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Airfares in India have been on the rise for the last one month, ever since <a href="https://www.wionews.com/india-news/jet-airways-pilots-appeal-to-sbi-for-funds-also-ask-pm-to-save-20000-jobs-210501">Jet Airways</a> suspended its domestic and international flights.

With only seven Jet aircraft operating out of its fleet of 124, its competitors seemed to have cashed in on the opportunity to hike fares, thereby adding to commuters'&nbsp;woes.

This morning, flights from Mumbai to Delhi were being sold online for fares as high as Rs 32,000 for a single journey, with the minimum one-way price clocking around Rs 8,000. Prices are almost the same from Delhi to Mumbai.

Similar airfares are being displayed on websites for an entire week. Bipin Singh, who is a frequent traveller, said he had to pay a heavy fare for travelling today from Mumbai to Delhi by GoAir flight G8-319.

"I booked a ticket from Mumbai to Delhi today morning for over Rs 25,000. There was chaos at the Mumbai airport due to the suspension of Jet Airways flights," he told ANI.

Last month, the DGCA had said no diktat was issued to the airlines on hiking airfares. "We have just advised them that to increase their capacity to keep airfares in check," it added.

The Indian aviation market has seen a sharp increase in airfares in the past few months due to the suspension of Boeing 737 MAX aircraft as well as the ensuing Jet Airways crisis.

In India, Jet Airways has five Boeing 737 MAX while Spice Jet has 12 aircraft of this make. The aircraft were grounded following the Ethiopian Airlines crash.

Meanwhile, a senior DGCA official said the aviation regulatory body is reviewing the hike in airfares on specific routes across the country.

The 737 MAX jets came under scrutiny after 346 people lost their lives in two deadly plane crashes in Indonesia and Ethiopia.

On March 10, 157 people on board an Ethiopian Airlines flight - a Boeing737 MAX jet - lost their lives after their flight crashed just a few minutes after it took off from Addis Ababa.

In October last year, a Boeing 737 MAX Lion Air flight crashed in Indonesia, claiming the lives of all 181 people on board.

Investigations are ongoing into both the incidents.&nbsp;

Airfares in India have been on the rise for the last one month, ever since Jet Airways suspended its domestic and international flights. With only seven Jet aircraft operating out of its fleet of 124, its competitors seemed to have cashed in on the opportunity to hike fares, thereby adding to commuters' woes.

Airfares in India have been on the rise for the last one month, ever since Jet Airways suspended its domestic and international flights. With only seven Jet aircraft operating out of its fleet of 124, its competitors seemed to have cashed in on the opportunity to hike fares, thereby adding to commuters' woes. This morning, flights from Mumbai to Delhi were being sold online for fares as high as Rs 32,000 for a single journey, with the minimum one-way price clocking around Rs 8,000. Prices are almost the same from Delhi to Mumbai. Similar airfares are being displayed on websites for an entire week. Bipin Singh, who is a frequent traveller, said he had to pay a heavy fare for travelling today from Mumbai to Delhi by GoAir flight G8-319. "I booked a ticket from Mumbai to Delhi today morning for over Rs 25,000. There was chaos at the Mumbai airport due to the suspension of Jet Airways flights," he told ANI. Last month, the DGCA had said no diktat was issued to the airlines on hiking airfares. "We have just advised them that to increase their capacity to keep airfares in check," it added. The Indian aviation market has seen a sharp increase in airfares in the past few months due to the suspension of Boeing 737 MAX aircraft as well as the ensuing Jet Airways crisis. In India, Jet Airways has five Boeing 737 MAX while Spice Jet has 12 aircraft of this make. The aircraft were grounded following the Ethiopian Airlines crash. Meanwhile, a senior DGCA official said the aviation regulatory body is reviewing the hike in airfares on specific routes across the country. The 737 MAX jets came under scrutiny after 346 people lost their lives in two deadly plane crashes in Indonesia and Ethiopia. On March 10, 157 people on board an Ethiopian Airlines flight - a Boeing737 MAX jet - lost their lives after their flight crashed just a few minutes after it took off from Addis Ababa. In October last year, a Boeing 737 MAX Lion Air flight crashed in Indonesia, claiming the lives of all 181 people on board. Investigations are ongoing into both the incidents.

Indian airfares skyrocket after Jet Airways crisis

The rupee Monday declined by 25 paise to close at 69.42 against the US dollar as forex traders turned cautious in a holiday-truncated week.

At the Interbank Foreign Exchange (forex), the domestic currency opened at 69.07 a dollar and fell further to touch the day's low of 69.46. It finally settled at 69.42 per dollar, down 25 paise over its previous close.

The rupee Friday had closed 25 paise lower at 69.17 to the US dollar.

"Rupee continues to consolidate in a holiday-truncated week," said V K Sharma, Head PCG &amp; Capital Markets Strategy, HDFC Securities. 
 
Forex and equity markets will remain shut on Wednesday on account of "Mahavir Jayanti" while most of the major financial markets are closed on Friday for the start of the Easter holidays.

Forex traders said easing crude oil prices in the overseas market, sustained foreign fund inflows and heavy buying in the domestic equity market restricted the fall in the local unit.

Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 713 crore Monday, according to the provisional data.

The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.14 per cent to 96.83.

Meanwhile, Brent crude futures, the global oil benchmark, fell 0.84 per cent to trade at 70.95 per barrel.

Equity benchmark Sensex added another 139 points on Monday, marking third straight session of gains, as encouraging start of the earnings season by IT major TCS boosted investors' sentiment.

The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 69.2293 and for rupee/euro at 78.3002. The reference rate for rupee/British pound was fixed at 90.6193 and for rupee/100 Japanese yen at 61.84.&nbsp;

The rupee Monday declined by 25 paise to close at 69.42 against the US dollar as forex traders turned cautious in a holiday-truncated week. At the Interbank Foreign Exchange (forex), the domestic currency opened at 69.

The rupee Monday declined by 25 paise to close at 69.42 against the US dollar as forex traders turned cautious in a holiday-truncated week. At the Interbank Foreign Exchange (forex), the domestic currency opened at 69.07 a dollar and fell further to touch the day's low of 69.46. It finally settled at 69.42 per dollar, down 25 paise over its previous close. The rupee Friday had closed 25 paise lower at 69.17 to the US dollar. "Rupee continues to consolidate in a holiday-truncated week," said V K Sharma, Head PCG & Capital Markets Strategy, HDFC Securities. Forex and equity markets will remain shut on Wednesday on account of "Mahavir Jayanti" while most of the major financial markets are closed on Friday for the start of the Easter holidays. Forex traders said easing crude oil prices in the overseas market, sustained foreign fund inflows and heavy buying in the domestic equity market restricted the fall in the local unit. Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 713 crore Monday, according to the provisional data. The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.14 per cent to 96.83. Meanwhile, Brent crude futures, the global oil benchmark, fell 0.84 per cent to trade at 70.95 per barrel. Equity benchmark Sensex added another 139 points on Monday, marking third straight session of gains, as encouraging start of the earnings season by IT major TCS boosted investors' sentiment. The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 69.2293 and for rupee/euro at 78.3002. The reference rate for rupee/British pound was fixed at 90.6193 and for rupee/100 Japanese yen at 61.84.

Rupee drops 25 paise to close at 69.42 against dollar

Goldman Sachs reported a drop in first-quarter earnings on declines in its trading business and as it set aside more funds for bad loans in its growing consumer business.

The financial giant saw net income plunge to $2.1 billion, down 20.3 per cent from the same period of last year. At the same time revenues fell 12.7 per cent to $8.8 billion.

Goldman encountered sharp declines in key trading divisions, such as equities and bonds. Market conditions improved from the prior quarter, but volatility was low, crimping activity, the investment bank said.&nbsp;

A bright spot was financial advising for mergers and acquisitions where it scored a boost in revenues, while underwriting revenues fell.&nbsp;

Goldman, which has ramped up its consumer lending business through its online savings accounts, credit cards and other ventures, set aside $224 million for credit losses.

"We are pleased with our performance in the first quarter, especially in the context of a muted start to the year," said Chief Executive David Solomon. "We are focused on new opportunities to grow and diversify our business mix and serve a broader range of clients globally."

Goldman's share prices rose 0.2 per cent to $208.22 in pre-market trading.

Goldman Sachs reported a drop in first-quarter earnings on declines in its trading business and as it set aside more funds for bad loans in its growing consumer business.

Goldman Sachs reported a drop in first-quarter earnings on declines in its trading business and as it set aside more funds for bad loans in its growing consumer business. The financial giant saw net income plunge to $2.1 billion, down 20.3 per cent from the same period of last year. At the same time revenues fell 12.7 per cent to $8.8 billion. Goldman encountered sharp declines in key trading divisions, such as equities and bonds. Market conditions improved from the prior quarter, but volatility was low, crimping activity, the investment bank said. A bright spot was financial advising for mergers and acquisitions where it scored a boost in revenues, while underwriting revenues fell. Goldman, which has ramped up its consumer lending business through its online savings accounts, credit cards and other ventures, set aside $224 million for credit losses. "We are pleased with our performance in the first quarter, especially in the context of a muted start to the year," said Chief Executive David Solomon. "We are focused on new opportunities to grow and diversify our business mix and serve a broader range of clients globally." Goldman's share prices rose 0.2 per cent to $208.22 in pre-market trading.

Goldman Sachs earnings drop amid weak trading

Indian shares closed higher on Monday, buoyed by gains in IT major Tata Consultancy Services Ltd, which reported a record profit for the final quarter of the year on Friday and heralded the start of corporate earnings season.

The benchmark BSE Sensex closed up 0.36 per cent at 38,905.84, while the broader NSE Nifty ended 0.4 per cent higher at 11,690.35 - its best close in nearly two weeks.

Shares of TCS, India`s biggest software exporter which also posted its best revenue in 15 quarters, ended up 4.9 per cent.

Tata Motors Ltd climbed 7.3 per cent to its highest close since September 26, and was the top percentage gainer on the indexes.

Infosys was the biggest drag, finishing down 2.7 per cent after it failed to impress investors with its operating margin forecast for fiscal 2020. 
&nbsp;

Indian shares closed higher on Monday, buoyed by gains in IT major Tata Consultancy Services Ltd, which reported a record profit for the final quarter of the year on Friday and heralded the start of corporate earnings season.

Indian shares closed higher on Monday, buoyed by gains in IT major Tata Consultancy Services Ltd, which reported a record profit for the final quarter of the year on Friday and heralded the start of corporate earnings season. The benchmark BSE Sensex closed up 0.36 per cent at 38,905.84, while the broader NSE Nifty ended 0.4 per cent higher at 11,690.35 - its best close in nearly two weeks. Shares of TCS, India`s biggest software exporter which also posted its best revenue in 15 quarters, ended up 4.9 per cent. Tata Motors Ltd climbed 7.3 per cent to its highest close since September 26, and was the top percentage gainer on the indexes. Infosys was the biggest drag, finishing down 2.7 per cent after it failed to impress investors with its operating margin forecast for fiscal 2020.

Sensex end higher, Nifty registers best close in nearly two weeks

Russian aluminium giant Rusal on Monday announced plans for its first investment in the United States since sanctions against the company were lifted.

The US sanctions, which targeted oligarchs close to Russian President Vladimir Putin, were imposed on Rusal last year and only removed in January after owner Oleg Deripaska divested and resigned his seat on the board.

Rusal on Monday said it would partner with US manufacturer Braidy Industries Inc "to establish a joint project in Ashland, Kentucky, USA to produce flat-rolled aluminium products for the US automotive industry".

The factory "will be the widest US-based cold rolling mill" and "will aid towards rebalancing the anticipated deficit of the auto body sheet in the US market," Rusal said in a statement.

Rusal, the world's largest aluminium maker outside of China, will hold a 40 per cent share in the project and be the exclusive supplier to the factory.&nbsp;

It will, therefore, be subject to the 10 per cent tariff on aluminium imports announced by US President Donald Trump last year.

Rusal will initially invest $200 million in the $1.7 billion projects, executives of both companies told S&amp;P Global Platts.

The company took a hit last year when Russian billionaire Deripaska was included the US Treasury's sanctions which sought to punish Putin's inner circle for Moscow's alleged interference in the politics of Western democracies.

The penalties were lifted against Rusal and two of Deripaska's other companies when he reduced his stakes in them, but sanctions remain on him personally, preventing others from doing business with him.

Deripaska was also mentioned frequently in the investigation by US Special Counsel Robert Mueller into Russian meddling in America's 2016 election, but he has not been charged.

He had been formerly involved in business with Paul Manafort, Trump's ex-campaign chairman who has been sentenced to seven and a half years in prison for financial and other crimes

Russian aluminium giant Rusal on Monday announced plans for its first investment in the United States since sanctions against the company were lifted. The US sanctions, which targeted oligarchs close to Russian President Vladimir Putin, were imposed on Rusal last year and only removed in January after owner Oleg Deripaska divested and resigned his seat on the board.

Russian aluminium giant Rusal on Monday announced plans for its first investment in the United States since sanctions against the company were lifted. The US sanctions, which targeted oligarchs close to Russian President Vladimir Putin, were imposed on Rusal last year and only removed in January after owner Oleg Deripaska divested and resigned his seat on the board. Rusal on Monday said it would partner with US manufacturer Braidy Industries Inc "to establish a joint project in Ashland, Kentucky, USA to produce flat-rolled aluminium products for the US automotive industry". The factory "will be the widest US-based cold rolling mill" and "will aid towards rebalancing the anticipated deficit of the auto body sheet in the US market," Rusal said in a statement. Rusal, the world's largest aluminium maker outside of China, will hold a 40 per cent share in the project and be the exclusive supplier to the factory. It will, therefore, be subject to the 10 per cent tariff on aluminium imports announced by US President Donald Trump last year. Rusal will initially invest $200 million in the $1.7 billion projects, executives of both companies told S&P Global Platts. The company took a hit last year when Russian billionaire Deripaska was included the US Treasury's sanctions which sought to punish Putin's inner circle for Moscow's alleged interference in the politics of Western democracies. The penalties were lifted against Rusal and two of Deripaska's other companies when he reduced his stakes in them, but sanctions remain on him personally, preventing others from doing business with him. Deripaska was also mentioned frequently in the investigation by US Special Counsel Robert Mueller into Russian meddling in America's 2016 election, but he has not been charged. He had been formerly involved in business with Paul Manafort, Trump's ex-campaign chairman who has been sentenced to seven and a half years in prison for financial and other crimes

Rusal invests in US aluminium mill after sanctions lifted

Wholesale price-based inflation rose for the <a href="WPI inflation spikes to 3.18 pc in March on costlier food, fuel">second consecutive month to 3.18 per cent</a> in March on costlier food and fuel, government data released Monday showed.

The Wholesale Price Index (WPI) based inflation was at 2.93 per cent in February. It was 2.74 per cent in March 2018.

Inflation in food articles hardened with steep rise in prices of vegetables during March 2019.

Vegetables inflation was at 28.13 per cent in March, up from 6.82 per cent in the previous month. However, inflation in potato cooled substantially to 1.30 per cent, from 23.40 per cent in February.

Inflation in food articles basket was 5.68 per cent during March.

Inflation in 'fuel and power' category also spiked to 5.41 per cent, from 2.23 per cent in February.

The Reserve Bank, which mainly factors in retail inflation for monetary policy decision, had earlier this month cut interest rates by 0.25 per cent.

Retail inflation accelerated to 2.86 per cent in March from 2.57 per cent a month ago, data released last week showed.

For April-September period, the RBI has projected retail inflation at 2.9-3 per cent, mainly due to lower food and fuel prices as well as expectation of a normal monsoon.&nbsp;

Wholesale price-based inflation rose for the second consecutive month to 3.18 per cent in March on costlier food and fuel, government data released Monday showed.

Wholesale price-based inflation rose for the second consecutive month to 3.18 per cent in March on costlier food and fuel, government data released Monday showed. The Wholesale Price Index (WPI) based inflation was at 2.93 per cent in February. It was 2.74 per cent in March 2018. Inflation in food articles hardened with steep rise in prices of vegetables during March 2019. Vegetables inflation was at 28.13 per cent in March, up from 6.82 per cent in the previous month. However, inflation in potato cooled substantially to 1.30 per cent, from 23.40 per cent in February. Inflation in food articles basket was 5.68 per cent during March. Inflation in 'fuel and power' category also spiked to 5.41 per cent, from 2.23 per cent in February. The Reserve Bank, which mainly factors in retail inflation for monetary policy decision, had earlier this month cut interest rates by 0.25 per cent. Retail inflation accelerated to 2.86 per cent in March from 2.57 per cent a month ago, data released last week showed. For April-September period, the RBI has projected retail inflation at 2.9-3 per cent, mainly due to lower food and fuel prices as well as expectation of a normal monsoon.

Inflation spikes in March as food, fuel get costlier

India's steel export to the US in 2018 declined by 49 per cent to $372 million, while that of aluminium increased by 58 per cent to $221 million, the independent Congressional Research Service (CRS) said in its latest report.

In 2018, the US imports of steel and aluminium products totalled $29.5 billion and $17.6 billion respectively, the report said adding that over the past decade steel imports have fluctuated significantly by value and quantity, while imports of aluminium have generally increased.

"The largest declines in US steel imports, by value, were from South Korea (-$430 million, -15 per cent), Turkey (-$413 million, -35 per cent) and India (-$372 million, -49 per cent) with significant increases from the EU (+$567 million, +22per cent), Mexico (+$508 million, +20 per cent) and Canada (+$404 million, +19 per cent)," the report said.

"The largest declines in aluminium imports were from China (-$729 million, -40 per cent), Russia (-$676 million, -42 per cent), and Canada (-$294 million, -four per cent) with major increases from the EU (+$395 million, nine per cent), India (+$221 million, 58 per cent) and Oman ($186 million, +200 per cent)," the report added.

The countries with permanent exclusions from the tariffs (all except Australia are instead subject to quotas) accounted for 18.4 per cent of US steel imports in 2018 and 4.4 per cent of US aluminium imports.

Last year President Donald Trump used Section 232 to apply new tariffs to steel and aluminium imports and potentially on automobile and auto parts and other sectors currently under investigation.

These actions have raised a number of policy issues and some members of Congress have introduced legislation to revise various Section 232 authorities.&nbsp;

Global overcapacity in steel and aluminium production, mainly driven by China, has been an ongoing concern of the US, the report said adding that the George W Bush, Obama and Trump Administrations each engaged in multilateral discussions to address global steel capacity reduction through the Organisation for Economic Co-operation and Development (OECD).

"While the US has extensive anti-dumping and countervailing duties on Chinese steel imports to counter China's unfair trade practices, steel industry and other experts argue that the magnitude of Chinese production acts to depress prices globally, it added.

Effective March 23, 2018, Trump applied 25 per cent and 10 per cent tariffs, respectively, on certain steel and aluminium imports.&nbsp;

The President temporarily exempted several countries from the tariffs pending negotiations on potential alternative measures.

Permanent tariff exemptions in exchange for quantitative limitations on US imports were eventually announced covering steel for Brazil and South Korea, and both steel and aluminium for Argentina.&nbsp;

Australia was permanently exempted from both tariffs with no quantitative restrictions.&nbsp;

In August 2018, President Trump raised the tariff to 50 per cent on steel imports from Turkey.&nbsp;

The proposed US-Mexico-Canada Agreement (USMCA) would not resolve or address the Section 232 tariffs on imported steel and aluminium from Canada and Mexico, CRS said in the report.&nbsp;

India's steel export to the US in 2018 declined by 49 per cent to $372 million, while that of aluminium increased by 58 per cent to $221 million, the independent Congressional Research Service (CRS) said in its latest report.

India's steel export to the US in 2018 declined by 49 per cent to $372 million, while that of aluminium increased by 58 per cent to $221 million, the independent Congressional Research Service (CRS) said in its latest report. In 2018, the US imports of steel and aluminium products totalled $29.5 billion and $17.6 billion respectively, the report said adding that over the past decade steel imports have fluctuated significantly by value and quantity, while imports of aluminium have generally increased. "The largest declines in US steel imports, by value, were from South Korea (-$430 million, -15 per cent), Turkey (-$413 million, -35 per cent) and India (-$372 million, -49 per cent) with significant increases from the EU (+$567 million, +22per cent), Mexico (+$508 million, +20 per cent) and Canada (+$404 million, +19 per cent)," the report said. "The largest declines in aluminium imports were from China (-$729 million, -40 per cent), Russia (-$676 million, -42 per cent), and Canada (-$294 million, -four per cent) with major increases from the EU (+$395 million, nine per cent), India (+$221 million, 58 per cent) and Oman ($186 million, +200 per cent)," the report added. The countries with permanent exclusions from the tariffs (all except Australia are instead subject to quotas) accounted for 18.4 per cent of US steel imports in 2018 and 4.4 per cent of US aluminium imports. Last year President Donald Trump used Section 232 to apply new tariffs to steel and aluminium imports and potentially on automobile and auto parts and other sectors currently under investigation. These actions have raised a number of policy issues and some members of Congress have introduced legislation to revise various Section 232 authorities. Global overcapacity in steel and aluminium production, mainly driven by China, has been an ongoing concern of the US, the report said adding that the George W Bush, Obama and Trump Administrations each engaged in multilateral discussions to address global steel capacity reduction through the Organisation for Economic Co-operation and Development (OECD). "While the US has extensive anti-dumping and countervailing duties on Chinese steel imports to counter China's unfair trade practices, steel industry and other experts argue that the magnitude of Chinese production acts to depress prices globally, it added. Effective March 23, 2018, Trump applied 25 per cent and 10 per cent tariffs, respectively, on certain steel and aluminium imports. The President temporarily exempted several countries from the tariffs pending negotiations on potential alternative measures. Permanent tariff exemptions in exchange for quantitative limitations on US imports were eventually announced covering steel for Brazil and South Korea, and both steel and aluminium for Argentina. Australia was permanently exempted from both tariffs with no quantitative restrictions. In August 2018, President Trump raised the tariff to 50 per cent on steel imports from Turkey. The proposed US-Mexico-Canada Agreement (USMCA) would not resolve or address the Section 232 tariffs on imported steel and aluminium from Canada and Mexico, CRS said in the report.

Major decline in India's steel export to US; increase in aluminium: Report

Jet Airways on Sunday issued a statement noting that Jet Airways' pilots body National Aviator's Guild (NAG) will be holding a meeting tomorrow "as no collective decision has been taken yet," news agency ANI reported.&nbsp;

"The Union hasn't yet issued any direction or passed any resolution on whether the pilots will fly from midnight due to non-payment of salaries," the statement added.&nbsp;

Pilots at Jet Airways have been told by their union to put off a planned strike to give its management and key lender State Bank of India time to strike a deal to keep the debt-laden airline flying.

Jet Airways' pilots' body National Aviator's Guild, in a statement to union staff, said that "there is a critical meeting tomorrow with airline management and SBI. In light of the meeting, members have requested through their team leaders that call of 'no pay, no work' be deferred to give the airline a chance of survival".

"Accordingly, as requested, the Committee would like to inform all, that the decision stands deferred for the time being," the statement added.&nbsp;

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Jet Airways' pilots body National Aviator's Guild (NAG) to union Staff: Accordingly, as requested, the Committee would like to inform all, that the decision stands deferred for the time being. <a href="https://t.co/FdsNDQoUEu">https://t.co/FdsNDQoUEu</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1117445378218123264?ref_src=twsrc%5Etfw">April 14, 2019</a></blockquote>
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The development followed a news report&nbsp;that said that over 1,000 Jet pilots will not fly from Monday due to unpaid salaries, <a href="https://www.wionews.com/business-economy/over-1000-jet-airways-pilots-not-to-fly-from-monday-due-to-unpaid-salaries-210296">news agency Reuters reported</a> citing the president of the National Aviators Guild.&nbsp;

"Pilots haven't been paid for the last three months," Captain Karan Chopra told Reuters.

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Jet Airways' pilots body National Aviator's Guild (NAG) will meet tomorrow as no collective decision has been taken yet. The Union hasn't yet issued any direction or passed any resolution on whether the pilots will fly from midnight due to non-payment of salaries <a href="https://t.co/Jvz5NarYvs">pic.twitter.com/Jvz5NarYvs</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1117411997073772544?ref_src=twsrc%5Etfw">April 14, 2019</a></blockquote>
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The crisis at Jet has deepened in recent weeks as lessors have started applying to deregister planes, signalling the planned bailout had failed to assuage their concerns.

Saddled with more than $1.2 billion of bank debt, the airline has been teetering for weeks and has yet to receive a loan of about $217 million from its lenders as part of a rescue deal agreed in late March.

An urgent meeting to discuss the Jet situation was held at the prime minister's office on Friday, which was also attended by the country's aviation secretary, Pradeep Singh Kharola.

After the meeting, Kharola said the carrier had money to operate 6-7 planes over the weekend and after that, the lenders would have to decide how many jets it could fly after Monday afternoon, a news channel reported late on Friday.

Kharola said the company will meet bankers on Monday for infusion of funds in the interim, the TV channel said.

(With inputs from agencies) &nbsp;

Jet Airways on Sunday issued a statement noting that Jet Airways' pilots body National Aviator's Guild (NAG) will be holding a meeting tomorrow "as no collective decision has been taken yet," news agency ANI reported.

Jet Airways on Sunday issued a statement noting that Jet Airways' pilots body National Aviator's Guild (NAG) will be holding a meeting tomorrow "as no collective decision has been taken yet," news agency ANI reported. "The Union hasn't yet issued any direction or passed any resolution on whether the pilots will fly from midnight due to non-payment of salaries," the statement added. Pilots at Jet Airways have been told by their union to put off a planned strike to give its management and key lender State Bank of India time to strike a deal to keep the debt-laden airline flying. Jet Airways' pilots' body National Aviator's Guild, in a statement to union staff, said that "there is a critical meeting tomorrow with airline management and SBI. In light of the meeting, members have requested through their team leaders that call of 'no pay, no work' be deferred to give the airline a chance of survival". "Accordingly, as requested, the Committee would like to inform all, that the decision stands deferred for the time being," the statement added. Jet Airways' pilots body National Aviator's Guild (NAG) to union Staff: Accordingly, as requested, the Committee would like to inform all, that the decision stands deferred for the time being. https://t.co/FdsNDQoUEu — ANI (@ANI) April 14, 2019 × The development followed a news report that said that over 1,000 Jet pilots will not fly from Monday due to unpaid salaries, news agency Reuters reported citing the president of the National Aviators Guild. "Pilots haven't been paid for the last three months," Captain Karan Chopra told Reuters. Jet Airways' pilots body National Aviator's Guild (NAG) will meet tomorrow as no collective decision has been taken yet. The Union hasn't yet issued any direction or passed any resolution on whether the pilots will fly from midnight due to non-payment of salaries pic.twitter.com/Jvz5NarYvs — ANI (@ANI) April 14, 2019 × The crisis at Jet has deepened in recent weeks as lessors have started applying to deregister planes, signalling the planned bailout had failed to assuage their concerns. Saddled with more than $1.2 billion of bank debt, the airline has been teetering for weeks and has yet to receive a loan of about $217 million from its lenders as part of a rescue deal agreed in late March. An urgent meeting to discuss the Jet situation was held at the prime minister's office on Friday, which was also attended by the country's aviation secretary, Pradeep Singh Kharola. After the meeting, Kharola said the carrier had money to operate 6-7 planes over the weekend and after that, the lenders would have to decide how many jets it could fly after Monday afternoon, a news channel reported late on Friday. Kharola said the company will meet bankers on Monday for infusion of funds in the interim, the TV channel said. (With inputs from agencies)

Request to defer call of 'no pay, no work' and 'give airline chance of survival': Jet Airways

Luxury sports car maker Porsche is targeting additional volumes in India with an affordable version of its SUV Macan which it aims to drive in the country over the next few months.

The company plans to bring in two variants of the next generation Macan to the country, with the entry-level trim expected to attract a newer set of customers to its fold with a lower price tag.

"We will launch the new Macan in June-July at a competitive price and we have high hopes on this car," Porsche India Director Pavan Shetty told PTI.

The company plans to drive in two variants with different engine outputs, he added.

Macan S variant would be on the performance side generating an output of 340 horsepower (HP), while Macan's entry-level trim will come with 245 HP output, Shetty said.

"...With new Macan, we anticipate and expect even corporates to start looking at Porsche car, currently our top customers are businessmen," he added.

Macan range currently starts at over Rs 80 lakh in India.

Porsche had been selling between 400 and 500 units till 2017 but last year, there was a dip in sales as it could not sell its SUV Cayenne for around six months.

"This year onwards, we should be back to stability and I am sure the new set of cars will also provide traction to the sales," Shetty said.

The super luxury segment in India currently remains small at 40,000 units a year, which is only about 1.3 per cent of the 3.2 million strong passenger vehicle segment.

When asked about new model launches, Shetty said that besides new generation Macan, the company would also bring in Cayenne Coupe and an electric car next year.

The company has already introduced its flagship 911 range in India last week. Porsche, a division of Volkswagen group, imports models from Germany into India.

When asked to comment on government policies in India, Shetty said all the company seeks is stability.

"Stability in terms of policies is really key in our planning process and stability makes us plan for the future. There should not be frequent duty changes, frequent changes in rules and regulations. Rules are set and we follow that no problem with that," he noted.&nbsp;

Luxury sports car maker Porsche is targeting additional volumes in India with an affordable version of its SUV Macan which it aims to drive in the country over the next few months.

Luxury sports car maker Porsche is targeting additional volumes in India with an affordable version of its SUV Macan which it aims to drive in the country over the next few months. The company plans to bring in two variants of the next generation Macan to the country, with the entry-level trim expected to attract a newer set of customers to its fold with a lower price tag. "We will launch the new Macan in June-July at a competitive price and we have high hopes on this car," Porsche India Director Pavan Shetty told PTI. The company plans to drive in two variants with different engine outputs, he added. Macan S variant would be on the performance side generating an output of 340 horsepower (HP), while Macan's entry-level trim will come with 245 HP output, Shetty said. "...With new Macan, we anticipate and expect even corporates to start looking at Porsche car, currently our top customers are businessmen," he added. Macan range currently starts at over Rs 80 lakh in India. Porsche had been selling between 400 and 500 units till 2017 but last year, there was a dip in sales as it could not sell its SUV Cayenne for around six months. "This year onwards, we should be back to stability and I am sure the new set of cars will also provide traction to the sales," Shetty said. The super luxury segment in India currently remains small at 40,000 units a year, which is only about 1.3 per cent of the 3.2 million strong passenger vehicle segment. When asked about new model launches, Shetty said that besides new generation Macan, the company would also bring in Cayenne Coupe and an electric car next year. The company has already introduced its flagship 911 range in India last week. Porsche, a division of Volkswagen group, imports models from Germany into India. When asked to comment on government policies in India, Shetty said all the company seeks is stability. "Stability in terms of policies is really key in our planning process and stability makes us plan for the future. There should not be frequent duty changes, frequent changes in rules and regulations. Rules are set and we follow that no problem with that," he noted.

Porsche to drive in new-generation Macan in India by July

Infrastructure giant Larsen &amp; Toubro (L&amp;T) plans to hire 1,500 people this year, the same as in previous years, a top company official said.

"The company's manpower strength stood at 42,924 as on March 31, 2018 as compared to 41,466 as at March 31, 2017. On an average, we hire close to 1,500 people across functions every year and we see no discontinuity in this practice unless business dynamics change drastically," Yogi Sriram, Senior Vice President - Corporate HR, Larsen &amp; Toubro, told PTI.

Sriram added that L&amp;T's employee attrition rate of around 5 per cent was among the lowest in the industry.

L&amp;T recently made a hostile takeover bid for mid-sized IT services firm Mindtree. However, the company's founders have resisted the unsolicited acquisition bid, citing differences in corporate culture and other factors.

Elaborating on L&amp;T's HR practices, Sriram said: "We are putting a greater emphasis on ensuring wider participation of women and frame policies to enable their career growth."

Women employees are not just deployed in IT and finance roles, but are also present in core engineering jobs like heavy engineering shops, construction projects and defence engineering projects, he said.

Asked whether there will be job cuts as the company opts for digitisation, Sriram said, "There have been no lay-offs and the exits were limited to reasons of non-performance."

The company's Leadership Development Academy (LDA) at Lonavala has been set up for learning interventions, he said, adding that an artificial intelligence-driven digitalised platform, called ATLNext, caters to the learning needs of its workforce.

Business magazine Forbes had listed L&amp;T among the 'World's Best Employers' for 2018. The list, based on Forbes' Global 2000 rankings of publicly traded companies in 60 countries, placed L&amp;T at number 22, making it the highest-ranked Indian firm across all sectors.

L&amp;T has acquired Cafe Coffee Day owner V G Siddhartha's 20.32 per cent stake in Mindtree and has also placed an order with brokers to pick up another 15 per cent shares from the open market. Besides, an open offer has been made to buy over 5.13 crore shares, amounting to about 31 per cent stake.&nbsp;

Infrastructure giant Larsen & Toubro (L&T) plans to hire 1,500 people this year, the same as in previous years, a top company official said. "The company's manpower strength stood at 42,924 as on March 31, 2018 as compared to 41,466 as at March 31, 2017.

Infrastructure giant Larsen & Toubro (L&T) plans to hire 1,500 people this year, the same as in previous years, a top company official said. "The company's manpower strength stood at 42,924 as on March 31, 2018 as compared to 41,466 as at March 31, 2017. On an average, we hire close to 1,500 people across functions every year and we see no discontinuity in this practice unless business dynamics change drastically," Yogi Sriram, Senior Vice President - Corporate HR, Larsen & Toubro, told PTI. Sriram added that L&T's employee attrition rate of around 5 per cent was among the lowest in the industry. L&T recently made a hostile takeover bid for mid-sized IT services firm Mindtree. However, the company's founders have resisted the unsolicited acquisition bid, citing differences in corporate culture and other factors. Elaborating on L&T's HR practices, Sriram said: "We are putting a greater emphasis on ensuring wider participation of women and frame policies to enable their career growth." Women employees are not just deployed in IT and finance roles, but are also present in core engineering jobs like heavy engineering shops, construction projects and defence engineering projects, he said. Asked whether there will be job cuts as the company opts for digitisation, Sriram said, "There have been no lay-offs and the exits were limited to reasons of non-performance." The company's Leadership Development Academy (LDA) at Lonavala has been set up for learning interventions, he said, adding that an artificial intelligence-driven digitalised platform, called ATLNext, caters to the learning needs of its workforce. Business magazine Forbes had listed L&T among the 'World's Best Employers' for 2018. The list, based on Forbes' Global 2000 rankings of publicly traded companies in 60 countries, placed L&T at number 22, making it the highest-ranked Indian firm across all sectors. L&T has acquired Cafe Coffee Day owner V G Siddhartha's 20.32 per cent stake in Mindtree and has also placed an order with brokers to pick up another 15 per cent shares from the open market. Besides, an open offer has been made to buy over 5.13 crore shares, amounting to about 31 per cent stake.

Larsen & Toubro to hire 1,500 people this year 

More than a thousand pilots of <a href="https://www.wionews.com/india-news/jet-airways-employees-seek-pm-modis-intervention-to-help-them-out-210182">debt-laden Jet Airways</a> will not fly from Monday as they have not been paid salaries for the past three months, President of the National Aviators Guild said on Sunday.

<a href="https://www.wionews.com/business-economy/pmo-calls-for-urgent-meeting-to-discuss-jet-airways-situation-209874">Saddled with more than $1.2 billion of bank debt</a>, the airline has been teetering for weeks and has yet to receive a loan of about $217 million from its lenders as part of a rescue deal agreed in late March.

"Pilots haven't been paid for the last three months," Captain Karan Chopra told Reuters.

The crisis at Jet has deepened in recent weeks as lessors have started applying to deregister planes, signalling the planned bailout had failed to assuage their concerns.

An urgent meeting to discuss the Jet situation was held at the prime minister`s office on Friday, which was also attended by the country's aviation secretary, Pradeep Singh Kharola.

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Jet Airways' pilots body National Aviator's Guild (NAG) will meet tomorrow again as no collective decision was taken in today's meeting. The Union hasn't yet issued any direction or passed any resolution on whether the pilots will fly from midnight due to non-payment of salaries <a href="https://t.co/AwTEm3bpe4">pic.twitter.com/AwTEm3bpe4</a>
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After the meeting, Kharola said the carrier had money to operate 6-7 planes over the weekend and after that, the lenders would have to decide how many jets it could fly after Monday afternoon, a news channel reported late on Friday.

Kharola said the company will meet bankers on Monday for infusion of funds in the interim, the TV channel said.

According to a newspaper report on Sunday, Jet's lenders, led by the State Bank of India, are considering a proposal to infuse 10 billion rupees ($144.55 million) to keep the airline afloat.

The money is expected to be disbursed after the Jet management submits an operational plan on how it intends to use the money till May 7, the report said.&nbsp;

The lenders, who have been seeking a new investor to take a stake of up to 75 per cent in the airline, hope to complete the selection of bidders by May 7.

Initial bids were to be submitted by the end April 10, but SBI extended the deadline to April 12.

Abu Dhabi-based Etihad Airways, which owns a 24-per cent stake in the airline, private equity fund TPG Capital, government-owned sovereign fund National Investment and Infrastructure Fund and ousted chairman Naresh Goyal are among those to have submitted bids, the Business Standard reported.

&nbsp;

More than a thousand pilots of debt-laden Jet Airways will not fly from Monday as they have not been paid salaries for the past three months, President of the National Aviators Guild said on Sunday.

More than a thousand pilots of debt-laden Jet Airways will not fly from Monday as they have not been paid salaries for the past three months, President of the National Aviators Guild said on Sunday. Saddled with more than $1.2 billion of bank debt, the airline has been teetering for weeks and has yet to receive a loan of about $217 million from its lenders as part of a rescue deal agreed in late March. "Pilots haven't been paid for the last three months," Captain Karan Chopra told Reuters. The crisis at Jet has deepened in recent weeks as lessors have started applying to deregister planes, signalling the planned bailout had failed to assuage their concerns. An urgent meeting to discuss the Jet situation was held at the prime minister`s office on Friday, which was also attended by the country's aviation secretary, Pradeep Singh Kharola. Jet Airways' pilots body National Aviator's Guild (NAG) will meet tomorrow again as no collective decision was taken in today's meeting. The Union hasn't yet issued any direction or passed any resolution on whether the pilots will fly from midnight due to non-payment of salaries pic.twitter.com/AwTEm3bpe4 — ANI (@ANI) April 14, 2019 × After the meeting, Kharola said the carrier had money to operate 6-7 planes over the weekend and after that, the lenders would have to decide how many jets it could fly after Monday afternoon, a news channel reported late on Friday. Kharola said the company will meet bankers on Monday for infusion of funds in the interim, the TV channel said. According to a newspaper report on Sunday, Jet's lenders, led by the State Bank of India, are considering a proposal to infuse 10 billion rupees ($144.55 million) to keep the airline afloat. The money is expected to be disbursed after the Jet management submits an operational plan on how it intends to use the money till May 7, the report said. The lenders, who have been seeking a new investor to take a stake of up to 75 per cent in the airline, hope to complete the selection of bidders by May 7. Initial bids were to be submitted by the end April 10, but SBI extended the deadline to April 12. Abu Dhabi-based Etihad Airways, which owns a 24-per cent stake in the airline, private equity fund TPG Capital, government-owned sovereign fund National Investment and Infrastructure Fund and ousted chairman Naresh Goyal are among those to have submitted bids, the Business Standard reported.

Over 1,000 Jet Airways pilots not to fly from Monday due to unpaid salaries

<a href="https://www.wionews.com/business-economy/over-1000-jet-airways-pilots-not-to-fly-from-monday-due-to-unpaid-salaries-210296">Struggling carrier Jet Airways</a> Sunday said its Independent Director Rajshree Pathy has quit the company, effective April 13, citing time constraints and other commitments.

"This is to inform you that Rajshree Pathy has submitted her resignation as an Independent Director of the company with effect from April 13, owing to time constraints and on account of her other current commitments," Jet Airways said in an exchange filing.

The loss-making airline is now under the management control of SBI-led consortium of lenders under a debt-recast plan approved by its board last month.&nbsp;

Struggling carrier Jet Airways Sunday said its Independent Director Rajshree Pathy has quit the company, effective April 13, citing time constraints and other commitments.

Struggling carrier Jet Airways Sunday said its Independent Director Rajshree Pathy has quit the company, effective April 13, citing time constraints and other commitments. "This is to inform you that Rajshree Pathy has submitted her resignation as an Independent Director of the company with effect from April 13, owing to time constraints and on account of her other current commitments," Jet Airways said in an exchange filing. The loss-making airline is now under the management control of SBI-led consortium of lenders under a debt-recast plan approved by its board last month.

Rajshree Pathy resigns as Jet Airways' independent director

The biggest risk facing emerging market economies is growing evidence that global growth and trade is weakening, Reserve Bank of India (RBI) Governor Shaktikanta Das has said.

At the same time, emerging markets face a wave of global spillover risks leading to capital outflows, currency and asset price volatility besides tightened financial conditions, posing risks to growth and inflation.

Unsettled trade tensions and developments around Brexit are imparting further downside risks to the outlook, said Das.

"There is considerable uncertainty as to whether this weakness is temporary or the beginning of a recession in advanced economies," he said while addressing the event 'Governor Talks' on the sidelines of International Monetary Fund-World Bank Spring Meetings.

The risk of sudden stops and reversals of capital flows can aggravate existing stress in the balance sheets of lending institutions in some emerging markets and stretch their capital requirements, said Das on Friday.

"For net energy importers like India, the recent firming up of oil prices on production cuts by major suppliers presents risks to current account deficit and inflation. Emerging economies also need to explore alternatives to reduce dependence on conventional energy sources, and give greater focus on renewables and energy efficiency."

India is expected to clock a real GDP growth of 7.2 per cent during 2019-20 and continue to rank as the fastest among large economies of the world.

Inflation has been averaging 3.6 per cent and current account deficit is expected to be about 2.5 per cent of GDP.

Looking ahead, said Das, the priority should be to remain watchful and take coordinated action to revive growth and maintain macroeconomic, financial and price stability.

The biggest risk facing emerging market economies is growing evidence that global growth and trade is weakening, Reserve Bank of India (RBI) Governor Shaktikanta Das has said.

The biggest risk facing emerging market economies is growing evidence that global growth and trade is weakening, Reserve Bank of India (RBI) Governor Shaktikanta Das has said. At the same time, emerging markets face a wave of global spillover risks leading to capital outflows, currency and asset price volatility besides tightened financial conditions, posing risks to growth and inflation. Unsettled trade tensions and developments around Brexit are imparting further downside risks to the outlook, said Das. "There is considerable uncertainty as to whether this weakness is temporary or the beginning of a recession in advanced economies," he said while addressing the event 'Governor Talks' on the sidelines of International Monetary Fund-World Bank Spring Meetings. The risk of sudden stops and reversals of capital flows can aggravate existing stress in the balance sheets of lending institutions in some emerging markets and stretch their capital requirements, said Das on Friday. "For net energy importers like India, the recent firming up of oil prices on production cuts by major suppliers presents risks to current account deficit and inflation. Emerging economies also need to explore alternatives to reduce dependence on conventional energy sources, and give greater focus on renewables and energy efficiency." India is expected to clock a real GDP growth of 7.2 per cent during 2019-20 and continue to rank as the fastest among large economies of the world. Inflation has been averaging 3.6 per cent and current account deficit is expected to be about 2.5 per cent of GDP. Looking ahead, said Das, the priority should be to remain watchful and take coordinated action to revive growth and maintain macroeconomic, financial and price stability.

Slowdown in global growth, trade to hit emerging market economies: RBI Governor

Former IL&amp;FS managing director and CEO Ramesh Bawa has been arrested by the Serious Fraud Investigation Office (SFIO) in connection with the ongoing investigations against IL&amp;FS and its group entities, news agency ANI reported.&nbsp;

As per reports, Bawa has been held under Section 447 of the Companies Act that enables SFIO to arrest a person for committing fraud.&nbsp;

The Supreme Court, earlier this week, has dismissed Bawa's petition which sought to stop the SFIO's criminal proceedings against him.

<a href="https://www.wionews.com/business-economy/sfio-arrests-former-ilfs-vice-chairman-hari-sankaran-207291">IL&amp;FS's former vice chairman Hari Sankaran</a> was arrested on April 1 which was also the first arrest made by the probe agency in the IL&amp;FS case.&nbsp;

Sankaran was arrested in Mumbai in connection with the ongoing investigations into the affairs of IL&amp;FS and its group entities.

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Sources:Former IL&amp;FS MD &amp; CEO Ramesh Bawa arrested By Serious Fraud Investigation Office(SFIO) in connection with the ongoing investigations against IL&amp;FS and its group entities. SFIO had also arrested Ex Chairman Hari Shankaran on April 1
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Sources said Sankaran has been arrested on the grounds of abusing his powers in IL&amp;FS Financial Services Ltd through fraudulent conduct and in granting loans to entities that were not credit-worthy or were declared as non-performing accounts. Such actions caused wrongful loss to the company and its creditors, new agency ANI reported.&nbsp;

 
IL&amp;FS Financial Services had borrowings of more than Rs 17,000 crore through debt instruments and bank loans. Provident funds, pension funds, gratuity funds, mutual funds, public and private sector banks, are among those who have invested in these debt instruments, the sources said.

The alleged financial irregularities at the IL&amp;FS came to light last year after some group entities defaulted on debt repayments. The government, which superseded the company's board, is working on a resolution plan.

The SFIO, the investigating arm of Ministry of Corporate Affairs, has been probing a series of defaults by the infrastructure financing major.&nbsp;

(With inputs from agencies)&nbsp;

Former IL&FS managing director and CEO Ramesh Bawa has been arrested by the Serious Fraud Investigation Office (SFIO) in connection with the ongoing investigations against IL&FS and its group entities, news agency ANI reported.

Former IL&FS managing director and CEO Ramesh Bawa has been arrested by the Serious Fraud Investigation Office (SFIO) in connection with the ongoing investigations against IL&FS and its group entities, news agency ANI reported. As per reports, Bawa has been held under Section 447 of the Companies Act that enables SFIO to arrest a person for committing fraud. The Supreme Court, earlier this week, has dismissed Bawa's petition which sought to stop the SFIO's criminal proceedings against him. IL&FS's former vice chairman Hari Sankaran was arrested on April 1 which was also the first arrest made by the probe agency in the IL&FS case. Sankaran was arrested in Mumbai in connection with the ongoing investigations into the affairs of IL&FS and its group entities. Sources:Former IL&FS MD & CEO Ramesh Bawa arrested By Serious Fraud Investigation Office(SFIO) in connection with the ongoing investigations against IL&FS and its group entities. SFIO had also arrested Ex Chairman Hari Shankaran on April 1 — ANI (@ANI) April 13, 2019 × Sources said Sankaran has been arrested on the grounds of abusing his powers in IL&FS Financial Services Ltd through fraudulent conduct and in granting loans to entities that were not credit-worthy or were declared as non-performing accounts. Such actions caused wrongful loss to the company and its creditors, new agency ANI reported. IL&FS Financial Services had borrowings of more than Rs 17,000 crore through debt instruments and bank loans. Provident funds, pension funds, gratuity funds, mutual funds, public and private sector banks, are among those who have invested in these debt instruments, the sources said. The alleged financial irregularities at the IL&FS came to light last year after some group entities defaulted on debt repayments. The government, which superseded the company's board, is working on a resolution plan. The SFIO, the investigating arm of Ministry of Corporate Affairs, has been probing a series of defaults by the infrastructure financing major. (With inputs from agencies)

Former IL&FS managing director Ramesh Bawa arrested

Observing that the global financial crisis has exposed several limitations of conventional and unconventional monetary policy tools, Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday said monetary economics in emerging markets needs a rethink.

This includes challenging the conventional wisdom of modern central banks to hike or reduce their interest rates by 25 basis points or multiples thereof, Das said in a special address delivered on the sidelines of the annual Spring Meetings of the International Monetary Fund and World Bank.

Highly appreciated by the audience for his call for out-of-the-box thinking to address monetary policy challenges of the 21st century, Das said the unconventional monetary policies of advanced economies have resulted in "risks and spillovers" for the emerging markets.

In his speech titled 'Global Risks and Policy Challenges facing Emerging Market Economies', Das observed that the global financial crisis has exposed several limitations of conventional and unconventional monetary policy tools.&nbsp;

In despair, some have turned to the heterodox evolution of ideas that are being practised as modern monetary theory, he noted.

In the end, monetary policy must touch the real economy, spur investments, and maintain monetary and financial stability, he asserted.&nbsp;

The time has come to think out of the box, including by challenging the conventional wisdom, he told the packed auditorium.&nbsp;

Typically, modern central banks with interest rates as their main instrument move in baby steps -- 25 basis points or multiples thereof -- and announce a stance of tightening, neutrality or accommodation to guide the markets and the public on the likely future course of policy, he said.&nbsp;

"One thought that comes to my mind is that if the unit of 25 basis points is not sacrosanct and just a convention, monetary policy can be well served by calibrating the size of the policy rate to the dynamics of the situation and the size of the change itself can convey the stance of policy," the RBI Governor said.&nbsp;

For instance, if easing of monetary policy is required but the central bank prefers to be cautious in its accommodation, a 10 basis points reduction in the policy rate would perhaps communicate the intent of authorities more clearly than two separate moves -- one on the policy rate, wasting 15 basis points of valuable rate action to rounding off, and the other on the stance, which in a sense binds future policy action to a pre-committed direction, he said.&nbsp;

Likewise, in a situation in which the central bank prefers to be accommodative but not overly so, it could announce a cut in the policy rate by 35 basis points if it has judged that the standard 25 basis points is too little, but its multiple, that is 50 basis points, is too much.&nbsp;

"This approach can also be useful when the central bank is on a tightening mode and potentially help avoid policy turnaround from forward guidance via stance too far into the future, which in a highly volatile global scenario, may not even be a year," Das said.&nbsp;

Stating that management of global spillovers poses a formidable challenge to emerging market economies, Das told the audience that a truly global financial safety net remains elusive as in this age of mobile capital flows, consequences of their arrivals, sudden stops and reversals are to be borne nationally.&nbsp;

As a result, emerging market economies (EMEs) are typically at the receiving end when global spillovers flare up, he said, adding that they have no recourse but to build their own forex reserve buffers.&nbsp;

Paradoxically, the accumulation of reserves has become stigmatised, including with labels such as "currency manipulation", he rued.&nbsp; 
"As I see it, we may be unintentionally setting the stage for several EME currencies to break out and challenge the hegemony of the dominant reserve currencies.&nbsp;

"There is a need for greater understanding on both sides. In the meantime, so far as the Reserve Bank of India is concerned, we will continue to play by the extant rules of the game," Das said in his special address.

Das also said central banks have to interact closely with financial markets for transmission of monetary policy impulses.&nbsp;

"In this context, ensuring a sound and efficient payment and settlement system is a pre-requisite," he noted.&nbsp;

Observing that the global financial crisis has exposed several limitations of conventional and unconventional monetary policy tools, Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday said monetary economics in emerging markets needs a rethink.

Observing that the global financial crisis has exposed several limitations of conventional and unconventional monetary policy tools, Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday said monetary economics in emerging markets needs a rethink. This includes challenging the conventional wisdom of modern central banks to hike or reduce their interest rates by 25 basis points or multiples thereof, Das said in a special address delivered on the sidelines of the annual Spring Meetings of the International Monetary Fund and World Bank. Highly appreciated by the audience for his call for out-of-the-box thinking to address monetary policy challenges of the 21st century, Das said the unconventional monetary policies of advanced economies have resulted in "risks and spillovers" for the emerging markets. In his speech titled 'Global Risks and Policy Challenges facing Emerging Market Economies', Das observed that the global financial crisis has exposed several limitations of conventional and unconventional monetary policy tools. In despair, some have turned to the heterodox evolution of ideas that are being practised as modern monetary theory, he noted. In the end, monetary policy must touch the real economy, spur investments, and maintain monetary and financial stability, he asserted. The time has come to think out of the box, including by challenging the conventional wisdom, he told the packed auditorium. Typically, modern central banks with interest rates as their main instrument move in baby steps -- 25 basis points or multiples thereof -- and announce a stance of tightening, neutrality or accommodation to guide the markets and the public on the likely future course of policy, he said. "One thought that comes to my mind is that if the unit of 25 basis points is not sacrosanct and just a convention, monetary policy can be well served by calibrating the size of the policy rate to the dynamics of the situation and the size of the change itself can convey the stance of policy," the RBI Governor said. For instance, if easing of monetary policy is required but the central bank prefers to be cautious in its accommodation, a 10 basis points reduction in the policy rate would perhaps communicate the intent of authorities more clearly than two separate moves -- one on the policy rate, wasting 15 basis points of valuable rate action to rounding off, and the other on the stance, which in a sense binds future policy action to a pre-committed direction, he said. Likewise, in a situation in which the central bank prefers to be accommodative but not overly so, it could announce a cut in the policy rate by 35 basis points if it has judged that the standard 25 basis points is too little, but its multiple, that is 50 basis points, is too much. "This approach can also be useful when the central bank is on a tightening mode and potentially help avoid policy turnaround from forward guidance via stance too far into the future, which in a highly volatile global scenario, may not even be a year," Das said. Stating that management of global spillovers poses a formidable challenge to emerging market economies, Das told the audience that a truly global financial safety net remains elusive as in this age of mobile capital flows, consequences of their arrivals, sudden stops and reversals are to be borne nationally. As a result, emerging market economies (EMEs) are typically at the receiving end when global spillovers flare up, he said, adding that they have no recourse but to build their own forex reserve buffers. Paradoxically, the accumulation of reserves has become stigmatised, including with labels such as "currency manipulation", he rued. "As I see it, we may be unintentionally setting the stage for several EME currencies to break out and challenge the hegemony of the dominant reserve currencies. "There is a need for greater understanding on both sides. In the meantime, so far as the Reserve Bank of India is concerned, we will continue to play by the extant rules of the game," Das said in his special address. Das also said central banks have to interact closely with financial markets for transmission of monetary policy impulses. "In this context, ensuring a sound and efficient payment and settlement system is a pre-requisite," he noted.

Monetary economics in emerging markets needs a rethink, says RBI Governor

<a href="https://www.google.com/url?q=https://www.wionews.com/world/lyft-files-for-stock-offering-beating-uber-to-wall-street-200590&amp;sa=U&amp;ved=0ahUKEwiBu--y9MnhAhUOY48KHbzbDJMQFggFMAA&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw0gfyJ0M7_GliGQQErJNKH8">Uber </a>Technologies Inc’s initial public offering filing on Thursday contains data that will be key to selling itself to investors.

The share sale follows a public offering by rival ride-sharing service Lyft Inc last month, whose shares have dropped to about $61 from an IPO price of $72.

Here are how the two companies compare on key metrics from Uber's filing:

REVENUE

Uber had $11.3 billion in 2018 vs Lyft $2.2 billion.

Uber's growth has been slowing relative to Lyft due to scandals and aggressive discounting by Lyft.

Lyft’s revenue more than doubled between 2017 and 2018 while Uber's grew around 42 per cent.

MARKET SHARE

Uber has lost market share but remains the leader.

Uber has 65 per cent share in North America while Lyft says it has 39 per cent in the United States.

ADJUSTED EBITDA

Both Uber and Lyft lose money though Uber has trimmed its losses in recent years.

Uber's adjusted loss before interest, taxes, depreciation and amortization was just over $1.8 billion in 2018 compared to $2.6 billion in 2017.

Lyft lost $950 million in 2018 on the same basis.

MONTHLY ACTIVE USERS

Uber has 91 million monthly active users compared to Lyft's 18.6 million.

Uber's number includes customers of additional services beyond ride sharing.

Uber Technologies Inc’s initial public offering filing on Thursday contains data that will be key to selling itself to investors. The share sale follows a public offering by rival ride-sharing service Lyft Inc last month, whose shares have dropped to about $61 from an IPO price of $72.

Uber Technologies Inc’s initial public offering filing on Thursday contains data that will be key to selling itself to investors. The share sale follows a public offering by rival ride-sharing service Lyft Inc last month, whose shares have dropped to about $61 from an IPO price of $72. Here are how the two companies compare on key metrics from Uber's filing: REVENUE Uber had $11.3 billion in 2018 vs Lyft $2.2 billion. Uber's growth has been slowing relative to Lyft due to scandals and aggressive discounting by Lyft. Lyft’s revenue more than doubled between 2017 and 2018 while Uber's grew around 42 per cent. MARKET SHARE Uber has lost market share but remains the leader. Uber has 65 per cent share in North America while Lyft says it has 39 per cent in the United States. ADJUSTED EBITDA Both Uber and Lyft lose money though Uber has trimmed its losses in recent years. Uber's adjusted loss before interest, taxes, depreciation and amortization was just over $1.8 billion in 2018 compared to $2.6 billion in 2017. Lyft lost $950 million in 2018 on the same basis. MONTHLY ACTIVE USERS Uber has 91 million monthly active users compared to Lyft's 18.6 million. Uber's number includes customers of additional services beyond ride sharing.

How Uber and Lyft compare on key financial metrics

Shares of <a href="https://www.google.com/url?q=https://www.wionews.com/world/us-judge-orders-talks-between-teslas-musk-securities-regulators-208033&amp;sa=U&amp;ved=0ahUKEwjW5dbz5snhAhUMr48KHUkHAJQQFggFMAA&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw3T2-MF6HF1o32HPqM8ZejE">Tesla </a>fell Thursday following a report the electric car company and electronics giant Panasonic are suspending plans to expand a battery plant due to weak demand for the vehicles.

Tesla Motors, which is led by Elon Musk, finished at $268.42, down 2.8 per cent.

Tesla and Panasonic froze a plan to boost the capacity of the Gigafactory 1 battery factory in the US state of Nevada "as concerns mount on Wall Street about weakening demand at Elon Musk's car company," Nikkei Asian Review reported.

The companies have stepped back as Panasonic's losses on the Tesla batteries deepened in the financial year that ended in March, Nikkei said.&nbsp;

Japan-based Panasonic had been seen pumping as much as $1.4 billion into the plan to boost Nevada production by around 50 per cent.

A Tesla spokesperson said, "we will, of course, continue to make new investments in Gigafactory 1, as needed.&nbsp;

"However, we think there is far more output to be gained from improving existing production equipment than was previously estimated."

Tesla directly criticized Nikkei's characterization of the situation in the subsequent email.

"We will, of course, continue to make new investments in Gigafactory 1, as needed," the Tesla spokesperson said in the follow-up statement.&nbsp;

"Most importantly, contrary to what is implied in this report, our demand for cells continues to outpace supply. It remains the fundamental constraint on Tesla vehicle and Powerwall/Powerpack production."

Nikkei also reported that Panasonic will suspend planned investment at Tesla's new Shanghai plant and will instead provide technical support to the project.

Panasonic has not made announcements about partnering with Tesla in Shanghai.

Shares of Tesla have had a volatile ride over the last year as Musk has overseen the ramp-up of the company's Model 3 sedan, the company's first vehicle directed at the middle market.

Investors have at times punished Tesla due to controversies surrounding Musk, who has sparred repeatedly with US securities regulators and appeared during one filmed interview last year to be smoking marijuana.&nbsp;

Company results have also been up and down. Shares were punished last week following disappointing first-quarter car deliveries.

Shares of Tesla fell Thursday following a report the electric car company and electronics giant Panasonic are suspending plans to expand a battery plant due to weak demand for the vehicles.

Shares of Tesla fell Thursday following a report the electric car company and electronics giant Panasonic are suspending plans to expand a battery plant due to weak demand for the vehicles. Tesla Motors, which is led by Elon Musk, finished at $268.42, down 2.8 per cent. Tesla and Panasonic froze a plan to boost the capacity of the Gigafactory 1 battery factory in the US state of Nevada "as concerns mount on Wall Street about weakening demand at Elon Musk's car company," Nikkei Asian Review reported. The companies have stepped back as Panasonic's losses on the Tesla batteries deepened in the financial year that ended in March, Nikkei said. Japan-based Panasonic had been seen pumping as much as $1.4 billion into the plan to boost Nevada production by around 50 per cent. A Tesla spokesperson said, "we will, of course, continue to make new investments in Gigafactory 1, as needed. "However, we think there is far more output to be gained from improving existing production equipment than was previously estimated." Tesla directly criticized Nikkei's characterization of the situation in the subsequent email. "We will, of course, continue to make new investments in Gigafactory 1, as needed," the Tesla spokesperson said in the follow-up statement. "Most importantly, contrary to what is implied in this report, our demand for cells continues to outpace supply. It remains the fundamental constraint on Tesla vehicle and Powerwall/Powerpack production." Nikkei also reported that Panasonic will suspend planned investment at Tesla's new Shanghai plant and will instead provide technical support to the project. Panasonic has not made announcements about partnering with Tesla in Shanghai. Shares of Tesla have had a volatile ride over the last year as Musk has overseen the ramp-up of the company's Model 3 sedan, the company's first vehicle directed at the middle market. Investors have at times punished Tesla due to controversies surrounding Musk, who has sparred repeatedly with US securities regulators and appeared during one filmed interview last year to be smoking marijuana. Company results have also been up and down. Shares were punished last week following disappointing first-quarter car deliveries.

Tesla shares fall over reports of battery plant suspension

Budget airline SpiceJet Ltd said on Friday it planned to lease a "first lot" of 16 Boeing Co 737-800s to help fill a gap in aviation capacity that ratings agency ICRA said has pushed up fares by 30 to 40 per cent since September.

SpiceJet had cancelled some flights due to the grounding of its 12 737 MAX planes after Ethiopian Airlines' deadly March 10 crash. However, the bulk of the reduction, which ICRA said removed 15 per cent of market capacity, is due to Jet Airways Ltd grounding more than three-quarters of its fleet as a result of funding problems.

"The sudden reduction of aviation capacity has created a challenging environment in the sector," SpiceJet Chairman Ajay Singh said in a statement. "SpiceJet is committed to working closely with the government authorities to augment capacity and minimise passenger inconvenience."

India's civil aviation minister Suresh Prabhu has directed the civil aviation secretary to review issues related to Jet Airways and take steps to minimise the inconvenience to passengers and ensure their safety, the minister said in a Tweet on Friday.

Directorate General of Civil Aviation (DGCCA) has de-registered 11 737-800s that had been leased by Jet Airways on request from lessors, the agency's website said, and another 14 requests for de-registration remain pending.

SpiceJet did not say whether it planned to lease planes that had previously been flown by Jet. The budget carrier's shares rose 5 per cent in early trade on Friday.

Budget airline SpiceJet Ltd said on Friday it planned to lease a "first lot" of 16 Boeing Co 737-800s to help fill a gap in aviation capacity that ratings agency ICRA said has pushed up fares by 30 to 40 per cent since September.

Budget airline SpiceJet Ltd said on Friday it planned to lease a "first lot" of 16 Boeing Co 737-800s to help fill a gap in aviation capacity that ratings agency ICRA said has pushed up fares by 30 to 40 per cent since September. SpiceJet had cancelled some flights due to the grounding of its 12 737 MAX planes after Ethiopian Airlines' deadly March 10 crash. However, the bulk of the reduction, which ICRA said removed 15 per cent of market capacity, is due to Jet Airways Ltd grounding more than three-quarters of its fleet as a result of funding problems. "The sudden reduction of aviation capacity has created a challenging environment in the sector," SpiceJet Chairman Ajay Singh said in a statement. "SpiceJet is committed to working closely with the government authorities to augment capacity and minimise passenger inconvenience." India's civil aviation minister Suresh Prabhu has directed the civil aviation secretary to review issues related to Jet Airways and take steps to minimise the inconvenience to passengers and ensure their safety, the minister said in a Tweet on Friday. Directorate General of Civil Aviation (DGCCA) has de-registered 11 737-800s that had been leased by Jet Airways on request from lessors, the agency's website said, and another 14 requests for de-registration remain pending. SpiceJet did not say whether it planned to lease planes that had previously been flown by Jet. The budget carrier's shares rose 5 per cent in early trade on Friday.

SpiceJet to lease 16 Boeing 737s to fill gap as groundings push up fares

<a href="https://www.google.com/url?q=https://www.wionews.com/business-economy/tech-banking-stocks-lift-sensex-by-197-points-in-early-trading-206175&amp;sa=U&amp;ved=0ahUKEwj9rez27MnhAhUs8HMBHdqGC2cQFggIMAE&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw0hp7O3niZfH1W72QpAglMl">Asian shares</a> turned lower on Friday as trepidation ahead of the start of the US corporate earnings season and underlying anxiety over the global growth outlook eclipsed some reassuring US economic data.

MSCI's broadest index of Asia-Pacific shares outside Japan was last down 0.1 per cent, having see-sawed within a tight range throughout the morning session

Despite broad weakness in the region, with Chinese blue-chips down 0.8 per cent ahead of the release of trade data, higher Chinese iron ore prices helped to push Australia's S&amp;P/ASX 200 index up 0.7 per cent.

Japan's Nikkei stock index gained 0.5 per cent.

Michael McCarthy, chief market strategist at CMC Markets and Stockbroking in Sydney, said markets were in a "holding pattern" as they waited on Chinese trade data and the US earnings season.

Matt Simpson, the senior market analyst at GAIN Capital in Singapore, said a dovish shift by central banks, together with possible progress on a US-China trade deal and US President Donald Trump's talking up of the markets could help to support equities in the coming weeks.

"Consumer discretionary and information technology are more than outperforming the S&amp;P 500 rebound, and that generally is what you see in the start of an upswing, not near the end of a cycle," he said.

The tepid performance of Asian markets Friday followed a choppy session on Wall Street that left major indexes treading water, hemmed in by anxiety ahead of corporate earnings and worries about a global economic slowdown, which capped gains stemming from upbeat US economic data.

The Dow Jones Industrial Average fell 0.05 per cent to 26,143.05, the S&amp;P 500 closed flat at 2,888.32 and the Nasdaq Composite dropped 0.21 per cent to 7,947.36.

Tempering expectations for a sharp slowdown in US growth as data that showed the number of Americans filing applications for unemployment benefits dropped to a 49-1/2-year low last week

Comments from US Federal Reserve Vice Chairman Richard Clarida that the US economy is in a "good place" but reemphasising the Fed's patience on rate hikes, also helped to reassure investors.

"One of the big takeaways from the past few days has been the broad decline in volatility across markets," National Australia Bank (NAB) analysts said in a morning note. NAB attributed the muted reaction to recent events to dovish policy shifts by central banks, signs that China's stimulus measures are having an effect, continued US-China trade talks and the Brexit delay.

International Monetary Fund Managing Director Christine Lagarde said on Thursday that the six-month delay of Britain's exit from the European Union avoids the "terrible outcome" of a "no-deal" Brexit, but does nothing to lift uncertainty over the final outcome.

Underscoring ongoing threats to the health of the global economy, IMF Deputy Managing Director Mitsuhiro Furusawa warned that a bigger-than-expected slowdown in China's economy remains a key risk to global growth.

US Treasury yields inched lower amid the cautious retreat in shares, after earlier rising on the US jobless claims data, stronger producer prices and a weak 30-year bond auction.

On Friday morning, the yield on benchmark 10-year Treasury notes fell to 2.497 per cent compared with its US close of 2.504 per cent on Thursday. The two-year yield was unchanged at 2.356 per cent.

In currency markets, the dollar was up 0.1 per cent against the yen at 111.75, but a strong gain in the euro, which jumped 0.36 per cent on the day to buy $1.1290, pushed the dollar index down 0.2 per cent to 96.979.

Traders said demand for the euro jumped among Japanese players amid speculation toward cross-border flows.

US crude ticked up 0.35 per cent at $63.80 a barrel, while Brent crude was up 0.28 per cent at $71.03 per barrel.

Gold was flat after falling more than 1 per cent on Thursday to break below the key $1,300 level following solid US data. Spot gold traded at $1,292.03 per ounce.

Asian shares turned lower on Friday as trepidation ahead of the start of the US corporate earnings season and underlying anxiety over the global growth outlook eclipsed some reassuring US economic data.

Asian shares turned lower on Friday as trepidation ahead of the start of the US corporate earnings season and underlying anxiety over the global growth outlook eclipsed some reassuring US economic data. MSCI's broadest index of Asia-Pacific shares outside Japan was last down 0.1 per cent, having see-sawed within a tight range throughout the morning session Despite broad weakness in the region, with Chinese blue-chips down 0.8 per cent ahead of the release of trade data, higher Chinese iron ore prices helped to push Australia's S&P/ASX 200 index up 0.7 per cent. Japan's Nikkei stock index gained 0.5 per cent. Michael McCarthy, chief market strategist at CMC Markets and Stockbroking in Sydney, said markets were in a "holding pattern" as they waited on Chinese trade data and the US earnings season. Matt Simpson, the senior market analyst at GAIN Capital in Singapore, said a dovish shift by central banks, together with possible progress on a US-China trade deal and US President Donald Trump's talking up of the markets could help to support equities in the coming weeks. "Consumer discretionary and information technology are more than outperforming the S&P 500 rebound, and that generally is what you see in the start of an upswing, not near the end of a cycle," he said. The tepid performance of Asian markets Friday followed a choppy session on Wall Street that left major indexes treading water, hemmed in by anxiety ahead of corporate earnings and worries about a global economic slowdown, which capped gains stemming from upbeat US economic data. The Dow Jones Industrial Average fell 0.05 per cent to 26,143.05, the S&P 500 closed flat at 2,888.32 and the Nasdaq Composite dropped 0.21 per cent to 7,947.36. Tempering expectations for a sharp slowdown in US growth as data that showed the number of Americans filing applications for unemployment benefits dropped to a 49-1/2-year low last week Comments from US Federal Reserve Vice Chairman Richard Clarida that the US economy is in a "good place" but reemphasising the Fed's patience on rate hikes, also helped to reassure investors. "One of the big takeaways from the past few days has been the broad decline in volatility across markets," National Australia Bank (NAB) analysts said in a morning note. NAB attributed the muted reaction to recent events to dovish policy shifts by central banks, signs that China's stimulus measures are having an effect, continued US-China trade talks and the Brexit delay. International Monetary Fund Managing Director Christine Lagarde said on Thursday that the six-month delay of Britain's exit from the European Union avoids the "terrible outcome" of a "no-deal" Brexit, but does nothing to lift uncertainty over the final outcome. Underscoring ongoing threats to the health of the global economy, IMF Deputy Managing Director Mitsuhiro Furusawa warned that a bigger-than-expected slowdown in China's economy remains a key risk to global growth. US Treasury yields inched lower amid the cautious retreat in shares, after earlier rising on the US jobless claims data, stronger producer prices and a weak 30-year bond auction. On Friday morning, the yield on benchmark 10-year Treasury notes fell to 2.497 per cent compared with its US close of 2.504 per cent on Thursday. The two-year yield was unchanged at 2.356 per cent. In currency markets, the dollar was up 0.1 per cent against the yen at 111.75, but a strong gain in the euro, which jumped 0.36 per cent on the day to buy $1.1290, pushed the dollar index down 0.2 per cent to 96.979. Traders said demand for the euro jumped among Japanese players amid speculation toward cross-border flows. US crude ticked up 0.35 per cent at $63.80 a barrel, while Brent crude was up 0.28 per cent at $71.03 per barrel. Gold was flat after falling more than 1 per cent on Thursday to break below the key $1,300 level following solid US data. Spot gold traded at $1,292.03 per ounce.

Global Markets: Asian shares dip on caution over global growth, US earnings

The rupee depreciated by 32 paise to 69.24 against the US dollar in early trade Friday owing to increased demand for the greenback from importers and banks.

At the Interbank Foreign Exchange, the rupee opened on a weak note at 69.04 then fell further to 69.24 against the US dollar, showing a decline of 32 paise over its previous closing.

The local unit, however, pared some losses and was quoted at 69.18 against the American currency at 0941 hrs.

The Indian rupee on Thursday climbed 19 paise to close at 68.92 against the US dollar.

Forex traders said the strengthening of the greenback vis-a-vis other currencies overseas and rising crude oil prices in overseas market added pressure to the domestic unit.

However, foreign fund inflows and higher opening in the domestic equity market restricted the fall in the local unit.

Foreign institutional investors (FIIs) put in Rs 476.51 crore on a net basis Thursday, provisional data showed.

Brent crude futures, the global oil benchmark, rose 0.27 per cent to USD 71.02 per barrel.

Meanwhile, domestic bourses opened on a bullish note Friday. The BSE gauge Sensex was trading at 38,718.67, higher by 109.52 points while the NSE Nifty was trading at 11,624.70 up by 28.00 points in early trade.&nbsp;

The rupee depreciated by 32 paise to 69.24 against the US dollar in early trade Friday owing to increased demand for the greenback from importers and banks. At the Interbank Foreign Exchange, the rupee opened on a weak note at 69.

The rupee depreciated by 32 paise to 69.24 against the US dollar in early trade Friday owing to increased demand for the greenback from importers and banks. At the Interbank Foreign Exchange, the rupee opened on a weak note at 69.04 then fell further to 69.24 against the US dollar, showing a decline of 32 paise over its previous closing. The local unit, however, pared some losses and was quoted at 69.18 against the American currency at 0941 hrs. The Indian rupee on Thursday climbed 19 paise to close at 68.92 against the US dollar. Forex traders said the strengthening of the greenback vis-a-vis other currencies overseas and rising crude oil prices in overseas market added pressure to the domestic unit. However, foreign fund inflows and higher opening in the domestic equity market restricted the fall in the local unit. Foreign institutional investors (FIIs) put in Rs 476.51 crore on a net basis Thursday, provisional data showed. Brent crude futures, the global oil benchmark, rose 0.27 per cent to USD 71.02 per barrel. Meanwhile, domestic bourses opened on a bullish note Friday. The BSE gauge Sensex was trading at 38,718.67, higher by 109.52 points while the NSE Nifty was trading at 11,624.70 up by 28.00 points in early trade.

Rupee slips 32 paise to 69.24 vs USD in early trade

Domestic equity benchmark BSE Sensex rose over 100 points on Friday ahead of the release of key macroeconomic data and quarterly results of IT bellwethers TCS and Infosys.

The 30-share index was trading 106.69 points or 0.28 per cent higher at 38,713.70. The gauge had ended 21.66 points or 0.06 per cent, higher at 38,607.01 in its previous session.

The NSE Nifty was trading 21.75 points, or 0.19 per cent, up at 11,618.45 in the early session.

Shares of Infosys and Tata Consultancy Services (TCS) were trading up to 0.81 per cent higher ahead of their quarterly earnings, scheduled for release later in the day.

Other gainers in the Sensex pack include Asian Paints, Bharti Airtel, Tata Steel, Yes Bank, Sun Pharma, RIL, HCL Tech and Maruti, rising up to 1.04 per cent.

While Tata Motors, L&amp;T, HDFC, Bajaj Auto, NTPC, SBI, Coal India and ITC shed up to 0.50 per cent.

According to Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management, investors are awaiting the data on macroeconomic parameters such as consumer price inflation (CPI) and index of industrial production (IIP) to gauge the state of the economy before taking any strong stance.

"Markets are expected to remain volatile in the near term till investors get more clarity from the ongoing elections and high-frequency data points," he said.

Meanwhile, foreign institutional investors (FIIs) purchased equity worth Rs 476.51 crore on Thursday, while domestic institutional investors (DIIs) sold equities to the tune of Rs 16.58 crore, provisional data available with stock exchanges showed.

The rupee depreciated 29 paise to 69.22 against the US dollar in early trade.

Brent crude futures, the global oil benchmark, was 0.27 per cent higher at USD 71.02 per barrel.

Elsewhere in Asia, benchmark equity indices in Shanghai, Tokyo and Seoul reflected a mixed trend in early trade. Indices on Wall Street ended marginally lower on Thursday.&nbsp;

Domestic equity benchmark BSE Sensex rose over 100 points on Friday ahead of the release of key macroeconomic data and quarterly results of IT bellwethers TCS and Infosys.

Domestic equity benchmark BSE Sensex rose over 100 points on Friday ahead of the release of key macroeconomic data and quarterly results of IT bellwethers TCS and Infosys. The 30-share index was trading 106.69 points or 0.28 per cent higher at 38,713.70. The gauge had ended 21.66 points or 0.06 per cent, higher at 38,607.01 in its previous session. The NSE Nifty was trading 21.75 points, or 0.19 per cent, up at 11,618.45 in the early session. Shares of Infosys and Tata Consultancy Services (TCS) were trading up to 0.81 per cent higher ahead of their quarterly earnings, scheduled for release later in the day. Other gainers in the Sensex pack include Asian Paints, Bharti Airtel, Tata Steel, Yes Bank, Sun Pharma, RIL, HCL Tech and Maruti, rising up to 1.04 per cent. While Tata Motors, L&T, HDFC, Bajaj Auto, NTPC, SBI, Coal India and ITC shed up to 0.50 per cent. According to Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management, investors are awaiting the data on macroeconomic parameters such as consumer price inflation (CPI) and index of industrial production (IIP) to gauge the state of the economy before taking any strong stance. "Markets are expected to remain volatile in the near term till investors get more clarity from the ongoing elections and high-frequency data points," he said. Meanwhile, foreign institutional investors (FIIs) purchased equity worth Rs 476.51 crore on Thursday, while domestic institutional investors (DIIs) sold equities to the tune of Rs 16.58 crore, provisional data available with stock exchanges showed. The rupee depreciated 29 paise to 69.22 against the US dollar in early trade. Brent crude futures, the global oil benchmark, was 0.27 per cent higher at USD 71.02 per barrel. Elsewhere in Asia, benchmark equity indices in Shanghai, Tokyo and Seoul reflected a mixed trend in early trade. Indices on Wall Street ended marginally lower on Thursday.

Sensex rises over 100 points ahead of TCS, Infy earnings

The Prime Minister's office on Friday called for an urgent meeting to discuss the <a href="https://www.wionews.com/india-news/jet-airways-international-flying-rights-under-threat-209588">Jet Airways</a> crisis.

According to sources, the meeting has been called after Civil Aviation Minister Suresh Prabhu asked the secretary of the department to review issues concerning Jet Airways.

Jet Airways extended the suspension of its international operations until next Monday due to liquidity issues.

Crisis-hit Jet Airways is facing acute financial crunch and has grounded several of its flights and stopped international operations.

The drastic measure was announced after the airline informed the exchanges that it was forced to ground 10 more planes due to non-payment of rentals to the lessors.&nbsp;

The airline, once India's leading private carrier, has been forced in recent months to cancel hundreds of flights to dozens of destinations both in India and overseas, leading to a customer backlash and a steady slide in its market share.&nbsp;

According to industry sources, the airline now owes more than Rs 3,500 crore to passengers on account of flight cancellations alone.

Jet Airways promoter and <a href="https://www.wionews.com/india-news/naresh-goyal-may-submit-bids-for-stake-in-jet-airways-209515">former chairman Naresh Goyal</a> along with his wife Anita quit the airline on March 25.

(With inputs from PTI)

The Prime Minister's office on Friday called for an urgent meeting to discuss the Jet Airways crisis. According to sources, the meeting has been called after Civil Aviation Minister Suresh Prabhu asked the secretary of the department to review issues concerning Jet Airways.

The Prime Minister's office on Friday called for an urgent meeting to discuss the Jet Airways crisis. According to sources, the meeting has been called after Civil Aviation Minister Suresh Prabhu asked the secretary of the department to review issues concerning Jet Airways. Jet Airways extended the suspension of its international operations until next Monday due to liquidity issues. Crisis-hit Jet Airways is facing acute financial crunch and has grounded several of its flights and stopped international operations. The drastic measure was announced after the airline informed the exchanges that it was forced to ground 10 more planes due to non-payment of rentals to the lessors. The airline, once India's leading private carrier, has been forced in recent months to cancel hundreds of flights to dozens of destinations both in India and overseas, leading to a customer backlash and a steady slide in its market share. According to industry sources, the airline now owes more than Rs 3,500 crore to passengers on account of flight cancellations alone. Jet Airways promoter and former chairman Naresh Goyal along with his wife Anita quit the airline on March 25. (With inputs from PTI)

Jet Airways crisis: PMO calls urgent meeting to discuss situation, international flights suspended till Monday

Consumer Price Index (CPI) or retail inflation in March 2019 rose to 2.86 percent as against a four-month high of 2.57 percent in February, according to government data released Friday.

The inflation based on the Consumer Price Index (CPI) was 2.57 per cent in February this year. On a yearly basis, it was 4.28 per cent in March 2018.

The data released by the Central Statistics Office (CSO) showed that inflation in food basket rose to 0.3 per cent in March from (-) 0.66 per cent in the previous month.

The rate of price rise was also higher in the 'fuel and light' category. The inflation in the segment rose to 2.42 per cent as against 1.24 per cent in February.

&nbsp;

Consumer Price Index (CPI) or retail inflation in March 2019 rose to 2.86 percent as against a four-month high of 2.57 percent in February, according to government data released Friday.

Consumer Price Index (CPI) or retail inflation in March 2019 rose to 2.86 percent as against a four-month high of 2.57 percent in February, according to government data released Friday. The inflation based on the Consumer Price Index (CPI) was 2.57 per cent in February this year. On a yearly basis, it was 4.28 per cent in March 2018. The data released by the Central Statistics Office (CSO) showed that inflation in food basket rose to 0.3 per cent in March from (-) 0.66 per cent in the previous month. The rate of price rise was also higher in the 'fuel and light' category. The inflation in the segment rose to 2.42 per cent as against 1.24 per cent in February.

Retail inflation increases to 2.86% in March on higher food, fuel prices

A new trade war sparked by <a href="https://www.wionews.com/world/white-house-gets-report-that-could-trigger-auto-tariffs-198123">US automotive tariffs</a> has the potential to do much more damage to global economic growth than the US-China trade conflict has done, International Monetary Fund chief economist Gita Gopinath said on Thursday.

Gopinath told Reuters in an interview that such a conflict would affect exports from many more countries and impose retaliatory duties on US goods from numerous trading partners.

"We are concerned about what auto tariffs would do to the global economy at a time when we are more in the recovery phase," Gopinath said on the sidelines of the IMF and World Bank annual meetings in Washington.

Should trade conflicts spill over into the automotive sector, it would also disrupt larger parts of global manufacturing supply chains, she said.

"So that would actually be far more costly for the world economy than just the US-China trade tensions that we had," said Gopinath, an Indian-born, Harvard University professor.

US President Donald Trump has threatened to levy tariffs of some 25 per cent on imported vehicles and auto parts on national security grounds, invoking a 1962 trade law aimed at safeguarding the Cold War-era military industrial base.

Trump has openly admitted that he is using the threat of auto tariffs to draw trading partners including Japan and the European Union into trade negotiations. But he also has recently threatened to impose car duties on Mexico unless it improves security at the US border.

The Commerce Department has submitted recommendations of its "Section 232" study into whether automotive imports constitute a threat to national security to the White House but has not revealed its contents. Under the Section 232 provision, Trump has until about May 17 to act on any automotive tariff recommendations contained in the report.

Should he impose tariffs, they would hit hard in the second half of 2019, about the time when the IMF is predicting a rebound in global growth due to a pause in interest rate hikes by the Federal Reserve and other major central banks.

According to the IMF's World Economic Outlook released on Tuesday, the growth rebound is set to continue into 2020, but the Fund has warned that the outlook was "precarious" and vulnerable to numerous risks.

Gopinath said the trade was the biggest among these risks, which also include rising corporate and sovereign debt, stresses in some large emerging markets and a chaotic exit of Britain from the European Union.

US-China lift?

But she said that a trade deal between the United States and China had the potential to lift global growth if tariffs on Chinese and US goods are removed. The Fund's latest forecasts assume that 25 per cent tariffs on $50 billion worth of Chinese goods and 10 per cent tariffs on $200 billion in Chinese goods remain in place.

US and Chinese negotiators are working to try to complete an agreement.

"If it turned out that all tariffs were lifted between China and the US that were put in place last year, then that would be a positive to the outlook."

She said the impact on growth is highly dependent on the contents of the deal, and a deal that fails to resolve the tensions for the long term could leave a cloud of uncertainty hanging over business investment - a factor that sapped growth in 2018.

"We've been pushing for an early, durable resolution of the trade tensions," she said. "Not something that will be revisited every three or six months."

A new trade war sparked by US automotive tariffs has the potential to do much more damage to global economic growth than the US-China trade conflict has done, International Monetary Fund chief economist Gita Gopinath said on Thursday.

A new trade war sparked by US automotive tariffs has the potential to do much more damage to global economic growth than the US-China trade conflict has done, International Monetary Fund chief economist Gita Gopinath said on Thursday. Gopinath told Reuters in an interview that such a conflict would affect exports from many more countries and impose retaliatory duties on US goods from numerous trading partners. "We are concerned about what auto tariffs would do to the global economy at a time when we are more in the recovery phase," Gopinath said on the sidelines of the IMF and World Bank annual meetings in Washington. Should trade conflicts spill over into the automotive sector, it would also disrupt larger parts of global manufacturing supply chains, she said. "So that would actually be far more costly for the world economy than just the US-China trade tensions that we had," said Gopinath, an Indian-born, Harvard University professor. US President Donald Trump has threatened to levy tariffs of some 25 per cent on imported vehicles and auto parts on national security grounds, invoking a 1962 trade law aimed at safeguarding the Cold War-era military industrial base. Trump has openly admitted that he is using the threat of auto tariffs to draw trading partners including Japan and the European Union into trade negotiations. But he also has recently threatened to impose car duties on Mexico unless it improves security at the US border. The Commerce Department has submitted recommendations of its "Section 232" study into whether automotive imports constitute a threat to national security to the White House but has not revealed its contents. Under the Section 232 provision, Trump has until about May 17 to act on any automotive tariff recommendations contained in the report. Should he impose tariffs, they would hit hard in the second half of 2019, about the time when the IMF is predicting a rebound in global growth due to a pause in interest rate hikes by the Federal Reserve and other major central banks. According to the IMF's World Economic Outlook released on Tuesday, the growth rebound is set to continue into 2020, but the Fund has warned that the outlook was "precarious" and vulnerable to numerous risks. Gopinath said the trade was the biggest among these risks, which also include rising corporate and sovereign debt, stresses in some large emerging markets and a chaotic exit of Britain from the European Union. US-China lift? But she said that a trade deal between the United States and China had the potential to lift global growth if tariffs on Chinese and US goods are removed. The Fund's latest forecasts assume that 25 per cent tariffs on $50 billion worth of Chinese goods and 10 per cent tariffs on $200 billion in Chinese goods remain in place. US and Chinese negotiators are working to try to complete an agreement. "If it turned out that all tariffs were lifted between China and the US that were put in place last year, then that would be a positive to the outlook." She said the impact on growth is highly dependent on the contents of the deal, and a deal that fails to resolve the tensions for the long term could leave a cloud of uncertainty hanging over business investment - a factor that sapped growth in 2018. "We've been pushing for an early, durable resolution of the trade tensions," she said. "Not something that will be revisited every three or six months."

Auto tariff war would hurt more than US-China fight: IMF chief economist

Uber Technologies Inc has 91 million users, but growth is slowing and it may never make a profit, the ride-hailing company said on Thursday in its initial public offering filing.

The document gave the first comprehensive financial picture of the decade-old company which was started after its founders struggled to get a cab on a snowy night and have changed the way much of the world travels.

The S-1 filing underscores the rapid growth of <a href="https://www.wionews.com/world/lyft-files-for-stock-offering-beating-uber-to-wall-street-200590">Uber</a>'s business in the last three years but also how a string of public scandals and increased competition from rivals have weighed on its plans to attract and retain riders.

The disclosure also highlighted how far Uber remains from turning a profit, with the company cautioning it expects operating expenses to "increase significantly in the foreseeable future" and it "may not achieve profitability." Uber lost $3.03 billion in 2018 from operations.

The filing with the US Securities and Exchange Commission revealed Uber had 91 million average monthly active users on its platforms, including for ride-hailing and Uber Eats, at the end of 2018. This is up 33.8 per cent from 2017, but growth slowed from 51 per cent a year earlier.

Uber had not disclosed the latest user numbers before, and the figure indicates the scale of the business. Although its user base includes customers of other services as well as ride-sharing, Uber's 91 million is nearly five times the 18.6 million announced by rival Lyft Inc.

Uber in 2018 had revenue of $11.3 billion, up around 42 per cent over 2017, again below the 106 per cent growth the prior year.

Uber set a placeholder amount of $1 billion but did not specify the size of the IPO. Reuters reported this week that Uber plans to sell around $10 billion worth of stock at a valuation of between $90 billion and $100 billion. Investment bankers had previously told Uber it could be worth as much as $120 billion.

Uber would be the largest IPO since that of Chinese e-commerce company Alibaba Group Holding Ltd in 2014, which raised $25 billion.

Although Uber is no longer targeting a $120 billion valuation in the IPO, some stock bonuses to Chief Executive Dara Khosrowshahi and other company executives are only triggered when that valuation is reached.

Adverse events

Uber will follow Lyft in going public. Shares in its smaller rival closed at $61.01 on Thursday, 15 per cent below its IPO price set late last month, a development which has sent chilling signal for other tech start-ups looking to go public.

After making the public filing, Uber will begin a series of investor presentations, called a roadshow, which Reuters has reported will start the week of April 29. The company is on track to price its IPO and begin trading on the New York Stock Exchange in early May.

Uber faces questions over how it will navigate any transition towards self-driving vehicles, a technology seen as potentially dramatically lowering costs but which could also disrupt its business model.

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.

In addition to answering questions about the company's finances, Uber CEO Khosrowshahi will be tasked with convincing investors that he has successfully changed the 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. Khosrowshahi joined Uber in 2017 from Expedia Inc to replace company co-founder Travis Kalanick who was ousted as CEO.

Uber said in its filing its ride-hailing position in the United States and Canada was "significantly impacted by adverse publicity events" and that its position in many markets has been threatened by discounts from other ride-hailing companies.

A #DeleteUber campaign surged on social media in 2017 after a public relations crisis, which Uber said in its filing meant hundreds of thousands of consumers stopped using its platform within days.

Uber said its market share fell in most regions last year, although the rate of decline has slowed. The company claims more than 65 per cent market share in the United States and Canada, compared to Lyft's stated 39 per cent in the United States.

Uber is reserving some shares in the IPO for drivers who have completed 2,500 trips among other criteria.

Uber Technologies Inc has 91 million users, but growth is slowing and it may never make a profit, the ride-hailing company said on Thursday in its initial public offering filing.

Uber Technologies Inc has 91 million users, but growth is slowing and it may never make a profit, the ride-hailing company said on Thursday in its initial public offering filing. The document gave the first comprehensive financial picture of the decade-old company which was started after its founders struggled to get a cab on a snowy night and have changed the way much of the world travels. The S-1 filing underscores the rapid growth of Uber's business in the last three years but also how a string of public scandals and increased competition from rivals have weighed on its plans to attract and retain riders. The disclosure also highlighted how far Uber remains from turning a profit, with the company cautioning it expects operating expenses to "increase significantly in the foreseeable future" and it "may not achieve profitability." Uber lost $3.03 billion in 2018 from operations. The filing with the US Securities and Exchange Commission revealed Uber had 91 million average monthly active users on its platforms, including for ride-hailing and Uber Eats, at the end of 2018. This is up 33.8 per cent from 2017, but growth slowed from 51 per cent a year earlier. Uber had not disclosed the latest user numbers before, and the figure indicates the scale of the business. Although its user base includes customers of other services as well as ride-sharing, Uber's 91 million is nearly five times the 18.6 million announced by rival Lyft Inc. Uber in 2018 had revenue of $11.3 billion, up around 42 per cent over 2017, again below the 106 per cent growth the prior year. Uber set a placeholder amount of $1 billion but did not specify the size of the IPO. Reuters reported this week that Uber plans to sell around $10 billion worth of stock at a valuation of between $90 billion and $100 billion. Investment bankers had previously told Uber it could be worth as much as $120 billion. Uber would be the largest IPO since that of Chinese e-commerce company Alibaba Group Holding Ltd in 2014, which raised $25 billion. Although Uber is no longer targeting a $120 billion valuation in the IPO, some stock bonuses to Chief Executive Dara Khosrowshahi and other company executives are only triggered when that valuation is reached. Adverse events Uber will follow Lyft in going public. Shares in its smaller rival closed at $61.01 on Thursday, 15 per cent below its IPO price set late last month, a development which has sent chilling signal for other tech start-ups looking to go public. After making the public filing, Uber will begin a series of investor presentations, called a roadshow, which Reuters has reported will start the week of April 29. The company is on track to price its IPO and begin trading on the New York Stock Exchange in early May. Uber faces questions over how it will navigate any transition towards self-driving vehicles, a technology seen as potentially dramatically lowering costs but which could also disrupt its business model. 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. In addition to answering questions about the company's finances, Uber CEO Khosrowshahi will be tasked with convincing investors that he has successfully changed the 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. Khosrowshahi joined Uber in 2017 from Expedia Inc to replace company co-founder Travis Kalanick who was ousted as CEO. Uber said in its filing its ride-hailing position in the United States and Canada was "significantly impacted by adverse publicity events" and that its position in many markets has been threatened by discounts from other ride-hailing companies. A #DeleteUber campaign surged on social media in 2017 after a public relations crisis, which Uber said in its filing meant hundreds of thousands of consumers stopped using its platform within days. Uber said its market share fell in most regions last year, although the rate of decline has slowed. The company claims more than 65 per cent market share in the United States and Canada, compared to Lyft's stated 39 per cent in the United States. Uber is reserving some shares in the IPO for drivers who have completed 2,500 trips among other criteria.

Uber unveils IPO as growth slows amid profit warning

Equity benchmarks closed in the green for the second straight session Friday as investors looked forward to the earnings season with measured optimism amid an uncertain global growth environment.

After rising over 200 points intra-day, the 30-share BSE Sensex finally settled 160.10 points, or 0.41 per cent, higher at 38,767.11, led by FMCG, auto and banking stocks. The broader NSE Nifty rose 46.75 points, or 0.40 per cent, to 11,643.45.

During the week, the Sensex fell 95.12 points or 0.24 per cent, while the Nifty shed 22.5 points or 0.19 per cent.

"General elections and upcoming Q4FY19 numbers will remain the crucial triggers for the market in the short term. On the earnings front, we expect that a low base effect, turnaround in profitability of corporate lending banks and healthy growth in earnings of energy companies are expected to largely drive aggregate Sensex earnings," said Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas.

ITC was the biggest gainer in the Sensex pack, rallying 3.14 per cent. Maruti Suzuki, Axis Bank, Hero MotoCorp, Vedanta, Asian Paints, M&amp;M, HUL, Bajaj Auto and PowerGrid were among the other top gainers, rising up to 2.13 per cent.

On the other hand, Bharti Airtel, Bajaj Finance, L&amp;T, Tata Motors, IndusInd Bank, Tata Steel, HCL Tech and ONGC were among the top laggards, shedding up to 1.71 per cent.

IT bellwether Infosys ended 0.63 per cent higher, while rival TCS slipped 0.26 per cent ahead of their quarterly earnings.

Sectorally, BSE FMCG index gained the most, spurting 1.71 per cent, followed by utilities, power, auto and banking, rising up to 1.12 per cent.

Broader indices rose in line with the benchmarks. The BSE Midcap index gained 0.29 per cent, while the small-cap gauge ended 0.37 per cent higher.

According to Vinod Nair, Head of Research, Geojit Financial Services, market turned positive despite a weak rupee as investors remain focused on the upcoming earnings season.

"Banks outperformed as CPI inflation data (to be released later in the day) is expected to be under RBI's targeted level... Earnings season will give direction to the market while investors are also keen on the ongoing&nbsp; 
election to gain confidence," he added.

Meanwhile, foreign institutional investors (FIIs) net bought shares worth Rs 476.51 crore on Thursday, while domestic institutional investors (DIIs) sold equities to the tune of Rs 16.58 crore, provisional data available with stock exchanges showed.

Global markets were mixed amid global growth concerns, which were partially offset by positive China exports data.

In Asia, Hong Kong's Hang Seng rose 0.24 per cent, Japan's Nikkei advanced 0.73 per cent and Korea's Kospi gained 0.41 per cent. Shanghai Composite Index dipped 0.04 per cent.

In Europe, Frankfurt's DAX was up 0.63 per cent, Paris CAC 40 jumped 0.37 per cent and London's FTSE gained 0.30 per cent in early deals.

Oil benchmark Brent crude futures rose 1.07 per cent to USD 71.59 per barrel.

Meanwhile, the rupee depreciated 28 paise to 69.21 against the US dollar intra-day.&nbsp;

Equity benchmarks closed in the green for the second straight session Friday as investors looked forward to the earnings season with measured optimism amid an uncertain global growth environment.

Equity benchmarks closed in the green for the second straight session Friday as investors looked forward to the earnings season with measured optimism amid an uncertain global growth environment. After rising over 200 points intra-day, the 30-share BSE Sensex finally settled 160.10 points, or 0.41 per cent, higher at 38,767.11, led by FMCG, auto and banking stocks. The broader NSE Nifty rose 46.75 points, or 0.40 per cent, to 11,643.45. During the week, the Sensex fell 95.12 points or 0.24 per cent, while the Nifty shed 22.5 points or 0.19 per cent. "General elections and upcoming Q4FY19 numbers will remain the crucial triggers for the market in the short term. On the earnings front, we expect that a low base effect, turnaround in profitability of corporate lending banks and healthy growth in earnings of energy companies are expected to largely drive aggregate Sensex earnings," said Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas. ITC was the biggest gainer in the Sensex pack, rallying 3.14 per cent. Maruti Suzuki, Axis Bank, Hero MotoCorp, Vedanta, Asian Paints, M&M, HUL, Bajaj Auto and PowerGrid were among the other top gainers, rising up to 2.13 per cent. On the other hand, Bharti Airtel, Bajaj Finance, L&T, Tata Motors, IndusInd Bank, Tata Steel, HCL Tech and ONGC were among the top laggards, shedding up to 1.71 per cent. IT bellwether Infosys ended 0.63 per cent higher, while rival TCS slipped 0.26 per cent ahead of their quarterly earnings. Sectorally, BSE FMCG index gained the most, spurting 1.71 per cent, followed by utilities, power, auto and banking, rising up to 1.12 per cent. Broader indices rose in line with the benchmarks. The BSE Midcap index gained 0.29 per cent, while the small-cap gauge ended 0.37 per cent higher. According to Vinod Nair, Head of Research, Geojit Financial Services, market turned positive despite a weak rupee as investors remain focused on the upcoming earnings season. "Banks outperformed as CPI inflation data (to be released later in the day) is expected to be under RBI's targeted level... Earnings season will give direction to the market while investors are also keen on the ongoing election to gain confidence," he added. Meanwhile, foreign institutional investors (FIIs) net bought shares worth Rs 476.51 crore on Thursday, while domestic institutional investors (DIIs) sold equities to the tune of Rs 16.58 crore, provisional data available with stock exchanges showed. Global markets were mixed amid global growth concerns, which were partially offset by positive China exports data. In Asia, Hong Kong's Hang Seng rose 0.24 per cent, Japan's Nikkei advanced 0.73 per cent and Korea's Kospi gained 0.41 per cent. Shanghai Composite Index dipped 0.04 per cent. In Europe, Frankfurt's DAX was up 0.63 per cent, Paris CAC 40 jumped 0.37 per cent and London's FTSE gained 0.30 per cent in early deals. Oil benchmark Brent crude futures rose 1.07 per cent to USD 71.59 per barrel. Meanwhile, the rupee depreciated 28 paise to 69.21 against the US dollar intra-day.

Markets build on gains on earnings optimism; post weekly loss