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The continued decline in food prices pulled down retail inflation to an 18-month low of 2.19 per cent in December 2018, creating headroom for the RBI to cut interest rate in its monetary policy review next month.

Another set of official data showed that the wholesale inflation too eased to an eight-month low of 3.80 per cent in December on softening fuel and food prices.

The inflation based on the Consumer Price Index (CPI) was 2.33 per cent in November and 5.21 per cent in December 2017.

According to the data released by the Ministry of Statistics and Programme Implementation, food inflation remained in the negative zone at 2.51 per cent compared to (-) 2.61 per cent in November.

The rate of price rise in vegetables, fruits and protein-rich eggs continued to decline.

However, there was a marginal increase in the prices of meat, fish, and pulses.

Fuel and light inflation was 4.54 per cent in December, down from 7.39 per cent in November on back of reduction in prices of petrol and diesel.&nbsp;

The Reserve Bank of India, which mainly factors in retail inflation, has been tasked by the government to maintain the inflation near 4 per cent.

The central bank, under new Governor Shaktikanta Das, is scheduled to announce the next set its bi-monthly monetary policy on February 7 and industry expects that it will cut the key lending rate.

Commenting on the data, industry chamber CII said the decline in the inflation reading, which is well within the central bank's medium-term inflation target, should induce the RBI to resume the accommodative policy stance to trigger the investment cycle and support growth by lowering the borrowing costs of industry.

The factory output based on movement in Index of Industrial Production (IIP) slumped to a 17-month low of 0.5 per cent in November on account of contraction in the manufacturing sector, particularly consumer and capital goods.

Another industry body Assocham also made a case for easing of policy stance by the RBI.

In its December monetary policy review, the RBI had kept interest rates unchanged but held out a promise to cut them if the upside risks to the inflation do not materialise.

Having raised rates twice this year, the central bank had retained its 'calibrated tightening' policy stance.

Shubhada Rao, Chief Economist, Yes Bank expects that going forward the inflation is expected to be closer to 3.5- 3.7 per cent band.

"This paves way for the MPC to not just change its stance to neutral but also mull over a possible rate cut. The inflation trajectory looks below 4 per cent over the next quarter," he said.

Wholesale inflation continued to decline for the second consecutive month in December due to cheaper fuel and vegetables. The Wholesale Price Index-based inflation was 4.64 per cent in November 2018 and 5.54 per cent in October.&nbsp;

In December 2017, WPI inflation stood at 3.58 per cent.

Deflation in food articles stood at 0.07 per cent in December, against 3.31 per cent in November. Vegetables continued the deflationary trend for six months and prices declined 17.55 per cent in December, compared to 26.98 per cent contraction in the previous month.

Inflation in the 'fuel and power' basket in December slumped to 8.38 per cent, nearly half of 16.28 per cent in November. This was on account of lowering of prices of petrol and diesel through December.

"The continuing deceleration in the growth of WPI and softening of global fuel prices provide ample opportunity to MPC (monetary policy committee) to cut down policy rate at earliest which will kick start investment and revival in overall industrial growth," Assocham said.

The continued decline in food prices pulled down retail inflation to an 18-month low of 2.19 per cent in December 2018, creating headroom for the RBI to cut interest rate in its monetary policy review next month.

The continued decline in food prices pulled down retail inflation to an 18-month low of 2.19 per cent in December 2018, creating headroom for the RBI to cut interest rate in its monetary policy review next month. Another set of official data showed that the wholesale inflation too eased to an eight-month low of 3.80 per cent in December on softening fuel and food prices. The inflation based on the Consumer Price Index (CPI) was 2.33 per cent in November and 5.21 per cent in December 2017. According to the data released by the Ministry of Statistics and Programme Implementation, food inflation remained in the negative zone at 2.51 per cent compared to (-) 2.61 per cent in November. The rate of price rise in vegetables, fruits and protein-rich eggs continued to decline. However, there was a marginal increase in the prices of meat, fish, and pulses. Fuel and light inflation was 4.54 per cent in December, down from 7.39 per cent in November on back of reduction in prices of petrol and diesel. The Reserve Bank of India, which mainly factors in retail inflation, has been tasked by the government to maintain the inflation near 4 per cent. The central bank, under new Governor Shaktikanta Das, is scheduled to announce the next set its bi-monthly monetary policy on February 7 and industry expects that it will cut the key lending rate. Commenting on the data, industry chamber CII said the decline in the inflation reading, which is well within the central bank's medium-term inflation target, should induce the RBI to resume the accommodative policy stance to trigger the investment cycle and support growth by lowering the borrowing costs of industry. The factory output based on movement in Index of Industrial Production (IIP) slumped to a 17-month low of 0.5 per cent in November on account of contraction in the manufacturing sector, particularly consumer and capital goods. Another industry body Assocham also made a case for easing of policy stance by the RBI. In its December monetary policy review, the RBI had kept interest rates unchanged but held out a promise to cut them if the upside risks to the inflation do not materialise. Having raised rates twice this year, the central bank had retained its 'calibrated tightening' policy stance. Shubhada Rao, Chief Economist, Yes Bank expects that going forward the inflation is expected to be closer to 3.5- 3.7 per cent band. "This paves way for the MPC to not just change its stance to neutral but also mull over a possible rate cut. The inflation trajectory looks below 4 per cent over the next quarter," he said. Wholesale inflation continued to decline for the second consecutive month in December due to cheaper fuel and vegetables. The Wholesale Price Index-based inflation was 4.64 per cent in November 2018 and 5.54 per cent in October. In December 2017, WPI inflation stood at 3.58 per cent. Deflation in food articles stood at 0.07 per cent in December, against 3.31 per cent in November. Vegetables continued the deflationary trend for six months and prices declined 17.55 per cent in December, compared to 26.98 per cent contraction in the previous month. Inflation in the 'fuel and power' basket in December slumped to 8.38 per cent, nearly half of 16.28 per cent in November. This was on account of lowering of prices of petrol and diesel through December. "The continuing deceleration in the growth of WPI and softening of global fuel prices provide ample opportunity to MPC (monetary policy committee) to cut down policy rate at earliest which will kick start investment and revival in overall industrial growth," Assocham said.

Retail inflation drops to 2.19% in December, lowest since June 2017

The rupee Monday depreciated 10 paise to 70.59 per US dollar in early trade amid strengthening of the American currency and weak opening in domestic equities.

At the Interbank Foreign Exchange, the rupee opened weak at Rs 70.50 then fell further to 70.59 against the American currency, down 10 paise over its previous closing price.

In a highly volatile trade, the local currency also touched a high of 70.44 per US dollar at 0926 hrs, showing a rise of 3 paise over its last close.

The rupee on Friday had depreciated by 8 paise to close at 70.49 against the US dollar.

Forex traders said the strength of the US dollar against other overseas currencies weighed on the domestic currency. On the other hand easing crude prices supported the domestic unit.

Brent crude, the global benchmark, was trading lower at 59.90 per barrel, lower by 0.96 per cent.

Meanwhile, foreign funds sold shares worth Rs 687.20 crore from the capital markets on a net basis, while domestic institutional investors bought shares worth Rs 123.17 crore on Friday, provisional data showed.

The benchmark BSE Sensex was trading down 173.38 points, or 0.48 per cent to quote at 35,836.46 while the NSE Nifty was trading at 10,733.75, down 61.20 points, or 0.57 per cent.

The rupee Monday depreciated 10 paise to 70.59 per US dollar in early trade amid strengthening of the American currency and weak opening in domestic equities. At the Interbank Foreign Exchange, the rupee opened weak at Rs 70.

The rupee Monday depreciated 10 paise to 70.59 per US dollar in early trade amid strengthening of the American currency and weak opening in domestic equities. At the Interbank Foreign Exchange, the rupee opened weak at Rs 70.50 then fell further to 70.59 against the American currency, down 10 paise over its previous closing price. In a highly volatile trade, the local currency also touched a high of 70.44 per US dollar at 0926 hrs, showing a rise of 3 paise over its last close. The rupee on Friday had depreciated by 8 paise to close at 70.49 against the US dollar. Forex traders said the strength of the US dollar against other overseas currencies weighed on the domestic currency. On the other hand easing crude prices supported the domestic unit. Brent crude, the global benchmark, was trading lower at 59.90 per barrel, lower by 0.96 per cent. Meanwhile, foreign funds sold shares worth Rs 687.20 crore from the capital markets on a net basis, while domestic institutional investors bought shares worth Rs 123.17 crore on Friday, provisional data showed. The benchmark BSE Sensex was trading down 173.38 points, or 0.48 per cent to quote at 35,836.46 while the NSE Nifty was trading at 10,733.75, down 61.20 points, or 0.57 per cent.

Rupee falls 10 paise to 70.59 per US dollar in early trade

The BSE benchmark Sensex Monday dropped over 150 points tracking weakness in other Asian markets amid heavy selling by foreign investors.

Market sentiment also turned cautious ahead of the release of key macroeconomic data.

The 30-share index fell 174.61 points, or 0.48 per cent, to 35,835.23 in early trade.

Similarly, the NSE Nifty shed 60.10 points, or 0.57 per cent, to 10,733.85.

On Friday, the Sensex had fallen 377.81 96 points to end at 36,009.84; and the Nifty too slipped by 26.65 points to close at 10,794.95.

According to analysts, this week, stock market movement will be driven by the announcement of macroeconomic data points and quarterly earnings by various companies, including blue chips RIL and Wipro.

The government is scheduled to release the wholesale price index (WPI) and consumer price index (CPI) data later in the day.

Market would also continue taking cues from the movement of rupee, crude oil and investment trend by foreign investors, traders said.

On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 687.20 crore Friday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 123.17 crore, provisional data available with BSE showed.

In the morning session on Monday, the biggest losers in the Sensex pack were Axis Bank, L&amp;T, Tata Steel, Vedanta, HDFC, M&amp;M, IndusInd Bank, Bharti Airtel, TCS, ICICI Bank, NTPC and SBI, falling up to 1.61 per cent.

Shares of Avenue Supermarts, which runs the D-Mart chain, fell over 8 per cent after the company posted 2.1 per cent rise in its net profit to Rs 257 crore for the December 2018 quarter.

On the other hand, Infosys was the biggest gainer, rising 3 per cent, after the company on Friday said it will buy back shares worth up to Rs 8,260 crore and offer shareholders a special dividend of Rs 4 per share as part of the company's Rs 13,000 crore-capital allocation policy.

India's second largest IT firm, however, reported a 30 per cent drop in its December quarter net profit on higher expenses.

Other gainers include Yes Bank, Sun Pharma and HUL, rising up to 2.61 per cent.

Globally, elsewhere in Asia, Hong Kong's Hang Seng was down 1.43 per cent, Kospi fell 0.66 per cent and Shanghai Composite Index was trading 0.56 per cent lower in early trade.

Japan's Nikkei, however, gained 0.97 per cent.

On Wall Street, Dow Jones Industrial Average ended marginally lower at 23,995.95 points on Friday.

The rupee, meanwhile, depreciated against the US dollar to 70.56.

The benchmark Brent crude futures dropped 0.94 per cent to US $59.91 per barrel.

The BSE benchmark Sensex Monday dropped over 150 points tracking weakness in other Asian markets amid heavy selling by foreign investors. Market sentiment also turned cautious ahead of the release of key macroeconomic data.

The BSE benchmark Sensex Monday dropped over 150 points tracking weakness in other Asian markets amid heavy selling by foreign investors. Market sentiment also turned cautious ahead of the release of key macroeconomic data. The 30-share index fell 174.61 points, or 0.48 per cent, to 35,835.23 in early trade. Similarly, the NSE Nifty shed 60.10 points, or 0.57 per cent, to 10,733.85. On Friday, the Sensex had fallen 377.81 96 points to end at 36,009.84; and the Nifty too slipped by 26.65 points to close at 10,794.95. According to analysts, this week, stock market movement will be driven by the announcement of macroeconomic data points and quarterly earnings by various companies, including blue chips RIL and Wipro. The government is scheduled to release the wholesale price index (WPI) and consumer price index (CPI) data later in the day. Market would also continue taking cues from the movement of rupee, crude oil and investment trend by foreign investors, traders said. On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 687.20 crore Friday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 123.17 crore, provisional data available with BSE showed. In the morning session on Monday, the biggest losers in the Sensex pack were Axis Bank, L&T, Tata Steel, Vedanta, HDFC, M&M, IndusInd Bank, Bharti Airtel, TCS, ICICI Bank, NTPC and SBI, falling up to 1.61 per cent. Shares of Avenue Supermarts, which runs the D-Mart chain, fell over 8 per cent after the company posted 2.1 per cent rise in its net profit to Rs 257 crore for the December 2018 quarter. On the other hand, Infosys was the biggest gainer, rising 3 per cent, after the company on Friday said it will buy back shares worth up to Rs 8,260 crore and offer shareholders a special dividend of Rs 4 per share as part of the company's Rs 13,000 crore-capital allocation policy. India's second largest IT firm, however, reported a 30 per cent drop in its December quarter net profit on higher expenses. Other gainers include Yes Bank, Sun Pharma and HUL, rising up to 2.61 per cent. Globally, elsewhere in Asia, Hong Kong's Hang Seng was down 1.43 per cent, Kospi fell 0.66 per cent and Shanghai Composite Index was trading 0.56 per cent lower in early trade. Japan's Nikkei, however, gained 0.97 per cent. On Wall Street, Dow Jones Industrial Average ended marginally lower at 23,995.95 points on Friday. The rupee, meanwhile, depreciated against the US dollar to 70.56. The benchmark Brent crude futures dropped 0.94 per cent to US $59.91 per barrel.

Sensex falls over 150 points ahead of key macro data release

Fuel prices continued to increase for the fifth consecutive day on Monday with prices of petrol crossing over Rs 70 in Delhi.

While petrol witnessed an increase of 38 paise in Delhi and Mumbai, prices of diesel rose by 49 paise in Delhi and 52 paise in Mumbai.

The prices of petrol on Monday were revised to Rs 70.13 per litre in Delhi, Rs 75.77 per litre in Mumbai, Rs 72.24 per litre in Kolkata and 72.79 in Chennai.

Diesel prices were revised to Rs 64.18 per litre in Delhi, Rs 67.18 per litre in Mumbai, Rs 65.95 in Kolkata and Rs 67.78 in Chennai.

<div class="ui-state-default" contenteditable="false">
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Petrol and diesel prices at Rs 70.13/litre (increase by Rs 0.38) &amp; Rs 64.18/litre (increase by Rs 0.49) respectively in Delhi. Petrol and diesel prices at Rs 75.77/litre (increase by Rs 0.38) &amp; Rs 67.18/litre (increase by Rs 0.52) respectively in Mumbai. <a href="https://t.co/oW4gZrSylQ">pic.twitter.com/oW4gZrSylQ</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1084613707588661249?ref_src=twsrc%5Etfw">January 14, 2019</a></blockquote>
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The prices of petrol on Sunday were recorded at Rs 69.75 in Delhi, Rs 75.39 in Mumbai, Rs 71.87 in Kolkata and Rs 72.39 in Chennai.

While Diesel prices were recorded at Rs 63.69 per litre, Rs 66.66 in Mumbai, Rs 65.46 in Kolkata and Rs 67.25 in Chennai.

Prior to this sixth increase of 2019, rates had cooled to a year low of Rs 68.29 for petrol and Rs 62.16 in case of diesel.

Petrol price had touched a record high of Rs 84 per litre in Delhi and Rs 91.34 in Mumbai on October 4. Diesel on that day had peaked to Rs 75.45 a litre in Delhi and Rs 80.10 in Mumbai.

Prices had started to climb from August 16.

After the consistent rise, the government decided to cut excise duty on petrol and diesel by Rs 1.50 per litre each and asked state-owned fuel retailers to subsidise the price by another Re 1 a litre by reducing their margins.

The prices also reduced due to the falling international prices and the appreciation of the money.

(With inputs from agencies)

Fuel prices continued to increase for the fifth consecutive day on Monday with prices of petrol crossing over Rs 70 in Delhi. While petrol witnessed an increase of 38 paise in Delhi and Mumbai, prices of diesel rose by 49 paise in Delhi and 52 paise in Mumbai.

Fuel prices continued to increase for the fifth consecutive day on Monday with prices of petrol crossing over Rs 70 in Delhi. While petrol witnessed an increase of 38 paise in Delhi and Mumbai, prices of diesel rose by 49 paise in Delhi and 52 paise in Mumbai. The prices of petrol on Monday were revised to Rs 70.13 per litre in Delhi, Rs 75.77 per litre in Mumbai, Rs 72.24 per litre in Kolkata and 72.79 in Chennai. Diesel prices were revised to Rs 64.18 per litre in Delhi, Rs 67.18 per litre in Mumbai, Rs 65.95 in Kolkata and Rs 67.78 in Chennai. Petrol and diesel prices at Rs 70.13/litre (increase by Rs 0.38) & Rs 64.18/litre (increase by Rs 0.49) respectively in Delhi. Petrol and diesel prices at Rs 75.77/litre (increase by Rs 0.38) & Rs 67.18/litre (increase by Rs 0.52) respectively in Mumbai. pic.twitter.com/oW4gZrSylQ — ANI (@ANI) January 14, 2019 × The prices of petrol on Sunday were recorded at Rs 69.75 in Delhi, Rs 75.39 in Mumbai, Rs 71.87 in Kolkata and Rs 72.39 in Chennai. While Diesel prices were recorded at Rs 63.69 per litre, Rs 66.66 in Mumbai, Rs 65.46 in Kolkata and Rs 67.25 in Chennai. Prior to this sixth increase of 2019, rates had cooled to a year low of Rs 68.29 for petrol and Rs 62.16 in case of diesel. Petrol price had touched a record high of Rs 84 per litre in Delhi and Rs 91.34 in Mumbai on October 4. Diesel on that day had peaked to Rs 75.45 a litre in Delhi and Rs 80.10 in Mumbai. Prices had started to climb from August 16. After the consistent rise, the government decided to cut excise duty on petrol and diesel by Rs 1.50 per litre each and asked state-owned fuel retailers to subsidise the price by another Re 1 a litre by reducing their margins. The prices also reduced due to the falling international prices and the appreciation of the money. (With inputs from agencies)

Fuel prices continue to rise on fifth consecutive day, petrol crosses Rs 70 in Delhi

<a href="http://www.wionews.com/business-economy/timeline-debt-laden-jet-airways-rocky-ride-189644">Shares in India's Jet Airways</a> jumped over 18 per cent on Monday after a report that founder and chairman Naresh Goyal was likely to step down from the board of the embattled company and give up majority control.

CNBC TV18, citing sources, reported on Monday that Jet was likely to finalise a resolution plan with its lenders this week, and that Goyal would trim his 51 per cent stake to 20-25 per cent and agree to the voting rights on his stake being capped at 10 per cent, in a bid to save the debt-laden carrier.

The report also said Etihad may infuse capital into Jet and raise its stake from the 24 per cent it currently owns.

Jet and Goyal did not immediately respond to emails seeking comment.

Cash-strapped Jet early in the month said it had defaulted on debt payments to a consortium of Indian banks and that it was in talks with the consortium led by State Bank of India.

The 25-year-old airline is facing financial difficulties and owes money to pilots, lessors, and vendors. Intense pricing competition, a weak rupee and rising fuel costs weighed on Indian airlines in 2018.

Last week, Reuters reported that crisis talks between Jet and aircraft lessors had failed to ease the row over late payments, prompting some lessors to explore repossessing their aircraft. 
&nbsp;

The 25-year-old airline is facing financial difficulties and owes money to pilots, lessors, and vendors. Intense pricing competition, a weak rupee and rising fuel costs weighed on Indian airlines in 2018.

Shares in India's Jet Airways jumped over 18 per cent on Monday after a report that founder and chairman Naresh Goyal was likely to step down from the board of the embattled company and give up majority control. CNBC TV18, citing sources, reported on Monday that Jet was likely to finalise a resolution plan with its lenders this week, and that Goyal would trim his 51 per cent stake to 20-25 per cent and agree to the voting rights on his stake being capped at 10 per cent, in a bid to save the debt-laden carrier. The report also said Etihad may infuse capital into Jet and raise its stake from the 24 per cent it currently owns. Jet and Goyal did not immediately respond to emails seeking comment. Cash-strapped Jet early in the month said it had defaulted on debt payments to a consortium of Indian banks and that it was in talks with the consortium led by State Bank of India. The 25-year-old airline is facing financial difficulties and owes money to pilots, lessors, and vendors. Intense pricing competition, a weak rupee and rising fuel costs weighed on Indian airlines in 2018. Last week, Reuters reported that crisis talks between Jet and aircraft lessors had failed to ease the row over late payments, prompting some lessors to explore repossessing their aircraft.

Jet Airways shares jump after report chairman Naresh Goyal likely to step down

The BSE Sensex ended over 150 points lower Monday on heavy selloff by foreign investors after industrial output growth data dropped to a 17-month low.

After a volatile session, the 30-share index settled 156.28 points, or 0.43 per cent, down at 35,853.56, while the broader NSE Nifty fell 57.35 points, or 0.53 per cent, to finish at 10,737.60.

The fall was led by L&amp;T, IndusInd Bank, PowerGrid, NTPC, TCS, ICICI Bank, Axis Bank, Hero MotoCorp, Bharti Airtel and SBI, declining up to 2.64 per cent.

On the other hand, Yes Bank was the biggest gainer on Sensex, rallying up to 6.22 per cent, on reports that the lender had shortlisted its executive Rajat Monga and a CEO of a foreign bank to succeed long-serving Managing Director and Chief Executive Officer Rana Kapoor.

Infosys was also among the top gainers, rising 2.58 per cent, after the company, Friday said it will buy back shares worth up to Rs 8,260 crore and offer shareholders a special dividend of Rs 4 per share as part of the company's Rs 13,000 crore-capital allocation policy.

Other gainers include Sun Pharma, Bajaj Finance, Maruti and Tata Motors, rising up to 1.68 per cent.

According to experts, overall investor sentiment was weak after the government on Friday released the industrial output growth numbers, which dropped to a 17-month low of 0.5 per cent in November on account of contraction in the manufacturing sector, particularly consumer and capital goods.

On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 687.20 crore Friday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 123.17 crore, provisional data available with BSE showed.

On the macro front, the rupee depreciated 32 paise to 70.81 against the US dollar.

Brent crude futures were trading 1.49 per cent lower at $59.58 per barrel.

Elsewhere in Asia, Korea's Kospi fell 0.53 per cent, Shanghai Composite Index slipped 0.71 per cent, and Hong Kong's Hang Seng dropped 1.38 per cent. While Japan's Nikkei jumped 0.97 per cent.

In Europe, Frankfurt's DAX was down 0.55 per cent, Paris CAC 40 fell 0.77 per cent, and London's FTSE shed 0.73 per cent.&nbsp;

After a volatile session, the 30-share index settled 156.28 points, or 0.43 per cent, down at 35,853.56.

The BSE Sensex ended over 150 points lower Monday on heavy selloff by foreign investors after industrial output growth data dropped to a 17-month low. After a volatile session, the 30-share index settled 156.28 points, or 0.43 per cent, down at 35,853.56, while the broader NSE Nifty fell 57.35 points, or 0.53 per cent, to finish at 10,737.60. The fall was led by L&T, IndusInd Bank, PowerGrid, NTPC, TCS, ICICI Bank, Axis Bank, Hero MotoCorp, Bharti Airtel and SBI, declining up to 2.64 per cent. On the other hand, Yes Bank was the biggest gainer on Sensex, rallying up to 6.22 per cent, on reports that the lender had shortlisted its executive Rajat Monga and a CEO of a foreign bank to succeed long-serving Managing Director and Chief Executive Officer Rana Kapoor. Infosys was also among the top gainers, rising 2.58 per cent, after the company, Friday said it will buy back shares worth up to Rs 8,260 crore and offer shareholders a special dividend of Rs 4 per share as part of the company's Rs 13,000 crore-capital allocation policy. Other gainers include Sun Pharma, Bajaj Finance, Maruti and Tata Motors, rising up to 1.68 per cent. According to experts, overall investor sentiment was weak after the government on Friday released the industrial output growth numbers, which dropped to a 17-month low of 0.5 per cent in November on account of contraction in the manufacturing sector, particularly consumer and capital goods. On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 687.20 crore Friday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 123.17 crore, provisional data available with BSE showed. On the macro front, the rupee depreciated 32 paise to 70.81 against the US dollar. Brent crude futures were trading 1.49 per cent lower at $59.58 per barrel. Elsewhere in Asia, Korea's Kospi fell 0.53 per cent, Shanghai Composite Index slipped 0.71 per cent, and Hong Kong's Hang Seng dropped 1.38 per cent. While Japan's Nikkei jumped 0.97 per cent. In Europe, Frankfurt's DAX was down 0.55 per cent, Paris CAC 40 fell 0.77 per cent, and London's FTSE shed 0.73 per cent.

Sensex drops over 150 points on weak macro cues

World stock markets stumbled and commodities took a hit on Monday after a shock contraction in Chinese trade pointed to deepening cracks in the world's second-biggest economy and sparked fresh fears of a sharper slowdown in global growth.

Latest data from China showed imports fell 7.6 per cent year-on-year in December when analysts had predicted a 5 per cent rise, while exports dropped 4.4 per cent, confounding expectations for a 3 per cent gain.

The data reinforced fears US tariffs on Chinese goods were starting to hit China's cooling economy, while softening demand has been felt around the world with sales of goods ranging from iPhones to automobiles slowing, prompting profit warnings from the likes of Apple and Jaguar Land Rover.

The index of Europe's leading 300 shares slipped 0.7 per cent in early trade to 1,365 points. Germany's DAX and France's CAC fell around 0.6 per cent, with shares in European luxury goods companies and the automotive sector suffering some of the biggest declines.

"We believe trade growth next year will slow significantly on huge uncertainty and high base," Citi analysts wrote in a note, predicting China's exports and imports to fall 5.1 per cent and 6.8 per cent respectively this year.

"Significant uncertainty remains as to whether there could be a 'deal' after March 1," they added.

The falls in Europe followed hefty declines in Asia where MSCI's broadest index of Asia-Pacific ex-Japan shares lost around 1 per cent from Friday's 1-1/2 month high - its biggest single-day percentage drop since January 2. Chinese and Hong Kong shares suffered the worst hits.

US futures showed no let-up on the horizon, with Nasdaq e-mini futures pointing to a near-1 per cent fall for US tech stocks while industrials looked to open 0.8 per cent softer.

Commodities suffer

The prospect of slowing global growth also roiled commodity markets, with oil prices slipping 1 per cent and industrial metals copper and aluminium losing ground in both London and Shanghai.

Meanwhile, safe havens trades benefited from the equity pullback with US 10-year Treasury yields falling to as low as 2.6690 per cent - their lowest level in a week - while gold prices gained.

The world's two largest economies have been in talks for months now to try and resolve their bitter trade war, with no signs so far of any substantial progress in negotiations.

Some analysts expect China's latest data to provide impetus to Beijing to resolve the trade dispute with Washington.

Though Citi analysts said even with the rising probability for both sides to reach an agreement, the tariff and trade disruption appears to have already rippled through the global economy.

"The regional trade growth appears to have slowed substantially after front-loading effect diminished," they said.

In the wake of the trade dispute, China's policymakers have already pledged to step up support this year, following a raft of measures in 2018 including fast-tracking infrastructure projects and cuts in banks' reserve requirements and taxes.

In currency markets, the yuan held broadly onto recent gains in both onshore and offshore trading. The Chinese currency had recorded its best week in more than a decade last week.

However, this could change, said Tim Graf, head of macro strategy EMEA at State Street.

"The weakness in the Chinese data is calling into question the recent strength of the renminbi," said Graf. "The downside for dollar/Chinese yuan is limited and that has implications for the euro and the Aussie dollar."

The dollar index as measured against a basket of currencies nudged 0.1 per cent lower to 95.598 per cent. However, the Australian dollar and New Zealand dollar - both gauges of global risk appetite - softened more than 0.4 per cent in early trading.

The euro was subdued as it hit key technical levels after data from Italy on Friday showed the euro zone's third-largest economy was at risk of recession. The single currency was last at $1.1474.

Britain's pound was marginally lower at $1.2826 at the start of what is expected to be a tumultuous week as Prime Minister Theresa May seeks to win a vote in parliament on Tuesday to get her Brexit deal approved. The numbers are not in May's favour and her chances of winning the vote look slim.

For the US trading day ahead, banks will be in sharp focus as they kick off the earnings season. Quarterly results from Citigroup are due on Monday followed by JPMorgan Chase, Wells Fargo, Goldman Sachs and Morgan Stanley later in the week.

Expectations are dour with profits for US companies forecast to rise 6.4 per cent, down from an October 1 estimate of 10.2 per cent and a big drop from 2018's tax cut-fuelled gain of more than 20 per cent.

Investor attention was also on the US government shutdown, now in its 24th day, and with no resolution in sight.

World stock markets stumbled and commodities took a hit on Monday after a shock contraction in Chinese trade pointed to deepening cracks in the world's second-biggest economy and sparked fresh fears of a sharper slowdown in global growth.

World stock markets stumbled and commodities took a hit on Monday after a shock contraction in Chinese trade pointed to deepening cracks in the world's second-biggest economy and sparked fresh fears of a sharper slowdown in global growth. Latest data from China showed imports fell 7.6 per cent year-on-year in December when analysts had predicted a 5 per cent rise, while exports dropped 4.4 per cent, confounding expectations for a 3 per cent gain. The data reinforced fears US tariffs on Chinese goods were starting to hit China's cooling economy, while softening demand has been felt around the world with sales of goods ranging from iPhones to automobiles slowing, prompting profit warnings from the likes of Apple and Jaguar Land Rover. The index of Europe's leading 300 shares slipped 0.7 per cent in early trade to 1,365 points. Germany's DAX and France's CAC fell around 0.6 per cent, with shares in European luxury goods companies and the automotive sector suffering some of the biggest declines. "We believe trade growth next year will slow significantly on huge uncertainty and high base," Citi analysts wrote in a note, predicting China's exports and imports to fall 5.1 per cent and 6.8 per cent respectively this year. "Significant uncertainty remains as to whether there could be a 'deal' after March 1," they added. The falls in Europe followed hefty declines in Asia where MSCI's broadest index of Asia-Pacific ex-Japan shares lost around 1 per cent from Friday's 1-1/2 month high - its biggest single-day percentage drop since January 2. Chinese and Hong Kong shares suffered the worst hits. US futures showed no let-up on the horizon, with Nasdaq e-mini futures pointing to a near-1 per cent fall for US tech stocks while industrials looked to open 0.8 per cent softer. Commodities suffer The prospect of slowing global growth also roiled commodity markets, with oil prices slipping 1 per cent and industrial metals copper and aluminium losing ground in both London and Shanghai. Meanwhile, safe havens trades benefited from the equity pullback with US 10-year Treasury yields falling to as low as 2.6690 per cent - their lowest level in a week - while gold prices gained. The world's two largest economies have been in talks for months now to try and resolve their bitter trade war, with no signs so far of any substantial progress in negotiations. Some analysts expect China's latest data to provide impetus to Beijing to resolve the trade dispute with Washington. Though Citi analysts said even with the rising probability for both sides to reach an agreement, the tariff and trade disruption appears to have already rippled through the global economy. "The regional trade growth appears to have slowed substantially after front-loading effect diminished," they said. In the wake of the trade dispute, China's policymakers have already pledged to step up support this year, following a raft of measures in 2018 including fast-tracking infrastructure projects and cuts in banks' reserve requirements and taxes. In currency markets, the yuan held broadly onto recent gains in both onshore and offshore trading. The Chinese currency had recorded its best week in more than a decade last week. However, this could change, said Tim Graf, head of macro strategy EMEA at State Street. "The weakness in the Chinese data is calling into question the recent strength of the renminbi," said Graf. "The downside for dollar/Chinese yuan is limited and that has implications for the euro and the Aussie dollar." The dollar index as measured against a basket of currencies nudged 0.1 per cent lower to 95.598 per cent. However, the Australian dollar and New Zealand dollar - both gauges of global risk appetite - softened more than 0.4 per cent in early trading. The euro was subdued as it hit key technical levels after data from Italy on Friday showed the euro zone's third-largest economy was at risk of recession. The single currency was last at $1.1474. Britain's pound was marginally lower at $1.2826 at the start of what is expected to be a tumultuous week as Prime Minister Theresa May seeks to win a vote in parliament on Tuesday to get her Brexit deal approved. The numbers are not in May's favour and her chances of winning the vote look slim. For the US trading day ahead, banks will be in sharp focus as they kick off the earnings season. Quarterly results from Citigroup are due on Monday followed by JPMorgan Chase, Wells Fargo, Goldman Sachs and Morgan Stanley later in the week. Expectations are dour with profits for US companies forecast to rise 6.4 per cent, down from an October 1 estimate of 10.2 per cent and a big drop from 2018's tax cut-fuelled gain of more than 20 per cent. Investor attention was also on the US government shutdown, now in its 24th day, and with no resolution in sight.

Global Markets: China trade shock rattles European stocks, commodities

Five of the top-10 most valued firms together added Rs 43,689.89 crore in <a href="http://www.wionews.com/business-economy/top-10-most-valued-companies-including-tcs-ril-hdfc-bank-lose-rs-38153-cr-in-m-cap-188578">market valuation</a> last week, with ITC and Infosys contributing most to the overall gain.

Gainers from the top-10 list are ITC, HDFC, Infosys, SBI and ICICI Bank; while Reliance Industries Ltd (RIL), TCS, HDFC Bank, HUL and Kotak Mahindra Bank suffered losses in their market capitalisation (m-cap) for the week ended Friday.

The m-cap of ITC soared Rs 17,941.73 crore to Rs 3,61,773.90 crore and that of Infosys jumped Rs 10,026.05 crore to Rs 2,98,684.46 crore.

ICICI Bank's valuation zoomed Rs 8,378.07 crore to Rs 2,43,822.14 crore and that of SBI jumped Rs 4,506.92 crore to Rs 2,70,013.40 crore.

The m-cap of HDFC moved up by Rs 2,837.12 crore to Rs 3,41,770.70 crore.

On the other hand, the valuation of Tata Consultancy Services (TCS) slumped Rs 12,007.63 crore to Rs 6,91,170.50 crore.

Kotak Mahindra Bank's m-cap fell Rs 4,829.04 crore to Rs 2,32,958.82 crore and that of Hindustan Unilever Ltd (HUL) dropped Rs 2,575.93 crore to Rs 3,82,785.70 crore.

HDFC Bank's valuation dipped Rs 1,522.93 crore to Rs 5,74,399.48 crore and that of RIL fell Rs 728.93 crore to Rs 6,95,910.71 crore.

In the ranking of top-10 firms, RIL once again became the number one firm on Friday, with TCS taking the second spot, followed by HDFC Bank, HUL, ITC, HDFC, Infosys, SBI, ICICI Bank and Kotak Mahindra Bank.

Over the last week, the Sensex gained 314.74 points to close at 36,009.84 on Friday.

Gainers from the top-10 list are ITC, HDFC, Infosys, SBI and ICICI Bank; while Reliance Industries Ltd (RIL), TCS, HDFC Bank, HUL and Kotak Mahindra Bank suffered losses in their market capitalisation.

Five of the top-10 most valued firms together added Rs 43,689.89 crore in market valuation last week, with ITC and Infosys contributing most to the overall gain. Gainers from the top-10 list are ITC, HDFC, Infosys, SBI and ICICI Bank; while Reliance Industries Ltd (RIL), TCS, HDFC Bank, HUL and Kotak Mahindra Bank suffered losses in their market capitalisation (m-cap) for the week ended Friday. The m-cap of ITC soared Rs 17,941.73 crore to Rs 3,61,773.90 crore and that of Infosys jumped Rs 10,026.05 crore to Rs 2,98,684.46 crore. ICICI Bank's valuation zoomed Rs 8,378.07 crore to Rs 2,43,822.14 crore and that of SBI jumped Rs 4,506.92 crore to Rs 2,70,013.40 crore. The m-cap of HDFC moved up by Rs 2,837.12 crore to Rs 3,41,770.70 crore. On the other hand, the valuation of Tata Consultancy Services (TCS) slumped Rs 12,007.63 crore to Rs 6,91,170.50 crore. Kotak Mahindra Bank's m-cap fell Rs 4,829.04 crore to Rs 2,32,958.82 crore and that of Hindustan Unilever Ltd (HUL) dropped Rs 2,575.93 crore to Rs 3,82,785.70 crore. HDFC Bank's valuation dipped Rs 1,522.93 crore to Rs 5,74,399.48 crore and that of RIL fell Rs 728.93 crore to Rs 6,95,910.71 crore. In the ranking of top-10 firms, RIL once again became the number one firm on Friday, with TCS taking the second spot, followed by HDFC Bank, HUL, ITC, HDFC, Infosys, SBI, ICICI Bank and Kotak Mahindra Bank. Over the last week, the Sensex gained 314.74 points to close at 36,009.84 on Friday.

Five of 10 most valued firms add Rs 43,689 crore in market cap last week

Bank of China's New York branch will enable Chinese firms to receive payment in yuan rather than dollars from their sales on US&nbsp;e-commerce platforms this year, the official Xinhua news agency reported on Sunday.

Pledging to introduce more services for small and medium-sized enterprises engaged in cross-border trade between the United States and China, executives from the branch said payment in yuan would be possible by tapping new functions of e-MPay, a cross-border payment system launched by the branch in 2016.

The branch is developing a system using an existing platform to "facilitate trade finance for e-commerce players," said Xu Chen, president and chief executive officer of Bank of China USA, Xinhua reported, without providing further details.

The system will adhere to US&nbsp;anti-money laundering rules through artificial intelligence and cybersecurity technologies, Xu added.

Bank of China has run into problems with overseas anti-money laundering regulations in the past. In February 2017, it agreed to pay a 600,000 euro ($688,000) fine to settle a case involving its Milan branch. Prosecutors had alleged more than 4.5 billion euros was smuggled to China from Italy between 2006 and 2010.

A unit of fellow state-owned bank Industrial and Commercial Bank of China (ICBC) last year settled money laundering charges in the United States.

Bank of China's New York branch will enable Chinese firms to receive payment in yuan rather than dollars from their sales on US e-commerce platforms this year, the official Xinhua news agency reported on Sunday.

Bank of China's New York branch will enable Chinese firms to receive payment in yuan rather than dollars from their sales on US e-commerce platforms this year, the official Xinhua news agency reported on Sunday. Pledging to introduce more services for small and medium-sized enterprises engaged in cross-border trade between the United States and China, executives from the branch said payment in yuan would be possible by tapping new functions of e-MPay, a cross-border payment system launched by the branch in 2016. The branch is developing a system using an existing platform to "facilitate trade finance for e-commerce players," said Xu Chen, president and chief executive officer of Bank of China USA, Xinhua reported, without providing further details. The system will adhere to US anti-money laundering rules through artificial intelligence and cybersecurity technologies, Xu added. Bank of China has run into problems with overseas anti-money laundering regulations in the past. In February 2017, it agreed to pay a 600,000 euro ($688,000) fine to settle a case involving its Milan branch. Prosecutors had alleged more than 4.5 billion euros was smuggled to China from Italy between 2006 and 2010. A unit of fellow state-owned bank Industrial and Commercial Bank of China (ICBC) last year settled money laundering charges in the United States.

Bank of China to enable payment in yuan on US e-commerce platforms: Report

Foreign investors have pulled out more than Rs 3,600 crore from the Indian equity markets in the last nine trading sessions, adopting a cautious stance towards the country.

This comes following a cumulative net inflow of Rs 8,584 crore in the equity markets by Foreign Portfolio Investors (FPIs) during November and December.

According to data available with the depositories, FPIs withdrew a net amount of Rs 3,677 crore from equities during January 1-12.

However, they pumped in a net sum of Rs 1,872 crore in the debt markets during the period under review.

"While it may not be a good start for the year, it is too early to draw any conclusion. However, at best what it indicates is that FPIs are continuing with their cautious/wait and watch stance towards India," said Himanshu Srivastava, Senior Analyst Manager Research, Morningstar Investment Adviser India.

"Going ahead, the focus would be on the budget, country's progress on the economic growth front as well as general elections. Other factors such as movement in crude prices and currency, which would have a bearing on the country's macro-environment; and worries over global trade war will continue to guide the direction of FPI flows," he added.

&nbsp;Harsh Jain, COO at Groww, an online MF investment platform, said 2019 is likely to see a lot of volatility because of rate hikes and dollar instability, but the Indian markets may not be as volatile as developed ones despite short-term political uncertainty.

"India offers better investment opportunities due to consistent growth, supportive global factors and attract valuations. We should expect positive inflow in the coming months," he added.

Foreign investors have pulled out more than Rs 3,600 crore from the Indian equity markets in the last nine trading sessions, adopting a cautious stance towards the country.

Foreign investors have pulled out more than Rs 3,600 crore from the Indian equity markets in the last nine trading sessions, adopting a cautious stance towards the country. This comes following a cumulative net inflow of Rs 8,584 crore in the equity markets by Foreign Portfolio Investors (FPIs) during November and December. According to data available with the depositories, FPIs withdrew a net amount of Rs 3,677 crore from equities during January 1-12. However, they pumped in a net sum of Rs 1,872 crore in the debt markets during the period under review. "While it may not be a good start for the year, it is too early to draw any conclusion. However, at best what it indicates is that FPIs are continuing with their cautious/wait and watch stance towards India," said Himanshu Srivastava, Senior Analyst Manager Research, Morningstar Investment Adviser India. "Going ahead, the focus would be on the budget, country's progress on the economic growth front as well as general elections. Other factors such as movement in crude prices and currency, which would have a bearing on the country's macro-environment; and worries over global trade war will continue to guide the direction of FPI flows," he added. Harsh Jain, COO at Groww, an online MF investment platform, said 2019 is likely to see a lot of volatility because of rate hikes and dollar instability, but the Indian markets may not be as volatile as developed ones despite short-term political uncertainty. "India offers better investment opportunities due to consistent growth, supportive global factors and attract valuations. We should expect positive inflow in the coming months," he added.

FPIs turn net sellers in January; withdraw Rs 3,600 cr in just 9 sessions

China will reduce restrictions on foreign investment and address difficulties facing foreign companies investing in the country, the commerce minister said, according to a report by the official Xinhua news agency on Saturday.

Commerce Minister Zhong Shan said China would allow full foreign ownership of companies in more areas of the economy and would reduce the number of industries in which foreign investment was restricted or barred, Xinhua reported.

He said the Commerce Ministry would push for a foreign investment law, improve the handling of complaints from foreign firms, and encourage foreign investment in manufacturing and high tech. The ministry would also encourage foreigners to invest in central and western China, he said.

China has been pushing to broaden opportunities for private firms and foreign investors to stimulate an economy that is slowing on the back of weakening domestic demand and a trade war with the United States.

Zhong said "properly handling" trade frictions with the United States was a major task for the ministry in 2019. The report did not elaborate.

China will reduce restrictions on foreign investment and address difficulties facing foreign companies investing in the country, the commerce minister said, according to a report by the official Xinhua news agency on Saturday.

China will reduce restrictions on foreign investment and address difficulties facing foreign companies investing in the country, the commerce minister said, according to a report by the official Xinhua news agency on Saturday. Commerce Minister Zhong Shan said China would allow full foreign ownership of companies in more areas of the economy and would reduce the number of industries in which foreign investment was restricted or barred, Xinhua reported. He said the Commerce Ministry would push for a foreign investment law, improve the handling of complaints from foreign firms, and encourage foreign investment in manufacturing and high tech. The ministry would also encourage foreigners to invest in central and western China, he said. China has been pushing to broaden opportunities for private firms and foreign investors to stimulate an economy that is slowing on the back of weakening domestic demand and a trade war with the United States. Zhong said "properly handling" trade frictions with the United States was a major task for the ministry in 2019. The report did not elaborate.

China to cut restrictions on foreign investment: Xinhua

The price of petrol in Delhi increased by 19 paise per litre on Saturday while that of diesel by 29 paise.

Petrol price was revised to Rs 69.26 per litre in Delhi and Rs 74.91 per litre in Mumbai.

With an increase of 29 paise and 31 paise in Delhi and Mumbai respectively, diesel prices were revised to Rs 63.10 and Rs 66.04 per litre.

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Petrol and diesel prices at Rs 69.26/litre (increase by Rs 0.19) &amp; Rs 63.10/litre (increase by Rs 0.29) respectively in Delhi. Petrol and diesel prices at Rs 74.91/litre (increase by Rs 0.19) &amp; Rs 66.04/litre (increase by Rs 0.31) respectively in Mumbai. <a href="https://t.co/ieNTgOae33">pic.twitter.com/ieNTgOae33</a>
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On Friday, petrol was available at Rs 69.07 per litre in Delhi and Rs 74.72 per litre in Mumbai. While diesel was available for Rs 62.81 per litre in Delhi and Rs 65.73 per litre in Mumbai.

Rates vary from state to state depending on the rate of local sales tax or VAT.

Prior to this fourth increase of 2019, rates had cooled to a year low of Rs 68.29 for petrol and Rs 62.16 in case of diesel. This followed a decline in rates on almost all days since October 18, 2018.

In all, the petrol price has fallen by Rs 14.54 per litre since October 18, more than negating all of the hikes that were witnessed in the two-month period beginning mid-August. Diesel price has declined by Rs 13.53 per litre in two and a half months.&nbsp;

Petrol price had touched a record high of Rs 84 per litre in Delhi and Rs 91.34 in Mumbai on October 4. Diesel on that day had peaked to Rs 75.45 a litre in Delhi and Rs 80.10 in Mumbai.

Prices had started to climb from August 16.

After the consistent rise, the government decided to cut excise duty on petrol and diesel by Rs 1.50 per litre each and asked state-owned fuel retailers to subsidise the price by another Re 1 a litre by reducing their margins.

The prices also reduced due to the falling international prices and the appreciation of the money.

(With inputs from PTI)

The price of petrol in Delhi increased by 19 paise per litre on Saturday while that of diesel by 29 paise. Petrol price was revised to Rs 69.26 per litre in Delhi and Rs 74.

The price of petrol in Delhi increased by 19 paise per litre on Saturday while that of diesel by 29 paise. Petrol price was revised to Rs 69.26 per litre in Delhi and Rs 74.91 per litre in Mumbai. With an increase of 29 paise and 31 paise in Delhi and Mumbai respectively, diesel prices were revised to Rs 63.10 and Rs 66.04 per litre. Petrol and diesel prices at Rs 69.26/litre (increase by Rs 0.19) & Rs 63.10/litre (increase by Rs 0.29) respectively in Delhi. Petrol and diesel prices at Rs 74.91/litre (increase by Rs 0.19) & Rs 66.04/litre (increase by Rs 0.31) respectively in Mumbai. pic.twitter.com/ieNTgOae33 — ANI (@ANI) January 12, 2019 × On Friday, petrol was available at Rs 69.07 per litre in Delhi and Rs 74.72 per litre in Mumbai. While diesel was available for Rs 62.81 per litre in Delhi and Rs 65.73 per litre in Mumbai. Rates vary from state to state depending on the rate of local sales tax or VAT. Prior to this fourth increase of 2019, rates had cooled to a year low of Rs 68.29 for petrol and Rs 62.16 in case of diesel. This followed a decline in rates on almost all days since October 18, 2018. In all, the petrol price has fallen by Rs 14.54 per litre since October 18, more than negating all of the hikes that were witnessed in the two-month period beginning mid-August. Diesel price has declined by Rs 13.53 per litre in two and a half months. Petrol price had touched a record high of Rs 84 per litre in Delhi and Rs 91.34 in Mumbai on October 4. Diesel on that day had peaked to Rs 75.45 a litre in Delhi and Rs 80.10 in Mumbai. Prices had started to climb from August 16. After the consistent rise, the government decided to cut excise duty on petrol and diesel by Rs 1.50 per litre each and asked state-owned fuel retailers to subsidise the price by another Re 1 a litre by reducing their margins. The prices also reduced due to the falling international prices and the appreciation of the money. (With inputs from PTI)

Petrol price hiked by 19 paise, diesel by 29 paise in Delhi

While Air India's passenger count rose by only 4 per cent in the December 2018 quarter, its revenue from passengers increased by 20 per cent on the back of better aircraft utilisation, said a senior official of the company.

"Due to better and efficient utilisation of aircraft fleet, the passenger revenue increased from Rs 4,615 crore in third quarter of 2017-18 to Rs 5,538 crore in the third quarter of 2018-19," the official said.

The official added that the number of passengers has increased to 55.27 lakh during the quarter from 53.28 lakh in the year-ago period. "This shows that passengers have increased by around 4 per cent...But our ASKM (available seat kilometres) has increased at a much faster rate," the official said.

ASKM indicates the passenger-carrying capacity of an aircraft. It is arrived at by multiplying the number of seats occupied by the distance travelled by aircraft in kilometres during a particular period.

The loss-making Air India is estimated to have a debt burden of over Rs 48,000 crore and the government's efforts for strategic disinvestment of the carrier failed in May last year.

The official said passengers in December increased by 4 per cent but the revenue from them increased by 23 per cent during the month.

"In the third quarter, total 15 new flights were started by the company," the official added.

Speaking about the Air India's woes, Civil Aviation Minister Suresh Prabhu Friday said future revenues of the company cannot service its "massive" debt and this legacy issue has to be segregated from the current challenges of the national carrier.

"If you feel that future revenues can actually service the debt, it is not possible for the simple reason that the debt is so massive," Prabhu said Friday during a live stream held on 'Flying for All: Global Aviation Summit 2019'.

Air India earns 65 per cent of its revenues from international routes, while the remaining comes from the domestic network.

"Also, the cost of interest on the debt, when you try to service it from your revenues, Air India can never be in profit. Therefore, we have to address the debt issue. We are proactively working with the Ministry of Finance to make it happen," Prabhu added.

Air India has been making losses since the merger with Indian Airlines in 2007. The airline has a fleet size of around 122 aircraft currently.

"We have prepared a plan... We are trying to professionalise the entire management of Air India, right from the CEO (chief executive officer) downwards so that there will be a proper management structure so that Air India can reach to newer heights," he said.

"But anybody, who comes in, will ask this question 'how do I deal with the legacy'. The same question I had to address when I took over as a minister. The same question, Air India's new managing director or the new CEO or new board of directors would have to address - how do I deal with the past?" he added.

While Air India's passenger count rose by only 4 per cent in the December 2018 quarter, its revenue from passengers increased by 20 per cent on the back of better aircraft utilisation, said a senior official of the company.

While Air India's passenger count rose by only 4 per cent in the December 2018 quarter, its revenue from passengers increased by 20 per cent on the back of better aircraft utilisation, said a senior official of the company. "Due to better and efficient utilisation of aircraft fleet, the passenger revenue increased from Rs 4,615 crore in third quarter of 2017-18 to Rs 5,538 crore in the third quarter of 2018-19," the official said. The official added that the number of passengers has increased to 55.27 lakh during the quarter from 53.28 lakh in the year-ago period. "This shows that passengers have increased by around 4 per cent...But our ASKM (available seat kilometres) has increased at a much faster rate," the official said. ASKM indicates the passenger-carrying capacity of an aircraft. It is arrived at by multiplying the number of seats occupied by the distance travelled by aircraft in kilometres during a particular period. The loss-making Air India is estimated to have a debt burden of over Rs 48,000 crore and the government's efforts for strategic disinvestment of the carrier failed in May last year. The official said passengers in December increased by 4 per cent but the revenue from them increased by 23 per cent during the month. "In the third quarter, total 15 new flights were started by the company," the official added. Speaking about the Air India's woes, Civil Aviation Minister Suresh Prabhu Friday said future revenues of the company cannot service its "massive" debt and this legacy issue has to be segregated from the current challenges of the national carrier. "If you feel that future revenues can actually service the debt, it is not possible for the simple reason that the debt is so massive," Prabhu said Friday during a live stream held on 'Flying for All: Global Aviation Summit 2019'. Air India earns 65 per cent of its revenues from international routes, while the remaining comes from the domestic network. "Also, the cost of interest on the debt, when you try to service it from your revenues, Air India can never be in profit. Therefore, we have to address the debt issue. We are proactively working with the Ministry of Finance to make it happen," Prabhu added. Air India has been making losses since the merger with Indian Airlines in 2007. The airline has a fleet size of around 122 aircraft currently. "We have prepared a plan... We are trying to professionalise the entire management of Air India, right from the CEO (chief executive officer) downwards so that there will be a proper management structure so that Air India can reach to newer heights," he said. "But anybody, who comes in, will ask this question 'how do I deal with the legacy'. The same question I had to address when I took over as a minister. The same question, Air India's new managing director or the new CEO or new board of directors would have to address - how do I deal with the past?" he added.

Air India's passenger revenue grows by 20% in Q3 of 2018-19

China's plans for tax cuts targeting smaller companies will help to support employment and economic stability, and will expand the country's tax base over the long term, Premier Li Keqiang was quoted as saying on Saturday.

"Implementing tax cuts for small and micro enterprises is mainly to support employment," Li said in comments posted on the Chinese government's website.

Developing and strengthening small companies is linked to economic stability and stable employment, he said.

"Looking at the long term, this will continue to expand the tax base, conserve tax resources and ultimately achieve wins for mass employment, corporate profits and fiscal revenues," he was quoted as saying, referring to the corporate tax cuts.

Li's comments come amid growing official concern over China's slowing economic growth and its impact on the labour market.

Chinese authorities plan to set a lower economic growth target of 6 to 6.5 per cent in 2019, compared with "around" 6.5 per cent in 2018, sources told Reuters, as weakening domestic demand and a damaging trade war with the United States drag on business activity and consumer confidence.

Analysts expect that China's economy grew around 6.6 per cent last year, its slowest pace since 1990, and it is expected to cool further in coming months before a slew of support measures start to kick in.

"The bottom line for the policymakers is social stability, which is crucially tied to the unemployment rate and job creation," analysts at BoAML said in a recent note. "With US-China trade risks still looming large, we believe policymakers would not hesitate to take pre-emptive measures to stabilize expectations on job stability."

More growth-boosting steps are expected this year as policymakers seek to avert the risk of a sharper slowdown.

China's State Council, or cabinet, said on January 9 that it would further reduce taxes for smaller companies. On Friday, Finance Minister Liu Kun said authorities would step up tax and fee cuts to lower corporate burdens.

China's plans for tax cuts targeting smaller companies will help to support employment and economic stability, and will expand the country's tax base over the long term, Premier Li Keqiang was quoted as saying on Saturday.

China's plans for tax cuts targeting smaller companies will help to support employment and economic stability, and will expand the country's tax base over the long term, Premier Li Keqiang was quoted as saying on Saturday. "Implementing tax cuts for small and micro enterprises is mainly to support employment," Li said in comments posted on the Chinese government's website. Developing and strengthening small companies is linked to economic stability and stable employment, he said. "Looking at the long term, this will continue to expand the tax base, conserve tax resources and ultimately achieve wins for mass employment, corporate profits and fiscal revenues," he was quoted as saying, referring to the corporate tax cuts. Li's comments come amid growing official concern over China's slowing economic growth and its impact on the labour market. Chinese authorities plan to set a lower economic growth target of 6 to 6.5 per cent in 2019, compared with "around" 6.5 per cent in 2018, sources told Reuters, as weakening domestic demand and a damaging trade war with the United States drag on business activity and consumer confidence. Analysts expect that China's economy grew around 6.6 per cent last year, its slowest pace since 1990, and it is expected to cool further in coming months before a slew of support measures start to kick in. "The bottom line for the policymakers is social stability, which is crucially tied to the unemployment rate and job creation," analysts at BoAML said in a recent note. "With US-China trade risks still looming large, we believe policymakers would not hesitate to take pre-emptive measures to stabilize expectations on job stability." More growth-boosting steps are expected this year as policymakers seek to avert the risk of a sharper slowdown. China's State Council, or cabinet, said on January 9 that it would further reduce taxes for smaller companies. On Friday, Finance Minister Liu Kun said authorities would step up tax and fee cuts to lower corporate burdens.

China's premier says tax cuts support employment, economic stability

The government wants to focus on the districts as part of a bottom-up approach for boosting growth, industry minister Suresh Prabhu said here Saturday.

The idea is to focus on one district at a time and increase its GDP growth by 3-4 percentage points annually, which will help increase the national GDP, the minister said speaking at an Association of National Exchanges Members of India event here.

Accordingly, the government has identified six districts, mapped its baseline of their economy with help from reputed bodies like IIM and NCAER and then work on specifics to increase their economic output.

"We've been focusing on the macro all these while, and while that continues, now we feel the need to also have the micro or the bottom," said Prabhu, who also heads the commerce and aviation ministries.

He said the chosen districts are in Maharashtra, Andhra Pradesh, Bihar, Himachal Pradesh, and Uttar Pradesh, and these districts will get special attention in ease of doing business.

The minister said it is now a certainty that the $2.6-trillion economy will scale the $5-trillion mount over the next seven-nine years, and touch the $10 trillion mark by the turn of 2035.

The measures being undertaken to push growth at district level are aimed at achieving this higher target earlier, he said, adding there will be a launch event in the financial capital next Tuesday regarding the same.

Prabhu said the country is now targeting to increase the annual FDI inflows to $100 billion.

The government has identified the sectors which can attract investments and has prepared a list of 150 companies sitting with huge cash balance which will be targeted to get investments, he said.

He said a vibrant capital market is essential both for mobilising capital as well as make it work effectively, such that it delivers the maximum returns for the economy.

The minister also assured government help to ensure that the capital markets keep performing better.

Prabhu said it is one of the most challenging times for global trade and we'll have to increase our focus on services and merchandise exports and that government has asked Exim Bank to undertake an analysis both from a product as well a geographical perspective to increase exports.

Addressing the event, a top Anmi functionary flagged taxation issues being faced by investors, terming it as a price for transparency which domestic investors have to play and sought to be heard as the government is currently preparing the direct tax code.

M Damodaran, a former Sebi chairman, said he has reservations on self-regulatory organisations and pointed to the lack of success on this front at the chartered accountants, medicines and the legal profession.

The government wants to focus on the districts as part of a bottom-up approach for boosting growth, industry minister Suresh Prabhu said here Saturday. The idea is to focus on one district at a time and increase its GDP growth by 3-4 percentage points annually, which will help increase the national GDP, the minister said speaking at an Association of National Exchanges Members of India event here.

The government wants to focus on the districts as part of a bottom-up approach for boosting growth, industry minister Suresh Prabhu said here Saturday. The idea is to focus on one district at a time and increase its GDP growth by 3-4 percentage points annually, which will help increase the national GDP, the minister said speaking at an Association of National Exchanges Members of India event here. Accordingly, the government has identified six districts, mapped its baseline of their economy with help from reputed bodies like IIM and NCAER and then work on specifics to increase their economic output. "We've been focusing on the macro all these while, and while that continues, now we feel the need to also have the micro or the bottom," said Prabhu, who also heads the commerce and aviation ministries. He said the chosen districts are in Maharashtra, Andhra Pradesh, Bihar, Himachal Pradesh, and Uttar Pradesh, and these districts will get special attention in ease of doing business. The minister said it is now a certainty that the $2.6-trillion economy will scale the $5-trillion mount over the next seven-nine years, and touch the $10 trillion mark by the turn of 2035. The measures being undertaken to push growth at district level are aimed at achieving this higher target earlier, he said, adding there will be a launch event in the financial capital next Tuesday regarding the same. Prabhu said the country is now targeting to increase the annual FDI inflows to $100 billion. The government has identified the sectors which can attract investments and has prepared a list of 150 companies sitting with huge cash balance which will be targeted to get investments, he said. He said a vibrant capital market is essential both for mobilising capital as well as make it work effectively, such that it delivers the maximum returns for the economy. The minister also assured government help to ensure that the capital markets keep performing better. Prabhu said it is one of the most challenging times for global trade and we'll have to increase our focus on services and merchandise exports and that government has asked Exim Bank to undertake an analysis both from a product as well a geographical perspective to increase exports. Addressing the event, a top Anmi functionary flagged taxation issues being faced by investors, terming it as a price for transparency which domestic investors have to play and sought to be heard as the government is currently preparing the direct tax code. M Damodaran, a former Sebi chairman, said he has reservations on self-regulatory organisations and pointed to the lack of success on this front at the chartered accountants, medicines and the legal profession.

District-focused approach to boost GDP growth faster: Suresh Prabhu

Zimbabwe will introduce a new currency in the next 12 months, the country's Finance Minister said, as <a href="https://www.wionews.com/world/zimbabwe-to-print-substitute-us-dollars-as-cash-runs-out-6377">a shortage of US&nbsp;dollars</a> plunges the financial system into disarray, forcing businesses to close and threatening unrest.

The southern African nation abandoned its own hyperinflation-wrecked currency in 2009 at the height of an economic recession, adopting the greenback and other currencies including sterling and the South African rand.

But without enough hard currency to back up the $10 billion of electronic funds trapped in local bank accounts, businesses and civil servants are demanding payment in cash which can be deposited and used to make payments both inside and outside the country.

Mthuli Ncube told a townhall meeting late on Friday that a new local currency would be introduced in less than twelve months.

"On the issue of raising enough foreign currency to introduce the new currency, we are on our way already, give us months, not years," he said.

Zimbabwe currently has less than two weeks import cover, according to central bank data, and the government has previously said it would only consider launching a new currency if it had at least six months of reserves.

Locals are haunted by memories of the Zimbabwean dollar, which became worthless as hyperinflation spiralled to reach 500 billion percent in 2008, the highest rate in the world for a country not at war, wiping out pensions and savings.

A surrogate bond note currency introduced in 2016 to stem dollar shortages has also collapsed in value.

President Emmerson Mnangagwa is under pressure to revive the economy but, in something of a vicious circle, the dollar shortages are undermining efforts to win back foreign investors sidelined under his predecessor Robert Mugabe.

With less than $400 million in actual cash in Zimbabwe according to central bank figures, there are fuel shortages and companies are struggling to import raw materials and equipment, forcing them to buy greenback notes on the black market at a premium of up to 370 percent.

The Confederation of Zimbabwe Industries has warned some of its members could stop operating at the end of the month due to the dollar crunch.

Zimbabwe's iconic manufacturer of cooking oil and soap, Olivine Industries said on Saturday it had suspended production and put workers on indefinite leave because it owed foreign suppliers $11 million.

A local associate of global brewing giant Anheuser-Busch Inbev said this week it would invest more than $120 million of dividends and fees trapped in Zimbabwe into the central bank's savings bonds.

Zimbabwe will introduce a new currency in the next 12 months, the country's Finance Minister said, as a shortage of US dollars plunges the financial system into disarray, forcing businesses to close and threatening unrest.

Zimbabwe will introduce a new currency in the next 12 months, the country's Finance Minister said, as a shortage of US dollars plunges the financial system into disarray, forcing businesses to close and threatening unrest. The southern African nation abandoned its own hyperinflation-wrecked currency in 2009 at the height of an economic recession, adopting the greenback and other currencies including sterling and the South African rand. But without enough hard currency to back up the $10 billion of electronic funds trapped in local bank accounts, businesses and civil servants are demanding payment in cash which can be deposited and used to make payments both inside and outside the country. Mthuli Ncube told a townhall meeting late on Friday that a new local currency would be introduced in less than twelve months. "On the issue of raising enough foreign currency to introduce the new currency, we are on our way already, give us months, not years," he said. Zimbabwe currently has less than two weeks import cover, according to central bank data, and the government has previously said it would only consider launching a new currency if it had at least six months of reserves. Locals are haunted by memories of the Zimbabwean dollar, which became worthless as hyperinflation spiralled to reach 500 billion percent in 2008, the highest rate in the world for a country not at war, wiping out pensions and savings. A surrogate bond note currency introduced in 2016 to stem dollar shortages has also collapsed in value. President Emmerson Mnangagwa is under pressure to revive the economy but, in something of a vicious circle, the dollar shortages are undermining efforts to win back foreign investors sidelined under his predecessor Robert Mugabe. With less than $400 million in actual cash in Zimbabwe according to central bank figures, there are fuel shortages and companies are struggling to import raw materials and equipment, forcing them to buy greenback notes on the black market at a premium of up to 370 percent. The Confederation of Zimbabwe Industries has warned some of its members could stop operating at the end of the month due to the dollar crunch. Zimbabwe's iconic manufacturer of cooking oil and soap, Olivine Industries said on Saturday it had suspended production and put workers on indefinite leave because it owed foreign suppliers $11 million. A local associate of global brewing giant Anheuser-Busch Inbev said this week it would invest more than $120 million of dividends and fees trapped in Zimbabwe into the central bank's savings bonds.

No US dollars, so Zimbabwe to introduce new currency

Former bureaucrat Ashok Chawla Friday resigned as chairman of the National Stock Exchange with immediate effect, the bourse said, hours after the CBI said the Centre has granted sanction to prosecute him in the Aircel-Maxis case.

The exchange while making the announcement Friday night did not provide specific details.

In a statement, the bourse said Chawla has resigned as "Public Interest Director/ Chairman of the Board of Directors of the National Stock Exchange of India Ltd with immediate effect in light of recent legal developments".

The Securities and Exchange Board of India (Sebi) has been probing the alleged lapses in high-frequency trading offered through NSE's co-location facility. It was also investigating whether some brokers had unfair access to the exchange's co-location facility.

A former finance secretary, Chawla took over as the chairman of the exchange on March 28, 2016. He had also served as civil aviation secretary and chairperson of the Competition Commission of India (CCI), among other roles.

Chawla quit as Yes Bank chairman in November last year.&nbsp;

The CBI earlier in the day informed a Delhi court that the Centre has granted sanction to prosecute five people, including serving and former bureaucrats, accused in the Aircel-Maxis case involving Congress leader and ex-Union minister P Chidambaram and his son Karti.

The then members of the Foreign Investment Promotion Board (FIPB), against whom sanctions have been procured, are the then secretary (economic affairs) Ashok Jha, the then additional secretary Ashok Chawla, the then joint secretary in finance ministry Kumar Sanjay Krishna, the then director in the ministry Dipak Kumar Singh, and the then undersecretary in the ministry Ram Sharan.

Of the five, three are working with various government departments while two have retired.

The submissions were made before Special Judge O P Saini who extended till February 1 the interim protection from arrest granted to Chidambaram and Karti in the Aircel-Maxis cases filed by the CBI and the ED.

The CBI had on November 16 last year, informed the court that similar nod was procured for P Chidambaram. There are 18 accused in the case.

Meanwhile, the NSE board has eight other members, including Managing Director and CEO Vikram Limaye.

There are three shareholder directors -- Abhay Havaldar, Prakash Parthasarathy and Sunita Sharma.

The four public interest directors are Dinesh Kanabar, Naved Masood, T V Mohandas Pai and Dharmistha Raval.

Former bureaucrat Ashok Chawla Friday resigned as chairman of the National Stock Exchange with immediate effect, the bourse said, hours after the CBI said the Centre has granted sanction to prosecute him in the Aircel-Maxis case.

Former bureaucrat Ashok Chawla Friday resigned as chairman of the National Stock Exchange with immediate effect, the bourse said, hours after the CBI said the Centre has granted sanction to prosecute him in the Aircel-Maxis case. The exchange while making the announcement Friday night did not provide specific details. In a statement, the bourse said Chawla has resigned as "Public Interest Director/ Chairman of the Board of Directors of the National Stock Exchange of India Ltd with immediate effect in light of recent legal developments". The Securities and Exchange Board of India (Sebi) has been probing the alleged lapses in high-frequency trading offered through NSE's co-location facility. It was also investigating whether some brokers had unfair access to the exchange's co-location facility. A former finance secretary, Chawla took over as the chairman of the exchange on March 28, 2016. He had also served as civil aviation secretary and chairperson of the Competition Commission of India (CCI), among other roles. Chawla quit as Yes Bank chairman in November last year. The CBI earlier in the day informed a Delhi court that the Centre has granted sanction to prosecute five people, including serving and former bureaucrats, accused in the Aircel-Maxis case involving Congress leader and ex-Union minister P Chidambaram and his son Karti. The then members of the Foreign Investment Promotion Board (FIPB), against whom sanctions have been procured, are the then secretary (economic affairs) Ashok Jha, the then additional secretary Ashok Chawla, the then joint secretary in finance ministry Kumar Sanjay Krishna, the then director in the ministry Dipak Kumar Singh, and the then undersecretary in the ministry Ram Sharan. Of the five, three are working with various government departments while two have retired. The submissions were made before Special Judge O P Saini who extended till February 1 the interim protection from arrest granted to Chidambaram and Karti in the Aircel-Maxis cases filed by the CBI and the ED. The CBI had on November 16 last year, informed the court that similar nod was procured for P Chidambaram. There are 18 accused in the case. Meanwhile, the NSE board has eight other members, including Managing Director and CEO Vikram Limaye. There are three shareholder directors -- Abhay Havaldar, Prakash Parthasarathy and Sunita Sharma. The four public interest directors are Dinesh Kanabar, Naved Masood, T V Mohandas Pai and Dharmistha Raval.

Ashok Chawla quits as NSE chairman after CBI gets sanction to prosecute him in Aircel-Maxis case

The benchmark BSE Sensex rose over 65 points in early trade Friday following value-based buying in auto, oil &amp; gas, and metal sectors amid positive trend at other Asian markets and rising rupee.

The 30-share index was trading 68.58 points, or 0.19 per cent, higher at 36,175.08. The gauge opened on a positive note and touched a high of 36,214.26 in morning trade.

The NSE Nifty too witnessed similar movement, and was trading 17.65 points, or 0.16 per cent, up at 10,839.25.

On Thursday, the Sensex settled 106.41 points, or 0.29 per cent, down at 36,106.50, while the broader NSE Nifty fell 33.55 points, or 0.31 per cent, to finish at 10,821.60.

Top gainers at the BSE include HDFC, ONGC, ITC, Sun Pharma, HDFC Bank, Reliance, Asian Paints, HUL and Tata Steel.

While top losers were TCS, Bharti Airtel, HCL Tech, M&amp;M, L&amp;T, Indusind Bank and Powergrid.

TCS fell 2.21 per cent to 1846.50 after it reported 24.1 per cent growth in net profit at Rs 8,105 crore for the quarter ended December 2018.

On the macro front, the rupee appreciated by 7 paise to 70.34 against the US dollar in opening trade.

Brent crude futures were trading 0.21 per cent lower at USD 61.55 per barrel.

Elsewhere in Asia, Japan's Nikkei rose 0.81 per cent and Shanghai Composite Index up 0.11 per cent, while Korea's Kospi surged 0.38 per cent.

On Wall Street, Dow Jones Industrial Average rose 122.80 points, or 0.51 per cent, to 24,001.92 on Thursday.

Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net of Rs 344.58 crore Thursday and domestic institutional investors (DIIs) were net buyers to the tune of Rs 10.98 crore, provisional data available with BSE showed.&nbsp;

The benchmark BSE Sensex rose over 65 points in early trade Friday following value-based buying in auto, oil & gas, and metal sectors amid positive trend at other Asian markets and rising rupee.

The benchmark BSE Sensex rose over 65 points in early trade Friday following value-based buying in auto, oil & gas, and metal sectors amid positive trend at other Asian markets and rising rupee. The 30-share index was trading 68.58 points, or 0.19 per cent, higher at 36,175.08. The gauge opened on a positive note and touched a high of 36,214.26 in morning trade. The NSE Nifty too witnessed similar movement, and was trading 17.65 points, or 0.16 per cent, up at 10,839.25. On Thursday, the Sensex settled 106.41 points, or 0.29 per cent, down at 36,106.50, while the broader NSE Nifty fell 33.55 points, or 0.31 per cent, to finish at 10,821.60. Top gainers at the BSE include HDFC, ONGC, ITC, Sun Pharma, HDFC Bank, Reliance, Asian Paints, HUL and Tata Steel. While top losers were TCS, Bharti Airtel, HCL Tech, M&M, L&T, Indusind Bank and Powergrid. TCS fell 2.21 per cent to 1846.50 after it reported 24.1 per cent growth in net profit at Rs 8,105 crore for the quarter ended December 2018. On the macro front, the rupee appreciated by 7 paise to 70.34 against the US dollar in opening trade. Brent crude futures were trading 0.21 per cent lower at USD 61.55 per barrel. Elsewhere in Asia, Japan's Nikkei rose 0.81 per cent and Shanghai Composite Index up 0.11 per cent, while Korea's Kospi surged 0.38 per cent. On Wall Street, Dow Jones Industrial Average rose 122.80 points, or 0.51 per cent, to 24,001.92 on Thursday. Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net of Rs 344.58 crore Thursday and domestic institutional investors (DIIs) were net buyers to the tune of Rs 10.98 crore, provisional data available with BSE showed.

Sensex rises over 65 points in early trade following value-based buying in auto, oil & gas

The rupee appreciated by 7 paise to 70.34 against the US dollar in opening trade Friday, driven by gains in domestic equities and weakening of the greenback in overseas markets.

The rupee opened strong at 70.38 at the interbank forex market against previous close of 70.41 per dollar then gained further ground and touched a high of 70.34 amid positive opening in domestic equities, displaying gains of 7 paise against the greenback.

On Wednesday, the rupee had risen by 5 paise to close at 70.41 against the US dollar.

Forex dealers said, selling of the American currency by exporters and easing crude prices supported the rupee in early trade.

Meanwhile, brent crude, the global benchmark, was trading lower at 61.57 per barrel lower by 0.18 per cent.

Traders said, sustained foreign fund outflows however restricted the rupee up move.

Foreign funds pulled out Rs 344.58 crore from the capital markets on a net basis, while domestic institutional investors purchased shares worth Rs 10.98 crore Thursday, provisional data showed.

Meanwhile, the benchmark BSE Sensex was trading with gains of 76.24 points, or 0.20 per cent to quote at 36,179.14 while the NSE Nifty was trading at 10, 836.90, up 15.30 points, or 0.14 per cent.&nbsp;

The rupee appreciated by 7 paise to 70.34 against the US dollar in opening trade Friday, driven by gains in domestic equities and weakening of the greenback in overseas markets.

The rupee appreciated by 7 paise to 70.34 against the US dollar in opening trade Friday, driven by gains in domestic equities and weakening of the greenback in overseas markets. The rupee opened strong at 70.38 at the interbank forex market against previous close of 70.41 per dollar then gained further ground and touched a high of 70.34 amid positive opening in domestic equities, displaying gains of 7 paise against the greenback. On Wednesday, the rupee had risen by 5 paise to close at 70.41 against the US dollar. Forex dealers said, selling of the American currency by exporters and easing crude prices supported the rupee in early trade. Meanwhile, brent crude, the global benchmark, was trading lower at 61.57 per barrel lower by 0.18 per cent. Traders said, sustained foreign fund outflows however restricted the rupee up move. Foreign funds pulled out Rs 344.58 crore from the capital markets on a net basis, while domestic institutional investors purchased shares worth Rs 10.98 crore Thursday, provisional data showed. Meanwhile, the benchmark BSE Sensex was trading with gains of 76.24 points, or 0.20 per cent to quote at 36,179.14 while the NSE Nifty was trading at 10, 836.90, up 15.30 points, or 0.14 per cent.

Rupee rises 7 paise to 70.34 against US$ in early trade

Oil slipped on Friday amid concerns over the outlook for the global economy, but output cuts agreed by major exporters underpinned crude prices and kept markets on track for a strong weekly climb.

International Brent crude futures were at $61.55 per barrel at 0333 GMT, down 13 cents, or 0.2 per cent, from their last close.

US West Texas Intermediate (WTI) crude futures dropped 7 cents, or 0.1 per cent, to $52.52 per barrel.

Traders said the declines came on lingering concerns over the health of the global economy.

"If we experience an economic slowdown, crude will underperform due to its correlation to growth," said Hue Frame, portfolio manager at Frame Funds in Sydney.

Most analysts have downgraded their global economic growth forecasts below 3 per cent for 2019, with some even fearing a looming recession amid trade disputes and spiralling debt.

For now, however, there is hope that the trade war between Washington and Beijing may be resolved as global markets, including oil, took heart from talks between the two sides this week.

Despite Friday's price falls, Brent and WTI are set for weekly gains of more than 7 and 8 per cent respectively.

Beyond global economics, oil markets are receiving support from supply cuts led by the Organisation of the Petroleum Exporting Countries (OPEC) aimed at reining in a glut that emerged in the second-half of 2018.

A key reason for the emerging glut was the United States where crude oil production soared by more than 2 million barrels per day (bpd) in 2018 to a record 11.7 million bpd.

Consultancy JBC Energy this week said it was likely that US crude oil production was already "significantly above 12 million bpd" by January 2019.

Given the overall supply and demand balance, Swiss bank Julius Baer said it was "price neutral" in its oil forecast.

"We see the oil market as well balanced into the foreseeable future, as the petro-nations make space for further US shale production growth," said Norbert Ruecker, head of commodity research at the bank.

Oil slipped on Friday amid concerns over the outlook for the global economy, but output cuts agreed by major exporters underpinned crude prices and kept markets on track for a strong weekly climb.

Oil slipped on Friday amid concerns over the outlook for the global economy, but output cuts agreed by major exporters underpinned crude prices and kept markets on track for a strong weekly climb. International Brent crude futures were at $61.55 per barrel at 0333 GMT, down 13 cents, or 0.2 per cent, from their last close. US West Texas Intermediate (WTI) crude futures dropped 7 cents, or 0.1 per cent, to $52.52 per barrel. Traders said the declines came on lingering concerns over the health of the global economy. "If we experience an economic slowdown, crude will underperform due to its correlation to growth," said Hue Frame, portfolio manager at Frame Funds in Sydney. Most analysts have downgraded their global economic growth forecasts below 3 per cent for 2019, with some even fearing a looming recession amid trade disputes and spiralling debt. For now, however, there is hope that the trade war between Washington and Beijing may be resolved as global markets, including oil, took heart from talks between the two sides this week. Despite Friday's price falls, Brent and WTI are set for weekly gains of more than 7 and 8 per cent respectively. Beyond global economics, oil markets are receiving support from supply cuts led by the Organisation of the Petroleum Exporting Countries (OPEC) aimed at reining in a glut that emerged in the second-half of 2018. A key reason for the emerging glut was the United States where crude oil production soared by more than 2 million barrels per day (bpd) in 2018 to a record 11.7 million bpd. Consultancy JBC Energy this week said it was likely that US crude oil production was already "significantly above 12 million bpd" by January 2019. Given the overall supply and demand balance, Swiss bank Julius Baer said it was "price neutral" in its oil forecast. "We see the oil market as well balanced into the foreseeable future, as the petro-nations make space for further US shale production growth," said Norbert Ruecker, head of commodity research at the bank.

Oil slips on economic worries, but still set for strong weekly gain

Asian stocks inched up to five-week highs on Friday, after Chairman Jerome Powell reiterated the Federal Reserve will be patient about raising interest rates and news that trade talks between Washington and Beijing are moving to higher levels.

As the Fed's dovish stance kept a lid on the dollar, China's yuan rose to its highest levels in more than five months and was on course for its biggest weekly gains since the 2005 revaluation in onshore trade.

MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.2 per cent to the highest levels since December 6, while Japan's benchmark Nikkei advanced 0.7 per cent. Shanghai Composite Index initially rose 0.8 per cent, but that was pared to just 0.1 per cent.

Wall Street extended its rally into a fifth straight day on Thursday in a whipsaw trading session as investors responded to mixed comments by Powell, while a warning from Macy's pummelled retail stocks.&nbsp;

At the Economic Club of Washington, Powell reiterated the views of other policymakers that the Fed would be patient about interest rate hikes.

Major US stock indexes also quickly recovered from brief losses after Powell said that the Fed's balance sheet would be "substantially smaller".

"The word 'patient' is used often when the Fed's policy direction is still tightening but its next rate hike can wait for a considerable time. So risk assets now enjoy support from what we can call Powell put," said Tomoaki Shishido, economist at Nomura Securities.

"Similarly, Trump also softened his stance on China after sharp falls in stock prices. He has offered an olive branch to China and there's no reason China would not want to accept it," he said.

US and Chinese officials are working on arrangements for higher-level trade talks after mid-level officials this week discussed US demands that would require structural change in China to address issues such as IP theft, forced technology transfers and other non-tariff barriers.

US Treasury Secretary Steven Mnuchin said late on Thursday that Chinese Vice Premier Liu He will "most likely" visit Washington later in January for trade talks.

"For markets the upshot is that the outlook for 2019 is looking better as tensions de-escalate, creating the potential for a re-rating of risk assets as the tail risk of a near-term trade war is partially priced out," said Jeremy Lawson, chief economist at Aberdeen Standard Investments in Edinburgh.

"This is especially the case in Asia," he added.

Still, fundamental tensions between the US and China "are unlikely to go away and there is a high likelihood that any agreement to suspend tariffs eventually breaks down when it becomes clear that Trump’s objectives cannot really be met."

Some investors are also increasingly wary of lingering disputes in Washington over a wall Trump wants on the U.S.-Mexico border, which has led to a weeks-long partial government shutdown.

Flanked by border agents who are going without paychecks during the shutdown, Trump again threatened on Thursday to declare a national emergency to bypass Congress to fund a wall.

In the foreign exchange markets, the dollar was broadly soft after a small rebound from three-month lows the previous day.

The dollar index, measuring it against major peers, dipped 0.1 per cent to 95.38.

The euro firmed 0.2 per cent to $1.1523, while the dollar dipped 0.1 per cent to 108.28 yen.

The yuan, both onshore and offshore, climbed to the highest levels since late July, aided by a weaker dollar and rising hopes of progress in the US-China talks.

In onshore trade, the Chinese currency has risen 1.6 per cent this week, the biggest gain since July 2005 when Beijing abandoned the yuan's peg to the dollar.

US Treasury debt prices erased early gains after a soft 30-year bond auction and in reaction to Powell's comments on the Fed "substantially" reducing the size of its balance sheet.

The 10-year US Treasuries yield last stood at 2.728 per cent.

Crude prices held near one-month highs, but a more than week-long in oil rally slowed as optimism surrounding US-China trade talks faded a little.

In Asian trade, West Texas Intermediate crude futures slipped 0.6 per cent to $52.30 per barrel.

Asian stocks inched up to five-week highs on Friday, after Chairman Jerome Powell reiterated the Federal Reserve will be patient about raising interest rates and news that trade talks between Washington and Beijing are moving to higher levels.

Asian stocks inched up to five-week highs on Friday, after Chairman Jerome Powell reiterated the Federal Reserve will be patient about raising interest rates and news that trade talks between Washington and Beijing are moving to higher levels. As the Fed's dovish stance kept a lid on the dollar, China's yuan rose to its highest levels in more than five months and was on course for its biggest weekly gains since the 2005 revaluation in onshore trade. MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.2 per cent to the highest levels since December 6, while Japan's benchmark Nikkei advanced 0.7 per cent. Shanghai Composite Index initially rose 0.8 per cent, but that was pared to just 0.1 per cent. Wall Street extended its rally into a fifth straight day on Thursday in a whipsaw trading session as investors responded to mixed comments by Powell, while a warning from Macy's pummelled retail stocks. At the Economic Club of Washington, Powell reiterated the views of other policymakers that the Fed would be patient about interest rate hikes. Major US stock indexes also quickly recovered from brief losses after Powell said that the Fed's balance sheet would be "substantially smaller". "The word 'patient' is used often when the Fed's policy direction is still tightening but its next rate hike can wait for a considerable time. So risk assets now enjoy support from what we can call Powell put," said Tomoaki Shishido, economist at Nomura Securities. "Similarly, Trump also softened his stance on China after sharp falls in stock prices. He has offered an olive branch to China and there's no reason China would not want to accept it," he said. US and Chinese officials are working on arrangements for higher-level trade talks after mid-level officials this week discussed US demands that would require structural change in China to address issues such as IP theft, forced technology transfers and other non-tariff barriers. US Treasury Secretary Steven Mnuchin said late on Thursday that Chinese Vice Premier Liu He will "most likely" visit Washington later in January for trade talks. "For markets the upshot is that the outlook for 2019 is looking better as tensions de-escalate, creating the potential for a re-rating of risk assets as the tail risk of a near-term trade war is partially priced out," said Jeremy Lawson, chief economist at Aberdeen Standard Investments in Edinburgh. "This is especially the case in Asia," he added. Still, fundamental tensions between the US and China "are unlikely to go away and there is a high likelihood that any agreement to suspend tariffs eventually breaks down when it becomes clear that Trump’s objectives cannot really be met." Some investors are also increasingly wary of lingering disputes in Washington over a wall Trump wants on the U.S.-Mexico border, which has led to a weeks-long partial government shutdown. Flanked by border agents who are going without paychecks during the shutdown, Trump again threatened on Thursday to declare a national emergency to bypass Congress to fund a wall. In the foreign exchange markets, the dollar was broadly soft after a small rebound from three-month lows the previous day. The dollar index, measuring it against major peers, dipped 0.1 per cent to 95.38. The euro firmed 0.2 per cent to $1.1523, while the dollar dipped 0.1 per cent to 108.28 yen. The yuan, both onshore and offshore, climbed to the highest levels since late July, aided by a weaker dollar and rising hopes of progress in the US-China talks. In onshore trade, the Chinese currency has risen 1.6 per cent this week, the biggest gain since July 2005 when Beijing abandoned the yuan's peg to the dollar. US Treasury debt prices erased early gains after a soft 30-year bond auction and in reaction to Powell's comments on the Fed "substantially" reducing the size of its balance sheet. The 10-year US Treasuries yield last stood at 2.728 per cent. Crude prices held near one-month highs, but a more than week-long in oil rally slowed as optimism surrounding US-China trade talks faded a little. In Asian trade, West Texas Intermediate crude futures slipped 0.6 per cent to $52.30 per barrel.

Global Markets: Asia stocks reach five-week high, yuan makes big weekly gains

Industrial output growth dropped to a 17-month low of 0.5 per cent in November on account of contraction in the manufacturing sector, particularly consumer and capital goods.

Factory output as measured in terms of the Index of Industrial Production (IIP) had grown by 8.5 per cent in November 2017, as per data released by the Central Statistics Office (CSO) Friday.

The previous low was in June 2017, when IIP growth contracted by 0.3 per cent.

The growth for October 2018 was revised upwards to 8.4 per cent from 8.1 per cent.

During the April-November period, industrial output grew 5 per cent as compared to 3.2 per cent in the same period of the previous fiscal.

The manufacturing sector, which constitutes 77.63 per cent of the index, recorded a contraction of 0.4 per cent in November as against a growth of 10.4 per cent a year ago.

The mining sector posted 2.7 per cent growth during the month as against 1.4 per cent in November 2017.

Power sector output also grew by 5.1 per cent from 3.9 per cent a year ago.

Capital goods output declined by 3.4 per cent, compared to 3.7 per cent growth a year ago. Consumer durables output also dipped by 0.9 per cent as against a growth of 3.1 per cent a year earlier. Consumer non-durable goods also saw a contraction of 0.6 per cent as compared to 23.7 per cent growth a year ago.

In terms of industries, 10 out of 23 industry groups in the manufacturing sector showed positive growth during November 2018.

As per use-based classification, the growth rates in November 2018 over November 2017 are 3.2 per cent in primary goods, (-) 4.5 per cent in intermediate goods and 5 per cent in infrastructure/construction goods.&nbsp;

Industrial output growth dropped to a 17-month low of 0.5 per cent in November on account of contraction in the manufacturing sector, particularly consumer and capital goods.

Industrial output growth dropped to a 17-month low of 0.5 per cent in November on account of contraction in the manufacturing sector, particularly consumer and capital goods. Factory output as measured in terms of the Index of Industrial Production (IIP) had grown by 8.5 per cent in November 2017, as per data released by the Central Statistics Office (CSO) Friday. The previous low was in June 2017, when IIP growth contracted by 0.3 per cent. The growth for October 2018 was revised upwards to 8.4 per cent from 8.1 per cent. During the April-November period, industrial output grew 5 per cent as compared to 3.2 per cent in the same period of the previous fiscal. The manufacturing sector, which constitutes 77.63 per cent of the index, recorded a contraction of 0.4 per cent in November as against a growth of 10.4 per cent a year ago. The mining sector posted 2.7 per cent growth during the month as against 1.4 per cent in November 2017. Power sector output also grew by 5.1 per cent from 3.9 per cent a year ago. Capital goods output declined by 3.4 per cent, compared to 3.7 per cent growth a year ago. Consumer durables output also dipped by 0.9 per cent as against a growth of 3.1 per cent a year earlier. Consumer non-durable goods also saw a contraction of 0.6 per cent as compared to 23.7 per cent growth a year ago. In terms of industries, 10 out of 23 industry groups in the manufacturing sector showed positive growth during November 2018. As per use-based classification, the growth rates in November 2018 over November 2017 are 3.2 per cent in primary goods, (-) 4.5 per cent in intermediate goods and 5 per cent in infrastructure/construction goods.

India's industrial growth falls to 17-month low of 0.5%  in November

Jet Airways Ltd, India's biggest full-service carrier, has been under dark clouds for the most part of the past year, and several efforts are on to save the sinking airline.

While intense pricing competition, weak rupee and rising fuel costs have hurt Indian airlines like IndiGo owned by InterGlobe Aviation Ltd and SpiceJet Ltd, Jet Airways is in a league of its own.

Saddled with a debt of about 80.52 billion rupees ($1.14 billion) as of September 30, Jet is desperately searching for a deal that could help mitigate its severe liquidity crunch. The airline has a market capitalisation of 28.81 billion rupees as of Friday's close.

Here's how Jet has fared:

May 3 – Jet shares fall 12.3 per cent after InterGlobe Aviation reported a slump in net profit for March-quarter a day earlier

May 23 - Jet posts first quarterly loss in at least 12 quarters, says it has a negative net worth that 'may create uncertainties'

Aug 1 – Media report says Jet asked employees to take an up to 25 percent cut in salaries as a part of a cost cutting measure

Aug 3 – Jet denies report that it cannot fly beyond 60 days, and dismisses conjecture of stake sale

Aug 9 – Airline defers board meet for first-quarter results

Aug 11 – After State Bank of India chairman says Jet's loan is on the bank's watch list, Jet says it is regular in payment obligations to all banks

Aug 13 – Airline reaffirms that it is considering various options to meet its funding requirements

Aug 15 – Report says U.S. private equity firm Blackstone Group LP is in talks to buy a stake in Jet's frequent-flier loyalty programme JetPrivilege

Aug 20 - Sources tell Reuters that private equity firm TPG Capital is considering investing in Jet, but is not close to finalising a deal

Aug 27 – Jet posts loss for the June-quarter, says it will inject funds and cut costs by more than 20 billion rupees in two years

Sept 4 – Government plans relief package for airlines

Sept 6 – Jet says it paid salaries to 84 per cent of its employees after reports emerge that pilots warned 'non-cooperation' over salary default

Sept 20 – Income Tax department conducts survey at Jet's premises

• Over two dozen passengers on a Jet flight are treated for minor injuries after the plane loses cabin pressure

Oct 4 – Rating agency ICRA downgrades the company's long term loans and NCDs, citing impact of steep increase in jet fuel prices, rupee depreciation, delay in implementation of liquidity initiatives

Oct 18 – Report says Indian conglomerate Tata Group is in talks to buy stake in Jet. Jet calls report "speculative"

Oct 30 - U.S.-based Delta Air Lines Inc expresses interest to buy Jet stake from promoter Naresh Goyal and Etihad Airways

Nov 5 – Report says Tata aims to buy the 51 per cent stake in the airline owned by Naresh Goyal, and Etihad Airways' 24 per cent stake, and merge Jet with Vistara

Nov 12 – Jet posts third straight quarterly loss, chief executive officer Vinay Dube expresses confidence in overcoming current challenges

Nov 13 – Tata Sons begins due diligence to buy Jet, reports say

Jet executive says company is in talks with multiple parties for a stake sale in its loyalty program, and equity infusion in the airline

Nov 15 – Shares surge nearly 25 per cent following reports that the debt-laden airline was nearing a rescue deal with Tata Sons; another report says the Indian government asked Tata to explore buying Jet

Nov 16 – Tata Sons says discussions on Jet is preliminary and no proposal has been made

Nov 20 – Tata Sons may go slow on Jet deal after some directors from Tata's board expressed concerns, according to media reports

Nov 21 - The airline says news on Naresh Goyal, Etihad discussing merger of JetPrivilege with Jet Airways is speculative

Nov 22 - Independent director Ranjan Mathai resigns, citing rising pressure from other commitments

Nov 26 - Report says Naresh Goyal may hand over Jet Airways ops to Etihad Airways

Dec 3 - Jet says it will stop providing free meals to most domestic economy class passengers from January, in its latest move to cut costs and boost revenues

Dec 5 - Jet and Etihad Airways have been holding rescue talks with Jet's bankers, sources tell Reuters

Dec 6 - Jet tells its pilot union it will clear all salary dues by April, and gives them schedule outlining when the payments will be made, source tells Reuters

Dec 7 - ICRA cuts Jet rating yet again, cites delays in implementation of the proposed liquidity initiatives by Jet's management

Dec 14 - Goyal's penchant for control has come up as a major obstacle as the airline tries to negotiate a rescue deal, several people who have worked closely with him or known him over the years tell Reuters

Jan 2 - The airline says it has delayed payment to a consortium of Indian banks, led by SBI; ICRA cuts rating again

Jan 10 - Jet proposes to creditors that it will catch up with debt payments in arrears by September and from April will meet debt payments as they come due, according to a document seen by Reuters

Jan 11 - Crisis talks between Jet and aircraft lessors have failed to ease a row over late payments, prompting some lessors to explore taking back aircraft, three people familiar with the matter tell Reuters. Etihad is not "in any position to sink new equity into Jet at this juncture," says a person familiar with Etihad's position.

Jet Airways Ltd, India's biggest full-service carrier, has been under dark clouds for the most part of the past year, and several efforts are on to save the sinking airline.

Jet Airways Ltd, India's biggest full-service carrier, has been under dark clouds for the most part of the past year, and several efforts are on to save the sinking airline. While intense pricing competition, weak rupee and rising fuel costs have hurt Indian airlines like IndiGo owned by InterGlobe Aviation Ltd and SpiceJet Ltd, Jet Airways is in a league of its own. Saddled with a debt of about 80.52 billion rupees ($1.14 billion) as of September 30, Jet is desperately searching for a deal that could help mitigate its severe liquidity crunch. The airline has a market capitalisation of 28.81 billion rupees as of Friday's close. Here's how Jet has fared: May 3 – Jet shares fall 12.3 per cent after InterGlobe Aviation reported a slump in net profit for March-quarter a day earlier May 23 - Jet posts first quarterly loss in at least 12 quarters, says it has a negative net worth that 'may create uncertainties' Aug 1 – Media report says Jet asked employees to take an up to 25 percent cut in salaries as a part of a cost cutting measure Aug 3 – Jet denies report that it cannot fly beyond 60 days, and dismisses conjecture of stake sale Aug 9 – Airline defers board meet for first-quarter results Aug 11 – After State Bank of India chairman says Jet's loan is on the bank's watch list, Jet says it is regular in payment obligations to all banks Aug 13 – Airline reaffirms that it is considering various options to meet its funding requirements Aug 15 – Report says U.S. private equity firm Blackstone Group LP is in talks to buy a stake in Jet's frequent-flier loyalty programme JetPrivilege Aug 20 - Sources tell Reuters that private equity firm TPG Capital is considering investing in Jet, but is not close to finalising a deal Aug 27 – Jet posts loss for the June-quarter, says it will inject funds and cut costs by more than 20 billion rupees in two years Sept 4 – Government plans relief package for airlines Sept 6 – Jet says it paid salaries to 84 per cent of its employees after reports emerge that pilots warned 'non-cooperation' over salary default Sept 20 – Income Tax department conducts survey at Jet's premises • Over two dozen passengers on a Jet flight are treated for minor injuries after the plane loses cabin pressure Oct 4 – Rating agency ICRA downgrades the company's long term loans and NCDs, citing impact of steep increase in jet fuel prices, rupee depreciation, delay in implementation of liquidity initiatives Oct 18 – Report says Indian conglomerate Tata Group is in talks to buy stake in Jet. Jet calls report "speculative" Oct 30 - U.S.-based Delta Air Lines Inc expresses interest to buy Jet stake from promoter Naresh Goyal and Etihad Airways Nov 5 – Report says Tata aims to buy the 51 per cent stake in the airline owned by Naresh Goyal, and Etihad Airways' 24 per cent stake, and merge Jet with Vistara Nov 12 – Jet posts third straight quarterly loss, chief executive officer Vinay Dube expresses confidence in overcoming current challenges Nov 13 – Tata Sons begins due diligence to buy Jet, reports say Jet executive says company is in talks with multiple parties for a stake sale in its loyalty program, and equity infusion in the airline Nov 15 – Shares surge nearly 25 per cent following reports that the debt-laden airline was nearing a rescue deal with Tata Sons; another report says the Indian government asked Tata to explore buying Jet Nov 16 – Tata Sons says discussions on Jet is preliminary and no proposal has been made Nov 20 – Tata Sons may go slow on Jet deal after some directors from Tata's board expressed concerns, according to media reports Nov 21 - The airline says news on Naresh Goyal, Etihad discussing merger of JetPrivilege with Jet Airways is speculative Nov 22 - Independent director Ranjan Mathai resigns, citing rising pressure from other commitments Nov 26 - Report says Naresh Goyal may hand over Jet Airways ops to Etihad Airways Dec 3 - Jet says it will stop providing free meals to most domestic economy class passengers from January, in its latest move to cut costs and boost revenues Dec 5 - Jet and Etihad Airways have been holding rescue talks with Jet's bankers, sources tell Reuters Dec 6 - Jet tells its pilot union it will clear all salary dues by April, and gives them schedule outlining when the payments will be made, source tells Reuters Dec 7 - ICRA cuts Jet rating yet again, cites delays in implementation of the proposed liquidity initiatives by Jet's management Dec 14 - Goyal's penchant for control has come up as a major obstacle as the airline tries to negotiate a rescue deal, several people who have worked closely with him or known him over the years tell Reuters Jan 2 - The airline says it has delayed payment to a consortium of Indian banks, led by SBI; ICRA cuts rating again Jan 10 - Jet proposes to creditors that it will catch up with debt payments in arrears by September and from April will meet debt payments as they come due, according to a document seen by Reuters Jan 11 - Crisis talks between Jet and aircraft lessors have failed to ease a row over late payments, prompting some lessors to explore taking back aircraft, three people familiar with the matter tell Reuters. Etihad is not "in any position to sink new equity into Jet at this juncture," says a person familiar with Etihad's position.

Timeline: Debt-laden Jet Airways' rocky ride

Crisis talks between India's cash-strapped Jet Airways Ltd and aircraft lessors have failed to ease a row over late payments, prompting some lessors to explore taking back aircraft, three people familiar with the matter told Reuters.

In what one of the people described as an ill-tempered showdown between the airline and some of the world's leading leasing firms, Jet's main lender State Bank of India sought to provide reassurance that India's biggest full-service carrier is doing all it can to pay its staff, suppliers and creditors.

"Jet has been delinquent for many months. Nobody wants to get in a situation where the problems worsen and it becomes even more difficult to take out aircraft," one of the people said.

Jet controls over a sixth of a market experiencing an unprecedented boom in air travel. Yet high fuel taxes, a weak rupee and price competition have squeezed profitability, leaving Jet with 80.52 billion rupees ($1.14 billion) in net debt as at the end of September and defaulting on payments.

The airline had previously told some lessors it would clear arrears by Dec. 31, but was unable do so, the people close to the matter said.

At meetings on Tuesday, held at SBI's headquarters in Mumbai's business district, the bank's Chairman Rajnish Kumar was asked how Jet planned to raise equity or debt, said one of the people - an attendee, who found the responses lacked sufficient detail.

Other attendees included Jet's management team, including the airline's founder and Chairman Naresh Goyal, as well as a senior adviser of Etihad Airways, which owns 24 per cent of Jet and which did not provide any assurances, the person said.

An official from Punjab National Bank later said lenders have "in-principle" agreed to extend some help to Jet, but details on the mechanics of it are still being worked out.

Some lessors have engaged with lawyers, are working with their technical teams about repossession and are monitoring the planes, but the situation could be complicated by a new bankruptcy law that allows up to 270 days where no action is permitted against the debtor or its assets, the person said.

Lessors such as GE Capital Aviation Services (GECAS) SMBC Aviation Capital and Jackson Square are looking into stopping the transfer of Boeing Co 737 MAX jets that had been due for delivery to Jet, the person said.

A second person said deliveries of 737 MAX jets from lessors had been behind schedule since November.

Avolon, DAE Aerospace, BOC Aviation Ltd and Aircastle Ltd also attended the meetings along with GECAS and SMBC, one of the people said, declining to specify which are considering reclaiming planes.

Jet Airways, in a statement on Friday, said the airline is working on its turnaround strategy and updating its partners, in real time, on efforts taken to improve its liquidity.

"A comprehensive plan that will ensure business sustainability, preserve value, and enable the company to honour its obligations was outlined," a Jet spokesman said in the statement, adding that the meeting took place in an atmosphere of cordiality and mutual appreciation.

The turnaround plan involves creating a competitive cost structure and restructuring the balance sheet, among other things, and is expected to "deliver a positive impact on the financials of the company," he said.

SBI and SMBC Aviation did not immediately respond to requests for comment. DAE Aerospace, GECAS, Aircastle and Jackson Square did not respond outside of regular business hours. Etihad, BOC Aviation and Avolon declined to comment.

The people familiar with the talks were not authorised to speak publicly on the matter and so declined to be identified.

Financial help

Jet, controlled by Goyal, has turned to Etihad for financial help. However, the Abu Dhabi airline is not "in any position to sink new equity into Jet at this juncture," said a person familiar with Etihad's position.

Etihad posted a "significant loss" at the end of last year that would continue into 2019, according to an internal memo seen by sources on Thursday. The memo also showed 50 pilots would lose their jobs as the airline cut costs.

Jet held talks with Indian conglomerate Tata Sons Ltd about financial aid last year. Sources told Reuters that Goyal ended the talks because Tata would have wanted him to step down or take a less prominent role.

A source close to Tata on Thursday said there had been no recent engagement with Jet and doing so was "extremely unlikely" because Tata people had "moved on internally".

Tata Sons declined to comment on Friday.

Repossession

After the disorderly collapse of Kingfisher Airlines in 2012, India modified rules in line with the Cape Town convention, an international treaty making it easier for foreign owners to repossess aircraft when airlines default on payments.

Lessors can file a complaint with the government which has the power to cancel the registration of a plane within five working days and allow lessors to repossess it subject to certain conditions, including unpaid dues on the aircraft.

Some laws conflict with full implementation of the convention and the government in October said it was consulting to revise those laws - a move that could reduce lease rates for Indian carriers. Nevertheless, the ability to repossess a plane can be a more complicated process in India than in some other countries.

On Tuesday, Jet proposed to creditors that it would catch up with debt payments in arrears as of September, and from April meet debt payments as they come due, showed a document seen by Reuters.

Jet's debt payments will be large over the next few years, starting with about 17 billion rupees due by March-end, credit-ratings firm ICRA said in a Jan. 2 research note.

Crisis talks between India's cash-strapped Jet Airways Ltd and aircraft lessors have failed to ease a row over late payments, prompting some lessors to explore taking back aircraft, three people familiar with the matter told Reuters.

Crisis talks between India's cash-strapped Jet Airways Ltd and aircraft lessors have failed to ease a row over late payments, prompting some lessors to explore taking back aircraft, three people familiar with the matter told Reuters. In what one of the people described as an ill-tempered showdown between the airline and some of the world's leading leasing firms, Jet's main lender State Bank of India sought to provide reassurance that India's biggest full-service carrier is doing all it can to pay its staff, suppliers and creditors. "Jet has been delinquent for many months. Nobody wants to get in a situation where the problems worsen and it becomes even more difficult to take out aircraft," one of the people said. Jet controls over a sixth of a market experiencing an unprecedented boom in air travel. Yet high fuel taxes, a weak rupee and price competition have squeezed profitability, leaving Jet with 80.52 billion rupees ($1.14 billion) in net debt as at the end of September and defaulting on payments. The airline had previously told some lessors it would clear arrears by Dec. 31, but was unable do so, the people close to the matter said. At meetings on Tuesday, held at SBI's headquarters in Mumbai's business district, the bank's Chairman Rajnish Kumar was asked how Jet planned to raise equity or debt, said one of the people - an attendee, who found the responses lacked sufficient detail. Other attendees included Jet's management team, including the airline's founder and Chairman Naresh Goyal, as well as a senior adviser of Etihad Airways, which owns 24 per cent of Jet and which did not provide any assurances, the person said. An official from Punjab National Bank later said lenders have "in-principle" agreed to extend some help to Jet, but details on the mechanics of it are still being worked out. Some lessors have engaged with lawyers, are working with their technical teams about repossession and are monitoring the planes, but the situation could be complicated by a new bankruptcy law that allows up to 270 days where no action is permitted against the debtor or its assets, the person said. Lessors such as GE Capital Aviation Services (GECAS) SMBC Aviation Capital and Jackson Square are looking into stopping the transfer of Boeing Co 737 MAX jets that had been due for delivery to Jet, the person said. A second person said deliveries of 737 MAX jets from lessors had been behind schedule since November. Avolon, DAE Aerospace, BOC Aviation Ltd and Aircastle Ltd also attended the meetings along with GECAS and SMBC, one of the people said, declining to specify which are considering reclaiming planes. Jet Airways, in a statement on Friday, said the airline is working on its turnaround strategy and updating its partners, in real time, on efforts taken to improve its liquidity. "A comprehensive plan that will ensure business sustainability, preserve value, and enable the company to honour its obligations was outlined," a Jet spokesman said in the statement, adding that the meeting took place in an atmosphere of cordiality and mutual appreciation. The turnaround plan involves creating a competitive cost structure and restructuring the balance sheet, among other things, and is expected to "deliver a positive impact on the financials of the company," he said. SBI and SMBC Aviation did not immediately respond to requests for comment. DAE Aerospace, GECAS, Aircastle and Jackson Square did not respond outside of regular business hours. Etihad, BOC Aviation and Avolon declined to comment. The people familiar with the talks were not authorised to speak publicly on the matter and so declined to be identified. Financial help Jet, controlled by Goyal, has turned to Etihad for financial help. However, the Abu Dhabi airline is not "in any position to sink new equity into Jet at this juncture," said a person familiar with Etihad's position. Etihad posted a "significant loss" at the end of last year that would continue into 2019, according to an internal memo seen by sources on Thursday. The memo also showed 50 pilots would lose their jobs as the airline cut costs. Jet held talks with Indian conglomerate Tata Sons Ltd about financial aid last year. Sources told Reuters that Goyal ended the talks because Tata would have wanted him to step down or take a less prominent role. A source close to Tata on Thursday said there had been no recent engagement with Jet and doing so was "extremely unlikely" because Tata people had "moved on internally". Tata Sons declined to comment on Friday. Repossession After the disorderly collapse of Kingfisher Airlines in 2012, India modified rules in line with the Cape Town convention, an international treaty making it easier for foreign owners to repossess aircraft when airlines default on payments. Lessors can file a complaint with the government which has the power to cancel the registration of a plane within five working days and allow lessors to repossess it subject to certain conditions, including unpaid dues on the aircraft. Some laws conflict with full implementation of the convention and the government in October said it was consulting to revise those laws - a move that could reduce lease rates for Indian carriers. Nevertheless, the ability to repossess a plane can be a more complicated process in India than in some other countries. On Tuesday, Jet proposed to creditors that it would catch up with debt payments in arrears as of September, and from April meet debt payments as they come due, showed a document seen by Reuters. Jet's debt payments will be large over the next few years, starting with about 17 billion rupees due by March-end, credit-ratings firm ICRA said in a Jan. 2 research note.

Lessors to troubled Jet Airways consider taking back planes: Report

Indian IT services bellwether Infosys Ltd on Friday reported a 29.6 per cent fall in third-quarter net profit, well below market expectations.

Profit attributable for the three months through December 31 was 36.09 billion rupees ($511.94 million), missing the average estimate of 41.31 billion rupees from 25 analysts compiled by Refinitiv Eikon.

Last year, it made a profit of 51.29 billion rupees, helped by tax benefits from the firm's deal with the US&nbsp;Internal Revenue Service.

India's second-biggest software services exporter by market cap after Tata Consultancy Services Ltd said revenue from operations in the quarter rose 20.3 per cent to 214 billion rupees.

Indian IT services bellwether Infosys Ltd on Friday reported a 29.6 per cent fall in third-quarter net profit, well below market expectations. Profit attributable for the three months through December 31 was 36.

Indian IT services bellwether Infosys Ltd on Friday reported a 29.6 per cent fall in third-quarter net profit, well below market expectations. Profit attributable for the three months through December 31 was 36.09 billion rupees ($511.94 million), missing the average estimate of 41.31 billion rupees from 25 analysts compiled by Refinitiv Eikon. Last year, it made a profit of 51.29 billion rupees, helped by tax benefits from the firm's deal with the US Internal Revenue Service. India's second-biggest software services exporter by market cap after Tata Consultancy Services Ltd said revenue from operations in the quarter rose 20.3 per cent to 214 billion rupees.

Infosys third-quarter profit falls 29.6%, misses estimates

Surrendering early gains, benchmark Sensex Friday dropped 96 points to end at 36,009.84 as investors booked profits even as global equities rose.

The 30-share index opened on a strong note at 36,191.87, but failed to hold on its gains and settled 96.66 points, or 0.27 per cent, lower at 36,009.84. Intra-day, the gauge swung between 36,214.26 and 35,840.60.&nbsp;

The NSE Nifty too slipped by 26.65 points to close at 10,794.95.&nbsp;

The major losers on the Sensex included IndusInd Bank, Tata Motors, TCS, Yes Bank and L&amp;T.

Among the gainers were ITC, ONGC, Vedanta Ltd, Infosys, Axis Bank and HDFC.

On the macro front, the rupee was trading lower by 21 paise to 70.55 against the US dollar.

Brent crude futures were trading 1.10 per cent higher at USD 62.36 per barrel.&nbsp;

Surrendering early gains, benchmark Sensex Friday dropped 96 points to end at 36,009.84 as investors booked profits even as global equities rose. The 30-share index opened on a strong note at 36,191.

Surrendering early gains, benchmark Sensex Friday dropped 96 points to end at 36,009.84 as investors booked profits even as global equities rose. The 30-share index opened on a strong note at 36,191.87, but failed to hold on its gains and settled 96.66 points, or 0.27 per cent, lower at 36,009.84. Intra-day, the gauge swung between 36,214.26 and 35,840.60. The NSE Nifty too slipped by 26.65 points to close at 10,794.95. The major losers on the Sensex included IndusInd Bank, Tata Motors, TCS, Yes Bank and L&T. Among the gainers were ITC, ONGC, Vedanta Ltd, Infosys, Axis Bank and HDFC. On the macro front, the rupee was trading lower by 21 paise to 70.55 against the US dollar. Brent crude futures were trading 1.10 per cent higher at USD 62.36 per barrel.

Sensex falls 96 points, Nifty ends below 10,800