National Handloom Day 2026: From Alia Bhatt to Samantha Ruth Prabhu; Actresses who celebrated India's textile heritage as brides

The Royals enter the Doctor Who universe: King Charles and Queen Camilla beam into Commonwealth Games in TARDIS

Unitree Robotics targets $9 billion valuation in landmark IPO backed by DeepSeek and Tencent

India names 27 sites in Arunachal Pradesh

Bharat Bhhagya Viddhaata OTT: When will Kangana Ranaut's film stream online?

How many soldiers operate one S-400 battery?

Shakib Al Hasan ready to return to Bangladesh—under one condition

‘Fake news’: MEA rejects report claiming India sought defence pact with Israel after Pakistan, Saudi Arabia, Turkey deal

Rockstar to unveil GTA 6 extended look ahead of November launch

Russia forms Ukrainian Volunteer Spetsnaz Brigade to fight Ukraine

Drug-resistant fungus that hides in hair and enters bloodstream reported in 23 US states

Technology transfer deal boosts India's defence manufacturing ambitions

Border row erupts in Europe after Ceuta crossings, Spain imposes border controls on Italy

Morale plummets on USS Abraham Lincoln: Are US sailors reaching a breaking point? | GRAVITAS

'Security can't be bought with Pakistan, Turkey deal': Iran tells Saudi Arabia

Baba Vanga's 2026 prophecy: 2 predictions 'already came true', 3 terrifying ones remain. Details inside

Colombia’s new president Abelardo de la Espriella vows to ‘defeat narco-terrorists’, signals hardline shift

New Friday OTT releases (August 7, 2026): Operation Safed Sagar, Vadhandhi, Main Vaapis Aaunga- 6 movies and TV shows on Netflix, Prime Video and more

Squadron Leader Bhawana Kanth scripts history as Indian Air Force gets its first woman ‘Top Gun’ pilot

RSS says Gen Z protests reflect genuine distress

Trump says Iranian school bombing photos could be AI-generated - 'I don’t think...'

IAF officer held for sharing sensitive information in 'honey trap' case, booked under Official Secrets Act

Stray Kids under scrutiny? Fans react to Grammy submission silence after BTS boycott

Why the Su-30MKI doesn't need external fuel tanks to fly vast distances

Jugal Hansraj reunites with Shekhar Kapur after 40 years for Masoom: The Next Generation

New speed limits, automatic challans: Big traffic change coming to Delhi-Meerut Expressway. All you need to know

India officially names 27 places in Arunachal to counter China's renaming claims

Trump calls White House ballroom ruling a 'national disgrace' as court says Congress approval needed

US sanctions Iran’s crypto network after Strait of Hormuz attacks, offers $15m bounty for intel on IRGC finance

Why the Su-30MKI is one of the heaviest fighters ever built

Uttarakhand young innovator builds India's own flying vehicle, conducts first test flight: WATCH

Chilling video shows students take cover as teen opens fire at Thai school

Reese Witherspoon's father hospitalised after poolside incident in Nashville: Report

Asian markets staged a tentative recovery Tuesday from the previous day's steep losses, with investors increasingly anxious about the state of the global economy.

With a mixed lead from Wall Street, regional traders had few catalysts to drive buying, while safe-haven flows saw the dollar edge up against high-yielding currencies.

Attention is also back on London, where MPs essentially wrested control of the Brexit debate from Prime Minister Theresa May with a vote that will allow them to decide on a number of possibilities for how to proceed.

Investors in Asia were suffering a hangover from Monday's pummelling, which came on the back of a drop in benchmark 10-year Treasury bond yields below those for three-month bills -- for the first time since before the global financial crisis.

This so-called inverted yield curve shows investors are more willing to buy long-term debt -- usually viewed as a higher risk -- as they consider the short-term outlook more hazardous. Such a scenario has preceded several recessions in recent decades.

"Recession worries may be premature for the US, but the negative signals are consistent with the recent data," said OANDA senior market analyst Edward Moya.

May's fresh crisis&nbsp;

Tokyo led gains, jumping 1.8 per cent by the break -- having dived three per cent Monday -- while Hong Kong edged up 0.4 per cent and Shanghai was flat.

Sydney added 0.1 per cent, Singapore put on 0.7 per cent, while Seoul, Wellington, Taipei and Manila also rose.

In Britain, the Brexit saga took a new twist when lawmakers inflicted yet another defeat on May by voting to take control of parliamentary business that will see them hold a series of ballots on different options for leaving the EU.

They will now choose to revoke Article 50 and cancel Brexit, hold another referendum, vote for a deal including a customs union and single market membership, or leave the EU without a deal.

However, even if they decide a majority course of action, the government is not legally bound to follow their instructions.

The move came after the premier admitted she still had not secured the votes needed to get her Brexit deal through parliament.

EU leaders last week delayed the divorce but warned that unless May can push her withdrawal deal through, Britain must come up with a new plan by April 12 -- or leave its closest trading partner with no deal at all.

While uncertainty reigns, the sterling was slightly higher Tuesday, with investors still hopeful Britain will avoid a no-deal Brexit, which some warn could be an economic calamity for the country.

Asian markets staged a tentative recovery Tuesday from the previous day's steep losses, with investors increasingly anxious about the state of the global economy.

Asian markets staged a tentative recovery Tuesday from the previous day's steep losses, with investors increasingly anxious about the state of the global economy. With a mixed lead from Wall Street, regional traders had few catalysts to drive buying, while safe-haven flows saw the dollar edge up against high-yielding currencies. Attention is also back on London, where MPs essentially wrested control of the Brexit debate from Prime Minister Theresa May with a vote that will allow them to decide on a number of possibilities for how to proceed. Investors in Asia were suffering a hangover from Monday's pummelling, which came on the back of a drop in benchmark 10-year Treasury bond yields below those for three-month bills -- for the first time since before the global financial crisis. This so-called inverted yield curve shows investors are more willing to buy long-term debt -- usually viewed as a higher risk -- as they consider the short-term outlook more hazardous. Such a scenario has preceded several recessions in recent decades. "Recession worries may be premature for the US, but the negative signals are consistent with the recent data," said OANDA senior market analyst Edward Moya. May's fresh crisis Tokyo led gains, jumping 1.8 per cent by the break -- having dived three per cent Monday -- while Hong Kong edged up 0.4 per cent and Shanghai was flat. Sydney added 0.1 per cent, Singapore put on 0.7 per cent, while Seoul, Wellington, Taipei and Manila also rose. In Britain, the Brexit saga took a new twist when lawmakers inflicted yet another defeat on May by voting to take control of parliamentary business that will see them hold a series of ballots on different options for leaving the EU. They will now choose to revoke Article 50 and cancel Brexit, hold another referendum, vote for a deal including a customs union and single market membership, or leave the EU without a deal. However, even if they decide a majority course of action, the government is not legally bound to follow their instructions. The move came after the premier admitted she still had not secured the votes needed to get her Brexit deal through parliament. EU leaders last week delayed the divorce but warned that unless May can push her withdrawal deal through, Britain must come up with a new plan by April 12 -- or leave its closest trading partner with no deal at all. While uncertainty reigns, the sterling was slightly higher Tuesday, with investors still hopeful Britain will avoid a no-deal Brexit, which some warn could be an economic calamity for the country.

Asian markets rise but traders on edge over global outlook

A Delhi court on Tuesday sent Sushen Mohan Gupta, alleged defence agent arrested by the agency in the Rs 3,600-crore VVIP choppers scam, to four-day ED custody.

The Enforcement Directorate (ED), which produced Mr Gupta before Special judge Arvind Kumar, had sought his custody for 14 days.

Mr Gupta was arrested by the agency under the Prevention of Money Laundering Act (PMLA).

The ED officials said Mr Gupta’s role in the case came to light on the basis of disclosures made by Rajiv Saxena, who has turned approver in the case after he was deported from the UAE and arrested by the agency in New Delhi.

It is suspected that Mr Gupta has in his possession some payment details in the purchase of AgustaWestland VVIP choppers and the link is to be unravelled, they said.

A Delhi court on Tuesday sent Sushen Mohan Gupta, alleged defence agent arrested by the agency in the Rs 3,600-crore VVIP choppers scam, to four-day ED custody. The Enforcement Directorate (ED), which produced Mr Gupta before Special judge Arvind Kumar, had sought his custody for 14 days.

A Delhi court on Tuesday sent Sushen Mohan Gupta, alleged defence agent arrested by the agency in the Rs 3,600-crore VVIP choppers scam, to four-day ED custody. The Enforcement Directorate (ED), which produced Mr Gupta before Special judge Arvind Kumar, had sought his custody for 14 days. Mr Gupta was arrested by the agency under the Prevention of Money Laundering Act (PMLA). The ED officials said Mr Gupta’s role in the case came to light on the basis of disclosures made by Rajiv Saxena, who has turned approver in the case after he was deported from the UAE and arrested by the agency in New Delhi. It is suspected that Mr Gupta has in his possession some payment details in the purchase of AgustaWestland VVIP choppers and the link is to be unravelled, they said.

VVIP Chopper case: Delhi court sends Sushen Gupta to 4-day ED custody

Equity benchmark indices extended gains in the afternoon session on Tuesday after a strong rally led by banking and financial stocks.

The BSE S&amp;P Sensex closed 425 points higher at 38,233 while the NSE Nifty 50 was up 129 points at 11,483.

Among the lead gainers were State Bank of India, Bajaj Finance, Reliance Industries, Vedanta and NTPC.&nbsp;

All of them gained three to four per cent Tech Mahindra, Indian Oil, Infosys, Wipro, and Coal India lost 0.6 to 2.5 per cent.

The most active stocks on the National Stock Exchange were Jet Airways, Reliance Industries, DLF, HDFC Bank, and Infosys.

Meanwhile, Asian stock markets were up after two days of losses.&nbsp;

Investors remained cautious amid fresh worries of a possible US recession in coming months and the lingering Brexit crisis.

On Monday, British Prime Minister Theresa May said that there was not enough support to put her deal to a third vote in Parliament.&nbsp;

Equity benchmark indices extended gains in the afternoon session on Tuesday after a strong rally led by banking and financial stocks. The BSE S&P Sensex closed 425 points higher at 38,233 while the NSE Nifty 50 was up 129 points at 11,483.

Equity benchmark indices extended gains in the afternoon session on Tuesday after a strong rally led by banking and financial stocks. The BSE S&P Sensex closed 425 points higher at 38,233 while the NSE Nifty 50 was up 129 points at 11,483. Among the lead gainers were State Bank of India, Bajaj Finance, Reliance Industries, Vedanta and NTPC. All of them gained three to four per cent Tech Mahindra, Indian Oil, Infosys, Wipro, and Coal India lost 0.6 to 2.5 per cent. The most active stocks on the National Stock Exchange were Jet Airways, Reliance Industries, DLF, HDFC Bank, and Infosys. Meanwhile, Asian stock markets were up after two days of losses. Investors remained cautious amid fresh worries of a possible US recession in coming months and the lingering Brexit crisis. On Monday, British Prime Minister Theresa May said that there was not enough support to put her deal to a third vote in Parliament.

Led by banking stocks, Sensex zooms 425 points to close at 38,233

The benchmark BSE Sensex plunged over 325 points and slipped below the 38,000-mark in early trade Monday, in tandem with weak global cues and depreciating rupee.

The 30-share index, which had lost 222.14 points on Friday, was trading lower by 325.49 points, or 0.85 per cent, at 37,845.24.

Reflecting the bearish mood, all the sectoral indices, led by realty, metal and auto, were trading in the negative zone with losses of up to 1.57 per cent.

Similarly, the NSE Nifty fell 103.90 points, or 0.78 per cent, to 11,353 after hitting a low of 11,342.90.

Brokers said, besides profit-booking in recent gainers, rupee's fall below the 69-mark against the dollar and weak cues from global markets weighed on investor sentiments.

Global cues turned weak tracking Friday's sell-off on the Wall Street after a weak manufacturing data from the US and Europe raised fears of an economic slowdown.

Laggards in domestic equities were Vedanta Ltd, Sun Pharma, Tata Steel, Kotak Bank, SBI, Tata Motors, RIL, ICICI Bank, Yes Bank, HDFC Ltd, Axis Bank, M&amp;M, L&amp;T, IndusInd Bank, ITC Ltd, HCL Tech, Bajaj Auto, HDFC Bank and Infosys, falling by up to 2.16 per cent.

Bucking the trend, shares Coal India, Maruti Suzuki and Hero MotoCorp rose up to 0.84 per cent.

Meanwhile, domestic institutional investors (DIIs) sold shares worth Rs 657.37 crore, while foreign funds bought shares to the tune of Rs 1,374.57 core in Friday's trade, provisional data showed.

Globally, Hong Kong's Hang Seng plunged 2 per cent, while Japan's Nikkei dropped 3.14 per cent, Shanghai Composite Index fell 1.37 per cent in early trade. Singapore's Straits Times dropped 1.39 per cent. Taiwan Index shed 1.48 per cent.

The US Dow Jones Industrial Average had ended 1.77 per cent lower on Friday.

The benchmark BSE Sensex plunged over 325 points and slipped below the 38,000-mark in early trade Monday, in tandem with weak global cues and depreciating rupee.

The benchmark BSE Sensex plunged over 325 points and slipped below the 38,000-mark in early trade Monday, in tandem with weak global cues and depreciating rupee. The 30-share index, which had lost 222.14 points on Friday, was trading lower by 325.49 points, or 0.85 per cent, at 37,845.24. Reflecting the bearish mood, all the sectoral indices, led by realty, metal and auto, were trading in the negative zone with losses of up to 1.57 per cent. Similarly, the NSE Nifty fell 103.90 points, or 0.78 per cent, to 11,353 after hitting a low of 11,342.90. Brokers said, besides profit-booking in recent gainers, rupee's fall below the 69-mark against the dollar and weak cues from global markets weighed on investor sentiments. Global cues turned weak tracking Friday's sell-off on the Wall Street after a weak manufacturing data from the US and Europe raised fears of an economic slowdown. Laggards in domestic equities were Vedanta Ltd, Sun Pharma, Tata Steel, Kotak Bank, SBI, Tata Motors, RIL, ICICI Bank, Yes Bank, HDFC Ltd, Axis Bank, M&M, L&T, IndusInd Bank, ITC Ltd, HCL Tech, Bajaj Auto, HDFC Bank and Infosys, falling by up to 2.16 per cent. Bucking the trend, shares Coal India, Maruti Suzuki and Hero MotoCorp rose up to 0.84 per cent. Meanwhile, domestic institutional investors (DIIs) sold shares worth Rs 657.37 crore, while foreign funds bought shares to the tune of Rs 1,374.57 core in Friday's trade, provisional data showed. Globally, Hong Kong's Hang Seng plunged 2 per cent, while Japan's Nikkei dropped 3.14 per cent, Shanghai Composite Index fell 1.37 per cent in early trade. Singapore's Straits Times dropped 1.39 per cent. Taiwan Index shed 1.48 per cent. The US Dow Jones Industrial Average had ended 1.77 per cent lower on Friday.

Sensex falls over 325 points on weak global cues

The rupee depreciated 16 paise to 69.11 against the US dollar in opening trade Monday on month-end demand for the American currency from importers amid a weak opening in the domestic equity market.

Besides, the US dollar edged back from a six-week low against the yen and this factor also weighed on the Indian rupee, dealers said.

At the Interbank Foreign Exchange (forex) market, the domestic unit opened lower at 69.07 and slipped further to 69.14 but recovered partially to quote 16 paise down at 69.11 against the dollar.

On Friday, the rupee had ended lower by 12 paise at 68.95 against the American currency on rise in demand for the greenback from importers and sell-off in domestic equities.

Forex dealers said the local unit was weighed down by strong dollar demand from importers to make month-end payments. However, sustained foreign fund inflows and easing crude prices restricted the fall.

Foreign portfolio investors (FPIs) bought equities worth Rs 1,374.57 crore Friday, provisional data showed.

Brent crude futures, the global oil benchmark, slipped 0.82 per cent to $66.48 per barrel.

Meanwhile, the benchmark BSE Sensex fell by 306.53 points, or 0.80 per cent, at 37,858.08 in early deals.&nbsp;

The rupee depreciated 16 paise to 69.11 against the US dollar in opening trade Monday on month-end demand for the American currency from importers amid a weak opening in the domestic equity market.

The rupee depreciated 16 paise to 69.11 against the US dollar in opening trade Monday on month-end demand for the American currency from importers amid a weak opening in the domestic equity market. Besides, the US dollar edged back from a six-week low against the yen and this factor also weighed on the Indian rupee, dealers said. At the Interbank Foreign Exchange (forex) market, the domestic unit opened lower at 69.07 and slipped further to 69.14 but recovered partially to quote 16 paise down at 69.11 against the dollar. On Friday, the rupee had ended lower by 12 paise at 68.95 against the American currency on rise in demand for the greenback from importers and sell-off in domestic equities. Forex dealers said the local unit was weighed down by strong dollar demand from importers to make month-end payments. However, sustained foreign fund inflows and easing crude prices restricted the fall. Foreign portfolio investors (FPIs) bought equities worth Rs 1,374.57 crore Friday, provisional data showed. Brent crude futures, the global oil benchmark, slipped 0.82 per cent to $66.48 per barrel. Meanwhile, the benchmark BSE Sensex fell by 306.53 points, or 0.80 per cent, at 37,858.08 in early deals.

Rupee sheds 16 paise against US dollar in early trade

Low-cost airline SpiceJet said on Monday that it was a sad day for Indian aviation as Naresh Goyal and his wife Anita Goyal stepped down from the board of financially-strapped Jet Airways.

"Today is indeed a sad day for Indian aviation. By launching a truly world class airline, Naresh and Anita Goyal made India proud," said SpiceJet's Chairman and Managing Director Ajay Singh.

"This is also a wake-up call for Indian policymakers," he said. "We urgently need to address structural challenges that make India's airlines uncompetitive to airlines around the world," Singh added.

According to reports, SpiceJet is planning to lease Jet Airways' grounded planes from their lessons. The move is aimed at restoring the aviation industry's seat capacity and keeping airfares in check.

Singh is credited with the turnaround of budget carrier SpiceJet, which was once in dire financial straits. The airline has clocked the highest load factor for several quarters in a row.

Low-cost airline SpiceJet said on Monday that it was a sad day for Indian aviation as Naresh Goyal and his wife Anita Goyal stepped down from the board of financially-strapped Jet Airways.

Low-cost airline SpiceJet said on Monday that it was a sad day for Indian aviation as Naresh Goyal and his wife Anita Goyal stepped down from the board of financially-strapped Jet Airways. "Today is indeed a sad day for Indian aviation. By launching a truly world class airline, Naresh and Anita Goyal made India proud," said SpiceJet's Chairman and Managing Director Ajay Singh. "This is also a wake-up call for Indian policymakers," he said. "We urgently need to address structural challenges that make India's airlines uncompetitive to airlines around the world," Singh added. According to reports, SpiceJet is planning to lease Jet Airways' grounded planes from their lessons. The move is aimed at restoring the aviation industry's seat capacity and keeping airfares in check. Singh is credited with the turnaround of budget carrier SpiceJet, which was once in dire financial straits. The airline has clocked the highest load factor for several quarters in a row.

Sad day for Indian aviation, says SpiceJet on exit of Naresh Goyal from Jet Airways

Jet Airways promoter and former chairman&nbsp;<a href="https://www.wionews.com/business-economy/jet-airways-board-meeting-underway-pressure-on-founder-naresh-goyal-to-quit-205440">Naresh Goyal quit</a>&nbsp;the airline he founded over two decades ago after the board meeting ended on Monday afternoon, reports said.

Naresh Goyal's wife Anita also quit the board. Bank-led board will now run the airline, sources said.

In the regulatory filing, Naresh Goyal and his wife Anita Goyal declared that they were stepping down from the board.

<iframe width="560" height="315" src="https://www.youtube.com/embed/1gFv5AT7Uk8" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>

The airline was under pressure for several months hit by debt of nearly $1 billion.

Last week SBI chairman Rajnish Kumar had said that that putting Jet Airways into bankruptcy was the "last option".

The airline owes money to banks, suppliers, lessors including pilots. The airline has also grounded several aircraft in an attempt to cut costs.

Pilots belonging to the airline had threatened to go on strike from April 1st if their salaries were not cleared by month-end.

Jet stocks surged over&nbsp;twelve per cent as the news of the founder quitting the airline spread.

In 2013, the airways had survived a similar situation after Abu Dhabi's Etihad Airways had injected $600 million capital for a 24 per cent stake in the airline. 
&nbsp;
<img alt="Jet Airways founder Naresh Goyal, wife Anita quit board" data-align="center" data-entity-type="file" data-entity-uuid="daeaed6f-7e2a-4fa8-8d8f-84ab7fe5c045" src="//cdn.wionews.com/sites/default/files/inline-images/Jet.jpg" />
&nbsp;

Jet Airways promoter and former chairman Naresh Goyal quit the airline he founded over two decades ago after the board meeting ended on Monday afternoon, reports said.

Jet Airways promoter and former chairman Naresh Goyal quit the airline he founded over two decades ago after the board meeting ended on Monday afternoon, reports said. Naresh Goyal's wife Anita also quit the board. Bank-led board will now run the airline, sources said. In the regulatory filing, Naresh Goyal and his wife Anita Goyal declared that they were stepping down from the board. The airline was under pressure for several months hit by debt of nearly $1 billion. Last week SBI chairman Rajnish Kumar had said that that putting Jet Airways into bankruptcy was the "last option". The airline owes money to banks, suppliers, lessors including pilots. The airline has also grounded several aircraft in an attempt to cut costs. Pilots belonging to the airline had threatened to go on strike from April 1st if their salaries were not cleared by month-end. Jet stocks surged over twelve per cent as the news of the founder quitting the airline spread. In 2013, the airways had survived a similar situation after Abu Dhabi's Etihad Airways had injected $600 million capital for a 24 per cent stake in the airline.

Naresh Goyal quits Jet Airways; bank-led board to run airline

Domestic equity market ended nearly a per cent lower on Monday on growing fears about a US recession and global economic slowdown, with banking and realty counters taking the biggest hit.

The BSE Sensex tumbled 355.70 points to end at 37,808.91 while the wider NSE Nifty plunged 102.65 points to 11,354.25.

The Sensex has now lost over 575 points in two sessions.

<a href="https://www.wionews.com/business-economy/naresh-goyal-quits-jet-airways-205510">Jet Airways rallied</a> nearly 15.5 per cent after it announced Chairman Naresh Goyal and his wife Anita Goyal have stepped down from the board of the cash-strapped airline.

The stock jumped 12.69 per cent to close at Rs 254.50 on the BSE. During the day, it rose sharply by 17.77 per cent to Rs 266.

On the National Stock Exchange (NSE), shares zoomed 15.46 per cent to close at Rs 261 apiece.

On the traded volume front, 33.60 lakh shares were traded on the BSE and over 4 crore shares on the NSE during the day.

Investor sentiment dampened after weaker-than-expected economic data from the US and Europe last week stoked fears of a global slowdown. The trade worries between the US and China too added to the worries, brokers said.

Besides, investors preferred to keep their portfolios at a low ebb ahead of fiscal 2018-19 coming to an end, they added.

Worries over the health of the global economy heightened last week after cautious remarks by the US Federal Reserve sent 10-year treasury yields to the lowest since early 2018.

Most other Asian markets too ended sharply down, while European shares were trading lower in their opening sessions.

The 30-share Sensex, after opening lower at 38,016.76, stayed in the negative territory through the session and slipped below the 38,000-mark to touch a low of 37,667.40 on mounting selling pressure in sync with the global sell-off.

However, fag-end buying at lower levels trimmed losses to some extent. The benchmark finally ended at 37,808.91 -- down by 355.70 points or 0.93 per cent.

The 50-issue NSE Nifty too cracked below the 11,400-mark and hit a low of 11,311.60, before finishing 102.65 points, or 0.90 per cent down at 11,354.25.

Meanwhile, domestic institutional investors (DIIs) sold shares worth Rs 657.37 crore, while foreign funds remained net buyers, pumping in Rs 1,374.57 crore in Friday's trade, provisional data showed.

(With inputs from PTI)

Domestic equity market ended nearly a per cent lower on Monday on growing fears about a US recession and global economic slowdown, with banking and realty counters taking the biggest hit.

Domestic equity market ended nearly a per cent lower on Monday on growing fears about a US recession and global economic slowdown, with banking and realty counters taking the biggest hit. The BSE Sensex tumbled 355.70 points to end at 37,808.91 while the wider NSE Nifty plunged 102.65 points to 11,354.25. The Sensex has now lost over 575 points in two sessions. Jet Airways rallied nearly 15.5 per cent after it announced Chairman Naresh Goyal and his wife Anita Goyal have stepped down from the board of the cash-strapped airline. The stock jumped 12.69 per cent to close at Rs 254.50 on the BSE. During the day, it rose sharply by 17.77 per cent to Rs 266. On the National Stock Exchange (NSE), shares zoomed 15.46 per cent to close at Rs 261 apiece. On the traded volume front, 33.60 lakh shares were traded on the BSE and over 4 crore shares on the NSE during the day. Investor sentiment dampened after weaker-than-expected economic data from the US and Europe last week stoked fears of a global slowdown. The trade worries between the US and China too added to the worries, brokers said. Besides, investors preferred to keep their portfolios at a low ebb ahead of fiscal 2018-19 coming to an end, they added. Worries over the health of the global economy heightened last week after cautious remarks by the US Federal Reserve sent 10-year treasury yields to the lowest since early 2018. Most other Asian markets too ended sharply down, while European shares were trading lower in their opening sessions. The 30-share Sensex, after opening lower at 38,016.76, stayed in the negative territory through the session and slipped below the 38,000-mark to touch a low of 37,667.40 on mounting selling pressure in sync with the global sell-off. However, fag-end buying at lower levels trimmed losses to some extent. The benchmark finally ended at 37,808.91 -- down by 355.70 points or 0.93 per cent. The 50-issue NSE Nifty too cracked below the 11,400-mark and hit a low of 11,311.60, before finishing 102.65 points, or 0.90 per cent down at 11,354.25. Meanwhile, domestic institutional investors (DIIs) sold shares worth Rs 657.37 crore, while foreign funds remained net buyers, pumping in Rs 1,374.57 crore in Friday's trade, provisional data showed. (With inputs from PTI)

Sensex tanks 356 points on global recession fears; Jet rallies 15% as Goyal steps down

A meeting of the Jet Airways board is currently underway in Mumbai.&nbsp;<a href="https://www.wionews.com/business-economy/amid-crisis-jet-airways-says-confident-of-resolving-the-current-situation-205085">The airline is currently hobbling under over $1 billion of debt</a> and the board is to be briefed about the latest developments in the airline.&nbsp;

The board is also expected to take a call today on the continuation of Naresh Goyal as chairman of the board.&nbsp;

As per reports, the banks to which Jet owes money want Naresh Goyal, his wife Anita Goyal, whole time member Gaurang Shetty, and Naseem Zaidi off the board

At least one television channel and its sister newspaper reported Monday that&nbsp;Goyal and his wife&nbsp;are expected to leave the board Monday.

The reports added that Chief Executive Vinay Dube is expected to stay on board the 25-year-old airline Goyal set up with his wife in 1993.

Earlier this month, Reuters reported that Goyal had agreed to step down as chairman and reduce his 51 per cent stake in the airline.

Monday's report also said that Jet's lenders may invoke Goyal's entire stake in the airline, and start looking for a new buyer in the coming weeks.

Saddled with more than $1 billion of debt, Jet is struggling to stay afloat. It has delayed payments to banks, suppliers, pilots and lessors — some of which have forced the airline to ground as many as 40 planes.

Jet has survived a near-death experience once before; in 2013, Abu Dhabi's Etihad Airways injected $600 million of capital for a 24 per cent stake in the airline, three London Heathrow slots and a majority share in Jet's frequent flyer programme. The infusion helped Jet pare down debt and fight growing domestic competition.

Etihad's stake is likely to be diluted in the near future, the television channel reported.

Jet Airways was not immediately available for comment when contacted by Reuters.&nbsp;

(With inputs from Reuters)

A meeting of the Jet Airways board is currently underway in Mumbai. The airline is currently hobbling under over $1 billion of debt and the board is to be briefed about the latest developments in the airline.

A meeting of the Jet Airways board is currently underway in Mumbai. The airline is currently hobbling under over $1 billion of debt and the board is to be briefed about the latest developments in the airline. The board is also expected to take a call today on the continuation of Naresh Goyal as chairman of the board. As per reports, the banks to which Jet owes money want Naresh Goyal, his wife Anita Goyal, whole time member Gaurang Shetty, and Naseem Zaidi off the board At least one television channel and its sister newspaper reported Monday that Goyal and his wife are expected to leave the board Monday. The reports added that Chief Executive Vinay Dube is expected to stay on board the 25-year-old airline Goyal set up with his wife in 1993. Earlier this month, Reuters reported that Goyal had agreed to step down as chairman and reduce his 51 per cent stake in the airline. Monday's report also said that Jet's lenders may invoke Goyal's entire stake in the airline, and start looking for a new buyer in the coming weeks. Saddled with more than $1 billion of debt, Jet is struggling to stay afloat. It has delayed payments to banks, suppliers, pilots and lessors — some of which have forced the airline to ground as many as 40 planes. Jet has survived a near-death experience once before; in 2013, Abu Dhabi's Etihad Airways injected $600 million of capital for a 24 per cent stake in the airline, three London Heathrow slots and a majority share in Jet's frequent flyer programme. The infusion helped Jet pare down debt and fight growing domestic competition. Etihad's stake is likely to be diluted in the near future, the television channel reported. Jet Airways was not immediately available for comment when contacted by Reuters. (With inputs from Reuters)

Jet Airways board meets, pressure on founder Naresh Goyal to quit

Many attendees to the economic summit of the ongoing China Development Forum are bullish about the Chinese economy and believe that it will continue to be a key driver of the global economy.

The three-day China Development Forum, which opened Saturday, focuses on key issues such as the supply-side structural reform, new measures of proactive fiscal policy, and the opening-up of the financial sector and financial stability.

More than 50 officials from the Chinese central government departments and over 150 overseas delegates have participated in the forum, including 96 executives from the world's leading companies and nearly 30 globally well-known scholars.

China has set its GDP growth target for 2019 at between six per cent and 6.5 per cent, according to the annual Government Work Report delivered by Premier Li Keqiang at the opening meeting of the second session of the 13th National People's Congress in Beijing.

The target is lower than last year's goal of around 6.5 per cent, as the country pursues higher-quality development amid mounting uncertainties in the international economic landscape. And experts believe that China will continue to be a key contributor to the world economic growth.

"Though the target of China's economic growth rate is a little bit lower, the economic quality will improve in exchange. Besides, China's influence on the world economy is still growing. In the past ten years, the Chinese economy contributed about 30 to 50 per cent of the world economic growth. Such a figure was stood at 50 per cent in 2009 and is expected to reach up to 30 per cent this year. So China is still an important impetus for the world economic growth," said Zhu Min, Chairman of the National Institute of Financial Research of Tsinghua University.

"We're always looking for opportunities in China. And so we look at China as very investable, and we have funds available. China will continue to occupy a major growth role in the global economy," said Stephen Allen Schwarzman, CEO of the Blackstone Group, a global private equity firm.

A similar idea is also shared by Liu Shijin, deputy director of the Economic Committee of the National Committee of Chinese People's Political Consultative Conference.

"China has always been a key force in promoting economic globalisation. That's not only because China has provided the world with more opportunities in trade investment and technology after its opening-up, but also because it will become an important and active force in improving the structure of global governance," said Liu.

Many businessmen also expressed their willingness to invest in China as the country is pursuing high-level opening-up of its financial sector.

"I think China has to be really commended in the way that it's managed that path of economic growth, and it's been very successful as we have seen over really a very long term now. I think as we go forward from here, what's been interesting is to see how many more areas China is willing and indeed leading the way in terms of developing new thinking internally, which has become very attractive to external investors," said Anne Richards, chief executive officer of Fidelity International, a company that provides investment management services.

"We are always investing in the market place, and we do it through a variety of ways. We have a physical location, a massive manufacturing facility, already in place, but we continue to invest through innovation and through building up our partnerships in the market place so that we can increase our approach to the consumers, to the market place and our operational support. So we continue to invest and see great potential in the market here in China. And we are going to do our best to compete in the market place," said Doug DeVos, co-chairman of the board of directors of Amway, one of the world's leading direct selling companies.

Many attendees to the economic summit of the ongoing China Development Forum are bullish about the Chinese economy and believe that it will continue to be a key driver of the global economy.

Many attendees to the economic summit of the ongoing China Development Forum are bullish about the Chinese economy and believe that it will continue to be a key driver of the global economy. The three-day China Development Forum, which opened Saturday, focuses on key issues such as the supply-side structural reform, new measures of proactive fiscal policy, and the opening-up of the financial sector and financial stability. More than 50 officials from the Chinese central government departments and over 150 overseas delegates have participated in the forum, including 96 executives from the world's leading companies and nearly 30 globally well-known scholars. China has set its GDP growth target for 2019 at between six per cent and 6.5 per cent, according to the annual Government Work Report delivered by Premier Li Keqiang at the opening meeting of the second session of the 13th National People's Congress in Beijing. The target is lower than last year's goal of around 6.5 per cent, as the country pursues higher-quality development amid mounting uncertainties in the international economic landscape. And experts believe that China will continue to be a key contributor to the world economic growth. "Though the target of China's economic growth rate is a little bit lower, the economic quality will improve in exchange. Besides, China's influence on the world economy is still growing. In the past ten years, the Chinese economy contributed about 30 to 50 per cent of the world economic growth. Such a figure was stood at 50 per cent in 2009 and is expected to reach up to 30 per cent this year. So China is still an important impetus for the world economic growth," said Zhu Min, Chairman of the National Institute of Financial Research of Tsinghua University. "We're always looking for opportunities in China. And so we look at China as very investable, and we have funds available. China will continue to occupy a major growth role in the global economy," said Stephen Allen Schwarzman, CEO of the Blackstone Group, a global private equity firm. A similar idea is also shared by Liu Shijin, deputy director of the Economic Committee of the National Committee of Chinese People's Political Consultative Conference. "China has always been a key force in promoting economic globalisation. That's not only because China has provided the world with more opportunities in trade investment and technology after its opening-up, but also because it will become an important and active force in improving the structure of global governance," said Liu. Many businessmen also expressed their willingness to invest in China as the country is pursuing high-level opening-up of its financial sector. "I think China has to be really commended in the way that it's managed that path of economic growth, and it's been very successful as we have seen over really a very long term now. I think as we go forward from here, what's been interesting is to see how many more areas China is willing and indeed leading the way in terms of developing new thinking internally, which has become very attractive to external investors," said Anne Richards, chief executive officer of Fidelity International, a company that provides investment management services. "We are always investing in the market place, and we do it through a variety of ways. We have a physical location, a massive manufacturing facility, already in place, but we continue to invest through innovation and through building up our partnerships in the market place so that we can increase our approach to the consumers, to the market place and our operational support. So we continue to invest and see great potential in the market here in China. And we are going to do our best to compete in the market place," said Doug DeVos, co-chairman of the board of directors of Amway, one of the world's leading direct selling companies.

China continues to be key driver of global economy: Experts

Jet Airways, on the verge of going belly-up, has suspended operations on as many as 13 more international routes till April-end even as it grounded seven more planes due to non-payment of rentals, taking the number of such aircraft to 54.

Besides, the airline has also reduced frequencies on seven other overseas routes, mostly from Delhi and Mumbai, according to airline sources.

"... An additional seven aircraft including two planes of JetLite have been grounded due to non-payment of amounts outstanding to lessors under their respective lease agreements," the airline said in a filing to the stock exchanges late evening Friday.&nbsp;

The company said that as mentioned earlier, it is actively engaged with all its aircraft lessors and is regularly providing them with updates on the efforts taken to improve the liquidity.

Earlier, sources said routes, where services have been temporarily withdrawn, include Pune-Singapore (seven a week), which was launched with much fanfare late last December, and Pune-Abu Dhabi (seven flights a week).&nbsp;

Jet Airways has already suspended services on the Mumbai-Manchester route.

Gasping for funds and no bailout on the horizon, the Naresh Goyal-controlled airline has now reduced its operations to one-fourth from over 600 daily flights earlier, with just one-third of its 119 fleet being operational.

The airline has discontinued services from Delhi to Abu Dhabi (nine a week), Dammam (14 weekly), Dhaka (11), Hong Kong and Riyadh (seven each a week) up to April 30, said the airline source.

Besides, the airline has also suspended services on the Bangalore-Singapore route, where it flies twice daily, till April 30.

The flights which have been suspended from Mumbai for this period include services to Abu Dhabi (12 weekly), Bahrain (4-7 weekly), and Dammam (14 weekly). These services will remain suspended till April 30, as per the source.

Similarly, flights on the Mumbai-Hong Kong (7 weekly) route will also not be operated between March 23 and April 30, while the Kolkata-Dhaka services have also been suspended till April 30.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
Sources: Based on current listing, service reductions/cancellations are listed until 30 April inclusive. However, certain suspended service until 30 Apr is currently listed as not available for flights on/after 1 May 2019. Various domestic routes also see service reductions. <a href="https://t.co/W9gaMZhglk">https://t.co/W9gaMZhglk</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1109336954225733632?ref_src=twsrc%5Etfw">March 23, 2019</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

In addition to this, services from Delhi and Mumbai to Kathmandu, Bangkok, Doha, Kuwait and Singapore have been also reduced significantly.

Jet Airways, on the verge of going belly-up, has suspended operations on as many as 13 more international routes till April-end even as it grounded seven more planes due to non-payment of rentals, taking the number of such aircraft to 54.

Jet Airways, on the verge of going belly-up, has suspended operations on as many as 13 more international routes till April-end even as it grounded seven more planes due to non-payment of rentals, taking the number of such aircraft to 54. Besides, the airline has also reduced frequencies on seven other overseas routes, mostly from Delhi and Mumbai, according to airline sources. "... An additional seven aircraft including two planes of JetLite have been grounded due to non-payment of amounts outstanding to lessors under their respective lease agreements," the airline said in a filing to the stock exchanges late evening Friday. The company said that as mentioned earlier, it is actively engaged with all its aircraft lessors and is regularly providing them with updates on the efforts taken to improve the liquidity. Earlier, sources said routes, where services have been temporarily withdrawn, include Pune-Singapore (seven a week), which was launched with much fanfare late last December, and Pune-Abu Dhabi (seven flights a week). Jet Airways has already suspended services on the Mumbai-Manchester route. Gasping for funds and no bailout on the horizon, the Naresh Goyal-controlled airline has now reduced its operations to one-fourth from over 600 daily flights earlier, with just one-third of its 119 fleet being operational. The airline has discontinued services from Delhi to Abu Dhabi (nine a week), Dammam (14 weekly), Dhaka (11), Hong Kong and Riyadh (seven each a week) up to April 30, said the airline source. Besides, the airline has also suspended services on the Bangalore-Singapore route, where it flies twice daily, till April 30. The flights which have been suspended from Mumbai for this period include services to Abu Dhabi (12 weekly), Bahrain (4-7 weekly), and Dammam (14 weekly). These services will remain suspended till April 30, as per the source. Similarly, flights on the Mumbai-Hong Kong (7 weekly) route will also not be operated between March 23 and April 30, while the Kolkata-Dhaka services have also been suspended till April 30. Sources: Based on current listing, service reductions/cancellations are listed until 30 April inclusive. However, certain suspended service until 30 Apr is currently listed as not available for flights on/after 1 May 2019. Various domestic routes also see service reductions. https://t.co/W9gaMZhglk — ANI (@ANI) March 23, 2019 × In addition to this, services from Delhi and Mumbai to Kathmandu, Bangkok, Doha, Kuwait and Singapore have been also reduced significantly.

Jet Airways suspends services to 13 international routes till April-end

Jet Airways spokesperson on Saturday said that the company was confident of ''successfully'' resolving the current situation in the coming days.

''Jet Airways remains confident of successfully resolving the current situation in coming days. Airline and its key stakeholders are working towards finalization and subsequent implementation of the Bank-led Provisional Resolution Plan (BLPRP),'' the Airline's spokesperson was quoted as saying by news agency ANI.

Jet Airways is currently operating a curtailed schedule, having made certain proactive adjustments, bearing in mind the likely, yet interim non-availability of some aircraft in its fleet in the near future, he added.

Jet Airways, on the verge of going belly-up, has suspended operations on as many as 13 more international routes till April-end even as it grounded seven more planes due to non-payment of rentals, taking the number of such aircraft to 54.

Besides, the airline has also reduced frequencies on seven other overseas routes, mostly from Delhi and Mumbai, according to airline sources.

"... An additional seven aircraft including two planes of JetLite have been grounded due to non-payment of amounts outstanding to lessors under their respective lease agreements," the airline said in a filing to the stock exchanges late evening Friday.&nbsp;

(With inputs from PTI)

Jet Airways spokesperson on Saturday said that the company was confident of ''successfully'' resolving the current situation in the coming days. ''Jet Airways remains confident of successfully resolving the current situation in coming days.

Jet Airways spokesperson on Saturday said that the company was confident of ''successfully'' resolving the current situation in the coming days. ''Jet Airways remains confident of successfully resolving the current situation in coming days. Airline and its key stakeholders are working towards finalization and subsequent implementation of the Bank-led Provisional Resolution Plan (BLPRP),'' the Airline's spokesperson was quoted as saying by news agency ANI. Jet Airways is currently operating a curtailed schedule, having made certain proactive adjustments, bearing in mind the likely, yet interim non-availability of some aircraft in its fleet in the near future, he added. Jet Airways, on the verge of going belly-up, has suspended operations on as many as 13 more international routes till April-end even as it grounded seven more planes due to non-payment of rentals, taking the number of such aircraft to 54. Besides, the airline has also reduced frequencies on seven other overseas routes, mostly from Delhi and Mumbai, according to airline sources. "... An additional seven aircraft including two planes of JetLite have been grounded due to non-payment of amounts outstanding to lessors under their respective lease agreements," the airline said in a filing to the stock exchanges late evening Friday. (With inputs from PTI)

Amid crisis, Jet Airways says 'confident' of resolving the current situation

Apple chief executive Tim Cook on Saturday urged China to keep opening up its economy as local rivals bit into the profits of the US tech giant caught in the crosshairs of a trade spat between Beijing and Washington.

"We have seen China continue to change and evolve... We encourage China to continue to open up," he said during a speech at the annual China Development Forum in Beijing on Saturday.

"We see that as essential not only for China to reach its full potential, but also for the global economy to thrive."

Apple in January revealed that it took a hit in the "Greater China" region, where revenue plunged almost 27 per cent in the most recent quarter.&nbsp;

The dip had been expected following the company's revenue warning in December, where Apple admitted that iPhone sales and overall earnings would be below most forecasts, citing economic weakness in China and trade frictions between Washington and Beijing.

Lower priced local rivals such as Huawei, Xiaomi and Oppo have also been nibbling at the California tech giant's market share in China.&nbsp;

Cook has been a critic of the US-China trade war that has spooked global markets. Last year, he used the China Development Forum as a venue to urge leaders of China and the US to let "calm heads prevail" and to avoid an escalation of tariffs.

Most of Apple's flagship products are assembled in China, leaving the California tech giant acutely vulnerable to Trump's tariffs.

During his speech on Saturday, Cook called for partnerships based on "openness and trust" where world players can work together to solve some of the biggest problems facing the planet including poverty, inequality and climate change.

Apple chief executive Tim Cook on Saturday urged China to keep opening up its economy as local rivals bit into the profits of the US tech giant caught in the crosshairs of a trade spat between Beijing and Washington.

Apple chief executive Tim Cook on Saturday urged China to keep opening up its economy as local rivals bit into the profits of the US tech giant caught in the crosshairs of a trade spat between Beijing and Washington. "We have seen China continue to change and evolve... We encourage China to continue to open up," he said during a speech at the annual China Development Forum in Beijing on Saturday. "We see that as essential not only for China to reach its full potential, but also for the global economy to thrive." Apple in January revealed that it took a hit in the "Greater China" region, where revenue plunged almost 27 per cent in the most recent quarter. The dip had been expected following the company's revenue warning in December, where Apple admitted that iPhone sales and overall earnings would be below most forecasts, citing economic weakness in China and trade frictions between Washington and Beijing. Lower priced local rivals such as Huawei, Xiaomi and Oppo have also been nibbling at the California tech giant's market share in China. Cook has been a critic of the US-China trade war that has spooked global markets. Last year, he used the China Development Forum as a venue to urge leaders of China and the US to let "calm heads prevail" and to avoid an escalation of tariffs. Most of Apple's flagship products are assembled in China, leaving the California tech giant acutely vulnerable to Trump's tariffs. During his speech on Saturday, Cook called for partnerships based on "openness and trust" where world players can work together to solve some of the biggest problems facing the planet including poverty, inequality and climate change.

Apple's Tim Cook urges China to continue to open up its economy

Net employment generation in the formal sector touched a 17-month high of 8.96 lakh in January, according to the latest EPFO payroll data.

The EPFO has been releasing payroll data from April 2018, covering the period starting September 2017.

The addition in January was 131 per cent higher as compared with 3.87 lakh EPFO subscribers added in the year-ago month.

In September 2017, a net of 2,75,609 jobs were created.

Around 76.48 lakh new subscribers were added to social security schemes of the Employees' Provident Fund Organisation (EPFO) from September 2017 to January 2019, the data showed. This indicates that these many jobs were created in the formal sector over the past 17 months.

The net EPFO enrolment in January 2019 stood at 8,96,516, which is the highest since September 2017.

The EPFO, however, revised slightly downwards its payroll data for December 2018 by 1.8 per cent to 7.03 lakh, against the earlier estimate of 7.16 lakh released last month.

It also revised the cumulative job addition data for the September 2017-December 2018 period downwards 6.6 per cent to 67.52 lakh, from the earlier forecast of 72.32 lakh.

The sharpest revision was for March 2018 in the latest report which showed contraction or exit of 29,023 members from the EPFO subscriptions whereas last month's estimated addition of 5,498 members.

The EPFO data showed that the March 2018 figure is negative due to large number of exits reported in March, in view of it being the closing month of the financial year.

During January 2019, the highest number of 2.44 lakh jobs were created in the 22-25 years age group, followed by 2.24 lakh in the 18-21 years age bracket.

The data of the exited members is based on the claims submitted by the individuals and establishments and the exit data uploaded by employers, whereas the number of new subscribers is based on the Universal Account Number (UAN) generated in the system and those who have received non-zero subscription.

The EPFO said the data is provisional as updation of employee records is a continuous process and gets updated in subsequent months.

This is age-band wise data of new members registered under the EPFO where the first non-zero contribution received during particular month.&nbsp;

For each age-wise band, the estimates are net of the members newly enrolled, exited and rejoined during the month as per records of the EPFO, it added.

The estimates may include temporary employees whose contributions may not be continuous for the entire year. Members' data are linked to unique Aadhaar Identity, it added.

The EPFO manages social security funds of workers in the organised/semi organised sector in India and has more than 6 crore active members (with at least one-month contribution during the year).&nbsp;

Net employment generation in the formal sector touched a 17-month high of 8.96 lakh in January, according to the latest EPFO payroll data. The EPFO has been releasing payroll data from April 2018, covering the period starting September 2017.

Net employment generation in the formal sector touched a 17-month high of 8.96 lakh in January, according to the latest EPFO payroll data. The EPFO has been releasing payroll data from April 2018, covering the period starting September 2017. The addition in January was 131 per cent higher as compared with 3.87 lakh EPFO subscribers added in the year-ago month. In September 2017, a net of 2,75,609 jobs were created. Around 76.48 lakh new subscribers were added to social security schemes of the Employees' Provident Fund Organisation (EPFO) from September 2017 to January 2019, the data showed. This indicates that these many jobs were created in the formal sector over the past 17 months. The net EPFO enrolment in January 2019 stood at 8,96,516, which is the highest since September 2017. The EPFO, however, revised slightly downwards its payroll data for December 2018 by 1.8 per cent to 7.03 lakh, against the earlier estimate of 7.16 lakh released last month. It also revised the cumulative job addition data for the September 2017-December 2018 period downwards 6.6 per cent to 67.52 lakh, from the earlier forecast of 72.32 lakh. The sharpest revision was for March 2018 in the latest report which showed contraction or exit of 29,023 members from the EPFO subscriptions whereas last month's estimated addition of 5,498 members. The EPFO data showed that the March 2018 figure is negative due to large number of exits reported in March, in view of it being the closing month of the financial year. During January 2019, the highest number of 2.44 lakh jobs were created in the 22-25 years age group, followed by 2.24 lakh in the 18-21 years age bracket. The data of the exited members is based on the claims submitted by the individuals and establishments and the exit data uploaded by employers, whereas the number of new subscribers is based on the Universal Account Number (UAN) generated in the system and those who have received non-zero subscription. The EPFO said the data is provisional as updation of employee records is a continuous process and gets updated in subsequent months. This is age-band wise data of new members registered under the EPFO where the first non-zero contribution received during particular month. For each age-wise band, the estimates are net of the members newly enrolled, exited and rejoined during the month as per records of the EPFO, it added. The estimates may include temporary employees whose contributions may not be continuous for the entire year. Members' data are linked to unique Aadhaar Identity, it added. The EPFO manages social security funds of workers in the organised/semi organised sector in India and has more than 6 crore active members (with at least one-month contribution during the year).

8.96 lakh jobs created in January, 76.48 lakh in last 17 months: EPFO payroll data

Domestic stock markets on Friday opened on a positive note with BSE Sensex rising for the ninth straight session. Sensex rose over 119 points in early trade Friday led by gains in banking, metal and auto stocks amid sustained foreign fund inflow.

NSE Nifty, on the other hand, hovered above 11,500-mark at 11,549.20 in opening trade today. It previously closed at 11,521.05 on Wednesday.&nbsp;

Sensex on Wednesday continued its upward journey for the eighth consecutive session and ended marginally higher following gains in Infosys, HDFC twins and L&amp;T amid uninterrupted capital inflows by foreign funds.

The 30-share index began the session on a firm note at 38,433.86 and hit the session's high of 38,489.81 on steady inflow of buying by foreign funds as well as retail investors, news agency PTI reported.&nbsp;

The broader NSE Nifty, however, ended 11.35 points, or 0.10 per cent, lower at 11,521.05 after shuttling between 11,556.10 and 11,503.10 during the session on expiry of March series derivative contracts.

Markets remained closed on Thursday on account of the festival of Holi. 
&nbsp;

Domestic stock markets on Friday opened on a positive note with BSE Sensex rising for the ninth straight session. Sensex rose over 119 points in early trade Friday led by gains in banking, metal and auto stocks amid sustained foreign fund inflow.

Domestic stock markets on Friday opened on a positive note with BSE Sensex rising for the ninth straight session. Sensex rose over 119 points in early trade Friday led by gains in banking, metal and auto stocks amid sustained foreign fund inflow. NSE Nifty, on the other hand, hovered above 11,500-mark at 11,549.20 in opening trade today. It previously closed at 11,521.05 on Wednesday. Sensex on Wednesday continued its upward journey for the eighth consecutive session and ended marginally higher following gains in Infosys, HDFC twins and L&T amid uninterrupted capital inflows by foreign funds. The 30-share index began the session on a firm note at 38,433.86 and hit the session's high of 38,489.81 on steady inflow of buying by foreign funds as well as retail investors, news agency PTI reported. The broader NSE Nifty, however, ended 11.35 points, or 0.10 per cent, lower at 11,521.05 after shuttling between 11,556.10 and 11,503.10 during the session on expiry of March series derivative contracts. Markets remained closed on Thursday on account of the festival of Holi.

Markets open in green; Sensex rises over 100 points, Nifty goes beyond 11,500-mark

The rupee appreciated by 6 paise to 68.57 against the US dollar in opening trade Friday, driven by sustained foreign fund inflows and a higher opening of domestic equities.

The rupee opened at 68.60 at the interbank forex market, then gained further ground and touched 68.57, displaying gains of 6 paise over its last close.

The rupee Wednesday had recovered by 13 paise to close at 68.83 against the US dollar.

The forex market was closed Thursday on account of Holi.

Forex dealers said, selling of the American currency by exporters and positive opening in domestic equities supported the rupee.

Fresh foreign fund inflows and easing crude prices also supported the rupee, they added.

Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 1,771.61 crore on a net basis Wednesday, as per provisional data.

Brent crude futures, the global oil benchmark, slipped 0.18 per cent to $67.74 per barrel.

Meanwhile, the benchmark BSE Sensex was trading higher by 91.03 points, or 0.24 per cent, at 38,477.78; while the NSE Nifty was trading at 11,548, higher by 26.95 points, or 0.23 per cent.&nbsp;

The rupee appreciated by 6 paise to 68.57 against the US dollar in opening trade Friday, driven by sustained foreign fund inflows and a higher opening of domestic equities.

The rupee appreciated by 6 paise to 68.57 against the US dollar in opening trade Friday, driven by sustained foreign fund inflows and a higher opening of domestic equities. The rupee opened at 68.60 at the interbank forex market, then gained further ground and touched 68.57, displaying gains of 6 paise over its last close. The rupee Wednesday had recovered by 13 paise to close at 68.83 against the US dollar. The forex market was closed Thursday on account of Holi. Forex dealers said, selling of the American currency by exporters and positive opening in domestic equities supported the rupee. Fresh foreign fund inflows and easing crude prices also supported the rupee, they added. Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 1,771.61 crore on a net basis Wednesday, as per provisional data. Brent crude futures, the global oil benchmark, slipped 0.18 per cent to $67.74 per barrel. Meanwhile, the benchmark BSE Sensex was trading higher by 91.03 points, or 0.24 per cent, at 38,477.78; while the NSE Nifty was trading at 11,548, higher by 26.95 points, or 0.23 per cent.

Rupee rises 6 paise to 68.57 against US dollar

Oil prices on Friday hovered close to 2019 peaks reached the previous day, propped up by supply cuts led by producer club OPEC and by US sanctions against Iran and Venezuela.

Brent crude oil futures were at $67.82 per barrel at 0122 GMT, down 4 cents from their last close but within a dollar of the $68.69 per barrel 2019-high marked the day before.

US West Texas Intermediate (WTI) futures were at $60 per barrel, virtually unchanged from their last settlement and not far off their 2019 peak of $60.39 touched on Thursday.

Prices have been propped up by supply cuts by the Organization of the Petroleum Exporting Countries (OPEC) and non-affiliated allies such as Russia, often referred to as 'OPEC+'.

Despite a more than a quarter increase in crude prices this year, Canadian investment bank RBC Capital Markets said oil was "still below the fiscal breakeven level in a number of OPEC countries", meaning that many producers have an interest in further propping up the market.

"With the driver of the OPEC bus, Saudi Arabia, showing no signs of wavering in the face of renewed pressure from Washington, we believe that OPEC is likely to extend the deal for the duration of 2019 when they next assemble in Vienna in June," RBC said.

RBC said Russia was only a reluctant partner in the supply cuts, but would "ultimately opt to preserve the arrangement and retain a leadership role of a 21-nation group that accounts for around 45 percent of global oil output".

Beyond OPEC and Russia's supply policy, oil prices have also been boosted by US sanctions on OPEC-members Iran and Venezuela.

Iranian crude oil shipments have averaged only just over 1 million bpd in March, down from 1.3 million bpd in February and a 2018 peak of at least 2.5 million bpd in April, before the US sanctions were announced.

Venezuelan crude oil production has also dwindled amid US sanctions and an internal political and economic crisis, plunging from a high of more than 3 million bpd at the start of the century to not much more than 1 million bpd currently.

Putting a break on further price increases has been a US crude oil production jump of more than 2 million bpd since early 2018 to a record 12.1 million bpd, making the United States the world's biggest producer ahead of Russia and Saudi Arabia.

Soaring US output has resulted in increasing exports, which have doubled over the past year to more than 3 million bpd.

The International Energy Agency (IEA) estimated that the United States would become a net crude oil exporter by 2021.

Oil prices on Friday hovered close to 2019 peaks reached the previous day, propped up by supply cuts led by producer club OPEC and by US sanctions against Iran and Venezuela.

Oil prices on Friday hovered close to 2019 peaks reached the previous day, propped up by supply cuts led by producer club OPEC and by US sanctions against Iran and Venezuela. Brent crude oil futures were at $67.82 per barrel at 0122 GMT, down 4 cents from their last close but within a dollar of the $68.69 per barrel 2019-high marked the day before. US West Texas Intermediate (WTI) futures were at $60 per barrel, virtually unchanged from their last settlement and not far off their 2019 peak of $60.39 touched on Thursday. Prices have been propped up by supply cuts by the Organization of the Petroleum Exporting Countries (OPEC) and non-affiliated allies such as Russia, often referred to as 'OPEC+'. Despite a more than a quarter increase in crude prices this year, Canadian investment bank RBC Capital Markets said oil was "still below the fiscal breakeven level in a number of OPEC countries", meaning that many producers have an interest in further propping up the market. "With the driver of the OPEC bus, Saudi Arabia, showing no signs of wavering in the face of renewed pressure from Washington, we believe that OPEC is likely to extend the deal for the duration of 2019 when they next assemble in Vienna in June," RBC said. RBC said Russia was only a reluctant partner in the supply cuts, but would "ultimately opt to preserve the arrangement and retain a leadership role of a 21-nation group that accounts for around 45 percent of global oil output". Beyond OPEC and Russia's supply policy, oil prices have also been boosted by US sanctions on OPEC-members Iran and Venezuela. Iranian crude oil shipments have averaged only just over 1 million bpd in March, down from 1.3 million bpd in February and a 2018 peak of at least 2.5 million bpd in April, before the US sanctions were announced. Venezuelan crude oil production has also dwindled amid US sanctions and an internal political and economic crisis, plunging from a high of more than 3 million bpd at the start of the century to not much more than 1 million bpd currently. Putting a break on further price increases has been a US crude oil production jump of more than 2 million bpd since early 2018 to a record 12.1 million bpd, making the United States the world's biggest producer ahead of Russia and Saudi Arabia. Soaring US output has resulted in increasing exports, which have doubled over the past year to more than 3 million bpd. The International Energy Agency (IEA) estimated that the United States would become a net crude oil exporter by 2021.

Oil prices near 2019 highs amid OPEC supply cuts

Asian shares hit 6-1/2-month highs on Friday after upbeat US data and optimism in the tech sector lifted Wall Street stocks, helping calm some of the jitters sparked by the Federal Reserve's cautious outlook on the world's biggest economy.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3 per cent, led by 0.5 per cent gains in the infotech sector, while Japan's Nikkei bucked the trend and lost 0.2 per cent.

On Wall Street, the S&amp;P 500 gained 1.09 per cent while the Nasdaq Composite rallied 1.42 per cent, both hitting five-month highs.

Apple Inc led the tech sector's advance, rising 3.7 per cent, ahead of the company's expected streaming service debut next week.

The Philadelphia SE Semiconductor Index soared 3.5 per cent, coming within a striking distance from its all-time high marked about a year ago.

"I'd think optimism in the tech sector is the biggest driver now. It reflects expectations that the US and China will eventually reach a trade deal," said Soichiro Monji, senior economist at Daiwa SB Investments.

A US trade delegation headed by Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will visit China on March 28-29, which will be followed by a trip by Chinese Vice Premier Liu He to Washington in early April.

Thursday's US economic data was also upbeat as initial claims for jobless benefits fell more than expected and mid-Atlantic factory activity rebounded sharply.

The figures mollified worries about the US economic outlook after the Fed on Wednesday surprised investors by adopting a sharp dovish stance, anticipating no further interest rate hikes this year and ending its balance sheet rolloffs.

The dollar also jumped back, with its index against a basket of six major currencies rising to 96.327 from Wednesday's 1-1/2-month low of 95.735.

The euro traded at $ 1.1374, flat on the day and off Wednesday's 1-1/2-month high of $1.14485.

The dollar stood at 110.74 yen, having hit a five-week low of 110.30 on Thursday.

The benchmark US 10-year notes yield stood at 2.530 per cent after having slipped to as low as 2.500 per cent on Thursday, its lowest since early January last year.

The five-year yield dropped to 2.34 per cent, below the current Fed funds rate around 2.40 per cent, as fed funds rate futures price in about 50 per cent chances of a rate cut this year.

"The main market reaction to the Fed's announcement was that it has become a consensus that the Fed's next move is a rate cut," said Naoya Oshikubo, senior manager at Sumitomo Mitsui Trust Asset.

"As economic data from China and elsewhere has not bottomed out yet, investors will be looking at economic fundamentals for now. If there are improvements, then markets could roll back expectations of a Fed rate cut," he said.

DoubleLine Capital's chief executive Jeffrey Gundlach, known as the "Bond King," said on Thursday that the stock market "likes the fact that they (the Fed) aren't going to give them any problems," for now.

He added, however, the Fed's cautious stance on raising rates could backfire by creating uncertainty in the economy and hurt the U.S. central bank's credibility.

Another cloud hanging over markets was Britain's fraught moves to exit from the European Union, as the British pound was bruised anew by rising worries about a no-deal Brexit.

EU leaders said Britain could leave the European Union without a deal on April 12 if lawmakers fail next week to back Prime Minister Theresa May's agreement with Brussels.

EU leaders gave May an extra two months, until May 22, to leave if she wins next week's vote in parliament.

The pound traded at $1.3136, having dropped to $1.3004 the previous day. Against the euro, it hit one-month low of 0.8722 to euro on Thursday and last stood at 0.8664.

Oil dipped but held near 2019 highs reached the previous day, supported by a broad risk-on mood, OPEC production cuts and US sanctions on key producers Iran and Venezuela.

Brent crude oil futures edged down 0.3 per cent to $67.65 per barrel while US crude futures fell 0.3 per cent to $59.81.

Asian shares hit 6-1/2-month highs on Friday after upbeat US data and optimism in the tech sector lifted Wall Street stocks, helping calm some of the jitters sparked by the Federal Reserve's cautious outlook on the world's biggest economy.

Asian shares hit 6-1/2-month highs on Friday after upbeat US data and optimism in the tech sector lifted Wall Street stocks, helping calm some of the jitters sparked by the Federal Reserve's cautious outlook on the world's biggest economy. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3 per cent, led by 0.5 per cent gains in the infotech sector, while Japan's Nikkei bucked the trend and lost 0.2 per cent. On Wall Street, the S&P 500 gained 1.09 per cent while the Nasdaq Composite rallied 1.42 per cent, both hitting five-month highs. Apple Inc led the tech sector's advance, rising 3.7 per cent, ahead of the company's expected streaming service debut next week. The Philadelphia SE Semiconductor Index soared 3.5 per cent, coming within a striking distance from its all-time high marked about a year ago. "I'd think optimism in the tech sector is the biggest driver now. It reflects expectations that the US and China will eventually reach a trade deal," said Soichiro Monji, senior economist at Daiwa SB Investments. A US trade delegation headed by Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will visit China on March 28-29, which will be followed by a trip by Chinese Vice Premier Liu He to Washington in early April. Thursday's US economic data was also upbeat as initial claims for jobless benefits fell more than expected and mid-Atlantic factory activity rebounded sharply. The figures mollified worries about the US economic outlook after the Fed on Wednesday surprised investors by adopting a sharp dovish stance, anticipating no further interest rate hikes this year and ending its balance sheet rolloffs. The dollar also jumped back, with its index against a basket of six major currencies rising to 96.327 from Wednesday's 1-1/2-month low of 95.735. The euro traded at $ 1.1374, flat on the day and off Wednesday's 1-1/2-month high of $1.14485. The dollar stood at 110.74 yen, having hit a five-week low of 110.30 on Thursday. The benchmark US 10-year notes yield stood at 2.530 per cent after having slipped to as low as 2.500 per cent on Thursday, its lowest since early January last year. The five-year yield dropped to 2.34 per cent, below the current Fed funds rate around 2.40 per cent, as fed funds rate futures price in about 50 per cent chances of a rate cut this year. "The main market reaction to the Fed's announcement was that it has become a consensus that the Fed's next move is a rate cut," said Naoya Oshikubo, senior manager at Sumitomo Mitsui Trust Asset. "As economic data from China and elsewhere has not bottomed out yet, investors will be looking at economic fundamentals for now. If there are improvements, then markets could roll back expectations of a Fed rate cut," he said. DoubleLine Capital's chief executive Jeffrey Gundlach, known as the "Bond King," said on Thursday that the stock market "likes the fact that they (the Fed) aren't going to give them any problems," for now. He added, however, the Fed's cautious stance on raising rates could backfire by creating uncertainty in the economy and hurt the U.S. central bank's credibility. Another cloud hanging over markets was Britain's fraught moves to exit from the European Union, as the British pound was bruised anew by rising worries about a no-deal Brexit. EU leaders said Britain could leave the European Union without a deal on April 12 if lawmakers fail next week to back Prime Minister Theresa May's agreement with Brussels. EU leaders gave May an extra two months, until May 22, to leave if she wins next week's vote in parliament. The pound traded at $1.3136, having dropped to $1.3004 the previous day. Against the euro, it hit one-month low of 0.8722 to euro on Thursday and last stood at 0.8664. Oil dipped but held near 2019 highs reached the previous day, supported by a broad risk-on mood, OPEC production cuts and US sanctions on key producers Iran and Venezuela. Brent crude oil futures edged down 0.3 per cent to $67.65 per barrel while US crude futures fell 0.3 per cent to $59.81.

Asian shares hit 6-1/2-month high on tech hopes

Snapping its eight-day winning streak, the BSE benchmark Sensex tumbled over 222 points Friday as investors scrambled to book profits after the recent rally while ratings agency Fitch slashed India's growth forecast.

Lacklustre global cues and a depreciating rupee also weighed on the markets, analysts said.

The 30-share index opened on a positive note at 38,452.47, but soon succumbed to heavy selling pressure, touching an intra-day low of 38,089.36. It finally closed at 38,164.61, down by 222.14 points, or 0.58 per cent.

On similar lines, the NSE Nifty shed 64.15 points, or 0.56 per cent, to finish at 11,456.90.

On a weekly basis, the Sensex added over 140 points, while the wider Nifty gained 30 points.

Fitch Ratings Friday cut India's GDP growth forecast for the next fiscal to 6.8 per cent from 7 per cent estimated earlier on weaker than expected economic momentum.

In its latest Global Economic Outlook, Fitch also slashed GDP growth forecast for current fiscal ending March 2019 to 6.9 per cent from 7.2 per cent projected in the December edition.

Tata Motors was the biggest loser in the Sensex pack, tumbling 2.47 per cent, followed by Reliance Industries (2.44 per cent), Maruti (1.84 per cent), SBI (1.76 per cent) and Bajaj Finance (1.23 per cent).

NTPC emerged as the biggest gainer in the index, spurting 3.67 per cent. Other winners included L&amp;T, Asian Paints, Tata Steel and PowerGrid, rising up to 1.54 per cent.

Snapping its eight-day winning streak, the BSE benchmark Sensex tumbled over 222 points Friday as investors scrambled to book profits after the recent rally while ratings agency Fitch slashed India's growth forecast.

Snapping its eight-day winning streak, the BSE benchmark Sensex tumbled over 222 points Friday as investors scrambled to book profits after the recent rally while ratings agency Fitch slashed India's growth forecast. Lacklustre global cues and a depreciating rupee also weighed on the markets, analysts said. The 30-share index opened on a positive note at 38,452.47, but soon succumbed to heavy selling pressure, touching an intra-day low of 38,089.36. It finally closed at 38,164.61, down by 222.14 points, or 0.58 per cent. On similar lines, the NSE Nifty shed 64.15 points, or 0.56 per cent, to finish at 11,456.90. On a weekly basis, the Sensex added over 140 points, while the wider Nifty gained 30 points. Fitch Ratings Friday cut India's GDP growth forecast for the next fiscal to 6.8 per cent from 7 per cent estimated earlier on weaker than expected economic momentum. In its latest Global Economic Outlook, Fitch also slashed GDP growth forecast for current fiscal ending March 2019 to 6.9 per cent from 7.2 per cent projected in the December edition. Tata Motors was the biggest loser in the Sensex pack, tumbling 2.47 per cent, followed by Reliance Industries (2.44 per cent), Maruti (1.84 per cent), SBI (1.76 per cent) and Bajaj Finance (1.23 per cent). NTPC emerged as the biggest gainer in the index, spurting 3.67 per cent. Other winners included L&T, Asian Paints, Tata Steel and PowerGrid, rising up to 1.54 per cent.

Sensex snaps 8-day winning run on profit-booking; logs weekly gain

Shares in <a href="https://www.wionews.com/world/levi-strauss-sues-lvmhs-kenzo-over-jeans-pocket-tab-128829">Levi Strauss </a>&amp; Co surged 31 per cent in their debut on Thursday, giving the jeans maker a market value of $8.7 billion and suggesting strong investor appetite before much-awaited listings from Lyft and Uber.

The 165-year-old US company's return to the public market comes at a time when stocks are near all-time highs and the popularity of denim is surging, driven by the resurgence of 1990s styles such as high-waist and pinstriped jeans.

"I'm not going to live or die by what the stock does day in and day out," Chief Executive and President Chip Bergh said in a telephone interview. "We're here to run the business for the long term. It is humbling that the stock was so well received today. That is pretty awesome."

The self-proclaimed inventor of the blue jeans, which has grown to become one of the world's most recognised denim brands, Levi Strauss hopes to use a part of the proceeds from the IPO to expand in emerging markets such as Brazil, China and India.

"Denim continues to prove prevalent in streetwear and on the runway, so we're not expecting it to go anywhere anytime soon," an analyst at retail analytics firm Edited said. "That's why now is a great time for Levi's to capitalise on this momentum."

Levi accounted for 5 per cent of the global jeans market in 2018, according to market research firm Euromonitor. The market has remained flat from 2013 to 2018 but is expected to grow at a compound annual growth rate of 2 per cent until 2023 if prices remain at 2018 levels.

Going forward, Bergh also said Levi can double its business in Asia in the next couple of years "and then double it again".

Levi does not disclose its earnings in China but Bergh said it makes up around a quarter of its total Asia business, which had just over $800 million in revenue last year.

Levi first went public in 1971. It then sold 1.27 million shares at $47 each and the stock opened at $60, according to a New York Times report. After 14 years, it was taken private by the Haas family, the descendants of founder Levi Strauss, in a $1.6 billion leveraged buyout.

Levi's second IPO was priced at $17, above the expected range, in an oversubscribed offering. By Thursday afternoon, the shares had hit a high of $23.15.

Levi's market splash marks the start of what could be a blockbuster year for IPOs with several high profile companies expected to list their shares.

Ride-hailing service provider Lyft Inc kicked off the investor roadshow for its market debut on Monday, while larger rival Uber is expected to go public in April.

The line-up also includes photo-posting app Pinterest and business messaging app Slack.

The Haas family, which has over 100 members and is between its fifth and sixth generations, according to Bergh, will retain 80 per cent voting control of the public company.

Bergh said a desire among existing shareholders to diversify, coupled with strong corporate performance and supportive market conditions, led to the decision to go public in 2019.

"The market is pretty ripe and we're the first big IPO of the year," he said. "There was a lot of pent-up demand because it's been pretty slow the last couple of months and that was also probably a tail-wind for us."

The company's $8.7 billion market capitalisation at the start of trading is based on outstanding shares of about 390 million, which includes the over-allotment option.

"There is a lot to like when it comes to Levi Strauss the brand and its outlook moving forward," said Jeff Zell, senior research analyst and partner at IPO tracking firm, IPO Boutique.

"The company and the underwriters targeted a reasonable valuation to start and allowed the true investor demand to dictate price which ultimately came one dollar above range."

Levi's revenue rose 14 per cent to $5.6 billion in 2018, the bulk of which came from men's denim. Its biggest market in the Americas, accounting for 55 per cent of overall revenue.

The San Francisco-based company sells in 110 countries through 50,000 retail stores, and its rivals include Gap Inc and VF Corp's Lee and Wrangler brands.

To attract young customers, Levi's is planning to expand its tailor shop and print bar that allow consumers to customise and put their own designs on the company's branded jeans and T-shirts.

Shares in Levi Strauss & Co surged 31 per cent in their debut on Thursday, giving the jeans maker a market value of $8.7 billion and suggesting strong investor appetite before much-awaited listings from Lyft and Uber.

Shares in Levi Strauss & Co surged 31 per cent in their debut on Thursday, giving the jeans maker a market value of $8.7 billion and suggesting strong investor appetite before much-awaited listings from Lyft and Uber. The 165-year-old US company's return to the public market comes at a time when stocks are near all-time highs and the popularity of denim is surging, driven by the resurgence of 1990s styles such as high-waist and pinstriped jeans. "I'm not going to live or die by what the stock does day in and day out," Chief Executive and President Chip Bergh said in a telephone interview. "We're here to run the business for the long term. It is humbling that the stock was so well received today. That is pretty awesome." The self-proclaimed inventor of the blue jeans, which has grown to become one of the world's most recognised denim brands, Levi Strauss hopes to use a part of the proceeds from the IPO to expand in emerging markets such as Brazil, China and India. "Denim continues to prove prevalent in streetwear and on the runway, so we're not expecting it to go anywhere anytime soon," an analyst at retail analytics firm Edited said. "That's why now is a great time for Levi's to capitalise on this momentum." Levi accounted for 5 per cent of the global jeans market in 2018, according to market research firm Euromonitor. The market has remained flat from 2013 to 2018 but is expected to grow at a compound annual growth rate of 2 per cent until 2023 if prices remain at 2018 levels. Going forward, Bergh also said Levi can double its business in Asia in the next couple of years "and then double it again". Levi does not disclose its earnings in China but Bergh said it makes up around a quarter of its total Asia business, which had just over $800 million in revenue last year. Levi first went public in 1971. It then sold 1.27 million shares at $47 each and the stock opened at $60, according to a New York Times report. After 14 years, it was taken private by the Haas family, the descendants of founder Levi Strauss, in a $1.6 billion leveraged buyout. Levi's second IPO was priced at $17, above the expected range, in an oversubscribed offering. By Thursday afternoon, the shares had hit a high of $23.15. Levi's market splash marks the start of what could be a blockbuster year for IPOs with several high profile companies expected to list their shares. Ride-hailing service provider Lyft Inc kicked off the investor roadshow for its market debut on Monday, while larger rival Uber is expected to go public in April. The line-up also includes photo-posting app Pinterest and business messaging app Slack. The Haas family, which has over 100 members and is between its fifth and sixth generations, according to Bergh, will retain 80 per cent voting control of the public company. Bergh said a desire among existing shareholders to diversify, coupled with strong corporate performance and supportive market conditions, led to the decision to go public in 2019. "The market is pretty ripe and we're the first big IPO of the year," he said. "There was a lot of pent-up demand because it's been pretty slow the last couple of months and that was also probably a tail-wind for us." The company's $8.7 billion market capitalisation at the start of trading is based on outstanding shares of about 390 million, which includes the over-allotment option. "There is a lot to like when it comes to Levi Strauss the brand and its outlook moving forward," said Jeff Zell, senior research analyst and partner at IPO tracking firm, IPO Boutique. "The company and the underwriters targeted a reasonable valuation to start and allowed the true investor demand to dictate price which ultimately came one dollar above range." Levi's revenue rose 14 per cent to $5.6 billion in 2018, the bulk of which came from men's denim. Its biggest market in the Americas, accounting for 55 per cent of overall revenue. The San Francisco-based company sells in 110 countries through 50,000 retail stores, and its rivals include Gap Inc and VF Corp's Lee and Wrangler brands. To attract young customers, Levi's is planning to expand its tailor shop and print bar that allow consumers to customise and put their own designs on the company's branded jeans and T-shirts.

Levi Strauss shares surge 31 per cent in stock market return

Fitch Ratings Friday cut India's GDP growth forecast for the next fiscal to 6.8 per cent from 7 per cent estimated earlier on weaker than expected economic momentum.

In its latest Global Economic Outlook, Fitch also slashed GDP growth forecast for current fiscal ending March 2019 to 6.9 per cent from 7.2 per cent projected in the December edition.

The 6.9 per cent estimate is a notch lower than 7 per cent growth estimated by the Central Statistics Office (CSO) for the current fiscal.

The Indian economy grew 7.2 per cent in 2017-18 fiscal.

"While we have cut our growth forecasts for the next fiscal year (FY20, ending March 2020) on weaker than expected momentum, we still see Indian GDP growth to hold up reasonably well at 6.8 per cent followed by 7.1 per cent in FY21," Fitch said.

The rating agency said India's GDP growth softened for the second consecutive quarter in the October-December period at 6.6 per cent after clocking a growth of 7 per cent and 8 per cent in July-September and April-June periods, respectively.

"The slowdown has been driven by cooling activity growth in the manufacturing sector and, to a lesser extent, agriculture. Weaker momentum has been mainly domestically driven," Fitch said.

It said, credit availability has tightened up in areas heavily dependent on non-bank financial companies (NBFCs), such as autos and two-wheelers, where sales have dropped.

Also, food inflation has been muted and fell into negative territory late last year, weighing on farmers' incomes.

According to Fitch rupee is expected to weaken to 72 to a dollar by the end of December 2019, and further to 73 by December 2020, from 69.82 to a dollar in end December 2018.

It said, fiscal and monetary policies are becoming more growth-friendly and RBI adopted a dovish stance and cut interest rates by 0.25 per cent last month.

"We have changed our rate outlook and we now expect another 25bp cut in 2019, amid protracted below-target inflation and easier global monetary conditions than previously envisaged," Fitch said.

Fitch also cut its global GDP forecasts for 2018 and 2019 at 3.2 per cent in 2018 and 2.8 per cent in 2019 from 3.3 per cent and 3.1 per cent respectively projected earlier.

It, however, retained China's growth projections at 6.6 per cent in 2018 and 6.1 per cent in 2019.

It estimates oil prices to remain around 65 dollars to a barrel in 2019 and fall to $62.5 to a barrel in 2020, from $71.6 a barrel in 2018.&nbsp;

Fitch Ratings Friday cut India's GDP growth forecast for the next fiscal to 6.8 per cent from 7 per cent estimated earlier on weaker than expected economic momentum.

Fitch Ratings Friday cut India's GDP growth forecast for the next fiscal to 6.8 per cent from 7 per cent estimated earlier on weaker than expected economic momentum. In its latest Global Economic Outlook, Fitch also slashed GDP growth forecast for current fiscal ending March 2019 to 6.9 per cent from 7.2 per cent projected in the December edition. The 6.9 per cent estimate is a notch lower than 7 per cent growth estimated by the Central Statistics Office (CSO) for the current fiscal. The Indian economy grew 7.2 per cent in 2017-18 fiscal. "While we have cut our growth forecasts for the next fiscal year (FY20, ending March 2020) on weaker than expected momentum, we still see Indian GDP growth to hold up reasonably well at 6.8 per cent followed by 7.1 per cent in FY21," Fitch said. The rating agency said India's GDP growth softened for the second consecutive quarter in the October-December period at 6.6 per cent after clocking a growth of 7 per cent and 8 per cent in July-September and April-June periods, respectively. "The slowdown has been driven by cooling activity growth in the manufacturing sector and, to a lesser extent, agriculture. Weaker momentum has been mainly domestically driven," Fitch said. It said, credit availability has tightened up in areas heavily dependent on non-bank financial companies (NBFCs), such as autos and two-wheelers, where sales have dropped. Also, food inflation has been muted and fell into negative territory late last year, weighing on farmers' incomes. According to Fitch rupee is expected to weaken to 72 to a dollar by the end of December 2019, and further to 73 by December 2020, from 69.82 to a dollar in end December 2018. It said, fiscal and monetary policies are becoming more growth-friendly and RBI adopted a dovish stance and cut interest rates by 0.25 per cent last month. "We have changed our rate outlook and we now expect another 25bp cut in 2019, amid protracted below-target inflation and easier global monetary conditions than previously envisaged," Fitch said. Fitch also cut its global GDP forecasts for 2018 and 2019 at 3.2 per cent in 2018 and 2.8 per cent in 2019 from 3.3 per cent and 3.1 per cent respectively projected earlier. It, however, retained China's growth projections at 6.6 per cent in 2018 and 6.1 per cent in 2019. It estimates oil prices to remain around 65 dollars to a barrel in 2019 and fall to $62.5 to a barrel in 2020, from $71.6 a barrel in 2018.

Fitch cuts India growth forecast for upcoming financial year to 6.8%

Benchmark indices opened on a positive note Wednesday on sustained foreign fund inflow ahead of March derivatives expiry.

However, gains were capped as Asian shares fell across the board in line with overnight drop in US stocks. Rising crude oil prices too worried investors. 
The 30-share Sensex was trading 80.70 points, or 0.21 per cent, higher at 38,444.17. The gauge had gained nearly 1,500 points in the previous seven sessions.

Similarly, the NSE Nifty rose 11.35 points, to 11,543.75.

Infosys, Vedanta, HCL Tech, L&amp;T, Sun Pharma, Axis Bank and TCS were trading in the green.

While, top losers were ONGC, NTPC, Coal India, Kotak Bank, SBI, M&amp;M, IndusInd Bank, ICICI Bank, Yes Bank, Hero MotoCorp, Tata Motors, Asian Paint, PowerGrid and ITC Ltd, falling up to 1.69 per cent.

Sectoral indices led by oil and gas, PSU, auto, bankex, power and consumer durables were trading in the negative zone, falling up to 1.22 per cent.

Brokers said sentiment was bullish on strong buying by foreign institutional investors (FIIs), but subdued overseas cues and emergence profit-booking at existing higher levels capped the gains.

On a net basis, FIIs bought shares worth Rs 2,132.36 crore Tuesday, while domestic institutional investors (DIIs) sold shares worth Rs 1,253.67 crore, provisional data showed.

In the Asian region, Shanghai Composite Index fell 1.03 per cent, Hong Kong's Hang Seng fell 0.50 per cent and Singapore's Straits Times was down 0.63 per cent in their late morning trade. Japan's Nikkei, however, was up 0.08 per cent.

The Dow Jones Industrial Average ended 0.01 per cent lower in Tuesday's trade.

The rupee, meanwhile, fell 19 paise to 69.15 against the US dollar in early trade Wednesday after crude price rose to a four-month high in global market amid increased demand for the American currency from importers.

Brent crude, the international benchmark, was trading at US $67.47 per barrel.

Benchmark indices opened on a positive note Wednesday on sustained foreign fund inflow ahead of March derivatives expiry. However, gains were capped as Asian shares fell across the board in line with overnight drop in US stocks.

Benchmark indices opened on a positive note Wednesday on sustained foreign fund inflow ahead of March derivatives expiry. However, gains were capped as Asian shares fell across the board in line with overnight drop in US stocks. Rising crude oil prices too worried investors. The 30-share Sensex was trading 80.70 points, or 0.21 per cent, higher at 38,444.17. The gauge had gained nearly 1,500 points in the previous seven sessions. Similarly, the NSE Nifty rose 11.35 points, to 11,543.75. Infosys, Vedanta, HCL Tech, L&T, Sun Pharma, Axis Bank and TCS were trading in the green. While, top losers were ONGC, NTPC, Coal India, Kotak Bank, SBI, M&M, IndusInd Bank, ICICI Bank, Yes Bank, Hero MotoCorp, Tata Motors, Asian Paint, PowerGrid and ITC Ltd, falling up to 1.69 per cent. Sectoral indices led by oil and gas, PSU, auto, bankex, power and consumer durables were trading in the negative zone, falling up to 1.22 per cent. Brokers said sentiment was bullish on strong buying by foreign institutional investors (FIIs), but subdued overseas cues and emergence profit-booking at existing higher levels capped the gains. On a net basis, FIIs bought shares worth Rs 2,132.36 crore Tuesday, while domestic institutional investors (DIIs) sold shares worth Rs 1,253.67 crore, provisional data showed. In the Asian region, Shanghai Composite Index fell 1.03 per cent, Hong Kong's Hang Seng fell 0.50 per cent and Singapore's Straits Times was down 0.63 per cent in their late morning trade. Japan's Nikkei, however, was up 0.08 per cent. The Dow Jones Industrial Average ended 0.01 per cent lower in Tuesday's trade. The rupee, meanwhile, fell 19 paise to 69.15 against the US dollar in early trade Wednesday after crude price rose to a four-month high in global market amid increased demand for the American currency from importers. Brent crude, the international benchmark, was trading at US $67.47 per barrel.

Sensex, Nifty rise on sustained foreign fund inflow

The rupee fell 19 paise to 69.15 against the US dollar in early trade Wednesday after crude price rose to a four-month high in global market amid increased demand for the American currency from importers.

At the interbank forex market, the rupee opened lower at 69.11 and weakened further to 69.17 on increased demand from importers. However, it recovered partially to quote 15 paise down at 69.15 against the dollar.

Forex dealers said crude price surge to a four-month high of US $67.47 per barrel overseas weighed on the Indian unit, but weakness in the dollar against a basket of currencies limited the fall.

Halting its six-day winning run, the Indian rupee Tuesday edged lower by 43 paise to close at 68.96 against the US dollar on emergence of demand for the greenback from importers.

Meanwhile, foreign institutional investors (FIIs) bought shares worth Rs 2,132.36 crore on a net basis Tuesday, provisional data showed.

The benchmark BSE Sensex gained 28.74 points, or 0.07 per cent, to 38,392.21 in early deals.&nbsp;

The rupee fell 19 paise to 69.15 against the US dollar in early trade Wednesday after crude price rose to a four-month high in global market amid increased demand for the American currency from importers.

The rupee fell 19 paise to 69.15 against the US dollar in early trade Wednesday after crude price rose to a four-month high in global market amid increased demand for the American currency from importers. At the interbank forex market, the rupee opened lower at 69.11 and weakened further to 69.17 on increased demand from importers. However, it recovered partially to quote 15 paise down at 69.15 against the dollar. Forex dealers said crude price surge to a four-month high of US $67.47 per barrel overseas weighed on the Indian unit, but weakness in the dollar against a basket of currencies limited the fall. Halting its six-day winning run, the Indian rupee Tuesday edged lower by 43 paise to close at 68.96 against the US dollar on emergence of demand for the greenback from importers. Meanwhile, foreign institutional investors (FIIs) bought shares worth Rs 2,132.36 crore on a net basis Tuesday, provisional data showed. The benchmark BSE Sensex gained 28.74 points, or 0.07 per cent, to 38,392.21 in early deals.

Rupee falls 19 paise against US dollar in early trade

The British pound fell Wednesday on simmering Brexit tensions after Prime Minister Theresa <a href="https://www.wionews.com/world/requested-brexit-delay-until-june-30-uk-pm-theresa-may-to-european-union-leaders-204557">May asked EU leaders to delay the nation's departure</a> until June 30.

On eve of an EU summit in Brussels, May told parliament that she has written to EU President Donald Tusk to ask for the withdrawal date to be moved from March 29.

The European Commission warned in an internal briefing note that delaying Brexit to June 30 would bring "serious legal and political risks".

The EU's executive arm instead urged leaders to choose instead a short delay to May 23 or a longer one at least until the end of this year.

At around 1300 GMT, sterling was down almost one percent in value, sliding to $1.3149, while the euro rose to 86.40 pence. The unit was already in negative territory prior to May's announcement.

Analysts expressed doubt that the delay extension would allow May's Conservative government sufficient time to resolve the crisis.

"The pound's Wednesday only got worse after the confirmation that Theresa May is seeking a short delay from the EU, one that arguably does not give the government enough time to get through a sterling-positive Brexit deal," Spreadex analyst Connor Campbell told AFP.

"It appears that, despite the various votes highlighting MPs unwilling to leave the EU without a deal, that kind of disastrous exit is still very much on the table."

Rebecca O'Keeffe, analyst at online broker Interactive Investor, was similarly downbeat.

"A short delay is being perceived as the worst of all possible worlds for the UK and sterling," she told AFP.

"Rather than resolve the crisis, it suggests that Mrs May is likely to undergo three more months of brinkmanship.

"This will represent one more damaging quarter for UK businesses, especially those who had already implemented plans to cope with an end-March Brexit date.

"So it really is no surprise that the pound is going down, as investors face the prospect of another three months of purgatory."

The British pound fell Wednesday on simmering Brexit tensions after Prime Minister Theresa May asked EU leaders to delay the nation's departure until June 30. On eve of an EU summit in Brussels, May told parliament that she has written to EU President Donald Tusk to ask for the withdrawal date to be moved from March 29.

The British pound fell Wednesday on simmering Brexit tensions after Prime Minister Theresa May asked EU leaders to delay the nation's departure until June 30. On eve of an EU summit in Brussels, May told parliament that she has written to EU President Donald Tusk to ask for the withdrawal date to be moved from March 29. The European Commission warned in an internal briefing note that delaying Brexit to June 30 would bring "serious legal and political risks". The EU's executive arm instead urged leaders to choose instead a short delay to May 23 or a longer one at least until the end of this year. At around 1300 GMT, sterling was down almost one percent in value, sliding to $1.3149, while the euro rose to 86.40 pence. The unit was already in negative territory prior to May's announcement. Analysts expressed doubt that the delay extension would allow May's Conservative government sufficient time to resolve the crisis. "The pound's Wednesday only got worse after the confirmation that Theresa May is seeking a short delay from the EU, one that arguably does not give the government enough time to get through a sterling-positive Brexit deal," Spreadex analyst Connor Campbell told AFP. "It appears that, despite the various votes highlighting MPs unwilling to leave the EU without a deal, that kind of disastrous exit is still very much on the table." Rebecca O'Keeffe, analyst at online broker Interactive Investor, was similarly downbeat. "A short delay is being perceived as the worst of all possible worlds for the UK and sterling," she told AFP. "Rather than resolve the crisis, it suggests that Mrs May is likely to undergo three more months of brinkmanship. "This will represent one more damaging quarter for UK businesses, especially those who had already implemented plans to cope with an end-March Brexit date. "So it really is no surprise that the pound is going down, as investors face the prospect of another three months of purgatory."

Pound slides after UK requests Brexit delay

Continuing its upward journey for the eighth consecutive session, market benchmark BSE Sensex ended marginally higher Wednesday, following gains in Infosys, HDFC twins and L&amp;T amid uninterrupted capital inflows by foreign funds.

Gains were, however, capped tracking Asian shares that slipped from six-month highs after a lacklustre session as investors booked profits ahead of a policy decision by the US Federal Reserve, experts said.

The 30-share index began the session on a firm note at 38,433.86 and hit the session's high of 38,489.81 on steady inflow of buying by foreign funds as well as retail investors.

However, after emergence of profit-booking and losses in select heavyweight stocks, the index turned negative and hit a low of 38,316.21 before returning in positive terrain to close the day higher by 23.28 points, or 0.06 per cent, to 38,386.75.

The barometer had rallied about 1,500 points in the previous seven sessions.

The broader NSE Nifty, however, ended 11.35 points, or 0.10 per cent, lower at 11,521.05 after shuttling between 11,556.10 and 11,503.10 during the session on expiry of March series derivative contracts. 
&nbsp;

Market will remain closed Thursday on account of Holi.

Infosys was the top gainer in the Sensex pack, rising 2.36 per cent, followed by HDFC Bank up 1.39 per cent.

Other gainers included Yes Bank, 1.27 per cent, L&amp;T 1.19 per cent, Sun Pharma 1.07 per cent, HDFC 0.98 per cent, Vedanta 0.84 per cent, SBI 0.23 per cent, HCL Tech 0.23 per cent, Kotak Bank 0.20 per cent, Asian Paints 0.07 per cent and RIL 0.03 per cent.

Among laggards, NTPC suffered the most, cracking 4.29 per cent and ONGC plunged 3.28 per cent.

Other losers were Coal India, Tata Steel, Maruti Suzuki, Bajaj Finance, Bajaj Auto, Tata Motors, ICICI Bank, M&amp;M, Bharti Airtel, Axis Bank, HUL, IndusInd Bank, PowerGrid, TCS, ITC Ltd and Hero MotoCorp, falling up to 2.43 per cent.

Stocks of oil marketing companies like BPCL, HPCL and IOC, however, faced selling pressure and lost up to 5.32 per cent after global crude prices soared.

Continuing its upward journey for the eighth consecutive session, market benchmark BSE Sensex ended marginally higher Wednesday, following gains in Infosys, HDFC twins and L&T amid uninterrupted capital inflows by foreign funds.

Continuing its upward journey for the eighth consecutive session, market benchmark BSE Sensex ended marginally higher Wednesday, following gains in Infosys, HDFC twins and L&T amid uninterrupted capital inflows by foreign funds. Gains were, however, capped tracking Asian shares that slipped from six-month highs after a lacklustre session as investors booked profits ahead of a policy decision by the US Federal Reserve, experts said. The 30-share index began the session on a firm note at 38,433.86 and hit the session's high of 38,489.81 on steady inflow of buying by foreign funds as well as retail investors. However, after emergence of profit-booking and losses in select heavyweight stocks, the index turned negative and hit a low of 38,316.21 before returning in positive terrain to close the day higher by 23.28 points, or 0.06 per cent, to 38,386.75. The barometer had rallied about 1,500 points in the previous seven sessions. The broader NSE Nifty, however, ended 11.35 points, or 0.10 per cent, lower at 11,521.05 after shuttling between 11,556.10 and 11,503.10 during the session on expiry of March series derivative contracts. Market will remain closed Thursday on account of Holi. Infosys was the top gainer in the Sensex pack, rising 2.36 per cent, followed by HDFC Bank up 1.39 per cent. Other gainers included Yes Bank, 1.27 per cent, L&T 1.19 per cent, Sun Pharma 1.07 per cent, HDFC 0.98 per cent, Vedanta 0.84 per cent, SBI 0.23 per cent, HCL Tech 0.23 per cent, Kotak Bank 0.20 per cent, Asian Paints 0.07 per cent and RIL 0.03 per cent. Among laggards, NTPC suffered the most, cracking 4.29 per cent and ONGC plunged 3.28 per cent. Other losers were Coal India, Tata Steel, Maruti Suzuki, Bajaj Finance, Bajaj Auto, Tata Motors, ICICI Bank, M&M, Bharti Airtel, Axis Bank, HUL, IndusInd Bank, PowerGrid, TCS, ITC Ltd and Hero MotoCorp, falling up to 2.43 per cent. Stocks of oil marketing companies like BPCL, HPCL and IOC, however, faced selling pressure and lost up to 5.32 per cent after global crude prices soared.

Sensex rises for 8th session, ends marginally higher

State Bank of India's (SBI) chairman said on Wednesday that putting Jet Airways into bankruptcy is the "last option" and that its lenders are making every effort to keep the airline flying.

"We believe that it is in everybody's interest that Jet Airways continues to fly," SBI chairman Rajnish Kumar told reporters after a meeting with government officials, adding that placing Jet into bankruptcy would mean grounding the airline.

<a href="https://www.wionews.com/india-news/dgca-reviews-jet-airways-performance-on-operational-airworthiness-passenger-facilitation-204362">Jet has racked up over $1 billion in debt</a>, and owes money to banks, suppliers, pilots and lessors - some of whom have started terminating their lease deals with the carrier.

The government has asked state-run banks to rescue Jet without pushing it into bankruptcy, two people within the administration have told Reuters as Prime Minister Narendra Modi seeks to avert thousands of job losses weeks before a general election.

New Delhi has urged state-run banks, led by SBI, to convert debt into equity and take a stake in Jet, which would, however, be "transitory", in a rare move in India to use taxpayer money to save a struggling private sector company.

Kumar, however, said that any decision taken to rescue Jet is a commercial one and is not at the direction of the Indian government. He was speaking after a meeting with officials from the prime minister's office and finance and civil aviation ministries to discuss the rescue plan for Jet Airways.

Talks with Abu Dhabi-based carrier Etihad, Jet's largest shareholder, to secure a rescue deal are ongoing, the SBI chief said, adding that there is also the possibility of bringing in a new investor.

Kumar said that a resolution plan is "almost" ready and that it would not involve a bailout for any individual or the airline's founder Naresh Goyal.

A spokesman for the opposition Congress party earlier on Wednesday held a press conference during which they alleged Modi's ruling Bharatiya Janata Party (BJP) was using state-run banks like SBI to bailout a bankrupt, private airline.

This came a day after Reuters reported how the government is playing a crucial behind-the-scenes role to rescue Jet.

"On one hand, (the) Modi government is seeking to privatise Air India and on the other hand they are buying a bankrupt private airline with public money," Randeep Singh Surjewala, a spokesman for the Congress party, said.

State Bank of India's (SBI) chairman said on Wednesday that putting Jet Airways into bankruptcy is the "last option" and that its lenders are making every effort to keep the airline flying.

State Bank of India's (SBI) chairman said on Wednesday that putting Jet Airways into bankruptcy is the "last option" and that its lenders are making every effort to keep the airline flying. "We believe that it is in everybody's interest that Jet Airways continues to fly," SBI chairman Rajnish Kumar told reporters after a meeting with government officials, adding that placing Jet into bankruptcy would mean grounding the airline. Jet has racked up over $1 billion in debt, and owes money to banks, suppliers, pilots and lessors - some of whom have started terminating their lease deals with the carrier. The government has asked state-run banks to rescue Jet without pushing it into bankruptcy, two people within the administration have told Reuters as Prime Minister Narendra Modi seeks to avert thousands of job losses weeks before a general election. New Delhi has urged state-run banks, led by SBI, to convert debt into equity and take a stake in Jet, which would, however, be "transitory", in a rare move in India to use taxpayer money to save a struggling private sector company. Kumar, however, said that any decision taken to rescue Jet is a commercial one and is not at the direction of the Indian government. He was speaking after a meeting with officials from the prime minister's office and finance and civil aviation ministries to discuss the rescue plan for Jet Airways. Talks with Abu Dhabi-based carrier Etihad, Jet's largest shareholder, to secure a rescue deal are ongoing, the SBI chief said, adding that there is also the possibility of bringing in a new investor. Kumar said that a resolution plan is "almost" ready and that it would not involve a bailout for any individual or the airline's founder Naresh Goyal. A spokesman for the opposition Congress party earlier on Wednesday held a press conference during which they alleged Modi's ruling Bharatiya Janata Party (BJP) was using state-run banks like SBI to bailout a bankrupt, private airline. This came a day after Reuters reported how the government is playing a crucial behind-the-scenes role to rescue Jet. "On one hand, (the) Modi government is seeking to privatise Air India and on the other hand they are buying a bankrupt private airline with public money," Randeep Singh Surjewala, a spokesman for the Congress party, said.

SBI Chairman insists bankruptcy 'last option' for Jet Airways