Russia, Iran eye joint oil and gas projects as Pezeshkian, Putin hold talks in Moscow

US midterms 2026: Trump says Venezuela could ‘maybe someday soon’ become 51st US state, calls Venezuelan oil shipment a ‘gift'

France protests: Demonstrators may pay up to €10,000 for riot damage under new bill

Trump accused of 'brutal' rape by ex-Miss Switzerland; Beatrice Keul alleges 'Don's best friend' Epstein facilitated assault in 1993

Storm Boelo’s fierce winds push passenger plane onto grass in UK, terrifying landing caught on cam

India invites Pakistan, along with other SCO member countries for SCO Civilisational Dialogue in Delhi

'This is America. Back up': Shouting match breaks out between US and Cuban officials at UN | WATCH

New OTT releases this week (October 26-November 1, 2026): Baththa, Akka, The One About Matthew Perry- 7 titles coming on Netflix, Prime Video and more

'He is a red flag': Ex-India strength and conditioning coach on Rohit's fitness regime

‘After Breaking Bad, Prison Break has begun in Tamil Nadu’: Stalin turns sarcastic in slamming Vijay govt over Theni jailbreak

'Complete lack of confidence' in Netanyahu, says Eisenkot after Opposition leads in exit polls; Arab parties make gains

Trump says he will accept midterm results ‘if they’re honest’, refers to his veto powers

Uganda arrests its 'worst serial killer and cannibal' who hacked 38 people to death

'Already tired of his 9-to-5': Baby born with a moustache becomes internet sensation, video goes viral | Watch

US weighs lifting sanctions on Russia’s state-backed investment fund after diesel deal: Report

'Shove that ballroom up your a**': Trump heckled at Mississippi rally over White House ballroom renovations | WATCH

Hijack scare unfolds on United flight over suspicious text message. Here is what happened

Israel elections 2026: What happens if Netanyahu loses | Gravitas

Brazil's Flavio Bolsonaro flees to US after presidential election defeat to Lula

‘Food poisoned by meat’: Trump mocks James Talarico over campaign absence, as former Texas Chief Justice endorses Democrat

Indian pilot Smit Machchhar honoured by UAE for courage during Flydubai cockpit attack | VIDEO

52 years later, DNA evidence links serial killer Ted Bundy to 1974 murder of 17-year-old

Supreme Court seeks Centre's response to DNPA's challenge to DPDP Act

Delhi traders urge Rahul Gandhi to postpone INDIA bloc rally once again

Israel elections: Record voter turnout in decades as Opposition edges ahead of Netanyahu in early projections

'One-time opportunity to defeat Iran': Netanyahu claims right-wing bloc has ‘decisive majority’, rejects exit polls

Mitchell Starc leads Australia’s fightback with six-wicket haul on day 1 of Cape Town Test

'I've done my work sincerely': AR Rahman on facing backlash over Ramayana soundtrack

Maurene Comey, daughter of ex-FBI director James Comey, was unlawfully fired as federal prosecutor, judge rules

'Hell of a beautiful a**': Trump compliments Nicki Minaj as rapper joins him in Michigan rally

Police called after 3-year-old scores 10 goals in 12 minutes at Florida youth soccer game

FEC website goes dark after suspected hack, leaving voters in the dark on campaign money ahead of US midterms

'She is a beautiful woman': Trump mocks Mexican President Sheinbaum, mimics her voice at US Midterms rally

'Hire the robot, fire the human': Bill Gates's words hint at a bleak future

The ongoing trade war between the <a href="https://www.wionews.com/world/imf-warns-us-china-trade-war-will-jeopardize-2019-global-growth-221117">US and China</a> offers an opportunity to India for boosting <a href="https://www.wionews.com/south-asia/india-rice-rates-dip-as-demand-slows-bangladesh-to-review-export-ban-211739">exports</a> of as many 350 <a href="https://www.wionews.com/business-economy/india-imposes-higher-customs-duty-on-28-us-products-will-come-into-effect-from-sunday-227455">products</a> such as chemicals and granite to these countries, a study by the Commerce Ministry has said.

The identification of these products is part of a study carried out by the ministry which states that the ongoing tariff or customs duties war between the <a href="https://www.wionews.com/world/asian-markets-tumble-over-intensifying-us-china-trade-tensions-223751">US and China</a> proves a big window of opportunity for enhancing India's exports to these two nations.

Both the US and China are imposing heavy import duties on each other's products, which has triggered a trade war kind of situation.

According to the study, as much 151 domestic products including diesel, X-ray tubes and certain chemicals have an outright advantage to displace the US exports to China.

Similarly, 203 Indian goods like rubber and graphite electrodes have the advantage to displace Chinese exports to the US.

It said that the specific products in which India can potentially expand exports to China immediately based on its strengths and available market access in the neighbouring country and also those in which concerted efforts need to be made to acquire market access are being shared with the line ministries.

The ongoing trade war may bring about a shift in the global trading patterns due to spillover effects and displacement of the bilaterally traded communities to other countries, it said.

The Indian products which can tap the Chinese market include copper ores, rubber, paper/paperboard, equipment for transmission voice/data in a wired network, tunes and pipes.

Similarly, domestic goods which can grab exports opportunities in the US market include industrial valves, vulcanised rubber, carbon or graphite electrodes and natural honey.

Increasing exports would help India narrow the widening trade deficit with China, which stood at USD 50.12 billion during April-February 2018-19.

Federation of Indian Export Organisations (FIEO) President Ganesh Kumar Gupta said that the trade war between the US and China is benefitting India.

He has said that India's exports to the US went up by 11.2 per cent in 2018 and to China by 31.4 per cent in the same year.

Echoing the views, Ludhiana-based exporter and former FIEO president S C Ralhan said enormous opportunities are there in the engineering and machinery sector in both the countries and "we have to tap that".

The ongoing trade war between the US and China offers an opportunity to India for boosting exports of as many 350 products such as chemicals and granite to these countries, a study by the Commerce Ministry has said.

The ongoing trade war between the US and China offers an opportunity to India for boosting exports of as many 350 products such as chemicals and granite to these countries, a study by the Commerce Ministry has said. The identification of these products is part of a study carried out by the ministry which states that the ongoing tariff or customs duties war between the US and China proves a big window of opportunity for enhancing India's exports to these two nations. Both the US and China are imposing heavy import duties on each other's products, which has triggered a trade war kind of situation. According to the study, as much 151 domestic products including diesel, X-ray tubes and certain chemicals have an outright advantage to displace the US exports to China. Similarly, 203 Indian goods like rubber and graphite electrodes have the advantage to displace Chinese exports to the US. It said that the specific products in which India can potentially expand exports to China immediately based on its strengths and available market access in the neighbouring country and also those in which concerted efforts need to be made to acquire market access are being shared with the line ministries. The ongoing trade war may bring about a shift in the global trading patterns due to spillover effects and displacement of the bilaterally traded communities to other countries, it said. The Indian products which can tap the Chinese market include copper ores, rubber, paper/paperboard, equipment for transmission voice/data in a wired network, tunes and pipes. Similarly, domestic goods which can grab exports opportunities in the US market include industrial valves, vulcanised rubber, carbon or graphite electrodes and natural honey. Increasing exports would help India narrow the widening trade deficit with China, which stood at USD 50.12 billion during April-February 2018-19. Federation of Indian Export Organisations (FIEO) President Ganesh Kumar Gupta said that the trade war between the US and China is benefitting India. He has said that India's exports to the US went up by 11.2 per cent in 2018 and to China by 31.4 per cent in the same year. Echoing the views, Ludhiana-based exporter and former FIEO president S C Ralhan said enormous opportunities are there in the engineering and machinery sector in both the countries and "we have to tap that".

Amid US-China trade war, India can boost exports of 300 products to both countries: Report

A large number of individuals and entities, including independent directors, top management personnel, rating agencies and auditors formerly associated with <a href="https://www.wionews.com/business-economy/ilfs-payment-default-crisis-enforcement-directorate-conducts-raid-on-former-directors-in-mumbai-220587">crisis-hit IL&amp;FS</a> may soon face action by capital market regulator Sebi for their role in the alleged fraud at the group.

Sebi has been conducting an in-depth investigation into the role of several entities and individuals, including for suspected violation of disclosure and corporate governance norms, and many of them would soon face stringent penal action for hurting the interest of minority shareholders and the overall capital markets with their fraudulent actions, senior officials said.

Officials said the regulator is also looking into the role of some listed borrowers, who were allegedly given multiple fresh loans despite their earlier defaults.

The Sebi probe had begun soon after the crisis came to light at IL&amp;FS group last year, following huge defaults by various entities which together had a debt burden of over Rs 90,000 crore.

The government had to supersede its board and appoint a new one, which is now working to clear the mess and also recover the losses caused by fraudulent acts of the previous management.

&nbsp;The matter is being probed by multiple agencies, including the Serious Fraud Investigation Office (SFIO), which has also found connivance of the previous top management with auditors and independent directors.

Several entities of IL&amp;FS (Infrastructure Leasing and Financial Services) group have been found to have indulged in multiple circuitous transactions involving several illegalities, including fast disbursals to some borrowers despite their bad track record in servicing existing loans and also delayed recoveries.

Investigations have also found that several entities from the IL&amp;FS group continued to enjoy high ratings from various rating agencies, including due to window-dressing of the books of the companies and ever-greening of their loans.

As per the probe, a number of borrowers, including listed firms, were not servicing their debt obligation timely.

While the top management at IL&amp;FS was aware of the potential problem accounts which were getting stressed, they continued to provide them with fresh loans to serve their principal and interest of the defaulters, rather than classifying them as NPAs.

This process was repeated multiple times with the earlier loan facility getting closed and a new facility being created which was again funded, on their default, through another cycle of funding through the same or another group company.

Such manner of debt servicing led to ballooning up of the outstanding liabilities against a group, which were funded from the borrowings from the market.

Ultimately, the final loan facility was declared NPA or written off, or left still outstanding in several cases, resulting in delayed recognition of NPAs, ballooning of debt and ultimate higher loss to the lender and its stakeholders.

It was also found that the top management took hospitality from the defaulter borrowers, while some auditors and rating agency officials were also found to be taking favours, officials said.

In its first charge sheet concerning the group's NBFC arm IL&amp;FS Financial Services Ltd (IFIN), the SFIO has charged its erstwhile top management members of forming a "coterie" with its auditors and independent directors to defraud the company while running the business as their "personal fiefdom". 
In addition to prosecution of former executive and independent directors of IFIN, among others, and attachment of their properties, the SFIO is also seeking interim attachment of all moveable and immovable assets of the auditors including their lockers, bank accounts and jointly-held properties, officials said. 
The SFIO is also collecting details about all borrowings by IFIN from banks and through market instruments, as also about the role of banks and their officials and of credit rating agencies.

In its charge sheet filed before a special court, the SFIO has accused 30 entities/individuals of various violations and offences, including financial fraud. Some of the accused persons are already in judicial custody.

Former top-management members of IFIN have been charged with committing fraud with intent to injure the interest of the company, its shareholders and creditors, resulting in wrongful loss to the company.

Listing names of Deloitte Haskins and Sells LLP and BSR and Associates LLP in the charge sheet, the SFIO said, "The statutory auditors failed to discharge their duties diligently and did not use professional scepticism to ensure true and fair disclosure of the state of affairs of the company".

"They, in fact, colluded with officials of the companies in order to conceal their fraudulent activities," the SFIO said while citing documentary and digital evidence as also relevant portions from its investigation report about statements recorded during the course of the probe.

The 'coterie' identified by SFIO included Ravi Parthasarthy, Hari Sankaran, Arun Saha, Ramesh Bawa, Vibhav Kapoor and K Ramchand, who were in the top management of various IL&amp;FS firms.&nbsp;

A large number of individuals and entities, including independent directors, top management personnel, rating agencies and auditors formerly associated with crisis-hit IL&FS may soon face action by capital market regulator Sebi for their role in the alleged fraud at the group.

A large number of individuals and entities, including independent directors, top management personnel, rating agencies and auditors formerly associated with crisis-hit IL&FS may soon face action by capital market regulator Sebi for their role in the alleged fraud at the group. Sebi has been conducting an in-depth investigation into the role of several entities and individuals, including for suspected violation of disclosure and corporate governance norms, and many of them would soon face stringent penal action for hurting the interest of minority shareholders and the overall capital markets with their fraudulent actions, senior officials said. Officials said the regulator is also looking into the role of some listed borrowers, who were allegedly given multiple fresh loans despite their earlier defaults. The Sebi probe had begun soon after the crisis came to light at IL&FS group last year, following huge defaults by various entities which together had a debt burden of over Rs 90,000 crore. The government had to supersede its board and appoint a new one, which is now working to clear the mess and also recover the losses caused by fraudulent acts of the previous management. The matter is being probed by multiple agencies, including the Serious Fraud Investigation Office (SFIO), which has also found connivance of the previous top management with auditors and independent directors. Several entities of IL&FS (Infrastructure Leasing and Financial Services) group have been found to have indulged in multiple circuitous transactions involving several illegalities, including fast disbursals to some borrowers despite their bad track record in servicing existing loans and also delayed recoveries. Investigations have also found that several entities from the IL&FS group continued to enjoy high ratings from various rating agencies, including due to window-dressing of the books of the companies and ever-greening of their loans. As per the probe, a number of borrowers, including listed firms, were not servicing their debt obligation timely. While the top management at IL&FS was aware of the potential problem accounts which were getting stressed, they continued to provide them with fresh loans to serve their principal and interest of the defaulters, rather than classifying them as NPAs. This process was repeated multiple times with the earlier loan facility getting closed and a new facility being created which was again funded, on their default, through another cycle of funding through the same or another group company. Such manner of debt servicing led to ballooning up of the outstanding liabilities against a group, which were funded from the borrowings from the market. Ultimately, the final loan facility was declared NPA or written off, or left still outstanding in several cases, resulting in delayed recognition of NPAs, ballooning of debt and ultimate higher loss to the lender and its stakeholders. It was also found that the top management took hospitality from the defaulter borrowers, while some auditors and rating agency officials were also found to be taking favours, officials said. In its first charge sheet concerning the group's NBFC arm IL&FS Financial Services Ltd (IFIN), the SFIO has charged its erstwhile top management members of forming a "coterie" with its auditors and independent directors to defraud the company while running the business as their "personal fiefdom". In addition to prosecution of former executive and independent directors of IFIN, among others, and attachment of their properties, the SFIO is also seeking interim attachment of all moveable and immovable assets of the auditors including their lockers, bank accounts and jointly-held properties, officials said. The SFIO is also collecting details about all borrowings by IFIN from banks and through market instruments, as also about the role of banks and their officials and of credit rating agencies. In its charge sheet filed before a special court, the SFIO has accused 30 entities/individuals of various violations and offences, including financial fraud. Some of the accused persons are already in judicial custody. Former top-management members of IFIN have been charged with committing fraud with intent to injure the interest of the company, its shareholders and creditors, resulting in wrongful loss to the company. Listing names of Deloitte Haskins and Sells LLP and BSR and Associates LLP in the charge sheet, the SFIO said, "The statutory auditors failed to discharge their duties diligently and did not use professional scepticism to ensure true and fair disclosure of the state of affairs of the company". "They, in fact, colluded with officials of the companies in order to conceal their fraudulent activities," the SFIO said while citing documentary and digital evidence as also relevant portions from its investigation report about statements recorded during the course of the probe. The 'coterie' identified by SFIO included Ravi Parthasarthy, Hari Sankaran, Arun Saha, Ramesh Bawa, Vibhav Kapoor and K Ramchand, who were in the top management of various IL&FS firms.

IL&FS case: Independent directors, rating agencies, auditors under Sebi lens

Indian equities this week will be guided by factors like geopolitical developments, <a href="https://www.wionews.com/world/imf-warns-us-china-trade-war-will-jeopardize-2019-global-growth-221117">US-China trade</a> negotiations and Fed interest rate decision amid lack of major domestic triggers, say analysts.

Investors will also keep a track on the domestic trade situation following reports that India has decided to impose retaliatory tariffs on 29 US products with effect from June 16.

The government had on June 21, 2018, decided to impose these duties in retaliation to the US decision of significantly hiking customs duties on certain steel and aluminium products. India had extended the deadline for imposition of duties multiple times in the hope that some solution would emerge.

"Markets are currently dancing to the global tunes and we do not see this changing any time soon, in absence of any major local trigger," said Jayant Manglik, President - Retail Distribution, Religare Broking.

Vinod Nair, Head of Research, Geojit Financial Services, said: "Ripple effect from a weak global market while premium valuation and the slow economy is hurting the market.

&nbsp;A continuous exchange of words between US and Tehran regarding the oil tanker attack, progress of US-China trade war, Fed policy outcome on 19th June and progress of monsoon will be closely watched by the investors."

Global markets were spooked last week after two oil tankers were attacked in the Gulf of Oman, leading to ratcheting up of tensions in the Middle East.

Crude oil prices, movement of rupee against the dollar and foreign fund investment trend would be crucial for the markets, experts added.

"Negative news flow from the finance sector on loan repayment is dampening the investors' sentiment which can be a trigger for a bigger correction before the budget session," said Romesh Tiwari, Head of Research, capitalism.

<a href="https://www.wionews.com/business-economy/bse-sensex-slips-over-50-points-nifty-by-14-points-on-weak-global-cues-201226">The BSE Sensex</a> stayed on the back foot for the third straight session Friday as investors dialled down equity exposure amid high valuations and a fresh spell of uncertainty in the global markets.

The markets suffered a sudden sell-off towards the fag-end following reports of India decided to impose retaliatory tariffs on 29 US products. 
During the last week, the Sensex fell 163.83 points or 0.41 per cent, to close at 39,452.07.&nbsp;

Indian equities this week will be guided by factors like geopolitical developments, US-China trade negotiations and Fed interest rate decision amid lack of major domestic triggers, say analysts.

Indian equities this week will be guided by factors like geopolitical developments, US-China trade negotiations and Fed interest rate decision amid lack of major domestic triggers, say analysts. Investors will also keep a track on the domestic trade situation following reports that India has decided to impose retaliatory tariffs on 29 US products with effect from June 16. The government had on June 21, 2018, decided to impose these duties in retaliation to the US decision of significantly hiking customs duties on certain steel and aluminium products. India had extended the deadline for imposition of duties multiple times in the hope that some solution would emerge. "Markets are currently dancing to the global tunes and we do not see this changing any time soon, in absence of any major local trigger," said Jayant Manglik, President - Retail Distribution, Religare Broking. Vinod Nair, Head of Research, Geojit Financial Services, said: "Ripple effect from a weak global market while premium valuation and the slow economy is hurting the market. A continuous exchange of words between US and Tehran regarding the oil tanker attack, progress of US-China trade war, Fed policy outcome on 19th June and progress of monsoon will be closely watched by the investors." Global markets were spooked last week after two oil tankers were attacked in the Gulf of Oman, leading to ratcheting up of tensions in the Middle East. Crude oil prices, movement of rupee against the dollar and foreign fund investment trend would be crucial for the markets, experts added. "Negative news flow from the finance sector on loan repayment is dampening the investors' sentiment which can be a trigger for a bigger correction before the budget session," said Romesh Tiwari, Head of Research, capitalism. The BSE Sensex stayed on the back foot for the third straight session Friday as investors dialled down equity exposure amid high valuations and a fresh spell of uncertainty in the global markets. The markets suffered a sudden sell-off towards the fag-end following reports of India decided to impose retaliatory tariffs on 29 US products. During the last week, the Sensex fell 163.83 points or 0.41 per cent, to close at 39,452.07.

Fed rate decision, trade scenario to set market trend: Analysts

<a href="https://www.wionews.com/business-economy/indias-coal-output-up-10-to-156-mt-during-april-november-182611">India's coal </a>import increased by 14.5 per cent to 24.01 million tonnes (MT) in May this year.

The country's coal import was at 20.96 MT in May 2019, according to a junction services report, which is based on monitoring of vessels' positions and data received from shipping companies.

The report comes at a time when the government is looking at relaxing the timeline for the one billion tonne coal production target it had set earlier for Coal India (CIL), which accounts for over 80 per cent of the domestic coal output.

Imports during May this year stood at 24.01 MT (provisional) as compared to 26.3 MT (revised) in April 2019.

The provisional figure for April 2019 stood at 20.72 MT. Of the total import during May, non-coking coal was at 17.74 MT, while coking coal import stood at 3.8 MT.

Metallurgical coke import during the month was at 0.31 MT. "Sufficient stock at power plants led to lower non-cooking coal imports in May.&nbsp;

There may be some restocking of material in June ahead of monsoon as stock levels have decreased marginally.

&nbsp;Coking coal bookings also remained low as mills waited for import offers to subside before restocking," junction MD &amp; CEO Vinaya Varma said.

Mjunction - a joint venture between Tata Steel and SAIL - is a B2B e-commerce company and also publishes research reports on coal and steel verticals.

The Centre had earlier urged state-owned Coal India to pledge self-sufficiency in production to eliminate import of thermal coal.&nbsp;

India's coal import increased by 14.5 per cent to 24.01 million tonnes (MT) in May this year. The country's coal import was at 20.96 MT in May 2019, according to a junction services report, which is based on monitoring of vessels' positions and data received from shipping companies.

India's coal import increased by 14.5 per cent to 24.01 million tonnes (MT) in May this year. The country's coal import was at 20.96 MT in May 2019, according to a junction services report, which is based on monitoring of vessels' positions and data received from shipping companies. The report comes at a time when the government is looking at relaxing the timeline for the one billion tonne coal production target it had set earlier for Coal India (CIL), which accounts for over 80 per cent of the domestic coal output. Imports during May this year stood at 24.01 MT (provisional) as compared to 26.3 MT (revised) in April 2019. The provisional figure for April 2019 stood at 20.72 MT. Of the total import during May, non-coking coal was at 17.74 MT, while coking coal import stood at 3.8 MT. Metallurgical coke import during the month was at 0.31 MT. "Sufficient stock at power plants led to lower non-cooking coal imports in May. There may be some restocking of material in June ahead of monsoon as stock levels have decreased marginally. Coking coal bookings also remained low as mills waited for import offers to subside before restocking," junction MD & CEO Vinaya Varma said. Mjunction - a joint venture between Tata Steel and SAIL - is a B2B e-commerce company and also publishes research reports on coal and steel verticals. The Centre had earlier urged state-owned Coal India to pledge self-sufficiency in production to eliminate import of thermal coal.

India's coal import rises 15% to 24 million tonnes in May

<a href="https://www.wionews.com/india-news/illegal-sand-mining-ap-to-use-gps-to-curb-menace-141153">Beach sand mining</a> ban on private players has resulted in the loss of exports worth Rs 4,000 crore and Rs 5,000 crore in revenue, mining body FIMI has said, demanding to rescind the order.

In its latest report "Mining Matters for India", Federation of Indian Mineral Industries (FIMI) said the ban has put a large number of jobs at stake.

"In the case of beach sand minerals (BSM), the private sector has been debarred for mining, putting numerous jobs at stake and depriving the country of revenue to the extent of Rs 5,000 crore and exports of about Rs 4,000 crore annually," FIMI said in its latest report.

At present, only government companies are allowed to engage in beach sand mining after the Ministry of Mines vide a notification in February this year banned the private players.

"The Government should improve the regulatory mechanism and private sector should be continued to be allowed for mining of beach sand minerals and the Ministry of Mines notification...Barring private sector should be rescinded," it said.

The report also highlights Fimi's demand for considering the mining as an 'Independent Activity', and not as captive to any downstream metal industry such as steel, aluminium.

"While mining is a business of volumes, captive mining limits the scale of mining, neglects mineral exploration limited to plant requirement, leads to selective mining and wastage of resources," the report said.

The private sector in future should be the main source of investment in reconnaissance, exploration and mining with right to seamless transition, transferability with security of tenure, it said adding, the government agencies such as GSI, MECL etc may continue to perform the exploration and surveys on regional basis and in areas where private investment is not forthcoming.

"The Government of India should create a level playing field for both private (captive and non-captive) and Government sector companies in terms of tenure of leases, area selection, etc," it added.

Much of the contribution made by the mining industry to ensure raw material security for India's sustainable growth has not received the due attention of the stakeholders and society at large, it said.

FIMI also demanded that the contribution of mining should be viewed in light of the multiplier effect it has across the entire economy and not just its monetary contribution to GDP.

The industry body is committed to contributing to the sustained growth of the mineral sector in a sustainable manner for economic growth, raw material security of the country and socio-economic development particularly in remote and tribal areas, it said, and urged the government to initiate steps to ensure its rightful position as a growth engine in the economy and unlock the full potential of the Indian mineral sector.

Beach sand mining ban on private players has resulted in the loss of exports worth Rs 4,000 crore and Rs 5,000 crore in revenue, mining body FIMI has said, demanding to rescind the order.

Beach sand mining ban on private players has resulted in the loss of exports worth Rs 4,000 crore and Rs 5,000 crore in revenue, mining body FIMI has said, demanding to rescind the order. In its latest report "Mining Matters for India", Federation of Indian Mineral Industries (FIMI) said the ban has put a large number of jobs at stake. "In the case of beach sand minerals (BSM), the private sector has been debarred for mining, putting numerous jobs at stake and depriving the country of revenue to the extent of Rs 5,000 crore and exports of about Rs 4,000 crore annually," FIMI said in its latest report. At present, only government companies are allowed to engage in beach sand mining after the Ministry of Mines vide a notification in February this year banned the private players. "The Government should improve the regulatory mechanism and private sector should be continued to be allowed for mining of beach sand minerals and the Ministry of Mines notification...Barring private sector should be rescinded," it said. The report also highlights Fimi's demand for considering the mining as an 'Independent Activity', and not as captive to any downstream metal industry such as steel, aluminium. "While mining is a business of volumes, captive mining limits the scale of mining, neglects mineral exploration limited to plant requirement, leads to selective mining and wastage of resources," the report said. The private sector in future should be the main source of investment in reconnaissance, exploration and mining with right to seamless transition, transferability with security of tenure, it said adding, the government agencies such as GSI, MECL etc may continue to perform the exploration and surveys on regional basis and in areas where private investment is not forthcoming. "The Government of India should create a level playing field for both private (captive and non-captive) and Government sector companies in terms of tenure of leases, area selection, etc," it added. Much of the contribution made by the mining industry to ensure raw material security for India's sustainable growth has not received the due attention of the stakeholders and society at large, it said. FIMI also demanded that the contribution of mining should be viewed in light of the multiplier effect it has across the entire economy and not just its monetary contribution to GDP. The industry body is committed to contributing to the sustained growth of the mineral sector in a sustainable manner for economic growth, raw material security of the country and socio-economic development particularly in remote and tribal areas, it said, and urged the government to initiate steps to ensure its rightful position as a growth engine in the economy and unlock the full potential of the Indian mineral sector.

Federation of Indian Mineral Industries urges govt to lift beach sand mining ban on private firms

Ahead of the Budget, domestic iron and steel players have sought abolition of 2.5 per cent basic customs duty on import of <a href="https://www.wionews.com/business-economy/indias-coal-output-up-10-to-156-mt-during-april-november-182611">coking coal</a> - a key raw material used in steelmaking.

Removal of duty on coking coal is a long-standing demand of the industry. At present India's 85 per cent of demand for coking coal is met through imports, industry bodies Ficci and CII have apprised the Ministry of Steel in a pre-Budget proposal.

"As there is no substitution for coking coal in steel making, import duty of 2.5 per cent on coking coal is redundant as import protection," the industry demanded in the proposal.

Due to the increasing and volatile coking coal prices, domestic merchant pig iron industry is suffering from huge losses, which forced many players to stop operations, it said.

The industry has forecast that the financial year 2030 - the year by which India aims to take its the capacity to 300 million tonnes - the demand for coking coal would be at 178.7 million tonnes and 140.2 MT will be met through imports.

However, it also noted that as per the National Steel Policy, the dependence on imported coking coal is supposed to be brought down to 65 per cent by 2030.

Scrap is another element which is posing a threat for the domestic steel manufacturers, the proposal said, requesting the duty on import of scrap should be raised to 10 per cent from the current level 2.5 per cent.

It also sought for BIS standard for scrap besides review MIP of scrap. 
"Cheap quality scrap imports have increased by 9 per cent in FY19 from FY17 which has resulted in net forex outgo increase by 58 per cent to USD 1.77 billion till February 2019.

"No BIS certification or standards are in place for scrap which leads to lack of authenticity on material import. There is also the risk of scrap being hazardous and radioactive since there is no norms or check," the proposal note said.&nbsp;

Ahead of the Budget, domestic iron and steel players have sought abolition of 2.5 per cent basic customs duty on import of coking coal - a key raw material used in steelmaking.

Ahead of the Budget, domestic iron and steel players have sought abolition of 2.5 per cent basic customs duty on import of coking coal - a key raw material used in steelmaking. Removal of duty on coking coal is a long-standing demand of the industry. At present India's 85 per cent of demand for coking coal is met through imports, industry bodies Ficci and CII have apprised the Ministry of Steel in a pre-Budget proposal. "As there is no substitution for coking coal in steel making, import duty of 2.5 per cent on coking coal is redundant as import protection," the industry demanded in the proposal. Due to the increasing and volatile coking coal prices, domestic merchant pig iron industry is suffering from huge losses, which forced many players to stop operations, it said. The industry has forecast that the financial year 2030 - the year by which India aims to take its the capacity to 300 million tonnes - the demand for coking coal would be at 178.7 million tonnes and 140.2 MT will be met through imports. However, it also noted that as per the National Steel Policy, the dependence on imported coking coal is supposed to be brought down to 65 per cent by 2030. Scrap is another element which is posing a threat for the domestic steel manufacturers, the proposal said, requesting the duty on import of scrap should be raised to 10 per cent from the current level 2.5 per cent. It also sought for BIS standard for scrap besides review MIP of scrap. "Cheap quality scrap imports have increased by 9 per cent in FY19 from FY17 which has resulted in net forex outgo increase by 58 per cent to USD 1.77 billion till February 2019. "No BIS certification or standards are in place for scrap which leads to lack of authenticity on material import. There is also the risk of scrap being hazardous and radioactive since there is no norms or check," the proposal note said.

Steel, iron makers seek removal of duty on coking coal; higher tariff on scrap

Family businesses in the country are on a growth trajectory, with 89 per cent of them expecting to grow in the next two years, according to a survey.

The global survey, 'Family Business Survey 2019' by PwC, was done among 2,953 family leaders across 53 countries, including 106 family business leaders, between April 20 and August 10, 2018.

The survey has revealed that 89 per cent of family businesses in India expect to grow in the next two years, with 44 per cent of them looking at growing aggressively and 45 per cent expecting steady growth.

"Regulatory changes are getting family businesses to bring in order and professionalise the business, and disruptive technology is pushing them to transform.&nbsp;

These new market dynamics are cultivating a renewed sense of ambition in family businesses, making them resilient in the face of change," PwC India Partner and Leader, Entrepreneurial and Private Business, Ganesh Raju K said.

In terms of expansion, a little more than half of the family businesses are open to internationalisation, while 40 per cent are looking at diversification, the survey said.

Even Indian family businesses are increasingly looking at diversification and exploring newer markets, it added.

Nearly half of the family <a href="https://www.wionews.com/business-economy/india-does-have-huge-potential-real-question-is-speed-of-growth-says-former-pepsico-chairperson-indra-nooyi-206985">businesses in India</a> are open to mergers and acquisitions both within India and outside thus reinforcing the belief that inorganic growth will facilitate synergies and achieve incremental revenue, it said.

A lot of Indian family business owners are looking at private equity or venture capital funding or are looking at listing their business on stock exchanges.

Further, the survey said, more and more companies looking at professionalising their business functions are distinguishing between ownership and management as they feel partnering with the right talent might help family businesses to adapt to the changes.

About 73 per cent of Indian family businesses has the next generation working in the business and 60 per cent plan to pass on the management or ownership to the next generation.

It also found that 92 per cent of family businesses in India allow family members to work in the business. When it comes to spouses or partners, three-fourths of family businesses allow them to own shares and two-thirds allow them to work in the business.

However, women, on an average, constitute 15 per cent members on the board and 13 per cent on management teams in Indian family businesses as compared with 21 per cent and 24 per cent across the globe, respectively, it said.

The survey also revealed that 89 per cent of Indian family businesses are engaged in philanthropic activities, which is over and above the contribution of money. This is much higher than the global average of 68 per cent, it added.

Family businesses in the country are on a growth trajectory, with 89 per cent of them expecting to grow in the next two years, according to a survey. The global survey, 'Family Business Survey 2019' by PwC, was done among 2,953 family leaders across 53 countries, including 106 family business leaders, between April 20 and August 10, 2018.

Family businesses in the country are on a growth trajectory, with 89 per cent of them expecting to grow in the next two years, according to a survey. The global survey, 'Family Business Survey 2019' by PwC, was done among 2,953 family leaders across 53 countries, including 106 family business leaders, between April 20 and August 10, 2018. The survey has revealed that 89 per cent of family businesses in India expect to grow in the next two years, with 44 per cent of them looking at growing aggressively and 45 per cent expecting steady growth. "Regulatory changes are getting family businesses to bring in order and professionalise the business, and disruptive technology is pushing them to transform. These new market dynamics are cultivating a renewed sense of ambition in family businesses, making them resilient in the face of change," PwC India Partner and Leader, Entrepreneurial and Private Business, Ganesh Raju K said. In terms of expansion, a little more than half of the family businesses are open to internationalisation, while 40 per cent are looking at diversification, the survey said. Even Indian family businesses are increasingly looking at diversification and exploring newer markets, it added. Nearly half of the family businesses in India are open to mergers and acquisitions both within India and outside thus reinforcing the belief that inorganic growth will facilitate synergies and achieve incremental revenue, it said. A lot of Indian family business owners are looking at private equity or venture capital funding or are looking at listing their business on stock exchanges. Further, the survey said, more and more companies looking at professionalising their business functions are distinguishing between ownership and management as they feel partnering with the right talent might help family businesses to adapt to the changes. About 73 per cent of Indian family businesses has the next generation working in the business and 60 per cent plan to pass on the management or ownership to the next generation. It also found that 92 per cent of family businesses in India allow family members to work in the business. When it comes to spouses or partners, three-fourths of family businesses allow them to own shares and two-thirds allow them to work in the business. However, women, on an average, constitute 15 per cent members on the board and 13 per cent on management teams in Indian family businesses as compared with 21 per cent and 24 per cent across the globe, respectively, it said. The survey also revealed that 89 per cent of Indian family businesses are engaged in philanthropic activities, which is over and above the contribution of money. This is much higher than the global average of 68 per cent, it added.

Global Survey: 89% of family businesses in India expect to grow in next two years

India on Saturday announced a <a href="https://www.wionews.com/business-economy/india-set-to-levy-higher-tariffs-on-some-us-goods-next-week-sources-227113">hike in customs duties</a> on as many as 28 US products, including almond, pulses and walnut, in response to higher tariffs imposed by Washington on Indian products like steel and aluminium.

The increased <a href="https://www.wionews.com/opinions/indias-indifference-to-the-us-on-gsp-is-the-perfect-response-225283">customs duties</a> will come into effect from Sunday, an official notification said.

The move will hurt American exporters of these 28 items as they will have to pay higher duties, making those items costlier in the Indian market.

Amending its June 30, 2017, notification, the Central Board of Indirect taxes and Customs (CBIC) said Saturday's notification will "implement the imposition of retaliatory duties on 28 specified goods originating in or exported from USA and preserving the existing MFN rate for all these goods for all countries other than USA".

Earlier, the list included 29 goods but India has removed artemia, a kind of shrimp, from the list.

Watch: Tariff wars - What is India's stance?

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/india-watch-tariff-wars-whats-indias-stance-227217/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The country would get about $217 million additional revenue from such imports.

The government had on June 21, 2018 decided to impose these duties in retaliation to the US decision of significantly hiking customs duties on certain steel and aluminium products.

America had in March last year imposed 25 per cent tariff on steel and a 10 per cent import duty on aluminium products. Earlier, there was no duty on these goods.

As India is one of the major exporters of these items to the US, the move has revenue implication of about $240 million on domestic steel and aluminium products.

India extended the deadline for imposition of these duties eight times in the hope that some solution would emerge during a negotiation between India and the US on a proposed trade package.

But those negotiations came to a halt following the decision of the US to withdraw export incentives to Indian exporters under its Generalised System of Preferences (GSP) programme. These benefits were rolled back from June 5. It will impact goods worth $5.5 billion from India to America.

As part of the imposition of higher import duties on US products, India has notified higher tariffs on several goods.

While import duty on walnut has been hiked to 120 per cent from 30 per cent, duty on chickpeas, Bengal gram (chana) and masur dal will be raised to 70 per cent, from 30 per cent currently. Levy on lentils will be increased to 40 per cent.

The duty on boric acid and binders for foundry moulds would be hiked to 7.5 per cent, while that on domestic reagents will be increased to 10 per cent.

The other products on which duties will be hiked include certain kind of nuts, iron and steel products, apples, pears, flat rolled products of stainless steel, other alloy steel, tube and pipe fittings, and screws, bolts and rivets.

India has also dragged the US to the World Trade Organisation's (WTO) dispute settlement mechanism over the imposition of import duties on steel and aluminium.

India exports steel and aluminium products worth about $1.5 billion to the US every year.

India's exports to the US in 2017-18 stood at $47.9 billion, while imports were at $26.7 billion. The trade balance is in favour of India.&nbsp;

India on Saturday announced a hike in customs duties on as many as 28 US products, including almond, pulses and walnut, in response to higher tariffs imposed by Washington on Indian products like steel and aluminium.

India on Saturday announced a hike in customs duties on as many as 28 US products, including almond, pulses and walnut, in response to higher tariffs imposed by Washington on Indian products like steel and aluminium. The increased customs duties will come into effect from Sunday, an official notification said. The move will hurt American exporters of these 28 items as they will have to pay higher duties, making those items costlier in the Indian market. Amending its June 30, 2017, notification, the Central Board of Indirect taxes and Customs (CBIC) said Saturday's notification will "implement the imposition of retaliatory duties on 28 specified goods originating in or exported from USA and preserving the existing MFN rate for all these goods for all countries other than USA". Earlier, the list included 29 goods but India has removed artemia, a kind of shrimp, from the list. Watch: Tariff wars - What is India's stance? The country would get about $217 million additional revenue from such imports. The government had on June 21, 2018 decided to impose these duties in retaliation to the US decision of significantly hiking customs duties on certain steel and aluminium products. America had in March last year imposed 25 per cent tariff on steel and a 10 per cent import duty on aluminium products. Earlier, there was no duty on these goods. As India is one of the major exporters of these items to the US, the move has revenue implication of about $240 million on domestic steel and aluminium products. India extended the deadline for imposition of these duties eight times in the hope that some solution would emerge during a negotiation between India and the US on a proposed trade package. But those negotiations came to a halt following the decision of the US to withdraw export incentives to Indian exporters under its Generalised System of Preferences (GSP) programme. These benefits were rolled back from June 5. It will impact goods worth $5.5 billion from India to America. As part of the imposition of higher import duties on US products, India has notified higher tariffs on several goods. While import duty on walnut has been hiked to 120 per cent from 30 per cent, duty on chickpeas, Bengal gram (chana) and masur dal will be raised to 70 per cent, from 30 per cent currently. Levy on lentils will be increased to 40 per cent. The duty on boric acid and binders for foundry moulds would be hiked to 7.5 per cent, while that on domestic reagents will be increased to 10 per cent. The other products on which duties will be hiked include certain kind of nuts, iron and steel products, apples, pears, flat rolled products of stainless steel, other alloy steel, tube and pipe fittings, and screws, bolts and rivets. India has also dragged the US to the World Trade Organisation's (WTO) dispute settlement mechanism over the imposition of import duties on steel and aluminium. India exports steel and aluminium products worth about $1.5 billion to the US every year. India's exports to the US in 2017-18 stood at $47.9 billion, while imports were at $26.7 billion. The trade balance is in favour of India.

India imposes higher customs duty on 28 US products, will come into effect from Sunday

<a href="https://www.wionews.com/world/renault-to-block-nissans-plan-to-overhaul-governance-structure-report-225818">Nissan Motor Co </a>is considering giving its alliance partner Renault SA some seats on planned oversight committees after the French automaker expressed discontent with the envisioned governance reform, a source said.

The two-decade-old partnership of Nissan and Renault was plunged into a crisis earlier this week, as the French automaker’ s demand for a greater say in Nissan’s new governance system drew rare public censure by the Japanese firm.

Renault, which owns 43.4% of the Japanese firm, signalled it would block Nissan from formally adopting an overhauled governance structure at a June 25 shareholder meeting - unless Renault received representation on new Nissan committees.

Nissan is now considering having Renault executives as members of the nomination, audit and compensation committees, a person with direct knowledge said.

“Nissan will have to make concessions for our governance reform,” this person said. “Whether two or three seats, we still don’t know how many committees we will be giving to Renault, but we are in talks with Renault to give some seats to someone recommended by Renault.”

Jean-Dominique Senard, Renault’s chairman, said earlier in the week that he was confident of reaching an agreement&nbsp;with Nissan on the composition of the Japanese company’s main board committees. He said he would support Nissan’s governance reform if the Japanese firm allowed Renault’s two representatives on Nissan’s board to be part of its powerful committees.

Nissan had offered to let only Senard sit on the committees but Renault insists its chief executive Thierry Bollore also have a role.

Another source familiar with Nissan’s thinking said that there is no agreement yet on Renault’s recommendations and the two companies are still negotiating.

“There is still a gap ... both sides need to make concessions. The question is whether they can narrow (the gap),” this person said.

Nissan Motor Co is considering giving its alliance partner Renault SA some seats on planned oversight committees after the French automaker expressed discontent with the envisioned governance reform, a source said.

Nissan Motor Co is considering giving its alliance partner Renault SA some seats on planned oversight committees after the French automaker expressed discontent with the envisioned governance reform, a source said. The two-decade-old partnership of Nissan and Renault was plunged into a crisis earlier this week, as the French automaker’ s demand for a greater say in Nissan’s new governance system drew rare public censure by the Japanese firm. Renault, which owns 43.4% of the Japanese firm, signalled it would block Nissan from formally adopting an overhauled governance structure at a June 25 shareholder meeting - unless Renault received representation on new Nissan committees. Nissan is now considering having Renault executives as members of the nomination, audit and compensation committees, a person with direct knowledge said. “Nissan will have to make concessions for our governance reform,” this person said. “Whether two or three seats, we still don’t know how many committees we will be giving to Renault, but we are in talks with Renault to give some seats to someone recommended by Renault.” Jean-Dominique Senard, Renault’s chairman, said earlier in the week that he was confident of reaching an agreement with Nissan on the composition of the Japanese company’s main board committees. He said he would support Nissan’s governance reform if the Japanese firm allowed Renault’s two representatives on Nissan’s board to be part of its powerful committees. Nissan had offered to let only Senard sit on the committees but Renault insists its chief executive Thierry Bollore also have a role. Another source familiar with Nissan’s thinking said that there is no agreement yet on Renault’s recommendations and the two companies are still negotiating. “There is still a gap ... both sides need to make concessions. The question is whether they can narrow (the gap),” this person said.

Nissan considers giving Renault some seats on oversight committees: Source

The Reserve Bank on Friday asked banks to ensure their ATMs are grouted to a wall, pillar, or floor by September-end, except those installed in high secured premises such as airports, to enhance the security of the cash vending machines.

In 2016, the RBI had set up a Committee on Currency Movement (CCM) to review the entire gamut of security of treasure in transit. Based on the recommendations of the panel, the central bank has now issued instructions aimed at mitigating risks in ATM operations and enhancing security.

As part of the security measures, all "ATMs shall be operated for cash replenishment only with digital One Time Combination (OTC) locks". Also, "All ATMs shall be grouted to a structure (wall, pillar, floor, etc.) by September 30, 2019, except for ATMs installed in highly secured premises such as airports, etc. which have adequate CCTV coverage and are guarded by state/central security personnel".

Further, banks may also consider rolling out a comprehensive e-surveillance mechanism at the ATMs to ensure timely alerts and quick response, it said.

The new measures to be adopted by banks are in addition to the existing instructions, practices and guidance issued by the RBI and law enforcement agencies. The RBI also warned the banks that non-adherence of timelines or non-observance of the instructions would attract regulatory action including levy of penalty.

The Reserve Bank on Friday asked banks to ensure their ATMs are grouted to a wall, pillar, or floor by September-end, except those installed in high secured premises such as airports, to enhance the security of the cash vending machines.

The Reserve Bank on Friday asked banks to ensure their ATMs are grouted to a wall, pillar, or floor by September-end, except those installed in high secured premises such as airports, to enhance the security of the cash vending machines. In 2016, the RBI had set up a Committee on Currency Movement (CCM) to review the entire gamut of security of treasure in transit. Based on the recommendations of the panel, the central bank has now issued instructions aimed at mitigating risks in ATM operations and enhancing security. As part of the security measures, all "ATMs shall be operated for cash replenishment only with digital One Time Combination (OTC) locks". Also, "All ATMs shall be grouted to a structure (wall, pillar, floor, etc.) by September 30, 2019, except for ATMs installed in highly secured premises such as airports, etc. which have adequate CCTV coverage and are guarded by state/central security personnel". Further, banks may also consider rolling out a comprehensive e-surveillance mechanism at the ATMs to ensure timely alerts and quick response, it said. The new measures to be adopted by banks are in addition to the existing instructions, practices and guidance issued by the RBI and law enforcement agencies. The RBI also warned the banks that non-adherence of timelines or non-observance of the instructions would attract regulatory action including levy of penalty.

RBI asks banks to grout ATMs to wall, pillar or floor to enhance security

The rupee opened on a weak note and declined by 11 paise to 69.61 against the US dollar in opening trade Friday, as rising crude oil price concerns weighed on investor community.

The rupee opened weak at 69.55 at the interbank forex market and then fell further to 69.61, down 11 paise over its last close.

The rupee had settled at 69.50 against the US dollar on Thursday.

Forex traders said, rupee is trading in a narrow range as prospects of an interest rate cut by the US Federal Reserve kept investors edgy.

Besides, strengthening of the American currency in the overseas market and weak opening in domestic equities weighed on the local unit.

Meanwhile, foreign fund inflows supported the domestic currency.

Brent crude futures, the global oil benchmark, rose 0.47 per cent to US $61.60 per barrel.

Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 172.35 crore Thursday, as per provisional data.

Domestic bourses opened on a cautious note Friday with benchmark indices Sensex trading 76.97 points down at 39,664.39 and Nifty down 28.25 points at 11,885.80.&nbsp;

The rupee opened on a weak note and declined by 11 paise to 69.61 against the US dollar in opening trade Friday, as rising crude oil price concerns weighed on investor community.

The rupee opened on a weak note and declined by 11 paise to 69.61 against the US dollar in opening trade Friday, as rising crude oil price concerns weighed on investor community. The rupee opened weak at 69.55 at the interbank forex market and then fell further to 69.61, down 11 paise over its last close. The rupee had settled at 69.50 against the US dollar on Thursday. Forex traders said, rupee is trading in a narrow range as prospects of an interest rate cut by the US Federal Reserve kept investors edgy. Besides, strengthening of the American currency in the overseas market and weak opening in domestic equities weighed on the local unit. Meanwhile, foreign fund inflows supported the domestic currency. Brent crude futures, the global oil benchmark, rose 0.47 per cent to US $61.60 per barrel. Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 172.35 crore Thursday, as per provisional data. Domestic bourses opened on a cautious note Friday with benchmark indices Sensex trading 76.97 points down at 39,664.39 and Nifty down 28.25 points at 11,885.80.

Rupee slips 11 paise to 69.61 vs US dollar in early trade

Domestic equity benchmark BSE Sensex fell over 150 points in early trade Friday tracking negative global cues amid rising crude oil prices.

Investors were also on edge ahead of the release of wholesale price inflation data, scheduled to be announced later in the day, traders said.

The 30-share index was trading 172.05 points, or 0.43 per cent, lower at 39,569.31 at 0945 hours. Similarly, the broader NSE Nifty was quoting 50.40 points, or 0.42 per cent, down at 11,863.65.

In the previous session on Thursday, the BSE gauge settled 15.45 points, or 0.04 per cent, lower at 39,741.36. While, the broader NSE Nifty inched up 7.85 points, or 0.07 per cent, to close at 11,914.05.

Top losers in the Sensex pack in early trade included Yes Bank, IndusInd Bank, Bajaj Auto, Kotak Bank, Hero MotoCorp, Sun Pharma, ICICI Bank, M&amp;M, RIL and Tata Motors, shedding up to 2 per cent.

On the other hand, PowerGrid, Vedanta, ONGC, L&amp;T, Bajaj Finance and Coal India rose up to 1.14 per cent.

According to experts, market mood was negative tracking weak cues from global markets amid rising crude oil prices after attacks on two oil tankers in the Gulf of Oman on Thursday, and continued uncertainty over trade talks between the US and China.

The United States has blamed Iran for the attacks as the incident came amid spiralling tensions between Tehran and Washington which has pointed the finger at Iran over earlier tanker attacks in May.

The global oil benchmark Brent crude futures were trading 0.62 per cent higher at 61.69 per barrel.

Elsewhere in Asia, while Shanghai Composite Index, Hang Seng, and Kospi were trading on a negative note in their respective early sessions, Nikkei was quoting higher.

Bourses on Wall Street too ended in the green on Thursday.

Meanwhile, foreign institutional investors bought equity worth Rs 172.35 crore, while domestic institutional investors sold shares to the tune of Rs 444.87 crore, provisional data available with stock exchanges showed on Thursday.

On the currency front, the Indian rupee depreciated 7 paise to 69.57 against the US dollar.

Domestic equity benchmark BSE Sensex fell over 150 points in early trade Friday tracking negative global cues amid rising crude oil prices. Investors were also on edge ahead of the release of wholesale price inflation data, scheduled to be announced later in the day, traders said.

Domestic equity benchmark BSE Sensex fell over 150 points in early trade Friday tracking negative global cues amid rising crude oil prices. Investors were also on edge ahead of the release of wholesale price inflation data, scheduled to be announced later in the day, traders said. The 30-share index was trading 172.05 points, or 0.43 per cent, lower at 39,569.31 at 0945 hours. Similarly, the broader NSE Nifty was quoting 50.40 points, or 0.42 per cent, down at 11,863.65. In the previous session on Thursday, the BSE gauge settled 15.45 points, or 0.04 per cent, lower at 39,741.36. While, the broader NSE Nifty inched up 7.85 points, or 0.07 per cent, to close at 11,914.05. Top losers in the Sensex pack in early trade included Yes Bank, IndusInd Bank, Bajaj Auto, Kotak Bank, Hero MotoCorp, Sun Pharma, ICICI Bank, M&M, RIL and Tata Motors, shedding up to 2 per cent. On the other hand, PowerGrid, Vedanta, ONGC, L&T, Bajaj Finance and Coal India rose up to 1.14 per cent. According to experts, market mood was negative tracking weak cues from global markets amid rising crude oil prices after attacks on two oil tankers in the Gulf of Oman on Thursday, and continued uncertainty over trade talks between the US and China. The United States has blamed Iran for the attacks as the incident came amid spiralling tensions between Tehran and Washington which has pointed the finger at Iran over earlier tanker attacks in May. The global oil benchmark Brent crude futures were trading 0.62 per cent higher at 61.69 per barrel. Elsewhere in Asia, while Shanghai Composite Index, Hang Seng, and Kospi were trading on a negative note in their respective early sessions, Nikkei was quoting higher. Bourses on Wall Street too ended in the green on Thursday. Meanwhile, foreign institutional investors bought equity worth Rs 172.35 crore, while domestic institutional investors sold shares to the tune of Rs 444.87 crore, provisional data available with stock exchanges showed on Thursday. On the currency front, the Indian rupee depreciated 7 paise to 69.57 against the US dollar.

Sensex drops over 150 points amid weak global cues

Oil prices settled 2.2 per cent&nbsp;higher on Thursday after attacks on<a href="https://www.wionews.com/world/iran-behind-tanker-attack-in-gulf-of-oman-us-acting-ambassador-jonathan-cohen-226968"> two oil tankers in the Gulf of Oman</a> stoked concerns of reduced crude trade flows through one of the world's key shipping routes.

The attacks near Iran and the <a href="https://www.wionews.com/world/tanker-attacks-in-gulf-of-oman-stoke-security-and-oil-fears-226939">Strait of Hormuz reignited worries </a>about an impact to flows from the Middle East if insurance companies begin to reduce coverage for voyages through the region and additional shipping companies suspend new bookings, analysts said.

Such a disruption "could further exacerbate the supply problem," said Andy Lipow, an analyst at Lipow Oil Associates in Houston.

Brent crude futures settled up $1.34, or 2.23%, at $61.31, having risen as much as 4.5% to $62.64.

US&nbsp;West Texas Intermediate crude futures were up $1.14, or 2.23%, at $52.28 a barrel. WTI earlier rose as much as 4.5% to $53.45.

US&nbsp;stocks rose after two days of declines, with the S&amp;P energy index rising the most among the 11 major S&amp;P sectors.

Oil tanker owners DHT Holdings and Heidmar suspended new bookings to the Mid-East Gulf, three ship brokers said.

"This is the second attack in a month's time," said John Kilduff, a partner at Again Capital LLC in New York. "It raises the ante for insurance risk."

Tensions in the Middle East have escalated since US&nbsp;President Donald Trump withdrew from a 2015 multinational nuclear pact with Iran and reimposed sanctions, notably targeting Tehran's oil exports.

Iran, which has distanced itself from the previous attacks, has said it would not be cowed by what it called psychological warfare.

The episode also fed fears of a new confrontation between Iran and the United States, which blamed Tehran for the incident.

US&nbsp;Secretary of State Mike Pompeo said the United States has assessed Iran was behind the attacks, and arrived at its conclusion based on intelligence, weapons used and the level of expertise needed for the attacks on the tankers in the Gulf of Oman.

Also supporting oil bulls were signs that Organization of the Petroleum Exporting Countries (OPEC) members were close to agreeing on continued production cuts.

However, Analysts said the price swings were subdued by recent grim forecasts for global crude demand.

"It's a surprise that the market reaction has been so muted," said Derek Brower, a director at RS Energy Group. "For traders, worries about the weakening global oil-demand picture are front of mind and enough to trump real, live geopolitical threats to physical supply."

Global crude demand growth will come in at 70,000 barrels per day (bpd) less than previously expected this year, around 1.14 million bpd, OPEC projected in its monthly oil market report.

"Significant downside risks from escalating trade disputes spilling over to global demand growth remain," OPEC said in the report.

The US&nbsp;Energy Department this week lowered its forecast of global demand to 1.2 million bpd, down by 200,000 bpd from its May forecast.

Analysts have also revised global oil demand growth forecasts lower after the US-China trade war has escalated since last month with an expanding exchange of tariffs.

Energy consultancy FGE and British bank Barclays this week revised down their global oil demand growth forecasts to around 1 million bpd from around 1.3 million bpd.

The forecast revisions come as investors grow increasingly worried about trade talks between the United States and China, which may be revived at the G20 summit in Japan in late June.

"The market has settled into the idea that trade negotiations will be protracted," said Harry Tchilinguirian, global head of commodities research at BNP Paribas. "Naturally, the extension of trade disputes could weigh on economic growth."

Both crude benchmarks are set for their biggest daily rises since early January, but they are nevertheless headed for a weekly loss.

Oil prices had slumped in the previous session on an unexpected rise in US&nbsp;crude stockpiles and a dimming outlook for global oil demand.

Oil prices settled 2.2 per cent higher on Thursday after attacks on two oil tankers in the Gulf of Oman stoked concerns of reduced crude trade flows through one of the world's key shipping routes.

Oil prices settled 2.2 per cent higher on Thursday after attacks on two oil tankers in the Gulf of Oman stoked concerns of reduced crude trade flows through one of the world's key shipping routes. The attacks near Iran and the Strait of Hormuz reignited worries about an impact to flows from the Middle East if insurance companies begin to reduce coverage for voyages through the region and additional shipping companies suspend new bookings, analysts said. Such a disruption "could further exacerbate the supply problem," said Andy Lipow, an analyst at Lipow Oil Associates in Houston. Brent crude futures settled up $1.34, or 2.23%, at $61.31, having risen as much as 4.5% to $62.64. US West Texas Intermediate crude futures were up $1.14, or 2.23%, at $52.28 a barrel. WTI earlier rose as much as 4.5% to $53.45. US stocks rose after two days of declines, with the S&P energy index rising the most among the 11 major S&P sectors. Oil tanker owners DHT Holdings and Heidmar suspended new bookings to the Mid-East Gulf, three ship brokers said. "This is the second attack in a month's time," said John Kilduff, a partner at Again Capital LLC in New York. "It raises the ante for insurance risk." Tensions in the Middle East have escalated since US President Donald Trump withdrew from a 2015 multinational nuclear pact with Iran and reimposed sanctions, notably targeting Tehran's oil exports. Iran, which has distanced itself from the previous attacks, has said it would not be cowed by what it called psychological warfare. The episode also fed fears of a new confrontation between Iran and the United States, which blamed Tehran for the incident. US Secretary of State Mike Pompeo said the United States has assessed Iran was behind the attacks, and arrived at its conclusion based on intelligence, weapons used and the level of expertise needed for the attacks on the tankers in the Gulf of Oman. Also supporting oil bulls were signs that Organization of the Petroleum Exporting Countries (OPEC) members were close to agreeing on continued production cuts. However, Analysts said the price swings were subdued by recent grim forecasts for global crude demand. "It's a surprise that the market reaction has been so muted," said Derek Brower, a director at RS Energy Group. "For traders, worries about the weakening global oil-demand picture are front of mind and enough to trump real, live geopolitical threats to physical supply." Global crude demand growth will come in at 70,000 barrels per day (bpd) less than previously expected this year, around 1.14 million bpd, OPEC projected in its monthly oil market report. "Significant downside risks from escalating trade disputes spilling over to global demand growth remain," OPEC said in the report. The US Energy Department this week lowered its forecast of global demand to 1.2 million bpd, down by 200,000 bpd from its May forecast. Analysts have also revised global oil demand growth forecasts lower after the US-China trade war has escalated since last month with an expanding exchange of tariffs. Energy consultancy FGE and British bank Barclays this week revised down their global oil demand growth forecasts to around 1 million bpd from around 1.3 million bpd. The forecast revisions come as investors grow increasingly worried about trade talks between the United States and China, which may be revived at the G20 summit in Japan in late June. "The market has settled into the idea that trade negotiations will be protracted," said Harry Tchilinguirian, global head of commodities research at BNP Paribas. "Naturally, the extension of trade disputes could weigh on economic growth." Both crude benchmarks are set for their biggest daily rises since early January, but they are nevertheless headed for a weekly loss. Oil prices had slumped in the previous session on an unexpected rise in US crude stockpiles and a dimming outlook for global oil demand.

Oil prices surge over tanker attack in Gulf of Oman

Shares of grounded Jet Airways continued the downward trend, plunging nearly 12 per cent on Friday, after stock exchanges, earlier this week, decided to impose restrictions on its stock trading from June 28.

The scrip tanked 10.77 per cent to close at Rs 82.05 on the BSE. Intra-day, the airline's stock tumbled 13.37 per cent to touch its multi-year low at Rs 79.65. 
On the NSE, shares plummeted 11.80 per cent to close at Rs 81.05.

In terms of traded volume, 19.47 lakh shares were traded on the BSE, while over 1 crore shares were traded on the NSE.

The shares had cracked nearly 18 per cent on Thursday also. The scrip has been falling for 10 consecutive days, tumbling 45.60 per cent.

Stock exchanges will impose restrictions on trading in Jet Airways shares from June 28 as part of preventive surveillance measures to curb excessive volatility, according to a circular.

The cash-starved airline suspended operations in April and lenders are working on ways for its revival.

In a circular on Wednesday, NSE said shares of the company would be shifted from "Rolling Segment to Trade for Trade Segment, wherein the settlement in the scrip will take place on a gross basis with 100 per cent upfront margin and 5 per cent price band".

There are restrictions in trading of shares that are under Trade for Trade Segment.

The decision has been taken jointly by the exchanges and would be effective from June 28, it said.

According to the circular, the company has failed to provide prompt responses to queries of exchanges regarding various rumours.&nbsp;

Shares of grounded Jet Airways continued the downward trend, plunging nearly 12 per cent on Friday, after stock exchanges, earlier this week, decided to impose restrictions on its stock trading from June 28.

Shares of grounded Jet Airways continued the downward trend, plunging nearly 12 per cent on Friday, after stock exchanges, earlier this week, decided to impose restrictions on its stock trading from June 28. The scrip tanked 10.77 per cent to close at Rs 82.05 on the BSE. Intra-day, the airline's stock tumbled 13.37 per cent to touch its multi-year low at Rs 79.65. On the NSE, shares plummeted 11.80 per cent to close at Rs 81.05. In terms of traded volume, 19.47 lakh shares were traded on the BSE, while over 1 crore shares were traded on the NSE. The shares had cracked nearly 18 per cent on Thursday also. The scrip has been falling for 10 consecutive days, tumbling 45.60 per cent. Stock exchanges will impose restrictions on trading in Jet Airways shares from June 28 as part of preventive surveillance measures to curb excessive volatility, according to a circular. The cash-starved airline suspended operations in April and lenders are working on ways for its revival. In a circular on Wednesday, NSE said shares of the company would be shifted from "Rolling Segment to Trade for Trade Segment, wherein the settlement in the scrip will take place on a gross basis with 100 per cent upfront margin and 5 per cent price band". There are restrictions in trading of shares that are under Trade for Trade Segment. The decision has been taken jointly by the exchanges and would be effective from June 28, it said. According to the circular, the company has failed to provide prompt responses to queries of exchanges regarding various rumours.

Jet Airways shares continue downward trend; tumble nearly 12%

Extending its losses for the third straight session, benchmark BSE Sensex slumped 289 points Friday, dragged by banking stocks amid weak cues from global markets.

After cracking nearly 400 points during the day, the BSE gauge settled 289.29 points, or 0.73 per cent, lower at 39,452.07. The index hit an intra-day low of 39,363.45 and a high of 39,799.90.

Similarly. The broader NSE Nifty tumbled 90.75 points, or 0.76 per cent, to close at 11,823.30. During the day, the index touched a low of 11,797.70 and a high of 11,911.85.

Top losers in the Sensex pack included IndusInd Bank, Bharti Airtel, Tata Motors, Axis Bank, Kotak Bank, Bajaj Auto, Yes Bank, HCL Tech, HUL and Hero MotoCorp, falling up to 4.36 per cent.

Bucking the weak market trend, L&amp;T, Sun Pharma, Vedanta, PowerGrid and TCS rose up to 0.80 per cent.

According to experts, the domestic market ended significantly lower tracking weak cues from global markets amid continued uncertainty over US-China trade talks and escalating tensions between the US and Iran after attacks on two oil tankers in the Gulf of Oman on Thursday.

After spiking over 4 per cent over the past two days, Brent crude futures pared gains to trade 0.11 per cent lower at $61.24 per barrel.

Elsewhere in Asia, while Tokyo stocks ended in the green, bourses in Shanghai, Hong Kong and Seoul closed lower.

Exchanges in Europe were also trading in the red in early deals.

On the currency front, the Indian rupee depreciated 19 paise to 69.69 against the US dollar intra-day.&nbsp; 
&nbsp;

Extending its losses for the third straight session, benchmark BSE Sensex slumped 289 points Friday, dragged by banking stocks amid weak cues from global markets.

Extending its losses for the third straight session, benchmark BSE Sensex slumped 289 points Friday, dragged by banking stocks amid weak cues from global markets. After cracking nearly 400 points during the day, the BSE gauge settled 289.29 points, or 0.73 per cent, lower at 39,452.07. The index hit an intra-day low of 39,363.45 and a high of 39,799.90. Similarly. The broader NSE Nifty tumbled 90.75 points, or 0.76 per cent, to close at 11,823.30. During the day, the index touched a low of 11,797.70 and a high of 11,911.85. Top losers in the Sensex pack included IndusInd Bank, Bharti Airtel, Tata Motors, Axis Bank, Kotak Bank, Bajaj Auto, Yes Bank, HCL Tech, HUL and Hero MotoCorp, falling up to 4.36 per cent. Bucking the weak market trend, L&T, Sun Pharma, Vedanta, PowerGrid and TCS rose up to 0.80 per cent. According to experts, the domestic market ended significantly lower tracking weak cues from global markets amid continued uncertainty over US-China trade talks and escalating tensions between the US and Iran after attacks on two oil tankers in the Gulf of Oman on Thursday. After spiking over 4 per cent over the past two days, Brent crude futures pared gains to trade 0.11 per cent lower at $61.24 per barrel. Elsewhere in Asia, while Tokyo stocks ended in the green, bourses in Shanghai, Hong Kong and Seoul closed lower. Exchanges in Europe were also trading in the red in early deals. On the currency front, the Indian rupee depreciated 19 paise to 69.69 against the US dollar intra-day.

Sensex slumps 289 points; bank stocks drag

India is preparing to impose higher tariffs on <a href="https://www.wionews.com/opinions/indias-indifference-to-the-us-on-gsp-is-the-perfect-response-225283">some US goods</a> including almonds, walnuts and apples next week after a delay of about a year, two sources said, following Washington's withdrawal of key trade privileges for New Delhi.

From June 5, US President Donald Trump scrapped trade privileges under the Generalised System of Preferences (GSP) for India, the biggest beneficiary of a scheme that allowed duty-free exports of up to $5.6 billion from the country.

India is now looking at adopting the higher tariffs, the sources with direct knowledge of the matter said, although the US has warned that any retaliatory tariffs by India would not be "appropriate" under WTO rules.

"What India is doing is legal and the tariffs on US goods will only lead to an impact of around $220 million," one of the sources said, declining to be identified because of the sensitivity of the matter.

India's Ministry of Commerce and Industry did not respond to an email from Reuters to seek comments.

India initially issued an order in June last year to raise import taxes as high as 120% on a slew of US items, incensed by Washington's refusal to exempt New Delhi from higher steel and aluminium tariffs.

But New Delhi repeatedly delayed <a href="https://www.wionews.com/business-economy/unfortunate-washington-didnt-accept-offer-on-gsp-resolution-says-india-223358">raising tariffs</a> as the two nations engaged in trade talks. Trade between them stood at about $142.1 billion in 2018.

India is by far the largest buyer of US almonds, paying $543 million for more than half of US almond exports in 2018, US Department of Agriculture data shows. It is the second largest buyer of US apples, taking $156 million worth in 2018.

US Secretary of State Mike Pompeo, who is expected to visit India this month, said this week the United States was open to dialogue to resolve trade differences with India, through greater access for American companies to its markets.

Dates for Pompeo's visit have not been officially announced but media said it could be ahead of Prime Minister Narendra Modi's first meeting with Trump in more than two years, on the sidelines of a G20 summit in Japan, on June 28 and 29.

Trump has repeatedly called out India for its high tariffs, even though the two countries have developed close political and security ties.

New Delhi's new rules in areas such as e-commerce and data localisation have angered the United States and hit companies such as Amazon.com, Walmart Inc, Mastercard and Visa, among others.

Previously, India has called the withdrawal of GSP benefits "unfortunate", and vowed to "always uphold its national interest in these matters".

India is preparing to impose higher tariffs on some US goods including almonds, walnuts and apples next week after a delay of about a year, two sources said, following Washington's withdrawal of key trade privileges for New Delhi.

India is preparing to impose higher tariffs on some US goods including almonds, walnuts and apples next week after a delay of about a year, two sources said, following Washington's withdrawal of key trade privileges for New Delhi. From June 5, US President Donald Trump scrapped trade privileges under the Generalised System of Preferences (GSP) for India, the biggest beneficiary of a scheme that allowed duty-free exports of up to $5.6 billion from the country. India is now looking at adopting the higher tariffs, the sources with direct knowledge of the matter said, although the US has warned that any retaliatory tariffs by India would not be "appropriate" under WTO rules. "What India is doing is legal and the tariffs on US goods will only lead to an impact of around $220 million," one of the sources said, declining to be identified because of the sensitivity of the matter. India's Ministry of Commerce and Industry did not respond to an email from Reuters to seek comments. India initially issued an order in June last year to raise import taxes as high as 120% on a slew of US items, incensed by Washington's refusal to exempt New Delhi from higher steel and aluminium tariffs. But New Delhi repeatedly delayed raising tariffs as the two nations engaged in trade talks. Trade between them stood at about $142.1 billion in 2018. India is by far the largest buyer of US almonds, paying $543 million for more than half of US almond exports in 2018, US Department of Agriculture data shows. It is the second largest buyer of US apples, taking $156 million worth in 2018. US Secretary of State Mike Pompeo, who is expected to visit India this month, said this week the United States was open to dialogue to resolve trade differences with India, through greater access for American companies to its markets. Dates for Pompeo's visit have not been officially announced but media said it could be ahead of Prime Minister Narendra Modi's first meeting with Trump in more than two years, on the sidelines of a G20 summit in Japan, on June 28 and 29. Trump has repeatedly called out India for its high tariffs, even though the two countries have developed close political and security ties. New Delhi's new rules in areas such as e-commerce and data localisation have angered the United States and hit companies such as Amazon.com, Walmart Inc, Mastercard and Visa, among others. Previously, India has called the withdrawal of GSP benefits "unfortunate", and vowed to "always uphold its national interest in these matters".

India set to levy higher tariffs on some US goods next week: Sources

Wholesale price-based inflation slipped to 22-month low at 2.45 per cent in May helped by falling prices of food articles, fuel and power items, according to an official data released Friday.

The Wholesale Price Index (WPI)-based inflation was at 3.07 per cent in April. It was 4.78 per cent in May 2018.

Inflation in food articles basket was 6.99 per cent, down from 7.37 per cent in April.

However, onion prices spiked during the month with inflation at 15.89 per cent, as against (-) 3.43 per cent in April.

Vegetables inflation eased to 33.15 per cent in May, down from 40.65 per cent in the previous month. Inflation in potato was (-) 23.36 per cent, against (-) 17.15 per cent in April.

WPI inflation in May is the lowest in 22 months, since July 2017, when it was at 1.88 per cent.

Inflation in 'fuel and power' category cooled to 0.98 per cent, from 3.84 per cent last month. Manufactured items too saw decline in prices with inflation at 1.28 per cent in May, against 1.72 per cent in April.

WPI inflation data for March has been revised downwards to 3.10 per cent from provisional 3.18 per cent.

Data released earlier this week showed retail inflation spiked to a 7-month high of 3.05 per cent in May on costlier vegetables, and protein-rich items.

The Reserve Bank, which mainly factors in retail inflation for monetary policy decision, on June 6, lowered its benchmark lending rate to a nearly 9-year low of 5.75 per cent, even as it upped its inflation projection to 3-3.1 per cent for the first half of 2019-20.

Flagging uncertain monsoon, unseasonal spike in vegetable prices, crude oil prices, financial market volatility and fiscal scenario as risks to inflation, the RBI projected upward bias in food inflation in near term.&nbsp;

Wholesale price-based inflation slipped to 22-month low at 2.45 per cent in May helped by falling prices of food articles, fuel and power items, according to an official data released Friday.

Wholesale price-based inflation slipped to 22-month low at 2.45 per cent in May helped by falling prices of food articles, fuel and power items, according to an official data released Friday. The Wholesale Price Index (WPI)-based inflation was at 3.07 per cent in April. It was 4.78 per cent in May 2018. Inflation in food articles basket was 6.99 per cent, down from 7.37 per cent in April. However, onion prices spiked during the month with inflation at 15.89 per cent, as against (-) 3.43 per cent in April. Vegetables inflation eased to 33.15 per cent in May, down from 40.65 per cent in the previous month. Inflation in potato was (-) 23.36 per cent, against (-) 17.15 per cent in April. WPI inflation in May is the lowest in 22 months, since July 2017, when it was at 1.88 per cent. Inflation in 'fuel and power' category cooled to 0.98 per cent, from 3.84 per cent last month. Manufactured items too saw decline in prices with inflation at 1.28 per cent in May, against 1.72 per cent in April. WPI inflation data for March has been revised downwards to 3.10 per cent from provisional 3.18 per cent. Data released earlier this week showed retail inflation spiked to a 7-month high of 3.05 per cent in May on costlier vegetables, and protein-rich items. The Reserve Bank, which mainly factors in retail inflation for monetary policy decision, on June 6, lowered its benchmark lending rate to a nearly 9-year low of 5.75 per cent, even as it upped its inflation projection to 3-3.1 per cent for the first half of 2019-20. Flagging uncertain monsoon, unseasonal spike in vegetable prices, crude oil prices, financial market volatility and fiscal scenario as risks to inflation, the RBI projected upward bias in food inflation in near term.

WPI inflation at nearly 2-year low at 2.45% in May

Domestic equity benchmark BSE Sensex fell over 100 points in early trade Thursday amid heavy foreign fund outflow and negative global cues.

The 30-share index was trading 130.35 points, or 0.33 per cent, lower at 39,626.46 at 0940 hours. Similarly, the broader NSE Nifty was quoting 35.90 points, or 0.30 per cent, down at 11,870.30.

In the previous session on Wednesday, the BSE gauge settled 193.65 points, or 0.48 per cent, lower at 39,756.81; and the Nifty fell 59.40 points, or 0.50 per cent, to close at 11,906.20.

Yes Bank was the worst performer in the Sensex pack, cracking up to 8.73 per cent, after Moody's placed the private sector lender's ratings under review for a possible downgrade.

IndusInd Bank, Sun Pharma, Vedanta, Tata Steel, Infosys, Hero MotoCorp, Bajaj Auto and Tata Motors too fell up to 5.75 per cent.

On the other hand, L&amp;T, TCS, Axis Bank, Bharti Airtel, Asian Paints and Bajaj Finance rose up to 1.20 per cent.

According to experts, market mood was negative tracking weak cues from global markets amid rising uncertainty over trade talks between the US and China.

While Shanghai Composite Index was trading on a positive note, Hang Seng, Nikkei, and Kospi were trading in the red in their respective early sessions. 
Bourses on Wall Street too ended lower on Wednesday.

Heavy outflow of foreign funds too weighed on investor sentiment here, traders said.

Foreign institutional investors sold equity worth Rs 1,050.43 crore, while domestic institutional investors bought shares to the tune of Rs 271.15 crore, provisional data available with stock exchanges showed on Wednesday.

On the currency front, the Indian rupee depreciated marginally to 69.37 against the US dollar.

The global oil benchmark Brent crude futures were trading 0.08 per cent lower at 59.92 per barrel.

Domestic equity benchmark BSE Sensex fell over 100 points in early trade Thursday amid heavy foreign fund outflow and negative global cues. The 30-share index was trading 130.

Domestic equity benchmark BSE Sensex fell over 100 points in early trade Thursday amid heavy foreign fund outflow and negative global cues. The 30-share index was trading 130.35 points, or 0.33 per cent, lower at 39,626.46 at 0940 hours. Similarly, the broader NSE Nifty was quoting 35.90 points, or 0.30 per cent, down at 11,870.30. In the previous session on Wednesday, the BSE gauge settled 193.65 points, or 0.48 per cent, lower at 39,756.81; and the Nifty fell 59.40 points, or 0.50 per cent, to close at 11,906.20. Yes Bank was the worst performer in the Sensex pack, cracking up to 8.73 per cent, after Moody's placed the private sector lender's ratings under review for a possible downgrade. IndusInd Bank, Sun Pharma, Vedanta, Tata Steel, Infosys, Hero MotoCorp, Bajaj Auto and Tata Motors too fell up to 5.75 per cent. On the other hand, L&T, TCS, Axis Bank, Bharti Airtel, Asian Paints and Bajaj Finance rose up to 1.20 per cent. According to experts, market mood was negative tracking weak cues from global markets amid rising uncertainty over trade talks between the US and China. While Shanghai Composite Index was trading on a positive note, Hang Seng, Nikkei, and Kospi were trading in the red in their respective early sessions. Bourses on Wall Street too ended lower on Wednesday. Heavy outflow of foreign funds too weighed on investor sentiment here, traders said. Foreign institutional investors sold equity worth Rs 1,050.43 crore, while domestic institutional investors bought shares to the tune of Rs 271.15 crore, provisional data available with stock exchanges showed on Wednesday. On the currency front, the Indian rupee depreciated marginally to 69.37 against the US dollar. The global oil benchmark Brent crude futures were trading 0.08 per cent lower at 59.92 per barrel.

Sensex falls over 100 points; Yes Bank tanks 9%

The government Thursday announced a cut in contributions made by employers and employees toward the health insurance scheme of Employees' State Insurance Corporation (ESIC) to 4 per cent from the existing 6.5 per cent, a move which would lead to an estimated annual saving of around Rs 5,000 crore for firms.

The reduced rates will be effective from July 1, 2019, the Labour Ministry said in a release. This would benefit 3.6 crore employees and 12.85 lakh employers.&nbsp;

"The government has taken a historic decision to reduce the rate of contribution under the Employees' State Insurance Act from 6.5 per cent to 4 per cent (employers' contribution being reduced from 4.75 per cent to 3.25 per cent and employees' contribution being reduced from 1.75 per cent to 0.75 per cent)," the ministry said.&nbsp;

As many as 12.85 lakh employers and 3.6 crore employees contributed Rs 22,279 crore towards the ESI scheme in 2018-19.&nbsp;

Back of the envelope calculations suggest that a reduction in the contribution rate for employers would results in annual savings of over Rs 5,000 crore to these firms.&nbsp;

The ministry said that the reduced rate of contribution will bring about a substantial relief to workers and facilitate further enrollment of workers under the Employees' State Insurance (ESIC) scheme and bring more and more workforce into the formal sector.

Similarly, reduction in the share of contribution of employers will reduce the financial liability of the establishments leading to improved viability of these establishments. This shall also lead to enhanced Ease of Doing Business.&nbsp;

It is also expected that a reduction in the rate of ESI contribution shall lead to improved compliance of law. The Employees' State Insurance Act 1948 (the ESI Act) provides for medical, cash, maternity, disability and dependent benefits to the Insured Persons under the Act.&nbsp;

The ESI Act is administered by the Employees' State Insurance Corporation (ESIC). Benefits provided under the ESI Act are funded by the contributions made by the employers and the employees.

Under the ESI Act, employers and employees both contribute their shares respectively. The Government of India through the Ministry of Labour and Employment decides the rate of contribution under the ESI Act.

The government in its pursuit of expanding the social security coverage to more and more people started a programme of special registration of employers and employees from December 2016 to June 2017 and also decided to extend the coverage of the scheme to all the districts in the country in a phased manner.&nbsp;

The wage ceiling of coverage was also enhanced from Rs 15,000 per month to Rs 21,000 from January 1, 2017.

The government Thursday announced a cut in contributions made by employers and employees toward the health insurance scheme of Employees' State Insurance Corporation (ESIC) to 4 per cent from the existing 6.

The government Thursday announced a cut in contributions made by employers and employees toward the health insurance scheme of Employees' State Insurance Corporation (ESIC) to 4 per cent from the existing 6.5 per cent, a move which would lead to an estimated annual saving of around Rs 5,000 crore for firms. The reduced rates will be effective from July 1, 2019, the Labour Ministry said in a release. This would benefit 3.6 crore employees and 12.85 lakh employers. "The government has taken a historic decision to reduce the rate of contribution under the Employees' State Insurance Act from 6.5 per cent to 4 per cent (employers' contribution being reduced from 4.75 per cent to 3.25 per cent and employees' contribution being reduced from 1.75 per cent to 0.75 per cent)," the ministry said. As many as 12.85 lakh employers and 3.6 crore employees contributed Rs 22,279 crore towards the ESI scheme in 2018-19. Back of the envelope calculations suggest that a reduction in the contribution rate for employers would results in annual savings of over Rs 5,000 crore to these firms. The ministry said that the reduced rate of contribution will bring about a substantial relief to workers and facilitate further enrollment of workers under the Employees' State Insurance (ESIC) scheme and bring more and more workforce into the formal sector. Similarly, reduction in the share of contribution of employers will reduce the financial liability of the establishments leading to improved viability of these establishments. This shall also lead to enhanced Ease of Doing Business. It is also expected that a reduction in the rate of ESI contribution shall lead to improved compliance of law. The Employees' State Insurance Act 1948 (the ESI Act) provides for medical, cash, maternity, disability and dependent benefits to the Insured Persons under the Act. The ESI Act is administered by the Employees' State Insurance Corporation (ESIC). Benefits provided under the ESI Act are funded by the contributions made by the employers and the employees. Under the ESI Act, employers and employees both contribute their shares respectively. The Government of India through the Ministry of Labour and Employment decides the rate of contribution under the ESI Act. The government in its pursuit of expanding the social security coverage to more and more people started a programme of special registration of employers and employees from December 2016 to June 2017 and also decided to extend the coverage of the scheme to all the districts in the country in a phased manner. The wage ceiling of coverage was also enhanced from Rs 15,000 per month to Rs 21,000 from January 1, 2017.

Government reduces ESI contribution rate to 4%, industry to save Rs 5,000 crore annually

The chief executive of Telegram, a popular encrypted messaging app, said on Wednesday the messaging service experienced a "state actor-sized" cyber attack and pointed to China as its likely country of origin.

The service was hit by a "powerful DDoS attack" originating from IP addresses mostly inside China, Pavel Durov, Telegram's CEO, said in a tweet.

The attack coincided with protests in Hong Kong, he added.

Distributed Denial of Service (DDoS) attacks involve sending large numbers of requests in a targeted attack, causing partial or full service interruptions.

Hundreds of thousands of protesters have marched in Hong Kong this week in opposition to a controversial law that would allow people in the city to be extradited to China.

Chinese state media have sharply condemned the protests, which they say is motivated by outside forces and undermines social stability in Hong Kong.

The Cyberspace Administration of China (CAC), which oversees the country's cyber policy, did not respond immediately to a faxed request for comment.

Meanwhile, Chinese foreign ministry spokesman Geng Shuang said he was not aware of the situation when asked about Durov's accusation during a daily briefing on Thursday.

Telegram and other encrypted messaging apps are popular tools for protesters globally, who use them to coordinate without tipping off authorities.

Durov added that historical attacks of the same size had coincided with protests in Hong Kong, adding, "This case was not an exception."

Other apps have faced blocks in China as well during political movements in Hong Kong. In 2014, at the height of the city's Umbrella Movement, Beijing cut access to photo-sharing app Instagram inside the mainland.

Chinese officials have previously denied allegations of cyber attacks, pointing out that China is a frequently a victim of outside attacks.

The chief executive of Telegram, a popular encrypted messaging app, said on Wednesday the messaging service experienced a "state actor-sized" cyber attack and pointed to China as its likely country of origin.

The chief executive of Telegram, a popular encrypted messaging app, said on Wednesday the messaging service experienced a "state actor-sized" cyber attack and pointed to China as its likely country of origin. The service was hit by a "powerful DDoS attack" originating from IP addresses mostly inside China, Pavel Durov, Telegram's CEO, said in a tweet. The attack coincided with protests in Hong Kong, he added. Distributed Denial of Service (DDoS) attacks involve sending large numbers of requests in a targeted attack, causing partial or full service interruptions. Hundreds of thousands of protesters have marched in Hong Kong this week in opposition to a controversial law that would allow people in the city to be extradited to China. Chinese state media have sharply condemned the protests, which they say is motivated by outside forces and undermines social stability in Hong Kong. The Cyberspace Administration of China (CAC), which oversees the country's cyber policy, did not respond immediately to a faxed request for comment. Meanwhile, Chinese foreign ministry spokesman Geng Shuang said he was not aware of the situation when asked about Durov's accusation during a daily briefing on Thursday. Telegram and other encrypted messaging apps are popular tools for protesters globally, who use them to coordinate without tipping off authorities. Durov added that historical attacks of the same size had coincided with protests in Hong Kong, adding, "This case was not an exception." Other apps have faced blocks in China as well during political movements in Hong Kong. In 2014, at the height of the city's Umbrella Movement, Beijing cut access to photo-sharing app Instagram inside the mainland. Chinese officials have previously denied allegations of cyber attacks, pointing out that China is a frequently a victim of outside attacks.

Messaging service Telegram CEO points to China as likely origin of cyber attack

The National Stock Exchange of India (NSE) said on Wednesday contracts of <a href="https://www.wionews.com/business-economy/spicejet-examines-taking-over-widebody-jets-previously-operated-by-jet-airways-223354">Jet Airways</a> Ltd would be pulled out of trading in the Futures and Options segment, citing the embattled carrier's failure to respond to queries about rumours in the market.

Shares of Jet, once the biggest private airline in India, have more than halved since the airline shut down its operations in April after its lenders refused to bail it out.

Jet's securities will now be moved to the trade for trade segment with effect from June 28 as a "preventive surveillance measure", from the current rolling segment which allows daily trading, the stock exchange said in a circular.

"There are concerns with regard to continuity of flow of information about the company which is very vital for the appropriate price discovery in the scrip," NSE said, adding that trading may not reflect the actual status of the company.

NSE also cited the company's failure to submit its financial results for the year ended March 31 as well as observations made by the airline's auditor as reasons for the move.

The National Stock Exchange of India (NSE) said on Wednesday contracts of Jet Airways Ltd would be pulled out of trading in the Futures and Options segment, citing the embattled carrier's failure to respond to queries about rumours in the market.

The National Stock Exchange of India (NSE) said on Wednesday contracts of Jet Airways Ltd would be pulled out of trading in the Futures and Options segment, citing the embattled carrier's failure to respond to queries about rumours in the market. Shares of Jet, once the biggest private airline in India, have more than halved since the airline shut down its operations in April after its lenders refused to bail it out. Jet's securities will now be moved to the trade for trade segment with effect from June 28 as a "preventive surveillance measure", from the current rolling segment which allows daily trading, the stock exchange said in a circular. "There are concerns with regard to continuity of flow of information about the company which is very vital for the appropriate price discovery in the scrip," NSE said, adding that trading may not reflect the actual status of the company. NSE also cited the company's failure to submit its financial results for the year ended March 31 as well as observations made by the airline's auditor as reasons for the move.

Jet Airways to be removed from trading in NSE's futures and options market

The domestic stock markets on Thursday ended on a tepid note as BSE Sensex settled 15.45 points lower at 39,741.36 while NSE Nifty inched up 7.85 points to close at 11,914.05.

In early trade, BSE Sensex fell over 100 points amid heavy foreign fund outflow and negative global cues.

Nifty was quoted 35.90 points, or 0.30 per cent, down at 11,870.30 in opening trade today. 
&nbsp; 
On Wednesday, Sensex and Nifty both ended in red snapping former's three-day rising streak.

While Sensex ended 194 points lower, Nifty fell 59.40 points, or 0.50 per cent, to close at 11,906.20.&nbsp;

The domestic currency on Thursday depreciated marginally to 69.37 against the US dollar.

Meanwhile, the global oil benchmark Brent crude futures were trading 0.08 per cent lower at 59.92 per barrel.

The domestic stock markets on Thursday ended on a tepid note as BSE Sensex settled 15.45 points lower at 39,741.36 while NSE Nifty inched up 7.85 points to close at 11,914.

The domestic stock markets on Thursday ended on a tepid note as BSE Sensex settled 15.45 points lower at 39,741.36 while NSE Nifty inched up 7.85 points to close at 11,914.05. In early trade, BSE Sensex fell over 100 points amid heavy foreign fund outflow and negative global cues. Nifty was quoted 35.90 points, or 0.30 per cent, down at 11,870.30 in opening trade today. On Wednesday, Sensex and Nifty both ended in red snapping former's three-day rising streak. While Sensex ended 194 points lower, Nifty fell 59.40 points, or 0.50 per cent, to close at 11,906.20. The domestic currency on Thursday depreciated marginally to 69.37 against the US dollar. Meanwhile, the global oil benchmark Brent crude futures were trading 0.08 per cent lower at 59.92 per barrel.

Sensex falls 15 points, Nifty inches up to close at 11,914.05

The Manipur government is facing an acute financial crisis. At the root of this crisis is the Reserve Bank of India (RBI) which monitors and controls the banking system in India.

The crisis stems from an order of the RBI to stop all kinds of payments to the Manipur government since it has withdrawn more than the approved amount of overdraft cash.

The overdraft cash is a kind of arrangement made by state governments with the Centre where they can withdraw certain amount of cash. The Manipur government is reportedly facing overdraft of nearly Rs 300 crore.

Most of the state governments are usually in deficit and they keep borrowing from Centre. So, a mechanism of overdraft has been created by the Centre to help state governments financially.

A letter by RBI assistant general manager Anita Kumari to State Bank of India has asked all the payments to Manipur government to be stopped (bills and cheques).

As a result of this order, Chief Minister N Biren Singh has put on hold all the appointments and is meeting his Cabinet ministers and bank officials to find a way to deal with the crisis.

The salaries of government employees in Manipur will also be affected due to this.

The Manipur government is facing an acute financial crisis. At the root of this crisis is the Reserve Bank of India (RBI) which monitors and controls the banking system in India.

The Manipur government is facing an acute financial crisis. At the root of this crisis is the Reserve Bank of India (RBI) which monitors and controls the banking system in India. The crisis stems from an order of the RBI to stop all kinds of payments to the Manipur government since it has withdrawn more than the approved amount of overdraft cash. The overdraft cash is a kind of arrangement made by state governments with the Centre where they can withdraw certain amount of cash. The Manipur government is reportedly facing overdraft of nearly Rs 300 crore. Most of the state governments are usually in deficit and they keep borrowing from Centre. So, a mechanism of overdraft has been created by the Centre to help state governments financially. A letter by RBI assistant general manager Anita Kumari to State Bank of India has asked all the payments to Manipur government to be stopped (bills and cheques). As a result of this order, Chief Minister N Biren Singh has put on hold all the appointments and is meeting his Cabinet ministers and bank officials to find a way to deal with the crisis. The salaries of government employees in Manipur will also be affected due to this.

Overdraft haunts Manipur government, employees to suffer

<a href="https://www.wionews.com/business-economy/oil-prices-fall-on-weak-demand-growth-rise-in-us-crude-stocks-226381">Oil prices fell</a> for a second day on Thursday, extending declines of as much as 4% in the previous session, on continued increases in <a href="https://www.wionews.com/world/oil-prices-fall-on-surging-us-crude-stockpiles-economic-concerns-220779">US &nbsp;crude stockpiles</a> and concerns about lower demand growth.

Brent crude futures were down 6 cents, or 0.1%, at $59.91 a barrel by 0336 GMT after earlier rising slightly. Prices fell 3.7% on Wednesday to settle at $59.97, the international benchmark's lowest close since Jan. 28.

US West Texas Intermediate crude futures were down 8 cents, or 0.2%, at $51.06 a barrel. They fell 4% in the previous session to $51.14, the lowest close since Jan. 14.

"It was a brutal move, sheer panic," said Stephen Innes, managing partner at Vanguard Markets.

The US Energy Information Administration (EIA) on Wednesday reported crude stockpiles rose unexpectedly for a second week in a row, climbing 2.2 million barrels last week after analysts had forecast a decrease of 481,000 barrels.

At 485.5 million barrels, US commercial stocks were at their highest since July 2017 and about 8% above the five-year average for this time of year, it said.

On Tuesday, the EIA cut its forecasts for 2019 world oil demand growth.

The negative outlook is prompting hedge fund managers to exit oil positions at the fastest rate since the fourth quarter of 2018 due to increasing fears about the health of the global economy.

The escalating trade war between the United States and China, the world's two biggest oil consumers, is causing the most concern among oil analysts, with consultants and banks cutting their demand growth forecasts.

Goldman Sachs said on Wednesday an uncertain macroeconomic outlook and volatile oil production from Iran and others could cause the Organization of the Petroleum Exporting Countries (OPEC) to roll oversupply cuts it has enacted with other producers.

OPEC and non-member producers including Russia have limited their oil output by 1.2 million barrels per day this year to prop up prices.

OPEC is set to meet at the end of June through a meeting of the wider producers that agreed to the cuts, known as OPEC+, may not occur until early July.

While officials from some OPEC members have said that the larger OPEC+ group will likely roll over the cuts, Algeria has proposed increasing the reductions, according to four sources familiar with the matter.

However, Goldman believes the producers will maintain the current supply levels.

"Fundamental uncertainty on the current and forward states of the global oil market is high," Goldman said.

"We believe that this will lead the group to roll forward its current agreement, with likely no change to country level quotas given the difficulty in determining required production levels in coming months," the bank's analysts said.

Oil prices fell for a second day on Thursday, extending declines of as much as 4% in the previous session, on continued increases in US crude stockpiles and concerns about lower demand growth.

Oil prices fell for a second day on Thursday, extending declines of as much as 4% in the previous session, on continued increases in US crude stockpiles and concerns about lower demand growth. Brent crude futures were down 6 cents, or 0.1%, at $59.91 a barrel by 0336 GMT after earlier rising slightly. Prices fell 3.7% on Wednesday to settle at $59.97, the international benchmark's lowest close since Jan. 28. US West Texas Intermediate crude futures were down 8 cents, or 0.2%, at $51.06 a barrel. They fell 4% in the previous session to $51.14, the lowest close since Jan. 14. "It was a brutal move, sheer panic," said Stephen Innes, managing partner at Vanguard Markets. The US Energy Information Administration (EIA) on Wednesday reported crude stockpiles rose unexpectedly for a second week in a row, climbing 2.2 million barrels last week after analysts had forecast a decrease of 481,000 barrels. At 485.5 million barrels, US commercial stocks were at their highest since July 2017 and about 8% above the five-year average for this time of year, it said. On Tuesday, the EIA cut its forecasts for 2019 world oil demand growth. The negative outlook is prompting hedge fund managers to exit oil positions at the fastest rate since the fourth quarter of 2018 due to increasing fears about the health of the global economy. The escalating trade war between the United States and China, the world's two biggest oil consumers, is causing the most concern among oil analysts, with consultants and banks cutting their demand growth forecasts. Goldman Sachs said on Wednesday an uncertain macroeconomic outlook and volatile oil production from Iran and others could cause the Organization of the Petroleum Exporting Countries (OPEC) to roll oversupply cuts it has enacted with other producers. OPEC and non-member producers including Russia have limited their oil output by 1.2 million barrels per day this year to prop up prices. OPEC is set to meet at the end of June through a meeting of the wider producers that agreed to the cuts, known as OPEC+, may not occur until early July. While officials from some OPEC members have said that the larger OPEC+ group will likely roll over the cuts, Algeria has proposed increasing the reductions, according to four sources familiar with the matter. However, Goldman believes the producers will maintain the current supply levels. "Fundamental uncertainty on the current and forward states of the global oil market is high," Goldman said. "We believe that this will lead the group to roll forward its current agreement, with likely no change to country level quotas given the difficulty in determining required production levels in coming months," the bank's analysts said.

Oil extends decline after slump on high inventories, demand outlook

How Google made a killing from media companies' toil

The rupee appreciated by 8 paise to 69.38 against the US dollar in opening trade Wednesday, driven by easing crude oil prices and foreign fund inflows.

Forex traders said the weakening of the greenback vis-a-vis some major currencies overseas aided the local unit. However, a weak opening in domestic equities weighed on the domestic currency.

The rupee opened strong at 69.38 at the interbank forex market, then gained further ground and touched 69.36, displaying gains of 8 paise over its last close.

The local unit, however, pared some gains and was trading at 69.38, up 6 paise from its previous close at 1005 hrs.

The rupee had settled at 69.44 against the US dollar Tuesday.

Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 95.79 crore Tuesday, according to provisional exchange data.

Brent crude futures, the global oil benchmark, eased 1.43 per cent to US $61.40 per barrel.

Domestic bourses opened on a bearish note Wednesday with benchmark indices Sensex trading 202.24 points down at 39,748.22 and Nifty down 57.65 points at 11,907.95.

The rupee appreciated by 8 paise to 69.38 against the US dollar in opening trade Wednesday, driven by easing crude oil prices and foreign fund inflows. Forex traders said the weakening of the greenback vis-a-vis some major currencies overseas aided the local unit.

The rupee appreciated by 8 paise to 69.38 against the US dollar in opening trade Wednesday, driven by easing crude oil prices and foreign fund inflows. Forex traders said the weakening of the greenback vis-a-vis some major currencies overseas aided the local unit. However, a weak opening in domestic equities weighed on the domestic currency. The rupee opened strong at 69.38 at the interbank forex market, then gained further ground and touched 69.36, displaying gains of 8 paise over its last close. The local unit, however, pared some gains and was trading at 69.38, up 6 paise from its previous close at 1005 hrs. The rupee had settled at 69.44 against the US dollar Tuesday. Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 95.79 crore Tuesday, according to provisional exchange data. Brent crude futures, the global oil benchmark, eased 1.43 per cent to US $61.40 per barrel. Domestic bourses opened on a bearish note Wednesday with benchmark indices Sensex trading 202.24 points down at 39,748.22 and Nifty down 57.65 points at 11,907.95.

Rupee rises 8 paise to 69.38 vs US dollar in early trade