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The <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/business-economy/reserve-bank-of-india-sells-entire-stake-in-national-housing-bank-nabard-to-govt-for-rs-1470-cr-213344&amp;sa=U&amp;ved=2ahUKEwiW_vSLtu_hAhVEPI8KHd4xDdkQFjABegQIDxAC&amp;usg=AOvVaw0NJPzoSw6w8AIY5EPzqTTO">Reserve Bank of India</a> (RBI) has announced that it will shortly issue Rs 20 denomination banknotes, in the Mahatma Gandhi (New) series, bearing the signature of the central bank`s governor Shaktikanta Das.

"The Rs 20 note will be greenish-yellow in colour. The new banknote has a motif of Ellora Caves on the reverse, depicting the country`s cultural heritage," a statement by the RBI said.

All the banknotes in the denomination of Rs 20 issued by the RBI in the earlier series will continue to be legal tender, it clarified.

The note has other designs, geometric patterns aligning with the overall colour scheme, both at the obverse and reverse.

The dimension of the new Rs 20 note will be 63 mm x 129 mm, the statement said. The obverse (front) side of the note contains a see-through register with denominational numeral 100, a latent image with the numeral and also a Devanagari version of the same.

It also contains a portrait of Mahatma Gandhi at the centre, with micro letters `RBI`, `Bharat`, `India` and `20`, along with with a guarantee clause, Governor`s signature with Promise Clause and RBI emblem towards the right of Gandhi`s portrait.

On the right side of the portrait are -- an Ashoka Pillar emblem and electrotype (20) watermarks.&nbsp;

The Reserve Bank of India (RBI) has announced that it will shortly issue Rs 20 denomination banknotes, in the Mahatma Gandhi (New) series, bearing the signature of the central bank`s governor Shaktikanta Das.

The Reserve Bank of India (RBI) has announced that it will shortly issue Rs 20 denomination banknotes, in the Mahatma Gandhi (New) series, bearing the signature of the central bank`s governor Shaktikanta Das. "The Rs 20 note will be greenish-yellow in colour. The new banknote has a motif of Ellora Caves on the reverse, depicting the country`s cultural heritage," a statement by the RBI said. All the banknotes in the denomination of Rs 20 issued by the RBI in the earlier series will continue to be legal tender, it clarified. The note has other designs, geometric patterns aligning with the overall colour scheme, both at the obverse and reverse. The dimension of the new Rs 20 note will be 63 mm x 129 mm, the statement said. The obverse (front) side of the note contains a see-through register with denominational numeral 100, a latent image with the numeral and also a Devanagari version of the same. It also contains a portrait of Mahatma Gandhi at the centre, with micro letters `RBI`, `Bharat`, `India` and `20`, along with with a guarantee clause, Governor`s signature with Promise Clause and RBI emblem towards the right of Gandhi`s portrait. On the right side of the portrait are -- an Ashoka Pillar emblem and electrotype (20) watermarks.

RBI to issue new Rs 20 denomination banknotes

Hundreds of Air India passengers were left stranded at several airports across the world due to a glitch in its check-in software, the airline said Saturday.

The airline's "server is down", an official said.

"SITA server is down. Due to which flight operation is affected. Our technical teams are on work and soon system may be recovered," the airline's spokesperson said.

Air India's software solution is managed by SITA, a global airlines IT services major, which provides its check-in, boarding and baggage tracking technology.

According to an Air India official, the server was down since around 3 AM Saturday morning due to which the airline is unable to issue boarding passes to passengers at airports across the world.

Many passengers complained on social media about being stranded at airports.

A similar incident took place on June 23 last year when a technical glitch in the airline's check-in software delayed 25 of its flights across India.&nbsp;

Hundreds of Air India passengers were left stranded at several airports across the world due to a glitch in its check-in software, the airline said Saturday. The airline's "server is down", an official said.

Hundreds of Air India passengers were left stranded at several airports across the world due to a glitch in its check-in software, the airline said Saturday. The airline's "server is down", an official said. "SITA server is down. Due to which flight operation is affected. Our technical teams are on work and soon system may be recovered," the airline's spokesperson said. Air India's software solution is managed by SITA, a global airlines IT services major, which provides its check-in, boarding and baggage tracking technology. According to an Air India official, the server was down since around 3 AM Saturday morning due to which the airline is unable to issue boarding passes to passengers at airports across the world. Many passengers complained on social media about being stranded at airports. A similar incident took place on June 23 last year when a technical glitch in the airline's check-in software delayed 25 of its flights across India.

Air India's operations hit globally due to technical glitch: Official

Thousands of Air India passengers had a harrowing time at airports across the world on Saturday as its 155 flights were delayed due to the <a href="https://www.wionews.com/india-news/air-india-server-systems-restored-after-affecting-flights-worldwide-213838">shutdown of its check-in software for more than five hours</a> due to a technical snag.

The national carrier's chairman and managing director (CMD) Ashwani Lohani said that the passenger service system (PSS) software, which looks after check-in, baggage and reservation, did not work from 3.30 am to 8.45 am on Saturday.

During this time period, thousands of Air India passengers were stranded at airports globally as the airline staff was unable to issue a boarding pass to them.&nbsp;

Air India's PSS is owned and managed by Atlanta-based SITA company.

Lohani said that "till 10 am total 85 flights were delayed" because of PSS shutdown. "Because of the 85 flights that have been delayed, a ripple effect will take place throughout the day," he said, adding that a "few flights will also be cancelled because of this delay".

Later in the day, the airline's spokesperson clarified that a total of 155 flights would be delayed for an average duration of two hours till 8.30 pm.

The average number of flights that Air India group, which also includes subsidiaries Alliance Air and Air India Express, flies daily is around 674.

It is mostly the domestic flights that have been affected the most due to the software shutdown, Lohani clarified.&nbsp;

"International departures will not be facing much problems...There will be delay in one or two international flights. One Delhi-Shanghai flight is getting delayed by about 1.5 hours. The flights that are departing for Europe are largely running on time," he said.&nbsp;

About affected passengers, the CMD said that the airline is trying its best to inform them through social media and its call centre. "But as the magnitude is so big, it is possible that our call centre is not able to handle the volume," he said.&nbsp;

The passengers who will miss their flights will be given hotel accommodations or they will be rescheduled in a different flight of Air India or of an another airline, he said.

Lohani said that SITA is currently looking into what caused the shutdown. "They are checking if it was because of virus or for any other reason. They are still searching for the root cause," he said.&nbsp;

No other Indian airline apart from Air India uses SITA's PSS software. When asked if SITA would be compensating the airline for disruption in its operations, the CMD replied that "we will have to take a look into it".&nbsp;

SITA regretted the inconvenience caused and said it had experienced a complex system issue during server maintenance early morning which resulted in operational disruption to flights.

"We have now fully restored services at all airports where Air India were affected. Our priority remains, as always, to ensure a stable system where customers can conduct business efficiently and effectively, and we are undertaking a full investigation to understand the root cause and prevent a recurrence," SITA said in a statement to PTI.

Many passengers vented their ire on social media on Saturday morning. A Dr Sonal Saxena tweeted at 7.20 am, "Utter chaos. Air India systems not working at Delhi since 3 am. All flights grounded and delayed. No checkins and boarding."

When asked why passengers were not informed about flight delays through SMS or social media during the shutdown, the Air India CMD said, "Whenever any other system does not function properly, we use PSS to get contact information of passengers and then contact them. But when our PSS itself has stopped working, there is no way we can inform them."

A similar incident took place on June 23 last year when a technical glitch in the airline's check-in software delayed 25 of its flights across India.

The airline had tweeted on June 23, "Due to unexpexted network connectivity issues at SITA #Atlanta #Datacenter , which had a #worldwide impact, 25 flights were delayed from 1210 hrs to 1510 hrs on #Airindia network. Operations are normal now (sic).

Thousands of Air India passengers had a harrowing time at airports across the world on Saturday as its 155 flights were delayed due to the shutdown of its check-in software for more than five hours due to a technical snag.

Thousands of Air India passengers had a harrowing time at airports across the world on Saturday as its 155 flights were delayed due to the shutdown of its check-in software for more than five hours due to a technical snag. The national carrier's chairman and managing director (CMD) Ashwani Lohani said that the passenger service system (PSS) software, which looks after check-in, baggage and reservation, did not work from 3.30 am to 8.45 am on Saturday. During this time period, thousands of Air India passengers were stranded at airports globally as the airline staff was unable to issue a boarding pass to them. Air India's PSS is owned and managed by Atlanta-based SITA company. Lohani said that "till 10 am total 85 flights were delayed" because of PSS shutdown. "Because of the 85 flights that have been delayed, a ripple effect will take place throughout the day," he said, adding that a "few flights will also be cancelled because of this delay". Later in the day, the airline's spokesperson clarified that a total of 155 flights would be delayed for an average duration of two hours till 8.30 pm. The average number of flights that Air India group, which also includes subsidiaries Alliance Air and Air India Express, flies daily is around 674. It is mostly the domestic flights that have been affected the most due to the software shutdown, Lohani clarified. "International departures will not be facing much problems...There will be delay in one or two international flights. One Delhi-Shanghai flight is getting delayed by about 1.5 hours. The flights that are departing for Europe are largely running on time," he said. About affected passengers, the CMD said that the airline is trying its best to inform them through social media and its call centre. "But as the magnitude is so big, it is possible that our call centre is not able to handle the volume," he said. The passengers who will miss their flights will be given hotel accommodations or they will be rescheduled in a different flight of Air India or of an another airline, he said. Lohani said that SITA is currently looking into what caused the shutdown. "They are checking if it was because of virus or for any other reason. They are still searching for the root cause," he said. No other Indian airline apart from Air India uses SITA's PSS software. When asked if SITA would be compensating the airline for disruption in its operations, the CMD replied that "we will have to take a look into it". SITA regretted the inconvenience caused and said it had experienced a complex system issue during server maintenance early morning which resulted in operational disruption to flights. "We have now fully restored services at all airports where Air India were affected. Our priority remains, as always, to ensure a stable system where customers can conduct business efficiently and effectively, and we are undertaking a full investigation to understand the root cause and prevent a recurrence," SITA said in a statement to PTI. Many passengers vented their ire on social media on Saturday morning. A Dr Sonal Saxena tweeted at 7.20 am, "Utter chaos. Air India systems not working at Delhi since 3 am. All flights grounded and delayed. No checkins and boarding." When asked why passengers were not informed about flight delays through SMS or social media during the shutdown, the Air India CMD said, "Whenever any other system does not function properly, we use PSS to get contact information of passengers and then contact them. But when our PSS itself has stopped working, there is no way we can inform them." A similar incident took place on June 23 last year when a technical glitch in the airline's check-in software delayed 25 of its flights across India. The airline had tweeted on June 23, "Due to unexpexted network connectivity issues at SITA #Atlanta #Datacenter , which had a #worldwide impact, 25 flights were delayed from 1210 hrs to 1510 hrs on #Airindia network. Operations are normal now (sic).

Air India's 5-hour-long check-in software shutdown delayed 155 flights

Ride-hailing company <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/business-economy/uber-lands-1-billion-from-softbank-toyota-for-self-driving-unit-211646&amp;sa=U&amp;ved=2ahUKEwj3_5eKi-3hAhUk7HMBHbKyDhEQFjAJegQIAxAC&amp;usg=AOvVaw0tPfbIuxVyBuXdciCH0Yex">Uber Technologies Inc</a> will unveil terms for its initial public offering on Friday, telling investors it will seek to be valued at between $80 billion and $90 billion, according to people familiar with the matter.

The valuation sought is less than the $120 billion valuation that investment bankers told Uber last year it could fetch, and closer to the $76 billion valuation it attained in its last private fundraising round last year.

Uber's moderation of valuation expectations reflects the poor stock performance of its smaller rival Lyft Inc following its IPO last month.

Lyft shares ended trading on Thursday down 22 percent from their IPO price amid investor scepticism over its path to profitability.

Uber will unveil on Friday an IPO price range of between $44 and $50 per share, based on which it would raise between $8 billion and $9 billion, the sources said.

This would rank it as the largest IPO since that of Chinese e-commerce giant Alibaba Group Holding Ltd in 2014.

In addition, some Uber insiders will also sell their own shares in the IPO, the sources said.

Reuters reported earlier this month that all the Uber shares sold in the IPO could be worth around $10 billion.

Uber also plans to unveil on Friday its last sale of stock as a private company, the sources said.

The identity of the investor involved in the private placement could not immediately be learned.

PayPal Holdings Inc plans to invest $500 million in a concurrent private placement at Uber's IPO price, Refinitiv IFR reported, citing sources.

Uber and PayPal were not immediately available to comment on the IFR report.

The investor roadshow will kick off in earnest on Monday, setting the stage for Uber to debut on the New York Stock Exchange in early May.

For the roadshow, Uber's top executives will travel the United States and make a stop in London to drum up investor interest in the IPO, sources said.

The sources asked not to be identified because the matter is confidential.

Uber declined to comment. The price range was reported earlier by Bloomberg News.

Two other IPOs this month, those of online scrapbook company Pinterest Inc and video conferencing company Zoom Video Communications Inc, have performed much more strongly than Lyft.

Uber, however, has chosen to still value itself conservatively.

"People are more cautious than they were 4 weeks ago," said Duncan Davidson, general partner at Bullpen Capital, an early-stage venture capital investment firm.

Uber operates in more than 70 countries. In addition to ride-hailing, its business includes bike and scooter rentals, freight hauling, food delivery, and an expensive self-driving car division.

The ride-hailing startup has disclosed it has 91 million users, but growth is slowing and it may never make a profit.

Uber in 2018 had $11.3 billion in revenue, up around 42 per cent over 2017, but below the 106 per cent growth the prior year.

During the IPO roadshow, Uber's chief executive, Dara Khosrowshahi, will be tasked with convincing investors that he has successfully changed the company's culture and business practices after a series of embarrassing scandals over the last two years.

Those have included sexual harassment allegations, a massive data breach that was concealed from regulators, use of illicit software to evade authorities and allegations of bribery overseas.

Uber is reserving some shares in the IPO for drivers who have completed 2,500 trips among other criteria.

AUTONOMOUS DRIVING

Last week, Uber's autonomous vehicle unit raised $1 billion privately from a consortium of investors, including top Uber shareholder SoftBank Group Corp, giving the company a much-needed funding boost for its self-driving ambitions.

Last year, Uber settled a legal dispute over trade secrets with Alphabet Inc's Waymo self-driving vehicle unit.

Waymo, in its lawsuit, had said one of its former engineers who became chief of Uber's self-driving car project took with him thousands of confidential documents.

One advantage Uber will likely seek to play up to investors is that it is the largest player in many of the markets in which it operates.

Analysts consider building scale crucial for Uber's business model to become profitable.

Lyft, which was valued at $24.3 billion in its IPO, has focused only in the U.S. and Canadian markets.

"Investors are now asking for more clarity on how ride-sharing companies will monetize data they are collecting and if this is a scalable business," said Jordan Stuart, a client portfolio manager for Federated Kaufmann funds who often purchase stock in IPOs.

Ride-hailing company Uber Technologies Inc will unveil terms for its initial public offering on Friday, telling investors it will seek to be valued at between $80 billion and $90 billion, according to people familiar with the matter.

Ride-hailing company Uber Technologies Inc will unveil terms for its initial public offering on Friday, telling investors it will seek to be valued at between $80 billion and $90 billion, according to people familiar with the matter. The valuation sought is less than the $120 billion valuation that investment bankers told Uber last year it could fetch, and closer to the $76 billion valuation it attained in its last private fundraising round last year. Uber's moderation of valuation expectations reflects the poor stock performance of its smaller rival Lyft Inc following its IPO last month. Lyft shares ended trading on Thursday down 22 percent from their IPO price amid investor scepticism over its path to profitability. Uber will unveil on Friday an IPO price range of between $44 and $50 per share, based on which it would raise between $8 billion and $9 billion, the sources said. This would rank it as the largest IPO since that of Chinese e-commerce giant Alibaba Group Holding Ltd in 2014. In addition, some Uber insiders will also sell their own shares in the IPO, the sources said. Reuters reported earlier this month that all the Uber shares sold in the IPO could be worth around $10 billion. Uber also plans to unveil on Friday its last sale of stock as a private company, the sources said. The identity of the investor involved in the private placement could not immediately be learned. PayPal Holdings Inc plans to invest $500 million in a concurrent private placement at Uber's IPO price, Refinitiv IFR reported, citing sources. Uber and PayPal were not immediately available to comment on the IFR report. The investor roadshow will kick off in earnest on Monday, setting the stage for Uber to debut on the New York Stock Exchange in early May. For the roadshow, Uber's top executives will travel the United States and make a stop in London to drum up investor interest in the IPO, sources said. The sources asked not to be identified because the matter is confidential. Uber declined to comment. The price range was reported earlier by Bloomberg News. Two other IPOs this month, those of online scrapbook company Pinterest Inc and video conferencing company Zoom Video Communications Inc, have performed much more strongly than Lyft. Uber, however, has chosen to still value itself conservatively. "People are more cautious than they were 4 weeks ago," said Duncan Davidson, general partner at Bullpen Capital, an early-stage venture capital investment firm. Uber operates in more than 70 countries. In addition to ride-hailing, its business includes bike and scooter rentals, freight hauling, food delivery, and an expensive self-driving car division. The ride-hailing startup has disclosed it has 91 million users, but growth is slowing and it may never make a profit. Uber in 2018 had $11.3 billion in revenue, up around 42 per cent over 2017, but below the 106 per cent growth the prior year. During the IPO roadshow, Uber's chief executive, Dara Khosrowshahi, will be tasked with convincing investors that he has successfully changed the company's culture and business practices after a series of embarrassing scandals over the last two years. Those have included sexual harassment allegations, a massive data breach that was concealed from regulators, use of illicit software to evade authorities and allegations of bribery overseas. Uber is reserving some shares in the IPO for drivers who have completed 2,500 trips among other criteria. AUTONOMOUS DRIVING Last week, Uber's autonomous vehicle unit raised $1 billion privately from a consortium of investors, including top Uber shareholder SoftBank Group Corp, giving the company a much-needed funding boost for its self-driving ambitions. Last year, Uber settled a legal dispute over trade secrets with Alphabet Inc's Waymo self-driving vehicle unit. Waymo, in its lawsuit, had said one of its former engineers who became chief of Uber's self-driving car project took with him thousands of confidential documents. One advantage Uber will likely seek to play up to investors is that it is the largest player in many of the markets in which it operates. Analysts consider building scale crucial for Uber's business model to become profitable. Lyft, which was valued at $24.3 billion in its IPO, has focused only in the U.S. and Canadian markets. "Investors are now asking for more clarity on how ride-sharing companies will monetize data they are collecting and if this is a scalable business," said Jordan Stuart, a client portfolio manager for Federated Kaufmann funds who often purchase stock in IPOs.

Uber to kick off investor road show with IPO terms on Friday

The rupee appreciated 16 paise to 70.09 against the US dollar in opening trade Friday, driven by positive opening in domestic equities and weakening greenback in overseas markets.

The rupee opened strong at 70.12 at the interbank forex market, then gained further ground to touch 70.09 per dollar, displaying gains of 16 paise against the greenback.

Forex dealers said, easing crude prices, sustained foreign fund inflows and selling of the American currency by exporters supported the rupee.

On Thursday, the rupee had settled at 70.25 against the US dollar.

Foreign funds infused Rs 3,785.73 crore in capital market on a net basis, while domestic institutional investors sold shares worth Rs 4,069.98 crore Thursday, provisional data showed.

The benchmark BSE Sensex was trading with gains of 150.56 points, or 0.39 per cent, at 38,864.41; while the NSE Nifty was trading at 11,692.05, up 50.25 points, or 0.43 per cent.

Meanwhile, brent crude, the global benchmark, was trading at 74.14 per barrel lower by 0.28 per cent.&nbsp;

The rupee appreciated 16 paise to 70.09 against the US dollar in opening trade Friday, driven by positive opening in domestic equities and weakening greenback in overseas markets.

The rupee appreciated 16 paise to 70.09 against the US dollar in opening trade Friday, driven by positive opening in domestic equities and weakening greenback in overseas markets. The rupee opened strong at 70.12 at the interbank forex market, then gained further ground to touch 70.09 per dollar, displaying gains of 16 paise against the greenback. Forex dealers said, easing crude prices, sustained foreign fund inflows and selling of the American currency by exporters supported the rupee. On Thursday, the rupee had settled at 70.25 against the US dollar. Foreign funds infused Rs 3,785.73 crore in capital market on a net basis, while domestic institutional investors sold shares worth Rs 4,069.98 crore Thursday, provisional data showed. The benchmark BSE Sensex was trading with gains of 150.56 points, or 0.39 per cent, at 38,864.41; while the NSE Nifty was trading at 11,692.05, up 50.25 points, or 0.43 per cent. Meanwhile, brent crude, the global benchmark, was trading at 74.14 per barrel lower by 0.28 per cent.

Rupee rises 16 paise to 70.09 vs US dollar in early trade

Equity benchmark BSE Sensex jumped over 150 points in early trade Friday led by banking stocks amid unabated foreign fund inflow.

The 30-share index was trading 152.41 points or 0.39 per cent higher at 38,883.27, and the NSE Nifty rose 50.90 points or 0.44 per cent to 11,692.70.

In the previous session, the BSE bourse slumped 323.82 points, or 0.83 per cent, to close at 38,730.86, while the Nifty declined 84.35 points, or 0.72 per cent, to 11,641.80.

Tata Steel was the biggest gainer in the Sensex pack, rising 4.31 per cent, after the company Thursday reported a rise consolidated revenue to Rs 1,59,089.57 crore, up from Rs 1,24,990.79 crore.

The company, which after many years of being the No 2 to JSW Steel, became the largest alloy maker with an annual output of close to 20 MT in FY19.

It, however, reported a sharp 84.37 per cent fall in consolidated net income at Rs 2,295.25 crore for the three months to March due to high base last year.

The company had booked a net income of Rs 14,688.02 crore in the corresponding quarter of the previous fiscal, boosted by an "exceptional" gain of Rs 11,376 crore.

Axis Bank too rose 1.77 per cent after the private lender Thursday reported a net profit of Rs 1,505 crore for the March quarter of 2018-19, driven by a significant decline in provisioning and higher interest income.

Other gainers in morning session were HCL Tech, Coal India, Bharti Airtel, Sun Pharma, PowerGrid, NTPC, ITC, L&amp;T, TCS, RIL and SBI, rising up to 1.53 per cent.

On the other hand, Tata Motors, Maruti, IndusInd Bank, Hero MotoCorp, Kotak Bank, HDFC and Vedanta were among the top losers, shedding up to 2.62 per cent.

Meanwhile, Hero MotoCorp Yes Bank, HDFC AMC and HDFC Life Insurance are among the companies that are scheduled to announce their March quarter results on Friday.&nbsp;

According to traders, investor sentiment was buoyed by firm buying on banking counters. Sustained foreign fund inflows too lifted market mood.

Foreign institutional investors (FIIs) purchased equity worth Rs 3,785.73 crore on Thursday, while domestic institutional investors (DIIs) sold shares to the tune of Rs 4,069.98 crore, provisional data available with stock exchanges showed.

The rupee appreciated 12 paise to 70.13 against the US dollar in early trade.

Brent crude futures, the global oil benchmark, were trading 0.24 per cent lower at $74.17 per barrel.

Elsewhere in Asia, benchmark equity indices in Shanghai, Tokyo and Seoul were trading on a negative note in early trade.

On Wall Street, Dow Jones Industrial Average ended in the red on Thursday.&nbsp;

Equity benchmark BSE Sensex jumped over 150 points in early trade Friday led by banking stocks amid unabated foreign fund inflow. The 30-share index was trading 152.

Equity benchmark BSE Sensex jumped over 150 points in early trade Friday led by banking stocks amid unabated foreign fund inflow. The 30-share index was trading 152.41 points or 0.39 per cent higher at 38,883.27, and the NSE Nifty rose 50.90 points or 0.44 per cent to 11,692.70. In the previous session, the BSE bourse slumped 323.82 points, or 0.83 per cent, to close at 38,730.86, while the Nifty declined 84.35 points, or 0.72 per cent, to 11,641.80. Tata Steel was the biggest gainer in the Sensex pack, rising 4.31 per cent, after the company Thursday reported a rise consolidated revenue to Rs 1,59,089.57 crore, up from Rs 1,24,990.79 crore. The company, which after many years of being the No 2 to JSW Steel, became the largest alloy maker with an annual output of close to 20 MT in FY19. It, however, reported a sharp 84.37 per cent fall in consolidated net income at Rs 2,295.25 crore for the three months to March due to high base last year. The company had booked a net income of Rs 14,688.02 crore in the corresponding quarter of the previous fiscal, boosted by an "exceptional" gain of Rs 11,376 crore. Axis Bank too rose 1.77 per cent after the private lender Thursday reported a net profit of Rs 1,505 crore for the March quarter of 2018-19, driven by a significant decline in provisioning and higher interest income. Other gainers in morning session were HCL Tech, Coal India, Bharti Airtel, Sun Pharma, PowerGrid, NTPC, ITC, L&T, TCS, RIL and SBI, rising up to 1.53 per cent. On the other hand, Tata Motors, Maruti, IndusInd Bank, Hero MotoCorp, Kotak Bank, HDFC and Vedanta were among the top losers, shedding up to 2.62 per cent. Meanwhile, Hero MotoCorp Yes Bank, HDFC AMC and HDFC Life Insurance are among the companies that are scheduled to announce their March quarter results on Friday. According to traders, investor sentiment was buoyed by firm buying on banking counters. Sustained foreign fund inflows too lifted market mood. Foreign institutional investors (FIIs) purchased equity worth Rs 3,785.73 crore on Thursday, while domestic institutional investors (DIIs) sold shares to the tune of Rs 4,069.98 crore, provisional data available with stock exchanges showed. The rupee appreciated 12 paise to 70.13 against the US dollar in early trade. Brent crude futures, the global oil benchmark, were trading 0.24 per cent lower at $74.17 per barrel. Elsewhere in Asia, benchmark equity indices in Shanghai, Tokyo and Seoul were trading on a negative note in early trade. On Wall Street, Dow Jones Industrial Average ended in the red on Thursday.

Sensex jumps over 150 points; Nifty above 11,000

Asian markets mostly fell Friday with investors treading carefully as global slowdown worries return to the fore, with analysts pointing to an economic divergence between the US and the rest of the world.

Traders have been cheered by a string of better-than-expected earnings from corporate titans this reporting season, with Facebook, Microsoft and Amazon adding to the positive mood on Wall Street, but were unable to fuel broad gains.

However, there have been a couple of misses from other top firms, while crucially a series of downbeat data and central bank caution have dampened spirits.

Central banks in Japan, Sweden, Turkey and Ukraine, with an eye on the global outlook, on Thursday, took a dovish turn and flagged softer policy in the near future. That came after a growth forecast cut by the Bank of Canada.

Meanwhile, low inflation has led to speculation the Reserve Bank of Australia could soon cut borrowing costs, while the European Central Bank is battling weak eurozone growth.

On top of that, a drop in German business confidence fanned worries about the bloc's biggest economy, while South Korea saw its worst performance in 10 years during the first quarter.

But while the Federal Reserve has said it will not likely raise interest rates this year the US economy continues to outpace its peers and the jobs markets are flourishing, with Wall Street hitting new records this week. Eyes are now on the release of US growth data later Friday.

"While positive earning numbers have lent massive support to US equities, it's hard to ignore the inescapable fact that we are back to the divergent economic narrative where the US economy is on fire while ice water continued to pour over the rest of the globe," said Stephen Innes of SPI Asset Management.

Shanghai dropped 0.5 per cent in the morning, extending losses of more than two per cent Thursday as investors fret that a run of market-supporting stimulus measures aimed at supporting the economy could be coming to an end.

Tokyo ended the morning down 0.7 per cent, Seoul shed 0.4 per cent and Singapore added 0.1 per cent.

There were also losses in Taipei, Wellington and Jakarta.

However, Hong Kong rose 0.3 per cent after suffering five straight days of decline.

The broad losses come at the end of a tough week for markets, which have enjoyed a blockbuster start to the year, thanks to hopes for China-US trade talks.

On oil markets both main contracts continued to fall after this week, hitting six-month highs as traders await the response from OPEC and Russia after the US said it would not extend waivers that allow certain countries to buy crude from sanctions-hit Iran.

Observers said that after the jump in prices, selling was to be expected owing to a number of factors including the China-US trade talks, unrest in Libya, Venezuela's political crisis and the OPEC-Russia output caps.

Asian markets mostly fell Friday with investors treading carefully as global slowdown worries return to the fore, with analysts pointing to an economic divergence between the US and the rest of the world.

Asian markets mostly fell Friday with investors treading carefully as global slowdown worries return to the fore, with analysts pointing to an economic divergence between the US and the rest of the world. Traders have been cheered by a string of better-than-expected earnings from corporate titans this reporting season, with Facebook, Microsoft and Amazon adding to the positive mood on Wall Street, but were unable to fuel broad gains. However, there have been a couple of misses from other top firms, while crucially a series of downbeat data and central bank caution have dampened spirits. Central banks in Japan, Sweden, Turkey and Ukraine, with an eye on the global outlook, on Thursday, took a dovish turn and flagged softer policy in the near future. That came after a growth forecast cut by the Bank of Canada. Meanwhile, low inflation has led to speculation the Reserve Bank of Australia could soon cut borrowing costs, while the European Central Bank is battling weak eurozone growth. On top of that, a drop in German business confidence fanned worries about the bloc's biggest economy, while South Korea saw its worst performance in 10 years during the first quarter. But while the Federal Reserve has said it will not likely raise interest rates this year the US economy continues to outpace its peers and the jobs markets are flourishing, with Wall Street hitting new records this week. Eyes are now on the release of US growth data later Friday. "While positive earning numbers have lent massive support to US equities, it's hard to ignore the inescapable fact that we are back to the divergent economic narrative where the US economy is on fire while ice water continued to pour over the rest of the globe," said Stephen Innes of SPI Asset Management. Shanghai dropped 0.5 per cent in the morning, extending losses of more than two per cent Thursday as investors fret that a run of market-supporting stimulus measures aimed at supporting the economy could be coming to an end. Tokyo ended the morning down 0.7 per cent, Seoul shed 0.4 per cent and Singapore added 0.1 per cent. There were also losses in Taipei, Wellington and Jakarta. However, Hong Kong rose 0.3 per cent after suffering five straight days of decline. The broad losses come at the end of a tough week for markets, which have enjoyed a blockbuster start to the year, thanks to hopes for China-US trade talks. On oil markets both main contracts continued to fall after this week, hitting six-month highs as traders await the response from OPEC and Russia after the US said it would not extend waivers that allow certain countries to buy crude from sanctions-hit Iran. Observers said that after the jump in prices, selling was to be expected owing to a number of factors including the China-US trade talks, unrest in Libya, Venezuela's political crisis and the OPEC-Russia output caps.

Asian markets mostly down after mixed lead from Wall Street

Amazon plans to deliver packages to members of its loyalty club Prime in just one day, instead of two days, part of a spending ramp-up that may curb near-term profits and will up the ante for retail rivals such as Walmart.

Shares rose as much as 2 per cent in after-hours trade on Thursday as Amazon said faster shipping will come to customers around the world and said its profit more than doubled in the first quarter, trouncing estimates thanks to soaring demand for its cloud and ad services.

The news marks a costly challenge for competitors that will have to pour money into a logistics problem that even the king of e-commerce has yet to solve. Amazon expects to spend $800 million toward the shipping goal in the second quarter alone.

"There's a lot of error bars around this programme, especially from the cost side," Amazon's Chief Financial Officer Brian Olsavsky told analysts on a conference call. "We (are) again, trying to take advantage of the fulfilment capacity and transportation capacity, especially with third-party partners, that we have."

While Olsavsky did not provide a concrete timeline for the program's rollout, he said, "We expect to make steady progress quickly and through the year."

US rivals Walmart and Target Corp have steadily rolled out two-day shipping, albeit on far fewer items than Amazon Prime customers can get at that speed for $119 a year in the United States. Olsavsky said the "vast majority" of Amazon's selection is available in two days, and the company has already expanded the number of goods eligible for same-day and two-hour delivery.

"Amazon is cranking it up a notch, trying to set themselves apart," said Cathy Morrow Roberson, a former UPS analyst who founded consulting firm Logistics Trends &amp; Insights.

She estimated that roughly 20 per cent to 25 per cent of Amazon's shipping is currently within one day, noting that speedy service was easy in large U.S. metro areas where it already had built out its delivery network. However, costs can be prohibitive elsewhere.

"I don’t know how they are going to do it in ‘Little Town USA,'" she said.

More profit to spend

Shifts in the nature of Amazon's business have afforded the company windfalls that it now can apply toward its ambitious delivery programme.

The company's loyal customer base has drawn merchants to sell and increasingly advertise through its site in exchange for fees. In the first quarter, revenue from seller services jumped 20 per cent to $11.1 billion, while ad and other sales surged 34 per cent to $2.7 billion, the company said.

Meanwhile, Amazon's cash cow, its cloud unit known as AWS that sells data storage and computing services to enterprises, saw operating income grow 59 per cent to $2.2 billion.

The numbers reflect Amazon's transformation from a low-margin retail business to a more lucrative marketplace and technology behemoth. While revenue growth slowed, profit surged to $3.6 billion in the first quarter, beating analysts' expectations of $2.4 billion, according to IBES data from Refinitiv.

The company forecast net sales of between $59.5 billion and $63.5 billion for the second quarter, the midpoint of which was below analysts' average estimate of $62.4 billion, according to Refinitiv data.

"Amazon delivered slower growth in all key segments – AWS, advertising and e-commerce – but margins skyrocketed, seemingly driven by less aggressive investment," said Atlantic Equities analyst James Cordwell.

Olsavsky, Amazon's CFO, said the company was still reaping rewards from prior years of hiring and investments in warehouses and other infrastructure. The company had managed and complied with regulatory changes in India, which only months earlier had caused Amazon some uncertainty. But investment would soon ramp up, he said.

Amazon estimated that second-quarter operating income would be as much as $3.6 billion, short of the $4.2 billion analysts were expecting, according to FactSet.

The company plans to spend more to roll out benefits to international Prime members. Hiring would also pick up from the 12 per cent increase Amazon posted in the past 12 months, according to Olsavsky.

The company is delving into even less familiar terrain, too. It recently announced investments in self-driving and electric car companies, teasing how it thinks these high-tech, capital-intensive businesses could pay dividends potentially in the form of autonomous deliveries in the long run. Amazon has not described in detail it is thinking behind the bets.

The initiatives reflect how the world's largest online retailer has long invested in still-untested technology and programs, like its $13.7 billion purchase of Whole Foods Market to bolster home grocery deliveries.

The marches into new industries has been lucrative to shareholders, including its founder Jeff Bezos, who is the richest man in the world.

Amazon plans to deliver packages to members of its loyalty club Prime in just one day, instead of two days, part of a spending ramp-up that may curb near-term profits and will up the ante for retail rivals such as Walmart.

Amazon plans to deliver packages to members of its loyalty club Prime in just one day, instead of two days, part of a spending ramp-up that may curb near-term profits and will up the ante for retail rivals such as Walmart. Shares rose as much as 2 per cent in after-hours trade on Thursday as Amazon said faster shipping will come to customers around the world and said its profit more than doubled in the first quarter, trouncing estimates thanks to soaring demand for its cloud and ad services. The news marks a costly challenge for competitors that will have to pour money into a logistics problem that even the king of e-commerce has yet to solve. Amazon expects to spend $800 million toward the shipping goal in the second quarter alone. "There's a lot of error bars around this programme, especially from the cost side," Amazon's Chief Financial Officer Brian Olsavsky told analysts on a conference call. "We (are) again, trying to take advantage of the fulfilment capacity and transportation capacity, especially with third-party partners, that we have." While Olsavsky did not provide a concrete timeline for the program's rollout, he said, "We expect to make steady progress quickly and through the year." US rivals Walmart and Target Corp have steadily rolled out two-day shipping, albeit on far fewer items than Amazon Prime customers can get at that speed for $119 a year in the United States. Olsavsky said the "vast majority" of Amazon's selection is available in two days, and the company has already expanded the number of goods eligible for same-day and two-hour delivery. "Amazon is cranking it up a notch, trying to set themselves apart," said Cathy Morrow Roberson, a former UPS analyst who founded consulting firm Logistics Trends & Insights. She estimated that roughly 20 per cent to 25 per cent of Amazon's shipping is currently within one day, noting that speedy service was easy in large U.S. metro areas where it already had built out its delivery network. However, costs can be prohibitive elsewhere. "I don’t know how they are going to do it in ‘Little Town USA,'" she said. More profit to spend Shifts in the nature of Amazon's business have afforded the company windfalls that it now can apply toward its ambitious delivery programme. The company's loyal customer base has drawn merchants to sell and increasingly advertise through its site in exchange for fees. In the first quarter, revenue from seller services jumped 20 per cent to $11.1 billion, while ad and other sales surged 34 per cent to $2.7 billion, the company said. Meanwhile, Amazon's cash cow, its cloud unit known as AWS that sells data storage and computing services to enterprises, saw operating income grow 59 per cent to $2.2 billion. The numbers reflect Amazon's transformation from a low-margin retail business to a more lucrative marketplace and technology behemoth. While revenue growth slowed, profit surged to $3.6 billion in the first quarter, beating analysts' expectations of $2.4 billion, according to IBES data from Refinitiv. The company forecast net sales of between $59.5 billion and $63.5 billion for the second quarter, the midpoint of which was below analysts' average estimate of $62.4 billion, according to Refinitiv data. "Amazon delivered slower growth in all key segments – AWS, advertising and e-commerce – but margins skyrocketed, seemingly driven by less aggressive investment," said Atlantic Equities analyst James Cordwell. Olsavsky, Amazon's CFO, said the company was still reaping rewards from prior years of hiring and investments in warehouses and other infrastructure. The company had managed and complied with regulatory changes in India, which only months earlier had caused Amazon some uncertainty. But investment would soon ramp up, he said. Amazon estimated that second-quarter operating income would be as much as $3.6 billion, short of the $4.2 billion analysts were expecting, according to FactSet. The company plans to spend more to roll out benefits to international Prime members. Hiring would also pick up from the 12 per cent increase Amazon posted in the past 12 months, according to Olsavsky. The company is delving into even less familiar terrain, too. It recently announced investments in self-driving and electric car companies, teasing how it thinks these high-tech, capital-intensive businesses could pay dividends potentially in the form of autonomous deliveries in the long run. Amazon has not described in detail it is thinking behind the bets. The initiatives reflect how the world's largest online retailer has long invested in still-untested technology and programs, like its $13.7 billion purchase of Whole Foods Market to bolster home grocery deliveries. The marches into new industries has been lucrative to shareholders, including its founder Jeff Bezos, who is the richest man in the world.

Amazon raises stakes for rivals with one-day delivery goal after profit surge

Oil prices dipped on Friday on expectations that producer club OPEC will soon raise output to make up for a decline in exports from Iran following a tightening of sanctions by the United States against Tehran.

Brent crude futures were at $74.09 per barrel at 0029 GMT, down 26 cents, or 0.4 per cent, from their last close.

US&nbsp;West Texas Intermediate (WTI) crude futures were at $64.82 per barrel, down 39 cents, or 0.6 per cent, from their previous settlement.

The dip followed Brent's rise above $75 per barrel for the first time this year on Thursday after Germany, Poland and Slovakia suspended imports of Russian oil via a major pipeline, citing poor quality. The move cut parts of Europe off from a major supply route.

But prices were already gaining before the Russian disruption, driven up by supply cuts led by the Middle East dominated Organisation of the Petroleum Exporting Countries (OPEC) and US&nbsp;sanctions against Venezuela and Iran. Crude futures are up around 40 per cent so far this year.

Washington said on Monday it would end all exemptions for sanctions against Iran, demanding countries halt oil imports from Tehran from May or face punitive action from Washington.

To make up for the shortfall from Iran, the United States is pressuring OPEC's de-facto leader Saudi Arabia to end its voluntary supply restraint.

"The US&nbsp;will continue to pressure Saudi Arabia to lift its production to cover the supply gap," said Alfonso Esparza, senior market analyst at futures brokerage OANDA.

Energy consultancy FGE said "the need is now very apparent for OPEC+ to take action and increase production" in order to keep markets well supplied and prevent prices from spiking.

Despite US&nbsp;efforts to drive Iranian oil exports down to zero, many analysts expect some oil to still seep out of the country.

"A total of 400,000 to 500,000 barrels per day of crude and condensate will continue to be exported," said FGE, down from around 1 million bpd currently.

Most of this oil would be smuggled out of Iran or go to China despite the sanctions.

China, the world's biggest buyer of Iranian oil, this week formally complained to the United States over its unilateral Iran sanctions.

Oil prices dipped on Friday on expectations that producer club OPEC will soon raise output to make up for a decline in exports from Iran following a tightening of sanctions by the United States against Tehran.

Oil prices dipped on Friday on expectations that producer club OPEC will soon raise output to make up for a decline in exports from Iran following a tightening of sanctions by the United States against Tehran. Brent crude futures were at $74.09 per barrel at 0029 GMT, down 26 cents, or 0.4 per cent, from their last close. US West Texas Intermediate (WTI) crude futures were at $64.82 per barrel, down 39 cents, or 0.6 per cent, from their previous settlement. The dip followed Brent's rise above $75 per barrel for the first time this year on Thursday after Germany, Poland and Slovakia suspended imports of Russian oil via a major pipeline, citing poor quality. The move cut parts of Europe off from a major supply route. But prices were already gaining before the Russian disruption, driven up by supply cuts led by the Middle East dominated Organisation of the Petroleum Exporting Countries (OPEC) and US sanctions against Venezuela and Iran. Crude futures are up around 40 per cent so far this year. Washington said on Monday it would end all exemptions for sanctions against Iran, demanding countries halt oil imports from Tehran from May or face punitive action from Washington. To make up for the shortfall from Iran, the United States is pressuring OPEC's de-facto leader Saudi Arabia to end its voluntary supply restraint. "The US will continue to pressure Saudi Arabia to lift its production to cover the supply gap," said Alfonso Esparza, senior market analyst at futures brokerage OANDA. Energy consultancy FGE said "the need is now very apparent for OPEC+ to take action and increase production" in order to keep markets well supplied and prevent prices from spiking. Despite US efforts to drive Iranian oil exports down to zero, many analysts expect some oil to still seep out of the country. "A total of 400,000 to 500,000 barrels per day of crude and condensate will continue to be exported," said FGE, down from around 1 million bpd currently. Most of this oil would be smuggled out of Iran or go to China despite the sanctions. China, the world's biggest buyer of Iranian oil, this week formally complained to the United States over its unilateral Iran sanctions.

Oil prices ease on expectation that OPEC will raise output

The <a href="https://www.wionews.com/business-economy/sensex-jumps-over-150-points-nifty-above-11000-213588">BSE Sensex</a> rallied 336 points to reclaim the 39,000 mark Friday, propelled by gains in banking, oil and gas, metal and IT stocks amid easing global crude oil prices.

After hitting an intra-day high of 39,103.16, the Sensex settled 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 after scaling a high of 11,762.90 during the day.

Tata Steel and Axis Bank were among the top gainers in the Sensex pack, surging up to 6.67 per cent following their March quarter results.

ICICI Bank, TCS, SBI, RIL, Infosys, HDFC twins, Kotak Bank, HUL, NTPC, IndusInd Bank, Sun Pharma, HCL Tech, Bajaj Finance L&amp;T and ITC were the other gainers, rising up to 3.05 per cent.

On the other hand, Tata Motors, Bajaj Auto, Maruti, Bharti Airtel, Coal India, M&amp;M and Vedanta fell up to 2.84 per cent.

Hero MotoCorp and Yes Bank ended up to 0.51 per cent lower ahead of their quarterly earnings.

According to traders, fall in crude oil prices and unabated foreign fund inflows have boosted investor sentiment.

Brent crude futures, the global oil benchmark, slipped 1.28 per cent to $73.41 per barrel.

The rupee rebounded 25 paise to 70 against the US dollar intra-day.

Meanwhile, foreign institutional investors (FIIs) purchased equity worth Rs 3,785.73 crore on Thursday, while domestic institutional investors (DIIs) sold shares to the tune of

Rs 4,069.98 crore, provisional data available with stock exchanges showed.

Elsewhere in Asia, benchmark equity indices in Shanghai, Tokyo and Seoul ended on a negative note. European equites were also weak in early trade.

The BSE Sensex rallied 336 points to reclaim the 39,000 mark Friday, propelled by gains in banking, oil and gas, metal and IT stocks amid easing global crude oil prices.

The BSE Sensex rallied 336 points to reclaim the 39,000 mark Friday, propelled by gains in banking, oil and gas, metal and IT stocks amid easing global crude oil prices. After hitting an intra-day high of 39,103.16, the Sensex settled 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 after scaling a high of 11,762.90 during the day. Tata Steel and Axis Bank were among the top gainers in the Sensex pack, surging up to 6.67 per cent following their March quarter results. ICICI Bank, TCS, SBI, RIL, Infosys, HDFC twins, Kotak Bank, HUL, NTPC, IndusInd Bank, Sun Pharma, HCL Tech, Bajaj Finance L&T and ITC were the other gainers, rising up to 3.05 per cent. On the other hand, Tata Motors, Bajaj Auto, Maruti, Bharti Airtel, Coal India, M&M and Vedanta fell up to 2.84 per cent. Hero MotoCorp and Yes Bank ended up to 0.51 per cent lower ahead of their quarterly earnings. According to traders, fall in crude oil prices and unabated foreign fund inflows have boosted investor sentiment. Brent crude futures, the global oil benchmark, slipped 1.28 per cent to $73.41 per barrel. The rupee rebounded 25 paise to 70 against the US dollar intra-day. Meanwhile, foreign institutional investors (FIIs) purchased equity worth Rs 3,785.73 crore on Thursday, while domestic institutional investors (DIIs) sold shares to the tune of Rs 4,069.98 crore, provisional data available with stock exchanges showed. Elsewhere in Asia, benchmark equity indices in Shanghai, Tokyo and Seoul ended on a negative note. European equites were also weak in early trade.

Sensex soars 336 points to close above 39,000-mark; Tata Steel rallies 7%

German sportswear group Puma reported a record quarter in sales and earnings on Friday, driven by healthy demand in China and the Americas after it reentered the basketball market.

Puma has been growing faster than its bigger German rival Adidas and market leader Nike, helped by savvy social media campaigns and partnerships with celebrities like singers Selena Gomez and Rihanna and rap mogul Jay-Z.

Nike last month reported quarterly revenue that failed to beat Wall Street estimates for the first time in more than a year, as sales fell short of expectations in its biggest market of North America, sending its shares tumbling 5 per cent.

Puma's first-quarter sales rose a currency-adjusted 15.3 percent to 1.32 billion euros ($1.47 billion), versus an analyst consensus for 1.3 billion.

Operating profit came in at 143 million euros versus a consensus forecast of 139 million.

"The first quarter of 2019 was the best quarter PUMA has ever seen," Chief Executive Bjorn Gulden said in a statement, adding that revenue and absolute operating profit were the highest it had ever achieved.

Still, Puma held off raising its guidance for the full year, which analysts regard as conservative

"Even if we have nine more months to go and despite a lot of uncertainty in the market, we feel comfortable that we will achieve our guidance for the full year," Gulden said.

Puma has forecast currency-adjusted sales growth of about 10 per cent and operating profit of 395-415 million euros.

Adidas has forecast currency-neutral group sales growth of 5-8 per cent in 2019 as it grapples with supply issues, while Nike expects sales to grow in the low double digits.

Puma's first-quarter sales rose a currency-adjusted 28.6 per cent in Asia, and 16.3 per cent in the Americas, helped by Puma's launch of its first basketball shoe in 20 years in September.

German sportswear group Puma reported a record quarter in sales and earnings on Friday, driven by healthy demand in China and the Americas after it reentered the basketball market.

German sportswear group Puma reported a record quarter in sales and earnings on Friday, driven by healthy demand in China and the Americas after it reentered the basketball market. Puma has been growing faster than its bigger German rival Adidas and market leader Nike, helped by savvy social media campaigns and partnerships with celebrities like singers Selena Gomez and Rihanna and rap mogul Jay-Z. Nike last month reported quarterly revenue that failed to beat Wall Street estimates for the first time in more than a year, as sales fell short of expectations in its biggest market of North America, sending its shares tumbling 5 per cent. Puma's first-quarter sales rose a currency-adjusted 15.3 percent to 1.32 billion euros ($1.47 billion), versus an analyst consensus for 1.3 billion. Operating profit came in at 143 million euros versus a consensus forecast of 139 million. "The first quarter of 2019 was the best quarter PUMA has ever seen," Chief Executive Bjorn Gulden said in a statement, adding that revenue and absolute operating profit were the highest it had ever achieved. Still, Puma held off raising its guidance for the full year, which analysts regard as conservative "Even if we have nine more months to go and despite a lot of uncertainty in the market, we feel comfortable that we will achieve our guidance for the full year," Gulden said. Puma has forecast currency-adjusted sales growth of about 10 per cent and operating profit of 395-415 million euros. Adidas has forecast currency-neutral group sales growth of 5-8 per cent in 2019 as it grapples with supply issues, while Nike expects sales to grow in the low double digits. Puma's first-quarter sales rose a currency-adjusted 28.6 per cent in Asia, and 16.3 per cent in the Americas, helped by Puma's launch of its first basketball shoe in 20 years in September.

Puma reports 'best ever' quarter for sales and profit, beating Adidas and Nike

The Supreme Court Friday directed the <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/business-economy/rbi-asks-banks-to-disclose-ilfs-provisions-in-q4-accounts-213288&amp;sa=U&amp;ved=2ahUKEwjutpmwou3hAhXd6XMBHeEhANgQFjABegQIEBAC&amp;usg=AOvVaw1L07xkBtRV2Orfg5PrMmsB">Reserve Bank of India</a> (RBI) to disclose information pertaining to its annual inspection report of banks under the Right to Information (RTI) Act unless they are exempted under law.

A bench headed by Justice L Nageswara Rao also directed the federal bank to review its policy to disclose information relating to banks under RTI, saying "it is duty bound under the law".

The bench, which did not go ahead with contempt proceedings against the RBI, made it clear that it was giving a last opportunity to it to comply with provisions of the transparency law.

The bench said it would have taken a serious view to the refusal of the RBI to part with information under RTI.

"Any further violation shall be viewed seriously," the bench said.

In January this year, the top court had issued contempt notice to RBI for not disclosing annual inspection report of banks under RTI.&nbsp;

Earlier, the apex court and the Central Information Commission, both had held that the RBI cannot deny information to an information seeker under the transparency law unless the material is exempted from disclosure under the law.&nbsp;

The RBI, in its defence, had said that it cannot disclose information as the annual inspection report of the bank contained "fiduciary" information as defined under the transparency law.&nbsp;

The bench was hearing a contempt petition filed by RTI activist S C Agrawal against the RBI.&nbsp;

Agrawal had sought complete information including related documents from RBI on the imposition of fines on some banks for violating rules.

He had also sought the list of banks and the default for which show cause notices were issued to them before the fine was imposed.

Despite the apex court's judgement for disclosure of such information, the RBI had issued a "Disclosure Policy" under which it has listed certain information as being exempted from being disclosed of the RTI Act.

"It is to be noted that this specific information are similar to what were held not to be exempted by the Supreme Court," claimed the plea.

The RBI had refused to disclose such information on the grounds of economic interest and holding such information in a fiduciary relationship with these individual banks.

"Such reason is in direct contempt with this court's judgment. The information titles which are in contempt belong to the Department of Banking Regulation, Banking Supervision, Cooperative Banking Regulation/Department of Cooperative Banking Supervision and Consumer Education and Protection Department.

"This exempted information under the policy was held to be not exempted by the Supreme Court.

Thus, this exemption leads to contempt of this court's order," the plea has said.

The Supreme Court had in 2015 held that RBI should take rigid action against those banks and financial institutions which have been indulging in "disreputable business practices" and said it cannot withhold information on defaulters and other issues covered under the RTI Act.

It had further clarified that RBI cannot withhold information under the "guise" of confidence or trust with financial institutions and is accountable to provide the information sought by the general public.&nbsp;

The Supreme Court Friday directed the Reserve Bank of India (RBI) to disclose information pertaining to its annual inspection report of banks under the Right to Information (RTI) Act unless they are exempted under law.

The Supreme Court Friday directed the Reserve Bank of India (RBI) to disclose information pertaining to its annual inspection report of banks under the Right to Information (RTI) Act unless they are exempted under law. A bench headed by Justice L Nageswara Rao also directed the federal bank to review its policy to disclose information relating to banks under RTI, saying "it is duty bound under the law". The bench, which did not go ahead with contempt proceedings against the RBI, made it clear that it was giving a last opportunity to it to comply with provisions of the transparency law. The bench said it would have taken a serious view to the refusal of the RBI to part with information under RTI. "Any further violation shall be viewed seriously," the bench said. In January this year, the top court had issued contempt notice to RBI for not disclosing annual inspection report of banks under RTI. Earlier, the apex court and the Central Information Commission, both had held that the RBI cannot deny information to an information seeker under the transparency law unless the material is exempted from disclosure under the law. The RBI, in its defence, had said that it cannot disclose information as the annual inspection report of the bank contained "fiduciary" information as defined under the transparency law. The bench was hearing a contempt petition filed by RTI activist S C Agrawal against the RBI. Agrawal had sought complete information including related documents from RBI on the imposition of fines on some banks for violating rules. He had also sought the list of banks and the default for which show cause notices were issued to them before the fine was imposed. Despite the apex court's judgement for disclosure of such information, the RBI had issued a "Disclosure Policy" under which it has listed certain information as being exempted from being disclosed of the RTI Act. "It is to be noted that this specific information are similar to what were held not to be exempted by the Supreme Court," claimed the plea. The RBI had refused to disclose such information on the grounds of economic interest and holding such information in a fiduciary relationship with these individual banks. "Such reason is in direct contempt with this court's judgment. The information titles which are in contempt belong to the Department of Banking Regulation, Banking Supervision, Cooperative Banking Regulation/Department of Cooperative Banking Supervision and Consumer Education and Protection Department. "This exempted information under the policy was held to be not exempted by the Supreme Court. Thus, this exemption leads to contempt of this court's order," the plea has said. The Supreme Court had in 2015 held that RBI should take rigid action against those banks and financial institutions which have been indulging in "disreputable business practices" and said it cannot withhold information on defaulters and other issues covered under the RTI Act. It had further clarified that RBI cannot withhold information under the "guise" of confidence or trust with financial institutions and is accountable to provide the information sought by the general public.

Supreme Court directs RBI to disclose information on bank inspection report under RTI

The world's biggest advertising company WPP reported an 8.5 per cent slump in first-quarter underlying sales in North America, its biggest market, due to the loss of clients.

WPP, being led by company veteran Mark Read following last year's departure of founder Martin Sorrell, said its overall organic revenue was down 2.8 percent, compared with a full-year forecast of a fall of between 1.5 to 2 per cent.

The British company reaffirmed its full-year outlook, including the forecast that the first half of the year would be more difficult than the second.

"As anticipated, our first-quarter trading update reflects the impact of certain significant client losses in 2018, in particular in the United States," Chief Executive Mark Read said.

WPP, the owner of agencies including JWT, Finsbury and Ogilvy, is in the middle of an overhaul launched by Read following several profit warnings in 2017 and 2018.

The group has been particularly hard hit in the US, where it has lost work from clients including its biggest, Ford, and others in the pharmaceutical and consumer goods sector.

Read has responded by merging several of its biggest agencies, appointing new leaders in the US&nbsp;and launching a hunt for new creative talent.

To help fund the turnaround WPP has put its data analytics business Kantar up for sale, looking for a partner to take a majority stake. It said on Friday it was pleased with the level of interest.

The world's biggest advertising company WPP reported an 8.5 per cent slump in first-quarter underlying sales in North America, its biggest market, due to the loss of clients.

The world's biggest advertising company WPP reported an 8.5 per cent slump in first-quarter underlying sales in North America, its biggest market, due to the loss of clients. WPP, being led by company veteran Mark Read following last year's departure of founder Martin Sorrell, said its overall organic revenue was down 2.8 percent, compared with a full-year forecast of a fall of between 1.5 to 2 per cent. The British company reaffirmed its full-year outlook, including the forecast that the first half of the year would be more difficult than the second. "As anticipated, our first-quarter trading update reflects the impact of certain significant client losses in 2018, in particular in the United States," Chief Executive Mark Read said. WPP, the owner of agencies including JWT, Finsbury and Ogilvy, is in the middle of an overhaul launched by Read following several profit warnings in 2017 and 2018. The group has been particularly hard hit in the US, where it has lost work from clients including its biggest, Ford, and others in the pharmaceutical and consumer goods sector. Read has responded by merging several of its biggest agencies, appointing new leaders in the US and launching a hunt for new creative talent. To help fund the turnaround WPP has put its data analytics business Kantar up for sale, looking for a partner to take a majority stake. It said on Friday it was pleased with the level of interest.

Client losses hit ad group WPP in North America; 8.5% slump in first-quarter reported

Over 190 activists Wednesday requested the Union government to ask food and beverages giant PepsiCo India to withdraw its "false" cases against Gujarat farmers for allegedly illegally growing a variety of potatoes "registered" by the company.

Nine farmers from Sabarkantha and Aravalli districts have been dragged to court by PepsiCo for allegedly growing a variety of potatoes for which it has claimed Plant Variety Protection (PVP) rights.

The multinational giant has sought damages of Rs. 1 crore from each of four farmers in its suit at a court in Ahmedabad, and Rs. 20 lakh from each of the farmers sued at a district court in Modasa, activists said at a press conference.

The matter in Ahmedabad court will come up for hearing on April 26, they said.

The Protection of Plant Varieties and Farmers' Rights Authority Act, 2011 exempts farmers from PVP rights, said Kapil Shah, who heads Jatan, an organisation dedicated to organic farming.

"It is for the state government to ensure that farmers are not harassed. The company should immediately withdraw the case which is untenable," said Sagar Rabari of the Gujarat Khedut Samaj.

In a letter to the Ministry of Agriculture, 194 signatories have sought financial aid and protection of rights of farmers who have been sued for growing and selling a potato variety called FC-5 potato, for which PepsiCo India Holdings claimed to have obtained "exclusive rights in the country in 2016".

Reached for its reaction, a company spokesperson said that "given the issue is sub-judice, it would not be proper to offer detailed comments".

Over 190 activists Wednesday requested the Union government to ask food and beverages giant PepsiCo India to withdraw its "false" cases against Gujarat farmers for allegedly illegally growing a variety of potatoes "registered" by the company.

Over 190 activists Wednesday requested the Union government to ask food and beverages giant PepsiCo India to withdraw its "false" cases against Gujarat farmers for allegedly illegally growing a variety of potatoes "registered" by the company. Nine farmers from Sabarkantha and Aravalli districts have been dragged to court by PepsiCo for allegedly growing a variety of potatoes for which it has claimed Plant Variety Protection (PVP) rights. The multinational giant has sought damages of Rs. 1 crore from each of four farmers in its suit at a court in Ahmedabad, and Rs. 20 lakh from each of the farmers sued at a district court in Modasa, activists said at a press conference. The matter in Ahmedabad court will come up for hearing on April 26, they said. The Protection of Plant Varieties and Farmers' Rights Authority Act, 2011 exempts farmers from PVP rights, said Kapil Shah, who heads Jatan, an organisation dedicated to organic farming. "It is for the state government to ensure that farmers are not harassed. The company should immediately withdraw the case which is untenable," said Sagar Rabari of the Gujarat Khedut Samaj. In a letter to the Ministry of Agriculture, 194 signatories have sought financial aid and protection of rights of farmers who have been sued for growing and selling a potato variety called FC-5 potato, for which PepsiCo India Holdings claimed to have obtained "exclusive rights in the country in 2016". Reached for its reaction, a company spokesperson said that "given the issue is sub-judice, it would not be proper to offer detailed comments".

Activists seek Centre's intervention in PepsiCo's case against farmers

Equity benchmark indices opened on a flat note on Thursday with most sectoral indices showing mixed results.

At 10:15 am, the BSE S&amp;P Sensex was up 46 points at 39,101 while the NSE Nifty gained 27 points to 11,753.

At the National Stock Exchange, some sectoral indices like FMCG, financial services, pharma and realty were in the green.

But auto, IT, metal and PSU banks were in the negative zone during early hours of trading. Among stocks, Yes Bank, Grasim, Ultra Cement, Bharat Petroleum and Power Grid gained some ground.

However, Maruti, Bajaj Auto, Infosys, ONGC and Bharti Infratel dropped.

Meanwhile, Asian shares slipped after a surprise slide in German and South Korean economic data rekindled fears of slowing global growth.

Investors were also cautious after the United States told countries buying Iranian oil to stop purchases by May 1 or face economic sanctions.

That has pushed Brent crude futures above 74.50 dollars per barrel.

Equity benchmark indices opened on a flat note on Thursday with most sectoral indices showing mixed results. At 10:15 am, the BSE S&P Sensex was up 46 points at 39,101 while the NSE Nifty gained 27 points to 11,753.

Equity benchmark indices opened on a flat note on Thursday with most sectoral indices showing mixed results. At 10:15 am, the BSE S&P Sensex was up 46 points at 39,101 while the NSE Nifty gained 27 points to 11,753. At the National Stock Exchange, some sectoral indices like FMCG, financial services, pharma and realty were in the green. But auto, IT, metal and PSU banks were in the negative zone during early hours of trading. Among stocks, Yes Bank, Grasim, Ultra Cement, Bharat Petroleum and Power Grid gained some ground. However, Maruti, Bajaj Auto, Infosys, ONGC and Bharti Infratel dropped. Meanwhile, Asian shares slipped after a surprise slide in German and South Korean economic data rekindled fears of slowing global growth. Investors were also cautious after the United States told countries buying Iranian oil to stop purchases by May 1 or face economic sanctions. That has pushed Brent crude futures above 74.50 dollars per barrel.

Stock markets drift on a flat note, Sensex above 39,000 mark

Former Nissan Motor Co Chairman Carlos Ghosn looked set to walk out of a Japanese detention centre for the second time since his arrest last year on financial misconduct charges, after a Tokyo court on Thursday set his bail at $4.5 million.

The Tokyo District Court said in a statement that it had approved a bail request from Ghosn's defence team and set bail at 500 million yen ($4.5 million).

Ghosn's lawyers on Monday filed the bail request after the former executive was indicted for aggravated breach of trust, accused of enriching himself at a cost of $5 million to Nissan from July 2017 through July 2018.

It will mark the second time he has been released on bail.&nbsp;

He was initially released last month, but then re-arrested on April 4 on the new charges, returning to the same Tokyo detention centre where he had previously spent 108 dates following his first arrest in November. He has denied all the charges against him.

Ghosn will be free to leave the detention centre after posting bail, but his movements and communications will likely be strictly monitored and restricted in line with his previous bail conditions.

Former Nissan Motor Co Chairman Carlos Ghosn looked set to walk out of a Japanese detention centre for the second time since his arrest last year on financial misconduct charges, after a Tokyo court on Thursday set his bail at $4.

Former Nissan Motor Co Chairman Carlos Ghosn looked set to walk out of a Japanese detention centre for the second time since his arrest last year on financial misconduct charges, after a Tokyo court on Thursday set his bail at $4.5 million. The Tokyo District Court said in a statement that it had approved a bail request from Ghosn's defence team and set bail at 500 million yen ($4.5 million). Ghosn's lawyers on Monday filed the bail request after the former executive was indicted for aggravated breach of trust, accused of enriching himself at a cost of $5 million to Nissan from July 2017 through July 2018. It will mark the second time he has been released on bail. He was initially released last month, but then re-arrested on April 4 on the new charges, returning to the same Tokyo detention centre where he had previously spent 108 dates following his first arrest in November. He has denied all the charges against him. Ghosn will be free to leave the detention centre after posting bail, but his movements and communications will likely be strictly monitored and restricted in line with his previous bail conditions.

Ex-Nissan chief Carlos Ghosn to walk free, again, after court sets bail at $4.5 million

Indian shares erased early gains to settle lower on Thursday due to volatility around the expiry of April derivative contracts, with financial stocks accounting for a majority of the losses.

The broader Nifty closed 0.72 per cent lower at 11,641.8, while the benchmark Sensex ended down 0.83 per cent at 38,730.86.

Index heavyweight Reliance Industries Ltd retreated from record highs hit earlier in the session to close 1.2 per cent lower, while Bharti Infratel Ltd extended losses to end 10.2 per cent lower a day after the telecom tower operator missed expectations for quarterly profit.

Housing Development Finance Corp Ltd fell 1.3 per cent, while private-sector lender ICICI Bank Ltd slipped 1.4 per cent.

Maruti Suzuki India Ltd ended 1.6 per cent lower after the company forecast a weak rate of growth for the current fiscal year amid an industry-wide weakening of demand.

Meanwhile, cement stocks joined a rally led by UltraTech Cement Ltd after the country`s largest cement maker posted a better-than-expected quarterly profit.

Indian shares erased early gains to settle lower on Thursday due to volatility around the expiry of April derivative contracts, with financial stocks accounting for a majority of the losses.

Indian shares erased early gains to settle lower on Thursday due to volatility around the expiry of April derivative contracts, with financial stocks accounting for a majority of the losses. The broader Nifty closed 0.72 per cent lower at 11,641.8, while the benchmark Sensex ended down 0.83 per cent at 38,730.86. Index heavyweight Reliance Industries Ltd retreated from record highs hit earlier in the session to close 1.2 per cent lower, while Bharti Infratel Ltd extended losses to end 10.2 per cent lower a day after the telecom tower operator missed expectations for quarterly profit. Housing Development Finance Corp Ltd fell 1.3 per cent, while private-sector lender ICICI Bank Ltd slipped 1.4 per cent. Maruti Suzuki India Ltd ended 1.6 per cent lower after the company forecast a weak rate of growth for the current fiscal year amid an industry-wide weakening of demand. Meanwhile, cement stocks joined a rally led by UltraTech Cement Ltd after the country`s largest cement maker posted a better-than-expected quarterly profit.

Sensex reverses course to end lower as financials drag

The country's largest carmaker Maruti Suzuki India (MSI) said on Thursday that it will phase out smaller diesel cars from its portfolio with effect from April 1, 2020.

The cars are set to get costlier with the upcoming BS-VI emission norms from April next year.

"March 31, 2020 is the last date to sell and register a BS-IV vehicle. From April 1, 2020, the company will not sell any diesel vehicle apart from 1500 cc engine. Any diesel engines below 1500 cc will not make any economic sense once BS-VI norms kick in," the company said in a statement.

The auto major currently sells various cars with diesel powertrains, including S-Cross, Ciaz, Vitara Brezza, Dzire, Baleno, and Swift. While the bigger cars are likely to continue, the carmaker is expected to pull the plug on small diesel cars in its portfolio.

MSI's recently launched refreshed Baleno is the only car which falls under sub-1500 cc category.

"We will not make diesel cars which we feel the customers will not be able to afford. It all depends on the customer, what his judgement is, what the customer will buy or not buy," MSI Chairman R C Bhargava said.

Bhargava said smaller diesel cars would become expensive and thus out of reach for entry-level customers. He added that the small car market would move towards petrol and compressed natural gas (CNG).

Adverse foreign exchange rates and commodity prices pulled down Maruti Suzuki's net profit during the fourth quarter ended March 31 by 4.6 per cent to Rs 1,796 crore in the year-on period. Total sales slipped by 0.7 per cent at 458,479 vehicles.

Currently MSI's market share hovers around 51 per cent in the domestic passenger vehicle segment.

The company currently gets nearly 30 per cent of its annual sales from diesel cars. In 2018-19, MSI sold a total of 17,53,700 units in the domestic market.

The Bharat Stage VI (BS-VI) emission norms would come into force from April 1, 2020, across the country. The shift would impact diesel cars more in terms of prices with industry experts expecting the prices of such models to go up by about Rs 2 lakh.

(With inputs from agencies)

The country's largest carmaker Maruti Suzuki India (MSI) said on Thursday that it will phase out smaller diesel cars from its portfolio with effect from April 1, 2020.

The country's largest carmaker Maruti Suzuki India (MSI) said on Thursday that it will phase out smaller diesel cars from its portfolio with effect from April 1, 2020. The cars are set to get costlier with the upcoming BS-VI emission norms from April next year. "March 31, 2020 is the last date to sell and register a BS-IV vehicle. From April 1, 2020, the company will not sell any diesel vehicle apart from 1500 cc engine. Any diesel engines below 1500 cc will not make any economic sense once BS-VI norms kick in," the company said in a statement. The auto major currently sells various cars with diesel powertrains, including S-Cross, Ciaz, Vitara Brezza, Dzire, Baleno, and Swift. While the bigger cars are likely to continue, the carmaker is expected to pull the plug on small diesel cars in its portfolio. MSI's recently launched refreshed Baleno is the only car which falls under sub-1500 cc category. "We will not make diesel cars which we feel the customers will not be able to afford. It all depends on the customer, what his judgement is, what the customer will buy or not buy," MSI Chairman R C Bhargava said. Bhargava said smaller diesel cars would become expensive and thus out of reach for entry-level customers. He added that the small car market would move towards petrol and compressed natural gas (CNG). Adverse foreign exchange rates and commodity prices pulled down Maruti Suzuki's net profit during the fourth quarter ended March 31 by 4.6 per cent to Rs 1,796 crore in the year-on period. Total sales slipped by 0.7 per cent at 458,479 vehicles. Currently MSI's market share hovers around 51 per cent in the domestic passenger vehicle segment. The company currently gets nearly 30 per cent of its annual sales from diesel cars. In 2018-19, MSI sold a total of 17,53,700 units in the domestic market. The Bharat Stage VI (BS-VI) emission norms would come into force from April 1, 2020, across the country. The shift would impact diesel cars more in terms of prices with industry experts expecting the prices of such models to go up by about Rs 2 lakh. (With inputs from agencies)

Maruti to phase out smaller diesel cars by April 1, 2020

The Reserve Bank of India (RBI) has exited the National Housing Bank (NHB) and the National Bank for Agriculture &amp; Rural Development (Nabard), by selling its entire stake to the government for Rs 1,450 crore and Rs 20 crore, respectively, making them fully government-owned. The central bank has sold its stake in NHB on 19 March, while it sold the stake in Nabard on 26 February, the bank said in a statement Wednesday.

"With this divestment, the government now holds 100 per cent stake in both these financial institutions," RBI said in a statement.

The move is part of ending the cross-holding in regulatory institutions and follows the recommendation of second Narasimham committee report of October 2001 and the RBI's own discussion paper on the same entitled 'Harmonising the role and operations of development financial institutions and banks.'

The Narasimham panel had said RBI could not own those entities which are regulated by it.

The RBI said divestment of its shareholding in Nabard was done in two phases. The central bank held 72.5 per cent equity in Nabard worth Rs 1,450 crore, of which 71.5 per cent amounting to Rs 1,430 crore were divested way back in October 2010 and the residual shareholding was divested on February 26, 2019. The RBI held 100 per cent shareholding in NHB, which was divested on 19 March 2019.

Earlier, based on the second Narasimham committee recommendations, the RBI had proposed to transfer its ownership in SBI, NHB and Nabard to the government in October 2001. Accordingly, on 29 June, the government had bought out the entire 59.7 per cent stake in SBI from the Reserve Bank.

The current change in the capital structure of both these financial institutions was brought in by the government through amendments to the Nabard Act of 1981 and the NHB Act of 1987 which were notified on 19 January 2018 and 29 March 2018, respectively.

The Nabard came into existence on 12 July 1982 by transferring the agricultural credit functions of RBI and refinance functions of the then Agricultural Refinance and Development Corporation.

Set up with an initial capital of Rs 100 crore, the development finance institution's paid-up capital stood at Rs 10,580 crore as of March 2018. The decision to establish NHB was announced in the 1987-88 Budget. Following that, the National Housing Bank Bill, providing a legislative framework for the NHB, was passed by Parliament in the Winter session of 1987 and it became an Act on December 23, 1987.

The National Housing Policy of 1988 envisaged setting up of NHB as the apex level institution for promoting the housing sector.

The Reserve Bank of India (RBI) has exited the National Housing Bank (NHB) and the National Bank for Agriculture & Rural Development (Nabard), by selling its entire stake to the government for Rs 1,450 crore and Rs 20 crore, respectively, making them fully government-owned.

The Reserve Bank of India (RBI) has exited the National Housing Bank (NHB) and the National Bank for Agriculture & Rural Development (Nabard), by selling its entire stake to the government for Rs 1,450 crore and Rs 20 crore, respectively, making them fully government-owned. The central bank has sold its stake in NHB on 19 March, while it sold the stake in Nabard on 26 February, the bank said in a statement Wednesday. "With this divestment, the government now holds 100 per cent stake in both these financial institutions," RBI said in a statement. The move is part of ending the cross-holding in regulatory institutions and follows the recommendation of second Narasimham committee report of October 2001 and the RBI's own discussion paper on the same entitled 'Harmonising the role and operations of development financial institutions and banks.' The Narasimham panel had said RBI could not own those entities which are regulated by it. The RBI said divestment of its shareholding in Nabard was done in two phases. The central bank held 72.5 per cent equity in Nabard worth Rs 1,450 crore, of which 71.5 per cent amounting to Rs 1,430 crore were divested way back in October 2010 and the residual shareholding was divested on February 26, 2019. The RBI held 100 per cent shareholding in NHB, which was divested on 19 March 2019. Earlier, based on the second Narasimham committee recommendations, the RBI had proposed to transfer its ownership in SBI, NHB and Nabard to the government in October 2001. Accordingly, on 29 June, the government had bought out the entire 59.7 per cent stake in SBI from the Reserve Bank. The current change in the capital structure of both these financial institutions was brought in by the government through amendments to the Nabard Act of 1981 and the NHB Act of 1987 which were notified on 19 January 2018 and 29 March 2018, respectively. The Nabard came into existence on 12 July 1982 by transferring the agricultural credit functions of RBI and refinance functions of the then Agricultural Refinance and Development Corporation. Set up with an initial capital of Rs 100 crore, the development finance institution's paid-up capital stood at Rs 10,580 crore as of March 2018. The decision to establish NHB was announced in the 1987-88 Budget. Following that, the National Housing Bank Bill, providing a legislative framework for the NHB, was passed by Parliament in the Winter session of 1987 and it became an Act on December 23, 1987. The National Housing Policy of 1988 envisaged setting up of NHB as the apex level institution for promoting the housing sector.

Reserve Bank of India sells entire stake in National Housing Bank, Nabard to govt for Rs 1,470 cr

The rupee Wednesday declined 23 paise to 69.85 against the US dollar in early trade due to higher demand for the greenback from importers amid foreign fund outflows.

A strengthening US dollar against major global currencies also affected rupee's trading pattern, forex dealers said.

However, lower crude prices and a higher opening of the domestic equity markets restricted fall of the domestic currency to some extent, they added.

At the Interbank Foreign Exchange (forex) market, the rupee opened sharply lower at 69.80 against the US dollar, and further fell to quote at 69.85, a decline of 23 paise over its previous close.&nbsp;

On Tuesday, the rupee had appreciated by 5 paise to settle at 69.62 against the US dollar.

Foreign institutional investors (FIIs) emerged as net sellers in capital markets, pulling out Rs 237.47 crore on Tuesday, provisional exchange data showed.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.03 per cent to 97.66.

The BSE Sensex was trading 75.37 points or 0.20 per cent higher at 38,640.25 in early trade. The NSE Nifty too rose 21.15 points or 0.18 per cent to 11,597.10.

Meanwhile, global benchmark Brent crude declined by 0.54 per cent to $74.11 per barrel.&nbsp;

The rupee Wednesday declined 23 paise to 69.85 against the US dollar in early trade due to higher demand for the greenback from importers amid foreign fund outflows.

The rupee Wednesday declined 23 paise to 69.85 against the US dollar in early trade due to higher demand for the greenback from importers amid foreign fund outflows. A strengthening US dollar against major global currencies also affected rupee's trading pattern, forex dealers said. However, lower crude prices and a higher opening of the domestic equity markets restricted fall of the domestic currency to some extent, they added. At the Interbank Foreign Exchange (forex) market, the rupee opened sharply lower at 69.80 against the US dollar, and further fell to quote at 69.85, a decline of 23 paise over its previous close. On Tuesday, the rupee had appreciated by 5 paise to settle at 69.62 against the US dollar. Foreign institutional investors (FIIs) emerged as net sellers in capital markets, pulling out Rs 237.47 crore on Tuesday, provisional exchange data showed. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.03 per cent to 97.66. The BSE Sensex was trading 75.37 points or 0.20 per cent higher at 38,640.25 in early trade. The NSE Nifty too rose 21.15 points or 0.18 per cent to 11,597.10. Meanwhile, global benchmark Brent crude declined by 0.54 per cent to $74.11 per barrel.

Rupee slips 23 paise to 69.85 against US dollar on fund outflows

The benchmark BSE Sensex jumped over 100 points in early trade Wednesday tracking record gains on Wall Street amid easing crude prices.

After hitting an intra-day high of 38,701.52, the 30-share index was trading 75.37 points or 0.20 per cent higher at 38,640.25. The NSE Nifty too rose 21.15 points or 0.18 per cent to 11,597.10.

In the previous session, the BSE bourse settled 80.30 points, or 0.21 per cent, lower at 38,564.88 and the broader NSE Nifty too slipped 18.50 points, or 0.16 per cent, to close at 11,575.95.

Top gainers in the Sensex pack were ONGC, IndusInd Bank, HDFC twins, Reliance, PowerGrid, Asian Paints, L&amp;T, Bajaj Finance, HCL Tech and Yes Bank, rising up to 2.90 per cent.

On the other hand, Tata Motors, Hero MotoCorp, Vedanta, Maruti, Tata Steel, Sun Pharma, Kotak Bank, SBI, Bajaj Auto and ITC were among the top losers, shedding up to 1.86 per cent.

According to traders, market sentiment turned positive as investor took positive cues from US equities and easing crude oil prices.

Brent crude futures, the global oil benchmark, were trading 0.50 per cent lower at $74.14 per barrel.

On Wall Street, the S&amp;P 500 index and the Nasdaq ended at record highs on Tuesday amid a slew of better-than-expected earnings reports.

Elsewhere in Asia, benchmark equity indices in Shanghai, Tokyo and Seoul were trading in the red in early trade.

Meanwhile, foreign institutional investors (FIIs) sold equity worth Rs 237.47 crore on Tuesday, while domestic institutional investors (DIIs) purchased shares to the tune of Rs 198.35 crore, provisional data available with stock exchanges showed.

The rupee, however, depreciated 15 paise to 69.77 against the US dollar in early trade.&nbsp;

The benchmark BSE Sensex jumped over 100 points in early trade Wednesday tracking record gains on Wall Street amid easing crude prices. After hitting an intra-day high of 38,701.

The benchmark BSE Sensex jumped over 100 points in early trade Wednesday tracking record gains on Wall Street amid easing crude prices. After hitting an intra-day high of 38,701.52, the 30-share index was trading 75.37 points or 0.20 per cent higher at 38,640.25. The NSE Nifty too rose 21.15 points or 0.18 per cent to 11,597.10. In the previous session, the BSE bourse settled 80.30 points, or 0.21 per cent, lower at 38,564.88 and the broader NSE Nifty too slipped 18.50 points, or 0.16 per cent, to close at 11,575.95. Top gainers in the Sensex pack were ONGC, IndusInd Bank, HDFC twins, Reliance, PowerGrid, Asian Paints, L&T, Bajaj Finance, HCL Tech and Yes Bank, rising up to 2.90 per cent. On the other hand, Tata Motors, Hero MotoCorp, Vedanta, Maruti, Tata Steel, Sun Pharma, Kotak Bank, SBI, Bajaj Auto and ITC were among the top losers, shedding up to 1.86 per cent. According to traders, market sentiment turned positive as investor took positive cues from US equities and easing crude oil prices. Brent crude futures, the global oil benchmark, were trading 0.50 per cent lower at $74.14 per barrel. On Wall Street, the S&P 500 index and the Nasdaq ended at record highs on Tuesday amid a slew of better-than-expected earnings reports. Elsewhere in Asia, benchmark equity indices in Shanghai, Tokyo and Seoul were trading in the red in early trade. Meanwhile, foreign institutional investors (FIIs) sold equity worth Rs 237.47 crore on Tuesday, while domestic institutional investors (DIIs) purchased shares to the tune of Rs 198.35 crore, provisional data available with stock exchanges showed. The rupee, however, depreciated 15 paise to 69.77 against the US dollar in early trade.

Sensex rises over 100 points; Nifty tests 11,600

Even as its petition is pending at the NCLAT seeking a review of the ban on banks classifying the IL&amp;Fs accounts as NPAs, the Reserve Bank Wednesday directed lenders to disclose their exposure to the bankrupt infra lender in their forthcoming earnings announcements.

The city-headquartered infra lender and its 348 group companies owe over Rs 94,000 crore, of which over Rs 54,000 crore is owed to banks. It began defaulting on repayment commitments from last August, and in October the government superseded its board and appointed a new board under banker Uday Kotak.

In a notification, the central bank said the new directions are as per a February 25 order of the National Company Law Appellate Tribunal (NCLAT), which asked banks not to declare their loans to the company and group as NPAs.

"No financial institution will declare the accounts of IL&amp;FS or its entities as non-performing assets without its prior permission," NCLAT had said.

The RBI moved the review petition on March 19 and a decision is pending now as the tribunal had sought corporate affairs ministry's views to the RBI demand.

Earlier this month, reacting to the NCLAT order, governor Shaktikanta Das had said apex bank had filed a review petition seeking a modification of the previous NCLAT order.

In the notification, RBI has asked banks to disclose the IL&amp;FS and group entities exposure in the notes to accounts in a standard proforma.

The lenders will have to mention the outstanding position on a particular date and give details including overall outstanding and amount which is NPA as per the income recognition and asset classification norms but not classified as NPAs, it said.

They will also have to specify the total provisions which are required to be made as per these norms for the assets and the provisions actually held.

A majority of lenders are yet to report their quarterly and full-year accounts for FY19. A slew of banks have hinted that exposures to IL&amp;FS have impacted their profits in the past quarter as they made provisions towards this account.

Group entity IL&amp;FS Financial Services had reported last month that its NPAs touched 90 per cent.

Media reports on RBI's decision to challenge the NCLAT order had said the insolvency court's decision was "tantamount to judicial overreach".

"The bankruptcy tribunal's order encroaches into RBI's regulatory domain and this could set a precedent if left unchallenged. These issues fall under the ambit of RBI as the regulator of the banking sector," a senior RBI official had said.

Even as its petition is pending at the NCLAT seeking a review of the ban on banks classifying the IL&Fs accounts as NPAs, the Reserve Bank Wednesday directed lenders to disclose their exposure to the bankrupt infra lender in their forthcoming earnings announcements.

Even as its petition is pending at the NCLAT seeking a review of the ban on banks classifying the IL&Fs accounts as NPAs, the Reserve Bank Wednesday directed lenders to disclose their exposure to the bankrupt infra lender in their forthcoming earnings announcements. The city-headquartered infra lender and its 348 group companies owe over Rs 94,000 crore, of which over Rs 54,000 crore is owed to banks. It began defaulting on repayment commitments from last August, and in October the government superseded its board and appointed a new board under banker Uday Kotak. In a notification, the central bank said the new directions are as per a February 25 order of the National Company Law Appellate Tribunal (NCLAT), which asked banks not to declare their loans to the company and group as NPAs. "No financial institution will declare the accounts of IL&FS or its entities as non-performing assets without its prior permission," NCLAT had said. The RBI moved the review petition on March 19 and a decision is pending now as the tribunal had sought corporate affairs ministry's views to the RBI demand. Earlier this month, reacting to the NCLAT order, governor Shaktikanta Das had said apex bank had filed a review petition seeking a modification of the previous NCLAT order. In the notification, RBI has asked banks to disclose the IL&FS and group entities exposure in the notes to accounts in a standard proforma. The lenders will have to mention the outstanding position on a particular date and give details including overall outstanding and amount which is NPA as per the income recognition and asset classification norms but not classified as NPAs, it said. They will also have to specify the total provisions which are required to be made as per these norms for the assets and the provisions actually held. A majority of lenders are yet to report their quarterly and full-year accounts for FY19. A slew of banks have hinted that exposures to IL&FS have impacted their profits in the past quarter as they made provisions towards this account. Group entity IL&FS Financial Services had reported last month that its NPAs touched 90 per cent. Media reports on RBI's decision to challenge the NCLAT order had said the insolvency court's decision was "tantamount to judicial overreach". "The bankruptcy tribunal's order encroaches into RBI's regulatory domain and this could set a precedent if left unchallenged. These issues fall under the ambit of RBI as the regulator of the banking sector," a senior RBI official had said.

RBI asks banks to disclose IL&FS provisions in Q4 accounts

Oil prices inched lower on Wednesday on signs that global markets remain adequately supplied despite a jump to 2019 highs this week on Washington's push for tighter sanctions against Iran.

Brent crude futures were at $74.24 per barrel at 0058 GMT, down 27 cents, or 0.4 per cent, from their last close.

US West Texas Intermediate (WTI) crude futures were at $66.02 per barrel, down 28 cents, or 0.4 per cent, from their previous settlement.

Crude futures rose to 2019 highs earlier in the week after the United States said on Monday it would end all exemptions for sanctions against Iran, demanding countries halt oil imports from Tehran from May or face punitive action from Washington.

US sanctions against oil exporter Iran were introduced in November 2018, but Washington allowed its largest buyers limited imports of crude for another half-year as an adjustment period.

With Iranian oil exports likely declining sharply from May as most countries bow to US pressure, global crude markets are expected to tighten in the short-run, Goldman Sachs and Barclays bank said this week.

Despite this, analysts said global oil markets remained adequately supplied thanks to ample spare capacity from the Middle East dominated Organisation of the Petroleum Exporting Countries (OPEC), Russian and also the United States.

The International Energy Agency (IEA), a watchdog for oil-consuming countries, said in a statement on Tuesday that markets are "adequately supplied" and that "global spare production capacity remains at comfortable levels."

The biggest source of new oil supply comes from the United States, where crude oil production has already risen by more than 2 million barrels per day (bpd) since early 2018 to a record of more than 12 million bpd early this year, making America the world's biggest oil producer ahead of Russia and Saudi Arabia.

"Total oil supplies from the United States are expected to grow by 1.6 million bpd this year," the IEA said.

Commercial inventories in the United States are also high.

US crude oil inventories rose by 6.9 million barrels in the week to April 19 to 459.6 million, data from industry group the American Petroleum Institute showed on Tuesday.

Oil prices inched lower on Wednesday on signs that global markets remain adequately supplied despite a jump to 2019 highs this week on Washington's push for tighter sanctions against Iran.

Oil prices inched lower on Wednesday on signs that global markets remain adequately supplied despite a jump to 2019 highs this week on Washington's push for tighter sanctions against Iran. Brent crude futures were at $74.24 per barrel at 0058 GMT, down 27 cents, or 0.4 per cent, from their last close. US West Texas Intermediate (WTI) crude futures were at $66.02 per barrel, down 28 cents, or 0.4 per cent, from their previous settlement. Crude futures rose to 2019 highs earlier in the week after the United States said on Monday it would end all exemptions for sanctions against Iran, demanding countries halt oil imports from Tehran from May or face punitive action from Washington. US sanctions against oil exporter Iran were introduced in November 2018, but Washington allowed its largest buyers limited imports of crude for another half-year as an adjustment period. With Iranian oil exports likely declining sharply from May as most countries bow to US pressure, global crude markets are expected to tighten in the short-run, Goldman Sachs and Barclays bank said this week. Despite this, analysts said global oil markets remained adequately supplied thanks to ample spare capacity from the Middle East dominated Organisation of the Petroleum Exporting Countries (OPEC), Russian and also the United States. The International Energy Agency (IEA), a watchdog for oil-consuming countries, said in a statement on Tuesday that markets are "adequately supplied" and that "global spare production capacity remains at comfortable levels." The biggest source of new oil supply comes from the United States, where crude oil production has already risen by more than 2 million barrels per day (bpd) since early 2018 to a record of more than 12 million bpd early this year, making America the world's biggest oil producer ahead of Russia and Saudi Arabia. "Total oil supplies from the United States are expected to grow by 1.6 million bpd this year," the IEA said. Commercial inventories in the United States are also high. US crude oil inventories rose by 6.9 million barrels in the week to April 19 to 459.6 million, data from industry group the American Petroleum Institute showed on Tuesday.

Oil dips on well supplied markets despite tighter Iran sanctions

Asian markets fluctuated Wednesday following a record-breaking close on Wall Street that was fuelled by strong earnings from US big-hitters.

The S&amp;P 500 and Nasdaq scaled all-time highs while the Dow came close after a string of better-than-forecast results from the likes of Coca-Cola, Twitter and Lockheed Martin added to a raft of other recent reports that suggest the economy is in rude health.

Markets welcomed "a really great string of earnings reports, most of them outpacing expectations, as well as some pretty good commentary on future estimates from CEOs", Jim Paulsen, chief investment strategist at Leuthold Weeden, told Bloomberg News.

"There’s quite a bit of positivity carrying this to new highs."

However, while Asian dealers were generally upbeat they were unable to use the Wall Street performance to kick on in early trade, with major indexes shifting in and out of positive territory through the morning.

Hong Kong and Shanghai were each down 0.2 per cent in the morning while Tokyo headed into the break flat and Seoul slipped 0.7 per cent.

However, Sydney rose one per cent as a drop in Australian inflation raised the chances of an interest rate cut by the country's central bank. The reading sent the Australian dollar plunging one per cent.

Singapore, Taipei and Manila each rose 0.2 per cent, Wellington added 0.7 per cent while Jakarta inched up slightly.

Oil prices retreat after rally&nbsp;

US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin travel to Beijing next week for another round of high-level talks aimed at resolving their painful tariffs war.

The White House issued a statement saying the latest negotiations "will cover trade issues including intellectual property, forced technology transfer, non-tariff barriers, agriculture, services, purchases and enforcement", adding that Chinese officials will visit Washington on May 8.

Expectations the talks will eventually end with an agreement between the economic superpowers has helped fire a rally across world markets this year, with the initial row having been the catalyst for a sharp sell-off at the end of 2018.

On oil markets both main contracts were in retreat a day after hitting six-month highs on the back of news that Washington would end a waiver for several countries from US sanctions on Iran.

Prices had already been surging thanks to hopes for the China-US talks and, OPEC and Russia's output cap, and unrest in Libya and Venezuela.

There is speculation OPEC kingpin Saudi Arabia could step in to fill the void left in the market by the removal of Iranian crude, which would temper prices.

But SPI Asset Management's Stephen Innes said Riyadh could balk at such a move, having opened the taps when the US unveiled sanctions six months ago only to be "hoodwinked" by the waivers.

"If the US is fully committed to their hawkish Iranian pledge... prices will reprice higher as Saudi Arabia appear tentative about increasing supplies, while it is unlikely (US) shale can fill the void quick enough," Innes said in a note.

"So to what degree oil markets tighten, and how high oil price goes, will now mostly be dependent on the supply response from OPEC+ group."

Asian markets fluctuated Wednesday following a record-breaking close on Wall Street that was fuelled by strong earnings from US big-hitters. The S&P 500 and Nasdaq scaled all-time highs while the Dow came close after a string of better-than-forecast results from the likes of Coca-Cola, Twitter and Lockheed Martin added to a raft of other recent reports that suggest the economy is in rude health.

Asian markets fluctuated Wednesday following a record-breaking close on Wall Street that was fuelled by strong earnings from US big-hitters. The S&P 500 and Nasdaq scaled all-time highs while the Dow came close after a string of better-than-forecast results from the likes of Coca-Cola, Twitter and Lockheed Martin added to a raft of other recent reports that suggest the economy is in rude health. Markets welcomed "a really great string of earnings reports, most of them outpacing expectations, as well as some pretty good commentary on future estimates from CEOs", Jim Paulsen, chief investment strategist at Leuthold Weeden, told Bloomberg News. "There’s quite a bit of positivity carrying this to new highs." However, while Asian dealers were generally upbeat they were unable to use the Wall Street performance to kick on in early trade, with major indexes shifting in and out of positive territory through the morning. Hong Kong and Shanghai were each down 0.2 per cent in the morning while Tokyo headed into the break flat and Seoul slipped 0.7 per cent. However, Sydney rose one per cent as a drop in Australian inflation raised the chances of an interest rate cut by the country's central bank. The reading sent the Australian dollar plunging one per cent. Singapore, Taipei and Manila each rose 0.2 per cent, Wellington added 0.7 per cent while Jakarta inched up slightly. Oil prices retreat after rally US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin travel to Beijing next week for another round of high-level talks aimed at resolving their painful tariffs war. The White House issued a statement saying the latest negotiations "will cover trade issues including intellectual property, forced technology transfer, non-tariff barriers, agriculture, services, purchases and enforcement", adding that Chinese officials will visit Washington on May 8. Expectations the talks will eventually end with an agreement between the economic superpowers has helped fire a rally across world markets this year, with the initial row having been the catalyst for a sharp sell-off at the end of 2018. On oil markets both main contracts were in retreat a day after hitting six-month highs on the back of news that Washington would end a waiver for several countries from US sanctions on Iran. Prices had already been surging thanks to hopes for the China-US talks and, OPEC and Russia's output cap, and unrest in Libya and Venezuela. There is speculation OPEC kingpin Saudi Arabia could step in to fill the void left in the market by the removal of Iranian crude, which would temper prices. But SPI Asset Management's Stephen Innes said Riyadh could balk at such a move, having opened the taps when the US unveiled sanctions six months ago only to be "hoodwinked" by the waivers. "If the US is fully committed to their hawkish Iranian pledge... prices will reprice higher as Saudi Arabia appear tentative about increasing supplies, while it is unlikely (US) shale can fill the void quick enough," Innes said in a note. "So to what degree oil markets tighten, and how high oil price goes, will now mostly be dependent on the supply response from OPEC+ group."

Asian markets fluctuate as dealers brush off Wall Street record

After two days of consecutive negative close, domestic stock markets on Wednesday closed in green with BSE Sensex rallying 489.80 points to finish at 39,054.68, Nifty, on the other hand, jumped 150.20 points to close at 11,726.15.&nbsp;

The benchmark BSE Sensex jumped over 100 points in <a href="https://www.wionews.com/business-economy/sensex-rises-over-100-points-nifty-tests-11600-213140">early trade on Wednesday</a> tracking record gains on Wall Street amid easing crude prices.

After hitting an intra-day high of 38,701.52, the 30-share index was trading 75.37 points or 0.20 per cent higher at 38,640.25. The NSE Nifty too rose 21.15 points or 0.18 per cent to 11,597.10.

According to traders, market sentiment turned positive as investor took positive cues from US equities and easing crude oil prices.

The rupee, however, depreciated 15 paise to 69.77 against the US dollar in early trade.&nbsp;

Brent crude futures, the global oil benchmark, were trading 0.50 per cent lower at $74.14 per barrel today.

On Wall Street, the S&amp;P 500 index and the Nasdaq ended at record highs on Tuesday amid a slew of better-than-expected earnings reports.

Elsewhere in Asia, benchmark equity indices in Shanghai, Tokyo and Seoul were trading in the red in early trade.

After two days of consecutive negative close, domestic stock markets on Wednesday closed in green with BSE Sensex rallying 489.80 points to finish at 39,054.68, Nifty, on the other hand, jumped 150.

After two days of consecutive negative close, domestic stock markets on Wednesday closed in green with BSE Sensex rallying 489.80 points to finish at 39,054.68, Nifty, on the other hand, jumped 150.20 points to close at 11,726.15. The benchmark BSE Sensex jumped over 100 points in early trade on Wednesday tracking record gains on Wall Street amid easing crude prices. After hitting an intra-day high of 38,701.52, the 30-share index was trading 75.37 points or 0.20 per cent higher at 38,640.25. The NSE Nifty too rose 21.15 points or 0.18 per cent to 11,597.10. According to traders, market sentiment turned positive as investor took positive cues from US equities and easing crude oil prices. The rupee, however, depreciated 15 paise to 69.77 against the US dollar in early trade. Brent crude futures, the global oil benchmark, were trading 0.50 per cent lower at $74.14 per barrel today. On Wall Street, the S&P 500 index and the Nasdaq ended at record highs on Tuesday amid a slew of better-than-expected earnings reports. Elsewhere in Asia, benchmark equity indices in Shanghai, Tokyo and Seoul were trading in the red in early trade.

Markets end in green, Sensex jumps 489 points to close at 39,054.68

India will get additional supplies from other major oil producing countries to compensate for the loss of Iranian oil, Petroleum and Natural Gas Minister Dharmendra Pradhan said on Tuesday.

The United States on Monday demanded that buyers of Iranian oil stop purchases by May 1 or face sanctions, ending six months of waivers which had allowed Iran's eight biggest buyers, most of them in Asia, to continue to import limited volumes.

Pradhan said on Twitter that India has put in place a robust plan for adequate supply of crude oil to refineries.

"Indian refineries are fully prepared to meet the national demand for petrol, diesel and other petroleum products," he said.

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Govt has put in place a robust plan for adequate supply of crude oil to Indian refineries.There will be additional supplies from other major oil producing countries;Indian refineries are fully prepared to meet the national demand for petrol,diesel &amp; other Petroleum products
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Reuters last week reported that Indian refiners are increasing their planned purchases from the nations of the Organization of the Petroleum Exporting Countries (OPEC), Mexico and the United States to hedge against loss of Iranian oil.

Refiners in India, the world's third-biggest oil importer and Iran's top oil client after China, had almost halved their Iranian oil purchases since November when petroleum sanctions went into effect. At the time, the United States granted waivers from sanctions, known as significant reduction exceptions (SRE), for six months to countries that purchased some amounts of Iranian crude, including India.

US President Donald Trump said on Monday that Saudi Arabia and other OPEC nations could "more than make up" for any drop in Iranian oil supplies to global markets now that the waivers are ended.

Saudi Arabia, the world's biggest oil exporter, said on Monday it would coordinate with other oil producers to ensure an adequate crude supply and a balanced market.

India will get additional supplies from other major oil producing countries to compensate for the loss of Iranian oil, Petroleum and Natural Gas Minister Dharmendra Pradhan said on Tuesday.

India will get additional supplies from other major oil producing countries to compensate for the loss of Iranian oil, Petroleum and Natural Gas Minister Dharmendra Pradhan said on Tuesday. The United States on Monday demanded that buyers of Iranian oil stop purchases by May 1 or face sanctions, ending six months of waivers which had allowed Iran's eight biggest buyers, most of them in Asia, to continue to import limited volumes. Pradhan said on Twitter that India has put in place a robust plan for adequate supply of crude oil to refineries. "Indian refineries are fully prepared to meet the national demand for petrol, diesel and other petroleum products," he said. Govt has put in place a robust plan for adequate supply of crude oil to Indian refineries.There will be additional supplies from other major oil producing countries;Indian refineries are fully prepared to meet the national demand for petrol,diesel & other Petroleum products — Chowkidar Dharmendra Pradhan (@dpradhanbjp) April 23, 2019 × Reuters last week reported that Indian refiners are increasing their planned purchases from the nations of the Organization of the Petroleum Exporting Countries (OPEC), Mexico and the United States to hedge against loss of Iranian oil. Refiners in India, the world's third-biggest oil importer and Iran's top oil client after China, had almost halved their Iranian oil purchases since November when petroleum sanctions went into effect. At the time, the United States granted waivers from sanctions, known as significant reduction exceptions (SRE), for six months to countries that purchased some amounts of Iranian crude, including India. US President Donald Trump said on Monday that Saudi Arabia and other OPEC nations could "more than make up" for any drop in Iranian oil supplies to global markets now that the waivers are ended. Saudi Arabia, the world's biggest oil exporter, said on Monday it would coordinate with other oil producers to ensure an adequate crude supply and a balanced market.

India to get extra oil from major producers to make up for Iran loss: Minister