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India on Monday took control of Infrastructure Leasing and Financial Services (IL&amp;FS), in a rare move that it said was needed to protect the country's financial system and markets from potential collapse.

The government applied to the National Company Law Tribunal (NCLT) on Monday to remove the board of IL&amp;FS, warning that the continuance of the current directors in their jobs would be prejudicial and not in the interest of the public.

The NCLT approved the government's interim application to replace IL&amp;FS's board with six selected nominees, on Monday.

"The current IL&amp;FS crisis could have an adverse impact on the financial stability of the economy," Sanjay Shorey a lawyer for the government told the NCLT, a quasi-judicial body for corporate grievances, on Monday.

He said a collapse of IL&amp;FS, an Indian infrastructure financing and construction group, could threaten the stability of mutual funds and the non-banking financial services sector.

A string of defaults by IL&amp;FS in recent weeks has led to a series of credit rating downgrades on the company and its subsidiaries that hold some of its 910 billion rupees ($12.48 billion) debt pile. Its rapid fall from grace has spooked financial markets and sparked fears that its troubles could cause a crisis in the non-banking financial services sector.

ILFS's problems could threaten India's economic growth as lenders cut exposure to what are known as non-banking finance companies (NBFCs) in India or shadow banks.

These firms have played a major role in lending growth in India in the last two years, as Indian banks, saddled with some $150 billion of bad debt, slowed lending.

India has rarely stepped in to take control of a private company. The government's attempt to take control of debt-laden realty firm Unitech Ltd in late 2017 was stalled by the Supreme Court.

The government did take control of Satyam Computer Services in 2009 when an accounting scandal at the firm shook investor confidence in the information technology sector.

The new six-member IL&amp;FS board named by the NCLT includes the managing director of Kotak Mahindra Bank Uday Kotak as IL&amp;FS' non-executive chairman.

The NCLT ruled that IL&amp;FS must make its response to the tribunal by October 15. It set a follow-up hearing for October 31.

Restructuring plan&nbsp;

The government's intervention could cast doubt on IL&amp;FS' restructuring plan for which it has just secured shareholder support.

"The government decided to intervene ... could be disruptive at this stage," Shriram Subramanian, managing director at proxy advisory firm InGovern, said.

IL&amp;FS on Sunday said its shareholders had approved a plan to raise funds via debt and equity issuances. Earlier, the company had said its board would develop a "comprehensive" restructuring plan including asset sales and a rights issue.

India's Life Insurance Corp Ltd, which is IL&amp;FS' biggest shareholder with a more than 25 per cent stake, said last week it would participate in the rights issue.

The state-owned insurer has often stepped in to help bail out troubled entities. Earlier this year LIC agreed to acquire a 51 per cent stake in IDBI Bank.

IL&amp;FS's other large investors are Japan's ORIX Corp with a 23.54 per cent stake and Abu Dhabi Investment Authority (ADIA) with 12.56 per cent.

India's biggest lender by assets, State Bank of India (SBI), also owns a 6.42 per cent stake in IL&amp;FS.

LIC and Orix did not respond to requests for comment on the Indian government's move to seize control of IL&amp;FS on Monday.

SBI and ADIA declined to comment, while IL&amp;FS said it would not comment.

India on Monday took control of Infrastructure Leasing and Financial Services (IL&FS), in a rare move that it said was needed to protect the country's financial system and markets from potential collapse.

India on Monday took control of Infrastructure Leasing and Financial Services (IL&FS), in a rare move that it said was needed to protect the country's financial system and markets from potential collapse. The government applied to the National Company Law Tribunal (NCLT) on Monday to remove the board of IL&FS, warning that the continuance of the current directors in their jobs would be prejudicial and not in the interest of the public. The NCLT approved the government's interim application to replace IL&FS's board with six selected nominees, on Monday. "The current IL&FS crisis could have an adverse impact on the financial stability of the economy," Sanjay Shorey a lawyer for the government told the NCLT, a quasi-judicial body for corporate grievances, on Monday. He said a collapse of IL&FS, an Indian infrastructure financing and construction group, could threaten the stability of mutual funds and the non-banking financial services sector. A string of defaults by IL&FS in recent weeks has led to a series of credit rating downgrades on the company and its subsidiaries that hold some of its 910 billion rupees ($12.48 billion) debt pile. Its rapid fall from grace has spooked financial markets and sparked fears that its troubles could cause a crisis in the non-banking financial services sector. ILFS's problems could threaten India's economic growth as lenders cut exposure to what are known as non-banking finance companies (NBFCs) in India or shadow banks. These firms have played a major role in lending growth in India in the last two years, as Indian banks, saddled with some $150 billion of bad debt, slowed lending. India has rarely stepped in to take control of a private company. The government's attempt to take control of debt-laden realty firm Unitech Ltd in late 2017 was stalled by the Supreme Court. The government did take control of Satyam Computer Services in 2009 when an accounting scandal at the firm shook investor confidence in the information technology sector. The new six-member IL&FS board named by the NCLT includes the managing director of Kotak Mahindra Bank Uday Kotak as IL&FS' non-executive chairman. The NCLT ruled that IL&FS must make its response to the tribunal by October 15. It set a follow-up hearing for October 31. Restructuring plan The government's intervention could cast doubt on IL&FS' restructuring plan for which it has just secured shareholder support. "The government decided to intervene ... could be disruptive at this stage," Shriram Subramanian, managing director at proxy advisory firm InGovern, said. IL&FS on Sunday said its shareholders had approved a plan to raise funds via debt and equity issuances. Earlier, the company had said its board would develop a "comprehensive" restructuring plan including asset sales and a rights issue. India's Life Insurance Corp Ltd, which is IL&FS' biggest shareholder with a more than 25 per cent stake, said last week it would participate in the rights issue. The state-owned insurer has often stepped in to help bail out troubled entities. Earlier this year LIC agreed to acquire a 51 per cent stake in IDBI Bank. IL&FS's other large investors are Japan's ORIX Corp with a 23.54 per cent stake and Abu Dhabi Investment Authority (ADIA) with 12.56 per cent. India's biggest lender by assets, State Bank of India (SBI), also owns a 6.42 per cent stake in IL&FS. LIC and Orix did not respond to requests for comment on the Indian government's move to seize control of IL&FS on Monday. SBI and ADIA declined to comment, while IL&FS said it would not comment.

Government takes control of infrastructure group IL&FS to stem contagion

The rupee tumbled 43 paise to end at a near two-week low of 72.91 against the US dollar Monday amid a strengthening greenback and steady capital outflows.

Higher US Treasury yields, which rose above the 3 per cent mark, boosted the appeal for the dollar, analysts said.

The dollar rose to near 1-month highs against global currencies.

Meanwhile, the local unit opened at 72.61, marginally higher as compared to its Friday's close of 72.48.

It touched a low of 72.95 on strong dollar demand, before recovering to 72.60.

The rupee finally closed at 72.91, down 43 paise.&nbsp;

Foreign institutional investors net sold shares worth Rs 1,841.63 crore Monday, provisional data showed.

Meanwhile, the Reserve Bank Monday announced that it will inject Rs 36,000 crore liquidity into the system through the purchase of government bonds in October to meet the festival season demand for funds.

The auctions to purchase government bonds as part of the Open Market Operations (OMO) will be conducted in the second, third and fourth week of October.

"Rupee continues to be weak as crude oil prices remain high. Unless we have comfort from crude oil prices, we are likely to see weakness in rupee.&nbsp;

It is going to hover in the 70-72 range," a senior Treasury official said.

Brent crude was trading at $82.94 per barrel, up 0.25 per cent.

"The central bank's Rs 36,000 crore OMO to provide domestic liquidity could not stem the fall for the rupee. Surging crude oil prices is the main&nbsp;worry for the currency markets.&nbsp;

"Among the emerging market currencies, the rupee was the worst performer with the loss of 42 paise to 72.91 against the Dollar today. Forex traders are awaiting some concrete steps from RBI MPC meeting scheduled on October 5," said V K Sharma, Head PCG and Capital Markets Strategy, HDFC Securities.

Equity benchmarks snapped their three-day losing streak Monday as the RBI announced measures to shore up liquidity amid the government pressing for a change of management at the crisis-hit IL&amp;FS.

The 30-share BSE Sensex soared 299 points in see-saw trade to close at 36,526.14, while the NSE Nifty jumped 77.85 points to reclaim the 11,000-mark.&nbsp;

The rupee tumbled 43 paise to end at a near two-week low of 72.91 against the US dollar Monday amid a strengthening greenback and steady capital outflows. Higher US Treasury yields, which rose above the 3 per cent mark, boosted the appeal for the dollar, analysts said.

The rupee tumbled 43 paise to end at a near two-week low of 72.91 against the US dollar Monday amid a strengthening greenback and steady capital outflows. Higher US Treasury yields, which rose above the 3 per cent mark, boosted the appeal for the dollar, analysts said. The dollar rose to near 1-month highs against global currencies. Meanwhile, the local unit opened at 72.61, marginally higher as compared to its Friday's close of 72.48. It touched a low of 72.95 on strong dollar demand, before recovering to 72.60. The rupee finally closed at 72.91, down 43 paise. Foreign institutional investors net sold shares worth Rs 1,841.63 crore Monday, provisional data showed. Meanwhile, the Reserve Bank Monday announced that it will inject Rs 36,000 crore liquidity into the system through the purchase of government bonds in October to meet the festival season demand for funds. The auctions to purchase government bonds as part of the Open Market Operations (OMO) will be conducted in the second, third and fourth week of October. "Rupee continues to be weak as crude oil prices remain high. Unless we have comfort from crude oil prices, we are likely to see weakness in rupee. It is going to hover in the 70-72 range," a senior Treasury official said. Brent crude was trading at $82.94 per barrel, up 0.25 per cent. "The central bank's Rs 36,000 crore OMO to provide domestic liquidity could not stem the fall for the rupee. Surging crude oil prices is the main worry for the currency markets. "Among the emerging market currencies, the rupee was the worst performer with the loss of 42 paise to 72.91 against the Dollar today. Forex traders are awaiting some concrete steps from RBI MPC meeting scheduled on October 5," said V K Sharma, Head PCG and Capital Markets Strategy, HDFC Securities. Equity benchmarks snapped their three-day losing streak Monday as the RBI announced measures to shore up liquidity amid the government pressing for a change of management at the crisis-hit IL&FS. The 30-share BSE Sensex soared 299 points in see-saw trade to close at 36,526.14, while the NSE Nifty jumped 77.85 points to reclaim the 11,000-mark.

Rupee slumps 43 paise to 72.91 against US dollar, ends near 2-week low 

The Goods and Service Tax (GST) revenue for the month of September witnessed a marginal upward trend to touch Rs&nbsp;94,000 crore, up from Rs&nbsp;93,690 crore last month.

Of the total collection, central GST (CGST) mop-up was Rs&nbsp;15,318 crore, state GST (SGST) was Rs 21,061 crore, integrated GST was Rs 50,070 crore (including Rs&nbsp;25,308 crore collected on imports) and cess was Rs 7,993 crore (including Rs. 769 crore collected on imports).

"The total revenue earned by the central government and the state governments after settlement in the month of September 2018 is Rs&nbsp;30,574 crore for CGST and Rs&nbsp;35,015 crore for the SGST," a statement from the Finance Ministry read.GST revenue for August was the lowest in the five months so far in this fiscal.

In July, the collection was Rs 96,483 crore, in June it was Rs 95,610 crore, in May it was Rs 94,016 crore, while April saw a record-high collection of over Rs 1.03 lakh crore.&nbsp;

The Goods and Service Tax (GST) revenue for the month of September witnessed a marginal upward trend to touch Rs 94,000 crore, up from Rs 93,690 crore last month.

The Goods and Service Tax (GST) revenue for the month of September witnessed a marginal upward trend to touch Rs 94,000 crore, up from Rs 93,690 crore last month. Of the total collection, central GST (CGST) mop-up was Rs 15,318 crore, state GST (SGST) was Rs 21,061 crore, integrated GST was Rs 50,070 crore (including Rs 25,308 crore collected on imports) and cess was Rs 7,993 crore (including Rs. 769 crore collected on imports). "The total revenue earned by the central government and the state governments after settlement in the month of September 2018 is Rs 30,574 crore for CGST and Rs 35,015 crore for the SGST," a statement from the Finance Ministry read.GST revenue for August was the lowest in the five months so far in this fiscal. In July, the collection was Rs 96,483 crore, in June it was Rs 95,610 crore, in May it was Rs 94,016 crore, while April saw a record-high collection of over Rs 1.03 lakh crore.

GST collection surpasses Rs 94,000 crore in September

Rupee depreciation does not benefit exporters, instead, a stable currency is needed for long-term sustainable growth of India's international trade, industry body CII said Monday.

In the present globalised environment, a majority of costs like raw material, shipping charges, warehousing and other related services are denominated in foreign currency or at import parity price, the chamber said in a statement.

Besides, most of the exporters do long-term hedging at the time of booking of orders, while importers press for a reduction in prices citing depreciation of the rupee, it said.

"Hence, it is more of a perception than reality that depreciation of the rupee helps exporters. What is required is a stable range-bound currency which will give stability and certainty for quoting prices and accepting orders in today's competitive global environment," Chairman of CII National Committee on Exports and Imports Sanjay Budhia said.

The rupee weakened by 36 paise to 72.84 against the US dollar Monday even as the RBI announced plans to purchase government bonds worth Rs 36,000 crore to boost liquidity.

The domestic unit rupee had gained 11 paise to close at a one-week high of 72.48 against the US dollar on Friday.

In recent weeks, the rupee has taken a beating amid volatility in global markets and strengthening of the greenback. The central bank has been taking various measures to shore up the rupee.

Rupee depreciation does not benefit exporters, instead, a stable currency is needed for long-term sustainable growth of India's international trade, industry body CII said Monday.

Rupee depreciation does not benefit exporters, instead, a stable currency is needed for long-term sustainable growth of India's international trade, industry body CII said Monday. In the present globalised environment, a majority of costs like raw material, shipping charges, warehousing and other related services are denominated in foreign currency or at import parity price, the chamber said in a statement. Besides, most of the exporters do long-term hedging at the time of booking of orders, while importers press for a reduction in prices citing depreciation of the rupee, it said. "Hence, it is more of a perception than reality that depreciation of the rupee helps exporters. What is required is a stable range-bound currency which will give stability and certainty for quoting prices and accepting orders in today's competitive global environment," Chairman of CII National Committee on Exports and Imports Sanjay Budhia said. The rupee weakened by 36 paise to 72.84 against the US dollar Monday even as the RBI announced plans to purchase government bonds worth Rs 36,000 crore to boost liquidity. The domestic unit rupee had gained 11 paise to close at a one-week high of 72.48 against the US dollar on Friday. In recent weeks, the rupee has taken a beating amid volatility in global markets and strengthening of the greenback. The central bank has been taking various measures to shore up the rupee.

Stable currency needed to boost India's international trade: CII

Indian shares ended higher on Monday snapping a three-session losing streak, boosted by financials such as Housing Development Finance Corp Ltd and IT bellwether Tata Consultancy Services Ltd.

Investors remained cautious in early trade following the central bank announced measures to curb liquidity concerns ahead of a key policy meeting later this week.

The benchmark BSE Sensex closed up 0.83 per cent at 36,526.14. The broader NSE Nifty ended 0.71 per cent higher at 11,008.3.

HDFC closed 3.45 per cent higher and contributed to over a fifth of the Nifty's gains, while TCS gained 3.05 per cent.

Yes Bank Ltd was the top percentage gainer on the NSE index, closing 9.37 per cent higher.

Indian shares ended higher on Monday snapping a three-session losing streak, boosted by financials such as Housing Development Finance Corp Ltd and IT bellwether Tata Consultancy Services Ltd.

Indian shares ended higher on Monday snapping a three-session losing streak, boosted by financials such as Housing Development Finance Corp Ltd and IT bellwether Tata Consultancy Services Ltd. Investors remained cautious in early trade following the central bank announced measures to curb liquidity concerns ahead of a key policy meeting later this week. The benchmark BSE Sensex closed up 0.83 per cent at 36,526.14. The broader NSE Nifty ended 0.71 per cent higher at 11,008.3. HDFC closed 3.45 per cent higher and contributed to over a fifth of the Nifty's gains, while TCS gained 3.05 per cent. Yes Bank Ltd was the top percentage gainer on the NSE index, closing 9.37 per cent higher.

Nifty, Sensex snap three sessions of fall; financials gain

One of the two main bidders, keen to acquire embattled Indian businessman Vijay Mallya’s Force India Formula One racing team after it went into administration, has claimed that a consortium of 13 Indian banks lost out an estimated 40 million pounds as a result of an “unfair” sales process concluded last month.

Russian fertiliser group Uralkali said that by turning down its higher bid for the company, the administrators had denied the extra funds that would have accrued to the shareholder of Force India – Mallya’s Orange India Holdings Sarl – which is subject to a freezing order issued by the UK’s High Court in favour of his 13 creditor Indian banks, led by the State Bank of India. Uralkali launched legal proceedings against administrators FRP Advisory in the High Court in London on Friday to claim “tens of millions of dollars” in damages over the alleged “prejudicial and unequal treatment” in the bidding process.

The administrators, however, insist they oversaw a “fair and transparent bidding process” which led to the sale of Force India to the Racing Point consortium, led by Canadian billionaire Lawrence Stroll after it went into administration in July.

“We submitted by far the winning bid for the assets and business, which would have meant most money to the stakeholders and qualitatively recapitalised the team… We have serious concerns as to why the administrators did not use the opportunity to maximise the amounts that could have been paid to creditors and shareholders,” said Paul James Ostling, Senior Independent Director of Uralkali, who led the firm’s offer for Force India. “Had he [administrator] taken our bid, because of the freezing order, there would have been millions and millions more available for the ultimate stakeholders, which according to the freezing order are the Indian banks,” he said.

Mallya, through Orange India Holdings set up in 2007, owned a 42.5 per cent stake in the Silverstone-based racing team alongside a similar shareholding in the hands of India’s Sahara Group. Describing the 62-year-old UK-based businessman fighting his extradition to India on fraud and money laundering charges amounting to nearly Rs 9,000 crores as a “unique character”, Ostling said it had been made clear to Uralkali that the administrator and team’s engine partner Mercedes would not accept any deal in which either Mallya or Sahara had any “share or interest or participation”.

“Mallya’s legal entanglements made it impossible for anyone to do a normal business deal with him to acquire Force India. When you are trying to do a deal with a man who is facing extradition and other charges, it made it extraordinarily difficult,” said Ostling, who indicated that Uralkali is still interested in acquiring Force India because it is a good racing team which “punches above its weight”. “It’s very sad what’s going on with Mr Mallya and Sahara and all their problems.

But the team is a wonderful group of people; the drivers, mechanics, business people are an extraordinary group of 400 people who we adore. We wanted to take care of them and support them,” Ostling added. A ruling in Mallya’s extradition trial at Westminster Magistrates’ Court in London is scheduled for December 10.

A separate UK High Court ruling from May this year upheld a worldwide freezing order against the businessman, with a follow-up enforcement order in June in favour of the consortium of 13 Indian banks to recover estimated funds of around 1.145 billion pounds. Uralkali, which accounts for 20 per cent of the world’s potash production, has been a partner of Force India and one of the sponsors of Formula One Grand Prix Sochi, which takes place in Russia on Sunday.

The company said it had set out an extremely generous offer to acquire Force India’s business, assets and goodwill, which included a cash consideration between 101.5 million and 122 million pounds. “Uralkali had a strong business rationale for acquiring Force India. The company sells its fertilisers to more than 60 countries worldwide, including 20 in which Formula One holds its Grand Prix Championship. Force India would be a highly effective and valuable marketing tool for the business,” the company said. It said that it had no option but to launch legal proceedings and seek “substantial damages” from the administrators for their “misrepresentation and failure to conduct a process that was proper”. “Having now seen the substance of Uralkali’s claim we are ever more confident it will be dismissed at the earliest opportunity,” said a statement on behalf of FRP Advisory’s joint administrators Geoff Rowley and James Baker.

“As all of the interested parties were aware, our primary statutory duty as administrators was to pursue a rescue of Force India as a going concern. “All parties had the opportunity to submit a proposal to rescue the company rather than buy its assets. When the final offers came in, Racing Point was the only party to submit a rescue proposal,” the statement noted. While the administrators claim Uralkali failed to submit a rescue offer, the Russian firm accuses the administrators of running an “opaque” process that never made such a criterion for the bidding process clear. Uralkali now believes “everything will come out in the open” in the course of the matter being heard in the London High Court in coming months.

One of the two main bidders, keen to acquire embattled Indian businessman Vijay Mallya’s Force India Formula One racing team after it went into administration, has claimed that a consortium of 13 Indian banks lost out an estimated 40 million pounds as a result of an “unfair” sales process concluded last month.

One of the two main bidders, keen to acquire embattled Indian businessman Vijay Mallya’s Force India Formula One racing team after it went into administration, has claimed that a consortium of 13 Indian banks lost out an estimated 40 million pounds as a result of an “unfair” sales process concluded last month. Russian fertiliser group Uralkali said that by turning down its higher bid for the company, the administrators had denied the extra funds that would have accrued to the shareholder of Force India – Mallya’s Orange India Holdings Sarl – which is subject to a freezing order issued by the UK’s High Court in favour of his 13 creditor Indian banks, led by the State Bank of India. Uralkali launched legal proceedings against administrators FRP Advisory in the High Court in London on Friday to claim “tens of millions of dollars” in damages over the alleged “prejudicial and unequal treatment” in the bidding process. The administrators, however, insist they oversaw a “fair and transparent bidding process” which led to the sale of Force India to the Racing Point consortium, led by Canadian billionaire Lawrence Stroll after it went into administration in July. “We submitted by far the winning bid for the assets and business, which would have meant most money to the stakeholders and qualitatively recapitalised the team… We have serious concerns as to why the administrators did not use the opportunity to maximise the amounts that could have been paid to creditors and shareholders,” said Paul James Ostling, Senior Independent Director of Uralkali, who led the firm’s offer for Force India. “Had he [administrator] taken our bid, because of the freezing order, there would have been millions and millions more available for the ultimate stakeholders, which according to the freezing order are the Indian banks,” he said. Mallya, through Orange India Holdings set up in 2007, owned a 42.5 per cent stake in the Silverstone-based racing team alongside a similar shareholding in the hands of India’s Sahara Group. Describing the 62-year-old UK-based businessman fighting his extradition to India on fraud and money laundering charges amounting to nearly Rs 9,000 crores as a “unique character”, Ostling said it had been made clear to Uralkali that the administrator and team’s engine partner Mercedes would not accept any deal in which either Mallya or Sahara had any “share or interest or participation”. “Mallya’s legal entanglements made it impossible for anyone to do a normal business deal with him to acquire Force India. When you are trying to do a deal with a man who is facing extradition and other charges, it made it extraordinarily difficult,” said Ostling, who indicated that Uralkali is still interested in acquiring Force India because it is a good racing team which “punches above its weight”. “It’s very sad what’s going on with Mr Mallya and Sahara and all their problems. But the team is a wonderful group of people; the drivers, mechanics, business people are an extraordinary group of 400 people who we adore. We wanted to take care of them and support them,” Ostling added. A ruling in Mallya’s extradition trial at Westminster Magistrates’ Court in London is scheduled for December 10. A separate UK High Court ruling from May this year upheld a worldwide freezing order against the businessman, with a follow-up enforcement order in June in favour of the consortium of 13 Indian banks to recover estimated funds of around 1.145 billion pounds. Uralkali, which accounts for 20 per cent of the world’s potash production, has been a partner of Force India and one of the sponsors of Formula One Grand Prix Sochi, which takes place in Russia on Sunday. The company said it had set out an extremely generous offer to acquire Force India’s business, assets and goodwill, which included a cash consideration between 101.5 million and 122 million pounds. “Uralkali had a strong business rationale for acquiring Force India. The company sells its fertilisers to more than 60 countries worldwide, including 20 in which Formula One holds its Grand Prix Championship. Force India would be a highly effective and valuable marketing tool for the business,” the company said. It said that it had no option but to launch legal proceedings and seek “substantial damages” from the administrators for their “misrepresentation and failure to conduct a process that was proper”. “Having now seen the substance of Uralkali’s claim we are ever more confident it will be dismissed at the earliest opportunity,” said a statement on behalf of FRP Advisory’s joint administrators Geoff Rowley and James Baker. “As all of the interested parties were aware, our primary statutory duty as administrators was to pursue a rescue of Force India as a going concern. “All parties had the opportunity to submit a proposal to rescue the company rather than buy its assets. When the final offers came in, Racing Point was the only party to submit a rescue proposal,” the statement noted. While the administrators claim Uralkali failed to submit a rescue offer, the Russian firm accuses the administrators of running an “opaque” process that never made such a criterion for the bidding process clear. Uralkali now believes “everything will come out in the open” in the course of the matter being heard in the London High Court in coming months.

13 Indian banks lost out about 40 million pounds in Force India sale, claims bidder

RBI’s policy meeting, macroeconomic data announcements, and the trend in rupee and crude oil prices would set the tone for the stock markets in a holiday-shortened week ahead, say experts. Bourses will remain closed Tuesday for Mahatma Gandhi Jayanti.

“Investors are yet to gain confidence to start bottom fishing due to lack of liquidity, margin funding and short selling in the market. The weak sentiment is likely to extend till the financial market stabilises and confidence reverts with accommodative valuation. RBI policy meet this week is the key event,” said Vinod Nair, Head of Research, Geojit Financial Services.

RBI’s interest rate decision will be announced Friday. At its previous monetary policy meeting in August, the Reserve Bank raised the benchmark interest rate by 25 basis points to 6.50 per cent on inflationary concerns. “RBI’s interest rate decision will be crucially watched,” said Mustafa Nadeem, CEO, Epic Research. PMI data for the manufacturing and services sectors will also influence trading sentiment, experts said. Investors would continue to track the NBFC space which has been hit by liquidity concerns.

Factors such as the movement of rupee and crude oil prices would also play a key role, they added. “Next month, hopefully, will be rosier than the previous month as all the weak hands are out and the worst has already been priced in which is known to all. “Things might only get better going ahead given the Q2 FY19 results will start pouring in. RBI’s 4th bi-monthly meet could create a knee-jerk reaction if they decide to increase interest rates by 0.25 per cent,” said Jimeet Modi, Founder and CEO, SAMCO Securities and StockNote.

Over the last week, the Sensex lost 614.46 points, or 1.67 per cent, to end at 36,227.14. The Sensex has lost a whopping 2,417.93 points, or 6.26 per cent, in September — its worst monthly show since February 2016.

RBI’s policy meeting, macroeconomic data announcements, and the trend in rupee and crude oil prices would set the tone for the stock markets in a holiday-shortened week ahead, say experts.

RBI’s policy meeting, macroeconomic data announcements, and the trend in rupee and crude oil prices would set the tone for the stock markets in a holiday-shortened week ahead, say experts. Bourses will remain closed Tuesday for Mahatma Gandhi Jayanti. “Investors are yet to gain confidence to start bottom fishing due to lack of liquidity, margin funding and short selling in the market. The weak sentiment is likely to extend till the financial market stabilises and confidence reverts with accommodative valuation. RBI policy meet this week is the key event,” said Vinod Nair, Head of Research, Geojit Financial Services. RBI’s interest rate decision will be announced Friday. At its previous monetary policy meeting in August, the Reserve Bank raised the benchmark interest rate by 25 basis points to 6.50 per cent on inflationary concerns. “RBI’s interest rate decision will be crucially watched,” said Mustafa Nadeem, CEO, Epic Research. PMI data for the manufacturing and services sectors will also influence trading sentiment, experts said. Investors would continue to track the NBFC space which has been hit by liquidity concerns. Factors such as the movement of rupee and crude oil prices would also play a key role, they added. “Next month, hopefully, will be rosier than the previous month as all the weak hands are out and the worst has already been priced in which is known to all. “Things might only get better going ahead given the Q2 FY19 results will start pouring in. RBI’s 4th bi-monthly meet could create a knee-jerk reaction if they decide to increase interest rates by 0.25 per cent,” said Jimeet Modi, Founder and CEO, SAMCO Securities and StockNote. Over the last week, the Sensex lost 614.46 points, or 1.67 per cent, to end at 36,227.14. The Sensex has lost a whopping 2,417.93 points, or 6.26 per cent, in September — its worst monthly show since February 2016.

RBI policy, macro data key for stock markets in holiday-shortened week

Fuel prices continued to rise across the country on September 30. The price of petrol in Mumbai increased by 0.09 paise to Rs 90.84 per litre, while that of diesel rose by 0.17 paise to Rs 79.40 per litre.

In Delhi, prices of petrol and diesel were hiked by 0.09 paise and 0.16 paise, respectively. Petrol now costs Rs 83.49 per litre, while diesel is priced at Rs 74.79 per litre, according to the Indian Oil Corporation (IOC).

Petroleum Minister Dharmendra Pradhan on September 26 blamed global factors for the increase in prices of petroleum products. He said reducing taxes on these items would not have any lasting impact because crude oil prices were still quite volatile.

"The basic problem is that crude prices are volatile. The effect of any measures, including a reduction in the value-added tax (VAT) by the states and the excise duty by the Centre will not last long due to the volatility in crude prices," Pradhan said.

However, the minister also said that higher fuel prices are a matter of concern and that the government is finding ways to offer some relief to the public.

The Centre currently levies an excise duty of Rs 19.48 per litre on petrol and Rs 15.33 per litre on diesel.

In addition to this, various states levy VAT at different rates. Mumbai has the highest VAT — 39.12 per cent — on petrol, while Telangana levies the highest VAT — 26 per cent — on diesel.

(With PTI inputs)

Fuel prices continued to rise across the country on September 30. The price of petrol in Mumbai increased by 0.09 paise to Rs 90.84 per litre, while that of diesel rose by 0.

Fuel prices continued to rise across the country on September 30. The price of petrol in Mumbai increased by 0.09 paise to Rs 90.84 per litre, while that of diesel rose by 0.17 paise to Rs 79.40 per litre. In Delhi, prices of petrol and diesel were hiked by 0.09 paise and 0.16 paise, respectively. Petrol now costs Rs 83.49 per litre, while diesel is priced at Rs 74.79 per litre, according to the Indian Oil Corporation (IOC). Petroleum Minister Dharmendra Pradhan on September 26 blamed global factors for the increase in prices of petroleum products. He said reducing taxes on these items would not have any lasting impact because crude oil prices were still quite volatile. "The basic problem is that crude prices are volatile. The effect of any measures, including a reduction in the value-added tax (VAT) by the states and the excise duty by the Centre will not last long due to the volatility in crude prices," Pradhan said. However, the minister also said that higher fuel prices are a matter of concern and that the government is finding ways to offer some relief to the public. The Centre currently levies an excise duty of Rs 19.48 per litre on petrol and Rs 15.33 per litre on diesel. In addition to this, various states levy VAT at different rates. Mumbai has the highest VAT — 39.12 per cent — on petrol, while Telangana levies the highest VAT — 26 per cent — on diesel. (With PTI inputs)

Petrol price rises to Rs 90.84/litre in Mumbai, Rs 83.49/litre in Delhi

Tesla and its CEO Elon Musk have agreed to pay a total of $40 million and make a series of concessions to settle a government lawsuit alleging Musk duped investors with misleading statements about a proposed buyout of the company.

The settlement allows Musk to remain CEO of the electric car company but requires him to relinquish his role as chairman for at least three years.&nbsp;

Tesla must hire an independent chairman to oversee the company.

The Securities and Exchange Commission announced the settlement Saturday, just two days after filing a case seeking to oust Musk as CEO.

Musk, a billionaire, and Tesla, a company that ended June with USD 2.2 billion in cash, each is paying USD 20 million to resolve the case.

The deal could remove one cloud that hangs over Tesla. Investors fretted about the company's ability to cope without Musk, a charismatic entrepreneur whose penchant for coming up with revolutionary ideas as drawn comparisons to one of Silicon Valley's most revered visionaries, Apple co-founder Steve Jobs.

Tesla's stock plummeted 14 per cent Friday after the SEC filed its lawsuit, erasing more than USD 7 billion in shareholder wealth. Many analysts predicted the shares were bound to fall even further if Musk was forced to step down.

The steep downturn in Tesla's market value may have influenced Musk to have an apparent change of heart and negotiate a settlement.&nbsp;

Musk had rejected a similar settlement offer before the SEC sued Thursday, maintaining he had done nothing wrong when he posted an August 7 tweet declaring that he had secured the financing to lead a buyout of Tesla.

The SEC alleged Musk wasn't close to locking up the estimated USD 25 billion to USD 50 billion needed to pull off the buyout.

Musk and Tesla reached their settlement without admitting to or denying the SEC's allegations.

Tesla and its CEO Elon Musk have agreed to pay a total of $40 million and make a series of concessions to settle a government lawsuit alleging Musk duped investors with misleading statements about a proposed buyout of the company.

Tesla and its CEO Elon Musk have agreed to pay a total of $40 million and make a series of concessions to settle a government lawsuit alleging Musk duped investors with misleading statements about a proposed buyout of the company. The settlement allows Musk to remain CEO of the electric car company but requires him to relinquish his role as chairman for at least three years. Tesla must hire an independent chairman to oversee the company. The Securities and Exchange Commission announced the settlement Saturday, just two days after filing a case seeking to oust Musk as CEO. Musk, a billionaire, and Tesla, a company that ended June with USD 2.2 billion in cash, each is paying USD 20 million to resolve the case. The deal could remove one cloud that hangs over Tesla. Investors fretted about the company's ability to cope without Musk, a charismatic entrepreneur whose penchant for coming up with revolutionary ideas as drawn comparisons to one of Silicon Valley's most revered visionaries, Apple co-founder Steve Jobs. Tesla's stock plummeted 14 per cent Friday after the SEC filed its lawsuit, erasing more than USD 7 billion in shareholder wealth. Many analysts predicted the shares were bound to fall even further if Musk was forced to step down. The steep downturn in Tesla's market value may have influenced Musk to have an apparent change of heart and negotiate a settlement. Musk had rejected a similar settlement offer before the SEC sued Thursday, maintaining he had done nothing wrong when he posted an August 7 tweet declaring that he had secured the financing to lead a buyout of Tesla. The SEC alleged Musk wasn't close to locking up the estimated USD 25 billion to USD 50 billion needed to pull off the buyout. Musk and Tesla reached their settlement without admitting to or denying the SEC's allegations.

Elon Musk to resign as Tesla chairman, pay $20 million fine over fraud charges

Gold prices inched up on Friday but held near six-week lows hit in the previous session, as the dollar firmed after upbeat US economic data supported the Federal Reserve's resolve for steady interest rate hikes over the next year.

The dollar stood tall against its peers on Friday after data showed US economic growth accelerated in the second quarter at its fastest pace in nearly four years. Another report showed durable goods rose 4.5 per cent in August, rebounding from a revised 1.2 per cent drop the month before.

Spot gold was up 0.2 per cent to $1,184.91 as of 0405 GMT. On Thursday, the metal fell about 1 per cent and touched its lowest since August 17 at $1,181.61 an ounce. Spot gold is down about 1.2 per cent for the week, on track for its fourth weekly decline in five.

US gold futures were up 0.1 per cent at $1,188.80 an ounce.

The short-term outlook is bearish for gold as the dollar may see some upside due to an ongoing trade war between China and the US and the Federal Reserve interest rate hike outlook, according to Argonaut Securities analyst Helen Lau.

The US Federal Reserve raised interest rates on Wednesday and said it planned four more increases by the end of 2019 and another in 2020.

"Gold has been trying to overcome the psychological level of $1,200 an ounce for the past few days. We didn't see that happening. And when it doesn't go up, it comes down," said Brian Lan, managing director at dealer GoldSilver Central in Singapore.

"After the prices came down we have seen some physical buying mainly from the businesses, which is offering some support at this time."

Gold is down more than 13 per cent from an April high, largely because of the stronger dollar, which has been boosted by a vibrant US economy and fears of a global trade war. Investors have bought the greenback instead of gold as a safe investment.

Meanwhile, President Donald Trump's accusation of Chinese meddling in the upcoming US elections marks a new phase in an escalating pressure campaign against Beijing that Washington is pursuing on multiple fronts, senior US officials said on Thursday.

"The trade war continues to favour the US dollar and this will generally dampen gold's upside," said Nicholas Frappell, global general manager, ABC Bullion, Australia.

"Large speculative shorts may help cushion weakness as punters keep an eye on levels to close out and take money off the table," he said.

Among other metals, palladium touched a fresh eight-month high at $1,087.40 an ounce. Silver rose 0.6 per cent to $14.29 an ounce and platinum declined 0.4 per cent to $806.0. 
&nbsp;

Gold prices inched up on Friday but held near six-week lows hit in the previous session, as the dollar firmed after upbeat US economic data supported the Federal Reserve's resolve for steady interest rate hikes over the next year.

Gold prices inched up on Friday but held near six-week lows hit in the previous session, as the dollar firmed after upbeat US economic data supported the Federal Reserve's resolve for steady interest rate hikes over the next year. The dollar stood tall against its peers on Friday after data showed US economic growth accelerated in the second quarter at its fastest pace in nearly four years. Another report showed durable goods rose 4.5 per cent in August, rebounding from a revised 1.2 per cent drop the month before. Spot gold was up 0.2 per cent to $1,184.91 as of 0405 GMT. On Thursday, the metal fell about 1 per cent and touched its lowest since August 17 at $1,181.61 an ounce. Spot gold is down about 1.2 per cent for the week, on track for its fourth weekly decline in five. US gold futures were up 0.1 per cent at $1,188.80 an ounce. The short-term outlook is bearish for gold as the dollar may see some upside due to an ongoing trade war between China and the US and the Federal Reserve interest rate hike outlook, according to Argonaut Securities analyst Helen Lau. The US Federal Reserve raised interest rates on Wednesday and said it planned four more increases by the end of 2019 and another in 2020. "Gold has been trying to overcome the psychological level of $1,200 an ounce for the past few days. We didn't see that happening. And when it doesn't go up, it comes down," said Brian Lan, managing director at dealer GoldSilver Central in Singapore. "After the prices came down we have seen some physical buying mainly from the businesses, which is offering some support at this time." Gold is down more than 13 per cent from an April high, largely because of the stronger dollar, which has been boosted by a vibrant US economy and fears of a global trade war. Investors have bought the greenback instead of gold as a safe investment. Meanwhile, President Donald Trump's accusation of Chinese meddling in the upcoming US elections marks a new phase in an escalating pressure campaign against Beijing that Washington is pursuing on multiple fronts, senior US officials said on Thursday. "The trade war continues to favour the US dollar and this will generally dampen gold's upside," said Nicholas Frappell, global general manager, ABC Bullion, Australia. "Large speculative shorts may help cushion weakness as punters keep an eye on levels to close out and take money off the table," he said. Among other metals, palladium touched a fresh eight-month high at $1,087.40 an ounce. Silver rose 0.6 per cent to $14.29 an ounce and platinum declined 0.4 per cent to $806.0.

Gold holds near six-week lows after upbeat US data

The Sensex advanced over 150 points and Nifty reclaimed the 11,000 mark in early session Friday as the October derivatives series took off on a strong footing amid positive global cues.

The 30-share Sensex, which lost 327.89 points in the previous two sessions, recovered by 181.95 points, or 0.50 per cent, to 36,506.12.

Sectoral indices of BSE led by oil and gas, FMCG, banking, consumer durables, infrastructure and capital goods were in the positive territory, rising by up to 0.95 per cent.

The NSE Nifty too gained 26 points, or 0.24 per cent, to 11,003.55.

Brokers said investors created new positions following the beginning of the October futures and options (F&amp;O) series leading to the recovery in the market.

Moreover, data showing fresh buying by foreign institutional investors on the Indian bourses on Thursday buoyed sentiment.

Major gainers were IndusInd Bank, Asian Paints, ITC, HDFC, Axis Bank, Adani Ports, HDFC Bank, ICICI Bank, ONGC, Tata Motors, RIL and Kotak Bank, gaining up to 1.66 per cent.

However, Yes Bank emerged the worst performer in the Sensex kitty, plunging 7.82 per cent.

Also, Bharti Airtel, M&amp;M, Hero MotoCorp, Tata Steel and Vedanta shed up to 3.36 per cent.

A firming trend elsewhere in Asia led by Japan, tracking healthy lead from Wall Street after the upbeat US economic data, accelerated buying activity at the domestic bourses here, they added.

Japan's Nikkei moved 1.70 per cent higher, while Hong Kong's Hang Seng gained 0.59 per cent in early trade. China's Shanghai Composite Index too rose 0.93 per cent.

The US market ended 0.21 per cent higher Thursday.

The Sensex advanced over 150 points and Nifty reclaimed the 11,000 mark in early session Friday as the October derivatives series took off on a strong footing amid positive global cues.

The Sensex advanced over 150 points and Nifty reclaimed the 11,000 mark in early session Friday as the October derivatives series took off on a strong footing amid positive global cues. The 30-share Sensex, which lost 327.89 points in the previous two sessions, recovered by 181.95 points, or 0.50 per cent, to 36,506.12. Sectoral indices of BSE led by oil and gas, FMCG, banking, consumer durables, infrastructure and capital goods were in the positive territory, rising by up to 0.95 per cent. The NSE Nifty too gained 26 points, or 0.24 per cent, to 11,003.55. Brokers said investors created new positions following the beginning of the October futures and options (F&O) series leading to the recovery in the market. Moreover, data showing fresh buying by foreign institutional investors on the Indian bourses on Thursday buoyed sentiment. Major gainers were IndusInd Bank, Asian Paints, ITC, HDFC, Axis Bank, Adani Ports, HDFC Bank, ICICI Bank, ONGC, Tata Motors, RIL and Kotak Bank, gaining up to 1.66 per cent. However, Yes Bank emerged the worst performer in the Sensex kitty, plunging 7.82 per cent. Also, Bharti Airtel, M&M, Hero MotoCorp, Tata Steel and Vedanta shed up to 3.36 per cent. A firming trend elsewhere in Asia led by Japan, tracking healthy lead from Wall Street after the upbeat US economic data, accelerated buying activity at the domestic bourses here, they added. Japan's Nikkei moved 1.70 per cent higher, while Hong Kong's Hang Seng gained 0.59 per cent in early trade. China's Shanghai Composite Index too rose 0.93 per cent. The US market ended 0.21 per cent higher Thursday.

Sensex surges over 150 points; Nifty reclaims 11,000 mark

The rupee rose by 10 paise to 72.49 against the dollar in early trade Friday amid fresh selling of the American currency by exporters and banks.

Forex dealers said, apart from weakness in the dollar against some currencies overseas despite upbeat US economic data, fresh foreign fund inflows supported the rupee.

According to the provisional exchange data, FPIs invested Rs 552.44 crore on a net basis in equities on Thursday.

A higher opening of the stock market also supported the rupee, a dealer said.

The benchmark BSE Sensex recovered by 181.95 points, or 0.50 per cent, to 36,506.12 in early trade Friday.

The rupee Thursday ended almost flat at 72.59 against the US dollar after strong initial gains were erased by fag-end dollar demand from importers despite government measures to stem currency volatility.

The rupee rose by 10 paise to 72.49 against the dollar in early trade Friday amid fresh selling of the American currency by exporters and banks. Forex dealers said, apart from weakness in the dollar against some currencies overseas despite upbeat US economic data, fresh foreign fund inflows supported the rupee.

The rupee rose by 10 paise to 72.49 against the dollar in early trade Friday amid fresh selling of the American currency by exporters and banks. Forex dealers said, apart from weakness in the dollar against some currencies overseas despite upbeat US economic data, fresh foreign fund inflows supported the rupee. According to the provisional exchange data, FPIs invested Rs 552.44 crore on a net basis in equities on Thursday. A higher opening of the stock market also supported the rupee, a dealer said. The benchmark BSE Sensex recovered by 181.95 points, or 0.50 per cent, to 36,506.12 in early trade Friday. The rupee Thursday ended almost flat at 72.59 against the US dollar after strong initial gains were erased by fag-end dollar demand from importers despite government measures to stem currency volatility.

Rupee advances 10 paise against US dollar in early trade

Asian markets rose Friday, tracking a rally on Wall Street where investors were buoyed by the Federal Reserve's positive outlook for the US economy, and oil added to gains with predictions it could be headed back to $100.

While concerns over the China-US trade row hang in the air, equities continue to be supported by optimism that the global economy and companies are in rude health.

That was reinforced by the Fed Wednesday as it lifted interest rates and indicated more to come over the next year citing the strong labour market and playing down concerns about vulnerabilities in the financial system.

"One thing that's telling is the current price action which sees investors continually coming back for more. That suggests the gushing US economy and not trade wars, continues to influence investors' decisions," said Stephen Innes, head of Asia-Pacific trading at OANDA.

All three Wall Street indexes ended with gains and Asia followed suit.

Tokyo led the way, ending the morning 1.7 per cent higher as exporters were boosted by the weaker yen, which is at its lowest level against the dollar this year.

Hong Kong added 0.5 per cent, Shanghai gained 0.8 per cent, Sydney rose 0.6 per cent and Singapore climbed 0.7 per cent. Wellington and Taipei each edged up 0.2 per cent while there were also solid performances in Manila and Jakarta, though Seoul edged slightly lower.

Euro struggles&nbsp;

While the prospect of higher US rates has lifted the dollar, the upbeat mood is also helping emerging market and high-yielding currencies, which have been swiped in recent weeks by the trade war fears.

The South Korean won, Indonesian rupiah, Thai baht and Mexican peso were all being bought while the Turkish lira jumped more than one per cent, despite ongoing concerns about the country's economy.

The euro continued to struggle after losing almost one per cent as Italy's populist government agreed on a budget deficit target of 2.4 per cent of gross domestic product for next year, fuelling fears of a bust-up with Brussels.

Crude prices extended gains on growing concerns about supplies following a decision not to increase output by key producers, just as Iran faces export sanctions and Venezuela continues to be dogged by political and economic crises.

Also, the US energy secretary this week ruled out using the country's emergency stockpiles to ease prices.

Bloomberg News reported that the chief executive of oil and gas major Total, Patrick Pouyanne, saw prices swinging to the $100 levels last seen in mid-2014.&nbsp;

"Everyone’s worried about the tightness in supply at the moment and that’s continuing to push up prices," Will Yun, a commodities analyst at Hyundai Futures, said. "But volatility is coming as we’re still waiting for further response from the US."

Asian markets rose Friday, tracking a rally on Wall Street where investors were buoyed by the Federal Reserve's positive outlook for the US economy, and oil added to gains with predictions it could be headed back to $100.

Asian markets rose Friday, tracking a rally on Wall Street where investors were buoyed by the Federal Reserve's positive outlook for the US economy, and oil added to gains with predictions it could be headed back to $100. While concerns over the China-US trade row hang in the air, equities continue to be supported by optimism that the global economy and companies are in rude health. That was reinforced by the Fed Wednesday as it lifted interest rates and indicated more to come over the next year citing the strong labour market and playing down concerns about vulnerabilities in the financial system. "One thing that's telling is the current price action which sees investors continually coming back for more. That suggests the gushing US economy and not trade wars, continues to influence investors' decisions," said Stephen Innes, head of Asia-Pacific trading at OANDA. All three Wall Street indexes ended with gains and Asia followed suit. Tokyo led the way, ending the morning 1.7 per cent higher as exporters were boosted by the weaker yen, which is at its lowest level against the dollar this year. Hong Kong added 0.5 per cent, Shanghai gained 0.8 per cent, Sydney rose 0.6 per cent and Singapore climbed 0.7 per cent. Wellington and Taipei each edged up 0.2 per cent while there were also solid performances in Manila and Jakarta, though Seoul edged slightly lower. Euro struggles While the prospect of higher US rates has lifted the dollar, the upbeat mood is also helping emerging market and high-yielding currencies, which have been swiped in recent weeks by the trade war fears. The South Korean won, Indonesian rupiah, Thai baht and Mexican peso were all being bought while the Turkish lira jumped more than one per cent, despite ongoing concerns about the country's economy. The euro continued to struggle after losing almost one per cent as Italy's populist government agreed on a budget deficit target of 2.4 per cent of gross domestic product for next year, fuelling fears of a bust-up with Brussels. Crude prices extended gains on growing concerns about supplies following a decision not to increase output by key producers, just as Iran faces export sanctions and Venezuela continues to be dogged by political and economic crises. Also, the US energy secretary this week ruled out using the country's emergency stockpiles to ease prices. Bloomberg News reported that the chief executive of oil and gas major Total, Patrick Pouyanne, saw prices swinging to the $100 levels last seen in mid-2014. "Everyone’s worried about the tightness in supply at the moment and that’s continuing to push up prices," Will Yun, a commodities analyst at Hyundai Futures, said. "But volatility is coming as we’re still waiting for further response from the US."

Asian markets rally with Wall Street on growth optimism

Oil prices inched up on Friday, with investors trying to gauge the potential impact on supply from looming US sanctions on Iran's crude exports.

The most-active Brent crude futures contract, for December, had risen 18 cents, or 0.22 per cent, to $81.56 per barrel by 0126 GMT. That was close to a four-year high of $82.55 struck on Tuesday.

With the expiration of the Brent November futures contract later on Friday, the front-month contract will become the December contract.

US futures were up 21 cents, or 0.29 per cent, at $72.33 per barrel, on track for a weekly gain.

"The market has been focusing on trading headlines on the Iran sanctions for a whole week. But views on how much OPEC and Russia can make up for the losses vary," said Chen Kai, head of commodity research at Shenda Futures.

The sanctions kick in on November 4, with Washington asking buyers of Iranian oil to cut imports to zero to force Tehran to negotiate a new nuclear agreement and to curb its influence in the Middle East.

Saudi Arabia is expected to quietly add extra oil to the market over the next couple of months to offset the drop in Iranian production, but is worried it might need to limit output next year to balance global supply and demand as the United States pumps more crude.

Two sources familiar with OPEC policy said Saudi Arabia and other producers discussed a possible production increase of about 500,000 barrels per day (bpd) among the Organization of the Petroleum Exporting Countries and non-OPEC allies.

However, ANZ said in a note on Friday that major suppliers were unlikely to offset losses due to the sanctions estimated at 1.5 million bpd.

At its 2018-peak in May, Iran exported 2.71 million bpd, nearly 3 per cent of daily global crude consumption. The nation is OPEC's third-largest producer.

Meanwhile, looming supply from the United States and stable output from Libya were dragging on oil prices, said Stephen Innes, head of trading for Asia-Pacific at futures brokerage OANDA in Singapore.

Oil prices inched up on Friday, with investors trying to gauge the potential impact on supply from looming US sanctions on Iran's crude exports. The most-active Brent crude futures contract, for December, had risen 18 cents, or 0.

Oil prices inched up on Friday, with investors trying to gauge the potential impact on supply from looming US sanctions on Iran's crude exports. The most-active Brent crude futures contract, for December, had risen 18 cents, or 0.22 per cent, to $81.56 per barrel by 0126 GMT. That was close to a four-year high of $82.55 struck on Tuesday. With the expiration of the Brent November futures contract later on Friday, the front-month contract will become the December contract. US futures were up 21 cents, or 0.29 per cent, at $72.33 per barrel, on track for a weekly gain. "The market has been focusing on trading headlines on the Iran sanctions for a whole week. But views on how much OPEC and Russia can make up for the losses vary," said Chen Kai, head of commodity research at Shenda Futures. The sanctions kick in on November 4, with Washington asking buyers of Iranian oil to cut imports to zero to force Tehran to negotiate a new nuclear agreement and to curb its influence in the Middle East. Saudi Arabia is expected to quietly add extra oil to the market over the next couple of months to offset the drop in Iranian production, but is worried it might need to limit output next year to balance global supply and demand as the United States pumps more crude. Two sources familiar with OPEC policy said Saudi Arabia and other producers discussed a possible production increase of about 500,000 barrels per day (bpd) among the Organization of the Petroleum Exporting Countries and non-OPEC allies. However, ANZ said in a note on Friday that major suppliers were unlikely to offset losses due to the sanctions estimated at 1.5 million bpd. At its 2018-peak in May, Iran exported 2.71 million bpd, nearly 3 per cent of daily global crude consumption. The nation is OPEC's third-largest producer. Meanwhile, looming supply from the United States and stable output from Libya were dragging on oil prices, said Stephen Innes, head of trading for Asia-Pacific at futures brokerage OANDA in Singapore.

Oil prices edge up amid uncertainty over fallout from Iran sanctions

The government increased <a href="http://www.wionews.com/business-economy/fuel-prices-continue-rise-petrol-sold-rs-9035-litre-mumbai-167890">fuel prices once again today</a> increasing the price of petrol&nbsp;by 22 paise and diesel by 18 paise.

<a href="http://www.wionews.com/india-news/gadkari-says-record-fuel-prices-hurting-people-166598">Also Read: Gadkari says record fuel prices hurting people</a>

Petrol in the national capital will now cost &nbsp;Rs 83.22 per litre and diesel will now be costlier at 74.42 per litre.

In India's financial capital Mumbai, petrol will cost Rs 90.57 per litre and diesel will cost Rs 79.01 per litre respectively. Petrol prices in Mumbai had crossed the Rs 90-mark on Monday.

On Thursday, petrol prices in Mumbai had touched Rs 90.35 per litre and diesel prices increased to Rs 78.82 per litre. Maharashtra has the highest fuel cost among all the states as it charges the highest VAT on the petrol and diesel at a little over 39 per cent, including the Rs 9 surcharge on petrol and Re 1 on diesel.

For diesel, VAT is 21 per cent in Mumbai, Thane and Navi Mumbai, and 22 per cent rest of the state, with a surcharge of Rs 1 a litre across the state.

Union transport minister Nitin Gadkari had admitted that fuel prices were "very high and hurting the public".

The rise in international crude prices which crossed $81 per barrel on Wednesday has added to India's woes including the effect of a sliding Rupee has led to large-scale increase in fuel prices.

With US President Trump pushing countries to cut oil ties with Iran as US sanctions kick-in in November, India's fuel basket is set to decrease. However, India's foreign minister Sushma Swaraj told Iran's foreign affairs minister Mohammad Javad Zarif on Thursday that the country was committed to buying Iranian oil and continuing the two nations' economic cooperation.

Iran is India's third-biggest oil supplier and the Modi government planning to increase purchases this year after Tehran offered almost free shipping and extended credit period.&nbsp; 
&nbsp;

The government increased fuel prices once again today increasing the price of petrol by 22 paise and diesel by 18 paise. Also Read: Gadkari says record fuel prices hurting people Petrol in the national capital will now cost Rs 83.

The government increased fuel prices once again today increasing the price of petrol by 22 paise and diesel by 18 paise. Also Read: Gadkari says record fuel prices hurting people Petrol in the national capital will now cost Rs 83.22 per litre and diesel will now be costlier at 74.42 per litre. In India's financial capital Mumbai, petrol will cost Rs 90.57 per litre and diesel will cost Rs 79.01 per litre respectively. Petrol prices in Mumbai had crossed the Rs 90-mark on Monday. On Thursday, petrol prices in Mumbai had touched Rs 90.35 per litre and diesel prices increased to Rs 78.82 per litre. Maharashtra has the highest fuel cost among all the states as it charges the highest VAT on the petrol and diesel at a little over 39 per cent, including the Rs 9 surcharge on petrol and Re 1 on diesel. For diesel, VAT is 21 per cent in Mumbai, Thane and Navi Mumbai, and 22 per cent rest of the state, with a surcharge of Rs 1 a litre across the state. Union transport minister Nitin Gadkari had admitted that fuel prices were "very high and hurting the public". The rise in international crude prices which crossed $81 per barrel on Wednesday has added to India's woes including the effect of a sliding Rupee has led to large-scale increase in fuel prices. With US President Trump pushing countries to cut oil ties with Iran as US sanctions kick-in in November, India's fuel basket is set to decrease. However, India's foreign minister Sushma Swaraj told Iran's foreign affairs minister Mohammad Javad Zarif on Thursday that the country was committed to buying Iranian oil and continuing the two nations' economic cooperation. Iran is India's third-biggest oil supplier and the Modi government planning to increase purchases this year after Tehran offered almost free shipping and extended credit period.

Petrol, diesel prices hiked for third time this week

Shares of Tesla Inc dived 11 per cent in early trading on Friday after US&nbsp;regulators accused Chief Executive Elon Musk of fraud and sought to remove him from his role in charge of the electric car company.

The US&nbsp;Securities and Exchange Commission said in a lawsuit that Musk had made a series of false and misleading statements and caused volatility in the company's shares with tweets last month which raised the potential of taking Tesla private before swiftly withdrawing the idea.

Musk, 47, is the public face of Tesla and JP&nbsp;Morgan analyst Ryan Brinkman questioned how easy it would be for the $50-billion manufacturer, which is still losing money, to raise funds at affordable rates without him.

"We are concerned that decreased confidence in Tesla on the part of investors may impact the company's ability to raise capital on amenable terms," Brinkman said.

Four early research notes from Wall Street analysts and brokerages all said that Musk might have to resign.

The Silicon Valley billionaire said overnight he had done nothing wrong and Tesla's board reiterated its support for him.

"The SEC civil action may lead to Musk's exit from Tesla (either permanently or temporarily) and the Musk premium in the shares dissipating," Barclays analyst Brian Johnson said.

Shares were last down 10.8 pct at $274.17 in trading before the bell in New York, which would wipe about $6 billion off Tesla's market value.

Gene Munster, managing partner at venture capital firm Loup Ventures, said the lawsuit adds further distraction at a critical 6-month juncture in the company's viability.

"Despite this, we think the company will survive," he said.

The SEC's lawsuit, filed in Manhattan federal court, caps a tumultuous two months set in motion on August 7 when Musk told his more than 22 million Twitter followers that he might take Tesla private at $420 per share, with "funding secured".

The regulator charged that Musk "knew or was reckless in not knowing" that his tweets were false and misleading.

Jeffrey Osborne, an analyst at brokerage Cowen, said investing in Tesla equity and bonds over the past few weeks had been "a game of choose your own adventure".

"The ball is in the Board's court now and it remains to be seen what will happen next," he said.

Shares of Tesla Inc dived 11 per cent in early trading on Friday after US regulators accused Chief Executive Elon Musk of fraud and sought to remove him from his role in charge of the electric car company.

Shares of Tesla Inc dived 11 per cent in early trading on Friday after US regulators accused Chief Executive Elon Musk of fraud and sought to remove him from his role in charge of the electric car company. The US Securities and Exchange Commission said in a lawsuit that Musk had made a series of false and misleading statements and caused volatility in the company's shares with tweets last month which raised the potential of taking Tesla private before swiftly withdrawing the idea. Musk, 47, is the public face of Tesla and JP Morgan analyst Ryan Brinkman questioned how easy it would be for the $50-billion manufacturer, which is still losing money, to raise funds at affordable rates without him. "We are concerned that decreased confidence in Tesla on the part of investors may impact the company's ability to raise capital on amenable terms," Brinkman said. Four early research notes from Wall Street analysts and brokerages all said that Musk might have to resign. The Silicon Valley billionaire said overnight he had done nothing wrong and Tesla's board reiterated its support for him. "The SEC civil action may lead to Musk's exit from Tesla (either permanently or temporarily) and the Musk premium in the shares dissipating," Barclays analyst Brian Johnson said. Shares were last down 10.8 pct at $274.17 in trading before the bell in New York, which would wipe about $6 billion off Tesla's market value. Gene Munster, managing partner at venture capital firm Loup Ventures, said the lawsuit adds further distraction at a critical 6-month juncture in the company's viability. "Despite this, we think the company will survive," he said. The SEC's lawsuit, filed in Manhattan federal court, caps a tumultuous two months set in motion on August 7 when Musk told his more than 22 million Twitter followers that he might take Tesla private at $420 per share, with "funding secured". The regulator charged that Musk "knew or was reckless in not knowing" that his tweets were false and misleading. Jeffrey Osborne, an analyst at brokerage Cowen, said investing in Tesla equity and bonds over the past few weeks had been "a game of choose your own adventure". "The ball is in the Board's court now and it remains to be seen what will happen next," he said.

Elon Musk: Will Tesla founder be forced to leave the company?

Gold prices rose on Thursday as investors looked for bargains after the metal fell to a two-week low in the previous session following a US&nbsp;interest rate hike and as limited gains in the dollar after the decision supported demand for the metal.

Spot gold had risen 0.4 per cent to $1,198.22 an ounce as of 0404 GMT. On Wednesday, the metal touched its lowest since September 11 at $1,190.13 an ounce.

Spot gold prices have closed in a range between $1,210 and $1,190 an ounce since Aug. 28.

US&nbsp;gold futures were up 0.3 per cent at $1,202.10 an ounce.

As expected the US&nbsp;Federal Reserve raised interest rates for the third time this year on Wednesday, and left intact its plans to steadily tighten monetary policy, as it forecast that the US&nbsp;economy would enjoy at least three more years of growth.

"The fact that the Fed didn't come out as overly hawkish meant there was some positivity felt through emerging market currencies. This may be playing in gold being gingerly bought," said Stephen Innes, APAC trading head at OANDA in Singapore.

"We are still big sellers towards $1,200 an ounce and buyers towards $1,190 ... Bargain hunting is definitely coming to the equation at the lower end of the scale."

MSCI's index for emerging market currencies edged up 0.2 per cent on Thursday.

Meanwhile, the dollar steadied against its peers as the small boost it received from the Fed interest rate hike faded, with a decline in US&nbsp;Treasury yields reducing support for the greenback.

"The Fed statement did not have much of an impact on the dollar and so we would venture to guess that the greenback could resume a little lower over the course of the next week or two, possibly giving gold an element of support," INTL FCStone analyst Edward Meir said in a note.

However, there is little evidence that gold's tight trading range will change anytime soon, Meir added.

Gold is sensitive to higher interest rates because they boost the dollar, making bullion more expensive for buyers using other currencies.

Gold has fallen more than 12 per cent since hitting a peak in April against a backdrop of trade disputes and as the rising US&nbsp;interest rates have cut demand for non-interest bearing bullion.

Meanwhile, China on Wednesday unveiled plans to cut tariffs for products including machinery, electrical equipment and textile products beginning on November 1, as the country braces for an escalating trade war with the United States.

Among other precious metals, spot palladium rose 0.4 per&nbsp;cent to $1,071.22 an ounce, hovering near an eight-month high of $1,075 hit in the previous session.

Silver rose 1.1 per cent to $14.44 an ounce and platinum gained 0.7 per cent to $826.70 per ounce.

Gold prices rose on Thursday as investors looked for bargains after the metal fell to a two-week low in the previous session following a US interest rate hike and as limited gains in the dollar after the decision supported demand for the metal.

Gold prices rose on Thursday as investors looked for bargains after the metal fell to a two-week low in the previous session following a US interest rate hike and as limited gains in the dollar after the decision supported demand for the metal. Spot gold had risen 0.4 per cent to $1,198.22 an ounce as of 0404 GMT. On Wednesday, the metal touched its lowest since September 11 at $1,190.13 an ounce. Spot gold prices have closed in a range between $1,210 and $1,190 an ounce since Aug. 28. US gold futures were up 0.3 per cent at $1,202.10 an ounce. As expected the US Federal Reserve raised interest rates for the third time this year on Wednesday, and left intact its plans to steadily tighten monetary policy, as it forecast that the US economy would enjoy at least three more years of growth. "The fact that the Fed didn't come out as overly hawkish meant there was some positivity felt through emerging market currencies. This may be playing in gold being gingerly bought," said Stephen Innes, APAC trading head at OANDA in Singapore. "We are still big sellers towards $1,200 an ounce and buyers towards $1,190 ... Bargain hunting is definitely coming to the equation at the lower end of the scale." MSCI's index for emerging market currencies edged up 0.2 per cent on Thursday. Meanwhile, the dollar steadied against its peers as the small boost it received from the Fed interest rate hike faded, with a decline in US Treasury yields reducing support for the greenback. "The Fed statement did not have much of an impact on the dollar and so we would venture to guess that the greenback could resume a little lower over the course of the next week or two, possibly giving gold an element of support," INTL FCStone analyst Edward Meir said in a note. However, there is little evidence that gold's tight trading range will change anytime soon, Meir added. Gold is sensitive to higher interest rates because they boost the dollar, making bullion more expensive for buyers using other currencies. Gold has fallen more than 12 per cent since hitting a peak in April against a backdrop of trade disputes and as the rising US interest rates have cut demand for non-interest bearing bullion. Meanwhile, China on Wednesday unveiled plans to cut tariffs for products including machinery, electrical equipment and textile products beginning on November 1, as the country braces for an escalating trade war with the United States. Among other precious metals, spot palladium rose 0.4 per cent to $1,071.22 an ounce, hovering near an eight-month high of $1,075 hit in the previous session. Silver rose 1.1 per cent to $14.44 an ounce and platinum gained 0.7 per cent to $826.70 per ounce.

Gold rises on bargain hunting, limited dollar gain on US rate hike

The US Federal Reserve raised interest rates on Wednesday and left intact its plans to steadily tighten monetary policy, as it forecast that the US economy would enjoy at least three more years of growth. In a statement that marked the end of the era of “accommodative” monetary policy, Fed policymakers lifted the benchmark overnight lending rate by a quarter of a percentage point to a range of 2 per cent to 2.25 per cent.

The US central bank still foresees another rate hike in December, three more next year, and one increase in 2020. That would put the benchmark overnight lending rate at 3.4 per cent, roughly half a percentage point above the Fed’s estimated “neutral” rate of interest, at which rates neither stimulate nor restrict the economy. That tight policy stance is projected to stay level through 2021, the time frame of the Fed’s latest economic projections.

“The thing that folks were watching for, which they went ahead and did, was remove the word ‘accommodative’ in regard to their monetary policy,” said Michael Arone, chief investment strategist at State Street Global Advisors. “It does seem to potentially indicate they believe monetary policy is becoming less accommodative and getting more towards that neutral rate.”

Fed Chairman Jerome Powell said the removal of the wording, which had been a staple of the central bank’s guidance for financial markets and households for much of the past decade, did not signal a policy outlook change. “Instead, it is a sign that policy is proceeding in line with our expectations,” Powell, who took over as head of the Fed earlier this year, said in a press conference after the release of the statement.

The US Treasury yield curve flattened and the US dollar briefly weakened against a basket of currencies. US stocks initially extended gains but fell later in the trading session, with the bank and financial stocks getting hit hard. The Fed sees the economy growing at a faster-than-expected 3.1 per cent this year and continuing to expand moderately for at least three more years, amid sustained low unemployment and stable inflation near its 2 per cent target.

“The labour market has continued to strengthen … economic activity has been rising at a strong rate,” it said in its statement. The Fed inserted no substitute language for the dropped ‘accommodative’ wording in its statement. That wording had become less and less accurate since the central bank began increasing rates in late 2015 from a near-zero level, and its removal means the Fed now considers rates near neutral.

New Projections

Powell declined to say whether Fed policymakers had discussed President Donald Trump’s criticism of the central bank. Last month, Trump expressed his displeasure about rising rates and said the Fed should do more to boost the economy. Powell said the central bank would remain independent.

“We don’t consider political factors or things like that,” the Fed chief said. Wednesday’s rate hike was the third this year and the seventh in the last eight quarters. Ahead of Wednesday’s statement, traders put the chance of a rate increase at 95 per cent, according to CME Group.

The Fed’s latest projections show the economy continuing at a steady pace through 2019, with gross domestic product growth seen at 2.5 per cent next year before slowing to 2.0 per cent in 2020 and to 1.8 per cent in 2021, as the impact of recent tax cuts and government spending fade.

Inflation was forecast to hover near 2 per cent over the next three years, while the unemployment rate is expected to fall to 3.5 per cent next year and remain there through 2020 before rising slightly in 2021. The jobless rate is currently 3.9 per cent. With risks described as roughly balanced, the statement left the Fed on a steady course for the next year.

Risks to the current run of economic growth, such as the threat of a damaging round of global tariff increases, were largely set aside. There were no dissents in the Fed’s policy statement.

The US Federal Reserve raised interest rates on Wednesday and left intact its plans to steadily tighten monetary policy, as it forecast that the US economy would enjoy at least three more years of growth.

The US Federal Reserve raised interest rates on Wednesday and left intact its plans to steadily tighten monetary policy, as it forecast that the US economy would enjoy at least three more years of growth. In a statement that marked the end of the era of “accommodative” monetary policy, Fed policymakers lifted the benchmark overnight lending rate by a quarter of a percentage point to a range of 2 per cent to 2.25 per cent. The US central bank still foresees another rate hike in December, three more next year, and one increase in 2020. That would put the benchmark overnight lending rate at 3.4 per cent, roughly half a percentage point above the Fed’s estimated “neutral” rate of interest, at which rates neither stimulate nor restrict the economy. That tight policy stance is projected to stay level through 2021, the time frame of the Fed’s latest economic projections. “The thing that folks were watching for, which they went ahead and did, was remove the word ‘accommodative’ in regard to their monetary policy,” said Michael Arone, chief investment strategist at State Street Global Advisors. “It does seem to potentially indicate they believe monetary policy is becoming less accommodative and getting more towards that neutral rate.” Fed Chairman Jerome Powell said the removal of the wording, which had been a staple of the central bank’s guidance for financial markets and households for much of the past decade, did not signal a policy outlook change. “Instead, it is a sign that policy is proceeding in line with our expectations,” Powell, who took over as head of the Fed earlier this year, said in a press conference after the release of the statement. The US Treasury yield curve flattened and the US dollar briefly weakened against a basket of currencies. US stocks initially extended gains but fell later in the trading session, with the bank and financial stocks getting hit hard. The Fed sees the economy growing at a faster-than-expected 3.1 per cent this year and continuing to expand moderately for at least three more years, amid sustained low unemployment and stable inflation near its 2 per cent target. “The labour market has continued to strengthen … economic activity has been rising at a strong rate,” it said in its statement. The Fed inserted no substitute language for the dropped ‘accommodative’ wording in its statement. That wording had become less and less accurate since the central bank began increasing rates in late 2015 from a near-zero level, and its removal means the Fed now considers rates near neutral. New Projections Powell declined to say whether Fed policymakers had discussed President Donald Trump’s criticism of the central bank. Last month, Trump expressed his displeasure about rising rates and said the Fed should do more to boost the economy. Powell said the central bank would remain independent. “We don’t consider political factors or things like that,” the Fed chief said. Wednesday’s rate hike was the third this year and the seventh in the last eight quarters. Ahead of Wednesday’s statement, traders put the chance of a rate increase at 95 per cent, according to CME Group. The Fed’s latest projections show the economy continuing at a steady pace through 2019, with gross domestic product growth seen at 2.5 per cent next year before slowing to 2.0 per cent in 2020 and to 1.8 per cent in 2021, as the impact of recent tax cuts and government spending fade. Inflation was forecast to hover near 2 per cent over the next three years, while the unemployment rate is expected to fall to 3.5 per cent next year and remain there through 2020 before rising slightly in 2021. The jobless rate is currently 3.9 per cent. With risks described as roughly balanced, the statement left the Fed on a steady course for the next year. Risks to the current run of economic growth, such as the threat of a damaging round of global tariff increases, were largely set aside. There were no dissents in the Fed’s policy statement.

US Federal Reserve raises rates, sees at least three more years of economic growth

India approved imports of Brazilian pork, Brazil's government said on Wednesday, relieving pressure on the market amid the rapid spread of African swine fever in neighbouring China.

Brazil's Agriculture Ministry said the Indian government had officially confirmed the decision a day earlier. Brazilian animal meat processing association ABPA celebrated the access to a market of 1.3 billion people.

ABPA head Francisco Turra highlighted that India's market is opening as African swine fever has rattled the global pork industry, sweeping through Asia after spreading from Europe into Russia.

"With a rising income, India is going through an intense urbanization trend that generates changes in food habits, boosting the presence of animal protein in the diet," said ABPA's head Francisco Turra.

He said Brazilian meatpackers will look at opportunities such as food service for hotels and restaurants.

The opportunity is a welcome relief for Brazilian pork exports, which are expected to fall as much as 12 per cent this year due to a Russian investigation into feed additives, fallout from a health inspection scandal and a disruptive trucker strike.

Brazil is the world's fourth-largest pork exporter after Europe, the United States and Canada.

India approved imports of Brazilian pork, Brazil's government said on Wednesday, relieving pressure on the market amid the rapid spread of African swine fever in neighbouring China.

India approved imports of Brazilian pork, Brazil's government said on Wednesday, relieving pressure on the market amid the rapid spread of African swine fever in neighbouring China. Brazil's Agriculture Ministry said the Indian government had officially confirmed the decision a day earlier. Brazilian animal meat processing association ABPA celebrated the access to a market of 1.3 billion people. ABPA head Francisco Turra highlighted that India's market is opening as African swine fever has rattled the global pork industry, sweeping through Asia after spreading from Europe into Russia. "With a rising income, India is going through an intense urbanization trend that generates changes in food habits, boosting the presence of animal protein in the diet," said ABPA's head Francisco Turra. He said Brazilian meatpackers will look at opportunities such as food service for hotels and restaurants. The opportunity is a welcome relief for Brazilian pork exports, which are expected to fall as much as 12 per cent this year due to a Russian investigation into feed additives, fallout from a health inspection scandal and a disruptive trucker strike. Brazil is the world's fourth-largest pork exporter after Europe, the United States and Canada.

India opens door to Brazilian pork as swine fever sweeps China

The rupee on Thursday opened on a positive note against the American dollar at 72.41, almost 20 paise up. This comes a day after the Indian government decided to hike import tariffs on 19 "non-essential items" in a bid to strengthen the tumbling Indian currency.

The new tariff structure, which goes into effect Thursday, will see the government raise customs duties on items such as air conditioners, refrigerators, footwear, speakers, luggage and aviation turbine fuel, among other items, news agency Reuters reported.

"This is positive news for the rupee given that it will help reduce India's current account deficit," said a forex trader at a foreign bank.

"This is a sentiment booster for the rupee," said SBI Chief Economist Soumya Kanti Ghosh, adding that the overall impact on current account deficit will be muted.

"The central bank needs to intervene more actively in the forex market to support the rupee. These tariff measures won't help in the long term," said Ghosh.

Meanwhile, Indian markets opened in green today with Sensitive Index (Sensex) of the BSE, which had closed at 36,542.27 points on Wednesday, opening higher at 36,691.93 points in the morning trade.

Nifty registered a hike of 8 points at 11,060.&nbsp;

 
&nbsp;

The rupee on Thursday opened on a positive note against the American dollar at 72.41, almost 20 paise up. This comes a day after the Indian government decided to hike import tariffs on 19 "non-essential items" in a bid to strengthen the tumbling Indian currency.

The rupee on Thursday opened on a positive note against the American dollar at 72.41, almost 20 paise up. This comes a day after the Indian government decided to hike import tariffs on 19 "non-essential items" in a bid to strengthen the tumbling Indian currency. The new tariff structure, which goes into effect Thursday, will see the government raise customs duties on items such as air conditioners, refrigerators, footwear, speakers, luggage and aviation turbine fuel, among other items, news agency Reuters reported. "This is positive news for the rupee given that it will help reduce India's current account deficit," said a forex trader at a foreign bank. "This is a sentiment booster for the rupee," said SBI Chief Economist Soumya Kanti Ghosh, adding that the overall impact on current account deficit will be muted. "The central bank needs to intervene more actively in the forex market to support the rupee. These tariff measures won't help in the long term," said Ghosh. Meanwhile, Indian markets opened in green today with Sensitive Index (Sensex) of the BSE, which had closed at 36,542.27 points on Wednesday, opening higher at 36,691.93 points in the morning trade. Nifty registered a hike of 8 points at 11,060.

Rupee up by 20 paise against US dollar at Rs 72.41

The key stock market indices on Thursday opened higher despite a muted trend in Asian markets and rate hike by the US Federal Reserve.

The Sensitive Index (Sensex) of the BSE, which had closed at 36,542.27 points on Wednesday, opened higher at 36,691.93 points.

At 09:50 am, the Sensex is up 52.20 points at 36,594, while the Nifty is up 8 points at 11,060.&nbsp;

Shares of HDFC, M&amp;M and HDFC Bank are among the top losers in the morning trade, shedding as much as 1% each.&nbsp;

Shares of Bajaj Finance, Indiabulls Housing Finance too were under pressure, &nbsp;tanking by up to 1% in the morning trade.

Meanwhile, Rupee is trading around 72.4975 after opening at 72.41-mark on Thursday morning.&nbsp;

The key stock market indices on Thursday opened higher despite a muted trend in Asian markets and rate hike by the US Federal Reserve. The Sensitive Index (Sensex) of the BSE, which had closed at 36,542.

The key stock market indices on Thursday opened higher despite a muted trend in Asian markets and rate hike by the US Federal Reserve. The Sensitive Index (Sensex) of the BSE, which had closed at 36,542.27 points on Wednesday, opened higher at 36,691.93 points. At 09:50 am, the Sensex is up 52.20 points at 36,594, while the Nifty is up 8 points at 11,060. Shares of HDFC, M&M and HDFC Bank are among the top losers in the morning trade, shedding as much as 1% each. Shares of Bajaj Finance, Indiabulls Housing Finance too were under pressure, tanking by up to 1% in the morning trade. Meanwhile, Rupee is trading around 72.4975 after opening at 72.41-mark on Thursday morning.

Stock markets rise after a choppy start; Sensex at 36,594 and Nifty at 11,060

The Reserve Bank of India (RBI) eased a mandatory liquidity rule on Thursday, by tweaking its liquidity coverage ratio requirements for banks.

In a circular the RBI said it would allow banks to account for up to two percentage points more of government securities, held in their statutory liquidity ratio reserves, to help them meet liquidity coverage ratio norms.

The move will ease tight cash conditions to some extent as it will reduce pressure on banks to buy more government securities to maintain high-quality liquid assets, as mandated under global Basel III norms.

The Reserve Bank of India (RBI) eased a mandatory liquidity rule on Thursday, by tweaking its liquidity coverage ratio requirements for banks. In a circular the RBI said it would allow banks to account for up to two percentage points more of government securities, held in their statutory liquidity ratio reserves, to help them meet liquidity coverage ratio norms.

The Reserve Bank of India (RBI) eased a mandatory liquidity rule on Thursday, by tweaking its liquidity coverage ratio requirements for banks. In a circular the RBI said it would allow banks to account for up to two percentage points more of government securities, held in their statutory liquidity ratio reserves, to help them meet liquidity coverage ratio norms. The move will ease tight cash conditions to some extent as it will reduce pressure on banks to buy more government securities to maintain high-quality liquid assets, as mandated under global Basel III norms.

RBI eases some cash requirement rules for banks

The government on Wednesday said it is raising import tariffs on 19 "non-essential items," marking a further tilt toward protectionism as it tries to reduce its widening current account deficit and tackle a sharp slide in the rupee.

The new tariff structure, which goes into effect Thursday, will see the government raise customs duties on items such as air conditioners, refrigerators, footwear, speakers, luggage and aviation turbine fuel, among other items.

The move could hit imports from countries like China and South Korea, which manufacture some of the high-end washing machines, refrigerators and air conditioners sold in India.

Amid a growing climate of protectionism, the government had earlier said it was contemplating such a move to take pressure off the rupee, which has weakened by more than 12 per cent this year and is Asia's worst performing currency.

"This is positive news for the rupee given that it will help reduce India's current account deficit," said a forex trader at a foreign bank.

Other bankers were more sceptical about whether the move can rein in rupee weakness, noting that demand for the high-end goods largely prices inelastic.

"This is a sentiment booster for the rupee," said SBI Chief Economist Soumya Kanti Ghosh, adding that the overall impact on current account deficit will be muted.

"The central bank needs to intervene more actively in the forex market to support the rupee. These tariff measures won't help in the long term," said Ghosh.

The total value of imports of the 19 items in last fiscal year ended March was about 860 billion Indian rupees ($11.84 billion), the government said in a circular.

Indian imports in the same period totalled $459.67 billion.

The hike in import duties on the identified non-essential items is likely to have a modest impact on curtailing the size of the current account deficit in fiscal 2019. The deficit last stood at around 2.4 per cent of GDP, in the April-June quarter, and it is expected to widen to 2.8 per cent for the year ending March 2019.

The latest move could impact companies like South Korean electronics giants Samsung Electronics Co and LG Electronics Inc, along with the likes of big name brands such as footwear maker Nike Inc, luggage maker Samsonite International SA and audio products maker Bose Corp.

The companies were not immediately reachable for comment.

The decision could also sting India's vast gem and jewellery sector as the government has raised tariffs on imported diamonds and gemstones, along with increasing tariffs on jewellery items.

The move is the PM Narendra Modi-led government's latest toward protectionism, as it promotes its 'Make in India' programme.

India announced higher import tax on electronics products such as mobile phones and television sets in December, and then on 40 more items in the budget in February. These include goods as varied as sunglasses, juices and auto components.

Reuters earlier this month has also reported that India's steel ministry is mulling increasing the effective import duty on some steel products.

The government on Wednesday said it is raising import tariffs on 19 "non-essential items," marking a further tilt toward protectionism as it tries to reduce its widening current account deficit and tackle a sharp slide in the rupee.

The government on Wednesday said it is raising import tariffs on 19 "non-essential items," marking a further tilt toward protectionism as it tries to reduce its widening current account deficit and tackle a sharp slide in the rupee. The new tariff structure, which goes into effect Thursday, will see the government raise customs duties on items such as air conditioners, refrigerators, footwear, speakers, luggage and aviation turbine fuel, among other items. The move could hit imports from countries like China and South Korea, which manufacture some of the high-end washing machines, refrigerators and air conditioners sold in India. Amid a growing climate of protectionism, the government had earlier said it was contemplating such a move to take pressure off the rupee, which has weakened by more than 12 per cent this year and is Asia's worst performing currency. "This is positive news for the rupee given that it will help reduce India's current account deficit," said a forex trader at a foreign bank. Other bankers were more sceptical about whether the move can rein in rupee weakness, noting that demand for the high-end goods largely prices inelastic. "This is a sentiment booster for the rupee," said SBI Chief Economist Soumya Kanti Ghosh, adding that the overall impact on current account deficit will be muted. "The central bank needs to intervene more actively in the forex market to support the rupee. These tariff measures won't help in the long term," said Ghosh. The total value of imports of the 19 items in last fiscal year ended March was about 860 billion Indian rupees ($11.84 billion), the government said in a circular. Indian imports in the same period totalled $459.67 billion. The hike in import duties on the identified non-essential items is likely to have a modest impact on curtailing the size of the current account deficit in fiscal 2019. The deficit last stood at around 2.4 per cent of GDP, in the April-June quarter, and it is expected to widen to 2.8 per cent for the year ending March 2019. The latest move could impact companies like South Korean electronics giants Samsung Electronics Co and LG Electronics Inc, along with the likes of big name brands such as footwear maker Nike Inc, luggage maker Samsonite International SA and audio products maker Bose Corp. The companies were not immediately reachable for comment. The decision could also sting India's vast gem and jewellery sector as the government has raised tariffs on imported diamonds and gemstones, along with increasing tariffs on jewellery items. The move is the PM Narendra Modi-led government's latest toward protectionism, as it promotes its 'Make in India' programme. India announced higher import tax on electronics products such as mobile phones and television sets in December, and then on 40 more items in the budget in February. These include goods as varied as sunglasses, juices and auto components. Reuters earlier this month has also reported that India's steel ministry is mulling increasing the effective import duty on some steel products.

India raises import tariffs on 19 items in bid to stem rupee slide

Asian markets swung on Thursday as investors considered the prospect of more US interest rate hikes and Donald Trump's latest broadside in his trade war with China.

The US central bank lifted borrowing costs for the third time this year, as expected, citing an increasingly strong economy and jobs market, with governor Jerome Powell saying he saw no vulnerabilities in the financial system.

The post-meeting statement removed mention of being "accommodative", which was seen as symbolically important as observers said it indicated the bank is moving away from the days of lower rates. However, Powell said this did not mean the Fed would tighten policy more quickly.

Still, the bank is widely expected to lift rates again in December, while analysts are betting on another three in 2019.

Powell also said there remained risks from trade tensions, which could lift inflation, but added it was too soon to tell what impact it would have.

After the meeting, Wall Street's three main indexes fell and the dollar edged up on the prospect of higher rates through the year.

In Asia, markets fluctuated but by the end of the morning, Tokyo was down 0.1 per cent, while Singapore added 0.5 per cent and Seoul rose 0.6 per cent.

Hong Kong edged up 0.2 per cent, Shanghai shed 0.2 per cent, Taipei gained 0.3 per cent and Sydney was flat.

Eye on Hong Kong rates&nbsp;

Trump ramped up his criticism of China on Wednesday, accusing it of trying to sway November's mid-term elections against his Republican party because of the trade row and admitting his relationship with President Xi Jinping may have been permanently damaged.

His comments will do little to ease concerns about an all-out trade war between the two economic giants, which have exchanged tariffs on hundreds of billions of dollars worth of goods, with no sign of a let-up in hostilities.

On oil markets, both main contracts jumped more than one per cent after US energy secretary Rick Perry pushed back against speculation the government could tap its emergency stockpiles in order to lower prices.

Crude is around four-year highs after OPEC and other key producers decided against lifting output, despite being urged to do so by Trump.

Hong Kong dealers are keeping a close eye on commercial interest rates after the Hong Kong Monetary Authority -- the de facto central bank -- lifted its benchmark rate Thursday in line with the Fed owing to the city's dollar peg.

But retail borrowing costs have not been raised by lenders since 2006 owing to a huge pile of cash swirling around in Hong Kong's financial system, which means they have had easy access to cheap money.

However, with much of that cash now having been soaked up by the HKMA to support the weakening local dollar, bets are on a rise in rates.

HKMA chief executive Norman Chan said: "Many market participants are expecting that the prime rate and saving deposit rates may soon be raised."

The prospect of higher borrowing costs for consumers hit property stocks in Hong Kong, with Sino Land down more than one per cent, Country Garden 0.8 per cent off and New World Development 0.2 per cent lower.

Asian markets swung on Thursday as investors considered the prospect of more US interest rate hikes and Donald Trump's latest broadside in his trade war with China.

Asian markets swung on Thursday as investors considered the prospect of more US interest rate hikes and Donald Trump's latest broadside in his trade war with China. The US central bank lifted borrowing costs for the third time this year, as expected, citing an increasingly strong economy and jobs market, with governor Jerome Powell saying he saw no vulnerabilities in the financial system. The post-meeting statement removed mention of being "accommodative", which was seen as symbolically important as observers said it indicated the bank is moving away from the days of lower rates. However, Powell said this did not mean the Fed would tighten policy more quickly. Still, the bank is widely expected to lift rates again in December, while analysts are betting on another three in 2019. Powell also said there remained risks from trade tensions, which could lift inflation, but added it was too soon to tell what impact it would have. After the meeting, Wall Street's three main indexes fell and the dollar edged up on the prospect of higher rates through the year. In Asia, markets fluctuated but by the end of the morning, Tokyo was down 0.1 per cent, while Singapore added 0.5 per cent and Seoul rose 0.6 per cent. Hong Kong edged up 0.2 per cent, Shanghai shed 0.2 per cent, Taipei gained 0.3 per cent and Sydney was flat. Eye on Hong Kong rates Trump ramped up his criticism of China on Wednesday, accusing it of trying to sway November's mid-term elections against his Republican party because of the trade row and admitting his relationship with President Xi Jinping may have been permanently damaged. His comments will do little to ease concerns about an all-out trade war between the two economic giants, which have exchanged tariffs on hundreds of billions of dollars worth of goods, with no sign of a let-up in hostilities. On oil markets, both main contracts jumped more than one per cent after US energy secretary Rick Perry pushed back against speculation the government could tap its emergency stockpiles in order to lower prices. Crude is around four-year highs after OPEC and other key producers decided against lifting output, despite being urged to do so by Trump. Hong Kong dealers are keeping a close eye on commercial interest rates after the Hong Kong Monetary Authority -- the de facto central bank -- lifted its benchmark rate Thursday in line with the Fed owing to the city's dollar peg. But retail borrowing costs have not been raised by lenders since 2006 owing to a huge pile of cash swirling around in Hong Kong's financial system, which means they have had easy access to cheap money. However, with much of that cash now having been soaked up by the HKMA to support the weakening local dollar, bets are on a rise in rates. HKMA chief executive Norman Chan said: "Many market participants are expecting that the prime rate and saving deposit rates may soon be raised." The prospect of higher borrowing costs for consumers hit property stocks in Hong Kong, with Sino Land down more than one per cent, Country Garden 0.8 per cent off and New World Development 0.2 per cent lower.

Asian markets fluctuate after Fed hike, Trump China comments

Fuel prices in many parts of the country have hit new heights on Thursday morning, providing no respite to consumers.

In New Delhi, the petrol price has surged yet again and is retailed at Rs 83 per litre, while diesel is being sold at Rs 74.24 per litre.

Meanwhile, a litre of petrol has touched Rs 90.35 in Mumbai, while diesel is being capped at Rs 78.82 per litre.

As the spiralling fuel prices continued their upward march, petrol price in Mumbai crossed the landmark level of Rs 90 per litre on Monday.

As per India's pricing mechanism, the domestic fuel prices depend upon the international fuel prices on a 15-day average and the value of the Indian rupee.

Fuel prices have been witnessing a steep rise since the past few weeks. While the Opposition has repeatedly blamed the Union government for not doing enough to keep a check on prices, the latter has always maintained that global crude oil prices and other international factors are causing a hike in prices of petroleum products.

(With inputs from agencies)

Fuel prices in many parts of the country have hit new heights on Thursday morning, providing no respite to consumers. In New Delhi, the petrol price has surged yet again and is retailed at Rs 83 per litre, while diesel is being sold at Rs 74.

Fuel prices in many parts of the country have hit new heights on Thursday morning, providing no respite to consumers. In New Delhi, the petrol price has surged yet again and is retailed at Rs 83 per litre, while diesel is being sold at Rs 74.24 per litre. Meanwhile, a litre of petrol has touched Rs 90.35 in Mumbai, while diesel is being capped at Rs 78.82 per litre. As the spiralling fuel prices continued their upward march, petrol price in Mumbai crossed the landmark level of Rs 90 per litre on Monday. As per India's pricing mechanism, the domestic fuel prices depend upon the international fuel prices on a 15-day average and the value of the Indian rupee. Fuel prices have been witnessing a steep rise since the past few weeks. While the Opposition has repeatedly blamed the Union government for not doing enough to keep a check on prices, the latter has always maintained that global crude oil prices and other international factors are causing a hike in prices of petroleum products. (With inputs from agencies)

Fuel prices continue to rise, petrol sold at Rs 90.35 per litre in Mumbai

Oil prices rose on Thursday, lifted by looming US sanctions against major crude exporter Iran.

Brent crude futures &lt;LCOc1&gt; were at $82.04 per barrel at 0104 GMT, up by 70 cents, or 0.9 per cent from their last close.

US West Texas Intermediate (WTI) crude futures &lt;CLc1&gt; were at $72.35 a barrel, up 78 cents, or 1.1 per cent from their last settlement.

Traders said oil markets were tightening ahead of Washington's planned sanctions on Iran's petroleum industry from November 4.

At its 2018 peak, Iran exported around 3 million barrels per day (bpd) of crude oil, equivalent to 3 per cent of global consumption, and the Organization of the Petroleum Exporting Countries (OPEC) has little spare capacity to make up for an expected shortfall in Iranian exports.

Reflecting expectations of lower supply from the Middle East, Oman crude futures on the Dubai Mercantile Exchange touched their highest in four years on Wednesday, briefly jumping above $90 a barrel.

"Oil prices remain in the Bulls domain amid concern that US sanctions on Iranian crude oil exports will result in much tighter physical market conditions once they take effect in November," said Stephen Innes, head of trading for Asia/Pacific at futures brokerage OANDA in Singapore.

"Markets could still be underestimating the supply crunch from Iran sanctions," he added.

While global oil markets tighten, supply in the United States is ample, thanks to rising output.

US crude production &lt;C-OUT-T-EIA&gt; hit a record 11.1 million bpd in the week ending Sept. 21, according to data from the Energy Information Administration (EIA).

That's an increase of almost a third since mid-2016.

Commercial crude stocks rose by 1.85 million barrels, to 395.99 million barrels, the EIA data showed.

Oil prices rose on Thursday, lifted by looming US sanctions against major crude exporter Iran. Brent crude futures <LCOc1> were at $82.04 per barrel at 0104 GMT, up by 70 cents, or 0.

Oil prices rose on Thursday, lifted by looming US sanctions against major crude exporter Iran. Brent crude futures <LCOc1> were at $82.04 per barrel at 0104 GMT, up by 70 cents, or 0.9 per cent from their last close. US West Texas Intermediate (WTI) crude futures <CLc1> were at $72.35 a barrel, up 78 cents, or 1.1 per cent from their last settlement. Traders said oil markets were tightening ahead of Washington's planned sanctions on Iran's petroleum industry from November 4. At its 2018 peak, Iran exported around 3 million barrels per day (bpd) of crude oil, equivalent to 3 per cent of global consumption, and the Organization of the Petroleum Exporting Countries (OPEC) has little spare capacity to make up for an expected shortfall in Iranian exports. Reflecting expectations of lower supply from the Middle East, Oman crude futures on the Dubai Mercantile Exchange touched their highest in four years on Wednesday, briefly jumping above $90 a barrel. "Oil prices remain in the Bulls domain amid concern that US sanctions on Iranian crude oil exports will result in much tighter physical market conditions once they take effect in November," said Stephen Innes, head of trading for Asia/Pacific at futures brokerage OANDA in Singapore. "Markets could still be underestimating the supply crunch from Iran sanctions," he added. While global oil markets tighten, supply in the United States is ample, thanks to rising output. US crude production <C-OUT-T-EIA> hit a record 11.1 million bpd in the week ending Sept. 21, according to data from the Energy Information Administration (EIA). That's an increase of almost a third since mid-2016. Commercial crude stocks rose by 1.85 million barrels, to 395.99 million barrels, the EIA data showed.

Oil prices rise ahead of US sanctions against Iran