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Fule prices witnessed further reduction on Friday, providing some relief to consumers from relentless rate hikes.

The petrol price in Delhi was revised to Rs 80.85 per litre, while that in Mumbai was Rs 86.33 per litre after a reduction of 25 paise.

Diesel, on the other hand, is being sold seven paise lower at Rs 74.73 per litre in Delhi, while the price of diesel in Mumbai has been reduced by eight paise to retail at Rs 78.33 per litre.

The fuel prices had been witnessing a relentless hike since the past few months in the country, burning a hole in the commuter's pocket.

On October 4, in a bid to ease the crunch caused by soaring fuel prices, finance minister Arun Jaitley had announced a reduction of Rs 2.50 per litre on both petrol and diesel prices after curbing excise duty on the commodity by Rs 1.50 per litre.&nbsp;

Fule prices witnessed further reduction on Friday, providing some relief to consumers from relentless rate hikes. The petrol price in Delhi was revised to Rs 80.

Fule prices witnessed further reduction on Friday, providing some relief to consumers from relentless rate hikes. The petrol price in Delhi was revised to Rs 80.85 per litre, while that in Mumbai was Rs 86.33 per litre after a reduction of 25 paise. Diesel, on the other hand, is being sold seven paise lower at Rs 74.73 per litre in Delhi, while the price of diesel in Mumbai has been reduced by eight paise to retail at Rs 78.33 per litre. The fuel prices had been witnessing a relentless hike since the past few months in the country, burning a hole in the commuter's pocket. On October 4, in a bid to ease the crunch caused by soaring fuel prices, finance minister Arun Jaitley had announced a reduction of Rs 2.50 per litre on both petrol and diesel prices after curbing excise duty on the commodity by Rs 1.50 per litre.

Fuel prices continue to decline; Petrol at Rs 80.85 per litre, Diesel at Rs 74.73 per litre in Delhi

Shares of Amazon.com Inc fell 10 per cent in trading before the bell on Friday after its sales outlook missed Wall Street targets, fanning concerns that the online retailer's expansion may finally be losing steam.

The third quarter results late on Thursday was the second time running that billionaire Jeff Bezos' firm had fallen short of Wall Street's lofty sales targets, and the numbers sent a shockwave reverberating through global stock markets.

The fall in shares, if replicated when U.S. stock markets open officially, would knock nearly $90 billion off Amazon's market value and relegate it behind Microsoft Corp and Apple Inc in terms of market value.

There were no rating downgrades, however, from the Wall Street analysts who have almost universally backed the company's long-term prospects.

Only three brokerages cut their price targets on the stock and four others raised their targets, saying Amazon's long-term growth story remained intact.

"Shares are up 52 per cent YTD, hence this kind of 'growth scare' is likely to weigh on sentiment in the near term, but ultimately will work itself out (likely by 1Q19)," Barclays analyst Ross Sandler wrote in a client note.

The world's largest retailer is facing hurdles to boost sales in international markets as well as increased competition at home from the likes of Best Buy, Target Corp and Walmart Inc, who are stepping up digital investments.

Revenue from Amazon's international business, which brings in 27.5 per cent of total sales, rose 13.4 per cent in the third quarter, missing estimates, and decelerating from a 27 per cent year-on-year expansion in the previous quarter.

"We don't see any real structural issue with Amazon but nearly every line in the business is decelerating a tad, and we typically see another deceleration in retail in 4Q, hence are struggling to identify a catalyst," Sandler said.

Amazon expected sales in the holiday quarter leading up to Christmas to rise between 10 per cent and 20 per cent, or up to $72.5 billion, while analysts were expecting $73.9 billion, according to Refinitiv data.

Its operating profit forecast of between $2.1 billion and $3.6 billion also came in below consensus estimates.

Several analysts called the company's outlook conservative and said any outright dip in profit seems highly unlikely.

"Overall, Amazon's growth trajectory remains solid, including advertising, grocery, pharmacy, and speciality retail, as well as Amazon Business ($10 billion in sales in eight countries) and Amazon Web Services," Telsey Advisory Group analysts said.

Shares of the company were down 9.7 per cent at $1,610 in trading before the bell.

&nbsp;&nbsp;

Shares of Amazon.com Inc fell 10 per cent in trading before the bell on Friday after its sales outlook missed Wall Street targets, fanning concerns that the online retailer's expansion may finally be losing steam.

Shares of Amazon.com Inc fell 10 per cent in trading before the bell on Friday after its sales outlook missed Wall Street targets, fanning concerns that the online retailer's expansion may finally be losing steam. The third quarter results late on Thursday was the second time running that billionaire Jeff Bezos' firm had fallen short of Wall Street's lofty sales targets, and the numbers sent a shockwave reverberating through global stock markets. The fall in shares, if replicated when U.S. stock markets open officially, would knock nearly $90 billion off Amazon's market value and relegate it behind Microsoft Corp and Apple Inc in terms of market value. There were no rating downgrades, however, from the Wall Street analysts who have almost universally backed the company's long-term prospects. Only three brokerages cut their price targets on the stock and four others raised their targets, saying Amazon's long-term growth story remained intact. "Shares are up 52 per cent YTD, hence this kind of 'growth scare' is likely to weigh on sentiment in the near term, but ultimately will work itself out (likely by 1Q19)," Barclays analyst Ross Sandler wrote in a client note. The world's largest retailer is facing hurdles to boost sales in international markets as well as increased competition at home from the likes of Best Buy, Target Corp and Walmart Inc, who are stepping up digital investments. Revenue from Amazon's international business, which brings in 27.5 per cent of total sales, rose 13.4 per cent in the third quarter, missing estimates, and decelerating from a 27 per cent year-on-year expansion in the previous quarter. "We don't see any real structural issue with Amazon but nearly every line in the business is decelerating a tad, and we typically see another deceleration in retail in 4Q, hence are struggling to identify a catalyst," Sandler said. Amazon expected sales in the holiday quarter leading up to Christmas to rise between 10 per cent and 20 per cent, or up to $72.5 billion, while analysts were expecting $73.9 billion, according to Refinitiv data. Its operating profit forecast of between $2.1 billion and $3.6 billion also came in below consensus estimates. Several analysts called the company's outlook conservative and said any outright dip in profit seems highly unlikely. "Overall, Amazon's growth trajectory remains solid, including advertising, grocery, pharmacy, and speciality retail, as well as Amazon Business ($10 billion in sales in eight countries) and Amazon Web Services," Telsey Advisory Group analysts said. Shares of the company were down 9.7 per cent at $1,610 in trading before the bell.

Amazon shares sink 10 per cent on growth worries

ICICI Bank Friday reported a 42 per cent drop in its consolidated net profit to Rs 1,204.62 crore in the quarter ended September 2018.

The country's largest private sector lender had posted a consolidated net profit of Rs 2,071.38 crore in the corresponding quarter a year ago, the bank said in a regulatory filing.

However, total income of the bank on a consolidated basis rose to 31,914.82 crore as against Rs 30,190.54 crore a year ago.&nbsp;

On a standalone basis, its net profit fell by 56 per cent to Rs 908.88 crore in the said quarter as against Rs 2,058.19 crore in July-September 2017.

The bank had reported a net loss of Rs 119.55 crore in the first quarter of the ongoing fiscal.

Total income of the ICICI Bank on a standalone basis stood at Rs 18,262.12 crore during the September quarter, down from Rs 18,763.29 crore in the year-ago period.

Its shares closed at Rs 315.05 apiece on the BSE, down 1.45 per cent from their previous close.

ICICI Bank Friday reported a 42 per cent drop in its consolidated net profit to Rs 1,204.62 crore in the quarter ended September 2018. The country's largest private sector lender had posted a consolidated net profit of Rs 2,071.

ICICI Bank Friday reported a 42 per cent drop in its consolidated net profit to Rs 1,204.62 crore in the quarter ended September 2018. The country's largest private sector lender had posted a consolidated net profit of Rs 2,071.38 crore in the corresponding quarter a year ago, the bank said in a regulatory filing. However, total income of the bank on a consolidated basis rose to 31,914.82 crore as against Rs 30,190.54 crore a year ago. On a standalone basis, its net profit fell by 56 per cent to Rs 908.88 crore in the said quarter as against Rs 2,058.19 crore in July-September 2017. The bank had reported a net loss of Rs 119.55 crore in the first quarter of the ongoing fiscal. Total income of the ICICI Bank on a standalone basis stood at Rs 18,262.12 crore during the September quarter, down from Rs 18,763.29 crore in the year-ago period. Its shares closed at Rs 315.05 apiece on the BSE, down 1.45 per cent from their previous close.

ICICI Bank Q2 net profit dives 42% to Rs 1,205 crore

The BSE Sensex tumbled almost 341 points to end at a fresh seven-month low of 33,349.31 Friday as the November derivatives series began on a subdued note amid weakness in the rupee and negative leads from global markets.

On a weekly basis, both key indices Sensex and Nifty recorded their second straight week of losses by falling 966.32 points, or about 3 per cent, and 273.55 points, or 2.7 per cent, respectively.

Continuous fall in the rupee, which depreciated to 73.45 (intra-day) against the dollar, and prevailing liquidity crunch remain key dampening factors, brokers said.

Most Asian markets skidded to multi-month lows and European shares opened sharply lower on worries over corporate earnings and global growth.

Disappointing quarterly earnings from Maruti Suzuki, Yes Bank and a few others accelerated the selling momentum, brokers said.

The Sensex moved in the range of 33,776.80 and 33,298.43 before settling down by 340.31 points, or 1.01 per cent, at 33,349.31. This is its lowest closing since April 5 when it had finished at 33,596.80.

The broader NSE Nifty ended 94.90 points, or 0.94 per cent down at 10,030 after shuttling between 10,128.85 and 10,004.55. This is its weakest closing since March 26, when the gauge had ended at 10,130.65 points.

Meanwhile, on a net basis, foreign funds sold shares worth Rs 1,495.71 crore, while domestic institutional investors bought shares to the tune of Rs 339.60 crore Thursday, provisional data showed.

The BSE Sensex tumbled almost 341 points to end at a fresh seven-month low of 33,349.31 Friday as the November derivatives series began on a subdued note amid weakness in the rupee and negative leads from global markets.

The BSE Sensex tumbled almost 341 points to end at a fresh seven-month low of 33,349.31 Friday as the November derivatives series began on a subdued note amid weakness in the rupee and negative leads from global markets. On a weekly basis, both key indices Sensex and Nifty recorded their second straight week of losses by falling 966.32 points, or about 3 per cent, and 273.55 points, or 2.7 per cent, respectively. Continuous fall in the rupee, which depreciated to 73.45 (intra-day) against the dollar, and prevailing liquidity crunch remain key dampening factors, brokers said. Most Asian markets skidded to multi-month lows and European shares opened sharply lower on worries over corporate earnings and global growth. Disappointing quarterly earnings from Maruti Suzuki, Yes Bank and a few others accelerated the selling momentum, brokers said. The Sensex moved in the range of 33,776.80 and 33,298.43 before settling down by 340.31 points, or 1.01 per cent, at 33,349.31. This is its lowest closing since April 5 when it had finished at 33,596.80. The broader NSE Nifty ended 94.90 points, or 0.94 per cent down at 10,030 after shuttling between 10,128.85 and 10,004.55. This is its weakest closing since March 26, when the gauge had ended at 10,130.65 points. Meanwhile, on a net basis, foreign funds sold shares worth Rs 1,495.71 crore, while domestic institutional investors bought shares to the tune of Rs 339.60 crore Thursday, provisional data showed.

Sensex extends losses as new F&O series opens weak

Smartphone-maker Lava is a small player in India's booming mobile communications industry, but it has become a poster child for Prime Minister Narendra Modi's ambitious effort to make India a global hub for electronics manufacturing.

Just a few years ago, Lava imported cheap phones from China. Now it builds its own devices at two factories on the outskirts of New Delhi that employ about 3,500 people, and expansion plans are in the works.

Modi's vow to create tens of millions of new jobs has stuttered on many fronts, but domestic smartphone production has emerged as a bright spot for Asia's third-largest economy. Along with local firms such as Lava, global smartphone giants including Samsung, Oppo and Xiaomi are expanding rapidly in India, and starting to bring along components suppliers while driving contract manufacturers like Foxconn to ramp up.

More than 120 new manufacturing units have created about 450,000 jobs in the mobile phone industry over the past four years, according to the Indian Cellular and Electronics Association, thanks largely to the 'Make In India' campaign and a phased plan featuring stiff duties on imported devices and parts.

That growth has made India the world's second-biggest mobile phone maker and positioned it for further growth as trade tensions and rising costs hobble China's world-leading electronics manufacturing sector.

"India has an opportunity to become a major player in the global supply chain because we have a very strong domestic economy," Vikas Agarwal, the India head of Chinese smartphone maker OnePlus, told Reuters.

The country still needs to encourage the production of high-value components as well as research and development, Agarwal added, "but at least we are off to a very good start."

The Indian industry's emergence is especially visible in Noida, where Lava is based. Once a suburb for tech outsourcing firms, Noida is now bursting with companies making everything from headphones and chargers to high-end smartphones.

Sanjeev Agarwal, Lava's head of manufacturing, says local production is helping it reduce costs and build high-quality devices that can sell for less than $150.

Much of the company's product design is still done in China, Agarwal said, but the company plans to bring that work to India over the next few years.

The local presence allows quicker innovation, he said, as well as lower, tariff-free costs.

Lava has some big neighbours in Noida. Samsung this year opened what it said was the world's biggest mobile phone plant there. The South Korean giant last year said it will spend 49.2 billion rupees ($672.45 million) to expand capacity at the plant over three years.

Not far from Samsung's factory, China's Oppo, one of India's top smartphone players, is building a massive plant too. It is expected to open soon.

ALTERNATIVE TO CHINA

Modi's so-called phased manufacturing plan, introduced in 2016, aims to take advantage of India's huge domestic smartphone market to promote local production. India has more than a billion wireless subscribers, and about 380 million of them do not yet have a smartphone.

The manufacturing plan includes import duties not only on phones, but also on accessories such as phone chargers, batteries and headphones, as well as components including pre-assembled printed circuit boards.

Xiaomi, which competes with Samsung for the top spot in India's smartphone market, makes many of its phones using Foxconn's plants in southern India, with a total of six facilities producing its devices.

Just as important, Xiaomi said this year that it wants its component suppliers to set up shop in India too, a move that could bring as much as $2.5 billion of investment and create as many as 50,000 jobs.

Xiaomi supplier Holitech Technology has committed to investing about $200 million in India over three years in India, with plans to begin manufacturing in early 2019. It will make components such as camera and touch screen modules and fingerprint sensors, Muralikrishnan B, Xiaomi's chief operating officer for India, said in an email.

The big prize for India, local industry officials say, is to become a full-fledged alternative to China as a manufacturing hub.

More and more companies are realising they need a "China plus one strategy," one manufacturing industry source said.

In China, "there is the Trump risk and there are other risks - currency risks, overall wage appreciation risk and so on," the source said, declining to be named because of the sensitivity of the matter.

"Today it's the trade-tariff war, tomorrow it may be something else, a natural disaster," the source added. "The question is then - how do I use India strategically?"

Samsung has said it plans to use its Noida plant as an export hub, but it is unclear whether other manufacturers will follow suit.

To become a true global centre for high-value mobile phone manufacturing, India still needs a more stable, business-friendly policy regime in a country known for heavy-handed regulation and abrupt shifts in industrial strategy, industry executives say. The country also needs better workforce training, said Tarun Pathak, associate director at tech researcher Counterpoint.

"Import taxes kick-started local assembly, but now we need to look beyond just duties," Pathak said.

Xiaomi's Muralikrishnan said bringing the entire electronics manufacturing ecosystem to India would be a big challenge. He added: "Building the expertise to manufacture high-end design flagships locally would also be a big step for the local industry."

Apple, for example, assembles two low-cost models through Wistron in the southern tech hub of Bengaluru. But with little domestic demand for its high-end phones, the company has resisted government pressure to move more of its work from China.

Smartphone-maker Lava is a small player in India's booming mobile communications industry, but it has become a poster child for Prime Minister Narendra Modi's ambitious effort to make India a global hub for electronics manufacturing.

Smartphone-maker Lava is a small player in India's booming mobile communications industry, but it has become a poster child for Prime Minister Narendra Modi's ambitious effort to make India a global hub for electronics manufacturing. Just a few years ago, Lava imported cheap phones from China. Now it builds its own devices at two factories on the outskirts of New Delhi that employ about 3,500 people, and expansion plans are in the works. Modi's vow to create tens of millions of new jobs has stuttered on many fronts, but domestic smartphone production has emerged as a bright spot for Asia's third-largest economy. Along with local firms such as Lava, global smartphone giants including Samsung, Oppo and Xiaomi are expanding rapidly in India, and starting to bring along components suppliers while driving contract manufacturers like Foxconn to ramp up. More than 120 new manufacturing units have created about 450,000 jobs in the mobile phone industry over the past four years, according to the Indian Cellular and Electronics Association, thanks largely to the 'Make In India' campaign and a phased plan featuring stiff duties on imported devices and parts. That growth has made India the world's second-biggest mobile phone maker and positioned it for further growth as trade tensions and rising costs hobble China's world-leading electronics manufacturing sector. "India has an opportunity to become a major player in the global supply chain because we have a very strong domestic economy," Vikas Agarwal, the India head of Chinese smartphone maker OnePlus, told Reuters. The country still needs to encourage the production of high-value components as well as research and development, Agarwal added, "but at least we are off to a very good start." The Indian industry's emergence is especially visible in Noida, where Lava is based. Once a suburb for tech outsourcing firms, Noida is now bursting with companies making everything from headphones and chargers to high-end smartphones. Sanjeev Agarwal, Lava's head of manufacturing, says local production is helping it reduce costs and build high-quality devices that can sell for less than $150. Much of the company's product design is still done in China, Agarwal said, but the company plans to bring that work to India over the next few years. The local presence allows quicker innovation, he said, as well as lower, tariff-free costs. Lava has some big neighbours in Noida. Samsung this year opened what it said was the world's biggest mobile phone plant there. The South Korean giant last year said it will spend 49.2 billion rupees ($672.45 million) to expand capacity at the plant over three years. Not far from Samsung's factory, China's Oppo, one of India's top smartphone players, is building a massive plant too. It is expected to open soon. ALTERNATIVE TO CHINA Modi's so-called phased manufacturing plan, introduced in 2016, aims to take advantage of India's huge domestic smartphone market to promote local production. India has more than a billion wireless subscribers, and about 380 million of them do not yet have a smartphone. The manufacturing plan includes import duties not only on phones, but also on accessories such as phone chargers, batteries and headphones, as well as components including pre-assembled printed circuit boards. Xiaomi, which competes with Samsung for the top spot in India's smartphone market, makes many of its phones using Foxconn's plants in southern India, with a total of six facilities producing its devices. Just as important, Xiaomi said this year that it wants its component suppliers to set up shop in India too, a move that could bring as much as $2.5 billion of investment and create as many as 50,000 jobs. Xiaomi supplier Holitech Technology has committed to investing about $200 million in India over three years in India, with plans to begin manufacturing in early 2019. It will make components such as camera and touch screen modules and fingerprint sensors, Muralikrishnan B, Xiaomi's chief operating officer for India, said in an email. The big prize for India, local industry officials say, is to become a full-fledged alternative to China as a manufacturing hub. More and more companies are realising they need a "China plus one strategy," one manufacturing industry source said. In China, "there is the Trump risk and there are other risks - currency risks, overall wage appreciation risk and so on," the source said, declining to be named because of the sensitivity of the matter. "Today it's the trade-tariff war, tomorrow it may be something else, a natural disaster," the source added. "The question is then - how do I use India strategically?" Samsung has said it plans to use its Noida plant as an export hub, but it is unclear whether other manufacturers will follow suit. To become a true global centre for high-value mobile phone manufacturing, India still needs a more stable, business-friendly policy regime in a country known for heavy-handed regulation and abrupt shifts in industrial strategy, industry executives say. The country also needs better workforce training, said Tarun Pathak, associate director at tech researcher Counterpoint. "Import taxes kick-started local assembly, but now we need to look beyond just duties," Pathak said. Xiaomi's Muralikrishnan said bringing the entire electronics manufacturing ecosystem to India would be a big challenge. He added: "Building the expertise to manufacture high-end design flagships locally would also be a big step for the local industry." Apple, for example, assembles two low-cost models through Wistron in the southern tech hub of Bengaluru. But with little domestic demand for its high-end phones, the company has resisted government pressure to move more of its work from China.

Smartphones booming India's electronics manufacturing sector

Kraft Heinz Co will sell part of its Indian business, including brands such as malt-based drink Complan and energy drink Glucon-D, for 45.95 billion rupees ($627.18 million), at a time when Indian consumers are demanding healthier, sugar-free alternatives.

Indian pharmaceutical and consumer products company Zydus Wellness Ltd and its parent Cadila Healthcare Ltd will jointly buy the assets to expand their portfolio to also include brands such as talcum powder Nycil and clarified butter, Sampriti Ghee, the companies said in a statement on Wednesday.

Complan, along with GlaxoSmithKline's health drinks brands Horlicks, was very popular until about a decade ago, when consumers used these products for supplemental nutrition along with milk.

Their popularity has since waned, with sales growth slipping, as consumers grew wary of the sugar content in these products and the health claims made by these brands.

"The sale of this niche business fits into our overall global growth strategy and our focus on investing in and growing brands within our core categories," Kraft Heinz Chief Executive Bernardo Hees said in a statement.

Glaxo's Horlicks is also up for sale and sources told Reuters last month that Nestle, Unilever, and Coca-Cola are among the bidders for the business that could fetch more than $4 billion.

Tater Tots-maker Kraft Heinz, which will also sell two manufacturing facilities as part of the deal, said on Wednesday it will continue to grow its Heinz sauces and other Kraft businesses in India.

The deal value includes net working capital of 400 million rupees and cash of 150 million rupees, but does not assume any debt, Zydus said in a statement on Wednesday.

The deal will give Zydus, majority owned by Cadila, a chance to leverage its position in the health-food and nutrition segment. The company, which owns sugar substitute Sugar Free, had bought premium healthy fat spread Nutralite in 2006.

The Kraft Heinz assets that had a network of over 800 distributors in 29 states reported revenue of about 11.50 billion rupees for the 12 months ending June, Zydus noted, adding that the deal will push Zydus' annual revenue to 17 billion rupees.

Shares in Zydus fell 2 per cent while Cadila shares lost over six per cent in afternoon trading.

Zydus will finance the deal, which is expected to add to earnings, through a mix of equity and debt and plans to close it in the fourth quarter of the current fiscal year.

Kraft Heinz Co will sell part of its Indian business, including brands such as malt-based drink Complan and energy drink Glucon-D, for 45.95 billion rupees ($627.

Kraft Heinz Co will sell part of its Indian business, including brands such as malt-based drink Complan and energy drink Glucon-D, for 45.95 billion rupees ($627.18 million), at a time when Indian consumers are demanding healthier, sugar-free alternatives. Indian pharmaceutical and consumer products company Zydus Wellness Ltd and its parent Cadila Healthcare Ltd will jointly buy the assets to expand their portfolio to also include brands such as talcum powder Nycil and clarified butter, Sampriti Ghee, the companies said in a statement on Wednesday. Complan, along with GlaxoSmithKline's health drinks brands Horlicks, was very popular until about a decade ago, when consumers used these products for supplemental nutrition along with milk. Their popularity has since waned, with sales growth slipping, as consumers grew wary of the sugar content in these products and the health claims made by these brands. "The sale of this niche business fits into our overall global growth strategy and our focus on investing in and growing brands within our core categories," Kraft Heinz Chief Executive Bernardo Hees said in a statement. Glaxo's Horlicks is also up for sale and sources told Reuters last month that Nestle, Unilever, and Coca-Cola are among the bidders for the business that could fetch more than $4 billion. Tater Tots-maker Kraft Heinz, which will also sell two manufacturing facilities as part of the deal, said on Wednesday it will continue to grow its Heinz sauces and other Kraft businesses in India. The deal value includes net working capital of 400 million rupees and cash of 150 million rupees, but does not assume any debt, Zydus said in a statement on Wednesday. The deal will give Zydus, majority owned by Cadila, a chance to leverage its position in the health-food and nutrition segment. The company, which owns sugar substitute Sugar Free, had bought premium healthy fat spread Nutralite in 2006. The Kraft Heinz assets that had a network of over 800 distributors in 29 states reported revenue of about 11.50 billion rupees for the 12 months ending June, Zydus noted, adding that the deal will push Zydus' annual revenue to 17 billion rupees. Shares in Zydus fell 2 per cent while Cadila shares lost over six per cent in afternoon trading. Zydus will finance the deal, which is expected to add to earnings, through a mix of equity and debt and plans to close it in the fourth quarter of the current fiscal year.

Kraft Heinz to sell part of India business for about $630 million

Sensex and Nifty, the benchmark indices of the Indian equity markets opened weak on Thursday following global trends as a rout in tech stocks inflicted the largest daily decline on Wall Street since 2011, wiping out all its gains for the year.&nbsp;

At 10:45 am,&nbsp;BSE Sensex plunged over 434 points to a low of 33,600 points and NSE Nifty gave up the 10,200 mark and trading at 10,091.80 points.

The rupee opened nearly 19 paise lower at 73.2962 against the US dollar.

Asian shares dived as hundreds of billions of dollars haemorrhaged from global markets after a rout in tech stocks inflicted the largest daily decline on Wall Street since 2011, wiping out all its gains for the year, said a Reuters’ report.

Sensex and Nifty, the benchmark indices of the Indian equity markets opened weak on Thursday following global trends as a rout in tech stocks inflicted the largest daily decline on Wall Street since 2011, wiping out all its gains for the year.

Sensex and Nifty, the benchmark indices of the Indian equity markets opened weak on Thursday following global trends as a rout in tech stocks inflicted the largest daily decline on Wall Street since 2011, wiping out all its gains for the year. At 10:45 am, BSE Sensex plunged over 434 points to a low of 33,600 points and NSE Nifty gave up the 10,200 mark and trading at 10,091.80 points. The rupee opened nearly 19 paise lower at 73.2962 against the US dollar. Asian shares dived as hundreds of billions of dollars haemorrhaged from global markets after a rout in tech stocks inflicted the largest daily decline on Wall Street since 2011, wiping out all its gains for the year, said a Reuters’ report.

Sensex falls 440 points amid global rout, Nifty below 10,100

The US stock market saw a bloodbath on Wednesday after&nbsp;tech-heavy Nasdaq saw the worst decline since 2011 with a series of selloffs erasing all gains of 2018. Nasdaq&nbsp;plunged to 4.4 per cent to close at 7,108.4.

Most of the panic selling happened in the last hour of the trading day as things went from bad to worse pretty quickly with technology shares hitting the hardest.

Amazon lost 4.1 per cent, Facebook 4.9 per cent, Google-parent Alphabet 4.1 per cent and Netflix 8.7 per cent, AFP reported.

According to a report by Bloomberg, world's richest person, Jeff Bezos&nbsp;lost $8.2 billion reducing his net worth to $138 billion while Facebook CEO Mark Zuckerberg's fortune went down by $3.2 billion. Over $33 billion was wiped from the fortunes of the technology sector's 61 richest people in one day.

Google co-founder Larry Page and Sergey Brin's fortune went down by a combined $4.5 billion.

Investors have been unnerved by a myriad of issues including some disappointing earnings reports, uncertainty over Brexit, Italy's budget spat with the European Commission, upcoming US&nbsp;midterm congressional elections and pressure on Saudi Arabia over the killing of a prominent journalist, Reuters reported.

The US stock market saw a bloodbath on Wednesday after tech-heavy Nasdaq saw the worst decline since 2011 with a series of selloffs erasing all gains of 2018. Nasdaq plunged to 4.

The US stock market saw a bloodbath on Wednesday after tech-heavy Nasdaq saw the worst decline since 2011 with a series of selloffs erasing all gains of 2018. Nasdaq plunged to 4.4 per cent to close at 7,108.4. Most of the panic selling happened in the last hour of the trading day as things went from bad to worse pretty quickly with technology shares hitting the hardest. Amazon lost 4.1 per cent, Facebook 4.9 per cent, Google-parent Alphabet 4.1 per cent and Netflix 8.7 per cent, AFP reported. According to a report by Bloomberg, world's richest person, Jeff Bezos lost $8.2 billion reducing his net worth to $138 billion while Facebook CEO Mark Zuckerberg's fortune went down by $3.2 billion. Over $33 billion was wiped from the fortunes of the technology sector's 61 richest people in one day. Google co-founder Larry Page and Sergey Brin's fortune went down by a combined $4.5 billion. Investors have been unnerved by a myriad of issues including some disappointing earnings reports, uncertainty over Brexit, Italy's budget spat with the European Commission, upcoming US midterm congressional elections and pressure on Saudi Arabia over the killing of a prominent journalist, Reuters reported.

How much Jeff Bezos, Mark Zuckerberg lost in worst day of Nasdaq trading since 2011?

Asian markets went into freefall Thursday, tracking a plunge on Wall Street, with trading floors awash with negativity on geopolitical concerns and following weak US economic and earnings data.

The bloodletting is the latest to hit global equities, which have been pummelled this year by a wave of problems led by the China-US trade war and rising Federal Reserve interest rates.

On top of those in recent weeks has been a brewing nuclear standoff between the US and Russia, the killing of a Saudi journalist, Brexit and Italy's budget row with the European Union.

US stocks have broadly managed to avoid the hefty selling witnessed elsewhere -- even clocking up a few record highs -- thanks to a strong economy and mostly positive corporate results.

However, New York has finally succumbed as investors contemplate an end to the decade of cheap credit and the imposition of steep tariffs by the US and China in their ever-deepening trade row, to which there is no end in sight.

Wednesday say the Dow and the S&amp;P 500 wipe out their gains for the year, while the Nasdaq dived more than four per cent as the under-pressure tech sector took another beating.

The selling came after data showed US home sales were at their slowest pace for nearly two years, while the Fed said firms nationwide are worried about the tariffs as well as labour shortages.

And those losses filtered through to Asia, where Tokyo was scythed 2.2 per cent, Shanghai dived almost three per cent and Sydney sank 2.1 per cent, also losing its gains for the year.

'Sharks are circling'&nbsp;

Hong Kong lost more than two per cent, with airline Cathay Pacific collapsing 6.5 per cent after it admitted to suffering a major data leak affecting up to 9.4 million passengers.

Seoul shed 2.8 per cent as data showed the South Korean economy expanded at a slower pace than expected in the third quarter.

Wellington lost 1.2 per cent, Manila fell 2.4 per cent and Taipei retreated 2.5 per cent.

"With the S&amp;P and Nasdaq having been drawn into the global equity maelstrom, the US bellwethers are no longer the invincible titans that have held up global market sentiment for what seems like an eternity," said Stephen Innes, head of Asia-Pacific trade at OANDA.

"With China-US trade hopes fading as both sides appear to be digging in for the long haul things could get blustery in a hurry. Indeed the sharks are circling."

Key figures around 0210 GMT&nbsp;

Tokyo - Nikkei 225: DOWN 2.2 percent at 21,377.20 (close)

Hong Kong - Hang Seng: DOWN 2.3 percent at 24,666.92&nbsp;

Shanghai - Composite: DOWN 1.9 percent at 2,554.36&nbsp;

Euro/dollar: UP at $1.1408 from $1.1393 at 2100 GMT

Pound/dollar: UP at $1.2892 from $1.2884

Dollar/yen: DOWN at 111.90 from 112.19 yen&nbsp;

Oil - West Texas Intermediate: DOWN 57 cents at $66.25 per barrel&nbsp;

Oil - Brent Crude: DOWN 68 cents at $75.49 per barrel&nbsp;

New York - Dow: DOWN 2.4 percent at 24,583.42 (close)

New York - S&amp;P 500: DOWN 3.1 percent at 2,656.10 (close)

New York - Nasdaq: DOWN 4.4 percent at 7,108.40 (close)

London - FTSE 100: UP 0.1 percent at 6,962.98 points (close)

Asian markets went into freefall Thursday, tracking a plunge on Wall Street, with trading floors awash with negativity on geopolitical concerns and following weak US economic and earnings data.

Asian markets went into freefall Thursday, tracking a plunge on Wall Street, with trading floors awash with negativity on geopolitical concerns and following weak US economic and earnings data. The bloodletting is the latest to hit global equities, which have been pummelled this year by a wave of problems led by the China-US trade war and rising Federal Reserve interest rates. On top of those in recent weeks has been a brewing nuclear standoff between the US and Russia, the killing of a Saudi journalist, Brexit and Italy's budget row with the European Union. US stocks have broadly managed to avoid the hefty selling witnessed elsewhere -- even clocking up a few record highs -- thanks to a strong economy and mostly positive corporate results. However, New York has finally succumbed as investors contemplate an end to the decade of cheap credit and the imposition of steep tariffs by the US and China in their ever-deepening trade row, to which there is no end in sight. Wednesday say the Dow and the S&P 500 wipe out their gains for the year, while the Nasdaq dived more than four per cent as the under-pressure tech sector took another beating. The selling came after data showed US home sales were at their slowest pace for nearly two years, while the Fed said firms nationwide are worried about the tariffs as well as labour shortages. And those losses filtered through to Asia, where Tokyo was scythed 2.2 per cent, Shanghai dived almost three per cent and Sydney sank 2.1 per cent, also losing its gains for the year. 'Sharks are circling' Hong Kong lost more than two per cent, with airline Cathay Pacific collapsing 6.5 per cent after it admitted to suffering a major data leak affecting up to 9.4 million passengers. Seoul shed 2.8 per cent as data showed the South Korean economy expanded at a slower pace than expected in the third quarter. Wellington lost 1.2 per cent, Manila fell 2.4 per cent and Taipei retreated 2.5 per cent. "With the S&P and Nasdaq having been drawn into the global equity maelstrom, the US bellwethers are no longer the invincible titans that have held up global market sentiment for what seems like an eternity," said Stephen Innes, head of Asia-Pacific trade at OANDA. "With China-US trade hopes fading as both sides appear to be digging in for the long haul things could get blustery in a hurry. Indeed the sharks are circling." Key figures around 0210 GMT Tokyo - Nikkei 225: DOWN 2.2 percent at 21,377.20 (close) Hong Kong - Hang Seng: DOWN 2.3 percent at 24,666.92 Shanghai - Composite: DOWN 1.9 percent at 2,554.36 Euro/dollar: UP at $1.1408 from $1.1393 at 2100 GMT Pound/dollar: UP at $1.2892 from $1.2884 Dollar/yen: DOWN at 111.90 from 112.19 yen Oil - West Texas Intermediate: DOWN 57 cents at $66.25 per barrel Oil - Brent Crude: DOWN 68 cents at $75.49 per barrel New York - Dow: DOWN 2.4 percent at 24,583.42 (close) New York - S&P 500: DOWN 3.1 percent at 2,656.10 (close) New York - Nasdaq: DOWN 4.4 percent at 7,108.40 (close) London - FTSE 100: UP 0.1 percent at 6,962.98 points (close)

Asian markets suffer bloodletting on trade, geopolitical fears

Twitter Inc easily beat Wall Street's revenue and profit estimates on Thursday, pushing its shares up 11 per cent before the opening bell, as higher ad sales offset a drop in monthly users as the site removed accounts suspected of abuse.

Quarterly advertising revenue jumped 29 per cent to $650 million from a year earlier, boosted by ad sales on broadcasts from media companies including Live Nation Entertainment, Major League Baseball and Major League Soccer.

That contributed to a similar jump in overall revenue from a year earlier to $758 million, beating analysts' average estimate of $702.6 million, according to Refinitiv data. The company reported adjusted profit of 21 cents per share, well above the average estimate of 14 cents.

The company played down a larger-than-expected decline in monthly active users, saying it was focusing on removing accounts used for disinformation, hate speech and other abuse to solidify a base of high-quality users who are attractive to advertisers.

Twitter has deleted millions of suspicious accounts after it and other social media services were used in misinformation campaigns attempting influence voters in the 2016 U.S. presidential race and other elections. Last week it disclosed it had removed some 10 million tweets that it thought were the work of Russian and Iranian government-backed influence operations.

Twitter said in a conference call on Thursday that the cleanup effort, which it launched in March and calls a "health" initiative, will allow it to grow revenue faster than users for a sustained period.

"Health ultimately is a growth factor for the service, and we do believe that's important not just for the overall experience, but in terms of making Twitter long-term enduring as well," Chief Executive Jack Dorsey said during the call.

User drop

Monthly active users fell to 326 million in the third quarter, below the average analyst forecast of 331.5 million, according to FactSet. Twitter said it expects them to fall below 326 million in the current quarter, missing the average forecast of 333.4 million.

While Twitter shares tumbled 19 per cent after a similar decline last quarter, the company's better-than-expected third-quarter revenue and profit eased worries.

"If they are getting rid of bots, fake accounts and fighting hate speech, then it's actually good for the health of the platform overall,” said Pivotal Research Group analyst Brian Wieser. "That is certainly more appealing to advertisers."

Those concerns have been somewhat offset by increases in advertising sales from video which suggest the company is succeeding in efforts to generate more cash from each user and investors have been looking for solid evidence that it would lead to sustainable growth in revenue and profits.

“Twitter continues to ‘do a lot with a little.’ User growth is lackluster, but the company is eking out more from current users," said Jim Cridlin, global head of innovation at WPP's Mindshare media buying agency.

Distribution deals with US&nbsp;Major League Baseball, video game publisher Activision, Sony Music and Vice are starting to lure advertisers to Twitter’s live premium video, he said.

Twitter said the number of its daily active users rose by 9 per cent year-on-year, weaker than an 11 per cent jump in the previous quarter and its slowest growth rate in two years. The company does not disclose the total number of daily users.

Twitter Inc easily beat Wall Street's revenue and profit estimates on Thursday, pushing its shares up 11 per cent before the opening bell, as higher ad sales offset a drop in monthly users as the site removed accounts suspected of abuse.

Twitter Inc easily beat Wall Street's revenue and profit estimates on Thursday, pushing its shares up 11 per cent before the opening bell, as higher ad sales offset a drop in monthly users as the site removed accounts suspected of abuse. Quarterly advertising revenue jumped 29 per cent to $650 million from a year earlier, boosted by ad sales on broadcasts from media companies including Live Nation Entertainment, Major League Baseball and Major League Soccer. That contributed to a similar jump in overall revenue from a year earlier to $758 million, beating analysts' average estimate of $702.6 million, according to Refinitiv data. The company reported adjusted profit of 21 cents per share, well above the average estimate of 14 cents. The company played down a larger-than-expected decline in monthly active users, saying it was focusing on removing accounts used for disinformation, hate speech and other abuse to solidify a base of high-quality users who are attractive to advertisers. Twitter has deleted millions of suspicious accounts after it and other social media services were used in misinformation campaigns attempting influence voters in the 2016 U.S. presidential race and other elections. Last week it disclosed it had removed some 10 million tweets that it thought were the work of Russian and Iranian government-backed influence operations. Twitter said in a conference call on Thursday that the cleanup effort, which it launched in March and calls a "health" initiative, will allow it to grow revenue faster than users for a sustained period. "Health ultimately is a growth factor for the service, and we do believe that's important not just for the overall experience, but in terms of making Twitter long-term enduring as well," Chief Executive Jack Dorsey said during the call. User drop Monthly active users fell to 326 million in the third quarter, below the average analyst forecast of 331.5 million, according to FactSet. Twitter said it expects them to fall below 326 million in the current quarter, missing the average forecast of 333.4 million. While Twitter shares tumbled 19 per cent after a similar decline last quarter, the company's better-than-expected third-quarter revenue and profit eased worries. "If they are getting rid of bots, fake accounts and fighting hate speech, then it's actually good for the health of the platform overall,” said Pivotal Research Group analyst Brian Wieser. "That is certainly more appealing to advertisers." Those concerns have been somewhat offset by increases in advertising sales from video which suggest the company is succeeding in efforts to generate more cash from each user and investors have been looking for solid evidence that it would lead to sustainable growth in revenue and profits. “Twitter continues to ‘do a lot with a little.’ User growth is lackluster, but the company is eking out more from current users," said Jim Cridlin, global head of innovation at WPP's Mindshare media buying agency. Distribution deals with US Major League Baseball, video game publisher Activision, Sony Music and Vice are starting to lure advertisers to Twitter’s live premium video, he said. Twitter said the number of its daily active users rose by 9 per cent year-on-year, weaker than an 11 per cent jump in the previous quarter and its slowest growth rate in two years. The company does not disclose the total number of daily users.

Twitter ad sales surge, shares rise 11 per cent

US stocks finished a punishing session sharply lower Wednesday, with major indices sinking more than two per cent and the Dow and S&amp;P 500 tumbling and wiping out all the 2018 gains.

The Dow Jones Industrial Average lost 2.4 per cent to close at 24,583.42, a single day loss of more than 600 points.

The tech-rich Nasdaq Composite Index plummeted 4.4 per cent to finish at 7,108.40, posting its worst day since 2011, while the broad-based S&amp;P 500 sank 3.1 per cent to 2,656.15.

The losses followed a mixed day of corporate earnings that analysts fear signal the economy is exiting the "peak" earnings environment helped by US tax cuts that were enacted late last year.

Investors also have been unnerved by comments from industrial companies saying trade conflicts have raised material costs.

"Costs are increasing and it's often tariff-related. We also reached a potential peak for earnings," said Nate Thooft, senior managing director at Manulife Mutual Funds.

"Companies that show marginal weakness take a beating."

The share price declines also came after data on US home sales fell to their slowest pace in nearly two years, and a Federal Reserve report showed firms nationwide are worried about the rising hit from tariffs and widespread labor shortages.

The expectation the Fed will continue to raise interest rates also has buffeted stocks this month, alongside anxiety over the fallout from the murder of Saudi Arabian journalist Jamal Khashoggi and an ongoing budget dispute between Italy and Brussels.

Technology shares were especially hard hit Wednesday, with Amazon losing 5.9 per cent, Facebook 5.4 per cent, Google-parent Alphabet 4.8 per cent and Netflix 9.4 per cent.

Chip companies also sank following a disappointing forecast from Texas Instruments, which dropped 8.2 per cent. Applied Materials lost 5.1 per cent, Micron 8.4 per cent and Advanced Micro Devices 9.2 per cent.

A rare bright spot was Boeing, which advanced 1.3 per cent after raising its full-year profit forecast.

But other large industrial companies in the Dow fell, including Caterpillar and 3M which dropped 5.6 per cent and 4.2 per cent, respectively. The two companies also fell sharply on Tuesday following disappointing results.

US stocks finished a punishing session sharply lower Wednesday, with major indices sinking more than two per cent and the Dow and S&P 500 tumbling and wiping out all the 2018 gains.

US stocks finished a punishing session sharply lower Wednesday, with major indices sinking more than two per cent and the Dow and S&P 500 tumbling and wiping out all the 2018 gains. The Dow Jones Industrial Average lost 2.4 per cent to close at 24,583.42, a single day loss of more than 600 points. The tech-rich Nasdaq Composite Index plummeted 4.4 per cent to finish at 7,108.40, posting its worst day since 2011, while the broad-based S&P 500 sank 3.1 per cent to 2,656.15. The losses followed a mixed day of corporate earnings that analysts fear signal the economy is exiting the "peak" earnings environment helped by US tax cuts that were enacted late last year. Investors also have been unnerved by comments from industrial companies saying trade conflicts have raised material costs. "Costs are increasing and it's often tariff-related. We also reached a potential peak for earnings," said Nate Thooft, senior managing director at Manulife Mutual Funds. "Companies that show marginal weakness take a beating." The share price declines also came after data on US home sales fell to their slowest pace in nearly two years, and a Federal Reserve report showed firms nationwide are worried about the rising hit from tariffs and widespread labor shortages. The expectation the Fed will continue to raise interest rates also has buffeted stocks this month, alongside anxiety over the fallout from the murder of Saudi Arabian journalist Jamal Khashoggi and an ongoing budget dispute between Italy and Brussels. Technology shares were especially hard hit Wednesday, with Amazon losing 5.9 per cent, Facebook 5.4 per cent, Google-parent Alphabet 4.8 per cent and Netflix 9.4 per cent. Chip companies also sank following a disappointing forecast from Texas Instruments, which dropped 8.2 per cent. Applied Materials lost 5.1 per cent, Micron 8.4 per cent and Advanced Micro Devices 9.2 per cent. A rare bright spot was Boeing, which advanced 1.3 per cent after raising its full-year profit forecast. But other large industrial companies in the Dow fell, including Caterpillar and 3M which dropped 5.6 per cent and 4.2 per cent, respectively. The two companies also fell sharply on Tuesday following disappointing results.

US stocks plunge, sending Dow into the red for 2018

The number of people travelling by air should double to 8.2 billion a year by 2037, with Asia and the Pacific leading the way, sector federation IATA forecast on Wednesday (Oct 24).

Protectionist measures could nonetheless curb the surge, The International Air Transport Association (IATA) added in an update to its 20-year passenger forecast.

From the current level of 4.1 billion passengers, traffic should expand by 3.5 per cent annually, said the group that represents 290 airlines.

"Aviation is growing, and that is generating huge benefits for the world. A doubling of air passengers in the next 20 years could support 100 million jobs globally," an IATA statement quoted chief executive Alexandre de Juniac as saying.

But he also warned of "a significant negative impact on the growth and benefits of aviation if tough and restrictive protectionist measures are implemented".

More than half of the additional passengers would come from the Asia-Pacific region according to the association, with China set to surpass the United States as the biggest single market in the mid-2020s.

India was expected to take third place, followed by Indonesia and Britain.

The number of people travelling by air should double to 8.2 billion a year by 2037, with Asia and the Pacific leading the way, sector federation IATA forecast on Wednesday (Oct 24).

The number of people travelling by air should double to 8.2 billion a year by 2037, with Asia and the Pacific leading the way, sector federation IATA forecast on Wednesday (Oct 24). Protectionist measures could nonetheless curb the surge, The International Air Transport Association (IATA) added in an update to its 20-year passenger forecast. From the current level of 4.1 billion passengers, traffic should expand by 3.5 per cent annually, said the group that represents 290 airlines. "Aviation is growing, and that is generating huge benefits for the world. A doubling of air passengers in the next 20 years could support 100 million jobs globally," an IATA statement quoted chief executive Alexandre de Juniac as saying. But he also warned of "a significant negative impact on the growth and benefits of aviation if tough and restrictive protectionist measures are implemented". More than half of the additional passengers would come from the Asia-Pacific region according to the association, with China set to surpass the United States as the biggest single market in the mid-2020s. India was expected to take third place, followed by Indonesia and Britain.

India expected to become third largest aviation market by 2037: IATA

US President Donald Trump's protectionism has got India Inc worried. Amidst the challenges global economies are facing and the uncertain environment, business leaders and politicians gathered together in Mumbai at India Summit 2018 on Thursday to discuss the way forward.

At the summit, corporate leaders deliberated upon challenges world's sixth largest economy India is facing and how to turn those into advantages.

Corporate India sees the global trade wars as a threat and fear that it can lead to global recession.

"I am great believer of the free trade, and I think it promotes global growth. However, if there is unfair practices then we need to protect ourselves," said Adi Godrej, Chairman of the Godrej Group.

But at the same time, the problems in Indian economy can't be overlooked. Skilled workforce is a problem corporate India is grappling with. Though the reforms undertaken by the BJP-led NDA government including Goods and Services Tax (GST) are lauded by the businessmen and industrialists, the problems are now being faced on ground in implementation of the recent reforms.

But despite the challenges, India is expected to register a healthy growth.

“We will grow between 7.3-7.5%. We are operating at full capacity,” said Kumar Manglam Birla, Chairman of Aditya Birla Group.

“The ease of doing business initiative is making a difference. When we talk to people in Centre, they are very focussed. The execution has to happen at state level; it’s currently a mixed bag, there is little or no co-relation,” said Anand Kripalu, MD, Diageo India

The theme for India Summit 2018 this year was “States of the Nation”, placing the spotlight on the role states must play in driving the national economic and social agenda. Keeping the state of the economy in mind, experts agreed the competition among the states on ease of doing business ranking has brought about a considerable change in the way states deal with businesses and entrepreneurs.

US President Donald Trump's protectionism has got India Inc worried. Amidst the challenges global economies are facing and the uncertain environment, business leaders and politicians gathered together in Mumbai at India Summit 2018 on Thursday to discuss the way forward.

US President Donald Trump's protectionism has got India Inc worried. Amidst the challenges global economies are facing and the uncertain environment, business leaders and politicians gathered together in Mumbai at India Summit 2018 on Thursday to discuss the way forward. At the summit, corporate leaders deliberated upon challenges world's sixth largest economy India is facing and how to turn those into advantages. Corporate India sees the global trade wars as a threat and fear that it can lead to global recession. "I am great believer of the free trade, and I think it promotes global growth. However, if there is unfair practices then we need to protect ourselves," said Adi Godrej, Chairman of the Godrej Group. But at the same time, the problems in Indian economy can't be overlooked. Skilled workforce is a problem corporate India is grappling with. Though the reforms undertaken by the BJP-led NDA government including Goods and Services Tax (GST) are lauded by the businessmen and industrialists, the problems are now being faced on ground in implementation of the recent reforms. But despite the challenges, India is expected to register a healthy growth. “We will grow between 7.3-7.5%. We are operating at full capacity,” said Kumar Manglam Birla, Chairman of Aditya Birla Group. “The ease of doing business initiative is making a difference. When we talk to people in Centre, they are very focussed. The execution has to happen at state level; it’s currently a mixed bag, there is little or no co-relation,” said Anand Kripalu, MD, Diageo India The theme for India Summit 2018 this year was “States of the Nation”, placing the spotlight on the role states must play in driving the national economic and social agenda. Keeping the state of the economy in mind, experts agreed the competition among the states on ease of doing business ranking has brought about a considerable change in the way states deal with businesses and entrepreneurs.

Trump's protectionism policy worries India Inc

Indian shares closed at their lowest in seven months on Thursday, tracking a rout in global equities amid growth concerns, with losses seen across sectors.

Investors were also jittery ahead of the expiry of derivatives contracts.

The broader Nifty ended 0.98 per cent lower at 10,124.9, while the benchmark Sensex closed down 1.01 per cent at 33,690.09.

Housing Development Finance Corporation Ltd was the biggest drag on the Nifty, closing down 2.7 per cent. Reliance Industries dropped 1.4 per cent, while Bharti Airtel slumped 6.4 per cent ahead of its quarterly results.

Indian shares closed at their lowest in seven months on Thursday, tracking a rout in global equities amid growth concerns, with losses seen across sectors. Investors were also jittery ahead of the expiry of derivatives contracts.

Indian shares closed at their lowest in seven months on Thursday, tracking a rout in global equities amid growth concerns, with losses seen across sectors. Investors were also jittery ahead of the expiry of derivatives contracts. The broader Nifty ended 0.98 per cent lower at 10,124.9, while the benchmark Sensex closed down 1.01 per cent at 33,690.09. Housing Development Finance Corporation Ltd was the biggest drag on the Nifty, closing down 2.7 per cent. Reliance Industries dropped 1.4 per cent, while Bharti Airtel slumped 6.4 per cent ahead of its quarterly results.

Sensex closes 1 per cent lower amid global selloff

The Nasdaq slumped more than three per cent Wednesday afternoon as Wall Street headed for another dreary day of losses on worries about weakening US earnings growth.

The tech-rich Nasdaq Composite Index was down 3.6 per cent to 7,173.85, near 1935 GMT, on track to close lower for the seventh time in the last 10 sessions. The index is down more than 10 per cent this month.

The Dow Jones Industrial Average dropped 1.9 per cent to 24,725.47, while the broad-based S&amp;P 500 fell 2.4 per cent to 2,674.61.

The losses followed a mixed day of corporate earnings that analysts fear signal the economy is exiting the "peak" earnings environment helped by US tax cuts were enacted late last year.

Investors have also been unnerved by comments from industrial companies saying trade conflicts have raised material costs.

"Costs are increasing and it's often tariff-related. We also reached a potential peak for earnings," said Nate Thooft, senior managing director at Manulife Mutual Funds.

"Companies that show marginal weakness take a beating."

Technology shares were especially hard hit Wednesday, with Amazon losing 4.1 per cent, Facebook 4.9 per cent, Google-parent Alphabet 4.1 per cent and Netflix 8.7 per cent.

A rare bright spot was Boeing, which advanced 1.7 per cent after raising its full-year profit forecast.

But other large industrial companies in the Dow fell, including Caterpillar and 3M which dropped 5.4 per cent and 3.5 per cent, respectively. The two companies also fell sharply on Tuesday following disappointing results.

The Nasdaq slumped more than three per cent Wednesday afternoon as Wall Street headed for another dreary day of losses on worries about weakening US earnings growth.

The Nasdaq slumped more than three per cent Wednesday afternoon as Wall Street headed for another dreary day of losses on worries about weakening US earnings growth. The tech-rich Nasdaq Composite Index was down 3.6 per cent to 7,173.85, near 1935 GMT, on track to close lower for the seventh time in the last 10 sessions. The index is down more than 10 per cent this month. The Dow Jones Industrial Average dropped 1.9 per cent to 24,725.47, while the broad-based S&P 500 fell 2.4 per cent to 2,674.61. The losses followed a mixed day of corporate earnings that analysts fear signal the economy is exiting the "peak" earnings environment helped by US tax cuts were enacted late last year. Investors have also been unnerved by comments from industrial companies saying trade conflicts have raised material costs. "Costs are increasing and it's often tariff-related. We also reached a potential peak for earnings," said Nate Thooft, senior managing director at Manulife Mutual Funds. "Companies that show marginal weakness take a beating." Technology shares were especially hard hit Wednesday, with Amazon losing 4.1 per cent, Facebook 4.9 per cent, Google-parent Alphabet 4.1 per cent and Netflix 8.7 per cent. A rare bright spot was Boeing, which advanced 1.7 per cent after raising its full-year profit forecast. But other large industrial companies in the Dow fell, including Caterpillar and 3M which dropped 5.4 per cent and 3.5 per cent, respectively. The two companies also fell sharply on Tuesday following disappointing results.

Nasdaq sinks 3.6% as US stocks losses deepen

Tesla Inc reported a net profit, positive cash flow and wider-than-expected margins for the latest quarter on Wednesday, delivering on Chief Executive Elon Musk's promise to turn the electric carmaker profitable as higher production volumes of its new Model 3 began to pay off.

Tesla reiterated that it expected to repeat its net profit in the current quarter, helping drive the company's shares up 14 per cent in after-hours trading.

The controversial Musk, who has often set goals and deadlines that Tesla has failed to reach, surprised investors by delivering on his pledge to make Tesla profitable for only the third quarter in its 15-year existence, providing a positive end to a difficult quarter for the CEO whose leadership was openly questioned only weeks ago.

"We can actually be cash flow positive and profitable in all quarters going forward," Musk said, qualifying that he excluded those in which a big debt payment comes due, such as the first quarter of 2019.

Musk reiterated that Tesla currently does not plan to raise equity or debt.

Tesla said it would begin taking orders in Europe and China for the Model 3 before the end of 2018. Deliveries would begin to Europe in late February or March, and those to China in the second quarter, if not before, Musk said.

Musk said he planned to begin local production in China next year in a 'capital efficient manner,' suggesting the company might use a similar tent structure for car assembly that has already been used at its Fremont, California, plant. He gave no further details on plans in China.

Meanwhile, seeking to quell speculation that a large number of prospective buyers had cancelled their reservations due to delays receiving their cars, Tesla said only 20 per cent of North American reservation-holders had cancelled their bookings.

Free cash flow at $881 million was positive for only the third time in Tesla's history and was helped by a surge of new production of the Model 3, lower capital expenditures, and more efficient use of working capital.

While still below the production target it set for June of 5,000 Model 3s per week, the roughly 4,300 Model 3s the company is now averaging per week were enough to boost results.

Despite pledges by Musk and Chief Financial Officer Deepak Ahuja to manage operations and future projects in a capital efficient manner, some on Wall Street still foresee a capital raising as likely at some point.

"(Raising cash) became a whole lot easier," after Wednesday's results, said Tigress Financial Partners analyst Ivan Fienseth. "He will need to do it, right? But if you got a profitable company it's whole lot easier to raise money."

Surging past estimates

The results were a boost for the embattled company after a quarter in which U.S. security regulators accused Musk of fraud for tweeting that he had secured funding for a deal to take the company private which never materialized.

A settlement between Musk, Tesla and the U.S. Securities and Exchange Commission allowed Musk to remain as CEO, but required a new independent chairman to oversee an array of capital- intensive new projects in 2019, from a factory in China to development of Tesla's new Model Y SUV.

Musk had vowed since May that Tesla would be profitable in both the third and fourth quarters, and has repeated that the company would not need new capital from financial backers.

Tesla said earlier this month it built 53,239 Model 3 sedans in the quarter, in line with its target of 50,000 to 55,000 vehicles, and delivered 56,065 of the cars to customers.

Musk has been under intense pressure to prove he can deliver consistent production numbers for the Model 3, seen as crucial to Tesla's profitability and its ability to be a high-volume car producer.

More sales of the higher-priced versions of the Model 3 currently on offer helped margins which rose to over 20 per cent in the quarter, Tesla said, above its projection of 15 per cent margins. Lower labour hours per vehicle helped, as did lower material costs.

Total revenue more than doubled to $6.82 billion, beating analysts' average estimate of $6.33 billion, according to Refinitiv data.

Tesla ended the quarter with $3.5 billion in cash after spending $510.3 million in quarterly capital expenses. It said cash would remain at least unchanged in the fourth quarter, despite a repayment of $230 million in convertible notes coming due.

Tesla reported a profit of $311.5 million, or $1.75 per share, for the third quarter ended Sept. 30, compared with a loss of $619.4 million, or $3.70 per share, a year earlier.

Excluding items, earnings were $2.90 per share, versus an average analyst estimate of a loss of 19 cents per share. A Refinitiv SmartEstimate, which gives more weight to analysts with strong track records, estimated Tesla would earn 3 cents per share.

Tesla faces pressing cash needs at its Fremont, California factory, where the company has had a longstanding goal of eventually increasing production to 10,000 Model 3s per week. Musk said a goal of 7,000 was more realistic and would require significantly less capital spending.

Three new vehicles are in development at Tesla: the Model Y, a new $200,000 Roadster and an electric heavy-duty truck that Musk unveiled last November.

Its sprawling Gigafactory battery factory outside Reno, Nevada is only partially complete, and plans for assembly plants in Europe and China are both big-ticket items on the horizon.

Tesla Inc reported a net profit, positive cash flow and wider-than-expected margins for the latest quarter on Wednesday, delivering on Chief Executive Elon Musk's promise to turn the electric carmaker profitable as higher production volumes of its new Model 3 began to pay off.

Tesla Inc reported a net profit, positive cash flow and wider-than-expected margins for the latest quarter on Wednesday, delivering on Chief Executive Elon Musk's promise to turn the electric carmaker profitable as higher production volumes of its new Model 3 began to pay off. Tesla reiterated that it expected to repeat its net profit in the current quarter, helping drive the company's shares up 14 per cent in after-hours trading. The controversial Musk, who has often set goals and deadlines that Tesla has failed to reach, surprised investors by delivering on his pledge to make Tesla profitable for only the third quarter in its 15-year existence, providing a positive end to a difficult quarter for the CEO whose leadership was openly questioned only weeks ago. "We can actually be cash flow positive and profitable in all quarters going forward," Musk said, qualifying that he excluded those in which a big debt payment comes due, such as the first quarter of 2019. Musk reiterated that Tesla currently does not plan to raise equity or debt. Tesla said it would begin taking orders in Europe and China for the Model 3 before the end of 2018. Deliveries would begin to Europe in late February or March, and those to China in the second quarter, if not before, Musk said. Musk said he planned to begin local production in China next year in a 'capital efficient manner,' suggesting the company might use a similar tent structure for car assembly that has already been used at its Fremont, California, plant. He gave no further details on plans in China. Meanwhile, seeking to quell speculation that a large number of prospective buyers had cancelled their reservations due to delays receiving their cars, Tesla said only 20 per cent of North American reservation-holders had cancelled their bookings. Free cash flow at $881 million was positive for only the third time in Tesla's history and was helped by a surge of new production of the Model 3, lower capital expenditures, and more efficient use of working capital. While still below the production target it set for June of 5,000 Model 3s per week, the roughly 4,300 Model 3s the company is now averaging per week were enough to boost results. Despite pledges by Musk and Chief Financial Officer Deepak Ahuja to manage operations and future projects in a capital efficient manner, some on Wall Street still foresee a capital raising as likely at some point. "(Raising cash) became a whole lot easier," after Wednesday's results, said Tigress Financial Partners analyst Ivan Fienseth. "He will need to do it, right? But if you got a profitable company it's whole lot easier to raise money." Surging past estimates The results were a boost for the embattled company after a quarter in which U.S. security regulators accused Musk of fraud for tweeting that he had secured funding for a deal to take the company private which never materialized. A settlement between Musk, Tesla and the U.S. Securities and Exchange Commission allowed Musk to remain as CEO, but required a new independent chairman to oversee an array of capital- intensive new projects in 2019, from a factory in China to development of Tesla's new Model Y SUV. Musk had vowed since May that Tesla would be profitable in both the third and fourth quarters, and has repeated that the company would not need new capital from financial backers. Tesla said earlier this month it built 53,239 Model 3 sedans in the quarter, in line with its target of 50,000 to 55,000 vehicles, and delivered 56,065 of the cars to customers. Musk has been under intense pressure to prove he can deliver consistent production numbers for the Model 3, seen as crucial to Tesla's profitability and its ability to be a high-volume car producer. More sales of the higher-priced versions of the Model 3 currently on offer helped margins which rose to over 20 per cent in the quarter, Tesla said, above its projection of 15 per cent margins. Lower labour hours per vehicle helped, as did lower material costs. Total revenue more than doubled to $6.82 billion, beating analysts' average estimate of $6.33 billion, according to Refinitiv data. Tesla ended the quarter with $3.5 billion in cash after spending $510.3 million in quarterly capital expenses. It said cash would remain at least unchanged in the fourth quarter, despite a repayment of $230 million in convertible notes coming due. Tesla reported a profit of $311.5 million, or $1.75 per share, for the third quarter ended Sept. 30, compared with a loss of $619.4 million, or $3.70 per share, a year earlier. Excluding items, earnings were $2.90 per share, versus an average analyst estimate of a loss of 19 cents per share. A Refinitiv SmartEstimate, which gives more weight to analysts with strong track records, estimated Tesla would earn 3 cents per share. Tesla faces pressing cash needs at its Fremont, California factory, where the company has had a longstanding goal of eventually increasing production to 10,000 Model 3s per week. Musk said a goal of 7,000 was more realistic and would require significantly less capital spending. Three new vehicles are in development at Tesla: the Model Y, a new $200,000 Roadster and an electric heavy-duty truck that Musk unveiled last November. Its sprawling Gigafactory battery factory outside Reno, Nevada is only partially complete, and plans for assembly plants in Europe and China are both big-ticket items on the horizon.

Tesla shares jump as Musk delivers quarterly profit, cash

Oil prices on Wednesday clawed back a fraction of their hefty losses the day before that came after Saudi Arabia said it would make up for supply disruptions from US sanctions starting next month on Iran's petroleum exports.

Front-month Brent crude oil futures were at $76.72 a barrel at 0320 GMT, 28 cents, or 0.4 per cent, above their last close.

US West Texas Intermediate (WTI) crude futures were at $66.66 a barrel, up 23 cents, or 0.4 per cent, from their last settlement.

That came after Brent closed down 4.3 per cent and WTI 4 per cent in the previous session.

Saudi Energy Minister Khalid al-Falih said at an investment conference in Riyadh on Tuesday that despite expected supply disruptions from US sanctions against Iran that kick in from November 4, Saudi Arabia would step up to "meet any demand that materialises to ensure customers are satisfied".

"Oil prices fell substantially ... as Saudi Arabia released assurances it could supply more to the global market," Australia's Rivkin Securities said.

Despite the slump, analysts said markets remained tight because of the looming sanctions.

"We still see Brent reaching $85 per barrel by year-end," said US bank Morgan Stanley.

Into 2019, however, the broader economic outlook could be darkening.

China's state planner said on Wednesday it would step up financial support for regions most hit by the ongoing trade war between Washington and Beijing in which both sides have slapped import tariffs on hundreds of goods.

Meanwhile, South Korea's KOSPI-100 equity index has now fallen by nearly 19 per cent over the past year, the fastest rate of decline since the financial crisis of 2008/09.

The KOSPI-100 has typically correlated closely with growth in international trade, given the South Korean economy's strong orientation towards exports.

Oil prices on Wednesday clawed back a fraction of their hefty losses the day before that came after Saudi Arabia said it would make up for supply disruptions from US sanctions starting next month on Iran's petroleum exports.

Oil prices on Wednesday clawed back a fraction of their hefty losses the day before that came after Saudi Arabia said it would make up for supply disruptions from US sanctions starting next month on Iran's petroleum exports. Front-month Brent crude oil futures were at $76.72 a barrel at 0320 GMT, 28 cents, or 0.4 per cent, above their last close. US West Texas Intermediate (WTI) crude futures were at $66.66 a barrel, up 23 cents, or 0.4 per cent, from their last settlement. That came after Brent closed down 4.3 per cent and WTI 4 per cent in the previous session. Saudi Energy Minister Khalid al-Falih said at an investment conference in Riyadh on Tuesday that despite expected supply disruptions from US sanctions against Iran that kick in from November 4, Saudi Arabia would step up to "meet any demand that materialises to ensure customers are satisfied". "Oil prices fell substantially ... as Saudi Arabia released assurances it could supply more to the global market," Australia's Rivkin Securities said. Despite the slump, analysts said markets remained tight because of the looming sanctions. "We still see Brent reaching $85 per barrel by year-end," said US bank Morgan Stanley. Into 2019, however, the broader economic outlook could be darkening. China's state planner said on Wednesday it would step up financial support for regions most hit by the ongoing trade war between Washington and Beijing in which both sides have slapped import tariffs on hundreds of goods. Meanwhile, South Korea's KOSPI-100 equity index has now fallen by nearly 19 per cent over the past year, the fastest rate of decline since the financial crisis of 2008/09. The KOSPI-100 has typically correlated closely with growth in international trade, given the South Korean economy's strong orientation towards exports.

Oil edges back from big slump as Iran sanctions return to focus

Stock market indices are trading off high points. The Sensex is higher by around 215 points, while the Nifty is above 10,200-mark. &nbsp;

At 10 am, the Sensex was up 215.92 points at 34,063, while the Nifty was higher by 64.15 points at 10,210.

Profit booking in most IT blue-chips like TCS, Wipro and Infosys pared some gains.

In the global markets, Asian stocks edged lower on Wednesday as concerns, ranging from worries about US corporate earnings to Middle East tensions, weighed on sentiment while crude oil approached two-month lows after Saudi Arabia flagged possible supply increases, said a Reuters report.&nbsp;

In commodities, crude oil prices slid after Saudi Arabia said it could supply more crude quickly if needed, easing concerns ahead of US sanctions on Iran.

(With inputs from agencies)

Stock market indices are trading off high points. The Sensex is higher by around 215 points, while the Nifty is above 10,200-mark. At 10 am, the Sensex was up 215.

Stock market indices are trading off high points. The Sensex is higher by around 215 points, while the Nifty is above 10,200-mark. At 10 am, the Sensex was up 215.92 points at 34,063, while the Nifty was higher by 64.15 points at 10,210. Profit booking in most IT blue-chips like TCS, Wipro and Infosys pared some gains. In the global markets, Asian stocks edged lower on Wednesday as concerns, ranging from worries about US corporate earnings to Middle East tensions, weighed on sentiment while crude oil approached two-month lows after Saudi Arabia flagged possible supply increases, said a Reuters report. In commodities, crude oil prices slid after Saudi Arabia said it could supply more crude quickly if needed, easing concerns ahead of US sanctions on Iran. (With inputs from agencies)

Sensex jumps 200 points, Nifty above 10,200

Fuel prices witnessed further reduction on Wednesday, providing some relief to consumers from relentless rate hikes.&nbsp;

The petrol price in Delhi was revised to Rs 81.25 per litre (decrease by Rs 0.09), while that in Mumbai was Rs 86.73 per litre (decrease by Rs 0.08).

Diesel, on the other hand, is being sold&nbsp;at an unchanged rate of Rs 74.85 per litre in Delhi, while the price of diesel in Mumbai is Rs 78.46 per litre.&nbsp;

The fuel prices had been witnessing a relentless hike since the past few months in the country, burning a hole in the common commuter's pocket.

Currently, fuel rate is revised every single day based on global oil prices. State-run oil marketing companies Indian Oil, Bharat Petroleum and Hindustan Petroleum revise fuel prices with effect from 6 am on a daily basis.&nbsp;

The government allowed revision of fuel rates on a daily basis since mid-June last year to reflect changes in costs instantly.&nbsp;

(With inputs from agencies)

Fuel prices witnessed further reduction on Wednesday, providing some relief to consumers from relentless rate hikes. The petrol price in Delhi was revised to Rs 81.

Fuel prices witnessed further reduction on Wednesday, providing some relief to consumers from relentless rate hikes. The petrol price in Delhi was revised to Rs 81.25 per litre (decrease by Rs 0.09), while that in Mumbai was Rs 86.73 per litre (decrease by Rs 0.08). Diesel, on the other hand, is being sold at an unchanged rate of Rs 74.85 per litre in Delhi, while the price of diesel in Mumbai is Rs 78.46 per litre. The fuel prices had been witnessing a relentless hike since the past few months in the country, burning a hole in the common commuter's pocket. Currently, fuel rate is revised every single day based on global oil prices. State-run oil marketing companies Indian Oil, Bharat Petroleum and Hindustan Petroleum revise fuel prices with effect from 6 am on a daily basis. The government allowed revision of fuel rates on a daily basis since mid-June last year to reflect changes in costs instantly. (With inputs from agencies)

Petrol prices decline for seventh straight day; no cut in diesel prices

Harley-Davidson Inc reported its steepest decline in domestic sales in eight years on Tuesday, and warned that motorcycle shipments for the year will be at the lower end of its forecast as it faces higher tariff-related costs.

Milwaukee-based Harley's shares reversed course and were down 5 percent, giving up premarket gains after company the recorded its best quarterly profit in two years.

"We expect U.S. industry to remain challenged into 2019 and will continue to proactively address the weak U.S. industry," Chief Financial Officer John Olin said on a conference call with analysts.

Harley's demographic challenges in the domestic market are well documented - core customers are growing older and efforts to attract new and young riders have yet to show results.

In addition, President Donald Trump's call to boycott the motorcycle manufacturer for its decision to move production for European markets overseas has only compounded the company's troubles.

Harley said on Tuesday it could see up to $48 million in costs from tariffs in 2018.

Rising costs and a tit-for-tat tariff war with China have weighed on the shares of most U.S. manufacturers. Harley's shares are down about 30 percent so far this year and have underperformed the broader S&amp;P 500 index.

Analysts at Goldman Sachs last week cut their 12-month price target for the stock, while BMO Capital Markets downgraded the company's shares on Friday, citing its poor performance.

To be sure, the company still dominates the local heavyweight motorcycle market, but rivals such as Polaris are chipping away at its market share.

To counter weak demand at home, Harley plans to make deeper inroads into some of the fastest growing two-wheeler markets in Asia through lightweight motorcycles.

Retail sales in the United States, which accounts for more than half of the company's sales, fell 13.3 percent in the three months ended Sept. 30 from a year ago. Total retail sales were down 7 percent. Analysts expect 2018 to be the third straight year of declining sales.

International retail sales, however, rose about 3 percent, led by Europe.

"First look (EPS beat) looks good, but when you dig further you see that retail was worse than expected, especially in the United States," Wedbush analyst James Hardiman said.

The company's net income jumped 67 percent to $113.86 million for the third quarter, helped by cost-cutting and higher international sales. Excluding manufacturing optimization costs, the company earned 78 cents a share.

Revenue from motorcycles and related products rose 16.8 percent to $1.12 billion.

Analysts on average expected a profit of 53 cents a share and revenue of $1.07 billion, according to data from Refinitiv.

The company now expects 2018 shipments forecast to be at the low end of its guidance of between 231,000 and 236,000 motorcycles.

Harley-Davidson Inc reported its steepest decline in domestic sales in eight years on Tuesday, and warned that motorcycle shipments for the year will be at the lower end of its forecast as it faces higher tariff-related costs.

Harley-Davidson Inc reported its steepest decline in domestic sales in eight years on Tuesday, and warned that motorcycle shipments for the year will be at the lower end of its forecast as it faces higher tariff-related costs. Milwaukee-based Harley's shares reversed course and were down 5 percent, giving up premarket gains after company the recorded its best quarterly profit in two years. "We expect U.S. industry to remain challenged into 2019 and will continue to proactively address the weak U.S. industry," Chief Financial Officer John Olin said on a conference call with analysts. Harley's demographic challenges in the domestic market are well documented - core customers are growing older and efforts to attract new and young riders have yet to show results. In addition, President Donald Trump's call to boycott the motorcycle manufacturer for its decision to move production for European markets overseas has only compounded the company's troubles. Harley said on Tuesday it could see up to $48 million in costs from tariffs in 2018. Rising costs and a tit-for-tat tariff war with China have weighed on the shares of most U.S. manufacturers. Harley's shares are down about 30 percent so far this year and have underperformed the broader S&P 500 index. Analysts at Goldman Sachs last week cut their 12-month price target for the stock, while BMO Capital Markets downgraded the company's shares on Friday, citing its poor performance. To be sure, the company still dominates the local heavyweight motorcycle market, but rivals such as Polaris are chipping away at its market share. To counter weak demand at home, Harley plans to make deeper inroads into some of the fastest growing two-wheeler markets in Asia through lightweight motorcycles. Retail sales in the United States, which accounts for more than half of the company's sales, fell 13.3 percent in the three months ended Sept. 30 from a year ago. Total retail sales were down 7 percent. Analysts expect 2018 to be the third straight year of declining sales. International retail sales, however, rose about 3 percent, led by Europe. "First look (EPS beat) looks good, but when you dig further you see that retail was worse than expected, especially in the United States," Wedbush analyst James Hardiman said. The company's net income jumped 67 percent to $113.86 million for the third quarter, helped by cost-cutting and higher international sales. Excluding manufacturing optimization costs, the company earned 78 cents a share. Revenue from motorcycles and related products rose 16.8 percent to $1.12 billion. Analysts on average expected a profit of 53 cents a share and revenue of $1.07 billion, according to data from Refinitiv. The company now expects 2018 shipments forecast to be at the low end of its guidance of between 231,000 and 236,000 motorcycles.

Harley-Davidson reports steepest decline in sales in 8 years

IndiGo's parent InterGlobe Aviation on Wednesday reported a loss of Rs 652.1 crore in the three months ended September as higher costs and intense competition took a toll on the bottom line.

This is the first time that the carrier has posted a quarterly loss since getting listed in November 2015.

IndiGo, the country's largest airline with over 40 per cent market share, had a profit of Rs 551.6 crore in the year-ago period.

According to a regulatory filing, IndiGo's total income rose over 18 per cent to Rs 6,514.2 crore in the second quarter ended September 2018.

In the same period a year ago, the total income stood at Rs 5,505.6 crore.

"High fuel cost, rupee depreciation and intense competition significantly impacted profitability," the filing said.

In the latest quarter under review, total expenses jumped 58.2 per cent to Rs 7,502.3 crore.&nbsp;

IndiGo's co-founder and interim CEO Rahul Bhatia said aviation in India is facing significant pressures from high fuel costs, rupee depreciation and intense competition, all of which have impacted the airline's profitability.

"Despite this difficult environment, IndiGo remains well-positioned, thanks to our low cost structure and strong balance sheet," he noted. PTI IAS RAM RAM ANU ANU

IndiGo's parent InterGlobe Aviation on Wednesday reported a loss of Rs 652.1 crore in the three months ended September as higher costs and intense competition took a toll on the bottom line.

IndiGo's parent InterGlobe Aviation on Wednesday reported a loss of Rs 652.1 crore in the three months ended September as higher costs and intense competition took a toll on the bottom line. This is the first time that the carrier has posted a quarterly loss since getting listed in November 2015. IndiGo, the country's largest airline with over 40 per cent market share, had a profit of Rs 551.6 crore in the year-ago period. According to a regulatory filing, IndiGo's total income rose over 18 per cent to Rs 6,514.2 crore in the second quarter ended September 2018. In the same period a year ago, the total income stood at Rs 5,505.6 crore. "High fuel cost, rupee depreciation and intense competition significantly impacted profitability," the filing said. In the latest quarter under review, total expenses jumped 58.2 per cent to Rs 7,502.3 crore. IndiGo's co-founder and interim CEO Rahul Bhatia said aviation in India is facing significant pressures from high fuel costs, rupee depreciation and intense competition, all of which have impacted the airline's profitability. "Despite this difficult environment, IndiGo remains well-positioned, thanks to our low cost structure and strong balance sheet," he noted. PTI IAS RAM RAM ANU ANU

IndiGo posts Rs 652 crore quarterly loss

Asian stocks edged up on Wednesday as a late round of buying helped Wall Street indexes pare most of their earlier panic-driven losses, although crude oil struggled near two-month lows after Saudi Arabia flagged possible supply increases.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2 per cent following a decline of more than 2 per cent the previous day.

Global stocks suffered earlier this week on worries about US earnings, Italian government finances, US trade tensions and mounting pressure on Saudi Arabia over the death of dissident journalist Jamal Khashoggi.

South Korea's KOSPI added 0.5 per cent and Japan's Nikkei climbed 0.25 per cent.

Wall Street's three major indexes slumped early on Tuesday but ended well off the day's lows as investors snapped up beaten-down shares late in the session.&nbsp;

"Broader market sentiment remains fragile, but as last night's resilience by Wall Street shows, sentiment has not broken down completely," said Junichi Ishikawa, senior FX strategist at IG Securities in Tokyo.

"We may see more bouts of 'mini panic' until the U.S. midterm elections, but the bottom line is that the US economy is in good shape and that should prevent sentiment from breaking down."

The dollar flagged against the yen, which is often sought in times of risk aversion. The US currency was at 112.43 yen after dropping 0.35 per cent overnight.

The greenback was also held down on a decline in Treasury yields, as the recent risk aversion drove investors to safe haven government bonds. The 10-year Treasury note yield was at 3.171 per cent after stooping to a three-week low of 3.111 on Tuesday.

The pound was little changed at $1.2986 and near a three-week trough of $1.2937 brushed overnight.

Sterling briefly gained half a per cent against the dollar on Tuesday after a media report that the European Union could offer British Prime Minister Theresa May a UK-wide customs union to clinch a Brexit deal.

The pound's strength was fleeting, however, a sign the market remains unconvinced May can successfully sell any deal to her Conservative party colleagues and get it through parliament.

The euro was steady at $1.1472 after nudging up 0.05 per cent the previous day.

The dollar index against a basket of six major currencies was a shade lower at 95.924 after posting a modest loss the previous day.

In commodities, US crude futures traded at $66.33 per barrel after dropping roughly 4 per cent on Tuesday to a two-month low of $65.74.

Crude slid after Saudi Arabia said it could supply more crude quickly if needed, easing concerns ahead of US sanctions on Iran.&nbsp;

The recent sell-off in global equities has also raised worries about slowing growth curbing demand for crude.

Asian stocks edged up on Wednesday as a late round of buying helped Wall Street indexes pare most of their earlier panic-driven losses, although crude oil struggled near two-month lows after Saudi Arabia flagged possible supply increases.

Asian stocks edged up on Wednesday as a late round of buying helped Wall Street indexes pare most of their earlier panic-driven losses, although crude oil struggled near two-month lows after Saudi Arabia flagged possible supply increases. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2 per cent following a decline of more than 2 per cent the previous day. Global stocks suffered earlier this week on worries about US earnings, Italian government finances, US trade tensions and mounting pressure on Saudi Arabia over the death of dissident journalist Jamal Khashoggi. South Korea's KOSPI added 0.5 per cent and Japan's Nikkei climbed 0.25 per cent. Wall Street's three major indexes slumped early on Tuesday but ended well off the day's lows as investors snapped up beaten-down shares late in the session. "Broader market sentiment remains fragile, but as last night's resilience by Wall Street shows, sentiment has not broken down completely," said Junichi Ishikawa, senior FX strategist at IG Securities in Tokyo. "We may see more bouts of 'mini panic' until the U.S. midterm elections, but the bottom line is that the US economy is in good shape and that should prevent sentiment from breaking down." The dollar flagged against the yen, which is often sought in times of risk aversion. The US currency was at 112.43 yen after dropping 0.35 per cent overnight. The greenback was also held down on a decline in Treasury yields, as the recent risk aversion drove investors to safe haven government bonds. The 10-year Treasury note yield was at 3.171 per cent after stooping to a three-week low of 3.111 on Tuesday. The pound was little changed at $1.2986 and near a three-week trough of $1.2937 brushed overnight. Sterling briefly gained half a per cent against the dollar on Tuesday after a media report that the European Union could offer British Prime Minister Theresa May a UK-wide customs union to clinch a Brexit deal. The pound's strength was fleeting, however, a sign the market remains unconvinced May can successfully sell any deal to her Conservative party colleagues and get it through parliament. The euro was steady at $1.1472 after nudging up 0.05 per cent the previous day. The dollar index against a basket of six major currencies was a shade lower at 95.924 after posting a modest loss the previous day. In commodities, US crude futures traded at $66.33 per barrel after dropping roughly 4 per cent on Tuesday to a two-month low of $65.74. Crude slid after Saudi Arabia said it could supply more crude quickly if needed, easing concerns ahead of US sanctions on Iran. The recent sell-off in global equities has also raised worries about slowing growth curbing demand for crude.

Asia stocks edge up as Wall Street shows resilience, oil near two-month lows

Indian shares closed higher on Wednesday, snapping four sessions of losses, as a stronger rupee and falling oil prices supported the trading sentiment.

The broader NSE Nifty ended 0.77 per cent higher at 10,224.75, while the benchmark BSE Sensex closed up 0.55 per cent at 34,033.96.

Housing Development Finance Corporation Ltd's stock, up 3.2 per cent, was the biggest boost to the Nifty. Shares of Bajaj Finance Ltd jumped 11 per cent, while those of Bharti Airtel climbed 10.5 per cent to their highest close since Oct. 3.

Indian shares closed higher on Wednesday, snapping four sessions of losses, as a stronger rupee and falling oil prices supported the trading sentiment. The broader NSE Nifty ended 0.

Indian shares closed higher on Wednesday, snapping four sessions of losses, as a stronger rupee and falling oil prices supported the trading sentiment. The broader NSE Nifty ended 0.77 per cent higher at 10,224.75, while the benchmark BSE Sensex closed up 0.55 per cent at 34,033.96. Housing Development Finance Corporation Ltd's stock, up 3.2 per cent, was the biggest boost to the Nifty. Shares of Bajaj Finance Ltd jumped 11 per cent, while those of Bharti Airtel climbed 10.5 per cent to their highest close since Oct. 3.

Sensex and Nifty buck losing streak; financials, Bharti Airtel boost

Automotive manufacturer Hyundai today re-launched the Santro in India. The Santro, originally launched 20 years ago, was Hyundai's most successful car and made the company popular with Indian car buyers.

The all new Santro was unveiled earlier this month and the pre-booking of the car was acceptable till Monday (October 22).

Under the hood, the new Santro is equipped with 4-Cylinder 1.1 Litre petrol engine. It is the first Hyundai model to offer in-house developed Smart Auto AMT Technology and will have Factory fitted CNG option, the company said.

The overall design theme of the new Santro is based on Rhythmical Tension for a refined yet sporty image. The front of car bears Hyundai’s signature cascade grille with chrome surround.

The new Santro will have standard ABS with EBD and Driver’s Airbag. It will have both front and Rear AC vents.

First introduced in 1998, the Hyundai Santro, was discontinued in 2014 to make way for the Grand i10. In most markets across the globe, the Grand i10 replaced the i10; however, in India, the Korean carmaker continued retailing both the generations side by side and thus had to halt the production of the Santro to make sure there wasn’t any cannibalisation within its portfolio.

Automotive manufacturer Hyundai today re-launched the Santro in India. The Santro, originally launched 20 years ago, was Hyundai's most successful car and made the company popular with Indian car buyers.

Automotive manufacturer Hyundai today re-launched the Santro in India. The Santro, originally launched 20 years ago, was Hyundai's most successful car and made the company popular with Indian car buyers. The all new Santro was unveiled earlier this month and the pre-booking of the car was acceptable till Monday (October 22). Under the hood, the new Santro is equipped with 4-Cylinder 1.1 Litre petrol engine. It is the first Hyundai model to offer in-house developed Smart Auto AMT Technology and will have Factory fitted CNG option, the company said. The overall design theme of the new Santro is based on Rhythmical Tension for a refined yet sporty image. The front of car bears Hyundai’s signature cascade grille with chrome surround. The new Santro will have standard ABS with EBD and Driver’s Airbag. It will have both front and Rear AC vents. First introduced in 1998, the Hyundai Santro, was discontinued in 2014 to make way for the Grand i10. In most markets across the globe, the Grand i10 replaced the i10; however, in India, the Korean carmaker continued retailing both the generations side by side and thus had to halt the production of the Santro to make sure there wasn’t any cannibalisation within its portfolio.

Hyundai officially launches Santro 2018 in India

Asian shares fell on Tuesday as earnings season nerves in the US dented Wall Street, while a cocktail of negative drivers from Saudi Arabia's diplomatic isolation to concerns over Italy's budget and Brexit talks depressed sentiment.

Selling in the region erased gains made in the previous two sessions' rally, which were led by China stimulus hopes, with the MSCI's broadest index of Asia-Pacific shares outside Japan dropping 1.3 per cent.

South Korea's Kospi fell as much as 2.5 per cent and was on course to hit a 1-1/2-year low. In Japan, the Nikkei fell 2.3 per cent.

US stock futures dropped 0.8 per cent in early Tuesday trade. On Monday the S&amp;P 500 lost 0.43 per cent as investors kept a wary eye on earnings amid global growth worries. Enthusiasm over some of the upbeat results was also tempered by the growing political uncertainty around the world.

"In short, the world seems to be getting into chaos," said Akira Takei, bond fund manager at Asset Management One.

US President Donald Trump said on Monday he was not satisfied with what he had heard from Saudi Arabia about the killing of journalist Jamal Khashoggi at its consulate in Turkey.

Trump has expressed reluctance to punish the Saudis economically. But while Saudi Arabia has sought to shield its powerful crown prince from the killing, many officials have cast doubt on Riyadh's narrative.

Several countries, including Germany, Britain, France and Turkey, have pressed Saudi Arabia to provide all the facts.

An immediate market focus is on Turkish President Tayyip Erdogan, who said he will release information about the investigation in a speech on Tuesday.

Any signs of instability in Saudi Arabia, a major oil producer as well as a big investor in financial markets, could have wide-ranging repercussions.

"I would think this issue could drag on for some time," said Asset Management One's Takei.

In Europe, Italy told the European Commission on Monday it would stick to its contested 2019 budget plans in defiance of EU fiscal rules.

The European Commision will decide on its response on Tuesday.

The euro traded at $1.1466, having lost 0.44 per cent the previous day to edge near its October&nbsp;9tth low of $1.14325, its lowest level since mid-August.

Although Italian bond prices rose on relief after Moody's did not slap on a negative outlook as the market had feared, European stock markets were less enthused.

France's CAC closed at the lowest level in more than a year while Italian shares hit 1-1/2-year lows and Spanish shares ended at their weakest level since late 2016.

The British pound stood at $1.2965, hovering just above this month's low of $1.2922 on fears the Irish border issue and disagreements within Britain's ruling Conservatives over Brexit could see Prime Minister Theresa May face a serious leadership challenge.

The yen eased to 112.82 per dollar, touching its lowest levels in about two weeks.

The yuan was little changed but stood near Monday's 21-month low of 6.9445 per dollar in the onshore trade on expectations China will pursue looser monetary policy to cope with pressure from US President Trump on tariffs.

Chinese shares also lost steam after two days of strong gains following guidance from Chinese officials, including Vice Premier Liu He, to major investors to support the sagging stock market.

"Any stimulus by China should be viewed not as a boost but as a cushion against a slowing economy against external headwinds," said analysts at DBS in Singapore.

"This reality was better reflected in the Chinese yuan which continued to trade weaker against the central parity in both the onshore and offshore markets."

Oil prices fell on Tuesday after Saudi Arabia pledged to play a "responsible role" in energy markets, although sentiment remained nervous in the run-up to US&nbsp;sanctions against Iran's crude exports that start next month.

Saudi Arabia has pledged to keep markets supplied despite its increasing isolation over Khashoggi's killing, easing fears Riyadh may use oil production as its diplomatic weapons.

Front-month Brent crude oil futures were at $79.60 a barrel, down 0.3 per cent.

US West Texas Intermediate(WTI) crude futures were at $69.22 a barrel, dropping 0.2 per cent.

Asian shares fell on Tuesday as earnings season nerves in the US dented Wall Street, while a cocktail of negative drivers from Saudi Arabia's diplomatic isolation to concerns over Italy's budget and Brexit talks depressed sentiment.

Asian shares fell on Tuesday as earnings season nerves in the US dented Wall Street, while a cocktail of negative drivers from Saudi Arabia's diplomatic isolation to concerns over Italy's budget and Brexit talks depressed sentiment. Selling in the region erased gains made in the previous two sessions' rally, which were led by China stimulus hopes, with the MSCI's broadest index of Asia-Pacific shares outside Japan dropping 1.3 per cent. South Korea's Kospi fell as much as 2.5 per cent and was on course to hit a 1-1/2-year low. In Japan, the Nikkei fell 2.3 per cent. US stock futures dropped 0.8 per cent in early Tuesday trade. On Monday the S&P 500 lost 0.43 per cent as investors kept a wary eye on earnings amid global growth worries. Enthusiasm over some of the upbeat results was also tempered by the growing political uncertainty around the world. "In short, the world seems to be getting into chaos," said Akira Takei, bond fund manager at Asset Management One. US President Donald Trump said on Monday he was not satisfied with what he had heard from Saudi Arabia about the killing of journalist Jamal Khashoggi at its consulate in Turkey. Trump has expressed reluctance to punish the Saudis economically. But while Saudi Arabia has sought to shield its powerful crown prince from the killing, many officials have cast doubt on Riyadh's narrative. Several countries, including Germany, Britain, France and Turkey, have pressed Saudi Arabia to provide all the facts. An immediate market focus is on Turkish President Tayyip Erdogan, who said he will release information about the investigation in a speech on Tuesday. Any signs of instability in Saudi Arabia, a major oil producer as well as a big investor in financial markets, could have wide-ranging repercussions. "I would think this issue could drag on for some time," said Asset Management One's Takei. In Europe, Italy told the European Commission on Monday it would stick to its contested 2019 budget plans in defiance of EU fiscal rules. The European Commision will decide on its response on Tuesday. The euro traded at $1.1466, having lost 0.44 per cent the previous day to edge near its October 9tth low of $1.14325, its lowest level since mid-August. Although Italian bond prices rose on relief after Moody's did not slap on a negative outlook as the market had feared, European stock markets were less enthused. France's CAC closed at the lowest level in more than a year while Italian shares hit 1-1/2-year lows and Spanish shares ended at their weakest level since late 2016. The British pound stood at $1.2965, hovering just above this month's low of $1.2922 on fears the Irish border issue and disagreements within Britain's ruling Conservatives over Brexit could see Prime Minister Theresa May face a serious leadership challenge. The yen eased to 112.82 per dollar, touching its lowest levels in about two weeks. The yuan was little changed but stood near Monday's 21-month low of 6.9445 per dollar in the onshore trade on expectations China will pursue looser monetary policy to cope with pressure from US President Trump on tariffs. Chinese shares also lost steam after two days of strong gains following guidance from Chinese officials, including Vice Premier Liu He, to major investors to support the sagging stock market. "Any stimulus by China should be viewed not as a boost but as a cushion against a slowing economy against external headwinds," said analysts at DBS in Singapore. "This reality was better reflected in the Chinese yuan which continued to trade weaker against the central parity in both the onshore and offshore markets." Oil prices fell on Tuesday after Saudi Arabia pledged to play a "responsible role" in energy markets, although sentiment remained nervous in the run-up to US sanctions against Iran's crude exports that start next month. Saudi Arabia has pledged to keep markets supplied despite its increasing isolation over Khashoggi's killing, easing fears Riyadh may use oil production as its diplomatic weapons. Front-month Brent crude oil futures were at $79.60 a barrel, down 0.3 per cent. US West Texas Intermediate(WTI) crude futures were at $69.22 a barrel, dropping 0.2 per cent.

Asian stocks fall on Wall Street earnings fear, Khashoggi

The Indian stock markets opened in the red on Tuesday.&nbsp;

Sensex shed more than 200 points on open to fall below the 34,000-mark.&nbsp;The Nifty was down 57 points to 10,152.60.&nbsp;

Rupee opens at 73.77/$ vs its previous close of 73.56 per dollar due to steady capital outflows and strengthening of the American currency.

Shares of IndusInd Bank, Adani Ports, Tata Motors and Coal India gained up to 2.5% in the morning trade. Asian Paints shares fell more than 6% after the firm reported weak Q2 results. &nbsp;

Asian Paints shares shed as much as 6.16% to hit the day’s low at Rs 1,126.55. In the latest quarter, profit fell 3.2% to Rs 506 crore versus Rs 526.2 crore in the latest quarter for Asian Paints. In the Nifty, BPCL, IOC and ONGC shares were trading with pressure, tanking up to 4%.&nbsp;

The Indian stock markets opened in the red on Tuesday. Sensex shed more than 200 points on open to fall below the 34,000-mark. The Nifty was down 57 points to 10,152.

The Indian stock markets opened in the red on Tuesday. Sensex shed more than 200 points on open to fall below the 34,000-mark. The Nifty was down 57 points to 10,152.60. Rupee opens at 73.77/$ vs its previous close of 73.56 per dollar due to steady capital outflows and strengthening of the American currency. Shares of IndusInd Bank, Adani Ports, Tata Motors and Coal India gained up to 2.5% in the morning trade. Asian Paints shares fell more than 6% after the firm reported weak Q2 results. Asian Paints shares shed as much as 6.16% to hit the day’s low at Rs 1,126.55. In the latest quarter, profit fell 3.2% to Rs 506 crore versus Rs 526.2 crore in the latest quarter for Asian Paints. In the Nifty, BPCL, IOC and ONGC shares were trading with pressure, tanking up to 4%.

Sensex breaks 34,000, down 200 points; Nifty below 10,200