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Outside the United States, however, oil markets remained tense as exemptions to US sanctions on Iran expired, a political crisis in Venezuela escalates, and as producer club OPEC keeps withholding supply.

Spot Brent crude oil futures were at $71.91 per barrel at 0239 GMT, 27 cents, or 0.4 per cent, below their last close.

US West Texas Intermediate (WTI) crude futures were down 19 cents, or 0.3 per cent, at $63.41 per barrel.

"Crude oil prices fell sharply as stockpiles in the US rose to their highest level since 2017," ANZ bank said on Thursday.

"This comes as US refineries head into the spring maintenance period, stoking fears that crude oil demand will be soft and stockpiles will continue to rise," it added.

US crude stockpiles last week rose to their highest since September 2017, jumping by 9.9 million barrels to 470.6 barrels, as production set a record high of 12.3 million barrels per day (bpd), while refining activity rates fell, the Energy Information Administration (EIA) said on Wednesday.

Outside the United States, however, oil markets remained tight amid the political crisis in Venezuela, tighter US sanctions against Iran that allow no more exemptions from May, and as the Organization of the Petroleum Exporting Countries (OPEC) continues to withhold supply in order to prop up prices.

Oman's energy minister Mohammed bin Hamad al-Rumhy said on Wednesday it was OPEC's goal to extend the cuts, which were started in January, when they next meet in June.

Despite the desire of many OPEC members to keep withholding supply to prop up the market, the group may be forced into action.

"The Venezuelan situation will likely loom large in OPEC deliberations as ministers weigh how many additional barrels may be needed to fill an expanding supply gap that is being driven by geopolitics as opposed to geology," Canadian bank RBC Capital Markets said.

Beyond Venezuela, analysts at Fitch Solutions also warned of risks to supply from Libya, where a civil war is threatening to cut oil fields off from markets.

The risks here are not inconsiderable, in light of rising instability in a number of key producers, notably Libya and Venezuela," Fitch Solutions said.

For producers, the tight market conditions mean higher profits.

Analysts at Bernstein Energy said current price levels reflected the average marginal cost for most listed oil producers.

"We have surveyed the 50 largest listed oil and gas companies globally... Based on 2018 annual reports we estimate that the global marginal cost of oil remained stable at $71 per barrel," Bernstein said in a note on Thursday.

"This is in&nbsp;line with current spot prices but higher than the long-term oil forward strip price of $61 per barrel," the note said.

"With oil prices rising more than costs, industry margins increased by more than 200 per cent in 2018," Bernstein said, resulting in industry profitability "at the highest in the last 5 years."

Outside the United States, however, oil markets remained tense as exemptions to US sanctions on Iran expired, a political crisis in Venezuela escalates, and as producer club OPEC keeps withholding supply.

Outside the United States, however, oil markets remained tense as exemptions to US sanctions on Iran expired, a political crisis in Venezuela escalates, and as producer club OPEC keeps withholding supply. Spot Brent crude oil futures were at $71.91 per barrel at 0239 GMT, 27 cents, or 0.4 per cent, below their last close. US West Texas Intermediate (WTI) crude futures were down 19 cents, or 0.3 per cent, at $63.41 per barrel. "Crude oil prices fell sharply as stockpiles in the US rose to their highest level since 2017," ANZ bank said on Thursday. "This comes as US refineries head into the spring maintenance period, stoking fears that crude oil demand will be soft and stockpiles will continue to rise," it added. US crude stockpiles last week rose to their highest since September 2017, jumping by 9.9 million barrels to 470.6 barrels, as production set a record high of 12.3 million barrels per day (bpd), while refining activity rates fell, the Energy Information Administration (EIA) said on Wednesday. Outside the United States, however, oil markets remained tight amid the political crisis in Venezuela, tighter US sanctions against Iran that allow no more exemptions from May, and as the Organization of the Petroleum Exporting Countries (OPEC) continues to withhold supply in order to prop up prices. Oman's energy minister Mohammed bin Hamad al-Rumhy said on Wednesday it was OPEC's goal to extend the cuts, which were started in January, when they next meet in June. Despite the desire of many OPEC members to keep withholding supply to prop up the market, the group may be forced into action. "The Venezuelan situation will likely loom large in OPEC deliberations as ministers weigh how many additional barrels may be needed to fill an expanding supply gap that is being driven by geopolitics as opposed to geology," Canadian bank RBC Capital Markets said. Beyond Venezuela, analysts at Fitch Solutions also warned of risks to supply from Libya, where a civil war is threatening to cut oil fields off from markets. The risks here are not inconsiderable, in light of rising instability in a number of key producers, notably Libya and Venezuela," Fitch Solutions said. For producers, the tight market conditions mean higher profits. Analysts at Bernstein Energy said current price levels reflected the average marginal cost for most listed oil producers. "We have surveyed the 50 largest listed oil and gas companies globally... Based on 2018 annual reports we estimate that the global marginal cost of oil remained stable at $71 per barrel," Bernstein said in a note on Thursday. "This is in line with current spot prices but higher than the long-term oil forward strip price of $61 per barrel," the note said. "With oil prices rising more than costs, industry margins increased by more than 200 per cent in 2018," Bernstein said, resulting in industry profitability "at the highest in the last 5 years."

Oil prices dip on record US output as Iran oil exemption ends

PepsiCo Inc said on Thursday it will withdraw its lawsuits against a number of Indian potato farmers accused of infringing its patent.

After suing four farmers for cultivating the FC5 potato variety, grown exclusively for PepsiCo's popular Lay's potato chips, the snack food and drinks maker said last week it wanted to "amicably settle" the issue.

Other than filing the lawsuit against the four farmers in April, PepsiCo had also sued five other potato growers.

"After discussions with the government, the company has agreed to withdraw the cases against the farmers," a PepsiCo India spokesman said, adding that applied to all nine of them.

PepsiCo maintains that it developed the FC5 variety, which has a lower moisture content required to make snacks such as potato chips, and registered the trait in 2016.

In April, the company filed the lawsuit in a court in Ahmedabad, the business hub of the western state of Gujarat, requesting the court to restrain the four farmers from growing the FC5 variety. The company had also sought more than 10 million rupees ($142,840) each from the farmers.

The state government of Gujarat had assured the farmers that it would help them, Nitin Patel, deputy chief minister said last month.

The opposition Congress party had also criticised PepsiCo.

PepsiCo, which set up its first potato chips plant in India in 1989, supplies the FC5 potato variety to a group of farmers who in turn sell their produce to the company at a fixed price.

"The company remains deeply committed to the thousands of farmers we work with across the country and towards ensuring adoption of best farming practices," said the spokesman.

PepsiCo Inc said on Thursday it will withdraw its lawsuits against a number of Indian potato farmers accused of infringing its patent. After suing four farmers for cultivating the FC5 potato variety, grown exclusively for PepsiCo's popular Lay's potato chips, the snack food and drinks maker said last week it wanted to "amicably settle" the issue.

PepsiCo Inc said on Thursday it will withdraw its lawsuits against a number of Indian potato farmers accused of infringing its patent. After suing four farmers for cultivating the FC5 potato variety, grown exclusively for PepsiCo's popular Lay's potato chips, the snack food and drinks maker said last week it wanted to "amicably settle" the issue. Other than filing the lawsuit against the four farmers in April, PepsiCo had also sued five other potato growers. "After discussions with the government, the company has agreed to withdraw the cases against the farmers," a PepsiCo India spokesman said, adding that applied to all nine of them. PepsiCo maintains that it developed the FC5 variety, which has a lower moisture content required to make snacks such as potato chips, and registered the trait in 2016. In April, the company filed the lawsuit in a court in Ahmedabad, the business hub of the western state of Gujarat, requesting the court to restrain the four farmers from growing the FC5 variety. The company had also sought more than 10 million rupees ($142,840) each from the farmers. The state government of Gujarat had assured the farmers that it would help them, Nitin Patel, deputy chief minister said last month. The opposition Congress party had also criticised PepsiCo. PepsiCo, which set up its first potato chips plant in India in 1989, supplies the FC5 potato variety to a group of farmers who in turn sell their produce to the company at a fixed price. "The company remains deeply committed to the thousands of farmers we work with across the country and towards ensuring adoption of best farming practices," said the spokesman.

PepsiCo to withdraw case against Gujarat potato farmers

Equity benchmarks ended on a negative note after a volatile session Thursday as investor sentiment remained on the back foot amid lacklustre macroeconomic data and mixed overseas cues.

Auto stocks skidded following weak April sales numbers, while IT counters tumbled as the rupee strengthened above the 70 per dollar mark.

The BSE Sensex settled 50.12 points, or 0.13 per cent, lower at 38,981.43. During the day, the index swung over 300 points, hitting an intra-day low of 38,882.99 and a high of 39,189.95.

In similar movement, the broader NSE Nifty slipped 23.40 points, or 0.20 per cent, to close at 11,724.75. It also saw an intra-day movement of 89.75 points.

Globally, stock markets struggled after the US Federal Reserve decided to keep its benchmark interest rate unchanged amid mixed signals about the direction of the American economy.

Meanwhile, India's manufacturing sector performance eased to an eight-month low in April as new business growth moderated, curbed by the elections and a challenging economic environment, PMI data showed.

In the Sensex pack, Tata Motors was the biggest loser, shedding 3.29 per cent, followed by ICICI Bank, IndusInd Bank, Infosys, HCL Tech, Axis Bank, TCS, HUL, Asian Paints, Sun Pharma, SBI, Tata Steel and NTPC, which dropped up to 3.23 per cent.

On the other hand, Yes Bank was the top gainer, rebounding 3.45 per cent.&nbsp;

PowerGrid, HDFC, HDFC Bank, Hero MotoCorp, Bajaj Auto, Bharti Airtel, Bajaj Finance, Kotak Bank, RIL, L&amp;T, Vedanta, ITC, ONGC and Maruti too ended in the green, rising up to 1.88 per cent.

"As we enter the final stages of the 2019 general elections, one can expect the volatility in the market to remain high. Q4 FY19 earnings so far have been lacklustre, slowdown in sectors such as consumption and auto has hurt investor sentiments.

"Rising oil prices continue to be a threat to the domestic markets. However, due to the ongoing general elections the government has kept domestic oil prices stable and has not undertaken any steep hikes," said Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas.

Sectorally, BSE IT, teck, consumer durables, bankex and auto indices ended in the red, falling up to 1.84 per cent.

The broader BSE Midcap and Smallcap gauges closed in line with the benchmarks, shedding up to 0.61 per cent.

Elsewhere in Asia, Korea's Kospi and Hong Kong's Hang Seng ended in the green, while other major bourses in China and Japan were shut.

European equites started off on a mixed note.

The rupee, meanwhile, appreciated 10 paise to 69.45 against the US dollar intra-day.

Global benchmark Brent crude was trading 1.25 per cent lower at USD 71.28 per barrel.&nbsp;

Equity benchmarks ended on a negative note after a volatile session Thursday as investor sentiment remained on the back foot amid lacklustre macroeconomic data and mixed overseas cues.

Equity benchmarks ended on a negative note after a volatile session Thursday as investor sentiment remained on the back foot amid lacklustre macroeconomic data and mixed overseas cues. Auto stocks skidded following weak April sales numbers, while IT counters tumbled as the rupee strengthened above the 70 per dollar mark. The BSE Sensex settled 50.12 points, or 0.13 per cent, lower at 38,981.43. During the day, the index swung over 300 points, hitting an intra-day low of 38,882.99 and a high of 39,189.95. In similar movement, the broader NSE Nifty slipped 23.40 points, or 0.20 per cent, to close at 11,724.75. It also saw an intra-day movement of 89.75 points. Globally, stock markets struggled after the US Federal Reserve decided to keep its benchmark interest rate unchanged amid mixed signals about the direction of the American economy. Meanwhile, India's manufacturing sector performance eased to an eight-month low in April as new business growth moderated, curbed by the elections and a challenging economic environment, PMI data showed. In the Sensex pack, Tata Motors was the biggest loser, shedding 3.29 per cent, followed by ICICI Bank, IndusInd Bank, Infosys, HCL Tech, Axis Bank, TCS, HUL, Asian Paints, Sun Pharma, SBI, Tata Steel and NTPC, which dropped up to 3.23 per cent. On the other hand, Yes Bank was the top gainer, rebounding 3.45 per cent. PowerGrid, HDFC, HDFC Bank, Hero MotoCorp, Bajaj Auto, Bharti Airtel, Bajaj Finance, Kotak Bank, RIL, L&T, Vedanta, ITC, ONGC and Maruti too ended in the green, rising up to 1.88 per cent. "As we enter the final stages of the 2019 general elections, one can expect the volatility in the market to remain high. Q4 FY19 earnings so far have been lacklustre, slowdown in sectors such as consumption and auto has hurt investor sentiments. "Rising oil prices continue to be a threat to the domestic markets. However, due to the ongoing general elections the government has kept domestic oil prices stable and has not undertaken any steep hikes," said Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas. Sectorally, BSE IT, teck, consumer durables, bankex and auto indices ended in the red, falling up to 1.84 per cent. The broader BSE Midcap and Smallcap gauges closed in line with the benchmarks, shedding up to 0.61 per cent. Elsewhere in Asia, Korea's Kospi and Hong Kong's Hang Seng ended in the green, while other major bourses in China and Japan were shut. European equites started off on a mixed note. The rupee, meanwhile, appreciated 10 paise to 69.45 against the US dollar intra-day. Global benchmark Brent crude was trading 1.25 per cent lower at USD 71.28 per barrel.

Markets end modestly lower on macro data, global cues

The country's manufacturing sector performance eased to an eight-month low in April as new business growth moderated, curbed by the elections and a challenging economic environment, a monthly survey showed Thursday.&nbsp;

The Nikkei India Manufacturing Purchasing Managers' Index declined from 52.6 in March to 51.8 in April, reflecting the weakest improvement in business conditions since August 2018.

This is the 21st consecutive month that the manufacturing PMI remained above the 50-point mark. In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction.

April PMI data indicated that softer increase in new orders restricted the growth of output, employment and business sentiment "Although remaining inside expansion territory, growth continued to soften and the fact that employment increased at the weakest pace for over a year suggests that producers are hardly gearing up for a rebound," said Pollyanna De Lima, Principal Economist at IHS Markit and author of the report, said.

When looking at reasons provided by surveyed companies for the slowdown, disruptions arising from the elections was a key theme, Lima said, adding that "firms also seem to have adopted a wait-and-see approach on their plans until public policies become clearer upon the formation of a government".

The general election, that began on April 11, is currently underway. Votes will be counted on May 23.

On the prices front, input cost inflation eased to a 43-month low while the rate of charge inflation was marginal and below its long-run average.

"With price pressures in the manufacturing economy cooling and growth losing momentum, it's increasingly likely that the RBI may cut its official rate for a third successive time in June," Lima said.

The next meeting of RBI's Monetary Policy Committee is scheduled on June 3-6.&nbsp;

The country's manufacturing sector performance eased to an eight-month low in April as new business growth moderated, curbed by the elections and a challenging economic environment, a monthly survey showed Thursday.

The country's manufacturing sector performance eased to an eight-month low in April as new business growth moderated, curbed by the elections and a challenging economic environment, a monthly survey showed Thursday. The Nikkei India Manufacturing Purchasing Managers' Index declined from 52.6 in March to 51.8 in April, reflecting the weakest improvement in business conditions since August 2018. This is the 21st consecutive month that the manufacturing PMI remained above the 50-point mark. In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction. April PMI data indicated that softer increase in new orders restricted the growth of output, employment and business sentiment "Although remaining inside expansion territory, growth continued to soften and the fact that employment increased at the weakest pace for over a year suggests that producers are hardly gearing up for a rebound," said Pollyanna De Lima, Principal Economist at IHS Markit and author of the report, said. When looking at reasons provided by surveyed companies for the slowdown, disruptions arising from the elections was a key theme, Lima said, adding that "firms also seem to have adopted a wait-and-see approach on their plans until public policies become clearer upon the formation of a government". The general election, that began on April 11, is currently underway. Votes will be counted on May 23. On the prices front, input cost inflation eased to a 43-month low while the rate of charge inflation was marginal and below its long-run average. "With price pressures in the manufacturing economy cooling and growth losing momentum, it's increasingly likely that the RBI may cut its official rate for a third successive time in June," Lima said. The next meeting of RBI's Monetary Policy Committee is scheduled on June 3-6.

India's manufacturing sector growth slows in April amid election uncertainty: Purchasing Managers' Index

Oil prices pared their gains on Tuesday, after global benchmark Brent crude rose above $73 a barrel, as the market grew less worried that a <a href="https://www.wionews.com/world/calling-on-armed-forces-to-continue-operation-freedom-venezuelas-guaido-214896">rebellion against Venezuelan President Nicolas Maduro</a> would hit the country's crude exports.

Prices rose after Venezuelan opposition leader Juan Guaido called for military backing to end Maduro's rule, but pared gains after the government said state-run oil company PDVSA's operations were not disrupted and top military leaders remained loyal.

"The possibility that Guaido will take control of the situation isn't as strong as perceived this morning," said Bob Yawger, director of energy futures at Mizuho in New York. "If Maduro hangs on, you'll see the market stay lower."

Brent crude futures hit a session high of $73.27 per barrel and settled 76 cents, or 1.1 per cent, higher at $72.80. Last week, Brent hit a six-month high above $75.

US crude futures closed at $63.91, up 41 cents, or 0.7 per cent, on the day, after hitting a session high at $64.75.

Prices pared their gains further in post-settlement trade after industry group American Petroleum Institute reported that US crude inventories rose 6.8 million barrels last week, more than analysts' forecasts for a 1.5 million-barrel build. Official government data is due on Wednesday.

OPEC member Venezuela's oil exports have already been reduced by US sanctions on PDVSA and an economic crisis, helping to curb the Organization of the Petroleum Exporting Countries' production to a four-year low, according to a Reuters survey.

If Maduro's government remains in power for much longer, Venezuela's crude exports and output will continue to decline as the OPEC producer wrestles with power outages and other problems, analysts said.

"The situation appears to be getting much worse, rather than better," said Phillip Streible, senior commodities strategist at RJO Futures in Chicago. "Their oil production is going to continue to slide."

Earlier, crude prices drew support when Saudi Arabia Energy Minister Khalid al-Falih said a deal between producers to cut output could be extended to the end of 2019. US President Donald Trump has pressured OPEC to raise output as Washington has tightened sanctions against Iran.

OPEC and other allies led by Russia have agreed to cut output by around 1.2 million bpd for six months until the end of June. The group meets in Vienna on June 25-26 to decide on next steps.

Also supporting prices was government data showing that US crude production fell in February for the second month in a row, sliding 187,000 barrels per day (bpd) to 11.7 million bpd.

"That's modestly supportive of prices," said John Kilduff, a partner at Again Capital LLC in New York. "We saw a pullback in operations in reaction to lower prices from last year. It shows the march forward to ever-higher production isn't limitless."

Rising output to record levels has made the US the top global oil producer, helping to boost domestic crude stocks to their highest since October 2017.

Oil prices pared their gains on Tuesday, after global benchmark Brent crude rose above $73 a barrel, as the market grew less worried that a rebellion against Venezuelan President Nicolas Maduro would hit the country's crude exports.

Oil prices pared their gains on Tuesday, after global benchmark Brent crude rose above $73 a barrel, as the market grew less worried that a rebellion against Venezuelan President Nicolas Maduro would hit the country's crude exports. Prices rose after Venezuelan opposition leader Juan Guaido called for military backing to end Maduro's rule, but pared gains after the government said state-run oil company PDVSA's operations were not disrupted and top military leaders remained loyal. "The possibility that Guaido will take control of the situation isn't as strong as perceived this morning," said Bob Yawger, director of energy futures at Mizuho in New York. "If Maduro hangs on, you'll see the market stay lower." Brent crude futures hit a session high of $73.27 per barrel and settled 76 cents, or 1.1 per cent, higher at $72.80. Last week, Brent hit a six-month high above $75. US crude futures closed at $63.91, up 41 cents, or 0.7 per cent, on the day, after hitting a session high at $64.75. Prices pared their gains further in post-settlement trade after industry group American Petroleum Institute reported that US crude inventories rose 6.8 million barrels last week, more than analysts' forecasts for a 1.5 million-barrel build. Official government data is due on Wednesday. OPEC member Venezuela's oil exports have already been reduced by US sanctions on PDVSA and an economic crisis, helping to curb the Organization of the Petroleum Exporting Countries' production to a four-year low, according to a Reuters survey. If Maduro's government remains in power for much longer, Venezuela's crude exports and output will continue to decline as the OPEC producer wrestles with power outages and other problems, analysts said. "The situation appears to be getting much worse, rather than better," said Phillip Streible, senior commodities strategist at RJO Futures in Chicago. "Their oil production is going to continue to slide." Earlier, crude prices drew support when Saudi Arabia Energy Minister Khalid al-Falih said a deal between producers to cut output could be extended to the end of 2019. US President Donald Trump has pressured OPEC to raise output as Washington has tightened sanctions against Iran. OPEC and other allies led by Russia have agreed to cut output by around 1.2 million bpd for six months until the end of June. The group meets in Vienna on June 25-26 to decide on next steps. Also supporting prices was government data showing that US crude production fell in February for the second month in a row, sliding 187,000 barrels per day (bpd) to 11.7 million bpd. "That's modestly supportive of prices," said John Kilduff, a partner at Again Capital LLC in New York. "We saw a pullback in operations in reaction to lower prices from last year. It shows the march forward to ever-higher production isn't limitless." Rising output to record levels has made the US the top global oil producer, helping to boost domestic crude stocks to their highest since October 2017.

Oil pares gains as fears ease on Venezuelan exports

<a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/google-facebook-twitter-have-to-do-more-to-fight-fake-news-european-union-212915&amp;sa=U&amp;ved=2ahUKEwijmJKSnffhAhUDaI8KHQzpANUQFjAHegQIARAC&amp;usg=AOvVaw2r-KzzMSaAafQjXa5G7qQ2">Google</a> parent Alphabet on Monday reported that profit in the first three months of this year sagged under the weight of a hefty antitrust fine in the European Union.

Alphabet said that profit in the first-quarter fell 29 percent to $6.7 billion on revenue that climbed 17 percent to $36.3 billion.

The earnings took a hit from a European Commission fine that amounted to $1.7 billion at the end of March, according to the quarterly update.

Google shares were down 7.2 percent to $1,202.39 in after-market trades that followed the release of the earnings report.

Though profits excluding the one-time costs were better than expected, revenue growth was below forecasts for the technology colossus which is the dominant internet search company and operator of the ubiquitous Android mobile operating system.

Chief financial officer Ruth Porat said in the release the results showed "robust growth" led by mobile search, ad revenues from YouTube videos and cloud computing.

"We remain focused on, and excited by, the significant growth opportunities across our businesses," Porat&nbsp;said.

Google's lucrative advertising platform remained the largest revenue driver for Alphabet, delivering more than $30 billion of revenues, but costs rose sharply as well.

Investors seemed concerned that earnings figures showed the growth rate of ad clicks slowed while the trend toward lower-priced mobile ads continued.

Rising cloud

The California giant showed widening losses for its "other bets" including the Waymo self-driving car project, Verily life sciences and services for internet for remote parts of the world and drone delivery.

"Other bets" showed an operating loss of $858 million, up from $571 million a year ago while revenues rose modestly to $170 million.

Some of the projects are moving closer to fruition.

Wing became the first drone delivery company to receive air carrier certification from the US Federal Aviation Administration.

Waymo has begun a limited rollout of its robotaxis in Arizona in partnership with automakers.

And, while the company's Pixel smartphones have seen traction slowed by heavy competition in the premium handset market, it was pleased with momentum for Home devices infused with digital assistant software.

Porat teased a hardware announcement along those lines at Google's annual developers conference next week in its home town of Mountain View, California.

It is seeing growth in cloud computing for businesses, a market where Google is competing against Amazon, Microsoft and others.

"Google Cloud Platform remains one of the fastest growing businesses in Alphabet with strong customer momentum reflected in particular in demand for our computer and data analytics products," Porat said in a call with analysts.

Google planned to continue investing heavily in data centres, engineers, and digital content for streaming video offerings on YouTube.

Google and 'techlash'

But Google continues to face pressure around the world from regulators, notably in Europe amid multiple investigations over alleged abuse of its dominance in internet search, advertising and its mobile system.

The latest fine imposed by Brussels cited Google's AdSense advertising service, saying it illegally restricted client websites from displaying messages from ad service rivals.

Google is separately working to satisfy EU regulators investigating its hugely popular Android devices following a $5 billion fine last year.

This month, Google said it would offer smartphone users five browsers and search engines as part of the company's effort to meet EU competition concerns.

Brussels accused Google of using the Android system's dominance of smartphones and tablets to promote the use of its own Google search engine and Chrome browser and shut out rivals.

In the United States, Google has been a target of President Donald Trump and his allies, accusing the search giant of "bias" and silencing conservative voices, claims denied by the Silicon Valley firm. 
&nbsp;

Google parent Alphabet on Monday reported that profit in the first three months of this year sagged under the weight of a hefty antitrust fine in the European Union.

Google parent Alphabet on Monday reported that profit in the first three months of this year sagged under the weight of a hefty antitrust fine in the European Union. Alphabet said that profit in the first-quarter fell 29 percent to $6.7 billion on revenue that climbed 17 percent to $36.3 billion. The earnings took a hit from a European Commission fine that amounted to $1.7 billion at the end of March, according to the quarterly update. Google shares were down 7.2 percent to $1,202.39 in after-market trades that followed the release of the earnings report. Though profits excluding the one-time costs were better than expected, revenue growth was below forecasts for the technology colossus which is the dominant internet search company and operator of the ubiquitous Android mobile operating system. Chief financial officer Ruth Porat said in the release the results showed "robust growth" led by mobile search, ad revenues from YouTube videos and cloud computing. "We remain focused on, and excited by, the significant growth opportunities across our businesses," Porat said. Google's lucrative advertising platform remained the largest revenue driver for Alphabet, delivering more than $30 billion of revenues, but costs rose sharply as well. Investors seemed concerned that earnings figures showed the growth rate of ad clicks slowed while the trend toward lower-priced mobile ads continued. Rising cloud The California giant showed widening losses for its "other bets" including the Waymo self-driving car project, Verily life sciences and services for internet for remote parts of the world and drone delivery. "Other bets" showed an operating loss of $858 million, up from $571 million a year ago while revenues rose modestly to $170 million. Some of the projects are moving closer to fruition. Wing became the first drone delivery company to receive air carrier certification from the US Federal Aviation Administration. Waymo has begun a limited rollout of its robotaxis in Arizona in partnership with automakers. And, while the company's Pixel smartphones have seen traction slowed by heavy competition in the premium handset market, it was pleased with momentum for Home devices infused with digital assistant software. Porat teased a hardware announcement along those lines at Google's annual developers conference next week in its home town of Mountain View, California. It is seeing growth in cloud computing for businesses, a market where Google is competing against Amazon, Microsoft and others. "Google Cloud Platform remains one of the fastest growing businesses in Alphabet with strong customer momentum reflected in particular in demand for our computer and data analytics products," Porat said in a call with analysts. Google planned to continue investing heavily in data centres, engineers, and digital content for streaming video offerings on YouTube. Google and 'techlash' But Google continues to face pressure around the world from regulators, notably in Europe amid multiple investigations over alleged abuse of its dominance in internet search, advertising and its mobile system. The latest fine imposed by Brussels cited Google's AdSense advertising service, saying it illegally restricted client websites from displaying messages from ad service rivals. Google is separately working to satisfy EU regulators investigating its hugely popular Android devices following a $5 billion fine last year. This month, Google said it would offer smartphone users five browsers and search engines as part of the company's effort to meet EU competition concerns. Brussels accused Google of using the Android system's dominance of smartphones and tablets to promote the use of its own Google search engine and Chrome browser and shut out rivals. In the United States, Google has been a target of President Donald Trump and his allies, accusing the search giant of "bias" and silencing conservative voices, claims denied by the Silicon Valley firm.

European Union fine on Google weighs down parent company Alphabet's profits

<a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/india-news/china-may-remove-hold-on-masood-azhars-terror-listing-at-un-sources-to-wion-214289&amp;sa=U&amp;ved=2ahUKEwjkv_rcjvfhAhWLQo8KHR1mA3gQFjAFegQIBhAC&amp;usg=AOvVaw3Y7rCR40nPCi-cdnePPLpI">China's</a> non-manufacturing sector saw steady growth in April, according to data released by the National Bureau of Statistics (NBS) on Tuesday.

The purchasing managers' index (PMI) for China's non-manufacturing sector dipped 0.5 percentage points in April to 54.3 per cent. Despite the slower growth, the PMI has remained above 54 per cent for four consecutive months.

Of the 21 industries surveyed, 19 have continued to expand, showing the general trend of the service industry is improving.

"Judging from all the sectors, the business activity indexes for air transportation, express mail service, hotels, telecommunication, leasing, commercial services, and neighborhood services are higher than last month, indicating these sectors are expanding and their business climates are improving," said Shi Zhaohui, director of the NBS's Enterprise Performance Department.

Meanwhile, the construction industry's business activity index stood at 60.1 per cent in April.

"The construction sector index remained higher than 60 per cent, which shows that fixed-asset investment is playing its role in driving the Chinese economy along a steady development track," said Cai Jin, vice president of China Federation of Logistics and Purchasing.

The non-manufacturing PMI tracks sectors including construction, software, aviation, railway transport, real estate, and the service sector. A PMI reading above 50 percent indicates expansion, while a reading below 50 per cent reflects contraction.

China's non-manufacturing sector saw steady growth in April, according to data released by the National Bureau of Statistics (NBS) on Tuesday. The purchasing managers' index (PMI) for China's non-manufacturing sector dipped 0.

China's non-manufacturing sector saw steady growth in April, according to data released by the National Bureau of Statistics (NBS) on Tuesday. The purchasing managers' index (PMI) for China's non-manufacturing sector dipped 0.5 percentage points in April to 54.3 per cent. Despite the slower growth, the PMI has remained above 54 per cent for four consecutive months. Of the 21 industries surveyed, 19 have continued to expand, showing the general trend of the service industry is improving. "Judging from all the sectors, the business activity indexes for air transportation, express mail service, hotels, telecommunication, leasing, commercial services, and neighborhood services are higher than last month, indicating these sectors are expanding and their business climates are improving," said Shi Zhaohui, director of the NBS's Enterprise Performance Department. Meanwhile, the construction industry's business activity index stood at 60.1 per cent in April. "The construction sector index remained higher than 60 per cent, which shows that fixed-asset investment is playing its role in driving the Chinese economy along a steady development track," said Cai Jin, vice president of China Federation of Logistics and Purchasing. The non-manufacturing PMI tracks sectors including construction, software, aviation, railway transport, real estate, and the service sector. A PMI reading above 50 percent indicates expansion, while a reading below 50 per cent reflects contraction.

China's non-manufacturing sector grows steadily in April

The rupee appreciated by 32 paise to 69.70 against the US dollar in opening trade Tuesday, amid easing crude prices and weakening of the greenback vis-a-vis some currencies overseas.

The rupee opened strong at 69.83 at the interbank forex market, then gained further ground to touch 69.70 per dollar, displaying gains of 32 paise against the greenback over its previous close.

The local unit, however, pared some gains and was quoted at 69.79 against the American currency at 0943 hrs, displaying gains of 23 paise over its last close.

The rupee had rebounded by 23 paise to close at 70.02 against the US dollar Friday.

The currency market was shut on Monday due to general elections in Mumbai.

Forex dealers said, selling of the American currency by exporters supported the rupee. Besides the decline in Brent crude oil prices from a six-month high of USD 75.60/barrel also supported investor sentiment in the forex market.

Brent crude, the global benchmark, was trading at 71.93 per barrel lower by 0.15 per cent.

Meanwhile, Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 70.73 crore Friday, as per provisional data.

The benchmark BSE Sensex opened on a cautious note and was trading at 38,927.35, down 139.98 points or 0.36 per cent; while the NSE Nifty was trading 11,701.05, down 53.60 points or 0.46 per cent.

The rupee appreciated by 32 paise to 69.70 against the US dollar in opening trade Tuesday, amid easing crude prices and weakening of the greenback vis-a-vis some currencies overseas.

The rupee appreciated by 32 paise to 69.70 against the US dollar in opening trade Tuesday, amid easing crude prices and weakening of the greenback vis-a-vis some currencies overseas. The rupee opened strong at 69.83 at the interbank forex market, then gained further ground to touch 69.70 per dollar, displaying gains of 32 paise against the greenback over its previous close. The local unit, however, pared some gains and was quoted at 69.79 against the American currency at 0943 hrs, displaying gains of 23 paise over its last close. The rupee had rebounded by 23 paise to close at 70.02 against the US dollar Friday. The currency market was shut on Monday due to general elections in Mumbai. Forex dealers said, selling of the American currency by exporters supported the rupee. Besides the decline in Brent crude oil prices from a six-month high of USD 75.60/barrel also supported investor sentiment in the forex market. Brent crude, the global benchmark, was trading at 71.93 per barrel lower by 0.15 per cent. Meanwhile, Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 70.73 crore Friday, as per provisional data. The benchmark BSE Sensex opened on a cautious note and was trading at 38,927.35, down 139.98 points or 0.36 per cent; while the NSE Nifty was trading 11,701.05, down 53.60 points or 0.46 per cent.

Rupee rises 32 paise to 69.70 vs US dollar in early trade amid easing crude prices

The BSE benchmark Sensex Tuesday plunged over 150 points to slip below the 39,000-mark in early trade amid capital outflows by foreign funds and mixed global cues.

However, a strengthening rupee and global crude oil prices restricted further losses in equity markets, brokers said.

The 30-share index dropped 154.60 points, or 0.40 per cent, to 38,912.73 in early morning trade, after touching a high of 39,068.67.

Similarly, the NSE Nifty declined by 19.75 points, or 0.44 per cent, to 11,703.30.

Top losers in the Sensex pack include Yes Bank, IndusInd Bank, Sun Pharma, HeroMoto Corp, and Maruti.&nbsp;

On the other hand, the gainers in the lot include HCL Tech, HDFC Bank, Asian Paints, Infosys, Hindustan Uniliver, Axis Bank and ONGC.

On Friday, the Sensex closed 336.47 points, or 0.87 per cent, higher at 39,067.33. The NSE Nifty too ended 112.85 points, or 0.97 per cent, up at 11,754.65.

Domestic equity markets were closed Monday due to elections in Mumbai.

Meanwhile, Chinese manufacturing sector index fell in April to 50.1, compared to 50.5 in previous month, according to the data released by the National Statistics Bureau.

The US equity indices touched a record high Monday on strong gross domestic product data, which grew at 3.2 per cent in January-March period this year.

Foreign institutional investors (FIIs) emerged as net sellers in the capital markets on Friday, pulling out Rs 70.73 crore, while domestic institutional investors (DIIs) bought shares to the tune of Rs 920.88 crore.

The rupee appreciated by 32 paise to 69.70 against the US dollar in opening trade Tuesday.

Brent crude futures, the global oil benchmark, fell 0.22 per cent to trade at USD 71.88 per barrel.

Elsewhere in Asia, benchmark equity indices in Tokyo and Seoul were trading lower, while Shanghai index surged higher. Investors remained cautious over US Federal Reserve policy decision due Wednesday.

The BSE benchmark Sensex Tuesday plunged over 150 points to slip below the 39,000-mark in early trade amid capital outflows by foreign funds and mixed global cues.

The BSE benchmark Sensex Tuesday plunged over 150 points to slip below the 39,000-mark in early trade amid capital outflows by foreign funds and mixed global cues. However, a strengthening rupee and global crude oil prices restricted further losses in equity markets, brokers said. The 30-share index dropped 154.60 points, or 0.40 per cent, to 38,912.73 in early morning trade, after touching a high of 39,068.67. Similarly, the NSE Nifty declined by 19.75 points, or 0.44 per cent, to 11,703.30. Top losers in the Sensex pack include Yes Bank, IndusInd Bank, Sun Pharma, HeroMoto Corp, and Maruti. On the other hand, the gainers in the lot include HCL Tech, HDFC Bank, Asian Paints, Infosys, Hindustan Uniliver, Axis Bank and ONGC. On Friday, the Sensex closed 336.47 points, or 0.87 per cent, higher at 39,067.33. The NSE Nifty too ended 112.85 points, or 0.97 per cent, up at 11,754.65. Domestic equity markets were closed Monday due to elections in Mumbai. Meanwhile, Chinese manufacturing sector index fell in April to 50.1, compared to 50.5 in previous month, according to the data released by the National Statistics Bureau. The US equity indices touched a record high Monday on strong gross domestic product data, which grew at 3.2 per cent in January-March period this year. Foreign institutional investors (FIIs) emerged as net sellers in the capital markets on Friday, pulling out Rs 70.73 crore, while domestic institutional investors (DIIs) bought shares to the tune of Rs 920.88 crore. The rupee appreciated by 32 paise to 69.70 against the US dollar in opening trade Tuesday. Brent crude futures, the global oil benchmark, fell 0.22 per cent to trade at USD 71.88 per barrel. Elsewhere in Asia, benchmark equity indices in Tokyo and Seoul were trading lower, while Shanghai index surged higher. Investors remained cautious over US Federal Reserve policy decision due Wednesday.

Sensex falls 150 points on foreign fund outflow in early trade

The growth of eight core sectors improved marginally to 4.7 per cent in March 2019 against 4.5 per cent in the same month last year.

For the full 2018-19 fiscal, the expansion rate of eight infrastructure sectors - coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity - remained flat at 4.3 per cent, official data released Tuesday showed.

Coal generation growth was flat at 9.1 per cent in March 2019. Natural gas, refinery products, fertiliser, steel and cement sectors recorded positive growth rates.&nbsp;

Crude oil production, however, contracted by 6.2 per cent in March. Electricity generation declined by 1.4 per cent during the month under review.

A fall in production of crude oil and refinery products had dragged the growth of the eight core sectors to 2.1 per cent in February.&nbsp;

The infrastructure sector growth will also have an impact on the Index of Industrial Production (IIP) as these segments account for about 41 per cent of the total factory output.

The growth of eight core sectors improved marginally to 4.7 per cent in March 2019 against 4.5 per cent in the same month last year. For the full 2018-19 fiscal, the expansion rate of eight infrastructure sectors - coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity - remained flat at 4.

The growth of eight core sectors improved marginally to 4.7 per cent in March 2019 against 4.5 per cent in the same month last year. For the full 2018-19 fiscal, the expansion rate of eight infrastructure sectors - coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity - remained flat at 4.3 per cent, official data released Tuesday showed. Coal generation growth was flat at 9.1 per cent in March 2019. Natural gas, refinery products, fertiliser, steel and cement sectors recorded positive growth rates. Crude oil production, however, contracted by 6.2 per cent in March. Electricity generation declined by 1.4 per cent during the month under review. A fall in production of crude oil and refinery products had dragged the growth of the eight core sectors to 2.1 per cent in February. The infrastructure sector growth will also have an impact on the Index of Industrial Production (IIP) as these segments account for about 41 per cent of the total factory output.

Infrastructure sector growth improves to 4.7% in March

Ness Wadia, business tycoon and heir to the Wadia Group, has been sentenced to a two-year prison term in Japan for possessing drugs.

WION Wallet: Ness Wadia sentenced to 2-year jail term in Japan for drugs possession

Oil prices dipped on Tuesday on expectations rising output from the United States and producer club OPEC would offset most of the shortfall expected from US sanctions on Iran, but analysts said markets remained tight.

Brent crude futures were at $71.86 per barrel at 0103 GMT, down 18 cents, or 0.3 per cent, from their last close.

US West Texas Intermediate (WTI) crude futures were at $63.42 per barrel, down 8 cents from their previous settlement.

Oil prices surged by around 40 per cent between January and April, lifted by supply cuts led by the Middle East-dominated producer club of the Organization of the Petroleum Exporting Countries (OPEC) as well as by US&nbsp;sanctions on producers Iran and Venezuela.

But prices came under downward pressure late last week after US&nbsp;President Donald Trump openly pressured OPEC and its de-facto leader Saudi Arabia to raise output to meet the supply shortfall caused by the tightening Iran sanctions.

Stephen Innes, head of trading at SPI Asset Management, said the producer group "will want to avoid at all cost oil prices surging to levels that will trigger demand devastation, (while) it is clearly in OPEC's best interest to maintain a solid floor on prices".

Bank of America Merrill Lynch said, "Iranian oil production will fall to 1.9 million barrels per day in 2H19 from 3.6 million barrels per day in 3Q18 as US sanctions kick in and waivers eventually expire".

Despite this, the bank said it expected "a nearly balanced market in 2019" as output from OPEC and also the United States will rise.

French bank BNP Paribas said it expected oil prices "to rise in the near-term" as crude producers were "over-tightening the market in the face of unplanned supply outages and resilient oil demand".

The bank said it expected crude markets to climb until the third quarter of 2019, adding that prices would then "start to become vulnerable to a sharp rise in US exports of light crude thanks to pipeline and terminal capacity expansion".

US exports exceeded 3 million barrels per day (bpd) for the first time in early 2019 amid a more than 2 million bpd production surge over the past year, to a record of more than 12 million bpd.

BNP Paribas said it saw WTI averaging $63 per barrel in 2019, up $2 from its previous forecast, while Brent will average $71 per barrel, up $3 from an earlier estimate.

"In 2020, we see WTI averaging $64 per barrel and Brent $68 per barrel," the bank said.

Oil prices dipped on Tuesday on expectations rising output from the United States and producer club OPEC would offset most of the shortfall expected from US sanctions on Iran, but analysts said markets remained tight.

Oil prices dipped on Tuesday on expectations rising output from the United States and producer club OPEC would offset most of the shortfall expected from US sanctions on Iran, but analysts said markets remained tight. Brent crude futures were at $71.86 per barrel at 0103 GMT, down 18 cents, or 0.3 per cent, from their last close. US West Texas Intermediate (WTI) crude futures were at $63.42 per barrel, down 8 cents from their previous settlement. Oil prices surged by around 40 per cent between January and April, lifted by supply cuts led by the Middle East-dominated producer club of the Organization of the Petroleum Exporting Countries (OPEC) as well as by US sanctions on producers Iran and Venezuela. But prices came under downward pressure late last week after US President Donald Trump openly pressured OPEC and its de-facto leader Saudi Arabia to raise output to meet the supply shortfall caused by the tightening Iran sanctions. Stephen Innes, head of trading at SPI Asset Management, said the producer group "will want to avoid at all cost oil prices surging to levels that will trigger demand devastation, (while) it is clearly in OPEC's best interest to maintain a solid floor on prices". Bank of America Merrill Lynch said, "Iranian oil production will fall to 1.9 million barrels per day in 2H19 from 3.6 million barrels per day in 3Q18 as US sanctions kick in and waivers eventually expire". Despite this, the bank said it expected "a nearly balanced market in 2019" as output from OPEC and also the United States will rise. French bank BNP Paribas said it expected oil prices "to rise in the near-term" as crude producers were "over-tightening the market in the face of unplanned supply outages and resilient oil demand". The bank said it expected crude markets to climb until the third quarter of 2019, adding that prices would then "start to become vulnerable to a sharp rise in US exports of light crude thanks to pipeline and terminal capacity expansion". US exports exceeded 3 million barrels per day (bpd) for the first time in early 2019 amid a more than 2 million bpd production surge over the past year, to a record of more than 12 million bpd. BNP Paribas said it saw WTI averaging $63 per barrel in 2019, up $2 from its previous forecast, while Brent will average $71 per barrel, up $3 from an earlier estimate. "In 2020, we see WTI averaging $64 per barrel and Brent $68 per barrel," the bank said.

Oil dips as rising OPEC, US output seen making up for Iran sanctions shortfall

Kotak Mahindra Bank Tuesday reported a 14 per cent rise in consolidated net profit at Rs 2,038.27 crore for March quarter, 2018-19.

The private sector lender clocked a profit of Rs 1,789.24 crore in the same quarter of the previous financial year.

Total income rose to Rs 13,823.33 crore during the latest quarter, up from Rs 10,874.12 crore in the year-ago period, the bank said in a regulatory filing.

Consolidated net profit for 2018-19 financial year increased to Rs 7,204 crore from Rs 6,201 crore in the previous year. Income during the year rose to Rs 45,903.36 crore from Rs 38,723.67 crore.

Gross non-performing assets (NPAs) or bad loans of the lender were 1.94 per cent of the gross loans as at March 31, 2019, slightly down from 1.95 per cent at March-end 2018.

Likewise, net NPAs were 0.70 per cent, down from 0.86 per cent a year ago.

The bank's board at a meeting held Tuesday recommended a dividend of Rs 0.80 per equity share for 2018-19.

The dividend will be paid after the approval of shareholders at the annual general meeting, the bank said.

Shares of Kotak Mahindra Bank traded 0.31 per cent down at Rs 1,373.80 per scrip on BSE.&nbsp;

Kotak Mahindra Bank Tuesday reported a 14 per cent rise in consolidated net profit at Rs 2,038.27 crore for March quarter, 2018-19. The private sector lender clocked a profit of Rs 1,789.

Kotak Mahindra Bank Tuesday reported a 14 per cent rise in consolidated net profit at Rs 2,038.27 crore for March quarter, 2018-19. The private sector lender clocked a profit of Rs 1,789.24 crore in the same quarter of the previous financial year. Total income rose to Rs 13,823.33 crore during the latest quarter, up from Rs 10,874.12 crore in the year-ago period, the bank said in a regulatory filing. Consolidated net profit for 2018-19 financial year increased to Rs 7,204 crore from Rs 6,201 crore in the previous year. Income during the year rose to Rs 45,903.36 crore from Rs 38,723.67 crore. Gross non-performing assets (NPAs) or bad loans of the lender were 1.94 per cent of the gross loans as at March 31, 2019, slightly down from 1.95 per cent at March-end 2018. Likewise, net NPAs were 0.70 per cent, down from 0.86 per cent a year ago. The bank's board at a meeting held Tuesday recommended a dividend of Rs 0.80 per equity share for 2018-19. The dividend will be paid after the approval of shareholders at the annual general meeting, the bank said. Shares of Kotak Mahindra Bank traded 0.31 per cent down at Rs 1,373.80 per scrip on BSE.

Kotak Mahindra Bank Q4 profit rises 14% to Rs 2,038 crore

<a href="https://www.wionews.com/business-economy/amazon-raises-stakes-for-rivals-with-one-day-delivery-goal-after-profit-surge-213573">Online marketplace Amazon</a> Tuesday said it expects e-commerce exports from India to reach $5 billion by 2023 under its global selling programme.

"Amazon launched the global selling programme in India four years ago, aligning with this vision. Over the next five years, 'India to Global' has the potential to become huge," Amazon India Country Head Amit Agarwal said in a statement.

He said the firm is confident that the "global selling programme will hit the $5-billion mark by 2023 fuelling the growth of lakhs of Indian manufacturers, exporters and small enterprises".

The programme started with just a few hundred sellers in 2015 and has now crossed $1-billion export mark from India with 50,000 exporters.

Amazon in the second edition of its annual 'Export Digest' said there has been a growth of 56 per cent in the number of global sellers from India in 2018.

It said Amazon's international marketplaces saw a rise of 55 per cent in the selection of Indian products offered globally and 71 per cent growth in sellers.

"The Annual Exports Digest showcases top Indian states and cities with international exporters and most popular product categories abroad. Delhi, Rajasthan, Maharashtra,

Gujarat, Uttar Pradesh and Haryana emerged as the leading states with most international exporters on Amazon in 2018," the statement said.

It added that books, apparel, jewellery, kitchen and health &amp; personal care products witnessed a huge demand from international customers across ethnicities.

Online marketplace Amazon Tuesday said it expects e-commerce exports from India to reach $5 billion by 2023 under its global selling programme. "Amazon launched the global selling programme in India four years ago, aligning with this vision.

Online marketplace Amazon Tuesday said it expects e-commerce exports from India to reach $5 billion by 2023 under its global selling programme. "Amazon launched the global selling programme in India four years ago, aligning with this vision. Over the next five years, 'India to Global' has the potential to become huge," Amazon India Country Head Amit Agarwal said in a statement. He said the firm is confident that the "global selling programme will hit the $5-billion mark by 2023 fuelling the growth of lakhs of Indian manufacturers, exporters and small enterprises". The programme started with just a few hundred sellers in 2015 and has now crossed $1-billion export mark from India with 50,000 exporters. Amazon in the second edition of its annual 'Export Digest' said there has been a growth of 56 per cent in the number of global sellers from India in 2018. It said Amazon's international marketplaces saw a rise of 55 per cent in the selection of Indian products offered globally and 71 per cent growth in sellers. "The Annual Exports Digest showcases top Indian states and cities with international exporters and most popular product categories abroad. Delhi, Rajasthan, Maharashtra, Gujarat, Uttar Pradesh and Haryana emerged as the leading states with most international exporters on Amazon in 2018," the statement said. It added that books, apparel, jewellery, kitchen and health & personal care products witnessed a huge demand from international customers across ethnicities.

Amazon targets $5 billion e-commerce exports from India by 2023

Domestic stock markets on Tuesday ended in red with BSE Sensex falling by 36 points at 39,032 while the NSE Nifty dropped by 6 points to close at 11,748.

In early trade today, Sensex plunged over 150 points to slip below the 39,000-mark amid capital outflows by foreign funds and mixed global cues.

However, a strengthening rupee and global crude oil prices restricted further losses in equity markets, brokers said.

The 30-share index dropped 154.60 points, or 0.40 per cent, to 38,912.73 in early morning trade, after touching a high of 39,068.67.

Similarly, the NSE Nifty declined by 19.75 points, or 0.44 per cent, to 11,703.30.

On Friday, the Sensex closed 336.47 points higher at 39,067.33. The NSE Nifty too ended 112.85 points up at 11,754.65.

Domestic equity markets were closed Monday due to elections in Mumbai.

(With inputs from PTI)&nbsp;

Domestic stock markets on Tuesday ended in red with BSE Sensex falling by 36 points at 39,032 while the NSE Nifty dropped by 6 points to close at 11,748. In early trade today, Sensex plunged over 150 points to slip below the 39,000-mark amid capital outflows by foreign funds and mixed global cues.

Domestic stock markets on Tuesday ended in red with BSE Sensex falling by 36 points at 39,032 while the NSE Nifty dropped by 6 points to close at 11,748. In early trade today, Sensex plunged over 150 points to slip below the 39,000-mark amid capital outflows by foreign funds and mixed global cues. However, a strengthening rupee and global crude oil prices restricted further losses in equity markets, brokers said. The 30-share index dropped 154.60 points, or 0.40 per cent, to 38,912.73 in early morning trade, after touching a high of 39,068.67. Similarly, the NSE Nifty declined by 19.75 points, or 0.44 per cent, to 11,703.30. On Friday, the Sensex closed 336.47 points higher at 39,067.33. The NSE Nifty too ended 112.85 points up at 11,754.65. Domestic equity markets were closed Monday due to elections in Mumbai. (With inputs from PTI)

Markets end in red; Sensex falls 36 points, Nifty closes above 11,700

<a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/business-economy/oil-falls-after-trump-urges-greater-opec-output-to-replace-iranian-oil-214283&amp;sa=U&amp;ved=2ahUKEwidivf1sPXhAhXClOYKHZPQAM0QFjAAegQIABAC&amp;usg=AOvVaw0MFsOJ36W32ucm5SURLUI0">Oil prices fell </a>on Monday, extending the Friday decline that halted a weeks-long rally after President Donald Trump demanded that producer club OPEC raise output to soften the impact of US&nbsp;sanctions against Iran.

Brent crude futures were down 48 cents, or 0.7 per cent, at $71.67 a barrel by 1100 GMT. US&nbsp;West Texas Intermediate (WTI) crude futures lost 24 cents, or 0.4 per cent, to $63.06.

Both benchmarks fell by about 3 per cent in the previous session.

Trump on Friday said that he told the Organization of the Petroleum Exporting Countries (OPEC) to lower oil prices.

"Gasoline prices are coming down. I called up OPEC, I said you've got to bring them down. You've got to bring them down," Trump told reporters.

"Spoke to Saudi Arabia and others about increasing oil flow. All are in agreement," the president later tweeted.

Trump's remarks triggered a sell-off, putting at least a temporary ceiling on a 40 per cent price rally since the start of the year.

The rally had gained momentum in April after Trump tightened sanctions against Iran by ending all exemptions previously granted to that major buyers.

US&nbsp;sanctions on Venezuela are also working to tighten global supply as fighting in Libya threatens to curb output there as well.

"We are dealing with a market that's not actually short of supply but is short due to politically-motivated action, and we know how quickly that can be turned around if necessary," Saxo Bank analyst Ole Hansen told Reuters.

"Being a bear in the market is a very lonely place now."

Traders said the market was shifting focus to the voluntary supply cuts led by OPEC, the de facto head of which is the world's top oil exporter, Saudi Arabia.

"We are of the view that Saudi Arabia will increase output as soon as May, something they were likely to do anyway in the lead up to summer," ING bank said.

"The Kingdom could increase output by 500 million barrels per day (bpd) and still be in compliance with the OPEC+ deal for the month of May."

The cuts have been supported by some non-OPEC producers, notably Russia, but analysts said this cooperation may not last beyond a meeting between OPEC and other allies, a group known as OPEC+, scheduled for June.

"Russia appears to have every reason to resume ramping up production levels and the base case should start to become (that) we will not see OPEC+ agree upon extending production cuts, with tweaks to cover the shortfall from Iran," said Edward Moya, senior analyst at futures brokerage OANDA.

Oil prices fell on Monday, extending the Friday decline that halted a weeks-long rally after President Donald Trump demanded that producer club OPEC raise output to soften the impact of US sanctions against Iran.

Oil prices fell on Monday, extending the Friday decline that halted a weeks-long rally after President Donald Trump demanded that producer club OPEC raise output to soften the impact of US sanctions against Iran. Brent crude futures were down 48 cents, or 0.7 per cent, at $71.67 a barrel by 1100 GMT. US West Texas Intermediate (WTI) crude futures lost 24 cents, or 0.4 per cent, to $63.06. Both benchmarks fell by about 3 per cent in the previous session. Trump on Friday said that he told the Organization of the Petroleum Exporting Countries (OPEC) to lower oil prices. "Gasoline prices are coming down. I called up OPEC, I said you've got to bring them down. You've got to bring them down," Trump told reporters. "Spoke to Saudi Arabia and others about increasing oil flow. All are in agreement," the president later tweeted. Trump's remarks triggered a sell-off, putting at least a temporary ceiling on a 40 per cent price rally since the start of the year. The rally had gained momentum in April after Trump tightened sanctions against Iran by ending all exemptions previously granted to that major buyers. US sanctions on Venezuela are also working to tighten global supply as fighting in Libya threatens to curb output there as well. "We are dealing with a market that's not actually short of supply but is short due to politically-motivated action, and we know how quickly that can be turned around if necessary," Saxo Bank analyst Ole Hansen told Reuters. "Being a bear in the market is a very lonely place now." Traders said the market was shifting focus to the voluntary supply cuts led by OPEC, the de facto head of which is the world's top oil exporter, Saudi Arabia. "We are of the view that Saudi Arabia will increase output as soon as May, something they were likely to do anyway in the lead up to summer," ING bank said. "The Kingdom could increase output by 500 million barrels per day (bpd) and still be in compliance with the OPEC+ deal for the month of May." The cuts have been supported by some non-OPEC producers, notably Russia, but analysts said this cooperation may not last beyond a meeting between OPEC and other allies, a group known as OPEC+, scheduled for June. "Russia appears to have every reason to resume ramping up production levels and the base case should start to become (that) we will not see OPEC+ agree upon extending production cuts, with tweaks to cover the shortfall from Iran," said Edward Moya, senior analyst at futures brokerage OANDA.

Oil falls after Trump presses OPEC to offset Iran sanctions

Tesla Inc said on Monday it could seek alternative sources of financing although it expects cash generated from its business to be enough to fund its investments and pay down debt for at least the next 12 months.

Wall Street has been looking for more details after <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/tesla-ceo-elon-musk-strikes-deal-with-market-regulators-over-tweets-213814&amp;sa=U&amp;ved=2ahUKEwiM5ZLewvXhAhU16nMBHTCvCDMQFjABegQIDxAC&amp;usg=AOvVaw0LICCY6XsSjZS26phRsExQ">Chief Executive Officer Elon Musk</a> suggested last week that a capital raise could be imminent as the electric vehicle maker posted a $700 million loss for the first quarter.

"There is some merit to raising capital," Musk said on an earnings conference call on Wednesday, after being asked why he had not done so yet. "It's probably about the right time."

Shares of the company, which were initially up 2 per cent after Musk reached a deal with the US regulators to settle a dispute over his use of Twitter, pared most of their gains to trade up 0.2 per cent at $235.60 before the bell.

Many analysts had predicted the company would need to raise funds for its expansion, including the Shanghai factory, the upcoming Model Y SUV and other projects.

"We continually evaluate our capital expenditure needs and may decide it is best to raise additional capital to fund the rapid growth of our business," the electric car maker said in a regulatory filing&nbsp;

Tesla has $2.2 billion in cash and expects capital expenditures of about $2.5 billion to $3 billion annually for the next two fiscal years. The company's total debt stood at $10.33 billion as of March 31.

However, tapping the debt market for raising capital might become more expensive for the electric car maker.

Tesla's $1.8 billion junk bond sank half a cent to yield 8.42 per cent on Friday, more than 3 percentage points above the bond's coupon rate of 5.3 per cent.

Its spread or the premium investors demand the added risk of holding Tesla debt rather than a safer US Treasury security, widened by about 15 basis points to a near-record 611 basis points.

"We may need or want to raise additional funds in the future, and these funds may not be available to us when we need or want them, or at all," Tesla said in the filing.

Tesla Inc said on Monday it could seek alternative sources of financing although it expects cash generated from its business to be enough to fund its investments and pay down debt for at least the next 12 months.

Tesla Inc said on Monday it could seek alternative sources of financing although it expects cash generated from its business to be enough to fund its investments and pay down debt for at least the next 12 months. Wall Street has been looking for more details after Chief Executive Officer Elon Musk suggested last week that a capital raise could be imminent as the electric vehicle maker posted a $700 million loss for the first quarter. "There is some merit to raising capital," Musk said on an earnings conference call on Wednesday, after being asked why he had not done so yet. "It's probably about the right time." Shares of the company, which were initially up 2 per cent after Musk reached a deal with the US regulators to settle a dispute over his use of Twitter, pared most of their gains to trade up 0.2 per cent at $235.60 before the bell. Many analysts had predicted the company would need to raise funds for its expansion, including the Shanghai factory, the upcoming Model Y SUV and other projects. "We continually evaluate our capital expenditure needs and may decide it is best to raise additional capital to fund the rapid growth of our business," the electric car maker said in a regulatory filing Tesla has $2.2 billion in cash and expects capital expenditures of about $2.5 billion to $3 billion annually for the next two fiscal years. The company's total debt stood at $10.33 billion as of March 31. However, tapping the debt market for raising capital might become more expensive for the electric car maker. Tesla's $1.8 billion junk bond sank half a cent to yield 8.42 per cent on Friday, more than 3 percentage points above the bond's coupon rate of 5.3 per cent. Its spread or the premium investors demand the added risk of holding Tesla debt rather than a safer US Treasury security, widened by about 15 basis points to a near-record 611 basis points. "We may need or want to raise additional funds in the future, and these funds may not be available to us when we need or want them, or at all," Tesla said in the filing.

Tesla says may seek alternative financing sources

Flydubai's chairman warned on Monday the airline could order Airbus A320neos as replacements for <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/boeing-ceo-faces-shareholders-for-first-time-since-737-max-crashes-214296&amp;sa=U&amp;ved=2ahUKEwiY37SAxfXhAhUQ2o8KHStLAPcQFjAAegQIARAC&amp;usg=AOvVaw3k-L0kWNWXBrPgeIC8pSBm">Boeing 737 MAX jets</a>, telling the US planemaker to improve communication with customers.

The 737 MAX has been grounded after an <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/boeing-ceo-faces-shareholders-for-first-time-since-737-max-crashes-214296&amp;sa=U&amp;ved=2ahUKEwickfeSxfXhAhVKknAKHXmbDuIQFjAAegQIAxAC&amp;usg=AOvVaw1vG9MwJolq9FcOPkOJERNa">Ethiopian Airlines</a> jet crashed in March and a LionAir jet crashed last October, killing a total of 346 people.

The Middle East carrier operates a fleet of only 737 aircraft and is one of the largest MAX operators having ordered 250 of the new model narrow-body jets.

Flydubai has had to ground its 14 MAX jets, accounting for roughly 10 per cent of its fleet, and cancel up to 15 flights a day.

"That gave me an option to talk to Airbus," Sheikh Ahmed bin Saeed al-Maktoum told reporters at the Arabian Travel Market exhibition in Dubai.

"You have to understand that we do not have a definite date on when this (MAX) aircraft will be flying."

Flydubai said in March the MAX was integral to its future.

Other airlines have weighed their options since the grounding. A decision from Saudi Arabian budget carrier on whether to proceed with an existing order for 30 MAX jets is imminent, its chief executive said on Sunday.

Flydubai potentially swapping any or part of its order comes as the world's largest planemaker faces one of the biggest crises in its 103-year history.

Boeing, which holds its annual meeting in Chicago on Monday, did not immediately respond to a request for comment.

Flydubai is the second biggest MAX customer and last committed to Boeing's best selling jet in 2017 with an order worth $27 billion including purchasing options.

Sheikh Ahmed, who is also the Emirates Chairman, said flydubai would act within its contract terms with Boeing but would not allow anything to stop the airline's growth.

He did not say when flydubai would decide on whether it pursues a replacement order with Airbus.

Sheikh Ahmed also said that Boeing's communication with customer over the grounding and how it plans to recertify the plane "could be better."

Boeing has said it is developing a software fix and new pilot training for regulatory approval in order to get the company's best-selling plane recertified.

Sheikh Ahmed said more needed to be known about those fixes and the how long the plane grounding will last. He said flydubai would seek compensation from Boeing.

"I have to ask it. It is my right. I didn't ground those 14 aircraft," he said.

Flydubai's chairman warned on Monday the airline could order Airbus A320neos as replacements for Boeing 737 MAX jets, telling the US planemaker to improve communication with customers.

Flydubai's chairman warned on Monday the airline could order Airbus A320neos as replacements for Boeing 737 MAX jets, telling the US planemaker to improve communication with customers. The 737 MAX has been grounded after an Ethiopian Airlines jet crashed in March and a LionAir jet crashed last October, killing a total of 346 people. The Middle East carrier operates a fleet of only 737 aircraft and is one of the largest MAX operators having ordered 250 of the new model narrow-body jets. Flydubai has had to ground its 14 MAX jets, accounting for roughly 10 per cent of its fleet, and cancel up to 15 flights a day. "That gave me an option to talk to Airbus," Sheikh Ahmed bin Saeed al-Maktoum told reporters at the Arabian Travel Market exhibition in Dubai. "You have to understand that we do not have a definite date on when this (MAX) aircraft will be flying." Flydubai said in March the MAX was integral to its future. Other airlines have weighed their options since the grounding. A decision from Saudi Arabian budget carrier on whether to proceed with an existing order for 30 MAX jets is imminent, its chief executive said on Sunday. Flydubai potentially swapping any or part of its order comes as the world's largest planemaker faces one of the biggest crises in its 103-year history. Boeing, which holds its annual meeting in Chicago on Monday, did not immediately respond to a request for comment. Flydubai is the second biggest MAX customer and last committed to Boeing's best selling jet in 2017 with an order worth $27 billion including purchasing options. Sheikh Ahmed, who is also the Emirates Chairman, said flydubai would act within its contract terms with Boeing but would not allow anything to stop the airline's growth. He did not say when flydubai would decide on whether it pursues a replacement order with Airbus. Sheikh Ahmed also said that Boeing's communication with customer over the grounding and how it plans to recertify the plane "could be better." Boeing has said it is developing a software fix and new pilot training for regulatory approval in order to get the company's best-selling plane recertified. Sheikh Ahmed said more needed to be known about those fixes and the how long the plane grounding will last. He said flydubai would seek compensation from Boeing. "I have to ask it. It is my right. I didn't ground those 14 aircraft," he said.

Flydubai could take Airbus jets if Boeing MAX grounding prolonged

Ushering in a new era in fuel conservation and emission reduction, an Air India flight landed at the Rajiv Gandhi International Airport here from New Delhi Monday without provision for additional fuel which was hitherto necessary to carry in case of flight diversion.

"This is the first flight in the country that has flown without carrying any additional fuel. We will be implementing the same procedure for all our 15 flights that are coming to Hyderabad daily, over a period of time," an Air India official told PTI.

According to a release issued by the national carrier, regulations require that every aircraft has to carry enough fuel to fly to the destination and also to an alternative airport in case of flight diversion.

This was resulting in a lot of dead weight to be carried if there is no diversion.

"Provisions exist in the regulations to despatch flights without an alternative, without compromising on safety issues," the release said.

The 'Dispatch with no destination alternate' is a collective initiative of the Ministry of Civil Aviation, Director General of Civil Aviation, Air Traffic Control India Meteorological Department and Air India, Indigo, Spicejet and Air Asia and AI is the first implement it.

This requires the destination airport to be equipped with two runways and good weather condition.

"For the first time in our country, we are going to use this provision to dispatch flights to Shamshabad airport without filing an alternate in Trial Phase 1, and carrying fuel to fly to the destination, and of course enough fuel for any foreseeable contingencies," AI sources said.

The fuel requirement for a Boeing 777 flying from New Delhi to Hyderabad, may be reduced by about 4 tons (4000 kg) and a consequential reduction in fuel consumption of about 140 kg.

The AI 560 flight landed at 8.50 am under the command of Capt Amitabh Singh, AI's Director Operations.

Accompanying him on the flight were Capt Digvijay Singh, Capt Rajneesh Sharma and Capt Akhil Gupta, the AI said.

Once other operators also start operating under the same provision, it will result in huge fuel savings and&nbsp;decrease in emissions, the operator added.&nbsp;

Ushering in a new era in fuel conservation and emission reduction, an Air India flight landed at the Rajiv Gandhi International Airport here from New Delhi Monday without provision for additional fuel which was hitherto necessary to carry in case of flight diversion.

Ushering in a new era in fuel conservation and emission reduction, an Air India flight landed at the Rajiv Gandhi International Airport here from New Delhi Monday without provision for additional fuel which was hitherto necessary to carry in case of flight diversion. "This is the first flight in the country that has flown without carrying any additional fuel. We will be implementing the same procedure for all our 15 flights that are coming to Hyderabad daily, over a period of time," an Air India official told PTI. According to a release issued by the national carrier, regulations require that every aircraft has to carry enough fuel to fly to the destination and also to an alternative airport in case of flight diversion. This was resulting in a lot of dead weight to be carried if there is no diversion. "Provisions exist in the regulations to despatch flights without an alternative, without compromising on safety issues," the release said. The 'Dispatch with no destination alternate' is a collective initiative of the Ministry of Civil Aviation, Director General of Civil Aviation, Air Traffic Control India Meteorological Department and Air India, Indigo, Spicejet and Air Asia and AI is the first implement it. This requires the destination airport to be equipped with two runways and good weather condition. "For the first time in our country, we are going to use this provision to dispatch flights to Shamshabad airport without filing an alternate in Trial Phase 1, and carrying fuel to fly to the destination, and of course enough fuel for any foreseeable contingencies," AI sources said. The fuel requirement for a Boeing 777 flying from New Delhi to Hyderabad, may be reduced by about 4 tons (4000 kg) and a consequential reduction in fuel consumption of about 140 kg. The AI 560 flight landed at 8.50 am under the command of Capt Amitabh Singh, AI's Director Operations. Accompanying him on the flight were Capt Digvijay Singh, Capt Rajneesh Sharma and Capt Akhil Gupta, the AI said. Once other operators also start operating under the same provision, it will result in huge fuel savings and decrease in emissions, the operator added.

Air India scripts new era in fuel conservation, no 'additional fuel'

Oil prices fell on Monday, extending a slump from Friday that ended weeks of rallying, after President Donald Trump demanded that producer club OPEC raise output to soften the impact of US sanctions against Iran.

Brent crude futures were at $71.80 per barrel at 0215 GMT, down 35 cents, or 0.5 per cent, from their last close.

US West Texas Intermediate (WTI) crude futures were at $62.91 per barrel, down 39 cents, or 0.6 per cent, from their previous settlement.

Both benchmarks fell around 3 per cent in the previous session.

ANZ bank said on Monday oil prices "took a hit after President Trump indicated he had spoken with Saudi Arabia about reducing the impact of lower Iranian oil exports by increasing flows elsewhere."

Trump said on Friday he called the Organization of the Petroleum Exporting Countries (OPEC) and told the cartel to lower oil prices.

"Gasoline prices are coming down. I called up OPEC, I said you've got to bring them down. You've got to bring them down," Trump told reporters.

The statement triggered a selloff, putting at least a temporary ceiling on a 40 per cent price rally in oil prices since the start of the year.

The rally had gained momentum in April after Trump tightened sanctions against Iran by ending all exemptions that major buyers especially in Asia previously had.

Traders said the market was shifting its focus on the voluntary supply cuts led by the Middle East dominated producer club OPEC since the start of the year.

The cuts have been supported by some non-OPEC producers, most notably Russia, but analysts said this cooperation may not last beyond a meeting between OPEC and its other allies, a group known as OPEC+, scheduled for June.

Russia has said it would be able to meet China's oil demand needs as Beijing tries to replace the imports it usually gets from Iran.

"Russia appears to have every reason to resume ramping up production levels and the base case should start to become we will not see OPEC+ agree upon extending production cuts, with tweaks to cover the shortfall from Iran," said Edward Moya, senior analyst at futures brokerage OANDA.

Meanwhile, Russia hopes to restore oil pipeline supplies to central and western Europe in two weeks, after they were suspended last week over crude quality problems.

Oil prices fell on Monday, extending a slump from Friday that ended weeks of rallying, after President Donald Trump demanded that producer club OPEC raise output to soften the impact of US sanctions against Iran.

Oil prices fell on Monday, extending a slump from Friday that ended weeks of rallying, after President Donald Trump demanded that producer club OPEC raise output to soften the impact of US sanctions against Iran. Brent crude futures were at $71.80 per barrel at 0215 GMT, down 35 cents, or 0.5 per cent, from their last close. US West Texas Intermediate (WTI) crude futures were at $62.91 per barrel, down 39 cents, or 0.6 per cent, from their previous settlement. Both benchmarks fell around 3 per cent in the previous session. ANZ bank said on Monday oil prices "took a hit after President Trump indicated he had spoken with Saudi Arabia about reducing the impact of lower Iranian oil exports by increasing flows elsewhere." Trump said on Friday he called the Organization of the Petroleum Exporting Countries (OPEC) and told the cartel to lower oil prices. "Gasoline prices are coming down. I called up OPEC, I said you've got to bring them down. You've got to bring them down," Trump told reporters. The statement triggered a selloff, putting at least a temporary ceiling on a 40 per cent price rally in oil prices since the start of the year. The rally had gained momentum in April after Trump tightened sanctions against Iran by ending all exemptions that major buyers especially in Asia previously had. Traders said the market was shifting its focus on the voluntary supply cuts led by the Middle East dominated producer club OPEC since the start of the year. The cuts have been supported by some non-OPEC producers, most notably Russia, but analysts said this cooperation may not last beyond a meeting between OPEC and its other allies, a group known as OPEC+, scheduled for June. Russia has said it would be able to meet China's oil demand needs as Beijing tries to replace the imports it usually gets from Iran. "Russia appears to have every reason to resume ramping up production levels and the base case should start to become we will not see OPEC+ agree upon extending production cuts, with tweaks to cover the shortfall from Iran," said Edward Moya, senior analyst at futures brokerage OANDA. Meanwhile, Russia hopes to restore oil pipeline supplies to central and western Europe in two weeks, after they were suspended last week over crude quality problems.

Oil falls after Trump urges greater OPEC output to replace Iranian oil

Asian stock markets edged up on Monday after surprising strong US first-quarter economic growth boosted the S&amp;P 500 index to a record high, but gains were capped by caution over less upbeat aspects in the GDP report which pointed to some weakening ahead.

Investors were also awaiting a meeting of the US Federal Reserve this week and Chinese factory data for further clues on policy direction in the world's biggest economies.

MSCI's broadest index of Asia-Pacific shares outside Japan was up less than 0.1 per cent, edging higher after posting its biggest weekly drop in more than a month last week.

Australian shares were down 0.26 per cent, while Seoul's KOSPI was up 0.4 per cent.

Japan's financial markets are closed for a long national holiday this week, but Nikkei 225 futures in Singapore were 0.72 per cent higher.

In contrast with weakness in Asian markets last week, Wall Street ended Friday on a high note following data showing US gross domestic product grew at a faster 3.2 per cent annualised rate in the first quarter.

The Dow Jones Industrial Average rose 0.31 per cent to 26,543.33 and the Nasdaq Composite added or 0.34 per cent to 8,146.40.

The S&amp;P 500 gained 0.47 per cent to 2,939.88, its second record closing high for the week.

Stephen Innes, managing partner at SPI Asset Management, said that despite stronger-than-expected earnings helping to lift markets, he sees "overly extended" S&amp;P positioning.

"We have flipped from a state where it is a stock rally no one wants to take part in, to a frenzied paced splurge where hedge funds and investors alike continue to chase markets like greyhounds to the mechanical rabbit," he said in a note.

While the strong GDP data helped to ease fears of an imminent recession, investors noted that it was driven by a smaller trade deficit and a large accumulation of unsold merchandise, as consumer and business spending slowed sharply.

In a morning note to clients, analysts at National Australian said the strong GDP has a "soft underbelly", noting weak inflation.

"It is the thought that a downturn in inflation could have the Fed cutting rates before 2019 is out – at a time when the Fed is openly discussing wanting to tolerate a period of above-target inflation to make up for past shortfalls – that had the interest rate markets moving the implied probability of 2019 easing out," they said.

The March reading for core personal consumption expenditures (PCE), the Fed's favoured inflation measure, is due later on Monday. The central bank will announce its policy decision on Wednesday, with Chairman Jerome Powell expected to balance the strong growth data against persistent concerns over the outlook for global growth.

Markets will also be looking to global factory activity surveys this week, particularly official and private readings on Chinese manufacturing which will both be released Tuesday.

While better-than-expected March data from China have helped eased fears of a sharp global slowdown, it has also touched off an intense debate over how much more stimulus Beijing can roll out without risking a rapid build-up in debt and potential asset bubbles.

In currency markets, the dollar was flat against the yen at 111.61. The euro was also barely changed, rising 0.02 per cent to $1.1150.

The dollar index, which tracks the greenback against a basket of six major rivals, inched higher to 98.033.

US crude dipped 0.7 per cent at $62.86 a barrel, continuing lower after US President Donald Trump on Friday pressured the Organization of the Petroleum Exporting Countries to raise crude production to ease gasoline prices.

Brent crude fell to $71.6 per barrel.

Spot gold was slightly lower, trading at $1,285.29 per ounce.

Asian stock markets edged up on Monday after surprising strong US first-quarter economic growth boosted the S&P 500 index to a record high, but gains were capped by caution over less upbeat aspects in the GDP report which pointed to some weakening ahead.

Asian stock markets edged up on Monday after surprising strong US first-quarter economic growth boosted the S&P 500 index to a record high, but gains were capped by caution over less upbeat aspects in the GDP report which pointed to some weakening ahead. Investors were also awaiting a meeting of the US Federal Reserve this week and Chinese factory data for further clues on policy direction in the world's biggest economies. MSCI's broadest index of Asia-Pacific shares outside Japan was up less than 0.1 per cent, edging higher after posting its biggest weekly drop in more than a month last week. Australian shares were down 0.26 per cent, while Seoul's KOSPI was up 0.4 per cent. Japan's financial markets are closed for a long national holiday this week, but Nikkei 225 futures in Singapore were 0.72 per cent higher. In contrast with weakness in Asian markets last week, Wall Street ended Friday on a high note following data showing US gross domestic product grew at a faster 3.2 per cent annualised rate in the first quarter. The Dow Jones Industrial Average rose 0.31 per cent to 26,543.33 and the Nasdaq Composite added or 0.34 per cent to 8,146.40. The S&P 500 gained 0.47 per cent to 2,939.88, its second record closing high for the week. Stephen Innes, managing partner at SPI Asset Management, said that despite stronger-than-expected earnings helping to lift markets, he sees "overly extended" S&P positioning. "We have flipped from a state where it is a stock rally no one wants to take part in, to a frenzied paced splurge where hedge funds and investors alike continue to chase markets like greyhounds to the mechanical rabbit," he said in a note. While the strong GDP data helped to ease fears of an imminent recession, investors noted that it was driven by a smaller trade deficit and a large accumulation of unsold merchandise, as consumer and business spending slowed sharply. In a morning note to clients, analysts at National Australian said the strong GDP has a "soft underbelly", noting weak inflation. "It is the thought that a downturn in inflation could have the Fed cutting rates before 2019 is out – at a time when the Fed is openly discussing wanting to tolerate a period of above-target inflation to make up for past shortfalls – that had the interest rate markets moving the implied probability of 2019 easing out," they said. The March reading for core personal consumption expenditures (PCE), the Fed's favoured inflation measure, is due later on Monday. The central bank will announce its policy decision on Wednesday, with Chairman Jerome Powell expected to balance the strong growth data against persistent concerns over the outlook for global growth. Markets will also be looking to global factory activity surveys this week, particularly official and private readings on Chinese manufacturing which will both be released Tuesday. While better-than-expected March data from China have helped eased fears of a sharp global slowdown, it has also touched off an intense debate over how much more stimulus Beijing can roll out without risking a rapid build-up in debt and potential asset bubbles. In currency markets, the dollar was flat against the yen at 111.61. The euro was also barely changed, rising 0.02 per cent to $1.1150. The dollar index, which tracks the greenback against a basket of six major rivals, inched higher to 98.033. US crude dipped 0.7 per cent at $62.86 a barrel, continuing lower after US President Donald Trump on Friday pressured the Organization of the Petroleum Exporting Countries to raise crude production to ease gasoline prices. Brent crude fell to $71.6 per barrel. Spot gold was slightly lower, trading at $1,285.29 per ounce.

Asian shares rise on strong US GDP, eyes on Federal Reserve, China

As many as 29 Air India flights were delayed by over an hour on Monday as the airline's operations continued to be impacted by the software shutdown that happened on Saturday.

While the glitch experienced by the check-in software system was fixed on Saturday itself, the airline grappled with the fallout for the third day on Monday.

An airline spokesperson said 352 flights were operated on Monday and 29 of them were delayed due to the system glitch that happened on Saturday.

The 29 flights were delayed by more than 60 minutes, the spokesperson added.

Following the glitch, 149 flights and 137 flights were delayed on Saturday and Sunday, respectively.

Air India's Passenger Service System (PSS) software, which takes care of check-in, baggage and reservation, was non-functional for more than five hours on Saturday.

The PSS software is owned and managed by Atlanta-based SITA.&nbsp;

As many as 29 Air India flights were delayed by over an hour on Monday as the airline's operations continued to be impacted by the software shutdown that happened on Saturday.

As many as 29 Air India flights were delayed by over an hour on Monday as the airline's operations continued to be impacted by the software shutdown that happened on Saturday. While the glitch experienced by the check-in software system was fixed on Saturday itself, the airline grappled with the fallout for the third day on Monday. An airline spokesperson said 352 flights were operated on Monday and 29 of them were delayed due to the system glitch that happened on Saturday. The 29 flights were delayed by more than 60 minutes, the spokesperson added. Following the glitch, 149 flights and 137 flights were delayed on Saturday and Sunday, respectively. Air India's Passenger Service System (PSS) software, which takes care of check-in, baggage and reservation, was non-functional for more than five hours on Saturday. The PSS software is owned and managed by Atlanta-based SITA.

Air India continues to face software shutdown impact; 29 flights delayed on Monday

The country's largest carmaker Maruti Suzuki India (MSI) plans to take a variety of steps including enhanced localisation, increase in productivity and reducing overall costs in order to improve margins in the current fiscal, a senior company official has said.

The auto major reported an EBITDA margin of 14 per cent for 2018-19, down 1.9 per cent from 15.9 per cent in 2017-18.

"We are working very hard on cost-cutting, there is a lot of effort on the cost side as a company we are all committed to work towards it and ensure that it (margins) improve from here," MSI CFO Ajay Seth said.

The company will carry on with its internal efforts without worrying about the external factors like foreign exchange rates, he added.

"External factors will be there but whatever is in our control we will try and work harder in terms of cost reduction and enhancing productivity," Seth noted.

He said increasing localisation is an important part of the initiative.

"Localisation is a big drive now. Wherever we have been hit on account of foreign exchange, we are now looking at large targets for localisation," he said.

Overheads are under severe scrutiny and the company is looking at vendors in terms of more productivity gains, Seth added.

"So a variety of things are being done. For us it is very crucial that we improve from here," he said.

The EBITDA margin is an assessment of a firm's operating profitability as a percentage of its total revenue.

It is equal to earnings before interest, tax, depreciation and amortization (EBITDA) divided by total revenue.

MSI reported a 4.6 per cent decline in net profit to Rs 1,795.6 crore for the fourth quarter of the 2018-19.

For the entire 2018-19, MSI posted a net profit of Rs 7,500.6 crore, down 2.9 per cent from the previous financial year.

The carmaker has also decided to phase out all diesel cars from its portfolio with effect from April 1, 2020.

When asked if the company is looking for write-offs having already put in large investments in diesel engine plants over the years, Seth said, the auditors have done a detailed study and concluded that there would not be any significant impact.

"Around 99 per cent of it (diesel capacity) is getting converted (into petrol, CNG etc) there is no impairment as such, even if there is an impairment it is going to be a negligible amount," he added.

"If you cannot convert your facilities into anything else then you have to impair it," he further said.

The company would be able to convert its existing plants as per the company's long term goals, he added.

MSI plans to shift its entire portfolio to petrol, CNG powertrains.

The auto major currently gets 23 per cent of its total sales in the domestic market from diesel cars.

It sold a total of 4.63 lakh diesel units last fiscal.

Some of the company's models like Vitara Brezza and S-Cross currently come with a diesel engine option only.

Others like Swift, Baleno, Dzire, Ciaz and Ertiga also have petrol versions in addition to the diesel trims.

The country's largest carmaker Maruti Suzuki India (MSI) plans to take a variety of steps including enhanced localisation, increase in productivity and reducing overall costs in order to improve margins in the current fiscal, a senior company official has said.

The country's largest carmaker Maruti Suzuki India (MSI) plans to take a variety of steps including enhanced localisation, increase in productivity and reducing overall costs in order to improve margins in the current fiscal, a senior company official has said. The auto major reported an EBITDA margin of 14 per cent for 2018-19, down 1.9 per cent from 15.9 per cent in 2017-18. "We are working very hard on cost-cutting, there is a lot of effort on the cost side as a company we are all committed to work towards it and ensure that it (margins) improve from here," MSI CFO Ajay Seth said. The company will carry on with its internal efforts without worrying about the external factors like foreign exchange rates, he added. "External factors will be there but whatever is in our control we will try and work harder in terms of cost reduction and enhancing productivity," Seth noted. He said increasing localisation is an important part of the initiative. "Localisation is a big drive now. Wherever we have been hit on account of foreign exchange, we are now looking at large targets for localisation," he said. Overheads are under severe scrutiny and the company is looking at vendors in terms of more productivity gains, Seth added. "So a variety of things are being done. For us it is very crucial that we improve from here," he said. The EBITDA margin is an assessment of a firm's operating profitability as a percentage of its total revenue. It is equal to earnings before interest, tax, depreciation and amortization (EBITDA) divided by total revenue. MSI reported a 4.6 per cent decline in net profit to Rs 1,795.6 crore for the fourth quarter of the 2018-19. For the entire 2018-19, MSI posted a net profit of Rs 7,500.6 crore, down 2.9 per cent from the previous financial year. The carmaker has also decided to phase out all diesel cars from its portfolio with effect from April 1, 2020. When asked if the company is looking for write-offs having already put in large investments in diesel engine plants over the years, Seth said, the auditors have done a detailed study and concluded that there would not be any significant impact. "Around 99 per cent of it (diesel capacity) is getting converted (into petrol, CNG etc) there is no impairment as such, even if there is an impairment it is going to be a negligible amount," he added. "If you cannot convert your facilities into anything else then you have to impair it," he further said. The company would be able to convert its existing plants as per the company's long term goals, he added. MSI plans to shift its entire portfolio to petrol, CNG powertrains. The auto major currently gets 23 per cent of its total sales in the domestic market from diesel cars. It sold a total of 4.63 lakh diesel units last fiscal. Some of the company's models like Vitara Brezza and S-Cross currently come with a diesel engine option only. Others like Swift, Baleno, Dzire, Ciaz and Ertiga also have petrol versions in addition to the diesel trims.

Taking steps to reduce costs, enhance margins: Maruti

The Model Code of Conduct for the Lok Sabha polls is unlikely to have any bearing on the issuance of a revised framework for resolution of stressed assets by the Reserve Bank and the guidelines are expected to be announced before May 23, sources said.

Against the backdrop of the Supreme Court quashing an RBI circular, issued on February 12, 2018, a revised set of rules is under works and would be released soon, they said.

Earlier this month, the Supreme Court had quashed the RBI's February 12 circular on stressed loan recognition and resolution of large borrowers over Rs 2,000 crore, terming it as "ultra vires".

"The model code of conduct exempts RBI's monetary policy. It is unlikely to attract any action if the RBI issues the revised (February 12) circular," sources said.

They said the central bank is in a very advanced stage and the revised circular should be out before declaration of general elections result.

The counting for the ongoing Lok Sabha elections will take place on May 23.

The RBI is looking into all the concerns raised by various stakeholders including banks and power sector companies and may look to tweak the circular without diluting it completely so that the momentum towards resolution of stressed assets is not affected, sources said.

The February 12 circular had mandated banks to refer an NPA account for insolvency proceedings in case a resolution is not found within 180 days. This was for accounts where the outstanding dues was at least Rs 2,000 crore.

Under the RBI norms, an account is classified as a non-performing asset (NPA) if it is not serviced for 90 days.

Sources said various options are being explored for rejigging the NPA framework. One of the options is giving 30-60 days more time in addition to existing 90 days before initiating resolution process for stressed accounts, they added.

While the 90-day period for recognising an account as NPA would remain, the central bank would be looking at providing more leeway for the entities concerned to repay the loans, they said.

Sources said that providing additional time for repayment would help in mitigating hardships faced by micro, small and medium enterprises (MSMEs) to some extent.

In a report last year, the government had favoured an additional 180 days to be provided for resolution of 34 stressed power projects with a view to avoiding potential value erosion of operating plants. The Supreme Court quashed the circular following a petition filed by around 70 stressed companies from the power, shipping and textiles sectors.

A parliamentary panel was among the critics of the now impugned circular.

"Although the new guidelines have been termed as harmonised and simplified generic framework, yet they are far from being so," the standing committee on energy said in its report tabled in Parliament last year.&nbsp;

The Model Code of Conduct for the Lok Sabha polls is unlikely to have any bearing on the issuance of a revised framework for resolution of stressed assets by the Reserve Bank and the guidelines are expected to be announced before May 23, sources said.

The Model Code of Conduct for the Lok Sabha polls is unlikely to have any bearing on the issuance of a revised framework for resolution of stressed assets by the Reserve Bank and the guidelines are expected to be announced before May 23, sources said. Against the backdrop of the Supreme Court quashing an RBI circular, issued on February 12, 2018, a revised set of rules is under works and would be released soon, they said. Earlier this month, the Supreme Court had quashed the RBI's February 12 circular on stressed loan recognition and resolution of large borrowers over Rs 2,000 crore, terming it as "ultra vires". "The model code of conduct exempts RBI's monetary policy. It is unlikely to attract any action if the RBI issues the revised (February 12) circular," sources said. They said the central bank is in a very advanced stage and the revised circular should be out before declaration of general elections result. The counting for the ongoing Lok Sabha elections will take place on May 23. The RBI is looking into all the concerns raised by various stakeholders including banks and power sector companies and may look to tweak the circular without diluting it completely so that the momentum towards resolution of stressed assets is not affected, sources said. The February 12 circular had mandated banks to refer an NPA account for insolvency proceedings in case a resolution is not found within 180 days. This was for accounts where the outstanding dues was at least Rs 2,000 crore. Under the RBI norms, an account is classified as a non-performing asset (NPA) if it is not serviced for 90 days. Sources said various options are being explored for rejigging the NPA framework. One of the options is giving 30-60 days more time in addition to existing 90 days before initiating resolution process for stressed accounts, they added. While the 90-day period for recognising an account as NPA would remain, the central bank would be looking at providing more leeway for the entities concerned to repay the loans, they said. Sources said that providing additional time for repayment would help in mitigating hardships faced by micro, small and medium enterprises (MSMEs) to some extent. In a report last year, the government had favoured an additional 180 days to be provided for resolution of 34 stressed power projects with a view to avoiding potential value erosion of operating plants. The Supreme Court quashed the circular following a petition filed by around 70 stressed companies from the power, shipping and textiles sectors. A parliamentary panel was among the critics of the now impugned circular. "Although the new guidelines have been termed as harmonised and simplified generic framework, yet they are far from being so," the standing committee on energy said in its report tabled in Parliament last year.

RBI's revised guidelines for resolution of stressed assets likely before May 23

People in Bengaluru may face call drops and disruption in internet services as the local municipal body and telecom players are at loggerheads over payment issues.

The Bruhat Bengaluru Mahanagara Palike (BBMP) has ordered to cut telecom cables laid over the ground, citing them to be non-compliant with existing norms, and has demanded fees from companies to lay them underground.

However, telecom service providers said the cables were laid overhead temporarily due to road construction work and they have already paid the fees for laying them under the ground.

A BBMP official told PTI that it was disconnecting only those optical fibre cables which were unauthorised.

"We have incurred huge financial losses because of the unauthorised cables. Several times we had warned the telecom companies to get the cables regularised and should be laid in as per regulations but they ignored our warnings. We were left with no option but to disconnect them," the officer said.

He added that telecom companies still have the chance to disclose the cables they have laid and get them regularised by paying the prescribed fees.

The officer said most of the cables were laid overhead and were dangling from trees, which had caused many accidents in the past.

Meanwhile, telecom industry body COAI said they were authorised temporarily to lay cables aerially as road construction work was going on that frequently damaged cables and they have already paid fees for laying them underground.

"BBMP is demanding the right of way charges again to lay telecom cables underground. We have already paid fees and the cables were laid overground temporarily after permission from BBMP.

"We asked them to put the order on hold and give us time to put them underground as cable cut will lead to disruption in services which is already on red alert after terror attack in Sri Lanka," COAI Director General Rajan S Mathews said.

The Cellular Operators Association of India (COAI) has approached Telecom Secretary Aruna Sundararajan over the issue.

"After telecom secretary's intervention, we met Karnataka State Chief Secretary along with representatives from Reliance Jio, Airtel and Vodafone Idea.

"The chief secretary has asked BBMP to resolve the matter. We will be meeting BBMP commissioner on Tuesday and hope the matter will be resolved amicably," Mathews said.&nbsp;

People in Bengaluru may face call drops and disruption in internet services as the local municipal body and telecom players are at loggerheads over payment issues.

People in Bengaluru may face call drops and disruption in internet services as the local municipal body and telecom players are at loggerheads over payment issues. The Bruhat Bengaluru Mahanagara Palike (BBMP) has ordered to cut telecom cables laid over the ground, citing them to be non-compliant with existing norms, and has demanded fees from companies to lay them underground. However, telecom service providers said the cables were laid overhead temporarily due to road construction work and they have already paid the fees for laying them under the ground. A BBMP official told PTI that it was disconnecting only those optical fibre cables which were unauthorised. "We have incurred huge financial losses because of the unauthorised cables. Several times we had warned the telecom companies to get the cables regularised and should be laid in as per regulations but they ignored our warnings. We were left with no option but to disconnect them," the officer said. He added that telecom companies still have the chance to disclose the cables they have laid and get them regularised by paying the prescribed fees. The officer said most of the cables were laid overhead and were dangling from trees, which had caused many accidents in the past. Meanwhile, telecom industry body COAI said they were authorised temporarily to lay cables aerially as road construction work was going on that frequently damaged cables and they have already paid fees for laying them underground. "BBMP is demanding the right of way charges again to lay telecom cables underground. We have already paid fees and the cables were laid overground temporarily after permission from BBMP. "We asked them to put the order on hold and give us time to put them underground as cable cut will lead to disruption in services which is already on red alert after terror attack in Sri Lanka," COAI Director General Rajan S Mathews said. The Cellular Operators Association of India (COAI) has approached Telecom Secretary Aruna Sundararajan over the issue. "After telecom secretary's intervention, we met Karnataka State Chief Secretary along with representatives from Reliance Jio, Airtel and Vodafone Idea. "The chief secretary has asked BBMP to resolve the matter. We will be meeting BBMP commissioner on Tuesday and hope the matter will be resolved amicably," Mathews said.

Bengaluru may face disruption in telecom services as municipal body, industry spar over payments

About 200 American companies are seeking to move their manufacturing base from China to India post the general elections, a top US-based advocacy group has said, observing that there is a fantastic opportunity with firms looking at alternatives to the Communist giant.

The US-India Strategic and Partnership Forum's (USISPF) President Mukesh Aghi said that the companies are talking to them about how to set up an alternative to China by investing in India.

Aghi said that USISPF's recommendation to the new government would be to accelerate the reforms and bring transparency in the decision-making process.

I think that's critical. We would advise to bring more transparency in the process and to make it more consultative because in the last 12 to 18 months, we are seeing US companies look at some of the decisions being made, either e-commerce or data localisation, as more domestic-oriented than global, he told PTI in an interview.

In his reply to what the agenda of the new Indian government should be to attract investment, Aghi suggested that New Delhi needs to accelerate reforms, be more transparent in the process and engage more.

We need to understand how we can attract those companies. And that means all the way from land issues to customs issues to being part of the global supply chain.

Those are critical issues. There's a whole plethora of reforms that need to go further down, and I think that is also going to create a lot of jobs, he said.

He said that Mark Linscott, the former Assistant US Trade Representative for South and Central Asian Affairs, is working with USISPF member companies to come up with a recommendation as to what India needs to do to enhance its exports and work up from that perspective.

One recommendation, which I strongly believe is going to help India is that we should now start thinking of a Free Trade Agreement (FTA) between India and the US," Aghi said.&nbsp;

"I think if India is concerned about cheap goods coming from China, an FTA will eliminate that need. You can put barriers to Chinese goods and still have the US Providing access to the Indian market and Indian companies having more access to the US market, and issues like GSP would diminish, he said.

Aghi said that they have formed a high-level manufacturing council within the member companies, led by John Kern, Senior Vice President of Supply Chain Operations at Cisco who are putting a document together detailing what India needs to do to turn it into a manufacturing hub.

"We plan to have the document ready by the time elections are over as part of recommendation," he said.

What they're saying is we want a backup strategy to start manufacturing in India. There are small-small issues, which can slow them down. And at the moment most of them are waiting for elections to be over.

But there's a large deluge of companies keen to not only manufacture in India but also who want to go after the domestic market, he said.

On the amount of investment these companies would bring to India, he said the number in question is substantial.

If you look at, our member companies in the last four years have invested over $ 50 billion, he added.

About 200 American companies are seeking to move their manufacturing base from China to India post the general elections, a top US-based advocacy group has said, observing that there is a fantastic opportunity with firms looking at alternatives to the Communist giant.

About 200 American companies are seeking to move their manufacturing base from China to India post the general elections, a top US-based advocacy group has said, observing that there is a fantastic opportunity with firms looking at alternatives to the Communist giant. The US-India Strategic and Partnership Forum's (USISPF) President Mukesh Aghi said that the companies are talking to them about how to set up an alternative to China by investing in India. Aghi said that USISPF's recommendation to the new government would be to accelerate the reforms and bring transparency in the decision-making process. I think that's critical. We would advise to bring more transparency in the process and to make it more consultative because in the last 12 to 18 months, we are seeing US companies look at some of the decisions being made, either e-commerce or data localisation, as more domestic-oriented than global, he told PTI in an interview. In his reply to what the agenda of the new Indian government should be to attract investment, Aghi suggested that New Delhi needs to accelerate reforms, be more transparent in the process and engage more. We need to understand how we can attract those companies. And that means all the way from land issues to customs issues to being part of the global supply chain. Those are critical issues. There's a whole plethora of reforms that need to go further down, and I think that is also going to create a lot of jobs, he said. He said that Mark Linscott, the former Assistant US Trade Representative for South and Central Asian Affairs, is working with USISPF member companies to come up with a recommendation as to what India needs to do to enhance its exports and work up from that perspective. One recommendation, which I strongly believe is going to help India is that we should now start thinking of a Free Trade Agreement (FTA) between India and the US," Aghi said. "I think if India is concerned about cheap goods coming from China, an FTA will eliminate that need. You can put barriers to Chinese goods and still have the US Providing access to the Indian market and Indian companies having more access to the US market, and issues like GSP would diminish, he said. Aghi said that they have formed a high-level manufacturing council within the member companies, led by John Kern, Senior Vice President of Supply Chain Operations at Cisco who are putting a document together detailing what India needs to do to turn it into a manufacturing hub. "We plan to have the document ready by the time elections are over as part of recommendation," he said. What they're saying is we want a backup strategy to start manufacturing in India. There are small-small issues, which can slow them down. And at the moment most of them are waiting for elections to be over. But there's a large deluge of companies keen to not only manufacture in India but also who want to go after the domestic market, he said. On the amount of investment these companies would bring to India, he said the number in question is substantial. If you look at, our member companies in the last four years have invested over $ 50 billion, he added.

About 200 US companies seeking to move manufacturing base from China to India: USISPF