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Intel Corp's <INTC.O> fast-growing data centre business missed Wall Street targets on Thursday as the world's second-largest chipmaker faced stiff rivalry from Advanced Micro Devices Inc <AMD.O>, and it again delayed the release of its next-generation chips until the end of 2019.

The company's shares fell almost 5 per cent in extended trading.

Sales to data centres that power mobile and web apps, which bring more profit than chips for personal computers, rose 26.9 per cent to $5.55 billion in the second quarter ended June 30. Analysts had expected revenue of $5.63 billion, according to financial and data analytics firm FactSet.

Intel has been increasingly catering to data centres as revenue from PCs has flattened since shipments peaked in 2011.

"We believe performance within Intel's data centre business largely dictates the performance in the shares and view the slight miss versus consensus as a negative," said CFRA Research analyst Angelo Zino.

AMD, which has been gaining ground with its new server chips, beat estimates for quarterly profit and revenue on Wednesday, powered by its EPYC server processors.

On a conference call with investors, Intel Interim Chief Executive Bob Swan said the firm expected PCs with its next-generation 10nm chips to be in stores during the 2019 holiday season. Murthy Renduchintala, Intel's chip architecture chief, said on the call that 10nm data centre chips will be released "shortly after" the consumer PC chips.

Last quarter, the company said the 10nm chips were being pushed from 2018 to 2019 but did not specify when. Intel originally predicted the chips could be ready by 2015.

The compares to rival Taiwan Semiconductor Manufacturing Co Ltd <2330.TW> expecting 7nm chips to contribute more than 20 per cent to its revenue next year.

But costs of the 10nm chips are also expected to put pressure on margins, company executives said. Another challenge to margin growth is an expected increase in sales of Intel's less-profitable modems that help mobile phones connect to wireless data networks.

Earlier this week, Qualcomm Inc <QCOM.O> executives said they believed Apple Inc <AAPL.O> had selected Intel to be the sole supplier of modem chips in the next generation of iPhones. Apple and Intel did not comment on Qualcomm's claim.

Several analysts on Intel's earnings call expressed concern that its gross margin growth might slow in the fourth quarter when Apple ships most of its iPhones. Intel executives did not mention Apple or the iPhone but acknowledged those chips are not as profitable as some of its others.

"We expect modem profitability to improve. We don't see it at the 60-plus per cent gross margin level, but we do expect it to be a contributor to earnings performance as we go forward," Swan said.

Intel's net income rose to $5.01 billion, or $1.05 per share, from $2.81 billion, or 58 cents per share, in the year-ago quarter. https://bit.ly/2mLLApb

Excluding items, the company earned $1.04 per share, beating expectations of 96 cents per share, according to Thomson Reuters I/B/E/S.

The company benefited from a stabilizing PC market, in which worldwide shipments grew for the first time in six years, according to research firm Gartner.

Revenue in Intel's client computing business, which caters to PC makers and is still the biggest contributor to sales, rose 6.3 per cent to $8.73 billion, beating FactSet estimates of $8.48 billion.

Intel forecast current-quarter revenue of $18.1 billion, plus or minus $500 million, and adjusted earnings of $1.15 per share, plus or minus 5 cents. Analysts on average had expected revenue of $17.60 billion on a profit of $1.08 per share, according to Reuters.

Net revenue rose 14.9 per cent to $16.96 billion, above estimates of $16.77 billion.

The company is searching for a new chief executive after Brian Krzanich was ousted last month following an investigation that found he had a consensual relationship with an employee in breach of company policy.

Chief Financial Officer Robert Swan is acting as interim CEO.

Shares of the Santa Clara, California-based chipmaker which has gained 13 per cent so far this year, fell 4.6 per cent to $49.75 after the bell.

The company's shares fell almost 5 per cent in extended trading

Intel Corp's fast-growing data centre business missed Wall Street targets on Thursday as the world's second-largest chipmaker faced stiff rivalry from Advanced Micro Devices Inc , and it again delayed the release of its next-generation chips until the end of 2019. The company's shares fell almost 5 per cent in extended trading. Sales to data centres that power mobile and web apps, which bring more profit than chips for personal computers, rose 26.9 per cent to $5.55 billion in the second quarter ended June 30. Analysts had expected revenue of $5.63 billion, according to financial and data analytics firm FactSet. Intel has been increasingly catering to data centres as revenue from PCs has flattened since shipments peaked in 2011. "We believe performance within Intel's data centre business largely dictates the performance in the shares and view the slight miss versus consensus as a negative," said CFRA Research analyst Angelo Zino. AMD, which has been gaining ground with its new server chips, beat estimates for quarterly profit and revenue on Wednesday, powered by its EPYC server processors. On a conference call with investors, Intel Interim Chief Executive Bob Swan said the firm expected PCs with its next-generation 10nm chips to be in stores during the 2019 holiday season. Murthy Renduchintala, Intel's chip architecture chief, said on the call that 10nm data centre chips will be released "shortly after" the consumer PC chips. Last quarter, the company said the 10nm chips were being pushed from 2018 to 2019 but did not specify when. Intel originally predicted the chips could be ready by 2015. The compares to rival Taiwan Semiconductor Manufacturing Co Ltd <2330.TW> expecting 7nm chips to contribute more than 20 per cent to its revenue next year. But costs of the 10nm chips are also expected to put pressure on margins, company executives said. Another challenge to margin growth is an expected increase in sales of Intel's less-profitable modems that help mobile phones connect to wireless data networks. Earlier this week, Qualcomm Inc executives said they believed Apple Inc had selected Intel to be the sole supplier of modem chips in the next generation of iPhones. Apple and Intel did not comment on Qualcomm's claim. Several analysts on Intel's earnings call expressed concern that its gross margin growth might slow in the fourth quarter when Apple ships most of its iPhones. Intel executives did not mention Apple or the iPhone but acknowledged those chips are not as profitable as some of its others. "We expect modem profitability to improve. We don't see it at the 60-plus per cent gross margin level, but we do expect it to be a contributor to earnings performance as we go forward," Swan said. Intel's net income rose to $5.01 billion, or $1.05 per share, from $2.81 billion, or 58 cents per share, in the year-ago quarter. https://bit.ly/2mLLApb Excluding items, the company earned $1.04 per share, beating expectations of 96 cents per share, according to Thomson Reuters I/B/E/S. The company benefited from a stabilizing PC market, in which worldwide shipments grew for the first time in six years, according to research firm Gartner. Revenue in Intel's client computing business, which caters to PC makers and is still the biggest contributor to sales, rose 6.3 per cent to $8.73 billion, beating FactSet estimates of $8.48 billion. Intel forecast current-quarter revenue of $18.1 billion, plus or minus $500 million, and adjusted earnings of $1.15 per share, plus or minus 5 cents. Analysts on average had expected revenue of $17.60 billion on a profit of $1.08 per share, according to Reuters. Net revenue rose 14.9 per cent to $16.96 billion, above estimates of $16.77 billion. The company is searching for a new chief executive after Brian Krzanich was ousted last month following an investigation that found he had a consensual relationship with an employee in breach of company policy. Chief Financial Officer Robert Swan is acting as interim CEO. Shares of the Santa Clara, California-based chipmaker which has gained 13 per cent so far this year, fell 4.6 per cent to $49.75 after the bell.

Intel data centre results, margin outlook disappoint, shares drop

Benchmark Sensex zoomed over 352 points today to close above the 37,000-mark for the first time, while the broader NSE Nifty too breached the historic 11,200-level on widespread buying led by consumption and capital goods sectors.

Better-than-expected quarterly earnings by select index heavyweights, easing of US-EU trade tensions and firm foreign capital inflows boosted investor sentiment, brokers said.

Continuing its record-setting run for the fifth straight session, the 30-share Sensex hit a new high of 37,368.62 (intra-day) on the back of gains in FMCG, consumer durables, metal, oil and gas, telecom and banking counters.

It finally settled at 37,336.85, up 352.21 points, or 0.0.95 per cent -- breaching its previous closing record of 36,984.64 reached yesterday.

The BSE benchmark advanced to the 37,000-level from 36,000 in six months (January 23 to July 27).

Meanwhile, the NSE Nifty touched a new intra-day high of 11,283.40, before closing at a record 11,278.35 -- showing a gain of 111.05 points, or 0.99 per cent.

It bettered its previous record close of 11,167.30 reached in yesterday's trade.&nbsp

ITC was the top gainer in the Sensex pack, surging 5.24 per cent to Rs 302.20, after it posted a 10 per cent increase in standalone net profit at Rs 2,818.68 crore for the June quarter.

Foreign portfolio investors (FPIs) bought shares worth a net Rs 2,453.57 crore, while domestic institutional investors (DIIs) sold equities worth Rs 2,716.04 crore yesterday, provisional data showed.

Benchmark Sensex zoomed over 352 points today to close above the 37,000-mark for the first time, while the broader NSE Nifty too breached the historic 11,200-level on widespread buying led by consumption and capital goods sectors

Benchmark Sensex zoomed over 352 points today to close above the 37,000-mark for the first time, while the broader NSE Nifty too breached the historic 11,200-level on widespread buying led by consumption and capital goods sectors. Better-than-expected quarterly earnings by select index heavyweights, easing of US-EU trade tensions and firm foreign capital inflows boosted investor sentiment, brokers said. Continuing its record-setting run for the fifth straight session, the 30-share Sensex hit a new high of 37,368.62 (intra-day) on the back of gains in FMCG, consumer durables, metal, oil and gas, telecom and banking counters. It finally settled at 37,336.85, up 352.21 points, or 0.0.95 per cent -- breaching its previous closing record of 36,984.64 reached yesterday. The BSE benchmark advanced to the 37,000-level from 36,000 in six months (January 23 to July 27). Meanwhile, the NSE Nifty touched a new intra-day high of 11,283.40, before closing at a record 11,278.35 -- showing a gain of 111.05 points, or 0.99 per cent. It bettered its previous record close of 11,167.30 reached in yesterday's trade. ITC was the top gainer in the Sensex pack, surging 5.24 per cent to Rs 302.20, after it posted a 10 per cent increase in standalone net profit at Rs 2,818.68 crore for the June quarter. Foreign portfolio investors (FPIs) bought shares worth a net Rs 2,453.57 crore, while domestic institutional investors (DIIs) sold equities worth Rs 2,716.04 crore yesterday, provisional data showed.

Sensex ends above 37000, Nifty breaches 11,200 mark

New Goods and Services Tax rates came into effect on Friday. The new rates were announced last week. One of the welcome moves was a GST rate cut on sanitary napkins among other items of necessity. According to reports, as many as 88 items enjoy GST rates cut including footwear, refrigerators, washing machines, among others.&nbsp;

Union Minister Arun Jaitley in a Facebook post stated that only luxury goods will attract the highest slab of 28 per cent.

"Today, the 28 per cent category is being phased out. A bulk of these items remaining in this category are only luxury items or sin goods. The other items outside the luxury, sin goods category are cement, air-conditioners, large screen televisions and a handful of others," Jaitley said.&nbsp;

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"Hopefully, with further expansion of revenues, these few items may also witness a change of category. Thus within a record period of thirteen months, the GST Council has almost phased out the 28 per cent category. It is only a matter of time that the final obituary of the 'Congress Legacy Tax' is written. Only the luxury-sin tax would remain," the minister noted.&nbsp;

The tax reduction has reduced the cost to the consumers, increased his purchasing capacity and added to the increased consumption in the economy, Jaitley stated.&nbsp;

He said taxes on all household items stand reduced from 28 per cent to 18 per cent and 12 per cent. The past one year has seen rate reduction in 384 commodities, he added.&nbsp;

The GST Council in its meeting last week had decided to reduce taxes on 88 items, like sanitary napkins, fridge, small screen TV, washing machine, footwear, among others. The new tax rates became effective from today.

As of today, only 35 goods, including cement, automobile parts, tyres, automobile equipment, motor vehicles, yachts, aircraft, aerated drinks, betting and demerit items like tobacco, cigarette and pan masala, attract highest GST rate of 28 per cent.&nbsp;

As per the revised rates, items like paints and varnishes, refrigerators, freezers, water coolers, washing machines, domestic electrical appliances, TV sets up to 68cm will get cheaper as the GST rate on the same has been cut from 28% to 18%.

Also read: <a href="http://wionews.com/india-news/only-35-goods-including-air-conditioners-remain-in-highest-gst-bracket-153627">Only 35 goods, including air conditioners, remain in highest GST bracket</a>

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Sanitary pads now enjoy zero GST while footwear with a maximum retail value of Rs. 1,000 pair attract 5% GST, rest will be sold with 18% GST.&nbsp; 
&nbsp; 
Special handicraft items may bear 12% GST rate reduced from previously levied 18%.&nbsp;

Goods and Services Tax (GST), which subsumed 17 local taxes, was rolled out on July 1, 2017.

(With inputs from PTI)&nbsp;

Union Minister Arun Jaitley today stated that only luxury goods will attract the highest slab of 28 per cent.

New Goods and Services Tax rates came into effect on Friday. The new rates were announced last week. One of the welcome moves was a GST rate cut on sanitary napkins among other items of necessity. According to reports, as many as 88 items enjoy GST rates cut including footwear, refrigerators, washing machines, among others. Union Minister Arun Jaitley in a Facebook post stated that only luxury goods will attract the highest slab of 28 per cent. "Today, the 28 per cent category is being phased out. A bulk of these items remaining in this category are only luxury items or sin goods. The other items outside the luxury, sin goods category are cement, air-conditioners, large screen televisions and a handful of others," Jaitley said. × "Hopefully, with further expansion of revenues, these few items may also witness a change of category. Thus within a record period of thirteen months, the GST Council has almost phased out the 28 per cent category. It is only a matter of time that the final obituary of the 'Congress Legacy Tax' is written. Only the luxury-sin tax would remain," the minister noted. The tax reduction has reduced the cost to the consumers, increased his purchasing capacity and added to the increased consumption in the economy, Jaitley stated. He said taxes on all household items stand reduced from 28 per cent to 18 per cent and 12 per cent. The past one year has seen rate reduction in 384 commodities, he added. The GST Council in its meeting last week had decided to reduce taxes on 88 items, like sanitary napkins, fridge, small screen TV, washing machine, footwear, among others. The new tax rates became effective from today. As of today, only 35 goods, including cement, automobile parts, tyres, automobile equipment, motor vehicles, yachts, aircraft, aerated drinks, betting and demerit items like tobacco, cigarette and pan masala, attract highest GST rate of 28 per cent. As per the revised rates, items like paints and varnishes, refrigerators, freezers, water coolers, washing machines, domestic electrical appliances, TV sets up to 68cm will get cheaper as the GST rate on the same has been cut from 28% to 18%. Also read: Only 35 goods, including air conditioners, remain in highest GST bracket × Sanitary pads now enjoy zero GST while footwear with a maximum retail value of Rs. 1,000 pair attract 5% GST, rest will be sold with 18% GST. Special handicraft items may bear 12% GST rate reduced from previously levied 18%. Goods and Services Tax (GST), which subsumed 17 local taxes, was rolled out on July 1, 2017. (With inputs from PTI)

'Taxes on all household items cut from 28% to 18-12%,' says Jaitley as new GST rates kick in today

The deadline for Qualcomm Inc to buy NXP Semiconductors passed at midnight US&nbspeastern time without any word on Chinese regulatory approval, likely shutting the door on a deal embroiled in a bitter US-China spat.

Qualcomm had said earlier in the day that it would drop its US $44 billion bid for NXP - the world's biggest semiconductor takeover - unless it received a last minute reprieve. If the deal is terminated, Qualcomm will pay a $2 billion deal breakup fee to NXP no later than 09:00 ET on July 26.

There was no word from China's State Administration for Market Regulation or Qualcomm after the time for the deal to expire passed. Qualcomm did not immediately respond to a request for comment.

Investors expressed relief at Qualcomm's comments earlier in the day and the company's shares rose nearly 7 per cent in after market trading. The San Diego chipmaker delivered surprisingly strong third-quarter results and a rosy outlook for so-called 5G technology, the next generation of wireless data networks.

The company also said earlier on Wednesday that it will buy back US $30 billion in shares if the deal ultimately failed, making good on a promise to reassure investors about its prospects.

Qualcomm still faces challenges, including expectations that its chips will not be in the next round of Apple's iPhones and the need to find new markets beyond mobile phones without NXP's help. But it cited progress on one of two major patent royalty conflicts, thought to be with Chinese phonemaker Huawei Technologies Co Ltd, in the form of a US $700 million interim agreement.

The collapse of the deal may discourage other US&nbspfirms hoping to buy into China's huge developing markets and companies, although technology deals seemed the main concern.

"We obviously got caught up in something that was above us," Qualcomm Chief Executive Steve Mollenkopf said in an interview after the announcement earlier in the day.

"We think moving on, reducing the amount of uncertainty in the business and increasing the focus is the right thing to do with the company."

Qualcomm needed approval from China, the last of nine global regulators to be consulted, because the country accounted for nearly two-thirds of its revenue last year.

Barring a last-minute reprieve, the chipmaker said in its results release it would make good on a pledge with NXP to call off the merger if it had not won Chinese regulatory approval by 23:59 Eastern US&nbsptime on Wednesday.

NXP Semiconductors shares fell almost 4 per cent to US $94.50.

Moves by the Trump administration have played an outsized role in Qualcomm's fate, and there had been expectations that the lifting of a ban on US&nbspchipmakers doing business with China's ZTE Corp would clear the way for the NXP deal.

Dealmakers advising on mergers and acquisitions hoped the fallout would be limited to the technology sector in which China is racing for primacy against the United States.

United Technologies Corp chief Gregory Hayes said earlier this week that the industrial conglomerate was on track with regulatory approvals to close its US $23 billion acquisition of US&nbspairplane-parts maker Rockwell Collins Inc, seeking to quell fears that China could delay its review.

No other major semiconductor deal is pending. Broadcom, whose US $117 billion hostile bid for Qualcomm was blocked by the United States in March on national security grounds, says its US $19 billion purchase of US&nbspsoftware company CA Technologies does not require China's blessing.

For Qualcomm, the deal's demise means it will have to focus on expanding beyond making mobile chips.

Qualcomm predicted on Wednesday that Apple would drop the company's chips from its next-generation iPhones in favor of modems from Intel Corp, the latest sign of fallout from their acrimonious battle over pricing and licensing costs. Qualcomm's revenue projections had already assumed it would gain no new revenue from Apple.

Intel and Apple both declined to comment.

Qualcomm sold US $3 billion of chips last year for non-phone use, up 75 per cent from two years ago. It has a US $5 billion "backlog" of chip sales to the automotive industry, in which NXP is also a dominant player, it said.

The company also said earlier on Wednesday that it will buy back US $30 billion in shares if the deal ultimately failed, making good on a promise to reassure investors about its prospects.

The deadline for Qualcomm Inc to buy NXP Semiconductors passed at midnight US&nbspeastern time without any word on Chinese regulatory approval, likely shutting the door on a deal embroiled in a bitter US-China spat. Qualcomm had said earlier in the day that it would drop its US $44 billion bid for NXP - the world's biggest semiconductor takeover - unless it received a last minute reprieve. If the deal is terminated, Qualcomm will pay a $2 billion deal breakup fee to NXP no later than 09:00 ET on July 26. There was no word from China's State Administration for Market Regulation or Qualcomm after the time for the deal to expire passed. Qualcomm did not immediately respond to a request for comment. Investors expressed relief at Qualcomm's comments earlier in the day and the company's shares rose nearly 7 per cent in after market trading. The San Diego chipmaker delivered surprisingly strong third-quarter results and a rosy outlook for so-called 5G technology, the next generation of wireless data networks. The company also said earlier on Wednesday that it will buy back US $30 billion in shares if the deal ultimately failed, making good on a promise to reassure investors about its prospects. Qualcomm still faces challenges, including expectations that its chips will not be in the next round of Apple's iPhones and the need to find new markets beyond mobile phones without NXP's help. But it cited progress on one of two major patent royalty conflicts, thought to be with Chinese phonemaker Huawei Technologies Co Ltd, in the form of a US $700 million interim agreement. The collapse of the deal may discourage other US&nbspfirms hoping to buy into China's huge developing markets and companies, although technology deals seemed the main concern. "We obviously got caught up in something that was above us," Qualcomm Chief Executive Steve Mollenkopf said in an interview after the announcement earlier in the day. "We think moving on, reducing the amount of uncertainty in the business and increasing the focus is the right thing to do with the company." Qualcomm needed approval from China, the last of nine global regulators to be consulted, because the country accounted for nearly two-thirds of its revenue last year. Barring a last-minute reprieve, the chipmaker said in its results release it would make good on a pledge with NXP to call off the merger if it had not won Chinese regulatory approval by 23:59 Eastern US&nbsptime on Wednesday. NXP Semiconductors shares fell almost 4 per cent to US $94.50. Moves by the Trump administration have played an outsized role in Qualcomm's fate, and there had been expectations that the lifting of a ban on US&nbspchipmakers doing business with China's ZTE Corp would clear the way for the NXP deal. Dealmakers advising on mergers and acquisitions hoped the fallout would be limited to the technology sector in which China is racing for primacy against the United States. United Technologies Corp chief Gregory Hayes said earlier this week that the industrial conglomerate was on track with regulatory approvals to close its US $23 billion acquisition of US&nbspairplane-parts maker Rockwell Collins Inc, seeking to quell fears that China could delay its review. No other major semiconductor deal is pending. Broadcom, whose US $117 billion hostile bid for Qualcomm was blocked by the United States in March on national security grounds, says its US $19 billion purchase of US&nbspsoftware company CA Technologies does not require China's blessing. For Qualcomm, the deal's demise means it will have to focus on expanding beyond making mobile chips. Qualcomm predicted on Wednesday that Apple would drop the company's chips from its next-generation iPhones in favor of modems from Intel Corp, the latest sign of fallout from their acrimonious battle over pricing and licensing costs. Qualcomm's revenue projections had already assumed it would gain no new revenue from Apple. Intel and Apple both declined to comment. Qualcomm sold US $3 billion of chips last year for non-phone use, up 75 per cent from two years ago. It has a US $5 billion "backlog" of chip sales to the automotive industry, in which NXP is also a dominant player, it said.

Qualcomm's US $44 billion NXP offer deadline passes, no word from China

Benchmark indices have made a flat start on Thursday morning, with the Sensex hitting a fresh record high, but the Nifty is still a few points away from the fresh record high.&nbsp;

At 9.20 am, the BSE Sensex was ruling at a record high of 37,002.72, up 144.49 points or 0.39 per cent. The NSE barometer Nifty50 was holding above 11,150 at 11,158.40, up 26.40 points, or 0.24 per cent. The index is just few points away from hitting its all-time high of 11,171 hit on January 29.&nbsp;

Among sectoral indices, PSU banks, FMCG, infra and auto names are trading strong, while weakness is visible in the pharmaceuticals space. The Nifty Midcap index is up over 0.10 per cent.&nbsp;

Shares of Larsen & Toubro are up over 1.5 per cent after its June quarter numbers, while SBI and Bharti Airtel are trading higher. Sun Pharma, Kotak Mahindra Bank, Bharti Infratel and Tech Mahindra have lost the most.&nbsp;

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<a href="https://twitter.com/hashtag/Sensex?src=hash&ref_src=twsrc%5Etfw">#Sensex</a> touches 37,000 mark <a href="https://t.co/crOCxUgm24">https://t.co/crOCxUgm24</a>
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&nbsp;

The Sensex is up 43.42 points or 0.12% at 36901.65, while the Nifty is up 9.50 points or 0.09% at 11141.50.

Benchmark indices have made a flat start on Thursday morning, with the Sensex hitting a fresh record high, but the Nifty is still a few points away from the fresh record high. At 9.20 am, the BSE Sensex was ruling at a record high of 37,002.72, up 144.49 points or 0.39 per cent. The NSE barometer Nifty50 was holding above 11,150 at 11,158.40, up 26.40 points, or 0.24 per cent. The index is just few points away from hitting its all-time high of 11,171 hit on January 29. Among sectoral indices, PSU banks, FMCG, infra and auto names are trading strong, while weakness is visible in the pharmaceuticals space. The Nifty Midcap index is up over 0.10 per cent. Shares of Larsen & Toubro are up over 1.5 per cent after its June quarter numbers, while SBI and Bharti Airtel are trading higher. Sun Pharma, Kotak Mahindra Bank, Bharti Infratel and Tech Mahindra have lost the most. #Sensex touches 37,000 mark https://t.co/crOCxUgm24 — ANI (@ANI) July 26, 2018 ×

Sensex hits 37,000 for first time ever, Nifty hits a fresh record high

Indian shares hit record closing highs on Thursday led by banks, with the benchmark BSE Sensex breaching the 37,000-mark for the first time earlier on the day of expiry of monthly derivatives contracts.&nbsp;

The broader NSE Nifty ended 0.32 per cent higher at 11,167.3 after hitting a life-high of 11,185.85 earlier in the session.

The BSE index hit a record high for a third consecutive session before ending up 0.34 per cent at 36,984.64. The benchmark took only 13 trading sessions to jump from 36,000 to 37,000.

Bank shares gained as more state-run lenders lined up to enrol for a scheme for faster bad-loan resolution. State Bank of India closed more than 5 per cent higher.

Indian shares hit record closing highs on Thursday led by banks, with the benchmark BSE Sensex breaching the 37,000-mark for the first time earlier on the day of expiry of monthly derivatives contracts

Indian shares hit record closing highs on Thursday led by banks, with the benchmark BSE Sensex breaching the 37,000-mark for the first time earlier on the day of expiry of monthly derivatives contracts. The broader NSE Nifty ended 0.32 per cent higher at 11,167.3 after hitting a life-high of 11,185.85 earlier in the session. The BSE index hit a record high for a third consecutive session before ending up 0.34 per cent at 36,984.64. The benchmark took only 13 trading sessions to jump from 36,000 to 37,000. Bank shares gained as more state-run lenders lined up to enrol for a scheme for faster bad-loan resolution. State Bank of India closed more than 5 per cent higher.

Sensex closes at record high for fourth day in a row

The benchmark Sensex turned volatile after hitting a new high of 36,928.06 in early session as investors turned cautious ahead of July futures and options (F&O) expiry amid mixed quarterly earnings.

The 30-share index rose by 201.97 points, or 0.27 per cent, to hit a new high of 36,928.06, bettering its previous intra-day record of 36,902.06 hit yesterday.

However, the index soon turned choppy and was trading 16.05 points, or 0.04 per cent, higher at 36,841.15 at 0940 hrs.

The gauge had rallied 473.87 points in the previous three sessions.

The 50-share NSE Nifty too turned cautious and was trading 4.40 points, or 0.04 per cent, lower at 11,129.90.

Sentiment remained cautious ahead of July series F&O expiry scheduled tomorrow amid mixed quarterly earnings, brokers said.

Prominent gainers were Vedanta, Hero MotoCorp, Tata Steel, Adani Ports, ONGC, Sn Pharma, SBI, Bajaj Auto, Tata Motors, HDFC, Wipro, L&T and PowerGrid, rising up to 1.92 per cent.

Top losers include Bharti Airtel, Asian Paints, NTPC, Coal India, Maruti and TCS falling up to 2 per cent.

Meanwhile, on a net basis, foreign funds bought shares worth Rs 104.34 crore, while domestic institutional investors made purchases worth Rs 513.78 crore yesterday, provisional data showed.

Elsewhere in Asia, Shanghai Composite Index rose 0.09 per cent, Hong Kong's Hang Seng was up 0.85 per cent, while Japan's Nikkei gained 0.54 per cent in early deals.

The US Dow Jones Industrial Average ended 0.79 per cent yesterday.

Sentiment remained cautious ahead of July series F&O expiry scheduled tomorrow amid mixed quarterly earnings

The benchmark Sensex turned volatile after hitting a new high of 36,928.06 in early session as investors turned cautious ahead of July futures and options (F&O) expiry amid mixed quarterly earnings. The 30-share index rose by 201.97 points, or 0.27 per cent, to hit a new high of 36,928.06, bettering its previous intra-day record of 36,902.06 hit yesterday. However, the index soon turned choppy and was trading 16.05 points, or 0.04 per cent, higher at 36,841.15 at 0940 hrs. The gauge had rallied 473.87 points in the previous three sessions. The 50-share NSE Nifty too turned cautious and was trading 4.40 points, or 0.04 per cent, lower at 11,129.90. Sentiment remained cautious ahead of July series F&O expiry scheduled tomorrow amid mixed quarterly earnings, brokers said. Prominent gainers were Vedanta, Hero MotoCorp, Tata Steel, Adani Ports, ONGC, Sn Pharma, SBI, Bajaj Auto, Tata Motors, HDFC, Wipro, L&T and PowerGrid, rising up to 1.92 per cent. Top losers include Bharti Airtel, Asian Paints, NTPC, Coal India, Maruti and TCS falling up to 2 per cent. Meanwhile, on a net basis, foreign funds bought shares worth Rs 104.34 crore, while domestic institutional investors made purchases worth Rs 513.78 crore yesterday, provisional data showed. Elsewhere in Asia, Shanghai Composite Index rose 0.09 per cent, Hong Kong's Hang Seng was up 0.85 per cent, while Japan's Nikkei gained 0.54 per cent in early deals. The US Dow Jones Industrial Average ended 0.79 per cent yesterday.

Sensex dips in early trade; Nifty turns cautious

Maruti Suzuki has said it will "proactively" and "voluntarily" &nbsprecall 1,279 vehicles for a possible "fault in the airbag controller unit".

The vehicles to be recalled include 566 new Swift and 713 Dzire models manufactured between May 7 and July 7, 2018, Maruti Suzuki said http://bit.ly/2JTU1aO.

Recall campaigns are undertaken globally to rectify faults that may be potential safety defects, the company said.

Maruti will contact car owners after July 25th for inspection and replacement of the faulty part free of cost.

India's premier car company also requested its customers to visit the website and fill in the car details in order to ascertain if their vehicle is eligible for airbag change.

Maruti will contact car owners after July 25th for inspection and replacement of the faulty part free of cost.

Maruti Suzuki has said it will "proactively" and "voluntarily" &nbsprecall 1,279 vehicles for a possible "fault in the airbag controller unit". The vehicles to be recalled include 566 new Swift and 713 Dzire models manufactured between May 7 and July 7, 2018, Maruti Suzuki said http://bit.ly/2JTU1aO. Recall campaigns are undertaken globally to rectify faults that may be potential safety defects, the company said. Maruti will contact car owners after July 25th for inspection and replacement of the faulty part free of cost. India's premier car company also requested its customers to visit the website and fill in the car details in order to ascertain if their vehicle is eligible for airbag change.

Maruti to recall over 1,000 cars over faulty airbags

Korean electronics major Samsung has regained the number one spot with 29 per cent share in the Indian smartphone market during the April-June 2018 quarter, toppling rival Xiaomi, according to research firm Counterpoint Research.

Samsung had fallen to the second spot in the October-December 2018, making Xiaomi the top player in the smartphone shipment tally. However, Xiaomi was back at the second spot in June 2018 quarter with 28 per cent share, Counterpoint data showed.

"Samsung has regained the leading position back after receding it to Xiaomi two quarters ago.

"The success of Samsung during the quarter can be attributed to its refreshed J series as it launched the most number of models as compared to any brand across multiple price points during the quarter," Counterpoint Research Analyst Karn Chauhan said in a statement.

Samsung's strong offline distribution and aggressive marketing campaign around the J series helped the company to gain market and mind share during the quarter, he added.

Xiaomi recorded its highest ever shipments in India during the second quarter with growth being driven by its strong product and supply chain strategy.

"H2 2018 is likely to be a close race between Samsung and Xiaomi especially during the important upcoming festive season," he noted.

Vivo, Oppo and Honor had 12 per cent, 10 per cent and 3 per cent share of the smartphone shipment, respectively, in the June 2018 quarter.

In the premium smartphone segment (phones priced above Rs 30,000), OnePlus led the category for the first time ever, Counterpoint said.

It added that Apple had a slow quarter as it underwent changes in its distribution strategy.

"Apart from this, its domestic assembling is yet to pick up pace, which means the Cupertino giant is still relying on imports for its sales in India. Apple had 1 per cent market share during the quarter, its lowest in recent history," Counterpoint said.

The overall smartphone market -- which now contribute to half of the total handset market -- returned to double-digit growth (18 per cent) year-on-year after a flat first quarter growth.

"India smartphone market returned to double digit growth during the quarter and is likely to grow in double digits for the entire year. Growth during the quarter was driven by new launches and strong promotions across both online and offline channels during the quarter," Counterpoint Research Analyst Anshika Jain said.

On the other hand, the feature phone market in India continued to outpace the smartphone market with a y-o-y growth of 21 per cent. It was led by Reliance Jio (47 per cent share), followed by Samsung (9 per cent), Nokia (8 per cent), Itel (6 pe cent) and Lava (5 per cent).&nbsp;

Samsung had fallen to the second spot in the October-December 2018, making Xiaomi the top player in the smartphone shipment tally.

Korean electronics major Samsung has regained the number one spot with 29 per cent share in the Indian smartphone market during the April-June 2018 quarter, toppling rival Xiaomi, according to research firm Counterpoint Research. Samsung had fallen to the second spot in the October-December 2018, making Xiaomi the top player in the smartphone shipment tally. However, Xiaomi was back at the second spot in June 2018 quarter with 28 per cent share, Counterpoint data showed. "Samsung has regained the leading position back after receding it to Xiaomi two quarters ago. "The success of Samsung during the quarter can be attributed to its refreshed J series as it launched the most number of models as compared to any brand across multiple price points during the quarter," Counterpoint Research Analyst Karn Chauhan said in a statement. Samsung's strong offline distribution and aggressive marketing campaign around the J series helped the company to gain market and mind share during the quarter, he added. Xiaomi recorded its highest ever shipments in India during the second quarter with growth being driven by its strong product and supply chain strategy. "H2 2018 is likely to be a close race between Samsung and Xiaomi especially during the important upcoming festive season," he noted. Vivo, Oppo and Honor had 12 per cent, 10 per cent and 3 per cent share of the smartphone shipment, respectively, in the June 2018 quarter. In the premium smartphone segment (phones priced above Rs 30,000), OnePlus led the category for the first time ever, Counterpoint said. It added that Apple had a slow quarter as it underwent changes in its distribution strategy. "Apart from this, its domestic assembling is yet to pick up pace, which means the Cupertino giant is still relying on imports for its sales in India. Apple had 1 per cent market share during the quarter, its lowest in recent history," Counterpoint said. The overall smartphone market -- which now contribute to half of the total handset market -- returned to double-digit growth (18 per cent) year-on-year after a flat first quarter growth. "India smartphone market returned to double digit growth during the quarter and is likely to grow in double digits for the entire year. Growth during the quarter was driven by new launches and strong promotions across both online and offline channels during the quarter," Counterpoint Research Analyst Anshika Jain said. On the other hand, the feature phone market in India continued to outpace the smartphone market with a y-o-y growth of 21 per cent. It was led by Reliance Jio (47 per cent share), followed by Samsung (9 per cent), Nokia (8 per cent), Itel (6 pe cent) and Lava (5 per cent).

Samsung regains number one spot in Indian smartphone market

China National Petroleum Corp (CNPC) said on Wednesday it will spend more than 150 billion yuan ($22 billion) by 2020 to boost oil and gas output in the western region of Xinjiang, to offset falling output from ageing fields in northeast China.

The increased spending will push output in the Xinjiang Autonomous Region to more than 50 million tonnes of oil equivalent between 2018 and 2020, CNPC said.

The spending is equivalent to the annual expenditure by CNPC's listed unit PetroChina, China's top oil and gas producer, for oil and gas exploration and production in 2017.

The investment underscores the need to replace output from the Daqing oilfield in the northeastern province of Heilongjiang as well as the push to increase the country's natural gas output to meet growing demand for the fuel as part of Beijing's shift away from coal.

Beijing also wants to increase development in the unruly Xinjiang region, which borders Central Asia, where hundreds have died in ethnic unrest in recent years.

The increased spending will push output in the Xinjiang Autonomous Region to more than 50 million tonnes of oil equivalent between 2018 and 2020, CNPC said.

China National Petroleum Corp (CNPC) said on Wednesday it will spend more than 150 billion yuan ($22 billion) by 2020 to boost oil and gas output in the western region of Xinjiang, to offset falling output from ageing fields in northeast China. The increased spending will push output in the Xinjiang Autonomous Region to more than 50 million tonnes of oil equivalent between 2018 and 2020, CNPC said. The spending is equivalent to the annual expenditure by CNPC's listed unit PetroChina, China's top oil and gas producer, for oil and gas exploration and production in 2017. The investment underscores the need to replace output from the Daqing oilfield in the northeastern province of Heilongjiang as well as the push to increase the country's natural gas output to meet growing demand for the fuel as part of Beijing's shift away from coal. Beijing also wants to increase development in the unruly Xinjiang region, which borders Central Asia, where hundreds have died in ethnic unrest in recent years.

China's CNPC to invest more than $22 billion to boost Xinjiang oil, gas output by 2020

Maruti Suzuki on Tuesday launched Suzuki Connect at Rs 9,999 for a three-year subscription in what is a big step towards connected-car technology in India.

Developed after an extensive survey and thorough testing in 46 Indian cities, Suzuki Connect is an advanced telematics system incorporated into the car’s engine to provide the owner with a number of crucial information that can help improve performance, safety and the driving experience.

Virtually tamper-proof, Suzuki Connect provides information on the car’s performance, fuel efficiency, tracks driver behaviour – even rating the driver on a 100-point scale and motiors the car’s key components. The data is accessed via an app that is available for both Android and IOS devices.

Can't find your car in the mall? Car getting towed? Is your vehicle stolen? Get precise updates and timely alerts on mobile devices.

Some other key highlights:

<ul>
	<li>Live vehicle tracking</li>
	<li>Geo Fence - Owners can select five boundary areas for the vehicle and will get an alert if the vehicle crosses these. This can be useful in chauffer-driven cars.</li>
	<li>Navigate car - Owners can pin-point car location.</li>
	<li>Tow-away alert - Owners will get an alert if their vehicle moves without the ignition being turned on.</li>
	<li>Location sharing - Owners can give access to family and friends to track their vehicle.</li>
	<li>Driver rating system - Driver is assessed on score of 100 on the manner in which he/she drives.</li>
	<li>Fuel efficiency report</li>
	<li>Malfunction and possible malfunction report</li>
</ul>

Quoting studies, Maruti said that by 2 per cent - or 4 crore – of all cars on India roads would be connected by 2020. The company wants to have a major chunk in that share and is pinning its hopes on providing Nexa customers with a holistic experience.

Virtually tamper-proof, Suzuki Connect provides information on the car’s performance.

Maruti Suzuki on Tuesday launched Suzuki Connect at Rs 9,999 for a three-year subscription in what is a big step towards connected-car technology in India. Developed after an extensive survey and thorough testing in 46 Indian cities, Suzuki Connect is an advanced telematics system incorporated into the car’s engine to provide the owner with a number of crucial information that can help improve performance, safety and the driving experience. Virtually tamper-proof, Suzuki Connect provides information on the car’s performance, fuel efficiency, tracks driver behaviour – even rating the driver on a 100-point scale and motiors the car’s key components. The data is accessed via an app that is available for both Android and IOS devices. Can't find your car in the mall? Car getting towed? Is your vehicle stolen? Get precise updates and timely alerts on mobile devices. Some other key highlights: Live vehicle tracking Geo Fence - Owners can select five boundary areas for the vehicle and will get an alert if the vehicle crosses these. This can be useful in chauffer-driven cars. Navigate car - Owners can pin-point car location. Tow-away alert - Owners will get an alert if their vehicle moves without the ignition being turned on. Location sharing - Owners can give access to family and friends to track their vehicle. Driver rating system - Driver is assessed on score of 100 on the manner in which he/she drives. Fuel efficiency report Malfunction and possible malfunction report Quoting studies, Maruti said that by 2 per cent - or 4 crore – of all cars on India roads would be connected by 2020. The company wants to have a major chunk in that share and is pinning its hopes on providing Nexa customers with a holistic experience.

Maruti launches Suzuki Connect to usher in advanced driving experiece

Oil prices rose for a second day&nbsp;on Wednesday&nbsp;after data showed US&nbsp;crude inventories fell more than expected, easing worries about oversupply that have dragged on markets in recent weeks.

Brent crude was up 60 cents, or 0.8 per cent, at $74.04 a barrel by 1015 GMT, after gaining 0.5 per cent&nbsp;on Tuesday. US&nbsp;light crude was 5 cents higher at $68.57, having risen nearly 1 per cent in the previous session.

US&nbsp;crude and fuel stockpiles fell more than expected last week, industry group the American Petroleum Institute (API) reported late&nbsp;on Tuesday.

"The overnight API figures set a positive tone for oil prices withdraws across the main inventory categories from crude to a sizeable decline in gasoline, which is seasonally the focal point as the driving season ramps up," Harry Tchilinguirian, oil strategist for French bank BNP Paribas, told Global Oil Forum.

US&nbsp;crude inventories fell 3.2 million barrels in the week to July 20 to 407.6 million barrels, the API said, compared with expectations for a decrease of 2.3 million barrels.

Crude stocks at the Cushing, Oklahoma, delivery hub fell by 808,000 barrels. Gasoline stocks fell by 4.9 million barrels, compared with analyst expectations in a&nbsp;poll for a 713,000-barrel drop. [API/S]

Official figures from the US&nbsp;Department of Energy's Energy Information Administration will be published at&nbsp;10:30 a.m. EDT&nbsp;(1430 GMT)&nbsp;on Wednesday.

"The dollar is very weak this morning," said Tamas Varga, an analyst at London brokerage PVM Oil Associates. "I believe that this is also playing a part in why the prices are up."

The dollar was down around 0.15 per cent against a basket of other currencies by 1015 GMT.

Sentiment was also supported by an International Monetary Fund report about skyrocketing inflation in Venezuela, limiting its ability to boost oil output, said Stephen Innes, a trader at brokerage OANDA.

"Venezuelan oil production has already plummeted to a new 30-year low of 1.5 million barrels a day in June," he said.

Oil prices have come under pressure this month as a trade dispute between the United States and China, as well as other major economic blocs, has raised the possibility of slower economic growth and weaker global energy demand as higher tariffs to stifle imports.

But the global economy is still growing strongly and it is not clear how the trade dispute may impact business.

Reports that China will increase infrastructure spending have also helped reduce concerns that US-China trade tensions will dent Chinese demand for oil.

Industry group the American Petroleum Institute reported late on Tuesday that US crude and fuel stockpiles fell more than expected last week.

Oil prices rose for a second day on Wednesday after data showed US crude inventories fell more than expected, easing worries about oversupply that have dragged on markets in recent weeks. Brent crude was up 60 cents, or 0.8 per cent, at $74.04 a barrel by 1015 GMT, after gaining 0.5 per cent on Tuesday. US light crude was 5 cents higher at $68.57, having risen nearly 1 per cent in the previous session. US crude and fuel stockpiles fell more than expected last week, industry group the American Petroleum Institute (API) reported late on Tuesday. "The overnight API figures set a positive tone for oil prices withdraws across the main inventory categories from crude to a sizeable decline in gasoline, which is seasonally the focal point as the driving season ramps up," Harry Tchilinguirian, oil strategist for French bank BNP Paribas, told Global Oil Forum. US crude inventories fell 3.2 million barrels in the week to July 20 to 407.6 million barrels, the API said, compared with expectations for a decrease of 2.3 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 808,000 barrels. Gasoline stocks fell by 4.9 million barrels, compared with analyst expectations in a poll for a 713,000-barrel drop. [API/S] Official figures from the US Department of Energy's Energy Information Administration will be published at 10:30 a.m. EDT (1430 GMT) on Wednesday. "The dollar is very weak this morning," said Tamas Varga, an analyst at London brokerage PVM Oil Associates. "I believe that this is also playing a part in why the prices are up." The dollar was down around 0.15 per cent against a basket of other currencies by 1015 GMT. Sentiment was also supported by an International Monetary Fund report about skyrocketing inflation in Venezuela, limiting its ability to boost oil output, said Stephen Innes, a trader at brokerage OANDA. "Venezuelan oil production has already plummeted to a new 30-year low of 1.5 million barrels a day in June," he said. Oil prices have come under pressure this month as a trade dispute between the United States and China, as well as other major economic blocs, has raised the possibility of slower economic growth and weaker global energy demand as higher tariffs to stifle imports. But the global economy is still growing strongly and it is not clear how the trade dispute may impact business. Reports that China will increase infrastructure spending have also helped reduce concerns that US-China trade tensions will dent Chinese demand for oil.

Oil prices rise after US crude inventories fall

The BSE Sensex rose 33.13 points to close at a fresh lifetime high of 36,858.23 today, riding on gains in metal, energy and banking stocks amid sustained buying by domestic and foreign institutional investors.

Covering-up of short positions by participants ahead of July futures and options (F&O) expiry tomorrow also supported the upmove, brokers said.

Extending its record run for the third day, the 30-share Sensex touched a new intra-day record high of 36,947.18 after a bout of choppy trade, surpassing its previous high of 36,902.06 hit yesterday.

But it lost some ground due to profit-booking and settled at a new closing peak of 36,858.23, up 33.13 points, or 0.09 per cent. The Sensex bettered its previous record of 36,825.10 touched in yesterday's session.

The index has now gained 473.87 points in three sessions.

However, the broader 50-issue NSE Nifty slipped from its record closing, shedding 2.30 points or 0.02 per cent to end at 11,132.00. Intra-day, it moved between 11,157.15 and 11,113.25. Yesterday, it had closed at a new peak of 11,134.30.

Foreign portfolio investors (FPIs), who have been supporting the rally, bought shares to the tune of Rs 104.34 crore yesterday, while domestic institutional investors (DIIs) purchased equities worth a net Rs 513.78 crore, as per provisional data from the stock exchange

The BSE Sensex rose 33.13 points to close at a fresh lifetime high of 36,858.23 today, riding on gains in metal, energy and banking stocks amid sustained buying by domestic and foreign institutional investors

The BSE Sensex rose 33.13 points to close at a fresh lifetime high of 36,858.23 today, riding on gains in metal, energy and banking stocks amid sustained buying by domestic and foreign institutional investors. Covering-up of short positions by participants ahead of July futures and options (F&O) expiry tomorrow also supported the upmove, brokers said. Extending its record run for the third day, the 30-share Sensex touched a new intra-day record high of 36,947.18 after a bout of choppy trade, surpassing its previous high of 36,902.06 hit yesterday. But it lost some ground due to profit-booking and settled at a new closing peak of 36,858.23, up 33.13 points, or 0.09 per cent. The Sensex bettered its previous record of 36,825.10 touched in yesterday's session. The index has now gained 473.87 points in three sessions. However, the broader 50-issue NSE Nifty slipped from its record closing, shedding 2.30 points or 0.02 per cent to end at 11,132.00. Intra-day, it moved between 11,157.15 and 11,113.25. Yesterday, it had closed at a new peak of 11,134.30. Foreign portfolio investors (FPIs), who have been supporting the rally, bought shares to the tune of Rs 104.34 crore yesterday, while domestic institutional investors (DIIs) purchased equities worth a net Rs 513.78 crore, as per provisional data from the stock exchange

Sensex ends at record high for third day on fund inflows

"Sometimes the smallest things take the most room in your heart," a wise little bear once remarked -- and Jim Cummings has put his heart and soul into playing Winnie the Pooh for three decades.

The 65-year-old American voice actor has been playing the Disney character based on the stories of English novelist A.A. Milne since "The New Adventures of Winnie the Pooh" in 1988.

After more than a dozen movies and various other television and video game appearances, Cummings plays Pooh and his bouncy feline friend Tigger in their first live-action outing, the upcoming "Christopher Robin."

"These guys are extremely special. Everybody says, 'Who's your favourite? Who's your all-time favourite?' First of all, I don't have 'a' favourite but, if I had two, it would be Pooh and Tigger," Cummings said.&nbsp;

"They're kind of in their own class, their own category. They're on their own shelf and everybody else isn't."

Disney's history with A.A. Milne's characters dates back to 1966 when the studio released the animated short "Winnie the Pooh and the Honey Tree," featuring the character Christopher Robin, based on the author's son.

In the new live-action adventure, the young boy who embarked on countless adventures in the Hundred Acre Wood with his band of spirited and lovable stuffed animals has grown up and lost his way.&nbsp;

'Stealth celebrity'&nbsp;

It is up to his childhood friends to venture into the world of humans and help Christopher Robin remember the loving and playful boy who is still inside.

Starring Ewan McGregor ("Fargo") and Hayley Atwell ("Agent Carter") as Christopher Robin and his wife Evelyn, Marc Forster's version of the fuzzy, ursine joy bundle hits US theatres on Friday of next week.

Born and raised in Youngstown, Ohio, Cummings spent Saturday mornings as a child riveted to the television, mimicking his favourite cartoon characters and dreaming that one day he would voice them himself.&nbsp;

The recipient of two Daytime Emmy nominations for his television work, his many movie credits include "Shrek," "Who Framed Roger Rabbit" -- and most of the Disney animated movies you can think of.

Cummings has appeared in almost 400 roles -- from family favourites like Sonic the Hedgehog, Captain Caveman and the Tasmanian Devil to Marvel characters Iron Man, Ghost and Thanos -- but he enjoys relative anonymity.

"When I was a kid I wanted to be facially famous. I joke around and say, 'Well anybody could win an Oscar or an Emmy if they use their face,' Cummings laughs.

"But I don't mind it. My friend calls me a stealth celebrity. So, okay -- I'll take it."

'Timeless quality'

Asked how he accounts for his longevity, Cummings jokes that his secret is "blackmail -- I just have the goods on everyone." In reality, he speaks of every role with passion.

"I'm as happy as I could be. The first job I got was Lionel the Lion in Dumbo's circus in 1985. And then the first movie I did was 'Who Framed Roger Rabbit' another famous Disney movie," Cummings said.

"I don't have my shirt anymore but I've got the picture of me with my Mouseketeers shirt on. And I had my Zorro hat and I still have my Davy Crockett hat from the 1950s."

A.A. Milne's characters, who first appeared in print in 1926, owe their own staying power to the fact that they've never relied on being cutting-edge, says Cummings.&nbsp;&nbsp;

"They're not really attached to a fad. It's not like they're Transformers," he told AFP.

"If robots who turn into a lunchbox go out of style, Pooh and the gang will still be there."

After more than a dozen movies and various other television and video game appearances, Cummings plays Pooh and his bouncy feline friend Tigger in their first live-action outing, the upcoming 'Christopher Robin'

"Sometimes the smallest things take the most room in your heart," a wise little bear once remarked -- and Jim Cummings has put his heart and soul into playing Winnie the Pooh for three decades. The 65-year-old American voice actor has been playing the Disney character based on the stories of English novelist A.A. Milne since "The New Adventures of Winnie the Pooh" in 1988. After more than a dozen movies and various other television and video game appearances, Cummings plays Pooh and his bouncy feline friend Tigger in their first live-action outing, the upcoming "Christopher Robin." "These guys are extremely special. Everybody says, 'Who's your favourite? Who's your all-time favourite?' First of all, I don't have 'a' favourite but, if I had two, it would be Pooh and Tigger," Cummings said. "They're kind of in their own class, their own category. They're on their own shelf and everybody else isn't." Disney's history with A.A. Milne's characters dates back to 1966 when the studio released the animated short "Winnie the Pooh and the Honey Tree," featuring the character Christopher Robin, based on the author's son. In the new live-action adventure, the young boy who embarked on countless adventures in the Hundred Acre Wood with his band of spirited and lovable stuffed animals has grown up and lost his way. 'Stealth celebrity' It is up to his childhood friends to venture into the world of humans and help Christopher Robin remember the loving and playful boy who is still inside. Starring Ewan McGregor ("Fargo") and Hayley Atwell ("Agent Carter") as Christopher Robin and his wife Evelyn, Marc Forster's version of the fuzzy, ursine joy bundle hits US theatres on Friday of next week. Born and raised in Youngstown, Ohio, Cummings spent Saturday mornings as a child riveted to the television, mimicking his favourite cartoon characters and dreaming that one day he would voice them himself. The recipient of two Daytime Emmy nominations for his television work, his many movie credits include "Shrek," "Who Framed Roger Rabbit" -- and most of the Disney animated movies you can think of. Cummings has appeared in almost 400 roles -- from family favourites like Sonic the Hedgehog, Captain Caveman and the Tasmanian Devil to Marvel characters Iron Man, Ghost and Thanos -- but he enjoys relative anonymity. "When I was a kid I wanted to be facially famous. I joke around and say, 'Well anybody could win an Oscar or an Emmy if they use their face,' Cummings laughs. "But I don't mind it. My friend calls me a stealth celebrity. So, okay -- I'll take it." 'Timeless quality' Asked how he accounts for his longevity, Cummings jokes that his secret is "blackmail -- I just have the goods on everyone." In reality, he speaks of every role with passion. "I'm as happy as I could be. The first job I got was Lionel the Lion in Dumbo's circus in 1985. And then the first movie I did was 'Who Framed Roger Rabbit' another famous Disney movie," Cummings said. "I don't have my shirt anymore but I've got the picture of me with my Mouseketeers shirt on. And I had my Zorro hat and I still have my Davy Crockett hat from the 1950s." A.A. Milne's characters, who first appeared in print in 1926, owe their own staying power to the fact that they've never relied on being cutting-edge, says Cummings. "They're not really attached to a fad. It's not like they're Transformers," he told AFP. "If robots who turn into a lunchbox go out of style, Pooh and the gang will still be there."

Disney invests in the bear market with 'Christopher Robin'

Vikram Pawah (47), who was heading BMW Group India as its president since January 2017, has been deputed to lead the Group’s Australian and New Zealand businesses.

Pawah will be taking up his role as the new CEO of BMW Group Australia and New Zealand with effect from August 1.&nbsp

However, in his expanded responsibilities, he has been promoted as the chairman of BMW Group India and will continue to support the business here as well.

"Pawah brings excellent preconditions to lead BMW Group operations in India and Australia," BMW Group Senior Vice President Asia Pacific Hildegard Wortmann said.&nbsp

Hans-Christian Baertels (56), who is the incumbent director of finance and administration at BMW Group India will take over responsibility as the new president.

Pawah joined BMW Group India in January 2017 and has more than 25 years of experience in the automotive industry. In the past, he has held multiple leadership positions at Honda Cars in Australia and India, and Harley-Davidson India.

Pawah joined BMW Group India in January 2017 and has more than 25 years of experience in the automotive industry.

Vikram Pawah (47), who was heading BMW Group India as its president since January 2017, has been deputed to lead the Group’s Australian and New Zealand businesses. Pawah will be taking up his role as the new CEO of BMW Group Australia and New Zealand with effect from August 1. However, in his expanded responsibilities, he has been promoted as the chairman of BMW Group India and will continue to support the business here as well. "Pawah brings excellent preconditions to lead BMW Group operations in India and Australia," BMW Group Senior Vice President Asia Pacific Hildegard Wortmann said. Hans-Christian Baertels (56), who is the incumbent director of finance and administration at BMW Group India will take over responsibility as the new president. Pawah joined BMW Group India in January 2017 and has more than 25 years of experience in the automotive industry. In the past, he has held multiple leadership positions at Honda Cars in Australia and India, and Harley-Davidson India.

Vikram Pawah appointed as CEO of BMW group Australia and New Zealand

The benchmark indices have looked to continue their momentum from Monday, with the Sensex opening at a record high, while the Nifty has opened above 11,100.&nbsp;

Earlier on Monday, BSE Sensex settled on a <a href="http://wionews.com/business-&-economy/sensex-hits-all-time-high-as-consumer-goods-gain-153843">closing all-time high post</a> hitting an intraday record high in the late trade.&nbsp;

Today, the benchmark BSE Sensex jumped over 150 points to record a new high of 36,869.34 in early trade&nbsp;on strong Asian cues amid buying by domestic institutional investors (DIIs).

The market rally was driven by strong activity on the metal, oil and gas, PSU, infrastructure, banking, FMCG and capital goods counters, rising up to 0.88 per cent.

The 30-share BSE index spurted by 150.74 points, or 0.41 per cent, to hit a new high of 36,869.34, surpassing its previous record of 36,749.69 clocked yesterday.

The gauge has gained 367.37 points in the past two sessions.

The 50-share NSE Nifty also rose 41.15 points, or 0.37 per cent, to 11,125.90.

Major gainers include Maruti Suzuki, Tata Motors, HUL, M&M, Tata Steel, Adani Ports, L&T, ICICI Bank, Coal India, IndusInd Bank, HDFC Bank, Infosys, Power Grid, Kotak Bank, SBI, Asian Paints, HDFC, Axis Bank, Sun Pharma and ITC, rising up to 1.42 per cent.

Foreign portfolio investors (FPIs) bought shares worth a net of Rs 259.37 crore and DIIs bought shares worth a net of Rs 124.82 crore yesterday, provisional data showed.

Traders said positive cues from other Asian markets and sustained foreign capital inflows, influenced sentiments here.

Japan's Nikkei rose 0.60 per cent, Shanghai Composite Index 1.59 per cent and Hong Kong's Hang Seng 1.50 per cent in early trade.

The US Dow Jones Industrial Average ended 0.06 per cent lower yesterday and Nasdaq closed up 0.28 per cent.

On Monday, the flagship BSE Sensex rallied to a fresh life-time high of 36,749.69 before settling at 36,718.60 — its record closing level too — on the back of strong gains in banking and FMCG stocks after the GST Council reduced rates on a number of products.&nbsp;

Indian stock markets opened higher on Tuesday with the benchmark BSE Sensex hitting new all-time high and NSE Nifty 50 breaching the psychological level of 11,100 after a long span of nearly 6-months.

The benchmark indices have looked to continue their momentum from Monday, with the Sensex opening at a record high, while the Nifty has opened above 11,100. Earlier on Monday, BSE Sensex settled on a closing all-time high post hitting an intraday record high in the late trade. Today, the benchmark BSE Sensex jumped over 150 points to record a new high of 36,869.34 in early trade on strong Asian cues amid buying by domestic institutional investors (DIIs). The market rally was driven by strong activity on the metal, oil and gas, PSU, infrastructure, banking, FMCG and capital goods counters, rising up to 0.88 per cent. The 30-share BSE index spurted by 150.74 points, or 0.41 per cent, to hit a new high of 36,869.34, surpassing its previous record of 36,749.69 clocked yesterday. The gauge has gained 367.37 points in the past two sessions. The 50-share NSE Nifty also rose 41.15 points, or 0.37 per cent, to 11,125.90. Major gainers include Maruti Suzuki, Tata Motors, HUL, M&M, Tata Steel, Adani Ports, L&T, ICICI Bank, Coal India, IndusInd Bank, HDFC Bank, Infosys, Power Grid, Kotak Bank, SBI, Asian Paints, HDFC, Axis Bank, Sun Pharma and ITC, rising up to 1.42 per cent. Foreign portfolio investors (FPIs) bought shares worth a net of Rs 259.37 crore and DIIs bought shares worth a net of Rs 124.82 crore yesterday, provisional data showed. Traders said positive cues from other Asian markets and sustained foreign capital inflows, influenced sentiments here. Japan's Nikkei rose 0.60 per cent, Shanghai Composite Index 1.59 per cent and Hong Kong's Hang Seng 1.50 per cent in early trade. The US Dow Jones Industrial Average ended 0.06 per cent lower yesterday and Nasdaq closed up 0.28 per cent. On Monday, the flagship BSE Sensex rallied to a fresh life-time high of 36,749.69 before settling at 36,718.60 — its record closing level too — on the back of strong gains in banking and FMCG stocks after the GST Council reduced rates on a number of products.

Sensex opens at record high, Nifty over 11,100 points on Asian cues

Google parent Alphabet shares lifted Monday on a stronger-than-expected earnings report for the past quarter, as the tech giant's results eased concerns over huge fines imposed by the European Union for antitrust actions.

Profit dipped 9.3 per cent to $3.2 billion in the second quarter after accounting for the EU fines, the company said.

Revenues meanwhile jumped 26 per cent from a year ago to $32.7 billion, better than most analysts expected.

Shares in Alphabet jumped 3.6 per cent to $1,254.12 in after-hours trade, which could mark a new record for the internet giant if confirmed when markets open Tuesday.

"We delivered another quarter of very strong performance," chief financial officer Ruth Porat said.

"Our investments are driving great experiences for users, strong results for advertisers and new business opportunities for Google and Alphabet."

Last week, EU officials slapped a 4.34-billion-euro ($5 billion) penalty on the US tech giant for illegally abusing the dominance of its operating system for mobile devices.

Without the fine -- which is being appealed by the company -- profit would have been $8.3 billion.

Brussels accused Google of using the Android system's near-stranglehold on smartphones and tablets to promote the use of its own Google search engine and shut out rivals.

Daniel Ives of GBH Insights said in a research note that despite some regulatory concerns, "advertising and 'bread and butter' search revenues were healthy and a good barometer of potential strength heading into the rest of 2018/2019."

The future of the Android mobile operating system -- which powers more than 85 per cent of smartphones -- has been clouded by the EU action, which could force Google to change its business arrangements with device makers.

Google chief executive Sundar Pichai said that it was too soon to speculate on how Android may be affected by the ruling but said the company would take a "constructive approach."

"We look forward to finding a solution that preserves the enormous benefits of Android to users," Pichai told analysts after the earnings release.

Ads still lion's share

Following a reorganization of the company, the Google unit that includes the main search engine and YouTube video service still delivered the lion's share of revenues at $32.5 billion, with "other bets" driving $145 million in revenue.

Within Google, advertising remained the key revenue source, pulling in $28 billion in the three months ending in June, a 24 per cent rise from a year ago.

Although advertising remains the key driver of revenue, Google has been moving into cloud computing services for businesses, artificial intelligence and devices, including its Pixel smartphones and notebook computers.

As it ramps up artificial intelligence efforts, Google is in fierce competition with rivals such as Amazon and Microsoft in the market for voice assistants that are powering the next generation of connected devices including appliances, cars and smart speakers.

Alphabet's "other bets" saw a 49 percent jump in revenues from a year ago they still lost money, with an operating loss of $732 million in the past quarter.

The other bets include the self-driving car unit Waymo and the life sciences division Verily. Alphabet recently "graduated" two of these projects to be independent operating units, the Loon internet balloon service and Wing drone delivery.

Alphabet ended the quarter with cash reserves of $102 billion and saw its employee headcount rise to 89,000 from 75,000 a year ago. 
&nbsp

Profit dipped 9.3 per cent to $3.2 billion in the second quarter after accounting for the EU fines, the company said.

Google parent Alphabet shares lifted Monday on a stronger-than-expected earnings report for the past quarter, as the tech giant's results eased concerns over huge fines imposed by the European Union for antitrust actions. Profit dipped 9.3 per cent to $3.2 billion in the second quarter after accounting for the EU fines, the company said. Revenues meanwhile jumped 26 per cent from a year ago to $32.7 billion, better than most analysts expected. Shares in Alphabet jumped 3.6 per cent to $1,254.12 in after-hours trade, which could mark a new record for the internet giant if confirmed when markets open Tuesday. "We delivered another quarter of very strong performance," chief financial officer Ruth Porat said. "Our investments are driving great experiences for users, strong results for advertisers and new business opportunities for Google and Alphabet." Last week, EU officials slapped a 4.34-billion-euro ($5 billion) penalty on the US tech giant for illegally abusing the dominance of its operating system for mobile devices. Without the fine -- which is being appealed by the company -- profit would have been $8.3 billion. Brussels accused Google of using the Android system's near-stranglehold on smartphones and tablets to promote the use of its own Google search engine and shut out rivals. Daniel Ives of GBH Insights said in a research note that despite some regulatory concerns, "advertising and 'bread and butter' search revenues were healthy and a good barometer of potential strength heading into the rest of 2018/2019." The future of the Android mobile operating system -- which powers more than 85 per cent of smartphones -- has been clouded by the EU action, which could force Google to change its business arrangements with device makers. Google chief executive Sundar Pichai said that it was too soon to speculate on how Android may be affected by the ruling but said the company would take a "constructive approach." "We look forward to finding a solution that preserves the enormous benefits of Android to users," Pichai told analysts after the earnings release. Ads still lion's share Following a reorganization of the company, the Google unit that includes the main search engine and YouTube video service still delivered the lion's share of revenues at $32.5 billion, with "other bets" driving $145 million in revenue. Within Google, advertising remained the key revenue source, pulling in $28 billion in the three months ending in June, a 24 per cent rise from a year ago. Although advertising remains the key driver of revenue, Google has been moving into cloud computing services for businesses, artificial intelligence and devices, including its Pixel smartphones and notebook computers. As it ramps up artificial intelligence efforts, Google is in fierce competition with rivals such as Amazon and Microsoft in the market for voice assistants that are powering the next generation of connected devices including appliances, cars and smart speakers. Alphabet's "other bets" saw a 49 percent jump in revenues from a year ago they still lost money, with an operating loss of $732 million in the past quarter. The other bets include the self-driving car unit Waymo and the life sciences division Verily. Alphabet recently "graduated" two of these projects to be independent operating units, the Loon internet balloon service and Wing drone delivery. Alphabet ended the quarter with cash reserves of $102 billion and saw its employee headcount rise to 89,000 from 75,000 a year ago.

Google parent Alphabet sees record highs despite EU fine

Iran will respond with equal countermeasures if the United States tries to block its oil exports, the foreign ministry in Tehran said on Tuesday.

US&nbsp;officials are stepping up diplomatic efforts to pressure countries to stop importing Iranian oil.

"If America wants to take a serious step in this direction it will definitely be met with a reaction and equal countermeasures from Iran," foreign ministry spokesman Bahram Qassemi was quoted as saying by the state news agency IRNA.

Supreme Leader Ayatollah Ali Khamenei on Saturday backed President Hassan Rouhani's suggestion that Iran might block Gulf oil exports if its own exports are stopped.

Already fraught relations between Tehran and Washington have worsened in recent days.

On Monday, Iran dismissed an angry warning from President Donald Trump that it risked dire consequences "the like of which few throughout history have suffered before" if it made threats against the United States.

Iran's parliamentary speaker on Tuesday described Trump's comments as "the words of a troublemaker".

"The United States is experiencing disorder and wildness in its diplomatic relations," Ali Larijani was quoted as saying by IRNA.

Iran has faced the threat of US&nbsp;sanctions since Trump decided in May to withdraw the United States from a 2015 agreement between world powers and Iran over its disputed nuclear programme.

US officials are stepping up diplomatic efforts to pressure countries to stop importing Iranian oil

Iran will respond with equal countermeasures if the United States tries to block its oil exports, the foreign ministry in Tehran said on Tuesday. US officials are stepping up diplomatic efforts to pressure countries to stop importing Iranian oil. "If America wants to take a serious step in this direction it will definitely be met with a reaction and equal countermeasures from Iran," foreign ministry spokesman Bahram Qassemi was quoted as saying by the state news agency IRNA. Supreme Leader Ayatollah Ali Khamenei on Saturday backed President Hassan Rouhani's suggestion that Iran might block Gulf oil exports if its own exports are stopped. Already fraught relations between Tehran and Washington have worsened in recent days. On Monday, Iran dismissed an angry warning from President Donald Trump that it risked dire consequences "the like of which few throughout history have suffered before" if it made threats against the United States. Iran's parliamentary speaker on Tuesday described Trump's comments as "the words of a troublemaker". "The United States is experiencing disorder and wildness in its diplomatic relations," Ali Larijani was quoted as saying by IRNA. Iran has faced the threat of US sanctions since Trump decided in May to withdraw the United States from a 2015 agreement between world powers and Iran over its disputed nuclear programme.

Iran says will respond in kind if the US tries to block oil exports

E-commerce major Flipkart will shut down eBay next month and launch a new platform for refurbished goods as it attempts to tap into a large market segment that is predominantly unorganised.

Last year, Flipkart had raised USD 1.4 billion from global technology majors eBay, Tencent and Microsoft. In exchange for an equity stake in Flipkart, eBay had made a cash investment of USD 500 million and sold eBay (India business) to Flipkart.

"Based on our learnings at eBay.In, we have built a brand new value platform launching with refurbished goods - a large market which is predominantly unorganised... As part of this launch, we will be stopping all customer transactions on eBay on 14th August 2018 and transitioning to the new platform," Flipkart CEO Kalyan Krishnamurthy said in an email to employees.

He added that key barriers to refurbished goods -- trust and convenience -- can be solved at scale with Flipkart's customer base, and F1 Info solutions and services.

"We will keep evolving and bringing newer formats, categories and features which cater to the needs of our value-conscious middle India," Krishnamurthy said, adding all eBay.In sellers and customers will be migrated to the new platform.

"The new platform has a different value proposition compared to Flipkart, and will cater to a different target audience. We are committed to investing in this independent brand," he pointed out.

In May this year, eBay had said it was ending its strategic partnership with Flipkart and will relaunch eBay India with a differentiated offering to focus on cross-border trade.

"Following the close of the transaction, we also will be ending our current strategic relationship with Flipkart, which includes unwinding our commercial agreements with Flipkart and terminating Flipkart's license to use the eBay brand," eBay had said in its statement.

EBay had forayed into India in 2004 and commenced operations through Bazee&nbspIt had also invested in e-commerce firm Snapdeal in 2013, but eventually wrote off its USD 61 million investment in February this year.

Last year, Flipkart had raised USD 1.4 billion from global technology majors eBay, Tencent and Microsoft.

E-commerce major Flipkart will shut down eBay next month and launch a new platform for refurbished goods as it attempts to tap into a large market segment that is predominantly unorganised. Last year, Flipkart had raised USD 1.4 billion from global technology majors eBay, Tencent and Microsoft. In exchange for an equity stake in Flipkart, eBay had made a cash investment of USD 500 million and sold eBay (India business) to Flipkart. "Based on our learnings at eBay.In, we have built a brand new value platform launching with refurbished goods - a large market which is predominantly unorganised... As part of this launch, we will be stopping all customer transactions on eBay on 14th August 2018 and transitioning to the new platform," Flipkart CEO Kalyan Krishnamurthy said in an email to employees. He added that key barriers to refurbished goods -- trust and convenience -- can be solved at scale with Flipkart's customer base, and F1 Info solutions and services. "We will keep evolving and bringing newer formats, categories and features which cater to the needs of our value-conscious middle India," Krishnamurthy said, adding all eBay.In sellers and customers will be migrated to the new platform. "The new platform has a different value proposition compared to Flipkart, and will cater to a different target audience. We are committed to investing in this independent brand," he pointed out. In May this year, eBay had said it was ending its strategic partnership with Flipkart and will relaunch eBay India with a differentiated offering to focus on cross-border trade. "Following the close of the transaction, we also will be ending our current strategic relationship with Flipkart, which includes unwinding our commercial agreements with Flipkart and terminating Flipkart's license to use the eBay brand," eBay had said in its statement. EBay had forayed into India in 2004 and commenced operations through Bazee&nbspIt had also invested in e-commerce firm Snapdeal in 2013, but eventually wrote off its USD 61 million investment in February this year.

Flipkart to shut eBay in India, launch new platform for refurbished goods

Indian shares ended higher on Monday with the benchmark BSE index climbing to a record close, as consumer goods stocks gained after the government cut tax rates on a wide range of items.

The broader NSE Nifty ended 0.7 per cent higher at 11,084.75, its highest close since January 29, while the BSE Sensex ended up 0.6 per cent at 36,718.6, a record closing level.

ITC Ltd ended 3.7 per cent higher after the government kept the cess on cigarettes unchanged during its weekend meeting.

Agrochemicals company UPL Ltd surged 15 per cent after it on Friday it would buy a unit of Platform Specialty Products for $4.2 billion.

The broader NSE Nifty ended 0.7 per cent higher at 11,084.75, its highest close since January 29.

Indian shares ended higher on Monday with the benchmark BSE index climbing to a record close, as consumer goods stocks gained after the government cut tax rates on a wide range of items. The broader NSE Nifty ended 0.7 per cent higher at 11,084.75, its highest close since January 29, while the BSE Sensex ended up 0.6 per cent at 36,718.6, a record closing level. ITC Ltd ended 3.7 per cent higher after the government kept the cess on cigarettes unchanged during its weekend meeting. Agrochemicals company UPL Ltd surged 15 per cent after it on Friday it would buy a unit of Platform Specialty Products for $4.2 billion.

Sensex hits all-time high as consumer goods gain

Union Finance Minister Piyush Goyal on Tuesday said news reports that quote Swiss Bank Data for 2017-18, showing an <a href="http://www.wionews.com/business-%26-economy/indians-money-in-swiss-banks-rise-50-to-over-chf-1-billion-147755">increase of 50%</a> in its total liabilities towards India in 2016-17,&nbsp; has been misinterpreted.

"After&nbsp;Narendra&nbsp;Modi government came to power in 2014, the amount deposited in <a href="http://www.wionews.com/india-news/strong-action-to-be-taken-against-illicit-swiss-deposits-finance-minister-147886">Swiss National Bank </a>has reduced by 80%," said Goyal.

"Bank of International Settlements data shows a decrease of 34.5% in <a href="http://www.wionews.com/india-news/rs-300-crore-but-no-claimants-six-india-linked-swiss-bank-accounts-lie-dormant-151910?first_load=no">assets held by Indian residents </a>in Switzerland in 2017, as compared to 2016. Earlier data claiming 50% increase misinterpreted", Goyal informed the Rajya Sabha.

"It is assumed that assets held by Indian residents in Switzerland are undeclared. BIS data shows non-Bank loans and deposits (constituting individual and corporate deposits used as Black money haven in past and exclude interbank transactions) fell by 34.5 per cent in 2017 compared to 2016," Goyal said.

"Bank of International Settlements data shows a decrease of 34.5 per cent in assets held by Indian residents in Switzerland in 2017, as compared to 2016. Earlier data claiming 50 per cent increase misinterpreted," the finance minister said.

While Switzerland has already begun sharing foreign client details on evidence of wrongdoing provided by India and some other countries, it has agreed to further expand its cooperation on India's fight against black money with a new pact for automatic information exchange.

Amid a decline seen in Indian money over the previous three years, there was a view that Indians who had allegedly parked their illicit money in Swiss banks in the past may have shifted the funds to other locations after a global crackdown began on the mighty banking secrecy practices in Switzerland.

Finance Minister Piyush Goyal, today in Rajya Sabha said that after Modi government came to power in 2014, the amount deposited in Swiss Banks has reduced by 80%.

Union Finance Minister Piyush Goyal on Tuesday said news reports that quote Swiss Bank Data for 2017-18, showing an increase of 50% in its total liabilities towards India in 2016-17, has been misinterpreted. "After Narendra Modi government came to power in 2014, the amount deposited in Swiss National Bank has reduced by 80%," said Goyal. "Bank of International Settlements data shows a decrease of 34.5% in assets held by Indian residents in Switzerland in 2017, as compared to 2016. Earlier data claiming 50% increase misinterpreted", Goyal informed the Rajya Sabha. "It is assumed that assets held by Indian residents in Switzerland are undeclared. BIS data shows non-Bank loans and deposits (constituting individual and corporate deposits used as Black money haven in past and exclude interbank transactions) fell by 34.5 per cent in 2017 compared to 2016," Goyal said. "Bank of International Settlements data shows a decrease of 34.5 per cent in assets held by Indian residents in Switzerland in 2017, as compared to 2016. Earlier data claiming 50 per cent increase misinterpreted," the finance minister said. While Switzerland has already begun sharing foreign client details on evidence of wrongdoing provided by India and some other countries, it has agreed to further expand its cooperation on India's fight against black money with a new pact for automatic information exchange. Amid a decline seen in Indian money over the previous three years, there was a view that Indians who had allegedly parked their illicit money in Swiss banks in the past may have shifted the funds to other locations after a global crackdown began on the mighty banking secrecy practices in Switzerland.

Deposits in Swiss Bank decreased by 80% after Modi government came to power: Piyush Goyal

Oil prices extended declines into the second session on Tuesday as attention shifted to the risk of oversupply, with market participants shrugging off escalating tensions between the United States and Iran.

Brent crude oil was down 19 cents, or 0.3 per cent, at $72.87 a barrel by 0345 GMT, after settling down 1 cent on Monday. U.S. crude was down 21 cents, or 0.3 per cent, at $67.68 a barrel. The contract fell 37 cents the previous day.

Earlier in Monday`s session, the market had risen after President Donald Trump warned of dire consequences for Iran if it threatened the United States.

"While oil prices were the primary beneficiary of the weekend`s headline battle between President Trump and Iranian President Rouhani, that boost started to fizzle as traders then veered to oversupply concerns," said Stephen Innes, head of trading for APAC at brokerage OANDA.

Iran has been under increasing pressure from the United States, with Trump`s administration pushing countries to cut all imports of Iranian oil since November.

Saudi Arabia and large producers are ramping up output to offset losses that are likely to come as the November deadline approaches.&nbsp

Meanwhile, U.S. crude inventories at the delivery hub at Cushing, Oklahoma gained in the four days to Friday, according to information supplier Genscape, traders said.&nbsp

On a weekly basis, stockpiles at the hub were expected to fall for the 10th consecutive week, traders said.

The market has also been dented by concerns about the impact on global economic growth and energy demand of escalating disputes over global trade.&nbsp

G20 finance leaders on the weekend voiced concern about the risk to global growth from trade tensions between the United States and China, among others.

"The lingering trade war effects continue to raise global growth concerns that continue to dampen sentiment," Innes said.

Brent crude oil was down 19 cents, or 0.3 per cent, at $72.87 a barrel by 0345 GMT, after settling down 1 cent on Monday. U.S. crude was down 21 cents, or 0.3 per cent, at $67.68 a barrel. The contract fell 37 cents the previous day

Oil prices extended declines into the second session on Tuesday as attention shifted to the risk of oversupply, with market participants shrugging off escalating tensions between the United States and Iran. Brent crude oil was down 19 cents, or 0.3 per cent, at $72.87 a barrel by 0345 GMT, after settling down 1 cent on Monday. U.S. crude was down 21 cents, or 0.3 per cent, at $67.68 a barrel. The contract fell 37 cents the previous day. Earlier in Monday`s session, the market had risen after President Donald Trump warned of dire consequences for Iran if it threatened the United States. "While oil prices were the primary beneficiary of the weekend`s headline battle between President Trump and Iranian President Rouhani, that boost started to fizzle as traders then veered to oversupply concerns," said Stephen Innes, head of trading for APAC at brokerage OANDA. Iran has been under increasing pressure from the United States, with Trump`s administration pushing countries to cut all imports of Iranian oil since November. Saudi Arabia and large producers are ramping up output to offset losses that are likely to come as the November deadline approaches. Meanwhile, U.S. crude inventories at the delivery hub at Cushing, Oklahoma gained in the four days to Friday, according to information supplier Genscape, traders said. On a weekly basis, stockpiles at the hub were expected to fall for the 10th consecutive week, traders said. The market has also been dented by concerns about the impact on global economic growth and energy demand of escalating disputes over global trade. G20 finance leaders on the weekend voiced concern about the risk to global growth from trade tensions between the United States and China, among others. "The lingering trade war effects continue to raise global growth concerns that continue to dampen sentiment," Innes said.

Oil prices drop on worries about oversupply

Oil prices extended declines into the second session&nbsp;on Tuesday&nbsp;as attention shifted to the risk of oversupply, with market participants shrugging off escalating tensions between the United States and Iran.

Brent crude oil was down 19 cents, or 0.3 per cent, at $72.87 a barrel by 0345 GMT, after settling down 1 cent&nbsp;on Monday. The US&nbsp;crude was down 21 cents, or 0.3 per cent, at $67.68 a barrel. The contract fell 37 cents the previous day.

Earlier in&nbsp;Monday`s session, the market had risen after President Donald Trump warned of dire consequences for Iran if it threatened the United States.

"While oil prices were the primary beneficiary of the weekend`s headline battle between President Trump and Iranian President Rouhani, that boost started to fizzle as traders then veered to oversupply concerns," said Stephen Innes, head of trading for APAC at brokerage OANDA.

Iran has been under increasing pressure from the United States, with Trump`s administration pushing countries to cut all imports of Iranian oil since November.

Saudi Arabia and large producers are ramping up output to offset losses that are likely to come as the November deadline approaches.&nbsp;

Meanwhile, US&nbsp;crude inventories at the delivery hub at Cushing, Oklahoma gained in the four days to&nbsp;Friday, according to information supplier Genscape, traders said.&nbsp;

On a weekly basis, stockpiles at the hub were expected to fall for the 10th consecutive week, traders said.

The market has also been dented by concerns about the impact on global economic growth and energy demand of escalating disputes over global trade.&nbsp;

G20 finance leaders on the weekend voiced concern about the risk to global growth from trade tensions between the United States and China, among others.

"The lingering trade war effects continue to raise global growth concerns that continue to dampen sentiment," Innes said.

The market had risen after President Donald Trump warned of dire consequences for Iran if it threatened the United States.

Oil prices extended declines into the second session on Tuesday as attention shifted to the risk of oversupply, with market participants shrugging off escalating tensions between the United States and Iran. Brent crude oil was down 19 cents, or 0.3 per cent, at $72.87 a barrel by 0345 GMT, after settling down 1 cent on Monday. The US crude was down 21 cents, or 0.3 per cent, at $67.68 a barrel. The contract fell 37 cents the previous day. Earlier in Monday`s session, the market had risen after President Donald Trump warned of dire consequences for Iran if it threatened the United States. "While oil prices were the primary beneficiary of the weekend`s headline battle between President Trump and Iranian President Rouhani, that boost started to fizzle as traders then veered to oversupply concerns," said Stephen Innes, head of trading for APAC at brokerage OANDA. Iran has been under increasing pressure from the United States, with Trump`s administration pushing countries to cut all imports of Iranian oil since November. Saudi Arabia and large producers are ramping up output to offset losses that are likely to come as the November deadline approaches. Meanwhile, US crude inventories at the delivery hub at Cushing, Oklahoma gained in the four days to Friday, according to information supplier Genscape, traders said. On a weekly basis, stockpiles at the hub were expected to fall for the 10th consecutive week, traders said. The market has also been dented by concerns about the impact on global economic growth and energy demand of escalating disputes over global trade. G20 finance leaders on the weekend voiced concern about the risk to global growth from trade tensions between the United States and China, among others. "The lingering trade war effects continue to raise global growth concerns that continue to dampen sentiment," Innes said.

The flagship BSE Sensex rallied to a fresh life-time high of 36,749.69 before settling at 36,718.60 -- its record closing level too -- on the back of strong gains in banking and FMCG stocks after the GST Council reduced rates on a number of products.&nbsp;

The 30-share index rose by 222.23 points or 0.61 per cent to end at a record high of 36,718.60 even as most of its Asian peers declined amid growing fears of trade and currency wars.&nbsp;

The Sensex opened higher at 36,501.05 and gathered momentum on massive buying to hit an all-time intra-day high of 36,749.69 as FMCG major ITC, Hindustan Unilever and Asian Paints rallied.&nbsp;

It bettered previous intra-day high of 36,747.87 hit on July 18. Also, it surpassed previous record closing of 36,548.41 reached on July 12.&nbsp;

Investor sentiment got a boost after the GST Council on Saturday cut rates on over 100 items, including footwear, refrigerator, washing machine and small screen TV, while exempting the widely demanded sanitary napkins from the levy. The revised tax rates will come into effect from July 27.

Trading sentiment was also upbeat after the no-confidence motion was comfortably defeated in the Lok Sabha on Friday, brokers said.

Also, the broad-based NSE Nifty closed 74.55 points, or 0.68 per cent,&nbsp;higher at 11,084.75, its highest closing since January 29 when it ended at 11,130.40. During intra-day, it moved between 11,093.40 and 11,010.95.

Foreign portfolio investors (FPIs) bought shares worth Rs 310.27 crore, while domestic institutional investors offloaded shares worth Rs 50.73 crore on Friday, provisional data showed.&nbsp;

The Nifty closed 74.55 points, or 0.68 per cent, higher at 11,084.75, its highest closing since January 29

The flagship BSE Sensex rallied to a fresh life-time high of 36,749.69 before settling at 36,718.60 -- its record closing level too -- on the back of strong gains in banking and FMCG stocks after the GST Council reduced rates on a number of products. The 30-share index rose by 222.23 points or 0.61 per cent to end at a record high of 36,718.60 even as most of its Asian peers declined amid growing fears of trade and currency wars. The Sensex opened higher at 36,501.05 and gathered momentum on massive buying to hit an all-time intra-day high of 36,749.69 as FMCG major ITC, Hindustan Unilever and Asian Paints rallied. It bettered previous intra-day high of 36,747.87 hit on July 18. Also, it surpassed previous record closing of 36,548.41 reached on July 12. Investor sentiment got a boost after the GST Council on Saturday cut rates on over 100 items, including footwear, refrigerator, washing machine and small screen TV, while exempting the widely demanded sanitary napkins from the levy. The revised tax rates will come into effect from July 27. Trading sentiment was also upbeat after the no-confidence motion was comfortably defeated in the Lok Sabha on Friday, brokers said. Also, the broad-based NSE Nifty closed 74.55 points, or 0.68 per cent, higher at 11,084.75, its highest closing since January 29 when it ended at 11,130.40. During intra-day, it moved between 11,093.40 and 11,010.95. Foreign portfolio investors (FPIs) bought shares worth Rs 310.27 crore, while domestic institutional investors offloaded shares worth Rs 50.73 crore on Friday, provisional data showed.

Sensex hits record high after GST council cuts rates

French IT services group Atos said it has agreed to buy US information technology group Syntel in a move to significantly expand its presence in North America.

Atos said in a statement yesterday that it would acquire Syntel for $41 per share which amounts to around $3.4 billion.

"This transaction is a major step in the strategy of Atos to reach a global scale," the French company said.

"In particular, the highly complementary portfolio, customer base, and geographic footprint of the combination between Atos and Syntel will significantly enhance our presence in North America," said chief executive Thierry Breton.

Syntel generated revenues of $924 million in 2017, of which 89 per cent was in North America.

Its operating margin -- underlying profits measured as a proportion of sales -- stood at 25 per cent.

It employs 23,000 engineers in 30 countries, with over 18,000 staff based in India.

Atos said the total cost benefits were estimated at $120 million per year.

"Strong portfolio and complementary customer base between the two companies will generate multiple cross-selling opportunities," it said.

Syntel's co-founder and co-chairman Bharat Desai said the tie-up "is a very exciting development for Syntel. The Syntel board is committed to maximizing shareholder value and believes that the agreement with Atos achieves that objective and delivers a win-win proposition to our customers and employees."&nbsp

Atos said in a statement yesterday that it would acquire Syntel for $41 per share which amounts to around $3.4 billion.

French IT services group Atos said it has agreed to buy US information technology group Syntel in a move to significantly expand its presence in North America. Atos said in a statement yesterday that it would acquire Syntel for $41 per share which amounts to around $3.4 billion. "This transaction is a major step in the strategy of Atos to reach a global scale," the French company said. "In particular, the highly complementary portfolio, customer base, and geographic footprint of the combination between Atos and Syntel will significantly enhance our presence in North America," said chief executive Thierry Breton. Syntel generated revenues of $924 million in 2017, of which 89 per cent was in North America. Its operating margin -- underlying profits measured as a proportion of sales -- stood at 25 per cent. It employs 23,000 engineers in 30 countries, with over 18,000 staff based in India. Atos said the total cost benefits were estimated at $120 million per year. "Strong portfolio and complementary customer base between the two companies will generate multiple cross-selling opportunities," it said. Syntel's co-founder and co-chairman Bharat Desai said the tie-up "is a very exciting development for Syntel. The Syntel board is committed to maximizing shareholder value and believes that the agreement with Atos achieves that objective and delivers a win-win proposition to our customers and employees."

French IT services group Atos to buy Syntel of US

In a move to promote financial savings among citizens, especially for the girl child, the Modi government has decided to reduce the minimum amount required to start a girl-child welfare scheme from Rs 1,000 to Rs 250.

According to the reports, investors can now buy the plan for just Rs 250 and ensure financial security for their girl-child under the Sukanya Samriddhi Yojana.&nbsp;

The minimum amount, Rs 250, can now be deposited each year as opposed to Rs 1,000. Investors can deposit as much as Rs 1.5 lakh in a financial year, PTI reported.&nbsp;

A Sukanya Samriddhi Yojana&nbsp;account can easily be opened at post office branch or any commercial banks. An investor can buy the scheme until the girl-child turn 10. The scheme remains valid for 21 years from the date of its commencement or until the girl gets married.&nbsp;

Investing in Sukanya Samriddhi&nbsp;Yojana&nbsp;also provides tax exemption. The invested amount, as well as the maturity amount, is fully tax exempted under section 80C of the Income Tax Act.

The amount invested in Sukanya Samriddhi&nbsp;Yojana&nbsp;can be pre-withdrawn only by the girl child who is the beneficiary of the scheme after she turns 18.

The withdrawal shall also be limited to 50 per cent of the balance at the end of the last financial year. The request for withdrawal will only be entertained if the amount requested for is to be used for the girl's higher education or for her marriage.&nbsp;

The scheme fetches an annual fixed interest of 8.1 per cent for the September quarter. The interest is calculated on a yearly basis and compounded annually.

The minimum amount, Rs 250, can now be deposited each year as opposed to Rs 1,000.

In a move to promote financial savings among citizens, especially for the girl child, the Modi government has decided to reduce the minimum amount required to start a girl-child welfare scheme from Rs 1,000 to Rs 250. According to the reports, investors can now buy the plan for just Rs 250 and ensure financial security for their girl-child under the Sukanya Samriddhi Yojana. The minimum amount, Rs 250, can now be deposited each year as opposed to Rs 1,000. Investors can deposit as much as Rs 1.5 lakh in a financial year, PTI reported. A Sukanya Samriddhi Yojana account can easily be opened at post office branch or any commercial banks. An investor can buy the scheme until the girl-child turn 10. The scheme remains valid for 21 years from the date of its commencement or until the girl gets married. Investing in Sukanya Samriddhi Yojana also provides tax exemption. The invested amount, as well as the maturity amount, is fully tax exempted under section 80C of the Income Tax Act. The amount invested in Sukanya Samriddhi Yojana can be pre-withdrawn only by the girl child who is the beneficiary of the scheme after she turns 18. The withdrawal shall also be limited to 50 per cent of the balance at the end of the last financial year. The request for withdrawal will only be entertained if the amount requested for is to be used for the girl's higher education or for her marriage. The scheme fetches an annual fixed interest of 8.1 per cent for the September quarter. The interest is calculated on a yearly basis and compounded annually.

Government lowers minimum annual deposit in Sukanya Samriddhi Yojana to Rs 250