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TeamViewer, a global leader in secure remote connectivity solutions, sees a lot of potential in India and the Asia-Pacific (APAC) region in SMB remote access, collaboration and Internet of Things (IoT) solutions and wants to leverage the region's immense growth potential.

"With India at the forefront of digital transformation, it is a high-priority market for TeamViewer's leading connectivity solutions," says Konstantin Ebert, Vice President Sales EMEA, APAC &amp; Global Channels at TeamViewer.

A global connectivity powerhouse, TeamViewer offers secure remote access, support, control and collaboration capabilities for online endpoints of any kind.

"This is a great time to be part of this fast-growing company and leader in the tech industry. With TeamViewer's global industry leadership, I look forward to further strengthen the company's presence in India by focusing on operational excellence and by building long-term customer relationship," said Krunal Patel, who took over as the company's Head of Sales in India.

Founded in 2005, TeamViewer employs more than 700 people in offices across Germany, the United States, Australia, Armenia and Japan.

The company has been activated on more than 1.7 billion devices and serves at least 40 million concurrent connections at any time.

TeamViewer, a global leader in secure remote connectivity solutions, sees a lot of potential in India and the Asia-Pacific (APAC) region in SMB remote access, collaboration and Internet of Things (IoT) solutions and wants to leverage the region's immense growth potential.

TeamViewer, a global leader in secure remote connectivity solutions, sees a lot of potential in India and the Asia-Pacific (APAC) region in SMB remote access, collaboration and Internet of Things (IoT) solutions and wants to leverage the region's immense growth potential. "With India at the forefront of digital transformation, it is a high-priority market for TeamViewer's leading connectivity solutions," says Konstantin Ebert, Vice President Sales EMEA, APAC & Global Channels at TeamViewer. A global connectivity powerhouse, TeamViewer offers secure remote access, support, control and collaboration capabilities for online endpoints of any kind. "This is a great time to be part of this fast-growing company and leader in the tech industry. With TeamViewer's global industry leadership, I look forward to further strengthen the company's presence in India by focusing on operational excellence and by building long-term customer relationship," said Krunal Patel, who took over as the company's Head of Sales in India. Founded in 2005, TeamViewer employs more than 700 people in offices across Germany, the United States, Australia, Armenia and Japan. The company has been activated on more than 1.7 billion devices and serves at least 40 million concurrent connections at any time.

India has a lot of potential in Internet of Things, says TeamViewer

The Supreme Court on Thursday issued contempt notice against three directors, including the CMD, of Amrapali group for defying various court orders and sought their reply in four weeks.

A bench of Justices U U Lalit and D Y Chandrachud asked the three Amrapali directors -- Anil Kumar Sharma, Shiv Priya and Ajay Kumar to present themselves before SHO of Noida Sector 62 tomorrow before 8 AM.

It directed the Noida police to take them to the sealed properties where the documents of the group's 46 companies will be catalogued.

The apex court also directed Noida SSP to take the three directors to hotel Park Ascent after 6 pm where their cellphones will be seized and they shall spend nights in the hotel for the next 15 days, instead of police lock up.

The top court said they will remain under police surveillance confined to the hotel.

It also said that the sealed properties of Amrapali group in Noida and Greater Noida will be open from 8 AM to 6 PM for cataloguing of documents for next 15 days.

The bench asked the two forensic auditors Ravi Bhatia and Pawan Kumar Aggarwal complete the task of auditing the balance sheet and affairs of 46 Amrapali group companies in next ten weeks time.

Earlier in the day the group had informed the apex court that its nine properties in Noida, Greater Noida as also Rajgir and Buxar in Bihar have been sealed in compliance with the court's order.

The apex court had yesterday ordered the sealing of nine properties of the embattled real estate company after the three directors, who are in police custody, said the documents related to the group's 46 firms were stored there.

The three directors had moved an application before the court stating that they were willing to hand over all documents but the police was unaware about which one needed to be seized.

The directors were taken into police custody on October 9 and the firm was castigated for playing "hide and seek" with the court by not complying with its orders to hand over all documents to forensic auditors.

These directors had told the bench that documents related to Amrapali's 46 group companies were kept in seven locations at Noida and Greater Noida and two premises -- Rajgir and Buxar districts in Bihar.

The bench had then directed that after the sealing of these nine premises, the keys be handed over to the registrar of the apex court.

The court is seized of a batch of petitions filed by home buyers who are seeking possession of around 42,000 flats booked in projects of the Amrapali group.

The Supreme Court on Thursday issued contempt notice against three directors, including the CMD, of Amrapali group for defying various court orders and sought their reply in four weeks.

The Supreme Court on Thursday issued contempt notice against three directors, including the CMD, of Amrapali group for defying various court orders and sought their reply in four weeks. A bench of Justices U U Lalit and D Y Chandrachud asked the three Amrapali directors -- Anil Kumar Sharma, Shiv Priya and Ajay Kumar to present themselves before SHO of Noida Sector 62 tomorrow before 8 AM. It directed the Noida police to take them to the sealed properties where the documents of the group's 46 companies will be catalogued. The apex court also directed Noida SSP to take the three directors to hotel Park Ascent after 6 pm where their cellphones will be seized and they shall spend nights in the hotel for the next 15 days, instead of police lock up. The top court said they will remain under police surveillance confined to the hotel. It also said that the sealed properties of Amrapali group in Noida and Greater Noida will be open from 8 AM to 6 PM for cataloguing of documents for next 15 days. The bench asked the two forensic auditors Ravi Bhatia and Pawan Kumar Aggarwal complete the task of auditing the balance sheet and affairs of 46 Amrapali group companies in next ten weeks time. Earlier in the day the group had informed the apex court that its nine properties in Noida, Greater Noida as also Rajgir and Buxar in Bihar have been sealed in compliance with the court's order. The apex court had yesterday ordered the sealing of nine properties of the embattled real estate company after the three directors, who are in police custody, said the documents related to the group's 46 firms were stored there. The three directors had moved an application before the court stating that they were willing to hand over all documents but the police was unaware about which one needed to be seized. The directors were taken into police custody on October 9 and the firm was castigated for playing "hide and seek" with the court by not complying with its orders to hand over all documents to forensic auditors. These directors had told the bench that documents related to Amrapali's 46 group companies were kept in seven locations at Noida and Greater Noida and two premises -- Rajgir and Buxar districts in Bihar. The bench had then directed that after the sealing of these nine premises, the keys be handed over to the registrar of the apex court. The court is seized of a batch of petitions filed by home buyers who are seeking possession of around 42,000 flats booked in projects of the Amrapali group.

SC issues contempt notice against 3 directors of Amrapali group 

The country's largest software exporter TCS Thursday reported a 22.6 per cent jump in consolidated net profit at Rs 7,901 crore in the July-September 2018 quarter, buoyed by strong demand for digital services.

Tata Consultancy Services (TCS) had posted a net profit of Rs 6,446 crore in the same period last fiscal, the company said in a statement.

The Tata group company saw a revenue growth of 20.7 per cent at Rs 36,854 crore in the September quarter, up from Rs 30,541 crore a year ago. It's earning per share for the quarter was at Rs 20.66.

TCS CEO and MD Rajesh Gopinathan said, "We are very pleased with our all-around strong performance in Q2. Revenue growth was driven by expanding demand for digital transformation across verticals, and continued acceleration in banking, financial services and insurance (BFSI) and retail."&nbsp;

N Ganapathy Subramaniam, chief operating officer and executive director, at TCS termed the September quarter as a "good" one and said there was a strong demand in areas like analytics, cloud and automation.

The company has declared a dividend of Rs 4 per share.&nbsp;

The net employee addition in September 2018 quarter was at 10,227 professionals, highest in 12 quarters, the company said. Total employees strength at the end of Q2 stood at 4,11,102 on a consolidated basis.&nbsp;

IT services attrition rate was steady at 10.9 per cent on last 12 months basis.&nbsp;

The country's largest software exporter TCS Thursday reported a 22.6 per cent jump in consolidated net profit at Rs 7,901 crore in the July-September 2018 quarter, buoyed by strong demand for digital services.

The country's largest software exporter TCS Thursday reported a 22.6 per cent jump in consolidated net profit at Rs 7,901 crore in the July-September 2018 quarter, buoyed by strong demand for digital services. Tata Consultancy Services (TCS) had posted a net profit of Rs 6,446 crore in the same period last fiscal, the company said in a statement. The Tata group company saw a revenue growth of 20.7 per cent at Rs 36,854 crore in the September quarter, up from Rs 30,541 crore a year ago. It's earning per share for the quarter was at Rs 20.66. TCS CEO and MD Rajesh Gopinathan said, "We are very pleased with our all-around strong performance in Q2. Revenue growth was driven by expanding demand for digital transformation across verticals, and continued acceleration in banking, financial services and insurance (BFSI) and retail." N Ganapathy Subramaniam, chief operating officer and executive director, at TCS termed the September quarter as a "good" one and said there was a strong demand in areas like analytics, cloud and automation. The company has declared a dividend of Rs 4 per share. The net employee addition in September 2018 quarter was at 10,227 professionals, highest in 12 quarters, the company said. Total employees strength at the end of Q2 stood at 4,11,102 on a consolidated basis. IT services attrition rate was steady at 10.9 per cent on last 12 months basis.

TCS net profit up 22.6 per cent to Rs 7,901 crore in Q2

Allaying concerns about the return of fuel subsidy regime, a top Finance Ministry official Thursday said the government asking oil PSUs to subsidise petrol and diesel prices by Re 1 per litre was a "one-time thing" and it does not intend to ask them to do it again.

While oil marketing companies will continue to enjoy marketing freedom, upstream oil producers like ONGC would not be asked to share fuel subsidy burden, he said.

Just last week, the government had cut excise duty on petrol and diesel by Rs 1.50 per litre and asked state-owned oil marketing companies (OMCs) to subsidise the two fuels by another Re 1 a litre.

But most of the Rs 2.50 per litre reduction in rates effected from October 5 has been lost in increases in selling prices on subsequent days, giving rise to the suspicion that the government may again ask OMCs to subsidise fuel.

"The Re 1 absorption by OMCs in their pricing was a one-time thing," the official said.

The government, he said, has no intention of asking them to do that again.

Following the comments, shares of OMCs surged by as much as 19 per cent intra-day, defying the broader market trends. Shares of HPCL surged 19 per cent to hit a high of Rs 215.40, BPCL jumped 7 per cent to Rs 284.80 and IOC gained nearly 8 per cent to Rs 134 in intra-day trade.

The benchmark BSE Sensex fell 759.74 points to close at 34,001.&nbsp;

The cut in excise duty and OMCs absorbing some prices had led to a drop in the price of petrol from a record high of Rs 84 per litre to

Rs 81.50 in Delhi and that of diesel from an all-time high of Rs 75.45 to Rs 72.95 a litre on October 5. But rate hikes on subsequent days have pushed prices up.

Petrol has risen by 86 paise per litre since then and diesel by Rs 1.67, negating the entire excise duty reduction in less than a week.&nbsp;

Petrol price in Delhi Thursday stood at Rs 82.36 per cent while diesel was priced at Rs 74.62.

The official said the government is also not looking at bringing back the subsidy sharing mechanism where upstream firms like ONGC subsidised cooking fuels LPG and kerosene by giving discounts on crude oil they sold to refiners.

Oil and Natural Gas Corp (ONGC) shares surged to Rs 159.60 during intra-day trade on the BSE before ending at Rs 152.90, up 2.86 per cent.

Oil producers ONGC and Oil India Ltd had till June 2015 made good as much as 40 per cent of the under-recoveries or subsidy arising out of selling fuel at below market price. It was speculated that the same subsidy sharing in some form may be brought back.&nbsp;

According to Moody's Investors Service, share prices of state-owned oil companies have declined around 20 per cent on average since the government on October 4 announced a reduction in the country's fuel prices.

The aggregate market capitalisation of the six largest listed government owned/linked oil companies had fallen by Rs 1.2 lakh crore since then, it said.

"The share price decline is credit negative for the oil companies because of the high level of cross-shareholdings in one another. The market values of their respective investments have declined, reducing their financial flexibility," it said in a report Thursday.

Shares of HPCL closed up 14.70 per cent at Rs 207.15. BPCL was up 5.11 per cent at Rs 278.65 and IOC ended 5.39 per cent higher at Rs 131 on the BSE.

Allaying concerns about the return of fuel subsidy regime, a top Finance Ministry official Thursday said the government asking oil PSUs to subsidise petrol and diesel prices by Re 1 per litre was a "one-time thing" and it does not intend to ask them to do it again.

Allaying concerns about the return of fuel subsidy regime, a top Finance Ministry official Thursday said the government asking oil PSUs to subsidise petrol and diesel prices by Re 1 per litre was a "one-time thing" and it does not intend to ask them to do it again. While oil marketing companies will continue to enjoy marketing freedom, upstream oil producers like ONGC would not be asked to share fuel subsidy burden, he said. Just last week, the government had cut excise duty on petrol and diesel by Rs 1.50 per litre and asked state-owned oil marketing companies (OMCs) to subsidise the two fuels by another Re 1 a litre. But most of the Rs 2.50 per litre reduction in rates effected from October 5 has been lost in increases in selling prices on subsequent days, giving rise to the suspicion that the government may again ask OMCs to subsidise fuel. "The Re 1 absorption by OMCs in their pricing was a one-time thing," the official said. The government, he said, has no intention of asking them to do that again. Following the comments, shares of OMCs surged by as much as 19 per cent intra-day, defying the broader market trends. Shares of HPCL surged 19 per cent to hit a high of Rs 215.40, BPCL jumped 7 per cent to Rs 284.80 and IOC gained nearly 8 per cent to Rs 134 in intra-day trade. The benchmark BSE Sensex fell 759.74 points to close at 34,001. The cut in excise duty and OMCs absorbing some prices had led to a drop in the price of petrol from a record high of Rs 84 per litre to Rs 81.50 in Delhi and that of diesel from an all-time high of Rs 75.45 to Rs 72.95 a litre on October 5. But rate hikes on subsequent days have pushed prices up. Petrol has risen by 86 paise per litre since then and diesel by Rs 1.67, negating the entire excise duty reduction in less than a week. Petrol price in Delhi Thursday stood at Rs 82.36 per cent while diesel was priced at Rs 74.62. The official said the government is also not looking at bringing back the subsidy sharing mechanism where upstream firms like ONGC subsidised cooking fuels LPG and kerosene by giving discounts on crude oil they sold to refiners. Oil and Natural Gas Corp (ONGC) shares surged to Rs 159.60 during intra-day trade on the BSE before ending at Rs 152.90, up 2.86 per cent. Oil producers ONGC and Oil India Ltd had till June 2015 made good as much as 40 per cent of the under-recoveries or subsidy arising out of selling fuel at below market price. It was speculated that the same subsidy sharing in some form may be brought back. According to Moody's Investors Service, share prices of state-owned oil companies have declined around 20 per cent on average since the government on October 4 announced a reduction in the country's fuel prices. The aggregate market capitalisation of the six largest listed government owned/linked oil companies had fallen by Rs 1.2 lakh crore since then, it said. "The share price decline is credit negative for the oil companies because of the high level of cross-shareholdings in one another. The market values of their respective investments have declined, reducing their financial flexibility," it said in a report Thursday. Shares of HPCL closed up 14.70 per cent at Rs 207.15. BPCL was up 5.11 per cent at Rs 278.65 and IOC ended 5.39 per cent higher at Rs 131 on the BSE.

Government will not ask OMCs to further subsidise petrol, diesel prices

Sensex plunged more than 2 per cent on Thursday, at their lowest closing levels since April, mirroring the markets rout across the globe amid rising trade concerns and expectation of rate hikes in the United States.

The benchmark BSE Sensex closed down 2.19 per cent at 34,001.15. The broader NSE Nifty ended 2.16 per cent lower at 10,234.65.

Shares of oil and gas companies were among the nine stocks that withstood the selloff, after a finance ministry source`s comments on subsidies. Hindustan Petroleum Corp Ltd was the top percentage gainer at 16.2 per cent, report said.&nbsp;

Earlier, attributing the slump in stock and currency markets to external factors, a finance ministry official Thursday said more steps will be taken to check current account deficit (CAD) and hoped that the rupee would appreciate.

While the stock market benchmark Sensex in the early trade crashed over 1,000 points, the rupee fell to a record low of 74.45 to a dollar.

"What happened in US yesterday had a ripple effect here today. The IMF has downgraded global growth rate, US growth rate for next year, both these had impact on markets," the official told reporters.

He said Indian market is still relatively stable compared with other equity markets. "The rupee may remain firm if oil prices stay range bound. We do believe that rupee should appreciate from this level," the official added.

The BSE Sensex, in the opening trade, crashed 1,030 points to slip below the key 34,000-mark, tracking a global sell-off as the rupee hit yet another record low of 74.45 against the US dollar.

The rupee has lost more than 13 per cent since the beginning of 2018. The CAD, difference between inflow and outflow of foreign exchange, widened to 2.4 per cent of GDP in the April-June quarter.

Sensex plunged more than 2 per cent on Thursday, at their lowest closing levels since April, mirroring the markets rout across the globe amid rising trade concerns and expectation of rate hikes in the United States.

Sensex plunged more than 2 per cent on Thursday, at their lowest closing levels since April, mirroring the markets rout across the globe amid rising trade concerns and expectation of rate hikes in the United States. The benchmark BSE Sensex closed down 2.19 per cent at 34,001.15. The broader NSE Nifty ended 2.16 per cent lower at 10,234.65. Shares of oil and gas companies were among the nine stocks that withstood the selloff, after a finance ministry source`s comments on subsidies. Hindustan Petroleum Corp Ltd was the top percentage gainer at 16.2 per cent, report said. Earlier, attributing the slump in stock and currency markets to external factors, a finance ministry official Thursday said more steps will be taken to check current account deficit (CAD) and hoped that the rupee would appreciate. While the stock market benchmark Sensex in the early trade crashed over 1,000 points, the rupee fell to a record low of 74.45 to a dollar. "What happened in US yesterday had a ripple effect here today. The IMF has downgraded global growth rate, US growth rate for next year, both these had impact on markets," the official told reporters. He said Indian market is still relatively stable compared with other equity markets. "The rupee may remain firm if oil prices stay range bound. We do believe that rupee should appreciate from this level," the official added. The BSE Sensex, in the opening trade, crashed 1,030 points to slip below the key 34,000-mark, tracking a global sell-off as the rupee hit yet another record low of 74.45 against the US dollar. The rupee has lost more than 13 per cent since the beginning of 2018. The CAD, difference between inflow and outflow of foreign exchange, widened to 2.4 per cent of GDP in the April-June quarter.

Nifty, Sensex plunge two per cent to six-month lows amid global meltdown

Chinese stock markets plunged to their lowest levels in four years on Thursday following a global rout.

The benchmark Shanghai Composite Index dropped 5.22 per cent, or 142.38 points, to 2,583.46, marking the lowest level since November 2014.&nbsp;

The Shenzhen Composite Index, which tracks stocks on China's second exchange, plummeted 6.45 per cent, or 89.15 points, to 1,293.90, the lowest point since September 2014.

European markets

Europe's main stock markets slid by around 1.5 per cent at the start of trading on Thursday following heavier falls across Asia and on Wall Street.

London's benchmark FTSE 100 index slumped 1.4 per cent to 7,049.31 points compared with Wednesday's closing level.

In the eurozone, Frankfurt's DAX 30 dropped 1.3 per cent to 11,558.98 points and the Paris CAC 40 shed 1.5 per cent to 5,128.22 points.

Trump's 'Fed is crazy' remark

The steep drop in Asia followed Wednesday's plunge in New York, with the Dow Jones dropping nearly 830 points -- the biggest fall since February -- after Trump's latest criticism of the Federal Reserve.

"I think the Fed is making a mistake," Trump told reporters as he arrived for a campaign rally ahead of the US mid-term elections.

Chinese stock markets plunged to their lowest levels in four years on Thursday following a global rout. The benchmark Shanghai Composite Index dropped 5.22 per cent, or 142.

Chinese stock markets plunged to their lowest levels in four years on Thursday following a global rout. The benchmark Shanghai Composite Index dropped 5.22 per cent, or 142.38 points, to 2,583.46, marking the lowest level since November 2014. The Shenzhen Composite Index, which tracks stocks on China's second exchange, plummeted 6.45 per cent, or 89.15 points, to 1,293.90, the lowest point since September 2014. European markets Europe's main stock markets slid by around 1.5 per cent at the start of trading on Thursday following heavier falls across Asia and on Wall Street. London's benchmark FTSE 100 index slumped 1.4 per cent to 7,049.31 points compared with Wednesday's closing level. In the eurozone, Frankfurt's DAX 30 dropped 1.3 per cent to 11,558.98 points and the Paris CAC 40 shed 1.5 per cent to 5,128.22 points. Trump's 'Fed is crazy' remark The steep drop in Asia followed Wednesday's plunge in New York, with the Dow Jones dropping nearly 830 points -- the biggest fall since February -- after Trump's latest criticism of the Federal Reserve. "I think the Fed is making a mistake," Trump told reporters as he arrived for a campaign rally ahead of the US mid-term elections.

Chinese stocks sink to lowest levels since 2014

India's battered rupee is expected to stay that way for a while, trading near recent record lows over the coming year even as the Reserve Bank of India is forecast to raise rates in December and once more in 2019, Reuters polling found.

The rupee has hit repeated record lows against the dollar this year in its worst run since the financial crisis. It is down over 16 per cent so far this year, tracking a deep selloff in emerging markets driven by a resurgent dollar and the ongoing US-China trade war.

While just two weeks ago a majority of economists polled by Reuters predicted the Reserve Bank of India (RBI) would hike interest rates on Oct 5, the central bank surprised by keeping its policy unchanged and said it was not targeting any currency level.

After that decision, the rupee fell to a record low of 74.25 against the dollar. On Tuesday, the partially convertible Indian currency hit a fresh low of 74.395 per dollar.

"We believe the RBI is underestimating the inflationary pressure in the Indian economy and the impact of ongoing Fed tightening," said Hugo Erken, senior economist at Rabobank, referring to a series of US&nbsp;Federal Reserve rate rises expected in the coming year.

Inflation in India was forecast to be a touch above the central bank's comfort level of around 4 per cent in the third quarter and the current one.

But India's widening current account deficit, thanks to rising oil prices and a weak rupee, combined with below-normal rainfall this year could translate into rising price pressures over the near term.

While economists were evenly split on the question of whether a rate hike was required to stop the rupee from falling further, the RBI is still expected to deliver in December. It is also forecast to follow that hike in the third quarter of next year, taking the repo rate to 7 per cent.

That suggests economists have pushed their expectations for the rate hike they had previously pencilled in for October to the next meeting, the last one scheduled for this year.

"Even as most (on the Monetary Policy Committee) voted to change the stance to 'calibrated tightening,' there was an evident lack of action on their part despite time running out to stop the rupee's worst fall in last five years," noted Prakash Sakpal, Asia economist at ING.

Still, 26 of 47 economists who answered an additional question said the RBI was right to keep policy on hold this month.

Predictions for one aggressive 50 basis point rate hike by end-2018 dropped sharply in the latest survey, with only one respondent now expecting such a move compared to 17 in the previous poll on September 25.

"We continue to look for the USDINR to head towards 75.0, factoring in our view of at least four rate hikes by the US&nbsp;Federal Reserve over the year, which will be dollar and rates positive," noted Radhika Rao, economist at DBS Group Research.

The latest Reuters poll of over 50 currency strategists taken Oct. 5-9 showed the rupee was seen trading around the current rate, about 74 per dollar, in three months and strengthening just a bit to around 73 per dollar in a year.

The weakest forecast across was 78.0 while the strongest rupee outlook was 67.97 compared to 75.6 and 66.1, respectively, in the previous month poll.

But in a year, the rupee's expected performance is broadly in line with expectations for most currencies as the dollar's resurgence is predicted to fade.

A majority, 27 of 48 analysts, said the risks were skewed more towards the rupee strengthening against the greenback over the next year. 
&nbsp;

India's battered rupee is expected to stay that way for a while, trading near recent record lows over the coming year even as the Reserve Bank of India is forecast to raise rates in December and once more in 2019, Reuters polling found.

India's battered rupee is expected to stay that way for a while, trading near recent record lows over the coming year even as the Reserve Bank of India is forecast to raise rates in December and once more in 2019, Reuters polling found. The rupee has hit repeated record lows against the dollar this year in its worst run since the financial crisis. It is down over 16 per cent so far this year, tracking a deep selloff in emerging markets driven by a resurgent dollar and the ongoing US-China trade war. While just two weeks ago a majority of economists polled by Reuters predicted the Reserve Bank of India (RBI) would hike interest rates on Oct 5, the central bank surprised by keeping its policy unchanged and said it was not targeting any currency level. After that decision, the rupee fell to a record low of 74.25 against the dollar. On Tuesday, the partially convertible Indian currency hit a fresh low of 74.395 per dollar. "We believe the RBI is underestimating the inflationary pressure in the Indian economy and the impact of ongoing Fed tightening," said Hugo Erken, senior economist at Rabobank, referring to a series of US Federal Reserve rate rises expected in the coming year. Inflation in India was forecast to be a touch above the central bank's comfort level of around 4 per cent in the third quarter and the current one. But India's widening current account deficit, thanks to rising oil prices and a weak rupee, combined with below-normal rainfall this year could translate into rising price pressures over the near term. While economists were evenly split on the question of whether a rate hike was required to stop the rupee from falling further, the RBI is still expected to deliver in December. It is also forecast to follow that hike in the third quarter of next year, taking the repo rate to 7 per cent. That suggests economists have pushed their expectations for the rate hike they had previously pencilled in for October to the next meeting, the last one scheduled for this year. "Even as most (on the Monetary Policy Committee) voted to change the stance to 'calibrated tightening,' there was an evident lack of action on their part despite time running out to stop the rupee's worst fall in last five years," noted Prakash Sakpal, Asia economist at ING. Still, 26 of 47 economists who answered an additional question said the RBI was right to keep policy on hold this month. Predictions for one aggressive 50 basis point rate hike by end-2018 dropped sharply in the latest survey, with only one respondent now expecting such a move compared to 17 in the previous poll on September 25. "We continue to look for the USDINR to head towards 75.0, factoring in our view of at least four rate hikes by the US Federal Reserve over the year, which will be dollar and rates positive," noted Radhika Rao, economist at DBS Group Research. The latest Reuters poll of over 50 currency strategists taken Oct. 5-9 showed the rupee was seen trading around the current rate, about 74 per dollar, in three months and strengthening just a bit to around 73 per dollar in a year. The weakest forecast across was 78.0 while the strongest rupee outlook was 67.97 compared to 75.6 and 66.1, respectively, in the previous month poll. But in a year, the rupee's expected performance is broadly in line with expectations for most currencies as the dollar's resurgence is predicted to fade. A majority, 27 of 48 analysts, said the risks were skewed more towards the rupee strengthening against the greenback over the next year.

No rebound for India's reeling rupee seen likely in coming year: Poll

The battered rupee rose 23 paise to 74.16 against the US dollar Wednesday after the American currency weakened overseas amid increased selling by exporters.&nbsp;&nbsp; &nbsp;

Besides, RBI's decision to inject Rs 12,000 crore liquidity into the system through the purchase of government bonds on October 11 to meet the festival season demand for funds also supported the recovery in rupee, dealers said.

A higher opening of domestic equity markets too aided the recovery in the domestic unit.

The benchmark BSE Sensex rose 110.20 points or 0.31 per cent, to 34,409.67 in opening trade.

At the forex market, the rupee strengthened by 23 paise to quote at 74.16 against the US dollar in early trade on fresh selling of the American currency by banks and exporters.

The rupee slumped by 33 paise to finish at a fresh lifetime low of 74.39 against the US dollar Tuesday on high crude oil prices, strengthening of the greenback and unabated foreign fund outflows.

Meanwhile, DIIs bought shares worth Rs 1,526 crore, while FIIs pulled out a net Rs 1,242 crore Tuesday, as per provisional stock exchange data.

The battered rupee rose 23 paise to 74.16 against the US dollar Wednesday after the American currency weakened overseas amid increased selling by exporters. Besides, RBI's decision to inject Rs 12,000 crore liquidity into the system through the purchase of government bonds on October 11 to meet the festival season demand for funds also supported the recovery in rupee, dealers said.

The battered rupee rose 23 paise to 74.16 against the US dollar Wednesday after the American currency weakened overseas amid increased selling by exporters. Besides, RBI's decision to inject Rs 12,000 crore liquidity into the system through the purchase of government bonds on October 11 to meet the festival season demand for funds also supported the recovery in rupee, dealers said. A higher opening of domestic equity markets too aided the recovery in the domestic unit. The benchmark BSE Sensex rose 110.20 points or 0.31 per cent, to 34,409.67 in opening trade. At the forex market, the rupee strengthened by 23 paise to quote at 74.16 against the US dollar in early trade on fresh selling of the American currency by banks and exporters. The rupee slumped by 33 paise to finish at a fresh lifetime low of 74.39 against the US dollar Tuesday on high crude oil prices, strengthening of the greenback and unabated foreign fund outflows. Meanwhile, DIIs bought shares worth Rs 1,526 crore, while FIIs pulled out a net Rs 1,242 crore Tuesday, as per provisional stock exchange data.

Rupee rises from record low, recovers 23 paise against US dollar

BSE Sensex on Wednesday opened on a positive note up by 193.74 points at &nbsp;34,493.21. Nifty, on the other hand, registered a spike of 30.80 points, or 0.30 per cent, at 10,331.85 in morning trade today.&nbsp;

Meanwhile, <a href="http://www.wionews.com/business-economy/diesel-price-up-by-rs-024-in-delhi-at-rs-7435-petrol-remains-unchanged-170537">petrol prices in Mumbai and the national capital remained unchanged</a> on Wednesday after a series of relentless rise over the past few weeks.

Diesel, however, rose to Rs 74.35 per litre, increased by Rs 0.24 per litre, in Delhi and Rs 77.93, up by Rs 0.25 per litre, in Mumbai today.&nbsp;

Indian shares ended lower on Tuesday at their lowest closing level since April, with market heavyweight Tata Motors Ltd dragging down the indexes amid weak global cues, news agency Reuters reported.&nbsp;

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Sensex at 34,493.21, up by 193.74 points. Nifty at 10,331.65, up by 30.60 points.
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The benchmark BSE Sensex closed down 0.51 per cent at 34,299.47. The broader NSE Nifty ended 0.45 per cent lower at 10,301.05 yesterday.

The national currency on Tuesday slumped 33 paise to close at record low of 74.39.

BSE Sensex on Wednesday opened on a positive note up by 193.74 points at 34,493.21. Nifty, on the other hand, registered a spike of 30.80 points, or 0.30 per cent, at 10,331.

BSE Sensex on Wednesday opened on a positive note up by 193.74 points at 34,493.21. Nifty, on the other hand, registered a spike of 30.80 points, or 0.30 per cent, at 10,331.85 in morning trade today. Meanwhile, petrol prices in Mumbai and the national capital remained unchanged on Wednesday after a series of relentless rise over the past few weeks. Diesel, however, rose to Rs 74.35 per litre, increased by Rs 0.24 per litre, in Delhi and Rs 77.93, up by Rs 0.25 per litre, in Mumbai today. Indian shares ended lower on Tuesday at their lowest closing level since April, with market heavyweight Tata Motors Ltd dragging down the indexes amid weak global cues, news agency Reuters reported. Sensex at 34,493.21, up by 193.74 points. Nifty at 10,331.65, up by 30.60 points. — ANI (@ANI) October 10, 2018 × The benchmark BSE Sensex closed down 0.51 per cent at 34,299.47. The broader NSE Nifty ended 0.45 per cent lower at 10,301.05 yesterday. The national currency on Tuesday slumped 33 paise to close at record low of 74.39.

Markets open in green, Sensex up by close to 195 points

Countries having more comfortable balance sheets have more space to respond to adverse developments in the economy, a top official of the International Monetary Fund (IMF) said Wednesday, urging nations to manage assets better.

"Countries that have a more comfortable balance sheet, have a stronger net worth position, have more space to respond to adverse developments in the economy or in the financial sector. So for example, the recession's associated with a financial crisis will be a shell lower and shorter-lived," Vitor Gasper, IMF Director of Fiscal Affairs Department, told PTI in an interview.

As such, he called for better asset management by countries, including India, information for which he said was not complete.&nbsp;

"When a government has a stronger asset management, it may be able to get three per cent of GDP in additional revenue and that's about the size of the corporate income tax revenue in average in advanced economies," Gasper said underscoring the importance of asset management.

The latest Fiscal Monitor report of the IMF says public sector assets of 31 countries, including India, are worth USD 101 trillion or 219 per cent of the GDP. At the same time, liabilities amount to 198 per cent of the GDP. These 31 countries account for 61 per cent of the world GDP. Public sector balance sheets provide the most comprehensive picture of public wealth, the report said.

Calling for a better asset management, Gasper said a country could get a considerable return out of a more professional and systematic management of public sector assets.

The assets of these 31 sample countries, he said, are very diverse. They include financial assets, state-owned companies like electricity and water supply. Natural resource wealth controlled by the public sector is important in several countries, especially in those that are rich in these resources. "Assets matter because of their sheer magnitude," he said.

Noting that liabilities amount to 198 per cent of the GDP, he said slightly less than half of this value i.e., 94 per cent of GDP corresponds to the most traditional concept of gross public debt of the general government.

Of the remainder, the most important item on the liability side is already accrued public sector pension liabilities at 46 per cent of GDP. And that corresponds to responsibilities that the public sector has already formed against the public sector's own employees.&nbsp;

"So, assets matter because of their size and once you have a list of assets and the control of the public sector, you have a substantial improvement in transparency and accountability..." Gasper said, arguing that balance sheet information complements the analysis that one gets from other conventional ways of looking at fiscal policy.

India, he said, is different from other countries in the sample in the sense that the IMF's information on the public sector of India is not comprehensive. "For India, we only have information on the central government and public sector corporations that depend on the central government," he said.&nbsp;

It's not a comprehensive picture of the public sector of India because subnational finances in India are very important and the subnational levels are quite active in many areas which are crucial for the Indian economy and finance, he noted.

"So, if we use the information we have on the central government and the public corporations that depend on the Indian central government and compare it with the other countries, India is almost exactly at the middle of the distribution, with a net worth which is slightly positive and a financial net worth which is negative," Gasper said.&nbsp;

"Assets and liabilities of the central government in India are considerable and as we have seen for the aggregate numbers, liabilities go well beyond government debt only, and assets are quite considerable," he added. Natural resources constitute a non-negligible part of the public wealth of India.&nbsp;

For 2016, the public sector, mineral and energy resources are estimated at 40.5 per cent of GDP, of which 3.6 per cent is oil and gas, about 25 per cent is coal and metals, and minerals is almost 12 per cent of GDP. So this is the composition. "If you would compare, India with natural resource-rich countries, you would see that India again would be more or less in the middle of a list of countries," he said.&nbsp;

The Russian Federation has a natural resource wealth which is estimated to be more than 300 per cent of GDP, Kazakhstan has more than 200 per cent, Peru at around 170 per cent and then, down from there. "But, India is in the middle of the distribution," he added.&nbsp;

Countries having more comfortable balance sheets have more space to respond to adverse developments in the economy, a top official of the International Monetary Fund (IMF) said Wednesday, urging nations to manage assets better.

Countries having more comfortable balance sheets have more space to respond to adverse developments in the economy, a top official of the International Monetary Fund (IMF) said Wednesday, urging nations to manage assets better. "Countries that have a more comfortable balance sheet, have a stronger net worth position, have more space to respond to adverse developments in the economy or in the financial sector. So for example, the recession's associated with a financial crisis will be a shell lower and shorter-lived," Vitor Gasper, IMF Director of Fiscal Affairs Department, told PTI in an interview. As such, he called for better asset management by countries, including India, information for which he said was not complete. "When a government has a stronger asset management, it may be able to get three per cent of GDP in additional revenue and that's about the size of the corporate income tax revenue in average in advanced economies," Gasper said underscoring the importance of asset management. The latest Fiscal Monitor report of the IMF says public sector assets of 31 countries, including India, are worth USD 101 trillion or 219 per cent of the GDP. At the same time, liabilities amount to 198 per cent of the GDP. These 31 countries account for 61 per cent of the world GDP. Public sector balance sheets provide the most comprehensive picture of public wealth, the report said. Calling for a better asset management, Gasper said a country could get a considerable return out of a more professional and systematic management of public sector assets. The assets of these 31 sample countries, he said, are very diverse. They include financial assets, state-owned companies like electricity and water supply. Natural resource wealth controlled by the public sector is important in several countries, especially in those that are rich in these resources. "Assets matter because of their sheer magnitude," he said. Noting that liabilities amount to 198 per cent of the GDP, he said slightly less than half of this value i.e., 94 per cent of GDP corresponds to the most traditional concept of gross public debt of the general government. Of the remainder, the most important item on the liability side is already accrued public sector pension liabilities at 46 per cent of GDP. And that corresponds to responsibilities that the public sector has already formed against the public sector's own employees. "So, assets matter because of their size and once you have a list of assets and the control of the public sector, you have a substantial improvement in transparency and accountability..." Gasper said, arguing that balance sheet information complements the analysis that one gets from other conventional ways of looking at fiscal policy. India, he said, is different from other countries in the sample in the sense that the IMF's information on the public sector of India is not comprehensive. "For India, we only have information on the central government and public sector corporations that depend on the central government," he said. It's not a comprehensive picture of the public sector of India because subnational finances in India are very important and the subnational levels are quite active in many areas which are crucial for the Indian economy and finance, he noted. "So, if we use the information we have on the central government and the public corporations that depend on the Indian central government and compare it with the other countries, India is almost exactly at the middle of the distribution, with a net worth which is slightly positive and a financial net worth which is negative," Gasper said. "Assets and liabilities of the central government in India are considerable and as we have seen for the aggregate numbers, liabilities go well beyond government debt only, and assets are quite considerable," he added. Natural resources constitute a non-negligible part of the public wealth of India. For 2016, the public sector, mineral and energy resources are estimated at 40.5 per cent of GDP, of which 3.6 per cent is oil and gas, about 25 per cent is coal and metals, and minerals is almost 12 per cent of GDP. So this is the composition. "If you would compare, India with natural resource-rich countries, you would see that India again would be more or less in the middle of a list of countries," he said. The Russian Federation has a natural resource wealth which is estimated to be more than 300 per cent of GDP, Kazakhstan has more than 200 per cent, Peru at around 170 per cent and then, down from there. "But, India is in the middle of the distribution," he added.

India needs better asset management: Top IMF official

Petrol prices in Mumbai and the national capital remained unchanged on Wednesday after a series of relentless rise over the past few weeks. Diesel, however, rose to Rs 74.35 per litre, increased by Rs 0.24 per litre, in Delhi and Rs 77.93, up by Rs 0.25 per litre, in Mumbai today.&nbsp;

Petrol and diesel prices in the country went up again <a href="http://www.wionews.com/business-economy/fuel-prices-rise-again-petrol-sells-at-rs-8226-per-litre-in-delhi-170311">for the second straight day in a week on Tuesday</a>. Petrol price in the national capital rose to Rs 82.26 per litre, increased by Rs 0.23, while diesel prices amounted to Rs 74.11, up by Rs 0.29 in Delhi yesterday.

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Diesel price at Rs 74.35 per litre (increased by Rs 0.24 per litre) in Delhi and Rs 77.93 (increased by Rs 0.25 per litre) in Mumbai <a href="https://t.co/opix7Z4iWV">pic.twitter.com/opix7Z4iWV</a>
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In Mumbai, petrol was selling for Rs 87.73 per litre on Tuesday, while diesel was priced at Rs 77.68 per litre.

Fuel prices have been rising unabated even after the Central government last Thursday announced a relief of Rs 2.50 on petrol and diesel prices. Various state governments also provided a relief of Rs 2.50 to give a &nbsp;cumulative relief of Rs 5 on fuel prices to the customers.&nbsp;

Petrol prices in Mumbai and the national capital remained unchanged on Wednesday after a series of relentless rise over the past few weeks. Diesel, however, rose to Rs 74.

Petrol prices in Mumbai and the national capital remained unchanged on Wednesday after a series of relentless rise over the past few weeks. Diesel, however, rose to Rs 74.35 per litre, increased by Rs 0.24 per litre, in Delhi and Rs 77.93, up by Rs 0.25 per litre, in Mumbai today. Petrol and diesel prices in the country went up again for the second straight day in a week on Tuesday. Petrol price in the national capital rose to Rs 82.26 per litre, increased by Rs 0.23, while diesel prices amounted to Rs 74.11, up by Rs 0.29 in Delhi yesterday. Diesel price at Rs 74.35 per litre (increased by Rs 0.24 per litre) in Delhi and Rs 77.93 (increased by Rs 0.25 per litre) in Mumbai pic.twitter.com/opix7Z4iWV — ANI (@ANI) October 10, 2018 × In Mumbai, petrol was selling for Rs 87.73 per litre on Tuesday, while diesel was priced at Rs 77.68 per litre. Fuel prices have been rising unabated even after the Central government last Thursday announced a relief of Rs 2.50 on petrol and diesel prices. Various state governments also provided a relief of Rs 2.50 to give a cumulative relief of Rs 5 on fuel prices to the customers.

Diesel prices rise, petrol remains unchanged

Markets staged a strong comeback Wednesday after the recent rout as investors started accumulating battered financials, auto and metal stocks amid the rupee recovering from record lows.

The BSE Sensex, after a gap up opening at 34,493.21, rallied to hit a high of 34,858.35 before concluding 461.42 points, or 1.35 per cent higher at 34,760.89.

The broader Nifty too reclaimed the key 10,400 mark. It touched a high of 10,482.35, before finally settling at 10,460.10, showing a significant gain of 159.05 points, or 1.54 per cent.

Key indices stayed in the positive terrain through the session as buying activity gathered momentum.&nbsp;

The Sensex had lost nearly 175 points Tuesday as the rupee plunged to a record low amid unabated capital outflows by foreign funds.

Sentiment also got a lift after the SBI, coming to the rescue of cash-strapped NBFCs, decided Tuesday to buy their assets to the tune of Rs 45,000 crore, a move that will provide liquidity support to non-banking financing companies facing headwinds after a series of loan defaults by IL&amp;FS group firms.

RBI's decision to inject Rs 12,000 crore liquidity into the system through purchase of government bonds on October 11 to meet festive season demand for funds also boosted the sentiment here, market watchers said.

The rupee recovered by 34 paise to 74.05 (intra-day) against the dollar at the forex market Wednesday.

Selling also halted at emerging markets after the dollar turned weak from seven-week highs and steady crude oil prices also positively impacted sentiment.

Meanwhile, Brent crude, the international benchmark, was hovering around USD 84.30 a barrel.

Domestic institutional investors (DIIs) were net buyers as they bought shares worth Rs 1,526 crore Tuesday while foreign portfolio investors (FPIs) offloaded equities amounting to Rs 1,242 crore, provisional data showed.

Benchmarks largely benefited from value buying in beaten-down stocks, led by Maruti Suzuki, Tata Steel, Yes Bank and SBI amid a better trend at other Asian markets, traders said.&nbsp;

Markets staged a strong comeback Wednesday after the recent rout as investors started accumulating battered financials, auto and metal stocks amid the rupee recovering from record lows.

Markets staged a strong comeback Wednesday after the recent rout as investors started accumulating battered financials, auto and metal stocks amid the rupee recovering from record lows. The BSE Sensex, after a gap up opening at 34,493.21, rallied to hit a high of 34,858.35 before concluding 461.42 points, or 1.35 per cent higher at 34,760.89. The broader Nifty too reclaimed the key 10,400 mark. It touched a high of 10,482.35, before finally settling at 10,460.10, showing a significant gain of 159.05 points, or 1.54 per cent. Key indices stayed in the positive terrain through the session as buying activity gathered momentum. The Sensex had lost nearly 175 points Tuesday as the rupee plunged to a record low amid unabated capital outflows by foreign funds. Sentiment also got a lift after the SBI, coming to the rescue of cash-strapped NBFCs, decided Tuesday to buy their assets to the tune of Rs 45,000 crore, a move that will provide liquidity support to non-banking financing companies facing headwinds after a series of loan defaults by IL&FS group firms. RBI's decision to inject Rs 12,000 crore liquidity into the system through purchase of government bonds on October 11 to meet festive season demand for funds also boosted the sentiment here, market watchers said. The rupee recovered by 34 paise to 74.05 (intra-day) against the dollar at the forex market Wednesday. Selling also halted at emerging markets after the dollar turned weak from seven-week highs and steady crude oil prices also positively impacted sentiment. Meanwhile, Brent crude, the international benchmark, was hovering around USD 84.30 a barrel. Domestic institutional investors (DIIs) were net buyers as they bought shares worth Rs 1,526 crore Tuesday while foreign portfolio investors (FPIs) offloaded equities amounting to Rs 1,242 crore, provisional data showed. Benchmarks largely benefited from value buying in beaten-down stocks, led by Maruti Suzuki, Tata Steel, Yes Bank and SBI amid a better trend at other Asian markets, traders said.

Markets stage relief rally; banking, auto stocks lead

India's debt is lower than the best or emerging market economies in the world, a top IMF official has said as he cautioned that the global debt has reached a new record high of USD 182 trillion in 2017.

Vitor Gasper, International Monetary Fund (IMF) Director of Fiscal Affairs Department, said India's debt was substantially less than the global debt as percentage of world Gross Domestic Product (GDP).

In India, private debt in 2017 was 54.5 per cent of the GDP and the general government debt was 70.4 per cent of the GDP, a total debt of about 125 of the GDP, according to the latest IMF figures. In comparison, the debt of China was 247 per cent of the GDP.

"So, it (India's debt) is substantially less than the global debt as the percentage of world GDP," Gasper told PTI.

India's debt is below the average of advanced economies and below the average of emerging market economies, he said.

"There is a positive relationship between the debt to GDP ratio and the level of GDP per capita. If you compare around the world with the best economies or emerging market economies, the level of debt in India is lower," the top IMF official said.

The IMF is very much stressing that global debt at USD 182 trillion in 2017 is at a new record high, he said.

Debt in advanced economies, since the global financial crisis, has increased quite substantially while the private sector has been very gradually leveraging, he added.

"If you look at emerging market economies, that includes India, you see that private debt in the last 10 years has increased quite substantially, although in the last two years, since the end of 2015, 2016 and 2017, there is a slowdown in the process of leveraging, but debt is very high and public debt is very high as well," Gasper said.

In the last few years in India private debt has declined from almost 60 per cent to 54.5.

"So, it's very stable. So, what you do see is that emerging market economies, which is where India is, there's a very fast buildup in private debt with a slowdown in the last two years, But India is basically steady. So, India is not an emerging market economy where leveraging is progressing fast," Gasper said.

According to Gasper, in emerging market economies private debt has risen much faster than public debt.

"Take China, for example. Total debt is 247 per cent of the GDP. But the dividing line between what is public and private debt in China is blurry. This blurriness reflects the very large number of public units and corporations, the complex layers of government, and widespread subnational off-budget borrowing," he said.

"As a result, estimates of 2017 public debt vary considerably: the official government debt figure is 37 per cent of GDP, while the data reported in the latest World Economic Outlook show it at 47 per cent of GDP, and the 'augmented' debt measure, which includes more off-budget borrowing by local governments, stands at 68 per cent of GDP," he said.

As China works to compile a full general government balance sheet, this picture will come into clearer focus, he added.

Gasper said China had substantial government assets, reflecting years of high infrastructure investment.

These assets are larger than its liabilities, putting net worth, the difference between assets and liabilities, well above 100 per cent of the GDP, the highest among emerging economies, he said.

"This is a significant buffer when compared to total debts of public corporations, particularly considering that public corporations also have assets. So, while debt-related risks in China are large, there are also buffers. Moreover, the government is taking steps to contain risks by reining in off-budget borrowing and strengthening oversight, resulting in a slowdown in the buildup of debt," he said.&nbsp;

India's debt is lower than the best or emerging market economies in the world, a top IMF official has said as he cautioned that the global debt has reached a new record high of USD 182 trillion in 2017.

India's debt is lower than the best or emerging market economies in the world, a top IMF official has said as he cautioned that the global debt has reached a new record high of USD 182 trillion in 2017. Vitor Gasper, International Monetary Fund (IMF) Director of Fiscal Affairs Department, said India's debt was substantially less than the global debt as percentage of world Gross Domestic Product (GDP). In India, private debt in 2017 was 54.5 per cent of the GDP and the general government debt was 70.4 per cent of the GDP, a total debt of about 125 of the GDP, according to the latest IMF figures. In comparison, the debt of China was 247 per cent of the GDP. "So, it (India's debt) is substantially less than the global debt as the percentage of world GDP," Gasper told PTI. India's debt is below the average of advanced economies and below the average of emerging market economies, he said. "There is a positive relationship between the debt to GDP ratio and the level of GDP per capita. If you compare around the world with the best economies or emerging market economies, the level of debt in India is lower," the top IMF official said. The IMF is very much stressing that global debt at USD 182 trillion in 2017 is at a new record high, he said. Debt in advanced economies, since the global financial crisis, has increased quite substantially while the private sector has been very gradually leveraging, he added. "If you look at emerging market economies, that includes India, you see that private debt in the last 10 years has increased quite substantially, although in the last two years, since the end of 2015, 2016 and 2017, there is a slowdown in the process of leveraging, but debt is very high and public debt is very high as well," Gasper said. In the last few years in India private debt has declined from almost 60 per cent to 54.5. "So, it's very stable. So, what you do see is that emerging market economies, which is where India is, there's a very fast buildup in private debt with a slowdown in the last two years, But India is basically steady. So, India is not an emerging market economy where leveraging is progressing fast," Gasper said. According to Gasper, in emerging market economies private debt has risen much faster than public debt. "Take China, for example. Total debt is 247 per cent of the GDP. But the dividing line between what is public and private debt in China is blurry. This blurriness reflects the very large number of public units and corporations, the complex layers of government, and widespread subnational off-budget borrowing," he said. "As a result, estimates of 2017 public debt vary considerably: the official government debt figure is 37 per cent of GDP, while the data reported in the latest World Economic Outlook show it at 47 per cent of GDP, and the 'augmented' debt measure, which includes more off-budget borrowing by local governments, stands at 68 per cent of GDP," he said. As China works to compile a full general government balance sheet, this picture will come into clearer focus, he added. Gasper said China had substantial government assets, reflecting years of high infrastructure investment. These assets are larger than its liabilities, putting net worth, the difference between assets and liabilities, well above 100 per cent of the GDP, the highest among emerging economies, he said. "This is a significant buffer when compared to total debts of public corporations, particularly considering that public corporations also have assets. So, while debt-related risks in China are large, there are also buffers. Moreover, the government is taking steps to contain risks by reining in off-budget borrowing and strengthening oversight, resulting in a slowdown in the buildup of debt," he said.

India's debt lower than best, emerging market economies: IMF

The Serious Fraud Investigation Office (SFIO) has narrowed on five arms of Infrastructure Leasing &amp; Financial Services (IL&amp;FS)that may have been involved in fund diversion and mismanagement, the Economic Times reported.

The government took control of the debt-laden IL&amp;FS last week after defaults on a string of debt obligations triggered wider concerns about risks in the country's financial sector.

The five companies under SFIO probe are IL&amp;FS Transportation Networks Ltd, IL&amp;FS Financial Services Ltd, IL&amp;FS Energy Development, IL&amp;FS Tamil Nadu Power and IL&amp;FS Engineering and Construction Company, the paper said.

The five firms constitute for more than 50 per cent of the entire group's revenue and may have diverted funds in projects that were worth 300 billion rupees ($4.04 billion), ET reported, citing two government officials.

The Institute of Chartered Accountants of India (ICAI) has also begun probing the matter and issued notices to statutory auditors seeking an explanation, it said.

IL&amp;FS Group, SFIO and ICAI did not immediately respond to requests seeking comment. 
&nbsp;

The Serious Fraud Investigation Office (SFIO) has narrowed on five arms of Infrastructure Leasing & Financial Services (IL&FS)that may have been involved in fund diversion and mismanagement, the Economic Times reported.

The Serious Fraud Investigation Office (SFIO) has narrowed on five arms of Infrastructure Leasing & Financial Services (IL&FS)that may have been involved in fund diversion and mismanagement, the Economic Times reported. The government took control of the debt-laden IL&FS last week after defaults on a string of debt obligations triggered wider concerns about risks in the country's financial sector. The five companies under SFIO probe are IL&FS Transportation Networks Ltd, IL&FS Financial Services Ltd, IL&FS Energy Development, IL&FS Tamil Nadu Power and IL&FS Engineering and Construction Company, the paper said. The five firms constitute for more than 50 per cent of the entire group's revenue and may have diverted funds in projects that were worth 300 billion rupees ($4.04 billion), ET reported, citing two government officials. The Institute of Chartered Accountants of India (ICAI) has also begun probing the matter and issued notices to statutory auditors seeking an explanation, it said. IL&FS Group, SFIO and ICAI did not immediately respond to requests seeking comment.

Frauds investigator probes five IL&FS firms for fund diversion: Report

India's retail inflation likely sped up in September on higher food and fuel costs, pushed up by a battered rupee and suggesting further policy tightening from the Reserve Bank of India, a Reuters poll found.

The Indian central bank last week held interest rates unchanged, surprising many market watchers who anticipated a third consecutive hike, but shifted its stance from "neutral" to "calibrated tightening" in a nod to pricing pressures.

The median of 45 economists in the poll taken Oct. 3-9 showed inflation was expected to have accelerated to the central bank's medium-term target of 4.00 per cent last month from a year ago, higher than August's 10-month low of 3.69 per cent.

Forecasts ranged from 3.60 per cent to 4.70 per cent, with over 40 per cent of economists expecting inflation to rise above the RBI's target, almost one-third forecast it to fall below target and the remaining 11 said it would be bang on 4.00 per cent.

"Consumer price inflation is likely to have risen in September, in large part because the recent sharp fall in food inflation appears to have reversed," said Shilan Shah, a senior India economist at Capital Economics.

"Core inflation is likely to have remained elevated. Despite the RBI keeping rates on hold last week, the tightening cycle still has a little bit further to run."

Although food inflation has quickened it was subdued enough to offset some of the pain coming from the double whammy of a weak currency and rising oil prices.

The rupee tumbled to a new low of 74.395 against the US&nbsp;dollar on Tuesday and Brent crude, India's costliest import item, hit a four-year high this month.

According to a separate Reuters poll, the struggling rupee, which has lost over 16 per cent against the greenback this year so far, was not expected to reverse its losses anytime soon.

"India's macro concern at the moment is not the rupee, but liquidity. If the RBI takes care of liquidity, then other concerns should gradually subside," said Shashank Mendiratta, economist at ANZ Bank.

"The RBI to that extent has taken steps to infuse liquidity by announcing OMOs (open market operations) and the similar measure will be taken up through this fiscal year."

Wholesale price inflation probably rose to 4.90 per cent in September from 4.53 per cent in August.

The poll forecast industrial output expanded 4.0 per cent in August from a year ago compared with 6.6 per cent in July.

That prediction was probably based on slower output growth from eight core industries - accounting for nearly 40 per cent of total industrial production - with annual production cooling to 4.2 per cent in August, from 7.3 per cent a month earlier.

India's retail inflation likely sped up in September on higher food and fuel costs, pushed up by a battered rupee and suggesting further policy tightening from the Reserve Bank of India, a Reuters poll found.

India's retail inflation likely sped up in September on higher food and fuel costs, pushed up by a battered rupee and suggesting further policy tightening from the Reserve Bank of India, a Reuters poll found. The Indian central bank last week held interest rates unchanged, surprising many market watchers who anticipated a third consecutive hike, but shifted its stance from "neutral" to "calibrated tightening" in a nod to pricing pressures. The median of 45 economists in the poll taken Oct. 3-9 showed inflation was expected to have accelerated to the central bank's medium-term target of 4.00 per cent last month from a year ago, higher than August's 10-month low of 3.69 per cent. Forecasts ranged from 3.60 per cent to 4.70 per cent, with over 40 per cent of economists expecting inflation to rise above the RBI's target, almost one-third forecast it to fall below target and the remaining 11 said it would be bang on 4.00 per cent. "Consumer price inflation is likely to have risen in September, in large part because the recent sharp fall in food inflation appears to have reversed," said Shilan Shah, a senior India economist at Capital Economics. "Core inflation is likely to have remained elevated. Despite the RBI keeping rates on hold last week, the tightening cycle still has a little bit further to run." Although food inflation has quickened it was subdued enough to offset some of the pain coming from the double whammy of a weak currency and rising oil prices. The rupee tumbled to a new low of 74.395 against the US dollar on Tuesday and Brent crude, India's costliest import item, hit a four-year high this month. According to a separate Reuters poll, the struggling rupee, which has lost over 16 per cent against the greenback this year so far, was not expected to reverse its losses anytime soon. "India's macro concern at the moment is not the rupee, but liquidity. If the RBI takes care of liquidity, then other concerns should gradually subside," said Shashank Mendiratta, economist at ANZ Bank. "The RBI to that extent has taken steps to infuse liquidity by announcing OMOs (open market operations) and the similar measure will be taken up through this fiscal year." Wholesale price inflation probably rose to 4.90 per cent in September from 4.53 per cent in August. The poll forecast industrial output expanded 4.0 per cent in August from a year ago compared with 6.6 per cent in July. That prediction was probably based on slower output growth from eight core industries - accounting for nearly 40 per cent of total industrial production - with annual production cooling to 4.2 per cent in August, from 7.3 per cent a month earlier.

India inflation likely rose to RBI's four percent target in September: Poll

Petrol and diesel prices in the country went up again for the second straight day in a week on Tuesday. Petrol price in the national capital rose to Rs 82.26 per litre, increased by Rs 0.23, while diesel prices amounted to Rs 74.11, up by Rs 0.29 in Delhi today.

In Mumbai, petrol will be sold for Rs 87.73 per litre today, while diesel is priced at Rs 77.68 per litre.

Fuel prices across the country shot up again on Monday with petrol registering a hike of Rs 0.21 in the national capital at Rs 82.03. Diesel in Delhi was at Rs 73.82, an increase by Rs 0.29.&nbsp;

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Petrol and diesel prices in <a href="https://twitter.com/hashtag/Delhi?src=hash&amp;ref_src=twsrc%5Etfw">#Delhi</a> are Rs 82.26 per litre (increase by Rs 0.23) and Rs 74.11 (increase by Rs 0.29) respectively. Petrol and diesel prices in <a href="https://twitter.com/hashtag/Mumbai?src=hash&amp;ref_src=twsrc%5Etfw">#Mumbai</a> are Rs 87.73 per litre (increase by Rs 0.23) and Rs 77.68 per litre (increase by Rs 0.31) respectively. <a href="https://t.co/YLSGyeNVEp">pic.twitter.com/YLSGyeNVEp</a>
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Petrol and diesel prices in Mumbai on Monday were priced at Rs 87.50, increased by Rs 0.21, and Rs 77.37, increased by Rs 0.31, respectively.

Fuel prices have been rising unabated even after the Central government on Thursday announced a relief of Rs 2.50 on petrol and diesel prices. Various state governments also provided a relief of Rs 2.50 to give a &nbsp;cumulative relief of Rs 5 on fuel prices to the customers.&nbsp;

Petrol and diesel prices in the country went up again for the second straight day in a week on Tuesday. Petrol price in the national capital rose to Rs 82.26 per litre, increased by Rs 0.

Petrol and diesel prices in the country went up again for the second straight day in a week on Tuesday. Petrol price in the national capital rose to Rs 82.26 per litre, increased by Rs 0.23, while diesel prices amounted to Rs 74.11, up by Rs 0.29 in Delhi today. In Mumbai, petrol will be sold for Rs 87.73 per litre today, while diesel is priced at Rs 77.68 per litre. Fuel prices across the country shot up again on Monday with petrol registering a hike of Rs 0.21 in the national capital at Rs 82.03. Diesel in Delhi was at Rs 73.82, an increase by Rs 0.29. Petrol and diesel prices in #Delhi are Rs 82.26 per litre (increase by Rs 0.23) and Rs 74.11 (increase by Rs 0.29) respectively. Petrol and diesel prices in #Mumbai are Rs 87.73 per litre (increase by Rs 0.23) and Rs 77.68 per litre (increase by Rs 0.31) respectively. pic.twitter.com/YLSGyeNVEp — ANI (@ANI) October 9, 2018 × Petrol and diesel prices in Mumbai on Monday were priced at Rs 87.50, increased by Rs 0.21, and Rs 77.37, increased by Rs 0.31, respectively. Fuel prices have been rising unabated even after the Central government on Thursday announced a relief of Rs 2.50 on petrol and diesel prices. Various state governments also provided a relief of Rs 2.50 to give a cumulative relief of Rs 5 on fuel prices to the customers.

Fuel prices rise again, petrol sells at Rs 82.26 a litre in Delhi 

The rupee made a cautious recovery of 18 paise to 73.88 against the US dollar Tuesday on fresh selling of the American currency by banks and exporters.

Besides, the dollar's overseas weakness, easing global crude oil price and higher opening in the domestic stock market supported recovery in the domestic unit, traders said.

At the forex market, the local currency was trading 18 paise higher at 73.88 in early trade.

The International Monetary Fund's forecast of a growth rate of 7.3 per cent for India in the current year of 2018 and that of 7.4 per cent in 2019, too, boosted investor sentiment here.

In the previous session Monday, the rupee slumped 30 paise to finish at a fresh lifetime low of 74.06 against the US dollar.

Meanwhile, the benchmark Sensex rose by 72.04 points, or 0.21 per cent, to 34,546.42 in opening trade.

The rupee made a cautious recovery of 18 paise to 73.88 against the US dollar Tuesday on fresh selling of the American currency by banks and exporters. Besides, the dollar's overseas weakness, easing global crude oil price and higher opening in the domestic stock market supported recovery in the domestic unit, traders said.

The rupee made a cautious recovery of 18 paise to 73.88 against the US dollar Tuesday on fresh selling of the American currency by banks and exporters. Besides, the dollar's overseas weakness, easing global crude oil price and higher opening in the domestic stock market supported recovery in the domestic unit, traders said. At the forex market, the local currency was trading 18 paise higher at 73.88 in early trade. The International Monetary Fund's forecast of a growth rate of 7.3 per cent for India in the current year of 2018 and that of 7.4 per cent in 2019, too, boosted investor sentiment here. In the previous session Monday, the rupee slumped 30 paise to finish at a fresh lifetime low of 74.06 against the US dollar. Meanwhile, the benchmark Sensex rose by 72.04 points, or 0.21 per cent, to 34,546.42 in opening trade.

Rupee recovers 18 paise against US dollar at Rs 73.88

Indian markets on Tuesday opened in green with Sensex reaching 34,651.82 in opening trade, up by 126.94 or 0.37 per cent. Nifty, on the other hand, opened at 10,390.30, 36.15 points, or 0.35 per cent up from yesterday's closing.&nbsp;

Indian shares snapped three sessions of losses and ended higher on Monday, after swinging between gains and losses through the day, as oil marketing companies continued to drive gains, while metal and some non-banking financial stocks dragged the investor sentiment.

While the benchmark BSE Sensex closed up 0.28 per cent at 34,474.38, the broader NSE Nifty ended 0.31 per cent higher at 10,348.05, news agency Reuters reported.

Meanwhile, <a href="http://www.wionews.com/business-economy/fuel-prices-rise-again-petrol-sells-at-rs-8226-per-litre-in-delhi-170311">fuel prices in the country continued to rise</a> on the second straight day of the week on Tuesday.&nbsp;

Petrol and diesel prices in the country went up again for the second straight day in a week on Tuesday. Petrol price in the national capital rose to Rs 82.26 per litre, increased by Rs 0.23, while diesel prices amounted to Rs 74.11, up by Rs 0.29 in Delhi today.

In Mumbai, petrol will be sold for Rs 87.73 per litre today, while diesel is priced at Rs 77.68 per litre.

The government on Saturday assured investors that it would not go back to regulating fuel prices, soothing market frenzy after it announced a 2.50-rupee cut in gasoline and diesel rates on Thursday.

&nbsp; &nbsp;&nbsp;

Indian markets on Tuesday opened in green with Sensex reaching 34,651.82 in opening trade, up by 126.94 or 0.37 per cent. Nifty, on the other hand, opened at 10,390.

Indian markets on Tuesday opened in green with Sensex reaching 34,651.82 in opening trade, up by 126.94 or 0.37 per cent. Nifty, on the other hand, opened at 10,390.30, 36.15 points, or 0.35 per cent up from yesterday's closing. Indian shares snapped three sessions of losses and ended higher on Monday, after swinging between gains and losses through the day, as oil marketing companies continued to drive gains, while metal and some non-banking financial stocks dragged the investor sentiment. While the benchmark BSE Sensex closed up 0.28 per cent at 34,474.38, the broader NSE Nifty ended 0.31 per cent higher at 10,348.05, news agency Reuters reported. Meanwhile, fuel prices in the country continued to rise on the second straight day of the week on Tuesday. Petrol and diesel prices in the country went up again for the second straight day in a week on Tuesday. Petrol price in the national capital rose to Rs 82.26 per litre, increased by Rs 0.23, while diesel prices amounted to Rs 74.11, up by Rs 0.29 in Delhi today. In Mumbai, petrol will be sold for Rs 87.73 per litre today, while diesel is priced at Rs 77.68 per litre. The government on Saturday assured investors that it would not go back to regulating fuel prices, soothing market frenzy after it announced a 2.50-rupee cut in gasoline and diesel rates on Thursday.

Markets open in green, Sensex up by 126.94 points at 34,651.82

An all-out trade war would slow the growth of the global economy, but not stop its expansion, with the United States and China also escaping a recession, according to forecasts published Tuesday by the International Monetary Fund.

In its latest World Economic Outlook report, the IMF conducted a series of calculations of the impact from the trade tariffs that the administration of US President Donald Trump has already implemented and has threatened to impose, as well as reprisals from China and other nations.

Yet, even in its worst-case scenario, the IMF found that the disruption won't kill off growth and drag the global economy into recession.

The IMF's baseline forecast for the global economy is 3.7 percent growth in 2018, 2019 and 2020.

At the worst, which includes Trump pushing through with tariffs on all Chinese goods and on imports of cars and car parts that spark a round of reprisals, as well as denting confidence and provoking a negative market reaction, the impact would be less than one percentage point on global growth.

Thus the expansion of the global economy would be reduced to around 2.9 percent both next year and in 2020.

The near-term impact of a full-fledged trade war on growth in China will be nearly double that of the United States, according to the IMF's estimates.

With a 1.6 percentage point drop in growth in 2019, the expansion in China would slow from 6.2 percent in the baseline forecast to 4.6 percent, according to an IMF table.

Meanwhile, the United States would see a roughly 0.9 percentage point hit, damping growth from 2.5 percent next year to 1.6 percent.

The IMF only published country forecasts through 2019.

Japan would see its 2019 growth rate more than halved, from 0.9 percent to 0.4 percent, under the worst case scenario.

The eurozone would see its growth rate drop from 1.9 percent to 1.5 percent.

Over the medium term, both the China and the United States would see a 0.6 percentage point impact on their economies.

For Japan it would be around 0.4 percentage points and 0.2 for the eurozone.

Over the longer term the impact to the US economy will be nearly one percentage point, while to China it will be half that.&nbsp;

While the damage from an all-out trade war wouldn't be catastrophic, slow growth can also pose problems.&nbsp;

Growth of less than five percent would be unprecedented for China since it began its economic reforms in the 1970s, and complicate its efforts to move towards a more balanced economy with a greater role for services.

For the eurozone, slow growth means less reductions in high unemployment rates in several countries and difficulty keeping on top of high debt levels, while Japan needs growth to ward off dangerous deflation.

The United States has already imposed tariffs on $250 billion of Chinese imports, about half the annual total, and has threatened to slap levies on the full amount.

Washington has also imposed tariffs on steel and aluminium, citing national security concerns, and has also warned it could impose a 25 percent levy on imported cars and car parts.

An all-out trade war would slow the growth of the global economy, but not stop its expansion, with the United States and China also escaping a recession, according to forecasts published Tuesday by the International Monetary Fund.

An all-out trade war would slow the growth of the global economy, but not stop its expansion, with the United States and China also escaping a recession, according to forecasts published Tuesday by the International Monetary Fund. In its latest World Economic Outlook report, the IMF conducted a series of calculations of the impact from the trade tariffs that the administration of US President Donald Trump has already implemented and has threatened to impose, as well as reprisals from China and other nations. Yet, even in its worst-case scenario, the IMF found that the disruption won't kill off growth and drag the global economy into recession. The IMF's baseline forecast for the global economy is 3.7 percent growth in 2018, 2019 and 2020. At the worst, which includes Trump pushing through with tariffs on all Chinese goods and on imports of cars and car parts that spark a round of reprisals, as well as denting confidence and provoking a negative market reaction, the impact would be less than one percentage point on global growth. Thus the expansion of the global economy would be reduced to around 2.9 percent both next year and in 2020. The near-term impact of a full-fledged trade war on growth in China will be nearly double that of the United States, according to the IMF's estimates. With a 1.6 percentage point drop in growth in 2019, the expansion in China would slow from 6.2 percent in the baseline forecast to 4.6 percent, according to an IMF table. Meanwhile, the United States would see a roughly 0.9 percentage point hit, damping growth from 2.5 percent next year to 1.6 percent. The IMF only published country forecasts through 2019. Japan would see its 2019 growth rate more than halved, from 0.9 percent to 0.4 percent, under the worst case scenario. The eurozone would see its growth rate drop from 1.9 percent to 1.5 percent. Over the medium term, both the China and the United States would see a 0.6 percentage point impact on their economies. For Japan it would be around 0.4 percentage points and 0.2 for the eurozone. Over the longer term the impact to the US economy will be nearly one percentage point, while to China it will be half that. While the damage from an all-out trade war wouldn't be catastrophic, slow growth can also pose problems. Growth of less than five percent would be unprecedented for China since it began its economic reforms in the 1970s, and complicate its efforts to move towards a more balanced economy with a greater role for services. For the eurozone, slow growth means less reductions in high unemployment rates in several countries and difficulty keeping on top of high debt levels, while Japan needs growth to ward off dangerous deflation. The United States has already imposed tariffs on $250 billion of Chinese imports, about half the annual total, and has threatened to slap levies on the full amount. Washington has also imposed tariffs on steel and aluminium, citing national security concerns, and has also warned it could impose a 25 percent levy on imported cars and car parts.

Full-blown US-China trade war will slow global growth by less than 1%: IMF

Alphabet Inc's Google will shut down the consumer version of its failed social network Google+ and tighten its data sharing policies after announcing on Monday that private profile data of at least 500,000 users may have been exposed to hundreds of external developers.

The issue was discovered and patched in March as part of a review of how Google shares data with other applications, Google said in a blog post. No developer exploited the vulnerability or misused data, the review found.

Shares of its parent company Alphabet closed down 1 per cent at $1155.92 following the latest in a run of privacy issues to hit big US&nbsp;tech companies.

The Wall Street Journal reported earlier that Google opted not to disclose the security issue due to fears of regulatory scrutiny, citing unnamed sources and a memo prepared by Google's legal and policy staff for senior executives.

Google feared disclosure would invite comparison to Facebook Inc's leak of user information to data firm Cambridge Analytica, the Journal reported, adding that Chief Executive Sundar Pichai had been briefed on the issue. Google declined to comment beyond its blog post.

Google said on Monday none of the thresholds it requires to disclose a breach were met after reviewing the type of data involved, whether it could identify the users to inform, establish any evidence of misuse, and whether there were any actions a developer or user could take to protect themselves.

Security and privacy experts and financial analysts questioned the decision.

"Users have the right to be notified if their information could have been compromised," said Jacob Lehmann, managing director at legal firm Friedman CyZen. "This is a direct result of the scrutiny that Facebook dealt with regarding the Cambridge Analytica scandal."

Facebook challenger

Google+ launched in 2011 as the advertising giant grew more concerned about competition from Facebook, which could pinpoint ads to users based on data they had shared about their friends, likes and online activity.

Google+ copied Facebook with status updates and news feeds and let people organise their groups of friends into what it calls "circles."

But Google+ and the company's other experiments with social media struggled to win over users because of complicated features and privacy mishaps.

Facebook introduced a feature that allowed users to connect their accounts with their profiles on dating, music and other apps.

Google followed suit, letting outside developers access some Google+ data with users' permission. The bug disclosed on Monday, introduced in a software update, exposed private data including name, email address, occupation, gender and age, Google said. It could not definitely say how many users were affected because it said it keeps only two weeks of such records.

Google+ will remain an internal networking option for organizations that buy Google's G Suite, a bundle of apps for creating documents, spreadsheets and presentations.

Google's plan to withdraw the free version of Google+, scheduled for August, could help strengthen its case to US&nbsp;policymakers and regulators that it is different from Facebook, which has faced political heat over allegations that data belonging to 87 million of its users was improperly shared with political consultancy Cambridge Analytica.

Google refused to send Pichai to a Senate Intelligence Committee hearing on Sept. 5, where Facebook's chief operating officer and Twitter Inc's chief executive testified. An empty chair was left for Google after the committee rejected Google’s top lawyer as a witness.

Several policies Google introduced on Monday are designed to curb the data accessible to developers offering mobile apps on the Google Play store or add-on apps for sending and organising Gmail messages.

Play Store apps will no longer be allowed to access text message and call logs unless they are the default calling or texting app on a user's device or have an exception from Google.

Gmail add-ons available to consumers starting next year will be barred from selling user data and be subject to a third-party security assessment that will cost them about $15,000 to $75,000, Google said.

Such moves could strengthen Google by making it harder for competing services to grow off its data, said Chris Messina, a designer who worked on Google+ before leaving in 2013. "In 2011, you wanted casual, scrappy developers creating apps, and now it is going to require a professional class that is serious. The walls are going up."

Alphabet Inc's Google will shut down the consumer version of its failed social network Google+ and tighten its data sharing policies after announcing on Monday that private profile data of at least 500,000 users may have been exposed to hundreds of external developers.

Alphabet Inc's Google will shut down the consumer version of its failed social network Google+ and tighten its data sharing policies after announcing on Monday that private profile data of at least 500,000 users may have been exposed to hundreds of external developers. The issue was discovered and patched in March as part of a review of how Google shares data with other applications, Google said in a blog post. No developer exploited the vulnerability or misused data, the review found. Shares of its parent company Alphabet closed down 1 per cent at $1155.92 following the latest in a run of privacy issues to hit big US tech companies. The Wall Street Journal reported earlier that Google opted not to disclose the security issue due to fears of regulatory scrutiny, citing unnamed sources and a memo prepared by Google's legal and policy staff for senior executives. Google feared disclosure would invite comparison to Facebook Inc's leak of user information to data firm Cambridge Analytica, the Journal reported, adding that Chief Executive Sundar Pichai had been briefed on the issue. Google declined to comment beyond its blog post. Google said on Monday none of the thresholds it requires to disclose a breach were met after reviewing the type of data involved, whether it could identify the users to inform, establish any evidence of misuse, and whether there were any actions a developer or user could take to protect themselves. Security and privacy experts and financial analysts questioned the decision. "Users have the right to be notified if their information could have been compromised," said Jacob Lehmann, managing director at legal firm Friedman CyZen. "This is a direct result of the scrutiny that Facebook dealt with regarding the Cambridge Analytica scandal." Facebook challenger Google+ launched in 2011 as the advertising giant grew more concerned about competition from Facebook, which could pinpoint ads to users based on data they had shared about their friends, likes and online activity. Google+ copied Facebook with status updates and news feeds and let people organise their groups of friends into what it calls "circles." But Google+ and the company's other experiments with social media struggled to win over users because of complicated features and privacy mishaps. Facebook introduced a feature that allowed users to connect their accounts with their profiles on dating, music and other apps. Google followed suit, letting outside developers access some Google+ data with users' permission. The bug disclosed on Monday, introduced in a software update, exposed private data including name, email address, occupation, gender and age, Google said. It could not definitely say how many users were affected because it said it keeps only two weeks of such records. Google+ will remain an internal networking option for organizations that buy Google's G Suite, a bundle of apps for creating documents, spreadsheets and presentations. Google's plan to withdraw the free version of Google+, scheduled for August, could help strengthen its case to US policymakers and regulators that it is different from Facebook, which has faced political heat over allegations that data belonging to 87 million of its users was improperly shared with political consultancy Cambridge Analytica. Google refused to send Pichai to a Senate Intelligence Committee hearing on Sept. 5, where Facebook's chief operating officer and Twitter Inc's chief executive testified. An empty chair was left for Google after the committee rejected Google’s top lawyer as a witness. Several policies Google introduced on Monday are designed to curb the data accessible to developers offering mobile apps on the Google Play store or add-on apps for sending and organising Gmail messages. Play Store apps will no longer be allowed to access text message and call logs unless they are the default calling or texting app on a user's device or have an exception from Google. Gmail add-ons available to consumers starting next year will be barred from selling user data and be subject to a third-party security assessment that will cost them about $15,000 to $75,000, Google said. Such moves could strengthen Google by making it harder for competing services to grow off its data, said Chris Messina, a designer who worked on Google+ before leaving in 2013. "In 2011, you wanted casual, scrappy developers creating apps, and now it is going to require a professional class that is serious. The walls are going up."

Google+ to shut down after data of at least 500,000 users exposed

Shares of Tata Motors fell sharply by over 13 per cent Tuesday after the company-owned Jaguar Land Rover (JLR) reported 12.3 per cent decline in global sales in September.

The stock cracked 13.40 per cent to end at Rs 184.25 on the BSE. During the day, it slumped 19.78 per cent to Rs 170.65, its multi-year low level.

On NSE, the scrip dropped 13 per cent to close at Rs 184.55.

The stock was the worst hit among the blue chips on both the key indices during the day.

Led by the sharp fall in the stock, the company's market valuation tumbled Rs 8,228.6 crore to Rs 53,199.40 crore on the BSE.

In terms of the equity volume, 132.54 lakh shares of the company were traded on the BSE and over 14 crore shares changed hands on NSE during the day.

Steep drop in the scrip was also instrumental in dragging the BSE benchmark index lower by 174.91 points to end at 34,299.47.

JLR Monday reported 12.3 per cent decline in global sales at 57,114 units in September, hit by lower demand in China, the auto major said.

The company's sales in China declined by 46.2 per cent during September as compared to the same month last year as ongoing market uncertainty resulting from import duty changes and continued trade tensions held back consumer demand.

Meanwhile, JLR on Monday revealed plans for a two-week shutdown of its West Midlands plant at the end of October to cope with weakening global demand for its luxury vehicles.

Shares of Tata Motors fell sharply by over 13 per cent Tuesday after the company-owned Jaguar Land Rover (JLR) reported 12.3 per cent decline in global sales in September.

Shares of Tata Motors fell sharply by over 13 per cent Tuesday after the company-owned Jaguar Land Rover (JLR) reported 12.3 per cent decline in global sales in September. The stock cracked 13.40 per cent to end at Rs 184.25 on the BSE. During the day, it slumped 19.78 per cent to Rs 170.65, its multi-year low level. On NSE, the scrip dropped 13 per cent to close at Rs 184.55. The stock was the worst hit among the blue chips on both the key indices during the day. Led by the sharp fall in the stock, the company's market valuation tumbled Rs 8,228.6 crore to Rs 53,199.40 crore on the BSE. In terms of the equity volume, 132.54 lakh shares of the company were traded on the BSE and over 14 crore shares changed hands on NSE during the day. Steep drop in the scrip was also instrumental in dragging the BSE benchmark index lower by 174.91 points to end at 34,299.47. JLR Monday reported 12.3 per cent decline in global sales at 57,114 units in September, hit by lower demand in China, the auto major said. The company's sales in China declined by 46.2 per cent during September as compared to the same month last year as ongoing market uncertainty resulting from import duty changes and continued trade tensions held back consumer demand. Meanwhile, JLR on Monday revealed plans for a two-week shutdown of its West Midlands plant at the end of October to cope with weakening global demand for its luxury vehicles.

Tata Motors shares tank over 13%

The rupee slumped by 33 paise to finish at a fresh lifetime low of 74.39 against the US dollar Tuesday on high crude oil prices, strengthening of the greenback and unabated foreign fund outflows.

At the Interbank Foreign Exchange (Forex), the rupee made a cautious recovery of 18 paise to 73.88 against the US dollar in early trade on fresh selling of the American currency by banks and exporters.

However, the domestic currency failed to sustain the momentum after Brent crude breached the USD 84 per barrel-mark again and the US dollar strengthened overseas.

It finally closed at 74.39 against the US dollar, down by 33 paise, marking its sixth straight session of decline.

On Monday, the domestic unit plummeted by 30 paise to close at record low of 74.06.

The rupee slumped by 33 paise to finish at a fresh lifetime low of 74.39 against the US dollar Tuesday on high crude oil prices, strengthening of the greenback and unabated foreign fund outflows.

The rupee slumped by 33 paise to finish at a fresh lifetime low of 74.39 against the US dollar Tuesday on high crude oil prices, strengthening of the greenback and unabated foreign fund outflows. At the Interbank Foreign Exchange (Forex), the rupee made a cautious recovery of 18 paise to 73.88 against the US dollar in early trade on fresh selling of the American currency by banks and exporters. However, the domestic currency failed to sustain the momentum after Brent crude breached the USD 84 per barrel-mark again and the US dollar strengthened overseas. It finally closed at 74.39 against the US dollar, down by 33 paise, marking its sixth straight session of decline. On Monday, the domestic unit plummeted by 30 paise to close at record low of 74.06.

Rupee slumps 33 paise to close at record low of 74.39

The BSE Sensex erased all its early gains to end lower by 175 points in see-saw trade Tuesday, posting its fourth fall in five sessions due to widespread selling in auto, consumer, realty, oil and gas and banking stocks amid worries over weakening rupee and boiling crude oil prices.

Market sentiments were further dampened on unabated foreign fund outflows and the International Monetary Fund (IMF) downgrading outlook for world economy to 3.7 growth on Tuesday.

The Indian currency collapsed to a new lifetime low of 74.27 in intra-day trade, raising concerns on the macroeconomic front.

A mixed trend at other Asian markets and a lower opening in the eurozone too triggered selling on the domestic bourses here.

The 30-share Sensex opened higher at 34,651.82 points but slipped into the negative zone to hit a low of 34,233.50 before concluding at 34,299.47, recording a fall of 174.91 points, or 0.51 per cent.

Similarly, the NSE Nifty after shuttling between 10,397.60 and 10,279.35 points, ended 47 points, or 0.45 per cent, lower at 10,301.05.

Selling was more pronounced in consumer durables, auto, oil and gas, FMCG, realty, PSU and banking stocks that dragged the indices into the negative zone.

Among Sensex constituents, Tata Motors was the worst hit, plunging 13.40 per cent to end at multi-year low of Rs 184.25, after the company-owned Jaguar Land Rover (JLR) reported 12.3 per cent decline in global sales in September.

Other laggards include Asian Paints falling 3.95 per cent, Maruti Suzuki 3.07 per cent, HUL 2.73 per cent, Bharti Airtel 2.29 per cent, Bajaj Auto 1.85 per cent, ITC 1.81 per cent, RIL 1.58 per cent, ICICI Bank 1.50 per cent, M&amp;M 1.36 per cent, SBI 1.26 per cent, NTPC 1.22 per cent, Axis Bank 0.67 per cent and HDFC Bank 0.17 per cent.

In contrast, Adani Ports emerged as the top gainer by rising 4.52 per cent, followed by HDFC falling 2.59 per cent.

Vedanta, Tata Steel, Coal india, Yes Bank, Sun Pharma, Wipro, TCS, L&amp;T, Infosys, IndusInd Bank and Kotak Bank too showed strength, gaining up to 2.44 per cent.

Shares of oil marketing companies such as HPCL, BPCL and IOC were down up to 4.20 per cent as global crude oil prices again rose on reports of decline in crude export from Iran.

Sectorally, the BSE consumer durables index emerged worst performer by falling 3.91 per cent, followed by auto at 2.62 per cent, oil and gas 1.92 per cent, FMCG 1.68 per cent, PSU 1.19 per cent, realty 1.06 per cent, power 0.62 per cent, bankex 0.47 per cent, infrastructure 0.41 per cent, capital goods 0.25 per cent.

However, metal, healthcare, teck and IT indices managed to close in the positive zone by rising up to 1.01 per cent.

Elsewhere in rest of Asia, Japan's NIkkei fell 1.32 per cent, Straight Time shed 0.49 per cent, while Shanghai rose 0.17 per cent.

In the eurozone, FTSE, CAC and DAX were little changed in their late morning deals.

The BSE Sensex erased all its early gains to end lower by 175 points in see-saw trade Tuesday, posting its fourth fall in five sessions due to widespread selling in auto, consumer, realty, oil and gas and banking stocks amid worries over weakening rupee and boiling crude oil prices.

The BSE Sensex erased all its early gains to end lower by 175 points in see-saw trade Tuesday, posting its fourth fall in five sessions due to widespread selling in auto, consumer, realty, oil and gas and banking stocks amid worries over weakening rupee and boiling crude oil prices. Market sentiments were further dampened on unabated foreign fund outflows and the International Monetary Fund (IMF) downgrading outlook for world economy to 3.7 growth on Tuesday. The Indian currency collapsed to a new lifetime low of 74.27 in intra-day trade, raising concerns on the macroeconomic front. A mixed trend at other Asian markets and a lower opening in the eurozone too triggered selling on the domestic bourses here. The 30-share Sensex opened higher at 34,651.82 points but slipped into the negative zone to hit a low of 34,233.50 before concluding at 34,299.47, recording a fall of 174.91 points, or 0.51 per cent. Similarly, the NSE Nifty after shuttling between 10,397.60 and 10,279.35 points, ended 47 points, or 0.45 per cent, lower at 10,301.05. Selling was more pronounced in consumer durables, auto, oil and gas, FMCG, realty, PSU and banking stocks that dragged the indices into the negative zone. Among Sensex constituents, Tata Motors was the worst hit, plunging 13.40 per cent to end at multi-year low of Rs 184.25, after the company-owned Jaguar Land Rover (JLR) reported 12.3 per cent decline in global sales in September. Other laggards include Asian Paints falling 3.95 per cent, Maruti Suzuki 3.07 per cent, HUL 2.73 per cent, Bharti Airtel 2.29 per cent, Bajaj Auto 1.85 per cent, ITC 1.81 per cent, RIL 1.58 per cent, ICICI Bank 1.50 per cent, M&M 1.36 per cent, SBI 1.26 per cent, NTPC 1.22 per cent, Axis Bank 0.67 per cent and HDFC Bank 0.17 per cent. In contrast, Adani Ports emerged as the top gainer by rising 4.52 per cent, followed by HDFC falling 2.59 per cent. Vedanta, Tata Steel, Coal india, Yes Bank, Sun Pharma, Wipro, TCS, L&T, Infosys, IndusInd Bank and Kotak Bank too showed strength, gaining up to 2.44 per cent. Shares of oil marketing companies such as HPCL, BPCL and IOC were down up to 4.20 per cent as global crude oil prices again rose on reports of decline in crude export from Iran. Sectorally, the BSE consumer durables index emerged worst performer by falling 3.91 per cent, followed by auto at 2.62 per cent, oil and gas 1.92 per cent, FMCG 1.68 per cent, PSU 1.19 per cent, realty 1.06 per cent, power 0.62 per cent, bankex 0.47 per cent, infrastructure 0.41 per cent, capital goods 0.25 per cent. However, metal, healthcare, teck and IT indices managed to close in the positive zone by rising up to 1.01 per cent. Elsewhere in rest of Asia, Japan's NIkkei fell 1.32 per cent, Straight Time shed 0.49 per cent, while Shanghai rose 0.17 per cent. In the eurozone, FTSE, CAC and DAX were little changed in their late morning deals.

Nifty, Sensex at lowest close since April

The Indian rupee dropped to a record low on Tuesday afternoon with weakness in domestic shares and some Asian peers weighing on sentiment.

Traders said there was also some importer demand seen in afternoon trade, but intermittent dollar selling by the central bank is likely to prevent a steep fall in the unit.

Sentiment has also been weaker after the central bank held rates steady in a surprise move on Friday and pushed the rupee to its previous record low of 74.23.

The partially convertible rupee was trading at 74.24/25 per dollar at 0751 GMT, after hitting 74.28 earlier and weaker than its previous close of 74.0750.

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The Indian rupee dropped to a record low on Tuesday afternoon with weakness in domestic shares and some Asian peers weighing on sentiment. Traders said there was also some importer demand seen in afternoon trade, but intermittent dollar selling by the central bank is likely to prevent a steep fall in the unit.

The Indian rupee dropped to a record low on Tuesday afternoon with weakness in domestic shares and some Asian peers weighing on sentiment. Traders said there was also some importer demand seen in afternoon trade, but intermittent dollar selling by the central bank is likely to prevent a steep fall in the unit. Sentiment has also been weaker after the central bank held rates steady in a surprise move on Friday and pushed the rupee to its previous record low of 74.23. The partially convertible rupee was trading at 74.24/25 per dollar at 0751 GMT, after hitting 74.28 earlier and weaker than its previous close of 74.0750.

Rupee continues freefall against dollar, hits record low of 74.28

Facebook Inc's WhatsApp said on Tuesday it has built a system that stores payments-related data locally in India, in a bid to comply with a central bank directive that all such data should, within six months, be stored only in the country.

WhatsApp rolled out a test of its payment system in India, its biggest market by users, earlier this year.

"In response to India's payments data circular, we've built a system that stores payments-related data locally in India," WhatsApp said in an emailed statement.

The Reserve Bank in April said all payments data should be stored only in India for "unfettered supervisory access", a decision that has led to intense lobbying by global firms that worry it would cost them millions of dollars.

Facebook Inc's WhatsApp said on Tuesday it has built a system that stores payments-related data locally in India, in a bid to comply with a central bank directive that all such data should, within six months, be stored only in the country.

Facebook Inc's WhatsApp said on Tuesday it has built a system that stores payments-related data locally in India, in a bid to comply with a central bank directive that all such data should, within six months, be stored only in the country. WhatsApp rolled out a test of its payment system in India, its biggest market by users, earlier this year. "In response to India's payments data circular, we've built a system that stores payments-related data locally in India," WhatsApp said in an emailed statement. The Reserve Bank in April said all payments data should be stored only in India for "unfettered supervisory access", a decision that has led to intense lobbying by global firms that worry it would cost them millions of dollars.

WhatsApp builds system to comply with India's payments data storage norms