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The benchmark BSE Sensex recovered over 200 points Tuesday led by gains in banking and IT stocks despite weak global cues.

The 30-share index was trading 169.69 points or 0.44 per cent, higher at 38,770.03.

Similarly, the broader NSE Nifty was up 38.70 points, or 0.33 per cent, at 11,636.95.

Top gainers in early session were Vedanta, Coal India, Hero MotoCorp, TCS, SBI, Tata Steel, Axis Bank, PowerGrid, Yes Bank, Tata Motors, HUL, ICICI Bank, HDFC Bank and Infosys, rising up to 1.83 per cent.

On the other hand, IndusInd Bank, ONGC, RIL, Sun Pharma, HCL Tech and Bharti Airtel fell up to 1.92 per cent.

In the previous session on Monday, the BSE bourse settled at 38,600.34, down 362.92 points or 0.93 per cent. The broader NSE Nifty ended the day at 11,598.25, losing 114 points or 0.97 per cent.

According to traders, banking and IT stocks lifted investor sentiment despite choppy cues from other global markets.

Meanwhile, foreign institutional investors (FIIs) sold equity worth Rs 948.98 crore on Monday, while domestic institutional investors (DIIs) purchased shares to the tune of Rs 89.89 crore, provisional data available with stock exchanges showed.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading on a mixed note.

On Wall Street, S&amp;P500 and Nasdaq Composite indices ended in the red on Monday.

On the currency front, the rupee was trading flat at 69.40 against the US dollar.

Brent crude futures, the global oil benchmark, were trading 0.21 per cent lower at US $71.09 per barrel.

The benchmark BSE Sensex recovered over 200 points Tuesday led by gains in banking and IT stocks despite weak global cues. The 30-share index was trading 169.69 points or 0.

The benchmark BSE Sensex recovered over 200 points Tuesday led by gains in banking and IT stocks despite weak global cues. The 30-share index was trading 169.69 points or 0.44 per cent, higher at 38,770.03. Similarly, the broader NSE Nifty was up 38.70 points, or 0.33 per cent, at 11,636.95. Top gainers in early session were Vedanta, Coal India, Hero MotoCorp, TCS, SBI, Tata Steel, Axis Bank, PowerGrid, Yes Bank, Tata Motors, HUL, ICICI Bank, HDFC Bank and Infosys, rising up to 1.83 per cent. On the other hand, IndusInd Bank, ONGC, RIL, Sun Pharma, HCL Tech and Bharti Airtel fell up to 1.92 per cent. In the previous session on Monday, the BSE bourse settled at 38,600.34, down 362.92 points or 0.93 per cent. The broader NSE Nifty ended the day at 11,598.25, losing 114 points or 0.97 per cent. According to traders, banking and IT stocks lifted investor sentiment despite choppy cues from other global markets. Meanwhile, foreign institutional investors (FIIs) sold equity worth Rs 948.98 crore on Monday, while domestic institutional investors (DIIs) purchased shares to the tune of Rs 89.89 crore, provisional data available with stock exchanges showed. Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading on a mixed note. On Wall Street, S&P500 and Nasdaq Composite indices ended in the red on Monday. On the currency front, the rupee was trading flat at 69.40 against the US dollar. Brent crude futures, the global oil benchmark, were trading 0.21 per cent lower at US $71.09 per barrel.

Sensex recovers over 200 points in early trade

Oil prices were under pressure on Tuesday from concerns the escalating <a href="https://www.wionews.com/world/us-china-reneged-on-trade-commitments-sparking-trump-tariff-hike-216534">China-US&nbsp;trade dispute</a> could slow the global economy, while US&nbsp;sanctions on crude exporters Iran and Venezuela helped keep the market on edge.

Brent crude oil futures were at $71.09 per barrel at 0341 GMT, 15 cents, or 0.2 per cent, below their last close.

US&nbsp;West Texas Intermediate (WTI) crude futures were at $62.20 per barrel, 5 cents below their last settlement.

Analysts said there were a number of factors driving oil prices.

One is a concern that <a href="https://www.wionews.com/india-news/working-with-saudi-arabia-uae-to-ensure-oil-supplies-to-india-us-216447">global economic growth</a> is threatened by the intensifying trade dispute between the United States and China.

Talks between the world's two biggest economies hit a wall over the weekend, when US&nbsp;President Donald Trump announced a raft of new import tariffs on Chinese goods.

"US-China trade tensions are set to be at the forefront of the market's collective mind this week, as any nuance out of discussions in Washington could trigger knee-jerk moves by traders," said Han Tan, analyst at futures brokerage FXTM.

Tanker brokerage Eastport said in a note that "worsening trade friction between Washington and Beijing poses a downside risk to our forecasts" for petroleum products.

On the supply-side, oil markets remain tense as the United States tightens sanctions on Iranian oil exports, saying on Monday it was boosting its military presence in the Middle East.

Iran has threatened "reciprocal actions" against US&nbsp;sanctions, which could mean restarting some of its nuclear programme.

The US&nbsp;sanctions have already halved Iranian crude oil exports over the past year to below 1 million barrels per day (bpd), and shipments to customers are expected to drop as low as 500,000 bpd in May as sanctions tighten.

Beyond Iran, the crisis in Venezuela has also disrupted oil supplies from this OPEC member, with Washington placing oil sanctions on the Venezuelan government under President Nicolas Maduro.

"As the White House raises the stakes on Iran and Venezuela, what is the oil endgame?" asked Bank of America Merrill Lynch in a note.

"The Venezuelan political situation seems untenable but oil exports could continue to contract until the industry receives a capital injection, a dim prospect for now," the bank said.

"In addition ... Iran oil exports could collapse further over the coming months. While America's maximum pressure policy on these two regimes may pay off, additional oil supply losses cannot be ruled out," it added.

Bank of America said it expected Saudi Arabia "to bring back oil production slowly as Iranian barrels exit the market", adding that overall it saw Brent crude oil prices having a floor at $70 per barrel in current market conditions.

Oil prices were under pressure on Tuesday from concerns the escalating China-US trade dispute could slow the global economy, while US sanctions on crude exporters Iran and Venezuela helped keep the market on edge.

Oil prices were under pressure on Tuesday from concerns the escalating China-US trade dispute could slow the global economy, while US sanctions on crude exporters Iran and Venezuela helped keep the market on edge. Brent crude oil futures were at $71.09 per barrel at 0341 GMT, 15 cents, or 0.2 per cent, below their last close. US West Texas Intermediate (WTI) crude futures were at $62.20 per barrel, 5 cents below their last settlement. Analysts said there were a number of factors driving oil prices. One is a concern that global economic growth is threatened by the intensifying trade dispute between the United States and China. Talks between the world's two biggest economies hit a wall over the weekend, when US President Donald Trump announced a raft of new import tariffs on Chinese goods. "US-China trade tensions are set to be at the forefront of the market's collective mind this week, as any nuance out of discussions in Washington could trigger knee-jerk moves by traders," said Han Tan, analyst at futures brokerage FXTM. Tanker brokerage Eastport said in a note that "worsening trade friction between Washington and Beijing poses a downside risk to our forecasts" for petroleum products. On the supply-side, oil markets remain tense as the United States tightens sanctions on Iranian oil exports, saying on Monday it was boosting its military presence in the Middle East. Iran has threatened "reciprocal actions" against US sanctions, which could mean restarting some of its nuclear programme. The US sanctions have already halved Iranian crude oil exports over the past year to below 1 million barrels per day (bpd), and shipments to customers are expected to drop as low as 500,000 bpd in May as sanctions tighten. Beyond Iran, the crisis in Venezuela has also disrupted oil supplies from this OPEC member, with Washington placing oil sanctions on the Venezuelan government under President Nicolas Maduro. "As the White House raises the stakes on Iran and Venezuela, what is the oil endgame?" asked Bank of America Merrill Lynch in a note. "The Venezuelan political situation seems untenable but oil exports could continue to contract until the industry receives a capital injection, a dim prospect for now," the bank said. "In addition ... Iran oil exports could collapse further over the coming months. While America's maximum pressure policy on these two regimes may pay off, additional oil supply losses cannot be ruled out," it added. Bank of America said it expected Saudi Arabia "to bring back oil production slowly as Iranian barrels exit the market", adding that overall it saw Brent crude oil prices having a floor at $70 per barrel in current market conditions.

International oil prices dip over China-US trade dispute, Iran sanctions

Benchmark indices fell for the fifth session in a row on Tuesday, with the Sensex plunging 324 points and the Nifty diving over 100 points as investors continued to weigh US-China trade tiff and lukewarm corporate results.

Indian bourses after starting the session on a high came under heavy selling pressure as domestic investors' sentiment took a beating after IMF chief Christine Lagarde said US-China tensions were a 'threat' to world economy.

The Sensex was mainly dragged by Tata Motors, ICICI Bank, Bharti Airtel and Reliance Industries -- shedding as much as 4.60 per cent.

The quarterly results of ICICI Bank and Bharti Airtel failed to attract investors and both the companies saw constant sell-offs during the session.&nbsp;

The 30-share index ended 323.71 points, or 0.84 per cent, lower at 38,276.63. The BSE index hit an intra-day low of 38,236.18 and a high of 8,835.54.

Similarly, the NSE Nifty dropped 100.35 points to settle below the 11,500 level at 11,497.90. During the day, the bourse hit a low of 11,484.45 and a high of 11,657.05.

In the Sensex pack, HUL, L&amp;T, PowerGrid, Infosys, ONGC and Bajaj Auto ended up to 1.37 per cent higher.

"Indian market has been on shaky ground for the past couple of days driven by ambiguity associated with the US-China trade negotiations and less-than-inspiring ongoing corporate earnings season," said Jagannadham Thunuguntla, Senior VP and Head of Research (Wealth), Centrum Broking.

Global markets have been rattled by the concerns over the health of the world economy ever since US President Donald Trump on Sunday threatened to hike tariffs on USD 200 billion worth of Chinese goods.

Meanwhile, the head of the International Monetary Fund (IMF) said fresh trade tensions between the US and China were the main threat to the world economy, adding that recent "rumours and tweets" made an agreement between the countries less likely.

Chinese bourses, however, recovered with Shanghai Composite Index ending in the green. Equities in Japan and Korea closed in the red. 
European stocks were also trading lower in early trade.

The Indian rupee was trading flat at 69.39 against the US dollar intra-day.

Global benchmark Brent crude was trading 0.74 per cent lower at USD 70.71 per barrel.&nbsp;

Benchmark indices fell for the fifth session in a row on Tuesday, with the Sensex plunging 324 points and the Nifty diving over 100 points as investors continued to weigh US-China trade tiff and lukewarm corporate results.

Benchmark indices fell for the fifth session in a row on Tuesday, with the Sensex plunging 324 points and the Nifty diving over 100 points as investors continued to weigh US-China trade tiff and lukewarm corporate results. Indian bourses after starting the session on a high came under heavy selling pressure as domestic investors' sentiment took a beating after IMF chief Christine Lagarde said US-China tensions were a 'threat' to world economy. The Sensex was mainly dragged by Tata Motors, ICICI Bank, Bharti Airtel and Reliance Industries -- shedding as much as 4.60 per cent. The quarterly results of ICICI Bank and Bharti Airtel failed to attract investors and both the companies saw constant sell-offs during the session. The 30-share index ended 323.71 points, or 0.84 per cent, lower at 38,276.63. The BSE index hit an intra-day low of 38,236.18 and a high of 8,835.54. Similarly, the NSE Nifty dropped 100.35 points to settle below the 11,500 level at 11,497.90. During the day, the bourse hit a low of 11,484.45 and a high of 11,657.05. In the Sensex pack, HUL, L&T, PowerGrid, Infosys, ONGC and Bajaj Auto ended up to 1.37 per cent higher. "Indian market has been on shaky ground for the past couple of days driven by ambiguity associated with the US-China trade negotiations and less-than-inspiring ongoing corporate earnings season," said Jagannadham Thunuguntla, Senior VP and Head of Research (Wealth), Centrum Broking. Global markets have been rattled by the concerns over the health of the world economy ever since US President Donald Trump on Sunday threatened to hike tariffs on USD 200 billion worth of Chinese goods. Meanwhile, the head of the International Monetary Fund (IMF) said fresh trade tensions between the US and China were the main threat to the world economy, adding that recent "rumours and tweets" made an agreement between the countries less likely. Chinese bourses, however, recovered with Shanghai Composite Index ending in the green. Equities in Japan and Korea closed in the red. European stocks were also trading lower in early trade. The Indian rupee was trading flat at 69.39 against the US dollar intra-day. Global benchmark Brent crude was trading 0.74 per cent lower at USD 70.71 per barrel.

Sensex logs fifth straight loss, plummets 324 points

The US wants India to eliminate trade barriers for American companies and remove restrictions with regard to data localisation to cut the cost of doing business, visiting US Commerce Secretary Wilbur Ross said on Tuesday.

Speaking at US govt backed business event "Indo-Pacific Trade winds", Wilbur Ross Said, “today India is only the America's 13th largest market due to overly restrictive market access barriers. The US is India's largest export market, that is a real imbalance"

India's average applied tariff rate is 13% with a tariff on auto at 60%, bikes at 50% &amp; Alcohol at 100%.&nbsp;

Calling it "unjustified", Ross said, "US businesses face significant market access barriers in India. These include both tariff and non-tariff barriers, &nbsp;as well as multiple practises and regulations that disadvantage foreign companies."

But assured US companies that Washington is "working diligently&nbsp;with Indian govt" on market access, he explained, "goal is to eliminate barrier" for US companies including on data localization, that "weakens data security and increases the cost of doing business".

Ross who is on a two day India visit raised the matter with Prime Minister Narendra Modi&nbsp;and&nbsp;Commerce minister Suresh Prabhu during a bilateral meet.

Bilateral trade last year between India and the US stood at $142 billion, up to $16 billion from 2017. US exports of goods to India increased by 7.4 billion, to 33% but imports increased by 12% to 54 billion, representing trade deficit of $ 21 billion for the US, something that is irking trump administration.

India has been trying to reduce its trade deficit with the US. India is importing $4.5 billion worth of US crude and natural gas. Indian private airlines have placed orders for around 300 Boeing aircraft to be delivered over the next 5 to 7 years that are worth around $ 39 billion and will create 130,000 American jobs.

Ross though reaffirmed India US ties and said "Make America Great Again (MAGA)" needs to be rephrased to MAGWIC (Make America Great Again With Indian Corporations).

He also emphasised on New Delhi's important role in Indo-Pacific. He said, "Indo-Pacific is strategically and economically significant... India is key to the administration approach to Indo-Pacific".

The US wants India to eliminate trade barriers for American companies and remove restrictions with regard to data localisation to cut the cost of doing business, visiting US Commerce Secretary Wilbur Ross said on Tuesday.

The US wants India to eliminate trade barriers for American companies and remove restrictions with regard to data localisation to cut the cost of doing business, visiting US Commerce Secretary Wilbur Ross said on Tuesday. Speaking at US govt backed business event "Indo-Pacific Trade winds", Wilbur Ross Said, “today India is only the America's 13th largest market due to overly restrictive market access barriers. The US is India's largest export market, that is a real imbalance" India's average applied tariff rate is 13% with a tariff on auto at 60%, bikes at 50% & Alcohol at 100%. Calling it "unjustified", Ross said, "US businesses face significant market access barriers in India. These include both tariff and non-tariff barriers, as well as multiple practises and regulations that disadvantage foreign companies." But assured US companies that Washington is "working diligently with Indian govt" on market access, he explained, "goal is to eliminate barrier" for US companies including on data localization, that "weakens data security and increases the cost of doing business". Ross who is on a two day India visit raised the matter with Prime Minister Narendra Modi and Commerce minister Suresh Prabhu during a bilateral meet. Bilateral trade last year between India and the US stood at $142 billion, up to $16 billion from 2017. US exports of goods to India increased by 7.4 billion, to 33% but imports increased by 12% to 54 billion, representing trade deficit of $ 21 billion for the US, something that is irking trump administration. India has been trying to reduce its trade deficit with the US. India is importing $4.5 billion worth of US crude and natural gas. Indian private airlines have placed orders for around 300 Boeing aircraft to be delivered over the next 5 to 7 years that are worth around $ 39 billion and will create 130,000 American jobs. Ross though reaffirmed India US ties and said "Make America Great Again (MAGA)" needs to be rephrased to MAGWIC (Make America Great Again With Indian Corporations). He also emphasised on New Delhi's important role in Indo-Pacific. He said, "Indo-Pacific is strategically and economically significant... India is key to the administration approach to Indo-Pacific".

India's tariff rate is 'unjustified': US commerce secretary Wilbur Ross

Jaguar Land Rover India Tuesday said it has initiated sales of locally manufactured Range Rover Velar in the country with prices starting from Rs 72.47 Lakh (ex-showroom).

The locally manufactured model is offered in a single trim, R Dynamic-S variant, and is available with both petrol and diesel powertrains.&nbsp;

The cost of the trim has come down in the range of about 15-20 per cent as compared with the completely built units (CBU) variants of the model.

The start of Velar's local manufacturing would enable the company gain a competitive edge within the Indian luxury SUV segment, JLR India said in a statement.

"Since its launch in 2018, the Range Rover Velar has received an overwhelming response from customers across the country," JLR India President and Managing Director Rohit Suri said.

He further said, "Now, with the introduction of the locally manufactured Range Rover Velar, we are able to offer this iconic, award-winning product at a very attractive and compelling price than before."

The Land Rover range in India includes the Discovery Sport, Range Rover Evoque, all-new Discovery, Range Rover Sport and Range Rover.

Jaguar Land Rover India Tuesday said it has initiated sales of locally manufactured Range Rover Velar in the country with prices starting from Rs 72.47 Lakh (ex-showroom).

Jaguar Land Rover India Tuesday said it has initiated sales of locally manufactured Range Rover Velar in the country with prices starting from Rs 72.47 Lakh (ex-showroom). The locally manufactured model is offered in a single trim, R Dynamic-S variant, and is available with both petrol and diesel powertrains. The cost of the trim has come down in the range of about 15-20 per cent as compared with the completely built units (CBU) variants of the model. The start of Velar's local manufacturing would enable the company gain a competitive edge within the Indian luxury SUV segment, JLR India said in a statement. "Since its launch in 2018, the Range Rover Velar has received an overwhelming response from customers across the country," JLR India President and Managing Director Rohit Suri said. He further said, "Now, with the introduction of the locally manufactured Range Rover Velar, we are able to offer this iconic, award-winning product at a very attractive and compelling price than before." The Land Rover range in India includes the Discovery Sport, Range Rover Evoque, all-new Discovery, Range Rover Sport and Range Rover.

JLR drives in locally manufactured Range Rover Velar trim in India

Tata Motors may phase out small diesel cars from its portfolio as demand is expected to slow down. Watch this video to know more.

Tata Motors may drop small diesel cars

The benchmark BSE Sensex cracked over 400 points on Monday tracking carnage in Asian equities after <a href="https://www.wionews.com/business-economy/oil-prices-tumble-by-more-than-2-after-trump-announces-new-tariffs-on-chinese-goods-216261">US President Donald Trump threatened to hike tariffs </a>on Chinese goods this week.

The <a href="https://www.wionews.com/business-economy/rupee-slips-24-paise-to-6946-against-us-dollar-in-early-trade-216264">Sensex recovered slightly</a> but was still trading down 317 points at 10am (IST)

In a Tweet on Sunday, Trump turned up the heat by saying he would raise import taxes on $200 billion in Chinese products to 25 per cent from 10 per cent on Friday.

Reacting to the news, Chinese bourses sank led by Shanghai Composite Index that plunged over 5 per cent. Other indices in Tokyo and Seoul were also trading in the red.

The 30-share Sensex too plummeted 453 points in early session. It, however, recovered some lost ground and was trading 321.03 points, or 0.82 per cent, lower at 38,642.23. The NSE Nifty was trading 93.95 points, or 0.80 per cent, down at 11,618.30.

Top losers in early session were Tata Motors, Tata Steel, Yes Bank, Vedanta, HDFC twins, IndusInd Bank, HUL, Axis Bank, Bharti Airtel, NTPC, ICICI Bank, ONGC, Bajaj Finance, Infosys and RIL, dropping up to 4.65 per cent.

Bucking negative market trend were PowerGrid, TCS, Asian Paints and Maruti, rising up to 0.42 per cent.

According to traders, domestic investors turned jittery amid bloodbath in Chinese equities.

In the previous session on Friday, the BSE bourse ended 18.17 points, or 0.05 per cent, lower at 38,963.26; and the broader NSE Nifty slipped 12.50 points, or 0.11 per cent, to close at 11,712.25.

Foreign institutional investors (FIIs) sold equity worth Rs 400.68 crore on Friday, while domestic institutional investors (DIIs) purchased shares to the tune of Rs 57.07 crore, provisional data available with stock exchanges showed.

On the currency front, the rupee depreciated 24 paise 69.46 against the US dollar in early trade.

Brent crude futures, the global oil benchmark, were trading 2.26 per cent lower at $69.25 per barrel.

The benchmark BSE Sensex cracked over 400 points on Monday tracking carnage in Asian equities after US President Donald Trump threatened to hike tariffs on Chinese goods this week.

The benchmark BSE Sensex cracked over 400 points on Monday tracking carnage in Asian equities after US President Donald Trump threatened to hike tariffs on Chinese goods this week. The Sensex recovered slightly but was still trading down 317 points at 10am (IST) In a Tweet on Sunday, Trump turned up the heat by saying he would raise import taxes on $200 billion in Chinese products to 25 per cent from 10 per cent on Friday. Reacting to the news, Chinese bourses sank led by Shanghai Composite Index that plunged over 5 per cent. Other indices in Tokyo and Seoul were also trading in the red. The 30-share Sensex too plummeted 453 points in early session. It, however, recovered some lost ground and was trading 321.03 points, or 0.82 per cent, lower at 38,642.23. The NSE Nifty was trading 93.95 points, or 0.80 per cent, down at 11,618.30. Top losers in early session were Tata Motors, Tata Steel, Yes Bank, Vedanta, HDFC twins, IndusInd Bank, HUL, Axis Bank, Bharti Airtel, NTPC, ICICI Bank, ONGC, Bajaj Finance, Infosys and RIL, dropping up to 4.65 per cent. Bucking negative market trend were PowerGrid, TCS, Asian Paints and Maruti, rising up to 0.42 per cent. According to traders, domestic investors turned jittery amid bloodbath in Chinese equities. In the previous session on Friday, the BSE bourse ended 18.17 points, or 0.05 per cent, lower at 38,963.26; and the broader NSE Nifty slipped 12.50 points, or 0.11 per cent, to close at 11,712.25. Foreign institutional investors (FIIs) sold equity worth Rs 400.68 crore on Friday, while domestic institutional investors (DIIs) purchased shares to the tune of Rs 57.07 crore, provisional data available with stock exchanges showed. On the currency front, the rupee depreciated 24 paise 69.46 against the US dollar in early trade. Brent crude futures, the global oil benchmark, were trading 2.26 per cent lower at $69.25 per barrel.

Sensex crashes over 400 points over Trump's China tariffs

The rupee depreciated by 24 paise to 69.46 against the US dollar in early trade Monday on increased demand for the US currency from importers and weak opening in domestic equities.

Forex traders said, the US President Donald Trump on Sunday threatened to raise tariffs on $200 billion worth of Chinese goods and this, in turn, impacted investor sentiment in the currency market.

The rupee opened weak at 69.38 at the interbank forex market and then fell further to 69.46, down 24 paise over its last close. The local currency however pared the initial loss and was trading at 69.41 at 0926 hrs.

The rupee had strengthened by 15 paise to close at 69.22 against the US dollar Friday.

Besides, strength in dollar against major rival currencies, foreign fund outflows and heavy selling in domestic equities also kept the pressure on the Indian rupee, dealers said.

Meanwhile, foreign institutional investors (FIIs) pulled out Rs 400.68 crore on a net basis Friday, provisional data showed.

Domestic bourses opened on a negative note Monday with benchmark indices Sensex trading 362.11 points down at 38,601.15 and Nifty down 112.75 points at 11,599.50.

However, easing crude prices helped in restricting the slide in the Indian unit to some extent, they added.

Brent crude futures, the global oil benchmark, fell 2.22 per cent to $69.28 per barrel.

The rupee depreciated by 24 paise to 69.46 against the US dollar in early trade Monday on increased demand for the US currency from importers and weak opening in domestic equities.

The rupee depreciated by 24 paise to 69.46 against the US dollar in early trade Monday on increased demand for the US currency from importers and weak opening in domestic equities. Forex traders said, the US President Donald Trump on Sunday threatened to raise tariffs on $200 billion worth of Chinese goods and this, in turn, impacted investor sentiment in the currency market. The rupee opened weak at 69.38 at the interbank forex market and then fell further to 69.46, down 24 paise over its last close. The local currency however pared the initial loss and was trading at 69.41 at 0926 hrs. The rupee had strengthened by 15 paise to close at 69.22 against the US dollar Friday. Besides, strength in dollar against major rival currencies, foreign fund outflows and heavy selling in domestic equities also kept the pressure on the Indian rupee, dealers said. Meanwhile, foreign institutional investors (FIIs) pulled out Rs 400.68 crore on a net basis Friday, provisional data showed. Domestic bourses opened on a negative note Monday with benchmark indices Sensex trading 362.11 points down at 38,601.15 and Nifty down 112.75 points at 11,599.50. However, easing crude prices helped in restricting the slide in the Indian unit to some extent, they added. Brent crude futures, the global oil benchmark, fell 2.22 per cent to $69.28 per barrel.

Rupee slips 24 paise to 69.46 against US dollar

Oil prices tumbled by more than 2 per cent on Monday after US President Donald Trump on Sunday said he would <a href="https://www.wionews.com/world/trump-announces-higher-us-tariffs-on-china-goods-216186">sharply hike tariffs on Chinese goods</a> this week, risking derailing months of trade talks between the world's two biggest economies.

US West Texas Intermediate (WTI) crude futures were at $60.44 per barrel at 0032 GMT on Monday, down $1.50 per barrel, or 2.4 per cent, from their last settlement.

Brent crude oil futures were at $69.34 per barrel, down $1.51 per barrel, or 2.1 per cent, from their last close.

Trump on Sunday said on Twitter he would drastically hike US tariffs on Chinese goods this week, pulling down global financial markets, including crude oil futures.

The Wall Street Journal reported that Beijing is considering cancelling all trade talks with Washington.

"Trump has taken the proverbial sledgehammer to the walnut this morning ... by threatening to slap a 25 per cent tariff on a mind-boggling $525 billion of Chinese goods by this Friday," said Jeffrey Halley, senior market analyst at futures brokerage OANDA in Singapore.

Within the oil industry, there are signs of a further rise in output from the United States, where crude production has already surged by more than 2 million barrels per day (bpd) since early 2018, to a record 12.3 million bpd. That has made the United States the world's biggest producer ahead of Russia and Saudi Arabia.

The number of rigs drilling for gas in the United States fell by 3 to 183 in the week to May 3, while oil-directed drilling rigs rose by 2 to 807, data from oil services firm Baker Hughes showed on Friday.

Oil prices tumbled by more than 2 per cent on Monday after US President Donald Trump on Sunday said he would sharply hike tariffs on Chinese goods this week, risking derailing months of trade talks between the world's two biggest economies.

Oil prices tumbled by more than 2 per cent on Monday after US President Donald Trump on Sunday said he would sharply hike tariffs on Chinese goods this week, risking derailing months of trade talks between the world's two biggest economies. US West Texas Intermediate (WTI) crude futures were at $60.44 per barrel at 0032 GMT on Monday, down $1.50 per barrel, or 2.4 per cent, from their last settlement. Brent crude oil futures were at $69.34 per barrel, down $1.51 per barrel, or 2.1 per cent, from their last close. Trump on Sunday said on Twitter he would drastically hike US tariffs on Chinese goods this week, pulling down global financial markets, including crude oil futures. The Wall Street Journal reported that Beijing is considering cancelling all trade talks with Washington. "Trump has taken the proverbial sledgehammer to the walnut this morning ... by threatening to slap a 25 per cent tariff on a mind-boggling $525 billion of Chinese goods by this Friday," said Jeffrey Halley, senior market analyst at futures brokerage OANDA in Singapore. Within the oil industry, there are signs of a further rise in output from the United States, where crude production has already surged by more than 2 million barrels per day (bpd) since early 2018, to a record 12.3 million bpd. That has made the United States the world's biggest producer ahead of Russia and Saudi Arabia. The number of rigs drilling for gas in the United States fell by 3 to 183 in the week to May 3, while oil-directed drilling rigs rose by 2 to 807, data from oil services firm Baker Hughes showed on Friday.

Oil prices tumble by more than 2% after Trump announces new tariffs on Chinese goods

President Donald Trump sent Asian markets plunging Monday after<a href="https://www.wionews.com/world/trump-announces-higher-us-tariffs-on-china-goods-216186"> threatening to hike tariffs on $200 billion of Chinese goods</a> at the end of the week in a bid to speed up stuttering trade talks between the economic superpowers.

Shanghai and Hong Kong equities led big losses across the region, with the Chinese yuan also taking a battering after the president threw a spanner into the high-level negotiations, which many observers were expecting to wrap up imminently.

"For 10 months, China has been paying Tariffs to the USA of 25% on 50 Billion Dollars of High Tech, and 10% on 200 Billion Dollars of other goods," Trump tweeted Sunday night. "The 10% will go up to 25% on Friday."

The warning will throw a shadow over the next round of talks, with a delegation from Beijing due in Washington this week, with Bloomberg News reporting the Chinese side are considering their position.

The two sides have imposed tariffs on $360 billion in two-way trade since last year. But Trump and his Chinese counterpart Xi Jinping agreed to a truce in December, helping fan a surge across world stock markets for the past four months.

"Trump has taken the proverbial sledgehammer to the walnut this morning and the only two words likely to be on the minds of traders and investors this week are 'trade talks'," said OANDA senior market analyst Jeffrey Halley.

In morning trade Hong Kong tumbled 3.6 per cent and Shanghai was off more than five per cent as investors there returned for the first time since Tuesday.

Singapore was off three per cent and Taipei shed 1.8 per cent, while Sydney and Wellington were each one per cent down.

Manila and Jakarta were also sharply lower. Tokyo and Seoul were closed for holidays.

Yuan tumbles

"It’s making the outcomes more binary, with everybody focused on the Friday deadline," said Joyce Chang, chair of global research at JPMorgan Chase &amp; Co.

"There doesn’t seem to be much leeway now to much go past that. It's going to mean that investors will be very focused on the trade issues even beyond China," she told Bloomberg TV.

The yuan also took hiding, shedding more than 1.3 per cent at one point against the dollar, its heaviest fall in more than three years. The currency had been sitting around 10-month highs on the back of optimism the two sides would sign off on a trade pact.

"Investors will remain bearish on the yuan, as they reprice in trade war risks because the new developments are a reversal of previous positive progress," Ken Cheung, senior foreign-exchange strategist at Mizuho Bank. "The news was unexpected."

The flight to safety saw the dollar surge against higher-yielding, higher-risk units, with South Africa's rand off one per cent, the Mexican peso 0.9 per cent lower and the Australian dollar 0.6 per cent lower.

On oil markets, both main contracts were hammered more than two per cent by worries that a trade war between the world's top two economies could hit demand for the commodity.

Adding to weakness in the sector is the US drive to increase output, which comes as it reports rising stockpiles, which are offsetting unrest in Libya, tensions with Iran and production caps by OPEC and Russia.

However, while trading floors are awash with red, Stephen Innes at SPI Asset Management remained positive.

"We do know the president tends to retreat from more aggressive displays, so I am viewing this thinly veiled threat as political posturing or a tactical decision to apply more pressure on China to put through a trade deal that aligns with the best USA economic interest at heart.

"Despite US-China trade talks hitting an apparent impasse based on (the) tweet, I think a deal will be signed shortly."

Trump's outburst overshadowed another blockbuster US jobs report Friday that reinforced the view that the economy is in rude health, while measured wage inflation eased pressure on the Federal Reserve to hike interest rates.

President Donald Trump sent Asian markets plunging Monday after threatening to hike tariffs on $200 billion of Chinese goods at the end of the week in a bid to speed up stuttering trade talks between the economic superpowers.

President Donald Trump sent Asian markets plunging Monday after threatening to hike tariffs on $200 billion of Chinese goods at the end of the week in a bid to speed up stuttering trade talks between the economic superpowers. Shanghai and Hong Kong equities led big losses across the region, with the Chinese yuan also taking a battering after the president threw a spanner into the high-level negotiations, which many observers were expecting to wrap up imminently. "For 10 months, China has been paying Tariffs to the USA of 25% on 50 Billion Dollars of High Tech, and 10% on 200 Billion Dollars of other goods," Trump tweeted Sunday night. "The 10% will go up to 25% on Friday." The warning will throw a shadow over the next round of talks, with a delegation from Beijing due in Washington this week, with Bloomberg News reporting the Chinese side are considering their position. The two sides have imposed tariffs on $360 billion in two-way trade since last year. But Trump and his Chinese counterpart Xi Jinping agreed to a truce in December, helping fan a surge across world stock markets for the past four months. "Trump has taken the proverbial sledgehammer to the walnut this morning and the only two words likely to be on the minds of traders and investors this week are 'trade talks'," said OANDA senior market analyst Jeffrey Halley. In morning trade Hong Kong tumbled 3.6 per cent and Shanghai was off more than five per cent as investors there returned for the first time since Tuesday. Singapore was off three per cent and Taipei shed 1.8 per cent, while Sydney and Wellington were each one per cent down. Manila and Jakarta were also sharply lower. Tokyo and Seoul were closed for holidays. Yuan tumbles "It’s making the outcomes more binary, with everybody focused on the Friday deadline," said Joyce Chang, chair of global research at JPMorgan Chase & Co. "There doesn’t seem to be much leeway now to much go past that. It's going to mean that investors will be very focused on the trade issues even beyond China," she told Bloomberg TV. The yuan also took hiding, shedding more than 1.3 per cent at one point against the dollar, its heaviest fall in more than three years. The currency had been sitting around 10-month highs on the back of optimism the two sides would sign off on a trade pact. "Investors will remain bearish on the yuan, as they reprice in trade war risks because the new developments are a reversal of previous positive progress," Ken Cheung, senior foreign-exchange strategist at Mizuho Bank. "The news was unexpected." The flight to safety saw the dollar surge against higher-yielding, higher-risk units, with South Africa's rand off one per cent, the Mexican peso 0.9 per cent lower and the Australian dollar 0.6 per cent lower. On oil markets, both main contracts were hammered more than two per cent by worries that a trade war between the world's top two economies could hit demand for the commodity. Adding to weakness in the sector is the US drive to increase output, which comes as it reports rising stockpiles, which are offsetting unrest in Libya, tensions with Iran and production caps by OPEC and Russia. However, while trading floors are awash with red, Stephen Innes at SPI Asset Management remained positive. "We do know the president tends to retreat from more aggressive displays, so I am viewing this thinly veiled threat as political posturing or a tactical decision to apply more pressure on China to put through a trade deal that aligns with the best USA economic interest at heart. "Despite US-China trade talks hitting an apparent impasse based on (the) tweet, I think a deal will be signed shortly." Trump's outburst overshadowed another blockbuster US jobs report Friday that reinforced the view that the economy is in rude health, while measured wage inflation eased pressure on the Federal Reserve to hike interest rates.

Asian markets plunge as Trump threatens to hike China tariffs

The BSE Sensex Monday cracked over 362.92 points in line with global sell-offs amid renewed fears that trade negotiations between the US and China are on the verge of collapse.

Similarly, the NSE Nifty dived 114 points to settle below the 11,600-level.&nbsp;

In a sign of derailment of trade talks between the two global economic powers the US and China, US President Donald Trump on Sunday threatened to hike tariffs on USD 200 billion worth of Chinese goods.

Reacting to the news, Chinese bourses sank led by Shanghai Composite Index that plunged 5.58 per cent. European equites were also trading significantly lower in early trade.

After plunging 453 points intra-day, the BSE Sensex settled 362.92 points, or 0.93 per cent, lower at 38,600.34.

The broader NSE Nifty closed 114 points, or 0.97 per cent, down at 11,598.25.

In the Sensex pack, Yes Bank, Tata Motors, Bajaj Finance, Tata Steel, HDFC twins, IndusInd Bank, RIL, Asian Paints, Hero MotoCorp, Axis Bank, M&amp;M, HUL, Bajaj Auto, NTPC, HCL Tech, Kotak Bank and Infosys fell up to 5.30 per cent.

Bucking the negative market trend, ITC, TCS, Bharti Airtel and ONGC ended in the green.

According to traders, domestic market turned jittery after Trump's surprise move spooked global investors.

In a tweet on Sunday, Trump said he would raise import taxes on USD 200 billion in Chinese products to 25 per cent from 10 per cent on Friday.

Despite Trump's announcement, China's top trade envoy is preparing to travel to the US to resume talks on Wednesday.

Meanwhile, foreign institutional investors (FIIs) sold equity worth Rs 400.68 crore on Friday, while domestic institutional investors (DIIs) purchased shares to the tune of Rs 57.07 crore, provisional data available with stock exchanges showed.

The rupee depreciated 19 paise to 69.41 against the US dollar intra-day. 
Global benchmark Brent crude was trading 0.92 per cent lower at USD 70.20 per barrel.&nbsp;

The BSE Sensex Monday cracked over 362.92 points in line with global sell-offs amid renewed fears that trade negotiations between the US and China are on the verge of collapse.

The BSE Sensex Monday cracked over 362.92 points in line with global sell-offs amid renewed fears that trade negotiations between the US and China are on the verge of collapse. Similarly, the NSE Nifty dived 114 points to settle below the 11,600-level. In a sign of derailment of trade talks between the two global economic powers the US and China, US President Donald Trump on Sunday threatened to hike tariffs on USD 200 billion worth of Chinese goods. Reacting to the news, Chinese bourses sank led by Shanghai Composite Index that plunged 5.58 per cent. European equites were also trading significantly lower in early trade. After plunging 453 points intra-day, the BSE Sensex settled 362.92 points, or 0.93 per cent, lower at 38,600.34. The broader NSE Nifty closed 114 points, or 0.97 per cent, down at 11,598.25. In the Sensex pack, Yes Bank, Tata Motors, Bajaj Finance, Tata Steel, HDFC twins, IndusInd Bank, RIL, Asian Paints, Hero MotoCorp, Axis Bank, M&M, HUL, Bajaj Auto, NTPC, HCL Tech, Kotak Bank and Infosys fell up to 5.30 per cent. Bucking the negative market trend, ITC, TCS, Bharti Airtel and ONGC ended in the green. According to traders, domestic market turned jittery after Trump's surprise move spooked global investors. In a tweet on Sunday, Trump said he would raise import taxes on USD 200 billion in Chinese products to 25 per cent from 10 per cent on Friday. Despite Trump's announcement, China's top trade envoy is preparing to travel to the US to resume talks on Wednesday. Meanwhile, foreign institutional investors (FIIs) sold equity worth Rs 400.68 crore on Friday, while domestic institutional investors (DIIs) purchased shares to the tune of Rs 57.07 crore, provisional data available with stock exchanges showed. The rupee depreciated 19 paise to 69.41 against the US dollar intra-day. Global benchmark Brent crude was trading 0.92 per cent lower at USD 70.20 per barrel.

Sensex crashes 363 points as US-China trade talks derail

Billionaire Warren Buffett on Saturday gave a clue on who might succeed him to run his Berkshire Hathaway empire but did not completely reveal his hand.

The <a href="https://www.wionews.com/world/i-will-never-hesitate-to-fly-in-boeing-737-max-warren-buffett-declares-216003">world's third-richest man</a> also said at his company's annual shareholder meeting that its recent investment in Amazon was not a shift in strategy to focus on Silicon Valley firms, which have largely remained missing from Berkshire's voluminous portfolio.

Buffett, 88, was pressed by questions -- each greeted with a torrent of applause -- about who would succeed him.

Without answering directly, Buffett said Gregory Able, 57, and Ajit Jain, 67 -- both promoted last year to the board of directors -- would in the near future join him and long-time business partner Charlie Munger, 95, on the stage to answer shareholder questions.

"You could not have two better-operating managers than Greg and Ajit. It's just fantastic what they've accomplished," said Buffett, who is known as the "Oracle of Omaha."

For decades, Buffett and Munger have been the two stars of Berkshire Hathaway, but on Saturday, Jain answered a shareholder question, though he did so from the floor.

'Unbureaucratic'

Abel joined the company in 1992 in the energy division, and for more than a year has overseen all non-insurance activities, while Jain came on board in 1986 in the insurance division, which he currently leads.

But who will prevail, or could they jointly take the helm?

"One of the reasons we have trouble with these questions is because Berkshire is so very peculiar. We have a different, kind of unbureaucratic way of making decisions," said Munger.

"But I don't want to be like everybody else because this has worked better. So I think you're going to have to endure us," he said.

Buffett's departure is likely to open a new era at the company, especially with shares of Berkshire considered to be 10 to 15 per cent above their real value thanks to the billionaire's presence at the helm.

Some analysts say a Buffett-less Berkshire Hathaway could be a candidate for being broken up into multiple companies.

Investing in tech

On Saturday, Buffett and Munger also faced an onslaught of questions about strategy for investing in technology companies after Berkshire revealed a stake in Amazon.

Buffett said Amazon chief Jeff Bezos has pulled off "close to a miracle" by transforming an online bookseller into the e-commerce giant it is today.

Munger also acknowledged that he and Buffett felt "ashamed" for missing the boat on Google.

"We just sat there sucking our thumbs," he said. "We screwed up."

But there's no indication of a strategy shift at Berkshire to invest more heavily in tech, aside from its new stake in Amazon and a $40-billion stake in Apple.

On Saturday, Berkshire Hathaway announced a net profit of $21.66 billion -- a result that does not take into account expected losses from its stake in Kraft Heinz, which has recently depreciated assets valued in the billions of dollars.

Berkshire Hathaway has holdings in companies such as American Express, JPMorgan Chase and Goldman Sachs, and is active in sectors like insurance (Geico), rail (BNSF) and energy (PacifiCorp).

The Berkshire Hathaway shareholder meeting, which draws tens of thousands to the small city of Omaha in the American heartland, has been dubbed "Woodstock for Capitalists."

Unlike other annual meetings, the goal here is not to release company results but to hear Buffett identify companies that he might invest in, or from which he might withdraw his money.

Some 20,000 people secured a coveted pass to hear Buffett speak in person, after lining up from 5:00 am, with thousands more left to soak up the atmosphere from outside the theater.

Buffett kicked off the day by touring the souvenir stands at CHI Health Center and mingling with the crowd of attendees, made up of leading executives, investors and billionaires from around the world. This year, many Chinese delegations made the trip.

He later made a surprise appearance at a sideline event organized by a group of women financial professionals aiming to end the gender imbalance in investing.

"It's long overdue," Buffet said of the goal.

Buffett, who is worth almost $90 billion, still lives in a relatively modest house about 10 minutes outside downtown Omaha that he bought in 1958.

Billionaire Warren Buffett on Saturday gave a clue on who might succeed him to run his Berkshire Hathaway empire but did not completely reveal his hand. The world's third-richest man also said at his company's annual shareholder meeting that its recent investment in Amazon was not a shift in strategy to focus on Silicon Valley firms, which have largely remained missing from Berkshire's voluminous portfolio.

Billionaire Warren Buffett on Saturday gave a clue on who might succeed him to run his Berkshire Hathaway empire but did not completely reveal his hand. The world's third-richest man also said at his company's annual shareholder meeting that its recent investment in Amazon was not a shift in strategy to focus on Silicon Valley firms, which have largely remained missing from Berkshire's voluminous portfolio. Buffett, 88, was pressed by questions -- each greeted with a torrent of applause -- about who would succeed him. Without answering directly, Buffett said Gregory Able, 57, and Ajit Jain, 67 -- both promoted last year to the board of directors -- would in the near future join him and long-time business partner Charlie Munger, 95, on the stage to answer shareholder questions. "You could not have two better-operating managers than Greg and Ajit. It's just fantastic what they've accomplished," said Buffett, who is known as the "Oracle of Omaha." For decades, Buffett and Munger have been the two stars of Berkshire Hathaway, but on Saturday, Jain answered a shareholder question, though he did so from the floor. 'Unbureaucratic' Abel joined the company in 1992 in the energy division, and for more than a year has overseen all non-insurance activities, while Jain came on board in 1986 in the insurance division, which he currently leads. But who will prevail, or could they jointly take the helm? "One of the reasons we have trouble with these questions is because Berkshire is so very peculiar. We have a different, kind of unbureaucratic way of making decisions," said Munger. "But I don't want to be like everybody else because this has worked better. So I think you're going to have to endure us," he said. Buffett's departure is likely to open a new era at the company, especially with shares of Berkshire considered to be 10 to 15 per cent above their real value thanks to the billionaire's presence at the helm. Some analysts say a Buffett-less Berkshire Hathaway could be a candidate for being broken up into multiple companies. Investing in tech On Saturday, Buffett and Munger also faced an onslaught of questions about strategy for investing in technology companies after Berkshire revealed a stake in Amazon. Buffett said Amazon chief Jeff Bezos has pulled off "close to a miracle" by transforming an online bookseller into the e-commerce giant it is today. Munger also acknowledged that he and Buffett felt "ashamed" for missing the boat on Google. "We just sat there sucking our thumbs," he said. "We screwed up." But there's no indication of a strategy shift at Berkshire to invest more heavily in tech, aside from its new stake in Amazon and a $40-billion stake in Apple. On Saturday, Berkshire Hathaway announced a net profit of $21.66 billion -- a result that does not take into account expected losses from its stake in Kraft Heinz, which has recently depreciated assets valued in the billions of dollars. Berkshire Hathaway has holdings in companies such as American Express, JPMorgan Chase and Goldman Sachs, and is active in sectors like insurance (Geico), rail (BNSF) and energy (PacifiCorp). The Berkshire Hathaway shareholder meeting, which draws tens of thousands to the small city of Omaha in the American heartland, has been dubbed "Woodstock for Capitalists." Unlike other annual meetings, the goal here is not to release company results but to hear Buffett identify companies that he might invest in, or from which he might withdraw his money. Some 20,000 people secured a coveted pass to hear Buffett speak in person, after lining up from 5:00 am, with thousands more left to soak up the atmosphere from outside the theater. Buffett kicked off the day by touring the souvenir stands at CHI Health Center and mingling with the crowd of attendees, made up of leading executives, investors and billionaires from around the world. This year, many Chinese delegations made the trip. He later made a surprise appearance at a sideline event organized by a group of women financial professionals aiming to end the gender imbalance in investing. "It's long overdue," Buffet said of the goal. Buffett, who is worth almost $90 billion, still lives in a relatively modest house about 10 minutes outside downtown Omaha that he bought in 1958.

Billionaire Warren Buffett gives new hint about his successor

One of Warren Buffett's and Charlie Munger's biggest regrets was not buying shares of Google owner Alphabet Inc.

"I don't mind not having caught Amazon early," Munger said. "The guy (Jeff Bezos) is kind of a miracle worker, it's very peculiar," he said, adding that he feels bad&nbsp;"for not identifying Google earlier ... We screwed up."

Buffett and Munger were asked if Berkshire Hathaway's investing philosophy had changed given that one of Berkshire's portfolio managers recently bought shares of Amazon.com Inc.

Todd Combs and Ted Weschler manage roughly $26 billion of Berkshire's investments.

Munger said he and Buffett saw how great search engine optimization was used in its Berkshire-owned GEICO and "we just sat there sucking our thumbs."

One of Warren Buffett's and Charlie Munger's biggest regrets was not buying shares of Google owner Alphabet Inc. "I don't mind not having caught Amazon early," Munger said.

One of Warren Buffett's and Charlie Munger's biggest regrets was not buying shares of Google owner Alphabet Inc. "I don't mind not having caught Amazon early," Munger said. "The guy (Jeff Bezos) is kind of a miracle worker, it's very peculiar," he said, adding that he feels bad "for not identifying Google earlier ... We screwed up." Buffett and Munger were asked if Berkshire Hathaway's investing philosophy had changed given that one of Berkshire's portfolio managers recently bought shares of Amazon.com Inc. Todd Combs and Ted Weschler manage roughly $26 billion of Berkshire's investments. Munger said he and Buffett saw how great search engine optimization was used in its Berkshire-owned GEICO and "we just sat there sucking our thumbs."

We screwed up not buying Google shares, Berkshire's Munger says

ThyssenKrupp said on Sunday it still saw scope for agreement with European antitrust regulators on a planned joint venture with Tata Steel despite a Financial Times report that Brussels was likely to block the deal.

Tata Steel and ThyssenKrupp have proposed combining their steel operations in Europe to form the region's second-biggest steelmaker. However, the landmark deal has not yet been approved because of concerns about its impact on competition.

Earlier on Sunday, the Financial Times reported that EU antitrust regulators were concerned the deal would lead to less choice and higher prices for steel and were increasingly likely to block it unless the companies offered greater concessions.

A ThyssenKrupp spokesman said: "The Competition Commission has taken the reworked commitments proposed by ThyssenKrupp and Tata Steel as an opportunity to conduct another market test."

"There are still a number of ways to adjust our commitments without compromising the commercial logic of the joint venture."

Late last month, the European Commission extended the deadline for reviewing the planned joint venture by seven working days until June 17.

ThyssenKrupp said further talks were planned with EU Competition Commissioner Margrethe Vestager in the coming week.

ThyssenKrupp said on Sunday it still saw scope for agreement with European antitrust regulators on a planned joint venture with Tata Steel despite a Financial Times report that Brussels was likely to block the deal.

ThyssenKrupp said on Sunday it still saw scope for agreement with European antitrust regulators on a planned joint venture with Tata Steel despite a Financial Times report that Brussels was likely to block the deal. Tata Steel and ThyssenKrupp have proposed combining their steel operations in Europe to form the region's second-biggest steelmaker. However, the landmark deal has not yet been approved because of concerns about its impact on competition. Earlier on Sunday, the Financial Times reported that EU antitrust regulators were concerned the deal would lead to less choice and higher prices for steel and were increasingly likely to block it unless the companies offered greater concessions. A ThyssenKrupp spokesman said: "The Competition Commission has taken the reworked commitments proposed by ThyssenKrupp and Tata Steel as an opportunity to conduct another market test." "There are still a number of ways to adjust our commitments without compromising the commercial logic of the joint venture." Late last month, the European Commission extended the deadline for reviewing the planned joint venture by seven working days until June 17. ThyssenKrupp said further talks were planned with EU Competition Commissioner Margrethe Vestager in the coming week.

ThyssenKrupp sees room for EU agreement on Tata Steel deal

The government sees little hope of a bidder emerging for debt-laden Jet Airways Ltd, which halted operations last month, a Reuters report said quoting&nbsp;two senior finance ministry officials.

Parties that had initially expressed interest in Jet, which is saddled with roughly $1.2 billion of debt, have so far failed to come forward with firm bids to bail it out, increasing odds that it could soon face bankruptcy proceedings, the report added.

"There is little scope in the revival of Jet," said one official, adding that if a bidder emerged, the government was still willing to restore slots to the private airline that had been temporarily given to rivals, according to the report.

The second official said it was only a matter of time before someone dragged the carrier to the National Company Law Tribunal - India's bankruptcy court - for recovery of dues.

(With inputs from Reuters)

The government sees little hope of a bidder emerging for debt-laden Jet Airways Ltd, which halted operations last month, a Reuters report said quoting two senior finance ministry officials.

The government sees little hope of a bidder emerging for debt-laden Jet Airways Ltd, which halted operations last month, a Reuters report said quoting two senior finance ministry officials. Parties that had initially expressed interest in Jet, which is saddled with roughly $1.2 billion of debt, have so far failed to come forward with firm bids to bail it out, increasing odds that it could soon face bankruptcy proceedings, the report added. "There is little scope in the revival of Jet," said one official, adding that if a bidder emerged, the government was still willing to restore slots to the private airline that had been temporarily given to rivals, according to the report. The second official said it was only a matter of time before someone dragged the carrier to the National Company Law Tribunal - India's bankruptcy court - for recovery of dues. (With inputs from Reuters)

Little scope for Jet Airways revival: Government sources

The United States had another giant month of job creation in April, confirming the strength of the world's largest economy as President Donald Trump prepares to fend off challengers in next year's election.

Government data showed continued vigour in the vast services sector, with unemployment falling to a level not seen since 1969, helping allay fears of a slowdown -- although the labour force shrank.

As the second quarter began, employers scooped up workers in construction, health care, computer systems design, administrative support and other service industries, adding a total of 263,000 net new positions for the month, the data showed.

That was well above the result economists expected, and worker pay continued to climb, although at a slower pace, according to the closely-watched report from the Labor Department.

The unemployment rate fell two tenths to 3.6 per cent but the decline was in part because the pool of workers shrank and fewer people were looking for jobs, pulling them out of the labour force.

The jobless rate for Hispanics fell to the lowest level on record, as did a broader measure of unemployment that includes discouraged workers.

"This economy is roaring," Vice President Mike Pence told CNBC shortly after the data was released, attributing the performance squarely to Trump's economic agenda of tax cuts and slashed regulation.

Average hourly pay also rose by 3.2 per cent over April of last year, the ninth consecutive month with annual growth above three per cent, again outstripping inflation.

Compared to March, however, the increase in pay was only 0.2 per cent, shy of forecasts, but economists said this may have been due to distortions from the Easter holiday.

Manufacturing lags

Government hiring also was the strongest in eight months, with 27,000 jobs created -- likely due in part to hiring for the 2020 US census. Financial services also continued to add employees.

But hiring in the manufacturing sector was a weak spot for the third straight month, ending last year's long growth streak. Durable goods employment was flat and the auto sector continuing to shed jobs.

In the 12 months prior to February, the manufacturing sector had added an average of 22,000 jobs a month, according to the report.

The retail sector also suffered yet more job losses, with 12,000 positions cut.

Hiring in mining, which includes oil and gas, as well as utilities was little changed, the data showed.

There were other signs of weakness as well.

"If one is scouring the report for negatives, one would be the contraction in the workweek and drop in hours worked," RDQ Economics said in a client note.

"With labour force participation dropping further in April, participation is now flat on a year-over-year basis."

The three-month average for job creation has also fallen for four straight months and now sits at about 169,000 -- below the averages recorded in the same period of 2018 and 2017.

The number of people working part-time for "economic reasons" -- those who want full-time work but cannot get it -- also rose for the second month in a row in May, and at 4.7 million remains above the level from before the Great Recession.

Nevertheless, the brisk hiring should further dim hopes among investors that the Federal Reserve will feel pressure to cut interest rates in the near term.

As unemployment falls to half-century lows and workers become scarce, the continued strength of hiring has confounded predictions that companies would soon run out of people to hire, even as firms nationwide complain they are struggling to fill open positions.

And inflation has for several years defied the usual logic that low unemployment should cause wages and prices to rise.

The opinion is now divided among economists as to whether inflation later this year will at last spring to life and pressure the central bank to bump up lending rates -- the opposite of Trump's very loud recent demands for a drastic interest rate cut.

After several days in the red, Wall Street was cheered by the news, with all three major indices closing higher and the Nasdaq setting a new record high.

The United States had another giant month of job creation in April, confirming the strength of the world's largest economy as President Donald Trump prepares to fend off challengers in next year's election.

The United States had another giant month of job creation in April, confirming the strength of the world's largest economy as President Donald Trump prepares to fend off challengers in next year's election. Government data showed continued vigour in the vast services sector, with unemployment falling to a level not seen since 1969, helping allay fears of a slowdown -- although the labour force shrank. As the second quarter began, employers scooped up workers in construction, health care, computer systems design, administrative support and other service industries, adding a total of 263,000 net new positions for the month, the data showed. That was well above the result economists expected, and worker pay continued to climb, although at a slower pace, according to the closely-watched report from the Labor Department. The unemployment rate fell two tenths to 3.6 per cent but the decline was in part because the pool of workers shrank and fewer people were looking for jobs, pulling them out of the labour force. The jobless rate for Hispanics fell to the lowest level on record, as did a broader measure of unemployment that includes discouraged workers. "This economy is roaring," Vice President Mike Pence told CNBC shortly after the data was released, attributing the performance squarely to Trump's economic agenda of tax cuts and slashed regulation. Average hourly pay also rose by 3.2 per cent over April of last year, the ninth consecutive month with annual growth above three per cent, again outstripping inflation. Compared to March, however, the increase in pay was only 0.2 per cent, shy of forecasts, but economists said this may have been due to distortions from the Easter holiday. Manufacturing lags Government hiring also was the strongest in eight months, with 27,000 jobs created -- likely due in part to hiring for the 2020 US census. Financial services also continued to add employees. But hiring in the manufacturing sector was a weak spot for the third straight month, ending last year's long growth streak. Durable goods employment was flat and the auto sector continuing to shed jobs. In the 12 months prior to February, the manufacturing sector had added an average of 22,000 jobs a month, according to the report. The retail sector also suffered yet more job losses, with 12,000 positions cut. Hiring in mining, which includes oil and gas, as well as utilities was little changed, the data showed. There were other signs of weakness as well. "If one is scouring the report for negatives, one would be the contraction in the workweek and drop in hours worked," RDQ Economics said in a client note. "With labour force participation dropping further in April, participation is now flat on a year-over-year basis." The three-month average for job creation has also fallen for four straight months and now sits at about 169,000 -- below the averages recorded in the same period of 2018 and 2017. The number of people working part-time for "economic reasons" -- those who want full-time work but cannot get it -- also rose for the second month in a row in May, and at 4.7 million remains above the level from before the Great Recession. Nevertheless, the brisk hiring should further dim hopes among investors that the Federal Reserve will feel pressure to cut interest rates in the near term. As unemployment falls to half-century lows and workers become scarce, the continued strength of hiring has confounded predictions that companies would soon run out of people to hire, even as firms nationwide complain they are struggling to fill open positions. And inflation has for several years defied the usual logic that low unemployment should cause wages and prices to rise. The opinion is now divided among economists as to whether inflation later this year will at last spring to life and pressure the central bank to bump up lending rates -- the opposite of Trump's very loud recent demands for a drastic interest rate cut. After several days in the red, Wall Street was cheered by the news, with all three major indices closing higher and the Nasdaq setting a new record high.

US job creation surges in April as unemployment hits 49-year low

The tech-rich Nasdaq powered to a fresh record Friday as Wall Street cheered a much better than expected US jobs report for April.

European bourses also advanced following the US report, which set <a href="https://www.wionews.com/world/us-job-creation-surges-in-april-as-unemployment-hits-49-year-low-215776">unemployment at a 49-year low</a>.

"No signs of a slowdown here," said James Knightley, chief international economist at ING.

The US economy added 263,000 net new positions in April, well above the 200,000 forecasts by analysts.

Unemployment fell two tenths to 3.6 per cent but the decline was in part because the pool of workers shrank and fewer people were looking for jobs, pulling them out of the labour force, the Labor Department reported.

Even with the positive attributes to the April jobs data, the report showed wage inflation was measured, putting little pressure on the US Federal Reserve to boost interest rates, analysts said.

"Neither too hot nor too cold," said Stephen Innes, head of trading at SPI, calling the US data "another Goldilocks" payroll report.

"The US economy remains in the sweet spot with extremely robust labour markets driving strong consumption growth but apparently without stoking the inflationary fires," he said.

The tech-rich Nasdaq climbed 1.6 per cent to 8,164.00, about two points above a record earlier in the week.

Bourses in London, Paris and Frankfurt advanced modestly.

Despite the strong jobs data, FTN Financial's Chris Low pointed to a report from the Institute for Supply Management that showed slowing services sector activity.&nbsp;

"I don't think everything is quite as rosy as the jobs numbers suggest but for now traders are happy," FTN Financial's Chris Low told AFP.&nbsp;

Low said investors were also cheered by news that Warren Buffett's Berkshire Hathaway had invested in Amazon, which jumped 3.2 per cent.

"It's him (Buffett) signing off the on the US stock market rally," Low said. "It's not like him to make a high-profile buy at a market top."

The billionaire all-star investor disclosed the move in an interview with CNBC. Buffett previously has lamented not getting into Amazon at an earlier stage, blaming "stupidity" for missing the opportunity in a 2017 interview.

In commodities trading on Friday, oil prices rebounded after falling hard on Thursday in the wake of a surprisingly large build in US oil inventories. Some analysts viewed the increase as a reflection of the improved demand outlook for the US following the strong jobs data.

The tech-rich Nasdaq powered to a fresh record Friday as Wall Street cheered a much better than expected US jobs report for April. European bourses also advanced following the US report, which set unemployment at a 49-year low.

The tech-rich Nasdaq powered to a fresh record Friday as Wall Street cheered a much better than expected US jobs report for April. European bourses also advanced following the US report, which set unemployment at a 49-year low. "No signs of a slowdown here," said James Knightley, chief international economist at ING. The US economy added 263,000 net new positions in April, well above the 200,000 forecasts by analysts. Unemployment fell two tenths to 3.6 per cent but the decline was in part because the pool of workers shrank and fewer people were looking for jobs, pulling them out of the labour force, the Labor Department reported. Even with the positive attributes to the April jobs data, the report showed wage inflation was measured, putting little pressure on the US Federal Reserve to boost interest rates, analysts said. "Neither too hot nor too cold," said Stephen Innes, head of trading at SPI, calling the US data "another Goldilocks" payroll report. "The US economy remains in the sweet spot with extremely robust labour markets driving strong consumption growth but apparently without stoking the inflationary fires," he said. The tech-rich Nasdaq climbed 1.6 per cent to 8,164.00, about two points above a record earlier in the week. Bourses in London, Paris and Frankfurt advanced modestly. Despite the strong jobs data, FTN Financial's Chris Low pointed to a report from the Institute for Supply Management that showed slowing services sector activity. "I don't think everything is quite as rosy as the jobs numbers suggest but for now traders are happy," FTN Financial's Chris Low told AFP. Low said investors were also cheered by news that Warren Buffett's Berkshire Hathaway had invested in Amazon, which jumped 3.2 per cent. "It's him (Buffett) signing off the on the US stock market rally," Low said. "It's not like him to make a high-profile buy at a market top." The billionaire all-star investor disclosed the move in an interview with CNBC. Buffett previously has lamented not getting into Amazon at an earlier stage, blaming "stupidity" for missing the opportunity in a 2017 interview. In commodities trading on Friday, oil prices rebounded after falling hard on Thursday in the wake of a surprisingly large build in US oil inventories. Some analysts viewed the increase as a reflection of the improved demand outlook for the US following the strong jobs data.

Nasdaq ends at record as global stocks cheers strong US jobs growth

Asian markets limped into the weekend Friday with energy firms again taking a hit from a plunge in <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/business-economy/oil-prices-dip-on-record-us-output-as-iran-oil-exemption-ends-215229&amp;sa=U&amp;ved=2ahUKEwi9i4fpyP7hAhVP6nMBHXwkC70QFjAEegQIBRAC&amp;usg=AOvVaw3MwaD7oiX8HCsPd61LWwAe">oil prices</a>, while investors look ahead to the release of key US jobs data later in the day.

Observers said there may have been some caution setting in after a report suggesting the long-running trade talks between China and the United States had hit a snag.

With optimism fuelled by a broadly strong earnings season beginning to fade, dealers are taking their cash off the table after a strong start to the year, while analysts noted May is a traditionally weak month for equities.

Energy firms were once again in the firing line, dropping in tandem with crude prices owing to worries about rising supplies and falling demand.

Brent has tumbled around 6.5 per cent and WTI is off more than seven per cent from six-month highs touched just last week, taking another hit Thursday from data showing a surge in US stockpiles and output.

The commodity had been rallying in recent weeks on the back of output cuts led by OPEC and Russia (OPEC+) unrest in Libya, the political crisis in Venezuela and hopes for the China-US trade talks.

But analysts pointed out that a would-be coup in Caracas has fizzled,<a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/pope-francis-urges-libya-peace-return-of-refugees-to-syria-212319&amp;sa=U&amp;ved=2ahUKEwiu87Cgyf7hAhWKiXAKHZj0ADEQFjADegQIEBAC&amp;usg=AOvVaw1iXxQDDcSjHcT--QBUxI0I"> tensions in Libya</a> have eased and the major producing countries appear to be rolling back on commitments to turn off the taps.

"Expectations are dwindling that OPEC+ will be able to deliver on any extension on production cuts," said Edward Moya, senior market analyst at OANDA.

"Even if they do show optimism at the next... meeting on May 17th, many will not expect an extended cut agreement to have the same effect as the first one.

Right now the path of least resistance for oil remains to the downside."

Trade talks questions&nbsp;

Hong Kong-listed CNOOC dived more than two per cent and PetroChina almost one per cent, while Woodside Petroleum shed 1.1 per cent in Sydney and Santos sank two per cent.

On broader stock markets, Hong Kong fell 0.7 per cent, Singapore gave up 0.5 per cent and Seoul sank 0.8 per cent with Wellington and Jakarta also lower.

However, Sydney and Taipei edged up slightly while Manila rallied 0.8 per cent.

Attention is now on the release Friday of US non-farm payrolls data that will provide a fresh snapshot of the world's top economy.

The figures come after the head of the Federal Reserve disappointed markets by saying recent weak inflation was "transitory", denting hopes the bank would consider an interest rate cut this year.

A strong jobs report would reinforce Jerome Powell's view that the economy was broadly healthy and all but kill off any chance of a cut in the near future.

There is also some unease after a report in Chinese media speculated that negotiators from China and the US had hit an impasse in the trade talks, citing the fact there were few details from their most recent talks in Beijing this week.

"Whilst these are just initial reports, clearly anything that suggests the US and China won’t agree a deal will rattle investors," said Neil Wilson, chief market analyst for Markets.com.

However, National Australia Bank pointed out that the comments contradicted reports by Politico and CNBC saying a deal could come as soon as next Friday.

Asian markets limped into the weekend Friday with energy firms again taking a hit from a plunge in oil prices, while investors look ahead to the release of key US jobs data later in the day.

Asian markets limped into the weekend Friday with energy firms again taking a hit from a plunge in oil prices, while investors look ahead to the release of key US jobs data later in the day. Observers said there may have been some caution setting in after a report suggesting the long-running trade talks between China and the United States had hit a snag. With optimism fuelled by a broadly strong earnings season beginning to fade, dealers are taking their cash off the table after a strong start to the year, while analysts noted May is a traditionally weak month for equities. Energy firms were once again in the firing line, dropping in tandem with crude prices owing to worries about rising supplies and falling demand. Brent has tumbled around 6.5 per cent and WTI is off more than seven per cent from six-month highs touched just last week, taking another hit Thursday from data showing a surge in US stockpiles and output. The commodity had been rallying in recent weeks on the back of output cuts led by OPEC and Russia (OPEC+) unrest in Libya, the political crisis in Venezuela and hopes for the China-US trade talks. But analysts pointed out that a would-be coup in Caracas has fizzled, tensions in Libya have eased and the major producing countries appear to be rolling back on commitments to turn off the taps. "Expectations are dwindling that OPEC+ will be able to deliver on any extension on production cuts," said Edward Moya, senior market analyst at OANDA. "Even if they do show optimism at the next... meeting on May 17th, many will not expect an extended cut agreement to have the same effect as the first one. Right now the path of least resistance for oil remains to the downside." Trade talks questions Hong Kong-listed CNOOC dived more than two per cent and PetroChina almost one per cent, while Woodside Petroleum shed 1.1 per cent in Sydney and Santos sank two per cent. On broader stock markets, Hong Kong fell 0.7 per cent, Singapore gave up 0.5 per cent and Seoul sank 0.8 per cent with Wellington and Jakarta also lower. However, Sydney and Taipei edged up slightly while Manila rallied 0.8 per cent. Attention is now on the release Friday of US non-farm payrolls data that will provide a fresh snapshot of the world's top economy. The figures come after the head of the Federal Reserve disappointed markets by saying recent weak inflation was "transitory", denting hopes the bank would consider an interest rate cut this year. A strong jobs report would reinforce Jerome Powell's view that the economy was broadly healthy and all but kill off any chance of a cut in the near future. There is also some unease after a report in Chinese media speculated that negotiators from China and the US had hit an impasse in the trade talks, citing the fact there were few details from their most recent talks in Beijing this week. "Whilst these are just initial reports, clearly anything that suggests the US and China won’t agree a deal will rattle investors," said Neil Wilson, chief market analyst for Markets.com. However, National Australia Bank pointed out that the comments contradicted reports by Politico and CNBC saying a deal could come as soon as next Friday.

Asian markets drag as oil prices plunge; investors await US jobs data

The benchmark BSE Sensex rose over 100 points Friday led by gains in banking and auto stocks amid sustained foreign fund inflow and easing crude prices.

The 30-share index was trading 107.81 points, or 0.28 per cent, higher at 39,089.24. Similarly, the NSE Nifty up 22.45 points, or 0.91 per cent, at 11,747.20.

In the previous session, the BSE bourse settled 50.12 points, or 0.13 per cent, lower at 38,981.43; and the broader Nifty slipped 23.40 points, or 0.20 per cent, to close at 11,724.75.

Top gainers in the early session were Tata Motors, Bharti Airtel, Maruti, PowerGrid, ICICI Bank, ONGC, HDFC, Coal India, Asian Paints, M&amp;M, SBI, NTPC, Kotak Bank and RIL, rising up to 2.46 per cent.

On the other hand, HCL Tech, TCS, Infosys, HUL, Tata Steel, Vedanta, IndusInd Bank and Yes Bank were the top losers, shedding up to 2.45 per cent. 
According to traders, recovery in auto and banking stocks led to the rise in key indices. Unabated foreign fund inflow and easing crude oil prices too lifted investor mood.

Brent crude futures, the global oil benchmark, were trading 0.40 per cent lower at $70.47 per barrel.

Meanwhile, foreign institutional investors (FIIs) bought equity worth Rs 597.54 crore on Thursday, while domestic institutional investors (DIIs) sold shares to the tune of Rs 791.69 crore, provisional data available with stock exchanges showed.

On the currency front, the rupee was trading up at 69.28 against the US dollar in early trade.

On Wall Street, the S&amp;P 500 index and the Nasdaq ended in the red on Thursday.

Elsewhere in Asia, Korea's Kospi and Hong Kong's Hang Seng were trading in the red in early deals, while other major bourses in China and Japan were shut for holidays.&nbsp;

The benchmark BSE Sensex rose over 100 points Friday led by gains in banking and auto stocks amid sustained foreign fund inflow and easing crude prices. The 30-share index was trading 107.

The benchmark BSE Sensex rose over 100 points Friday led by gains in banking and auto stocks amid sustained foreign fund inflow and easing crude prices. The 30-share index was trading 107.81 points, or 0.28 per cent, higher at 39,089.24. Similarly, the NSE Nifty up 22.45 points, or 0.91 per cent, at 11,747.20. In the previous session, the BSE bourse settled 50.12 points, or 0.13 per cent, lower at 38,981.43; and the broader Nifty slipped 23.40 points, or 0.20 per cent, to close at 11,724.75. Top gainers in the early session were Tata Motors, Bharti Airtel, Maruti, PowerGrid, ICICI Bank, ONGC, HDFC, Coal India, Asian Paints, M&M, SBI, NTPC, Kotak Bank and RIL, rising up to 2.46 per cent. On the other hand, HCL Tech, TCS, Infosys, HUL, Tata Steel, Vedanta, IndusInd Bank and Yes Bank were the top losers, shedding up to 2.45 per cent. According to traders, recovery in auto and banking stocks led to the rise in key indices. Unabated foreign fund inflow and easing crude oil prices too lifted investor mood. Brent crude futures, the global oil benchmark, were trading 0.40 per cent lower at $70.47 per barrel. Meanwhile, foreign institutional investors (FIIs) bought equity worth Rs 597.54 crore on Thursday, while domestic institutional investors (DIIs) sold shares to the tune of Rs 791.69 crore, provisional data available with stock exchanges showed. On the currency front, the rupee was trading up at 69.28 against the US dollar in early trade. On Wall Street, the S&P 500 index and the Nasdaq ended in the red on Thursday. Elsewhere in Asia, Korea's Kospi and Hong Kong's Hang Seng were trading in the red in early deals, while other major bourses in China and Japan were shut for holidays.

Sensex rises over 100 points in early trade

Global ride-sharing firm Uber on Friday faced another legal bump on the road to its blockbuster initial public offering, with taxi drivers launching a class action lawsuit in Australia.

Thousands of cabbies are alleging that Uber gained an unfair advantage and destroyed their livelihoods by knowingly operating above the law, according to a filing lodged in the state of Victoria on Friday.

Law firm Maurice Blackburn said their clients want to recover income they claim is lost as a result of Uber allegedly operating without proper licences for their drivers and vehicles.

"It is shaping (up) as one of the largest class actions in<a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/australian-pm-promises-migration-cut-refugee-freeze-if-re-elected-214043&amp;sa=U&amp;ved=2ahUKEwi7ja_Qv_7hAhXSheYKHYmUCrYQFjADegQIDhAC&amp;usg=AOvVaw3nuXtQnkkafwNk0qYMT6di"> Australian</a> history," said the firm's head of class actions Andrew Watson.

"Make no mistake, this will be a landmark case regarding the alleged illegal operations of Uber in Australia."

It is unclear whether the class action will be successful, or whether any payout -- even in the multiple millions of dollars -- would be anything more than a blip on the company's multi-billion dollar revenues.

But supporters hope it will serve as a reminder to investors that Uber's gig economy model is likely to face more legal and regulatory scrutiny.

That message comes at a sensitive time for the company, as it prepares to sell 207 million shares, raising up to $10 billion in a US IPO.

The company has already been hit by a series of scandals over executive misconduct, a toxic work atmosphere and potentially unethical competitive practices.

"It is a dud investment dressed up as something innovative," said Tony Sheldon of the Transport Workers' Union. "Its business model is based on exploitation, lies and illegal activity."

Uber told Australian media that it had not yet been notified of the action, but had become an established part of the transport mix, used by millions of people each year in Australia alone.&nbsp;

Global ride-sharing firm Uber on Friday faced another legal bump on the road to its blockbuster initial public offering, with taxi drivers launching a class action lawsuit in Australia.

Global ride-sharing firm Uber on Friday faced another legal bump on the road to its blockbuster initial public offering, with taxi drivers launching a class action lawsuit in Australia. Thousands of cabbies are alleging that Uber gained an unfair advantage and destroyed their livelihoods by knowingly operating above the law, according to a filing lodged in the state of Victoria on Friday. Law firm Maurice Blackburn said their clients want to recover income they claim is lost as a result of Uber allegedly operating without proper licences for their drivers and vehicles. "It is shaping (up) as one of the largest class actions in Australian history," said the firm's head of class actions Andrew Watson. "Make no mistake, this will be a landmark case regarding the alleged illegal operations of Uber in Australia." It is unclear whether the class action will be successful, or whether any payout -- even in the multiple millions of dollars -- would be anything more than a blip on the company's multi-billion dollar revenues. But supporters hope it will serve as a reminder to investors that Uber's gig economy model is likely to face more legal and regulatory scrutiny. That message comes at a sensitive time for the company, as it prepares to sell 207 million shares, raising up to $10 billion in a US IPO. The company has already been hit by a series of scandals over executive misconduct, a toxic work atmosphere and potentially unethical competitive practices. "It is a dud investment dressed up as something innovative," said Tony Sheldon of the Transport Workers' Union. "Its business model is based on exploitation, lies and illegal activity." Uber told Australian media that it had not yet been notified of the action, but had become an established part of the transport mix, used by millions of people each year in Australia alone.

Uber hit with Australia class action ahead of stock listing

Equity benchmarks Sensex and Nifty ended marginally lower Friday following a sudden sell-off at the fag end of the session amid weakness in IT bluechips.

After trading on a positive note through the day, the BSE Sensex ended 18.17 points, or 0.05 per cent, lower at 38,963.26. During the day, the index touched an intra-day high of 39,172.76 and a low of 38,920.17.

In similar movement, the broader NSE Nifty slipped 12.50 points, or 0.11 per cent, to close at 11,712.25.

In the Sensex pack, losers included TCS, HUL, Tata Steel, HCL Tech, Infosys, Bajaj Finance, HDFC, IndusInd Bank, Asian Paints, ITC and Vedanta, shedding up to 3.70 per cent.

IT stocks came under pressure after tech giant Cognizant slashed its full-year revenue growth outlook. A strengthening rupee also weighed on the counters.

The US-headquartered Cognizant, which has a significant portion of its employees based in India, revised its full-year 2019 revenue growth outlook to 3.6-5.1 per cent in constant currency terms, significantly less than 7-9 per cent projected just months ago.

HUL too ended in the red ahead of its quarterly results.

On the other hand, Bharti Airtel, ICICI Bank, NTPC, Yes Bank, Tata Motors, ONGC, Bajaj Auto, M&amp;M, Maruti, Hero MotoCorp and Kotak Bank rose up to 3.11 per cent.

Meanwhile, foreign institutional investors (FIIs) bought equity worth Rs 597.54 crore on Thursday, while domestic institutional investors (DIIs) sold shares to the tune of Rs 791.69 crore, provisional data available with stock exchanges showed.

Elsewhere in Asia, Kospi and Hang Seng ended on a mixed note, while other major bourses in China and Japan were shut for holidays.

European equites started off on a firm footing.

The rupee, meanwhile, appreciated marginally to 69.34 against the US dollar intra-day.

Global oil benchmark Brent crude was trading 0.62 per cent lower at US $70.31 per barrel.&nbsp;

Equity benchmarks Sensex and Nifty ended marginally lower Friday following a sudden sell-off at the fag end of the session amid weakness in IT bluechips. After trading on a positive note through the day, the BSE Sensex ended 18.

Equity benchmarks Sensex and Nifty ended marginally lower Friday following a sudden sell-off at the fag end of the session amid weakness in IT bluechips. After trading on a positive note through the day, the BSE Sensex ended 18.17 points, or 0.05 per cent, lower at 38,963.26. During the day, the index touched an intra-day high of 39,172.76 and a low of 38,920.17. In similar movement, the broader NSE Nifty slipped 12.50 points, or 0.11 per cent, to close at 11,712.25. In the Sensex pack, losers included TCS, HUL, Tata Steel, HCL Tech, Infosys, Bajaj Finance, HDFC, IndusInd Bank, Asian Paints, ITC and Vedanta, shedding up to 3.70 per cent. IT stocks came under pressure after tech giant Cognizant slashed its full-year revenue growth outlook. A strengthening rupee also weighed on the counters. The US-headquartered Cognizant, which has a significant portion of its employees based in India, revised its full-year 2019 revenue growth outlook to 3.6-5.1 per cent in constant currency terms, significantly less than 7-9 per cent projected just months ago. HUL too ended in the red ahead of its quarterly results. On the other hand, Bharti Airtel, ICICI Bank, NTPC, Yes Bank, Tata Motors, ONGC, Bajaj Auto, M&M, Maruti, Hero MotoCorp and Kotak Bank rose up to 3.11 per cent. Meanwhile, foreign institutional investors (FIIs) bought equity worth Rs 597.54 crore on Thursday, while domestic institutional investors (DIIs) sold shares to the tune of Rs 791.69 crore, provisional data available with stock exchanges showed. Elsewhere in Asia, Kospi and Hang Seng ended on a mixed note, while other major bourses in China and Japan were shut for holidays. European equites started off on a firm footing. The rupee, meanwhile, appreciated marginally to 69.34 against the US dollar intra-day. Global oil benchmark Brent crude was trading 0.62 per cent lower at US $70.31 per barrel.

Markets end marginally lower; IT stocks drag

Mahindra &amp; Mahindra Ltd. (M&amp;M) today announced the launch of the Bold New TUV300, a facelift of the compact SUV. Featuring design enhancements and new aspirational features, the bold new TUV300 is priced at Rs. 8.38 lakh (ex-showroom Mumbai).

Veejay Ram Nakra, Chief of Sales and Marketing, Automotive Division, Mahindra &amp; Mahindra Ltd. said “We are pleased to launch the Bold New TUV300, the facelift version of the only compact SUV with an authentic SUV design that combines the space &amp; comfort of 7 seats with performance and hi-tech features. The TUV300 has already established itself in the compact SUV segment with 1lakh satisfied customers.”

The New TUV300 is powered by the powerful mHAWK100 engine, which delivers 100 BHP and 240 Nm of torque. The Cushion Suspension Technology &amp; optimised ride height offer a better drive experience. &nbsp;&nbsp;

Customers will have the option to choose from 7 attractive colours, including &nbsp;2 new ones, Highway Red &amp; Mystic Copper, in addition to the stylish dual tone Red + Black / Silver + Black, Bold Black, Majestic Silver and Pearl White colours. Besides the existing variants (T4+, T6+, T8 and T10), there will also be an optional pack, T10 (O), which will have leatherette seats and lumbar support. 
&nbsp;

Mahindra & Mahindra Ltd. (M&M) today announced the launch of the Bold New TUV300, a facelift of the compact SUV. Featuring design enhancements and new aspirational features, the bold new TUV300 is priced at Rs.

Mahindra & Mahindra Ltd. (M&M) today announced the launch of the Bold New TUV300, a facelift of the compact SUV. Featuring design enhancements and new aspirational features, the bold new TUV300 is priced at Rs. 8.38 lakh (ex-showroom Mumbai). Veejay Ram Nakra, Chief of Sales and Marketing, Automotive Division, Mahindra & Mahindra Ltd. said “We are pleased to launch the Bold New TUV300, the facelift version of the only compact SUV with an authentic SUV design that combines the space & comfort of 7 seats with performance and hi-tech features. The TUV300 has already established itself in the compact SUV segment with 1lakh satisfied customers.” The New TUV300 is powered by the powerful mHAWK100 engine, which delivers 100 BHP and 240 Nm of torque. The Cushion Suspension Technology & optimised ride height offer a better drive experience. Customers will have the option to choose from 7 attractive colours, including 2 new ones, Highway Red & Mystic Copper, in addition to the stylish dual tone Red + Black / Silver + Black, Bold Black, Majestic Silver and Pearl White colours. Besides the existing variants (T4+, T6+, T8 and T10), there will also be an optional pack, T10 (O), which will have leatherette seats and lumbar support.

Mahindra TUV300 facelift launched at Rs 8.38 lakh

<a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/business-economy/global-markets-asia-stocks-cling-to-nine-month-high-on-china-hopes-wall-street-dented-by-earnings-210835&amp;sa=U&amp;ved=2ahUKEwjtua3fiP_hAhVG6nMBHRNYD-cQFjAHegQIBRAC&amp;usg=AOvVaw22TOmawiULbH-zIT2trxra">World stocks</a> were battling to avoid their first weekly fall in six weeks on Friday, as investors waited to see whether key US&nbsp;jobs data later would give the Federal Reserve another reason to dismiss rate cut calls.

Europe's bourses nudged fractionally higher early on as earnings from banks HSBC and Societe Generale cheered traders and encouraging Adidas profits sent the German sportswear firm's shares leaping 7 per cent to a record high.

The dollar was also trying to end the week on a firmer note having seen markets scale back bets on a US&nbsp;rate cut this week.

As well as the jobs figure later, there are no less than eight Federal Reserve policymakers due to speak.

Bond and commodity markets remained firmly on the back foot however with most benchmark government bond yields up on the day and Brent oil slipping back towards $70 a barrel again for what will be its worst week in over two months.

Fund manager UBP strategist Koon Chow said it all pointed to a little bit of the steam coming out of the markets after a flying start to the year.

"For the last four months it has been the unwinding the extreme pessimism that had built up (last year)" he said, referring to trade war nerves and the slowdown in many of the world's largest economies.

"So here we are now in search of the next big thing, and I think today, and for the last few weeks, it is a view and portfolio repositioning exercise."

The US&nbsp;employment figures are due at 1230 GMT, which are forecast to show 185,000 net new jobs were added in April and the unemployment rate at a steady 3.8 per cent.

A report by payrolls processor ADP on Wednesday showed US private employers added 275,000 jobs last month.

A solid official reading later would bolster the notion the world's biggest economy remains on track for its longest expansion ever, further boosting the dollar potentially and the prospects for corporate earnings.

Overnight Asian trading had remained thin with both Japan and China traders still enjoying holidays.

Hong Kong was in though and climbed 0.4 per cent, the Australian market gained 0.1 per cent, while Korea's KOSPI slipped 0.5 per cent.

Overnight on Wall Street, major indices had given up an initial attempt to regain their record highs and closed in the red, weighed down by energy shares.

Oil prices had plunged again after US crude production output set a new record, though the losses were capped by the intensifying political crisis in Venezuela and the stopping of Iranian oil sanction waivers by Washington.

US crude was still in the red in early London trade down 0.3 per cent at $61.65 a barrel, while Brent slipped 0.5 per cent to $70.42.

PRESSURE DOWN UNDER

In the currency markets,<a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/business-economy/uber-hit-with-australia-class-action-ahead-of-stock-listing-215549&amp;sa=U&amp;ved=2ahUKEwij0cXcif_hAhVE6nMBHVWlBwU4ChAWMAV6BAgDEAI&amp;usg=AOvVaw0WrZHDtTpH4a0iHsXTQ8NB"> Australian and New Zealand dollars </a>both fell as speculators wagered both countries could see interest cuts next week.

The Aussie slipped below the psychological support of $0.7000 overnight to the lowest since early January while the kiwi dollar drifted closer to a recent five-month trough of $0.6581.

The weakness in the antipodean currencies also came as the US dollar gained on remarks by US&nbsp;Federal Reserve Chair Jerome Powell earlier this week that recent weakness in inflation owed to "transitory" factors.

That led traders to start paring expectations for a Fed rate cut.

Futures now imply about a 49 per cent probability of an easing at year-end, down from 61 per cent late on Wednesday, according to CME Group's FedWatch program.

The dollar index held at 97.842, inching towards a two-year peak of 98.33 touched last week.

Against the Japanese yen, the dollar was little changed at 111.48 having spent the entire week in a tight 111.03-111.89 range, while the euro stayed close to $1.12.

World stocks were battling to avoid their first weekly fall in six weeks on Friday, as investors waited to see whether key US jobs data later would give the Federal Reserve another reason to dismiss rate cut calls.

World stocks were battling to avoid their first weekly fall in six weeks on Friday, as investors waited to see whether key US jobs data later would give the Federal Reserve another reason to dismiss rate cut calls. Europe's bourses nudged fractionally higher early on as earnings from banks HSBC and Societe Generale cheered traders and encouraging Adidas profits sent the German sportswear firm's shares leaping 7 per cent to a record high. The dollar was also trying to end the week on a firmer note having seen markets scale back bets on a US rate cut this week. As well as the jobs figure later, there are no less than eight Federal Reserve policymakers due to speak. Bond and commodity markets remained firmly on the back foot however with most benchmark government bond yields up on the day and Brent oil slipping back towards $70 a barrel again for what will be its worst week in over two months. Fund manager UBP strategist Koon Chow said it all pointed to a little bit of the steam coming out of the markets after a flying start to the year. "For the last four months it has been the unwinding the extreme pessimism that had built up (last year)" he said, referring to trade war nerves and the slowdown in many of the world's largest economies. "So here we are now in search of the next big thing, and I think today, and for the last few weeks, it is a view and portfolio repositioning exercise." The US employment figures are due at 1230 GMT, which are forecast to show 185,000 net new jobs were added in April and the unemployment rate at a steady 3.8 per cent. A report by payrolls processor ADP on Wednesday showed US private employers added 275,000 jobs last month. A solid official reading later would bolster the notion the world's biggest economy remains on track for its longest expansion ever, further boosting the dollar potentially and the prospects for corporate earnings. Overnight Asian trading had remained thin with both Japan and China traders still enjoying holidays. Hong Kong was in though and climbed 0.4 per cent, the Australian market gained 0.1 per cent, while Korea's KOSPI slipped 0.5 per cent. Overnight on Wall Street, major indices had given up an initial attempt to regain their record highs and closed in the red, weighed down by energy shares. Oil prices had plunged again after US crude production output set a new record, though the losses were capped by the intensifying political crisis in Venezuela and the stopping of Iranian oil sanction waivers by Washington. US crude was still in the red in early London trade down 0.3 per cent at $61.65 a barrel, while Brent slipped 0.5 per cent to $70.42. PRESSURE DOWN UNDER In the currency markets, Australian and New Zealand dollars both fell as speculators wagered both countries could see interest cuts next week. The Aussie slipped below the psychological support of $0.7000 overnight to the lowest since early January while the kiwi dollar drifted closer to a recent five-month trough of $0.6581. The weakness in the antipodean currencies also came as the US dollar gained on remarks by US Federal Reserve Chair Jerome Powell earlier this week that recent weakness in inflation owed to "transitory" factors. That led traders to start paring expectations for a Fed rate cut. Futures now imply about a 49 per cent probability of an easing at year-end, down from 61 per cent late on Wednesday, according to CME Group's FedWatch program. The dollar index held at 97.842, inching towards a two-year peak of 98.33 touched last week. Against the Japanese yen, the dollar was little changed at 111.48 having spent the entire week in a tight 111.03-111.89 range, while the euro stayed close to $1.12.

Global Markets: Shares claw higher before US jobs data, oil sinks again

The benchmark BSE Sensex started on a weak note Thursday tracking negative cues from global equities after the US Federal Reserve kept its benchmark interest rate unchanged.

After falling over 100 points in early trade, the 30-share index recovered lost ground and was trading marginally lower at 39,006.33. The NSE Nifty too was trading 14.65 points down at 11,733.50.

In the previous session on Tuesday, the BSE bourse closed with 0.09 per cent or 35.78 points loss at 39,031.55, while the NSE Nifty ended 0.06 per cent or 6.50 points lower at 11,748.15.

Top gainers in the early session were Yes Bank, Bharti Airtel, Hero MotoCorp, Sun Pharma, RIL, M&amp;M, PowerGrid, HDFC Bank, IndusInd Bank, Bajaj Auto, L&amp;T, Coal India and Kotak Bank, rising up to 3.66 per cent.

On the other hand, Tata Motors, ICICI Bank, Infosys, Tata Steel, NTPC, TCS, HUL, Bajaj Finance, HCL Tech and ITC were among the top losers, shedding up to 1.94 per cent.

According to traders, market sentiment was choppy as investors took weak cues from globe equities after the US Federal Reserve Wednesday decided to keep its benchmark interest rate unchanged amid mixed signals about the direction of the US economy.

On Wall Street, the S&amp;P 500 index and the Nasdaq ended in the red on Wednesday.

Elsewhere in Asia, benchmark equity indices in Shanghai, Tokyo and Seoul were trading on a mixed note in early trade.

Brent crude futures, the global oil benchmark, were trading 0.28 per cent lower at USD 71.98 per barrel.

On the currency front, the rupee was trading flat at 69.57 against the US dollar in early trade.

Meanwhile, foreign institutional investors (FIIs) bought equity worth Rs 114.59 crore on Tuesday, while domestic institutional investors (DIIs) purchased shares to the tune of Rs 730.02 crore, provisional data available with stock exchanges showed.

The benchmark BSE Sensex started on a weak note Thursday tracking negative cues from global equities after the US Federal Reserve kept its benchmark interest rate unchanged.

The benchmark BSE Sensex started on a weak note Thursday tracking negative cues from global equities after the US Federal Reserve kept its benchmark interest rate unchanged. After falling over 100 points in early trade, the 30-share index recovered lost ground and was trading marginally lower at 39,006.33. The NSE Nifty too was trading 14.65 points down at 11,733.50. In the previous session on Tuesday, the BSE bourse closed with 0.09 per cent or 35.78 points loss at 39,031.55, while the NSE Nifty ended 0.06 per cent or 6.50 points lower at 11,748.15. Top gainers in the early session were Yes Bank, Bharti Airtel, Hero MotoCorp, Sun Pharma, RIL, M&M, PowerGrid, HDFC Bank, IndusInd Bank, Bajaj Auto, L&T, Coal India and Kotak Bank, rising up to 3.66 per cent. On the other hand, Tata Motors, ICICI Bank, Infosys, Tata Steel, NTPC, TCS, HUL, Bajaj Finance, HCL Tech and ITC were among the top losers, shedding up to 1.94 per cent. According to traders, market sentiment was choppy as investors took weak cues from globe equities after the US Federal Reserve Wednesday decided to keep its benchmark interest rate unchanged amid mixed signals about the direction of the US economy. On Wall Street, the S&P 500 index and the Nasdaq ended in the red on Wednesday. Elsewhere in Asia, benchmark equity indices in Shanghai, Tokyo and Seoul were trading on a mixed note in early trade. Brent crude futures, the global oil benchmark, were trading 0.28 per cent lower at USD 71.98 per barrel. On the currency front, the rupee was trading flat at 69.57 against the US dollar in early trade. Meanwhile, foreign institutional investors (FIIs) bought equity worth Rs 114.59 crore on Tuesday, while domestic institutional investors (DIIs) purchased shares to the tune of Rs 730.02 crore, provisional data available with stock exchanges showed.

Sensex starts on a weak note; Yes Bank recovers 4%

The rupee appreciated by 9 paise to 69.47 against the US dollar in early trade Thursday driven by the weakening of the greenback in overseas markets and sustained foreign fund inflows.

Forex dealers said, selling of the American currency by exporters, fresh foreign fund inflows and positive opening in domestic equities supported the rupee. 
At the interbank foreign exchange, the rupee opened on a weak note at 69.60, but gathered momentum and rose to a high of 69.47 against the US dollar, showing 9 paise gain over its previous closing.

The local unit, however, pared some gains and was quoted at 69.54 against the American currency at 0951 hrs.

The rupee had settled at 69.56 against the US dollar on Tuesday.

The currency market was shut on Wednesday on account of Maharashtra Day.

Meanwhile, foreign institutional investors (FIIs) remained net buyers in capital markets, putting in Rs 114.59 crore Tuesday, according to provisional exchange data.

Brent crude futures, the global oil benchmark, fell 0.29 per cent to trade at $71.97 per barrel.

Domestic bourses opened on a cautious note Thursday with benchmark indices Sensex trading 43.96 points up at 39,075.51 and Nifty down 7.15 points at 11,741.00.

Meanwhile, the US Federal Reserve officials held key interest rates steady amid lack of inflationary pressures.

The rupee appreciated by 9 paise to 69.47 against the US dollar in early trade Thursday driven by the weakening of the greenback in overseas markets and sustained foreign fund inflows.

The rupee appreciated by 9 paise to 69.47 against the US dollar in early trade Thursday driven by the weakening of the greenback in overseas markets and sustained foreign fund inflows. Forex dealers said, selling of the American currency by exporters, fresh foreign fund inflows and positive opening in domestic equities supported the rupee. At the interbank foreign exchange, the rupee opened on a weak note at 69.60, but gathered momentum and rose to a high of 69.47 against the US dollar, showing 9 paise gain over its previous closing. The local unit, however, pared some gains and was quoted at 69.54 against the American currency at 0951 hrs. The rupee had settled at 69.56 against the US dollar on Tuesday. The currency market was shut on Wednesday on account of Maharashtra Day. Meanwhile, foreign institutional investors (FIIs) remained net buyers in capital markets, putting in Rs 114.59 crore Tuesday, according to provisional exchange data. Brent crude futures, the global oil benchmark, fell 0.29 per cent to trade at $71.97 per barrel. Domestic bourses opened on a cautious note Thursday with benchmark indices Sensex trading 43.96 points up at 39,075.51 and Nifty down 7.15 points at 11,741.00. Meanwhile, the US Federal Reserve officials held key interest rates steady amid lack of inflationary pressures.

Rupee rises 9 paise to 69.47 against US dollar in early trade

Shares of Jet Airways Ltd tumbled over 20 per cent to a decade low on Thursday after a media report said bidders for the struggling airline had not yet shown interest in following up on their offers.

Three of the four qualified bidders - Etihad Airways, TPG Capital and Indigo Partners - have not signed non-disclosure agreements necessary for conducting due diligence, with just days left now to submit their final bids, the Economic Times newspaper reported, citing sources.

The bidders have until May 10 to submit their offers, but stakeholders are not hopeful, the paper said.

"We are staring at an obituary," the daily quoted an executive at one of Jet`s key lenders as saying.&nbsp;

Jet, once India`s largest private airline, was forced to stop all flight operations on April 17 after its banks rejected the carrier`s plea for emergency funds.

Jet management has also been trying to tap India`s biggest business houses for investment, the paper said.

They have met executives at Mahindra, Adani, Tata group and Reliance Industries in the last two weeks, but none of the conglomerates have responded positively, it said.

Jet Airways, Etihad Airways, TPG Capital, Adani, Tata and Reliance did not immediately respond to Reuters requests for comment, while Indigo Partners and Mahindra group were not immediately reachable for comment.

Jet's stock was trading at 123 rupees at 0357 GMT, their lowest since March 2009. 
&nbsp;

Shares of Jet Airways Ltd tumbled over 20 per cent to a decade low on Thursday after a media report said bidders for the struggling airline had not yet shown interest in following up on their offers.

Shares of Jet Airways Ltd tumbled over 20 per cent to a decade low on Thursday after a media report said bidders for the struggling airline had not yet shown interest in following up on their offers. Three of the four qualified bidders - Etihad Airways, TPG Capital and Indigo Partners - have not signed non-disclosure agreements necessary for conducting due diligence, with just days left now to submit their final bids, the Economic Times newspaper reported, citing sources. The bidders have until May 10 to submit their offers, but stakeholders are not hopeful, the paper said. "We are staring at an obituary," the daily quoted an executive at one of Jet`s key lenders as saying. Jet, once India`s largest private airline, was forced to stop all flight operations on April 17 after its banks rejected the carrier`s plea for emergency funds. Jet management has also been trying to tap India`s biggest business houses for investment, the paper said. They have met executives at Mahindra, Adani, Tata group and Reliance Industries in the last two weeks, but none of the conglomerates have responded positively, it said. Jet Airways, Etihad Airways, TPG Capital, Adani, Tata and Reliance did not immediately respond to Reuters requests for comment, while Indigo Partners and Mahindra group were not immediately reachable for comment. Jet's stock was trading at 123 rupees at 0357 GMT, their lowest since March 2009.

Jet Airways shares plunge over 20% after report says bidders not keen to follow up