to 69.85 against the US dollar.&nbsp; 
&nbsp;

Domestic equity benchmarks gave up early gains, with the BSE Sensex dropping over 200 points and the NSE Nifty slipping below the 11,900 mark in afternoon session tracking losses in power, metal and financial stocks.

Domestic equity benchmarks gave up early gains, with the BSE Sensex dropping over 200 points and the NSE Nifty slipping below the 11,900 mark in afternoon session tracking losses in power, metal and financial stocks. Market turned volatile as the government announced the portfolios for new cabinet ministers, traders said. Amit Shah has been named the new Home Minister, Rajnath Singh the new Defence minister and Nirmala Sitharaman the new Finance minister. The 30-share index was trading 228.36 points, or 0.57 per cent, lower at 39,603.61. In similar movement, the broader NSE Nifty was down 64.65 points, or 0.54 per cent, at 11,881.25. Top losers in the Sensex pack include Vedanta, Yes Bank, Tata Motors, ITC, M&M, NTPC, Kotak Bank, Tata Steel, Hero MotoCorp and SBI, falling up to 3 per cent. While, Asian Paints, TCS, Coal India, HCL Tech, IndusInd Bank and Infosys rose up to 2 per cent. Former foreign secretary S Jaishankar has got the external affairs ministry while Smriti Irani will be the new women and child development minister along with retaining the textile ministry, according to a communique issued by the Rashtrapati Bhavan. Prime Minister Narendra Modi will retain Department of Personnel and Training, Atomic Energy as well as all important policy issues and portfolios not allocated. Modi was sworn in on Thursday as prime minister for a second term, helming a 58-member team of ministers, including him and BJP president Amit Shah who makes his debut in the Central government. Besides volatility on account of allocation of portfolios, investors are also cautious ahead of March quarter GDP data, scheduled for release later in the day, traders said. On the currency front, the rupee appreciated marginally to 69.85 against the US dollar.

Market turns volatile as government announces portfolios; Sensex drops over 200 points, Nifty below 11,900

Airbus celebrated it's anniversary with a private flypast 50 years after the European jetmaker was launched at a meeting between French and West German ministers on May 29, 1969. Watch this video to know more.

WION Wallet: Airbus planes cheers 50th anniversary with Flypast

Huawei Technologies unveiled an open lab for next-generation 5G wireless network in South Korea on Thursday but kept the launch low-key given its recent blacklisting by the United States, a key security ally of the Asian nation.

The Chinese tech giant, the world's top producer of telecoms equipment, said it planned to invest about $5 million in the lab in the Junggu district of Seoul. It did not provide any more details on the location and did not invite media to the launch.

"Based on the philosophy of "In Korea and for Korea" and the strength of its own 5G network, Huawei will build a 5G ecosystem through cooperation with a number of South Korean ICT companies and especially small-and-medium enterprises," Huawei's Korea office said in a statement.

The event was, however, overshadowed by the US&nbsp;decision earlier this month to ban American tech and telecom firms from doing business with Huawei. Washington has also been urging its allies to bar the Chinese company from their 5G networks.

Huawei had initially considered inviting the press to the launch in South Korea, but after the US&nbsp;ban it decided to keep the event low-key, a person with knowledge of the matter said.

"Huawei wanted to promote the launch to as many Korean small-and-medium enterprises as possible, but it decided to keep the press out after the ban to avoid any damage to its Korean partners in case they are shown in media," the person said, declining to be named due to the sensitivity of the matter.

Huawei said the heads of South Korean enterprises attended the event, but did not disclose any names.

The move underlines Huawei's commitment to South Korea from where it purchases components such as chips and screens.

The US&nbsp;campaign against Huawei, and the broader US-China trade war, have landed export-driven South Korea in a familiar bind, caught between its crucial security ally and biggest trading partner.

The lab in South Korea is Huawei's first open 5G services development centre in the world that will allow other companies to test their platforms, according to the company.

South Korea rolled out 5G services in April, hoping the next-generation wireless technology will spur breakthrough in fields such as autonomous cars.

Currently, Huawei provides its 5G network equipment for a small South Korean carrier LG Uplus. LG Uplus has said it does not plan to remove Huawei gear, but promised to step up security checks.

The two bigger carriers, SK Telecom and KT, do not use Huawei gear.

Huawei Technologies unveiled an open lab for next-generation 5G wireless network in South Korea on Thursday but kept the launch low-key given its recent blacklisting by the United States, a key security ally of the Asian nation.

Huawei Technologies unveiled an open lab for next-generation 5G wireless network in South Korea on Thursday but kept the launch low-key given its recent blacklisting by the United States, a key security ally of the Asian nation. The Chinese tech giant, the world's top producer of telecoms equipment, said it planned to invest about $5 million in the lab in the Junggu district of Seoul. It did not provide any more details on the location and did not invite media to the launch. "Based on the philosophy of "In Korea and for Korea" and the strength of its own 5G network, Huawei will build a 5G ecosystem through cooperation with a number of South Korean ICT companies and especially small-and-medium enterprises," Huawei's Korea office said in a statement. The event was, however, overshadowed by the US decision earlier this month to ban American tech and telecom firms from doing business with Huawei. Washington has also been urging its allies to bar the Chinese company from their 5G networks. Huawei had initially considered inviting the press to the launch in South Korea, but after the US ban it decided to keep the event low-key, a person with knowledge of the matter said. "Huawei wanted to promote the launch to as many Korean small-and-medium enterprises as possible, but it decided to keep the press out after the ban to avoid any damage to its Korean partners in case they are shown in media," the person said, declining to be named due to the sensitivity of the matter. Huawei said the heads of South Korean enterprises attended the event, but did not disclose any names. The move underlines Huawei's commitment to South Korea from where it purchases components such as chips and screens. The US campaign against Huawei, and the broader US-China trade war, have landed export-driven South Korea in a familiar bind, caught between its crucial security ally and biggest trading partner. The lab in South Korea is Huawei's first open 5G services development centre in the world that will allow other companies to test their platforms, according to the company. South Korea rolled out 5G services in April, hoping the next-generation wireless technology will spur breakthrough in fields such as autonomous cars. Currently, Huawei provides its 5G network equipment for a small South Korean carrier LG Uplus. LG Uplus has said it does not plan to remove Huawei gear, but promised to step up security checks. The two bigger carriers, SK Telecom and KT, do not use Huawei gear.

Huawei launches 5G lab in South Korea, but keeps event low-key after US ban

On the day of <a href="https://www.wionews.com/india-general-elections-2019/narendra-modi-ushers-in-second-term-as-prime-minister-222608">Narendra Modi's swearing-in ceremony</a> as the prime minister, the domestic stock markets on Thursday opened on a positive note with BSE Sensex rising over 150 points to record 39,653.63 in early trade.

NSE Nifty inched up to 11,900.75, up by 39.65 points from its Wednesday close.

Meanwhile, the domestic currency appreciated by 12 paise to 69.71 against the US dollar in opening trade.

The rupee opened strong at 69.76 at the interbank forex market then gained further ground to touch 69.71 per dollar amid positive opening in domestic equities, displaying gains of 12 paise against the greenback.

On Wednesday, the rupee had settled at 69.83 against the US dollar.

Snapping its three-day rising streak, the BSE Sensex dropped 248 points yesterday while Nifty lost 67.65 points to finish at 11,861.10.

On the day of Narendra Modi's swearing-in ceremony as the prime minister, the domestic stock markets on Thursday opened on a positive note with BSE Sensex rising over 150 points to record 39,653.

On the day of Narendra Modi's swearing-in ceremony as the prime minister, the domestic stock markets on Thursday opened on a positive note with BSE Sensex rising over 150 points to record 39,653.63 in early trade. NSE Nifty inched up to 11,900.75, up by 39.65 points from its Wednesday close. Meanwhile, the domestic currency appreciated by 12 paise to 69.71 against the US dollar in opening trade. The rupee opened strong at 69.76 at the interbank forex market then gained further ground to touch 69.71 per dollar amid positive opening in domestic equities, displaying gains of 12 paise against the greenback. On Wednesday, the rupee had settled at 69.83 against the US dollar. Snapping its three-day rising streak, the BSE Sensex dropped 248 points yesterday while Nifty lost 67.65 points to finish at 11,861.10.

Ahead of Modi's swearing-in, stock market registers gains in opening trade

Apple is seen as a prime target for retaliation over US moves against the Chinese tech giant Huawei, but the roots planted by the company in China should help it weather the storm, analysts say.

While Beijing may take aim at Apple in the countries' high-stakes trade war, experts believe that the company's size, cachet, and years spent cultivating business relationships in China should protect it from any direct retaliation.

"As the US pounds on Huawei, Apple is the likely target for China to pound back," technology analyst Rob Enderle of Enderle Group said.

"As the trade war accelerates, then Apple and Huawei are the two firms likely to get the damage," he said.

Huawei has been thrust to the centre of escalating tensions between the world's two top economies, which have exchanged tariffs on hundreds of billions of dollars in two-way trade.

President Donald Trump's administration has infuriated Beijing by blacklisting the smartphone and telecommunications company over worries that China uses it as a tool for espionage and allegations of breaking Iran-related sanctions -- charges the company has denied.

Trump has said that Huawei's fate could be included in any deal to resolve their trade war, but such a deal has proved elusive, and in the interim, tensions remain high.

The company is considered a "national treasure" in China, and Apple has similar status in the US, said Enderle.

"It is always difficult dealing with companies considered national treasures," he said.

"There is certainly a risk of this escalating beyond reason."

Points in Apple's favour

But Apple has various factors in its favour.

Increasing costs or crimping production for Apple directly in China could cause self-inflicted wounds, since much of the company's manufacturing is done there and jobs could be lost, analysts say.

Playing into nationalist sentiment that shunning Apple is a sign of Chinese loyalty is something the government "could get away with," Enderle said.

But boycotts of Apple products that began in China last year due to the US's treatment of Huawei had no meaningful impact on the American company, according to Creative Strategies analyst Carolina Milanesi.

And in a Bloomberg interview on Monday, the chief executive of Huawei said he was against the idea of calling for a boycott of Apple products in China.

"At the end of the day, there is a lot that Apple is doing in China from an economy perspective that helps China," Milanesi said.

"I struggle to see China using Apple as a way to retaliate against the US."

On its website, Apple says it has created five million jobs in China, three million of which were related to contractors and investment.

A million of those jobs were its staff, and about 1.8 million were through the App Store ecosystem for developers who make digital content or services for its mobile devices, the company said.

Targeting Trump's base?&nbsp;

And while hampering Apple product production in China would hurt that country's economy, forcing up the price of iPhones exported to the US would not be much of a political blow against the Trump administration, according to Forrester analyst Frank Gillett.

"The Chinese government is more likely to target the Trump base," Gillet said.

"Hitting a California-based company doesn't seem to give them a lot of leverage, it makes more sense to go after agriculture and everyday stuff."

Analysts also noted that Apple chief Tim Cook ran supply chain logistics for the company before succeeding the late co-founder Steve Jobs at the helm in 2011.

"Tim Cook knows the culture in China and has worked very closely understanding how to tread carefully to make more of an impact there," Milanesi said.

Cook's supply chain expertise also makes him an ideal executive to figure out ways to move manufacturing out of China if the need arises.

Apple's rise to one of the world's most valuable companies has involved cultivating strong relationships with Asian suppliers and manufacturers such as Taiwan-based Foxconn Technology Group and Pegatron.

"Everybody and their brother is trying to find ways to ship manufacturing out of China," Enderle said.

"Tim Cook was a logistics guy, so if anyone can do this well it should be him." 
&nbsp;

Apple is seen as a prime target for retaliation over US moves against the Chinese tech giant Huawei, but the roots planted by the company in China should help it weather the storm, analysts say.

Apple is seen as a prime target for retaliation over US moves against the Chinese tech giant Huawei, but the roots planted by the company in China should help it weather the storm, analysts say. While Beijing may take aim at Apple in the countries' high-stakes trade war, experts believe that the company's size, cachet, and years spent cultivating business relationships in China should protect it from any direct retaliation. "As the US pounds on Huawei, Apple is the likely target for China to pound back," technology analyst Rob Enderle of Enderle Group said. "As the trade war accelerates, then Apple and Huawei are the two firms likely to get the damage," he said. Huawei has been thrust to the centre of escalating tensions between the world's two top economies, which have exchanged tariffs on hundreds of billions of dollars in two-way trade. President Donald Trump's administration has infuriated Beijing by blacklisting the smartphone and telecommunications company over worries that China uses it as a tool for espionage and allegations of breaking Iran-related sanctions -- charges the company has denied. Trump has said that Huawei's fate could be included in any deal to resolve their trade war, but such a deal has proved elusive, and in the interim, tensions remain high. The company is considered a "national treasure" in China, and Apple has similar status in the US, said Enderle. "It is always difficult dealing with companies considered national treasures," he said. "There is certainly a risk of this escalating beyond reason." Points in Apple's favour But Apple has various factors in its favour. Increasing costs or crimping production for Apple directly in China could cause self-inflicted wounds, since much of the company's manufacturing is done there and jobs could be lost, analysts say. Playing into nationalist sentiment that shunning Apple is a sign of Chinese loyalty is something the government "could get away with," Enderle said. But boycotts of Apple products that began in China last year due to the US's treatment of Huawei had no meaningful impact on the American company, according to Creative Strategies analyst Carolina Milanesi. And in a Bloomberg interview on Monday, the chief executive of Huawei said he was against the idea of calling for a boycott of Apple products in China. "At the end of the day, there is a lot that Apple is doing in China from an economy perspective that helps China," Milanesi said. "I struggle to see China using Apple as a way to retaliate against the US." On its website, Apple says it has created five million jobs in China, three million of which were related to contractors and investment. A million of those jobs were its staff, and about 1.8 million were through the App Store ecosystem for developers who make digital content or services for its mobile devices, the company said. Targeting Trump's base? And while hampering Apple product production in China would hurt that country's economy, forcing up the price of iPhones exported to the US would not be much of a political blow against the Trump administration, according to Forrester analyst Frank Gillett. "The Chinese government is more likely to target the Trump base," Gillet said. "Hitting a California-based company doesn't seem to give them a lot of leverage, it makes more sense to go after agriculture and everyday stuff." Analysts also noted that Apple chief Tim Cook ran supply chain logistics for the company before succeeding the late co-founder Steve Jobs at the helm in 2011. "Tim Cook knows the culture in China and has worked very closely understanding how to tread carefully to make more of an impact there," Milanesi said. Cook's supply chain expertise also makes him an ideal executive to figure out ways to move manufacturing out of China if the need arises. Apple's rise to one of the world's most valuable companies has involved cultivating strong relationships with Asian suppliers and manufacturers such as Taiwan-based Foxconn Technology Group and Pegatron. "Everybody and their brother is trying to find ways to ship manufacturing out of China," Enderle said. "Tim Cook was a logistics guy, so if anyone can do this well it should be him."

Will Apple's roots in China hold fast amid political storm?

The rupee Thursday fell marginally by 4 paise to close at 69.87 against the US currency, extending its decline for a third straight day, due to a stronger dollar and investors awaiting the allocation of key portfolios in the newly elected government.&nbsp;

Foreign fund inflows, strong gains in equities and easing crude oil prices, however, helped the local currency contain losses.&nbsp;

At the Interbank Foreign Exchange (forex), the domestic currency opened at 69.76 a dollar and fell further to touch the day's low of 69.93. It finally settled at 69.87 per dollar, down 4 paise over its previous close.

The rupee Wednesday had settled at 69.83 to the US dollar.

"Rupee opened on strong note but failed to hold at the higher levels. This is going to be the third straight session of fall in the rupee," said V K Sharma, Head PCG &amp; Capital Markets Strategy, HDFC Securities.

The rupee has now depreciated by 36 paise in the three sessions to Thursday.

The dollar inched towards one-week high levels against major rivals in global markets after US-China trade worries unnerved investors.&nbsp;

Prime Minister Narendra Modi and his council of ministers were set to take oath at 1900 hours Thursday for a second term as suspense mounted on who will get the big four berths -- Home, Finance, Defence and External Affairs.

Going ahead, macroeconomic data like gross domestic product data for January-March quarter and provisional estimates for the whole 2018/19 fiscal year ending in March to be released on Friday and RBI monetary policy outcome would give further direction to the rupee, Sharma said.

RBI's monetary policy outcome is scheduled to be released on June 6.

Forex traders said easing crude oil prices in the overseas market, foreign fund inflows and heavy buying in the domestic equity market restricted the fall in the local unit.

The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.02 per cent to 98.12.

Meanwhile, Brent crude futures, the global oil benchmark, fell 0.58 per cent to trade at USD 69.05 per barrel.

Foreign funds infused Rs 1,664.74 crore in the capital markets on a net basis Thursday, provisional data showed.

After a day's breather, benchmark Sensex Thursday resumed its record-setting spree by rallying 330 points on gains in index heavyweights RIL, HDFC and TCS amid expiry of May derivative contracts.

After soaring over 400 points, the 30-share index ended 329.92 points, or 0.84 per cent, higher at 39,831.97 -- its fresh-closing high. The broader NSE Nifty also settled at a new closing peak at 11,945.90, gaining 84.80 points or 0.71 per cent.

Government bonds fell, leading to 0.13 per cent rise in the yield to 7.14 per cent.

The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 69.8805 and for rupee/euro at 78.0095. The reference rate for rupee/British pound was fixed at 88.4706 and for rupee/100 Japanese yen at 63.97.&nbsp;

The rupee Thursday fell marginally by 4 paise to close at 69.87 against the US currency, extending its decline for a third straight day, due to a stronger dollar and investors awaiting the allocation of key portfolios in the newly elected government.

The rupee Thursday fell marginally by 4 paise to close at 69.87 against the US currency, extending its decline for a third straight day, due to a stronger dollar and investors awaiting the allocation of key portfolios in the newly elected government. Foreign fund inflows, strong gains in equities and easing crude oil prices, however, helped the local currency contain losses. At the Interbank Foreign Exchange (forex), the domestic currency opened at 69.76 a dollar and fell further to touch the day's low of 69.93. It finally settled at 69.87 per dollar, down 4 paise over its previous close. The rupee Wednesday had settled at 69.83 to the US dollar. "Rupee opened on strong note but failed to hold at the higher levels. This is going to be the third straight session of fall in the rupee," said V K Sharma, Head PCG & Capital Markets Strategy, HDFC Securities. The rupee has now depreciated by 36 paise in the three sessions to Thursday. The dollar inched towards one-week high levels against major rivals in global markets after US-China trade worries unnerved investors. Prime Minister Narendra Modi and his council of ministers were set to take oath at 1900 hours Thursday for a second term as suspense mounted on who will get the big four berths -- Home, Finance, Defence and External Affairs. Going ahead, macroeconomic data like gross domestic product data for January-March quarter and provisional estimates for the whole 2018/19 fiscal year ending in March to be released on Friday and RBI monetary policy outcome would give further direction to the rupee, Sharma said. RBI's monetary policy outcome is scheduled to be released on June 6. Forex traders said easing crude oil prices in the overseas market, foreign fund inflows and heavy buying in the domestic equity market restricted the fall in the local unit. The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.02 per cent to 98.12. Meanwhile, Brent crude futures, the global oil benchmark, fell 0.58 per cent to trade at USD 69.05 per barrel. Foreign funds infused Rs 1,664.74 crore in the capital markets on a net basis Thursday, provisional data showed. After a day's breather, benchmark Sensex Thursday resumed its record-setting spree by rallying 330 points on gains in index heavyweights RIL, HDFC and TCS amid expiry of May derivative contracts. After soaring over 400 points, the 30-share index ended 329.92 points, or 0.84 per cent, higher at 39,831.97 -- its fresh-closing high. The broader NSE Nifty also settled at a new closing peak at 11,945.90, gaining 84.80 points or 0.71 per cent. Government bonds fell, leading to 0.13 per cent rise in the yield to 7.14 per cent. The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 69.8805 and for rupee/euro at 78.0095. The reference rate for rupee/British pound was fixed at 88.4706 and for rupee/100 Japanese yen at 63.97.

Rupee falls for third day; slips 4 paise to 69.87 vs US dollar

After a day's breather, benchmark Sensex Thursday resumed its record-setting spree by rallying 330 points on gains in index heavyweights RIL, HDFC and TCS amid expiry of May derivative contracts.

Moreover, sentiment was driven by renewed hopes from the new government as investors have been keenly awaiting the allocation of key portfolios to ministers. Narendra Modi and his council of ministers are all set to take oath at 1900 hours Wednesday.

After soaring over 400 points, the 30-share index ended 329.92 points, or 0.84 per cent, higher at 39,831.97 -- its fresh-closing high. The gauge hit an intra-day high of 39,911.92 and a low of 39,500.56.

The broader NSE Nifty also settled at a new closing peak at 11,945.90, gaining 84.80 points or 0.71 per cent.

NTPC was the top gainer in the Sensex pack, rallying 3.44 per cent. Bharti Airtel, Bajaj Finance, TCS, HDFC twins, Yes Bank and RIL too gained up to 2.33 per cent.

While, Sun Pharma, M&amp;M, ONGC, IndusInd Bank and Vedanta fell up to 2.39 per cent.

Foreign institutional investors (FIIs) sold equities worth Rs 304.27 crore on Wednesday and domestic institutional investors (DIIs) offloaded shares to the tune of Rs 189.58 crore, provisional data available with stock&nbsp; 
exchanges showed.

Asian bourses ended on a mixed note, while Europe was trading in the green in opening deals.

Meanwhile, the Indian rupee was trading 5 paise lower at 69.88 against the US dollar.

Brent crude, the global benchmark, slipped 0.06 per cent to 67.83 per barrel.&nbsp;

After a day's breather, benchmark Sensex Thursday resumed its record-setting spree by rallying 330 points on gains in index heavyweights RIL, HDFC and TCS amid expiry of May derivative contracts.

After a day's breather, benchmark Sensex Thursday resumed its record-setting spree by rallying 330 points on gains in index heavyweights RIL, HDFC and TCS amid expiry of May derivative contracts. Moreover, sentiment was driven by renewed hopes from the new government as investors have been keenly awaiting the allocation of key portfolios to ministers. Narendra Modi and his council of ministers are all set to take oath at 1900 hours Wednesday. After soaring over 400 points, the 30-share index ended 329.92 points, or 0.84 per cent, higher at 39,831.97 -- its fresh-closing high. The gauge hit an intra-day high of 39,911.92 and a low of 39,500.56. The broader NSE Nifty also settled at a new closing peak at 11,945.90, gaining 84.80 points or 0.71 per cent. NTPC was the top gainer in the Sensex pack, rallying 3.44 per cent. Bharti Airtel, Bajaj Finance, TCS, HDFC twins, Yes Bank and RIL too gained up to 2.33 per cent. While, Sun Pharma, M&M, ONGC, IndusInd Bank and Vedanta fell up to 2.39 per cent. Foreign institutional investors (FIIs) sold equities worth Rs 304.27 crore on Wednesday and domestic institutional investors (DIIs) offloaded shares to the tune of Rs 189.58 crore, provisional data available with stock exchanges showed. Asian bourses ended on a mixed note, while Europe was trading in the green in opening deals. Meanwhile, the Indian rupee was trading 5 paise lower at 69.88 against the US dollar. Brent crude, the global benchmark, slipped 0.06 per cent to 67.83 per barrel.

Sensex continues its record-setting spree, closes 330 points up

Venezuela ended 2018 with 130,060 per cent inflation, while the economy contracted 47.6 per cent between 2013 and 2018, the central bank said Tuesday in the first such figures it has released in three years.&nbsp;

The data found inflation reached 274.4 per cent in 2016, 862.6 per cent in 2017 and 130,060 per cent in 2018 -- figures 10 times smaller than International Monetary Fund estimates of 1,370,000 per cent for last year. &nbsp;

The IMF projects 10,000,000 per cent inflation for the oil-rich country in 2019.

The Central Bank of Venezuela also reported that oil exports -- which account for 96 per cent of the country's revenue -- plummeted to $29.8 billion in 2018, down from $85.6 billion in 2013 and $71.7 billion in 2014, when oil prices collapsed and the country's political and economic crisis began.

Oil prices have since rebounded, starting in 2016, but Venezuela's drop in production prevented a return to previous revenue levels -- the country was producing 1.03 million barrels of oil per day in April versus the 3.2 million barrels it produced per day a decade ago.

The central bank had stopped providing officials figures three years ago without giving an official reason, though it had already been holding back the amount of economic information it reported.

Venezuela ended 2018 with 130,060 per cent inflation, while the economy contracted 47.6 per cent between 2013 and 2018, the central bank said Tuesday in the first such figures it has released in three years.

Venezuela ended 2018 with 130,060 per cent inflation, while the economy contracted 47.6 per cent between 2013 and 2018, the central bank said Tuesday in the first such figures it has released in three years. The data found inflation reached 274.4 per cent in 2016, 862.6 per cent in 2017 and 130,060 per cent in 2018 -- figures 10 times smaller than International Monetary Fund estimates of 1,370,000 per cent for last year. The IMF projects 10,000,000 per cent inflation for the oil-rich country in 2019. The Central Bank of Venezuela also reported that oil exports -- which account for 96 per cent of the country's revenue -- plummeted to $29.8 billion in 2018, down from $85.6 billion in 2013 and $71.7 billion in 2014, when oil prices collapsed and the country's political and economic crisis began. Oil prices have since rebounded, starting in 2016, but Venezuela's drop in production prevented a return to previous revenue levels -- the country was producing 1.03 million barrels of oil per day in April versus the 3.2 million barrels it produced per day a decade ago. The central bank had stopped providing officials figures three years ago without giving an official reason, though it had already been holding back the amount of economic information it reported.

Venezuela says 2018 inflation 10 times lower than IMF estimates