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Gold fell by Rs 25 to Rs 31,090 per 10 gram in tandem with a weak global trend and muted demand from local jewellers.

Silver too shed Rs 115 to Rs 39,915 per kg on low offtake from industrial units and coin makers.

A weak overseas trend when metals' prices slid to seven-month lows as the dollar rose to a two-week peak, buoyed by safe-haven purchases in the ongoing US-China trade war, influenced the sentiment here.

Demand for the precious metals also waned on expectations of higher US interest rates.

Globally, gold fell 0.47 per cent to US $ 1,241 an ounce and silver by 0.88 per cent to&nbspUS $ 15.79 an ounce in New York yesterday.

Moreover, erosion in demand from local jewellers and retailers at domestic spot market fulled the downtrend, they said.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell by Rs 25 each to Rs 31,090 and Rs 30,940 per ten gram, respectively. It had lost Rs 535 in last four days.

Sovereign, however, held steady at Rs 24,800 per piece of eight gram.

In sync with gold, silver ready traded lower by Rs 115 to Rs 39,915 per kg and weekly-based delivery by Rs 220 to Rs 39,045 per kg.

Silver coins however held steady at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.

Gold fell by Rs 25 to Rs 31,090 per 10 gram in tandem with a weak global trend and muted demand from local jeweller

Gold fell by Rs 25 to Rs 31,090 per 10 gram in tandem with a weak global trend and muted demand from local jewellers. Silver too shed Rs 115 to Rs 39,915 per kg on low offtake from industrial units and coin makers. A weak overseas trend when metals' prices slid to seven-month lows as the dollar rose to a two-week peak, buoyed by safe-haven purchases in the ongoing US-China trade war, influenced the sentiment here. Demand for the precious metals also waned on expectations of higher US interest rates. Globally, gold fell 0.47 per cent to US $ 1,241 an ounce and silver by 0.88 per cent to&nbspUS $ 15.79 an ounce in New York yesterday. Moreover, erosion in demand from local jewellers and retailers at domestic spot market fulled the downtrend, they said. In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell by Rs 25 each to Rs 31,090 and Rs 30,940 per ten gram, respectively. It had lost Rs 535 in last four days. Sovereign, however, held steady at Rs 24,800 per piece of eight gram. In sync with gold, silver ready traded lower by Rs 115 to Rs 39,915 per kg and weekly-based delivery by Rs 220 to Rs 39,045 per kg. Silver coins however held steady at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.

Gold drops on sluggish demand, weak global cues

India’s capital market regulator has proposed amendments to tighten laws governing auditors and other third-party individuals hired by listed companies for auditing financial results, among other things.

The Kotak Committee, formed to come up with proposals for improving corporate governance, last year recommended that the Securities and Exchange Board of India (SEBI) should have clear powers to act against auditors and other third-party individuals or firms with statutory duties under the securities law.

Auditing lapses have caused several frauds to go unnoticed for years and the capital market regulator has had no direct control on the auditing firms.

SEBI has proposed giving the board of directors of the company the authority to take appropriate action after conducting an investigation against the individual or firm that violates any regulations or submits a false certificate or report.

The proposed changes come months after Punjab National Bank, India’s second largest state-run lender, stunned markets after uncovering a $2 billion loan fraud that had gone undetected for years.

Merchant bankers, credit rating agencies, custodians, among others, are registered and regulated by SEBI but chartered accountants, company secretaries, valuers and monitoring agencies do not come under any direct regulators.

The amendments would mean auditors must ensure certificates or reports issued by them are true in all material respects and they must exercise all due care, skill and diligence with respect to all processes involved in issuance of the report or certificate.

The auditors would be responsible to report in writing to the audit committee of the listed company or the compliance officer on any violation of the securities law they noticed.

In January, SEBI barred Price Waterhouse from auditing listed companies in India for two years after an investigation into a nearly decade-old accounting fraud case in a software services company that became India’s biggest corporate scandal.

SEBI has sought feedback and comments on the draft regulations over the next 30 days.

SEBI has proposed giving the board of directors of the company the authority to take appropriate action after conducting an investigation against the individual or firm that violates any regulations or submits a false certificate or report

India’s capital market regulator has proposed amendments to tighten laws governing auditors and other third-party individuals hired by listed companies for auditing financial results, among other things. The Kotak Committee, formed to come up with proposals for improving corporate governance, last year recommended that the Securities and Exchange Board of India (SEBI) should have clear powers to act against auditors and other third-party individuals or firms with statutory duties under the securities law. Auditing lapses have caused several frauds to go unnoticed for years and the capital market regulator has had no direct control on the auditing firms. SEBI has proposed giving the board of directors of the company the authority to take appropriate action after conducting an investigation against the individual or firm that violates any regulations or submits a false certificate or report. The proposed changes come months after Punjab National Bank, India’s second largest state-run lender, stunned markets after uncovering a $2 billion loan fraud that had gone undetected for years. Merchant bankers, credit rating agencies, custodians, among others, are registered and regulated by SEBI but chartered accountants, company secretaries, valuers and monitoring agencies do not come under any direct regulators. The amendments would mean auditors must ensure certificates or reports issued by them are true in all material respects and they must exercise all due care, skill and diligence with respect to all processes involved in issuance of the report or certificate. The auditors would be responsible to report in writing to the audit committee of the listed company or the compliance officer on any violation of the securities law they noticed. In January, SEBI barred Price Waterhouse from auditing listed companies in India for two years after an investigation into a nearly decade-old accounting fraud case in a software services company that became India’s biggest corporate scandal. SEBI has sought feedback and comments on the draft regulations over the next 30 days.

SEBI proposes tighter rules for auditors, valuers

Rising for the third day, the rupee appreciated by 23 paise to trade at a three-week high of 68.32 against the US dollar today amid easing food prices, and continued selling of the greenback by banks and exporters.

Forex dealers said besides sustained selling of the American currency by exporters as well as banks, a higher opening in the domestic equity market supported the rupee.

The US dollar strengthened on hopes that US inflation will pick up. However, concerns about rising US-China trade tensions capped the American currency's gains.&nbsp;

According to two sets of official data released yesterday, industrial production slipped to a seven-month low of 3.2 per cent in May due to sluggish performance of manufacturing and power sectors, while retail inflation continued to remain firm in June on costlier fuel.

Retail inflation spiked to a five-month high of 5 per cent in June on costlier fuel, despite easing food prices, reducing the possibility of an interest rate cut by the Reserve Bank in its upcoming monetary policy review.

Yesterday, the local currency had edged up by 20 paise to end at a one-week high of 68.57 against the US dollar buoyed by a steep fall in crude prices and a strong rally in equity markets.

Meanwhile, the benchmark BSE Sensex was up 112.10 points, or 0.31 per cent, at 36,660.51 in early trade.&nbsp;

Forex dealers said besides sustained selling of the American currency by exporters as well as banks, a higher opening in the domestic equity market supported the rupee

Rising for the third day, the rupee appreciated by 23 paise to trade at a three-week high of 68.32 against the US dollar today amid easing food prices, and continued selling of the greenback by banks and exporters. Forex dealers said besides sustained selling of the American currency by exporters as well as banks, a higher opening in the domestic equity market supported the rupee. The US dollar strengthened on hopes that US inflation will pick up. However, concerns about rising US-China trade tensions capped the American currency's gains. According to two sets of official data released yesterday, industrial production slipped to a seven-month low of 3.2 per cent in May due to sluggish performance of manufacturing and power sectors, while retail inflation continued to remain firm in June on costlier fuel. Retail inflation spiked to a five-month high of 5 per cent in June on costlier fuel, despite easing food prices, reducing the possibility of an interest rate cut by the Reserve Bank in its upcoming monetary policy review. Yesterday, the local currency had edged up by 20 paise to end at a one-week high of 68.57 against the US dollar buoyed by a steep fall in crude prices and a strong rally in equity markets. Meanwhile, the benchmark BSE Sensex was up 112.10 points, or 0.31 per cent, at 36,660.51 in early trade.

Rupee rises 25 paise to hit a 3-week high against US dollar

The BSE Sensex hit a fresh record high of 36,740.07 points in opening session today driven by smart gains in Infosys, Coal India and Wipro, despite weak macroeconomic data released yesterday.

In addition, firm Asian cues and a strengthening rupee against the dollar supported the rally.

Rising for the sixth day, the 30-share index spurted 191.66 points, or 0.52 per cent, to hit a new peak of 36,740.07.

The gauge gained 973.86 points in the previous five sessions to close at a record high at 36,548.41 in yesterday.

Sectoral indices, led by IT, metal, tech, oil & gas and consumer durables were trading in the positive zone with up to one per cent gains.

The 50-share NSE Nifty rose 48.15 points, or 0.43 per cent, to 11,071.35.

Shares of Infosys gained over 1.42 per cent ahead of first quarter results, scheduled to be released later in the day.

Among other gainers, Wipro, Coal India, L&T, RIL, Maruti Suzuki, Kotak Bank, TCS, Adani Ports, HDFC Bank, M&M, Tata Motors, IndusInd Bank, Tata Steel and Asian Paints rose up to 3.20 per cent.

Public sector bank stocks took a beating after weak Index of Industrial Production (IIP) and inflation data.

Bank of Baroda, Punjab National Bank, State Bank of India, Federal Bank were to top losers in the BSE Bankex, falling up to 4 per cent.

According to two sets of official data released yesterday, retail inflation spiked to a five-month high of 5 per cent in June on costlier fuel, despite easing food prices, reducing the possibility of an interest rate cut by the

Reserve Bank in its upcoming monetary policy review.

Industrial production slipped to a seven-month low of 3.2 per cent in May due to sluggish performance of manufacturing and power sectors, while retail inflation continued to remain firm in June on costlier fuel.

Continuous buying by domestic institutional investors (DIIs), amid optimism over Q1 earnings and firming trend in other Asian markets following positive leads from Wall Street, buoyed market sentiment here, traders said.

DIIs bought shares worth a net of Rs 366.40 crore, while foreign portfolio investors (FPIs) sold shares worth a net of Rs 742.63 crore yesterday, provisional exchange data showed.

Rising for the sixth day, the 30-share index spurted 191.66 points, or 0.52 per cent, to hit a new peak of 36,740.07

The BSE Sensex hit a fresh record high of 36,740.07 points in opening session today driven by smart gains in Infosys, Coal India and Wipro, despite weak macroeconomic data released yesterday. In addition, firm Asian cues and a strengthening rupee against the dollar supported the rally. Rising for the sixth day, the 30-share index spurted 191.66 points, or 0.52 per cent, to hit a new peak of 36,740.07. The gauge gained 973.86 points in the previous five sessions to close at a record high at 36,548.41 in yesterday. Sectoral indices, led by IT, metal, tech, oil & gas and consumer durables were trading in the positive zone with up to one per cent gains. The 50-share NSE Nifty rose 48.15 points, or 0.43 per cent, to 11,071.35. Shares of Infosys gained over 1.42 per cent ahead of first quarter results, scheduled to be released later in the day. Among other gainers, Wipro, Coal India, L&T, RIL, Maruti Suzuki, Kotak Bank, TCS, Adani Ports, HDFC Bank, M&M, Tata Motors, IndusInd Bank, Tata Steel and Asian Paints rose up to 3.20 per cent. Public sector bank stocks took a beating after weak Index of Industrial Production (IIP) and inflation data. Bank of Baroda, Punjab National Bank, State Bank of India, Federal Bank were to top losers in the BSE Bankex, falling up to 4 per cent. According to two sets of official data released yesterday, retail inflation spiked to a five-month high of 5 per cent in June on costlier fuel, despite easing food prices, reducing the possibility of an interest rate cut by the Reserve Bank in its upcoming monetary policy review. Industrial production slipped to a seven-month low of 3.2 per cent in May due to sluggish performance of manufacturing and power sectors, while retail inflation continued to remain firm in June on costlier fuel. Continuous buying by domestic institutional investors (DIIs), amid optimism over Q1 earnings and firming trend in other Asian markets following positive leads from Wall Street, buoyed market sentiment here, traders said. DIIs bought shares worth a net of Rs 366.40 crore, while foreign portfolio investors (FPIs) sold shares worth a net of Rs 742.63 crore yesterday, provisional exchange data showed.

Sensex hits a fresh record high on firm global cues

The global personal computer market grew for the first time in six years in the second quarter of 2018, driven by upgrades in the business segment, a market tracker said Thursday.

The research firm Gartner reported that worldwide PC shipments rose 1.4 per cent in the past quarter to 62.1 million units, but said it remains unclear if the sector is seeing a sustainable recovery.

PC sales have been sluggish in recent years as many consumers turn to mobile devices such as smartphones and tablets, and hold onto their bulkier devices for longer.

Gartner said much of the growth appears to be from businesses upgrading their PCs to Windows 10.

"PC shipment growth in the second quarter of 2018 was driven by demand in the business market, which was offset by declining shipments in the consumer segment," said Mikako Kitagawa, analyst at Gartner.&nbsp

"In the consumer space, the fundamental market structure, due to changes in PC user behaviour, still remains, and continues to impact market growth. Consumers are using their smartphones for even more daily tasks, such as checking social media, calendaring, banking and shopping, which is reducing the need for a consumer PC."

The analyst said the PC market may falter in the next two years when the replacement peak for Windows 10 passes.

The report said China's Lenovo and US-based HP were in a virtual tie for the number one spot in the PC market, each with a 21.9 per cent share, followed by Dell with 16.8 per cent and Apple with 7.1 per cent.

Meanwhile, another study published Thursday by market intelligence firm IDC also reported market growth.

According to IDC, the number of desktop, notebook and workstation computers sold in the second quarter reached 62.3 million units -- up 2.7 per cent year-on-year. That exceeded the firm's forecasts of just 0.3 per cent growth.

The gain is the most significant since the first quarter of 2012, which saw a rise of 4.2 per cent, the firm said.

The gain is the most significant since the first quarter of 2012, which saw a rise of 4.2 per cent, the firm said.

The global personal computer market grew for the first time in six years in the second quarter of 2018, driven by upgrades in the business segment, a market tracker said Thursday. The research firm Gartner reported that worldwide PC shipments rose 1.4 per cent in the past quarter to 62.1 million units, but said it remains unclear if the sector is seeing a sustainable recovery. PC sales have been sluggish in recent years as many consumers turn to mobile devices such as smartphones and tablets, and hold onto their bulkier devices for longer. Gartner said much of the growth appears to be from businesses upgrading their PCs to Windows 10. "PC shipment growth in the second quarter of 2018 was driven by demand in the business market, which was offset by declining shipments in the consumer segment," said Mikako Kitagawa, analyst at Gartner. "In the consumer space, the fundamental market structure, due to changes in PC user behaviour, still remains, and continues to impact market growth. Consumers are using their smartphones for even more daily tasks, such as checking social media, calendaring, banking and shopping, which is reducing the need for a consumer PC." The analyst said the PC market may falter in the next two years when the replacement peak for Windows 10 passes. The report said China's Lenovo and US-based HP were in a virtual tie for the number one spot in the PC market, each with a 21.9 per cent share, followed by Dell with 16.8 per cent and Apple with 7.1 per cent. Meanwhile, another study published Thursday by market intelligence firm IDC also reported market growth. According to IDC, the number of desktop, notebook and workstation computers sold in the second quarter reached 62.3 million units -- up 2.7 per cent year-on-year. That exceeded the firm's forecasts of just 0.3 per cent growth. The gain is the most significant since the first quarter of 2012, which saw a rise of 4.2 per cent, the firm said.

Global PC market grows for first time in 6 years: Survey

The Board of Directors of Fortis Healthcare Limited has accepted the investment proposal by Malaysia’s IHH Healthcare Berhad to invest Rs 4,000 crores at a price Rs 170 per share. &nbsp;

The cash-strapped Fortis said IHH will invest Rs 40 billion at Rs 170 per share in the company that operates about 30 private hospitals in the country. The offer is at a 19.5 per cent premium to Fortis' closing price on Thursday.

The other bidder for Fortis was the consortium of Manipal Hospitals and TPG.&nbsp;

The development comes a little more than a year after IHH pulled out of bilateral negotiations with the then promoters Malvinder and Shivinder Singh.

The investment will also address the liquidity concerns of India’s second-largest hospital chain, Fortis said in a statement on Friday morning.&nbsp;

The IHH said in a separate statement it expects the deal to be completed in the fourth quarter and does not expect it to have any material effect on profits for the fiscal year ending Dec 31.

IHH is present across 9 countries through 49 hospitals and more than 10,000 licensed beds&nbsp;

The other bidder for Fortis was the consortium of Manipal Hospitals and TPG.

The Board of Directors of Fortis Healthcare Limited has accepted the investment proposal by Malaysia’s IHH Healthcare Berhad to invest Rs 4,000 crores at a price Rs 170 per share. The cash-strapped Fortis said IHH will invest Rs 40 billion at Rs 170 per share in the company that operates about 30 private hospitals in the country. The offer is at a 19.5 per cent premium to Fortis' closing price on Thursday. The other bidder for Fortis was the consortium of Manipal Hospitals and TPG. The development comes a little more than a year after IHH pulled out of bilateral negotiations with the then promoters Malvinder and Shivinder Singh. The investment will also address the liquidity concerns of India’s second-largest hospital chain, Fortis said in a statement on Friday morning. The IHH said in a separate statement it expects the deal to be completed in the fourth quarter and does not expect it to have any material effect on profits for the fiscal year ending Dec 31. IHH is present across 9 countries through 49 hospitals and more than 10,000 licensed beds

Fortis accepts Malaysia’s IHH Healthcare's Rs 4,000 crore investment

The country's second-largest software services major Infosys today reported 3.7 per cent growth in consolidated net profit at Rs 3,612 crore for the quarter ended on June 30, 2018, compared to a net profit of Rs 3,483 crore in the year-ago period.

Revenues from operations of the Bengaluru-based firm grew 12 per cent to Rs 19,128 crore in the April-June quarter compared to Rs 17,078 crore in the year-ago period, Infosys said in a BSE filing.

Infosys board has approved the issuance of one free share for every share held (that is a 1:1 bonus issue).&nbsp;

"The Board in its meeting...Has considered, approved and recommended a bonus issue of one equity share for every equity share held and a stock dividend of one American Depositary Share (ADS) for every ADS held, as on a record date to be determined," the company said in the regulatory filing.

Infosys has maintained revenue growth outlook at 6-8 per cent in constant currency for fiscal 2019. It had also maintained FY 2018-19 operating margin guidance in the range of 22-24 per cent.

"The strong revenue and margin performance in this quarter show that our dual emphasis on agile digital and AI (artificial intelligence) driven core services is resonating with our clients? Salil Parekh, CEO and MD of the company said.

He added the company sees "good traction in the market".&nbsp;

The results were announced after the market hours. Infosys shares closed 1.12 per cent higher at Rs 1,309.1 apiece on BSE.

The company had said in April that it will pay up to Rs 13,000 crore to shareholders including Rs 2,600 crore through a special dividend, as the company looked to meet shareholder demands for higher returns. Infosys had also then said that it will continue with its policy of returning up to 70 per cent of its free cash.

Infosys' scorecard came just days after India's largest software exporter TCS posting a 23.4 per cent rise in consolidated net profit to Rs 7,340 crore for June quarter, delivering what analysts said were street-beating results.&nbsp;

The Tata Group company saw its income from operations growing at 15.8 per cent to Rs 34,261 crore for the first three months of the current financial year, registering strong growth on all counts.&nbsp;

Revenues from operations of the Bengaluru-based firm grew 12 per cent to Rs 19,128 crore in the April-June quarter compared to Rs 17,078 crore in the year-ago period, Infosys said in a BSE filing

The country's second-largest software services major Infosys today reported 3.7 per cent growth in consolidated net profit at Rs 3,612 crore for the quarter ended on June 30, 2018, compared to a net profit of Rs 3,483 crore in the year-ago period. Revenues from operations of the Bengaluru-based firm grew 12 per cent to Rs 19,128 crore in the April-June quarter compared to Rs 17,078 crore in the year-ago period, Infosys said in a BSE filing. Infosys board has approved the issuance of one free share for every share held (that is a 1:1 bonus issue). "The Board in its meeting...Has considered, approved and recommended a bonus issue of one equity share for every equity share held and a stock dividend of one American Depositary Share (ADS) for every ADS held, as on a record date to be determined," the company said in the regulatory filing. Infosys has maintained revenue growth outlook at 6-8 per cent in constant currency for fiscal 2019. It had also maintained FY 2018-19 operating margin guidance in the range of 22-24 per cent. "The strong revenue and margin performance in this quarter show that our dual emphasis on agile digital and AI (artificial intelligence) driven core services is resonating with our clients? Salil Parekh, CEO and MD of the company said. He added the company sees "good traction in the market". The results were announced after the market hours. Infosys shares closed 1.12 per cent higher at Rs 1,309.1 apiece on BSE. The company had said in April that it will pay up to Rs 13,000 crore to shareholders including Rs 2,600 crore through a special dividend, as the company looked to meet shareholder demands for higher returns. Infosys had also then said that it will continue with its policy of returning up to 70 per cent of its free cash. Infosys' scorecard came just days after India's largest software exporter TCS posting a 23.4 per cent rise in consolidated net profit to Rs 7,340 crore for June quarter, delivering what analysts said were street-beating results. The Tata Group company saw its income from operations growing at 15.8 per cent to Rs 34,261 crore for the first three months of the current financial year, registering strong growth on all counts.

Infosys Q1 net profit up 3.7% to Rs 3,612 crore; announces 1:1 bonus issue

China is preparing to give swift regulatory approvals to India-manufactured drugs, the head of an Indian export promotion group said, as Beijing looks for new commercial partners ahead of what could be a protracted trade war with the United States.

Indian firms are looking to fill gaps in Chinese demand for generic drugs, software, sugar and some varieties of rice, trade officials in New Delhi said.

"We do feel that China is receptive at this time and it's all about making prices competitive," said a government official involved in the effort to promote trade with China. The official declined to be identified since he is not authorised to speak to the media.

No concrete deals have been signed but the outlook for&nbsppharmaceutical sales from India is positive, according to officials from both nations.

India dominates the world's generic drugs market, exporting $17.3 billion of drugs in the 2017/18 (April-March) year, including to the United States and the EU. But only 1 percent of that went to China, the world's second-largest market for&nbsppharmaceuticals, industry data shows.

Dinesh Dua, chairman of the&nbspPharmaceuticals Export Promotion Council (Pharmexcil), which falls under India's trade ministry, told Reuters in an interview that Indian firms could expect to win licences to export to China within six months of application.

"We understand internally that Chinese authorities have issued instructions that EU-approved Indian suppliers should be granted the industrial drug licence in an expeditious manner so they can enter the Chinese market within six months," Dua said.

Many Indian drug-makers are already selling to the European Union. The EU is already one of India's key export markets for medicines, and accounted for about 15 percent of overall drug exports in 2016/17, according to Pharmexcil.

Swift regulatory approvals in China would allow Indian companies to boost revenue at a time when pricing scrutiny and regulatory troubles have hurt U.S. sales.

Some of India's largest drugmakers, Sun&nbspPharmaceutical Industries and Lupin Ltd as well as Aurobindo&nbspPharma&nbspLtd, have been trying for years to expand in the massive Chinese market, which is second only to the United States.

Details of Chinese moves to open up its heavily regulated&nbsppharmaceuticals sector have not been previously reported.

The China Food and Drug Administration (CFDA) did not respond to a Reuters' request for comment.

But Chinese Foreign Ministry spokeswoman Hua Chunying said this week that China was moving forward on giving greater market access to Indian drug makers.

"China and India are witnessing a growth in&nbsppharmaceutical trade, and the two sides are in sound communication on opening the Chinese market to drugs from India and conducting dialogue and co-operation between the two sides'&nbsppharmaceutical industries," Hua told a regular news conference on Monday.

"The relevant departments have formulated specific measures on promoting China-India&nbsppharmaceutical trade cooperation and granting greater access to drugs from India. We believe that stronger&nbsppharmaceutical trade co-operation will contribute to the well being of the people in our two countries."

Pending Clearance

In May, China exempted import tariffs on 28 drugs, including all cancer drugs, a move that would help India reduce its trade imbalance with China, Luo Zhaohui, the Chinese ambassador to India said.

China has been touting greater access to cancer drugs and pushing to lower prices in a bid to soothe a major social issue in the country, where traditionally many patients with serious illness have had to pay out of their pocket for cutting-edge drugs or have had to buy medicines through unapproved grey market channels.

China also lags far behind in terms of drug approvals versus developed markets.

The issue was highlighted in a recent film that went viral in China which echoed the U.S. “Dallas Buyers Club” about a Chinese cancer patient who had helped others getting unapproved cancer drugs at lower prices shipped in from India.

About 250 product applications from Indian drug firms are pending before the CFDA, some of them for years, an Indian trade ministry official said.

Bilateral trade between the two Asian nations touched $89.6 billion in 2017/18 with the trade deficit widening to $62.9 billion in China's favour, an over nine-fold increase over the last decade.

The two sides are discussing ways to increase Indian sales of farm products, including sugar and some varieties of rice, to China.

India is also trying to persuade China to give access to its cost-competitive software service firms that have dominated global markets. Some of these firms are pitching for 'smart' manufacturing projects in the central city of Wuhan and two other provinces in the healthcare and automotive sector.

But it is in the drugs sector that India is hoping to make the first dent, according to officials and a government document.

China has agreed to train Indian&nbsppharmaceutical executives to help them gain a swifter entry into the Chinese market, a government document seen by Reuters on efforts to improve trade with China showed. The training is planned for next month.

India's Pharmexcil and the China Chamber of Commerce for Import and Export of Medicines and Health Products will shortly sign an agreement to ease clearance processes and help Indian companies find Chinese partners, according to the document.

Dua and the Indian trade ministry official said China will soon open a desk at its embassy in New Delhi to facilitate Indian drug makers.

&nbsp

China is preparing to give swift regulatory approvals to India-manufactured drugs, the head of an Indian export promotion group said, as Beijing looks for new commercial partners ahead of what could be a protracted trade war with the United States

China is preparing to give swift regulatory approvals to India-manufactured drugs, the head of an Indian export promotion group said, as Beijing looks for new commercial partners ahead of what could be a protracted trade war with the United States. Indian firms are looking to fill gaps in Chinese demand for generic drugs, software, sugar and some varieties of rice, trade officials in New Delhi said. "We do feel that China is receptive at this time and it's all about making prices competitive," said a government official involved in the effort to promote trade with China. The official declined to be identified since he is not authorised to speak to the media. No concrete deals have been signed but the outlook for&nbsppharmaceutical sales from India is positive, according to officials from both nations. India dominates the world's generic drugs market, exporting $17.3 billion of drugs in the 2017/18 (April-March) year, including to the United States and the EU. But only 1 percent of that went to China, the world's second-largest market for&nbsppharmaceuticals, industry data shows. Dinesh Dua, chairman of the&nbspPharmaceuticals Export Promotion Council (Pharmexcil), which falls under India's trade ministry, told Reuters in an interview that Indian firms could expect to win licences to export to China within six months of application. "We understand internally that Chinese authorities have issued instructions that EU-approved Indian suppliers should be granted the industrial drug licence in an expeditious manner so they can enter the Chinese market within six months," Dua said. Many Indian drug-makers are already selling to the European Union. The EU is already one of India's key export markets for medicines, and accounted for about 15 percent of overall drug exports in 2016/17, according to Pharmexcil. Swift regulatory approvals in China would allow Indian companies to boost revenue at a time when pricing scrutiny and regulatory troubles have hurt U.S. sales. Some of India's largest drugmakers, Sun&nbspPharmaceutical Industries and Lupin Ltd as well as Aurobindo&nbspPharma&nbspLtd, have been trying for years to expand in the massive Chinese market, which is second only to the United States. Details of Chinese moves to open up its heavily regulated&nbsppharmaceuticals sector have not been previously reported. The China Food and Drug Administration (CFDA) did not respond to a Reuters' request for comment. But Chinese Foreign Ministry spokeswoman Hua Chunying said this week that China was moving forward on giving greater market access to Indian drug makers. "China and India are witnessing a growth in&nbsppharmaceutical trade, and the two sides are in sound communication on opening the Chinese market to drugs from India and conducting dialogue and co-operation between the two sides'&nbsppharmaceutical industries," Hua told a regular news conference on Monday. "The relevant departments have formulated specific measures on promoting China-India&nbsppharmaceutical trade cooperation and granting greater access to drugs from India. We believe that stronger&nbsppharmaceutical trade co-operation will contribute to the well being of the people in our two countries." Pending Clearance In May, China exempted import tariffs on 28 drugs, including all cancer drugs, a move that would help India reduce its trade imbalance with China, Luo Zhaohui, the Chinese ambassador to India said. China has been touting greater access to cancer drugs and pushing to lower prices in a bid to soothe a major social issue in the country, where traditionally many patients with serious illness have had to pay out of their pocket for cutting-edge drugs or have had to buy medicines through unapproved grey market channels. China also lags far behind in terms of drug approvals versus developed markets. The issue was highlighted in a recent film that went viral in China which echoed the U.S. “Dallas Buyers Club” about a Chinese cancer patient who had helped others getting unapproved cancer drugs at lower prices shipped in from India. About 250 product applications from Indian drug firms are pending before the CFDA, some of them for years, an Indian trade ministry official said. Bilateral trade between the two Asian nations touched $89.6 billion in 2017/18 with the trade deficit widening to $62.9 billion in China's favour, an over nine-fold increase over the last decade. The two sides are discussing ways to increase Indian sales of farm products, including sugar and some varieties of rice, to China. India is also trying to persuade China to give access to its cost-competitive software service firms that have dominated global markets. Some of these firms are pitching for 'smart' manufacturing projects in the central city of Wuhan and two other provinces in the healthcare and automotive sector. But it is in the drugs sector that India is hoping to make the first dent, according to officials and a government document. China has agreed to train Indian&nbsppharmaceutical executives to help them gain a swifter entry into the Chinese market, a government document seen by Reuters on efforts to improve trade with China showed. The training is planned for next month. India's Pharmexcil and the China Chamber of Commerce for Import and Export of Medicines and Health Products will shortly sign an agreement to ease clearance processes and help Indian companies find Chinese partners, according to the document. Dua and the Indian trade ministry official said China will soon open a desk at its embassy in New Delhi to facilitate Indian drug makers.

With US trade under a cloud, China opens to Indian pharma

The BSE Sensex retreated from record high to end flat at 36,541.63 today in volatile trade as investors booked profit in recent gainers despite firm global cues.

Disappointing macroeconomic data and unabated capital outflows by foreign funds too added to the weak trend, brokers said.

The BSE Sensex, after a better start at 36,635.14, advanced to hit a life time high of 36,740.07 amid positive cues from other Asian bourses.

However, emergence of selling at every rise wiped off initial gains completely and the index finally settled 6.78 points, or 0.02 per cent lower at 36,541.63.

The index had gained 282.48 points yesterday and closed at a record high of 36,283.25 after crude oil prices posted their biggest one-day drop in two years and robust start of the earnings season.

The broader NSE Nifty moved between 11,071.35 and 10,999.75 before ending 4.30 points, or 0.04 per cent down at 11,018.90.

Caution crept as profit-booking was witnessed in most sectors as investors reacted to key macro data release, which came post market hours yesterday.

The Consumer Price Index (CPI) inflation rose to a five-month high of five per cent in June, while the Index of Industrial Production (IIP) slowed to a seven-month low of 3.2 per cent in May.

Infrastructure, realty, PSU, FMCG, Power, Capital Goods, Healthcare, Banks, Metal, Auto and Oil & Gas saw profit-booking.

Notable losers were ONGC, Axis Bank, ITC, SBI, ICICI Bank, NTPC, Hero Motocorp, Sun Pharma and Bharti Airtel ended the negative zone, falling up to 2.80 per cent.

However, Reliance Industries remained in limelight ended higher 1.34 per cent after company today surged past Rs 7 lakh crore mark, making it the second company after TCS to achieve this milestone.

RIL's market capitalisation (m-cap) rose to Rs 7,01,404 crore (over USD 102 billion).

Other gainers were Coal India, Maruti Suzuki, Bajaj Auto, Kotak Bank, Asian paints, Wipro, HDFC Bank, TCS, HDFC Ltd, Yes Bank, Tata Steel and Adani Ports ended the positive zone.

It was the second week of gains in a row for the markets. The Sensex recorded a significant rise of 883.77 points, or 2.48 per cent, while the Nifty gained 246.25 points, or 2.29 per cent, in the week.

Foreign portfolio investors (FPIs) sold shares worth a net of Rs 742.63 crore, while DIIs bought shares worth a net of Rs 366.40 crore yesterday, provisional exchange data showed.

The BSE Sensex retreated from record high to end flat at 36,541.63 today in volatile trade as investors booked profit in recent gainers despite firm global cues

The BSE Sensex retreated from record high to end flat at 36,541.63 today in volatile trade as investors booked profit in recent gainers despite firm global cues. Disappointing macroeconomic data and unabated capital outflows by foreign funds too added to the weak trend, brokers said. The BSE Sensex, after a better start at 36,635.14, advanced to hit a life time high of 36,740.07 amid positive cues from other Asian bourses. However, emergence of selling at every rise wiped off initial gains completely and the index finally settled 6.78 points, or 0.02 per cent lower at 36,541.63. The index had gained 282.48 points yesterday and closed at a record high of 36,283.25 after crude oil prices posted their biggest one-day drop in two years and robust start of the earnings season. The broader NSE Nifty moved between 11,071.35 and 10,999.75 before ending 4.30 points, or 0.04 per cent down at 11,018.90. Caution crept as profit-booking was witnessed in most sectors as investors reacted to key macro data release, which came post market hours yesterday. The Consumer Price Index (CPI) inflation rose to a five-month high of five per cent in June, while the Index of Industrial Production (IIP) slowed to a seven-month low of 3.2 per cent in May. Infrastructure, realty, PSU, FMCG, Power, Capital Goods, Healthcare, Banks, Metal, Auto and Oil & Gas saw profit-booking. Notable losers were ONGC, Axis Bank, ITC, SBI, ICICI Bank, NTPC, Hero Motocorp, Sun Pharma and Bharti Airtel ended the negative zone, falling up to 2.80 per cent. However, Reliance Industries remained in limelight ended higher 1.34 per cent after company today surged past Rs 7 lakh crore mark, making it the second company after TCS to achieve this milestone. RIL's market capitalisation (m-cap) rose to Rs 7,01,404 crore (over USD 102 billion). Other gainers were Coal India, Maruti Suzuki, Bajaj Auto, Kotak Bank, Asian paints, Wipro, HDFC Bank, TCS, HDFC Ltd, Yes Bank, Tata Steel and Adani Ports ended the positive zone. It was the second week of gains in a row for the markets. The Sensex recorded a significant rise of 883.77 points, or 2.48 per cent, while the Nifty gained 246.25 points, or 2.29 per cent, in the week. Foreign portfolio investors (FPIs) sold shares worth a net of Rs 742.63 crore, while DIIs bought shares worth a net of Rs 366.40 crore yesterday, provisional exchange data showed.

Sensex slips from record on profit-booking

U.S. crude oil exports to India hit a record in June and so far this year are almost double last year`s total as the Asian nation`s refiners move to replace supplies from Iran and Venezuela in a win for the Trump administration.

U.S. President Donald Trump`s administration has been pressuring its allies to cut imports of Iranian goods to zero by November and India`s shift advances the U.S. administration efforts to use energy to further its political goals.

The United States has become a major crude exporter, sending 1.76 million barrels per day (bpd) abroad in April, according to the latest government figures.

All told, producers and traders in the United States will send more than 15 million barrels of U.S. crude to India this year through July, compared with 8 million barrels in all of 2017.

The exports to India could go higher if China imposes levies on its U.S. oil imports over the latest round of U.S. tariffs, which could damp Chinese purchases and lead U.S. crude prices lower.

A. K. Sharma, head of finance at Indian Oil Corp, the country`s top refiner, said U.S. crude is gaining appeal because of its lower cost, and could expand further if China cuts its imports of U.S. energy.

"If China levies a tariff on U.S. oil then U.S. imports to India will probably rise," he said. "We are looking for a mini-term deal to buy three to four cargoes of U.S. oil over a period of three to six months instead of buying single cargoes."

OPPORTUNITY FOR U.S.

Last month, India`s oil ministry asked refiners to prepare to limit imports of Iranian oil ahead of U.S. sanctions that take effect in November.

The United States is reimposing sanctions after withdrawing from a 2015 agreement with Iran, Russia, China and several Western European countries where Iran agreed to curtail its nuclear activities in return for the lifting of earlier sanctions.

Venezuelan crude shipments to the Asian country also fell 21 percent in the first half of this year as production has been hampered by inadequate investment, mismanagement and U.S. sanctions. 
Adding to its exports crisis, the U.S. has been increasing sanctions on various Venezuelan nationals and companies, part of a campaign to pressure socialist President Nicolas Maduro to make political and market reforms.

Iran and Venezuela are among India`s top five oil suppliers.

Last month, India`s imports of Iranian crude fell by 16 percent from May, paring sharp year-over-year increases during the first half of this year. 
The Trump administration plans to send a delegation in the coming months to India to discuss Iran sanctions and oil issues.

"Our focus is to work with those countries importing Iranian crude to get as many of them as possible down to zero by Nov. 4," a U.S. State Department official said.

The world`s fourth largest refiner by capacity is "cutting back on Iranian crude imports," said Reid l`Anson, an analyst at cargo tracking firm Kpler. "That`s an opportunity for U.S. producers to sell into the Indian market. Indian demand is quite robust."

Reuters` vessel tracking data show three of the eight tankers charted by Swiss and Chinese traders and sent to India in recent weeks were destined for a port near Reliance Industries Ltd`s Jamnagar refinery, the world`s largest. Three others are headed for undisclosed ports on India`s west coast from the U.S. Gulf Coast.

Reliance did not respond to a request for comment.

Swiss trader Vitol SA and Chinese oil companies including PetroChina last month lifted four vessels carrying 6.83 million barrels combined to western India, according to Thomson Reuters trade flow data.

June`s 228,000 bpd of U.S. exports to India are more than double the previous export record of 98,000 bpd last September, according to U.S. Energy Information Administration data.

The FPMC C Melody, a very large crude carrier (VLCC), is scheduled to arrive next month at Sikka, near Jamnagar. It is carrying 1.93 million barrels of U.S. crude, Reuters tracking data shows.

Another Vitol-chartered VLCC, the Maharah, sailed from Galveston last week and was headed to Sikka with 1.98 million barrels of oil.

Two more VLCCs - the Ghinah and the Eagle Victoria - were scheduled to leave the Texas coast for undisclosed ports in India this month, bringing planned U.S. oil exports to India to at least 191,000 bpd for the month. 
Vitol and PetroChina declined to comment. A trader familiar with the Chinese company`s purchases confirmed PetroChina is supplying U.S. crude to India.

SHIFT UNDERWAY

Some Indian refiners have finished testing runs of U.S. oil this year, often by mixing it with heavier grades those plants typically process, analysts and traders said.

"They really have started to make the shift," said Olivier Jakob, managing director of energy consultancy PetroMatrix. "India is comfortable with a regular flow from the U.S. now."

Reliance is blending lighter U.S. oil with heavier crudes from other nations, said a trader familiar with plant operations and trade flows. Indian refiners began testing U.S. crudes last year, and volumes have climbed as they became confident the blends would work.

The United States has become a major crude exporter, sending 1.76 million barrels per day (bpd) abroad in April, according to the latest government figures.

U.S. crude oil exports to India hit a record in June and so far this year are almost double last year`s total as the Asian nation`s refiners move to replace supplies from Iran and Venezuela in a win for the Trump administration. U.S. President Donald Trump`s administration has been pressuring its allies to cut imports of Iranian goods to zero by November and India`s shift advances the U.S. administration efforts to use energy to further its political goals. The United States has become a major crude exporter, sending 1.76 million barrels per day (bpd) abroad in April, according to the latest government figures. All told, producers and traders in the United States will send more than 15 million barrels of U.S. crude to India this year through July, compared with 8 million barrels in all of 2017. The exports to India could go higher if China imposes levies on its U.S. oil imports over the latest round of U.S. tariffs, which could damp Chinese purchases and lead U.S. crude prices lower. A. K. Sharma, head of finance at Indian Oil Corp, the country`s top refiner, said U.S. crude is gaining appeal because of its lower cost, and could expand further if China cuts its imports of U.S. energy. "If China levies a tariff on U.S. oil then U.S. imports to India will probably rise," he said. "We are looking for a mini-term deal to buy three to four cargoes of U.S. oil over a period of three to six months instead of buying single cargoes." OPPORTUNITY FOR U.S. Last month, India`s oil ministry asked refiners to prepare to limit imports of Iranian oil ahead of U.S. sanctions that take effect in November. The United States is reimposing sanctions after withdrawing from a 2015 agreement with Iran, Russia, China and several Western European countries where Iran agreed to curtail its nuclear activities in return for the lifting of earlier sanctions. Venezuelan crude shipments to the Asian country also fell 21 percent in the first half of this year as production has been hampered by inadequate investment, mismanagement and U.S. sanctions. Adding to its exports crisis, the U.S. has been increasing sanctions on various Venezuelan nationals and companies, part of a campaign to pressure socialist President Nicolas Maduro to make political and market reforms. Iran and Venezuela are among India`s top five oil suppliers. Last month, India`s imports of Iranian crude fell by 16 percent from May, paring sharp year-over-year increases during the first half of this year. The Trump administration plans to send a delegation in the coming months to India to discuss Iran sanctions and oil issues. "Our focus is to work with those countries importing Iranian crude to get as many of them as possible down to zero by Nov. 4," a U.S. State Department official said. The world`s fourth largest refiner by capacity is "cutting back on Iranian crude imports," said Reid l`Anson, an analyst at cargo tracking firm Kpler. "That`s an opportunity for U.S. producers to sell into the Indian market. Indian demand is quite robust." Reuters` vessel tracking data show three of the eight tankers charted by Swiss and Chinese traders and sent to India in recent weeks were destined for a port near Reliance Industries Ltd`s Jamnagar refinery, the world`s largest. Three others are headed for undisclosed ports on India`s west coast from the U.S. Gulf Coast. Reliance did not respond to a request for comment. Swiss trader Vitol SA and Chinese oil companies including PetroChina last month lifted four vessels carrying 6.83 million barrels combined to western India, according to Thomson Reuters trade flow data. June`s 228,000 bpd of U.S. exports to India are more than double the previous export record of 98,000 bpd last September, according to U.S. Energy Information Administration data. The FPMC C Melody, a very large crude carrier (VLCC), is scheduled to arrive next month at Sikka, near Jamnagar. It is carrying 1.93 million barrels of U.S. crude, Reuters tracking data shows. Another Vitol-chartered VLCC, the Maharah, sailed from Galveston last week and was headed to Sikka with 1.98 million barrels of oil. Two more VLCCs - the Ghinah and the Eagle Victoria - were scheduled to leave the Texas coast for undisclosed ports in India this month, bringing planned U.S. oil exports to India to at least 191,000 bpd for the month. Vitol and PetroChina declined to comment. A trader familiar with the Chinese company`s purchases confirmed PetroChina is supplying U.S. crude to India. SHIFT UNDERWAY Some Indian refiners have finished testing runs of U.S. oil this year, often by mixing it with heavier grades those plants typically process, analysts and traders said. "They really have started to make the shift," said Olivier Jakob, managing director of energy consultancy PetroMatrix. "India is comfortable with a regular flow from the U.S. now." Reliance is blending lighter U.S. oil with heavier crudes from other nations, said a trader familiar with plant operations and trade flows. Indian refiners began testing U.S. crudes last year, and volumes have climbed as they became confident the blends would work.

US oil exports to India soar ahead of sanctions on Iran

The markets have opened higher on Thursday taking cues from their Asian peers amid concerns of an escalation in US-China trade row.

BSE Sensex traded higher by 189.68 points, or 0.52%, to 36,455.61, while the Nifty 50 rose 58.65 points, or 0.54%, to 11,006.95.

All sectoral indices are trading in the green, with maximum gains in PSU banks, energy and metal names, while midcaps, too, are trading almost a per cent higher.&nbsp;

Shares rallied over positive cues from Asian markets and ahead of key inflation data.&nbsp;

Asian stocks posted modest gains after a bruising sell-off in the previous session, despite lingering concerns around escalating US-Chinese trade war.&nbsp;

The dollar held an advance and crude oil steadied after its biggest plunge in two years.

On Wednesday, Sensex and Nifty managed to close in green while mid-cap stocks, auto shares, PSU bankers and metals finished with moderate to heavy losses.

Positive global cues spill over to Indian markets. Nifty reclaimed 11,000, while the Sensex touched an all-time high mark.

The markets have opened higher on Thursday taking cues from their Asian peers amid concerns of an escalation in US-China trade row. BSE Sensex traded higher by 189.68 points, or 0.52%, to 36,455.61, while the Nifty 50 rose 58.65 points, or 0.54%, to 11,006.95. All sectoral indices are trading in the green, with maximum gains in PSU banks, energy and metal names, while midcaps, too, are trading almost a per cent higher. Shares rallied over positive cues from Asian markets and ahead of key inflation data. Asian stocks posted modest gains after a bruising sell-off in the previous session, despite lingering concerns around escalating US-Chinese trade war. The dollar held an advance and crude oil steadied after its biggest plunge in two years. On Wednesday, Sensex and Nifty managed to close in green while mid-cap stocks, auto shares, PSU bankers and metals finished with moderate to heavy losses.

Sensex at record high led by oil, banking stocks; Nifty 50 above 11,000

Wall Street's four-day winning streak ended with a thud Wednesday as another round of US-China trade tensions prompted a global stocks selloff.

The Dow Jones Industrial Average dropped 0.9 per cent to close the day at 24,700.45&nbsp;

The broad-based S&P 500 shed 0.7 per cent to end at 2,774.02, while the tech-rich Nasdaq Composite Index lost 0.6 per cent at 7,716.61.

President Donald Trump's administration late Tuesday launched the process to impose fresh tariffs on another $200 billion in Chinese goods, an escalation only days after tit-for-tat duties on $34 billion in goods came into effect.&nbsp;

Beijing vowed to retaliate to the latest move, calling the US action "totally unacceptable."

Those developments pushed US stocks into the red throughout the session, ending a four-day streak of gains.

Adding to the unease was a public clash between Trump and German Chancellor Angela Merkel at the NATO summit in Brussels after the US leader called on allies to boost their defence spending.&nbsp;

The list of big decliners included exporters to China, such as Caterpillar, which fell 3.2 per cent, Boeing, down 1.9 per cent and Deere & Company, down 2.2 per cent.

Petroleum companies Chevron and ConocoPhillips lost 3.2 per cent and 2.3 per cent following a big fall in oil prices.

Twenty-First Century Fox slumped 4.0 per cent after increasing its takeover offer for the 61 per cent of the Sky TV group it does not own, valuing the company at £24.5 billion ($32.5 billion).

American Airlines plummeted 8.1 per cent after it trimmed its estimate for revenue per seat mile for the second quarter.&nbsp;

The list of big decliners included exporters to China, President Donald Trump's administration late Tuesday launched the process to impose fresh tariffs on another $200 billion in Chinese goods.

Wall Street's four-day winning streak ended with a thud Wednesday as another round of US-China trade tensions prompted a global stocks selloff. The Dow Jones Industrial Average dropped 0.9 per cent to close the day at 24,700.45 The broad-based S&P 500 shed 0.7 per cent to end at 2,774.02, while the tech-rich Nasdaq Composite Index lost 0.6 per cent at 7,716.61. President Donald Trump's administration late Tuesday launched the process to impose fresh tariffs on another $200 billion in Chinese goods, an escalation only days after tit-for-tat duties on $34 billion in goods came into effect. Beijing vowed to retaliate to the latest move, calling the US action "totally unacceptable." Those developments pushed US stocks into the red throughout the session, ending a four-day streak of gains. Adding to the unease was a public clash between Trump and German Chancellor Angela Merkel at the NATO summit in Brussels after the US leader called on allies to boost their defence spending. The list of big decliners included exporters to China, such as Caterpillar, which fell 3.2 per cent, Boeing, down 1.9 per cent and Deere & Company, down 2.2 per cent. Petroleum companies Chevron and ConocoPhillips lost 3.2 per cent and 2.3 per cent following a big fall in oil prices. Twenty-First Century Fox slumped 4.0 per cent after increasing its takeover offer for the 61 per cent of the Sky TV group it does not own, valuing the company at £24.5 billion ($32.5 billion). American Airlines plummeted 8.1 per cent after it trimmed its estimate for revenue per seat mile for the second quarter.

Latest US-China trade spat hits US stocks

India's retail inflation rose to a five-month high of 5 per cent in the month of June as compared to 4.87 per cent in May, as suggested by the data from the Central Statistics Office.

The Index of Industrial Production (IIP) moderated to 3.2 percent in May as compared to 4.9 per cent in April.

The slowdown in the industrial production comes on the back of a moderation in the growth of core sector industries which rose 3.6 percent.

The Consumer Price Index (CPI), which remained as the main price gauge indicated June's data as an indication that inflation is inching towards Reserve Bank of India's tolerance level of six per cent.

Consumer food price inflation, in monthly kitchen costs, grew 2.91 per cent in June from 3.10 per cent in May.

The indices of IIP for the Mining, Manufacturing and Electricity sectors for the month of May 2018 stand at 107.5, 129.1 and 164.7 respectively, with the corresponding growth rates of 5.7 per cent, 2.8 per cent and 4.2 per cent as compared to May 2017 (Statement I).

The cumulative growth in these three sectors during April-May 2018 over the corresponding period of 2017 has been 4.9 per cent, 4.0 per cent and 3.1 per cent respectively.

As per Use-based classification, the growth rates in May 2018 over May 2017 are 5.7 per cent in Primary goods, 7.6 per cent in Capital goods, 0.9 per cent in Intermediate goods and 4.9 per cent in Infrastructure/ Construction Goods (Statement III).

The Consumer durables and Consumer non-durables have recorded growth of 4.3 per cent and (-) 2.6 per cent respectively.

However, the Reserve Bank of India (RBI) in its policy review in June, revised upwards its inflation projection to 4.8-4.9 per cent for the first half of 2018-19.

The Consumer Price Index (CPI), which remained as the main price gauge indicated June's data as an indication that inflation is inching towards Reserve Bank of India's tolerance level of six per cent

India's retail inflation rose to a five-month high of 5 per cent in the month of June as compared to 4.87 per cent in May, as suggested by the data from the Central Statistics Office. The Index of Industrial Production (IIP) moderated to 3.2 percent in May as compared to 4.9 per cent in April. The slowdown in the industrial production comes on the back of a moderation in the growth of core sector industries which rose 3.6 percent. The Consumer Price Index (CPI), which remained as the main price gauge indicated June's data as an indication that inflation is inching towards Reserve Bank of India's tolerance level of six per cent. Consumer food price inflation, in monthly kitchen costs, grew 2.91 per cent in June from 3.10 per cent in May. The indices of IIP for the Mining, Manufacturing and Electricity sectors for the month of May 2018 stand at 107.5, 129.1 and 164.7 respectively, with the corresponding growth rates of 5.7 per cent, 2.8 per cent and 4.2 per cent as compared to May 2017 (Statement I). The cumulative growth in these three sectors during April-May 2018 over the corresponding period of 2017 has been 4.9 per cent, 4.0 per cent and 3.1 per cent respectively. As per Use-based classification, the growth rates in May 2018 over May 2017 are 5.7 per cent in Primary goods, 7.6 per cent in Capital goods, 0.9 per cent in Intermediate goods and 4.9 per cent in Infrastructure/ Construction Goods (Statement III). The Consumer durables and Consumer non-durables have recorded growth of 4.3 per cent and (-) 2.6 per cent respectively. However, the Reserve Bank of India (RBI) in its policy review in June, revised upwards its inflation projection to 4.8-4.9 per cent for the first half of 2018-19.

India's June inflation at five-month high, industrial growth falls to 3.2 per cent

Anil Singhvi, Managing Editor of Zee Business explains the factors that pushed the Indian Markets to a new high. Sensex ended at a record high while Nifty closed above 11,000-mark for the first time since February 1, 2018.

Indian Markets end at a record high

US crude oil exports to India hit a record in June and so far this year are almost double last year's total as the Asian nation's refiners move to replace supplies from Iran and Venezuela in a win for the Trump administration.

US President Donald Trump's administration has been pressuring its allies to cut imports of Iranian goods to zero by November and India's shift advances the US administration efforts to use energy to further its political goals.

The United States has become a major crude exporter, sending 1.76 million barrels per day (bpd) abroad in April, according to the latest government figures.

All told, producers and traders in the United States will send more than 15 million barrels of US crude to India this year through July, compared with 8 million barrels in all of 2017.

The exports to India could go higher if China imposes levies on its US oil imports over the latest round of US tariffs, which could damp Chinese purchases and lead US crude prices lower.

A. K. Sharma, head of finance at Indian Oil Corp, the country's top refiner, said US crude is gaining appeal because of its lower cost, and could expand further if China cuts its imports of US energy.

"If China levies a tariff on US oil then US imports to India will probably rise," he said. "We are looking for a mini-term deal to buy three to four cargoes of US oil over a period of three to six months instead of buying single cargoes."

Opportunity for US

Last month, India's oil ministry asked refiners to prepare to limit imports of Iranian oil ahead of US sanctions that take effect in November.

The United States is reimposing sanctions after withdrawing from a 2015 agreement with Iran, Russia, China and several Western European countries where Iran agreed to curtail its nuclear activities in return for the lifting of earlier sanctions.

Venezuelan crude shipments to the Asian country also fell 21per centt in the first half of this year as production has been hampered by inadequate investment, mismanagement and US sanctions.

Adding to its exports crisis, the US has been increasing sanctions on various Venezuelan nationals and companies, part of a campaign to pressure socialist President Nicolas Maduro to make political and market reforms.

Iran and Venezuela are among India's top five oil suppliers.

Last month, India's imports of Iranian crude fell by 16 per cent from May, paring sharp year-over-year increases during the first half of this year.

The Trump administration plans to send a delegation in the coming months to India to discuss Iran sanctions and oil issues.

"Our focus is to work with those countries importing Iranian crude to get as many of them as possible down to zero by Nov. 4," a US State Department official said.

The world's fourth largest refiner by capacity is "cutting back on Iranian crude imports," said Reid l'Anson, an analyst at cargo tracking firm Kpler. "That's an opportunity for U.S. producers to sell into the Indian market. Indian demand is quite robust."

Reuters' vessel tracking data show three of the eight tankers charted by Swiss and Chinese traders and sent to India in recent weeks were destined for a port near Reliance Industries Ltd's Jamnagar refinery, the world's largest. Three others are headed for undisclosed ports on India's west coast from the US Gulf Coast.

Reliance did not respond to a request for comment.

Swiss trader Vitol SA and Chinese oil companies including PetroChina last month lifted four vessels carrying 6.83 million barrels combined to western India, according to Thomson Reuters trade flow data.

June's 228,000 bpd of US exports to India are more than double the previous export record of 98,000 bpd last September, according to US Energy Information Administration data.

The FPMC C Melody, a very large crude carrier (VLCC), is scheduled to arrive next month at Sikka, near Jamnagar. It is carrying 1.93 million barrels of US crude, Reuters tracking data shows.

Another Vitol-chartered VLCC, the Maharah, sailed from Galveston last week and was headed to Sikka with 1.98 million barrels of oil.

Two more VLCCs - the Ghinah and the Eagle Victoria - were scheduled to leave the Texas coast for undisclosed ports in India this month, bringing planned US oil exports to India to at least 191,000 bpd for the month.

Vitol and PetroChina declined to comment. A trader familiar with the Chinese company's purchases confirmed PetroChina is supplying US crude to India.

Shift Underway

Some Indian refiners have finished testing runs of US oil this year, often by mixing it with heavier grades those plants typically process, analysts and traders said.

"They really have started to make the shift," said Olivier Jakob, managing director of energy consultancy PetroMatrix. "India is comfortable with a regular flow from the U.S. now."

Reliance is blending lighter US oil with heavier crudes from other nations, said a trader familiar with plant operations and trade flows. Indian refiners began testing US crudes last year, and volumes have climbed as they became confident the blends would work.

US crude oil exports to India hit a record in June and so far this year are almost double last year's total as the Asian nation's refiners move to replace supplies from Iran and Venezuela in a win for the Trump administration. US President Donald Trump's administration has been pressuring its allies to cut imports of Iranian goods to zero by November and India's shift advances the US administration efforts to use energy to further its political goals. The United States has become a major crude exporter, sending 1.76 million barrels per day (bpd) abroad in April, according to the latest government figures. All told, producers and traders in the United States will send more than 15 million barrels of US crude to India this year through July, compared with 8 million barrels in all of 2017. The exports to India could go higher if China imposes levies on its US oil imports over the latest round of US tariffs, which could damp Chinese purchases and lead US crude prices lower. A. K. Sharma, head of finance at Indian Oil Corp, the country's top refiner, said US crude is gaining appeal because of its lower cost, and could expand further if China cuts its imports of US energy. "If China levies a tariff on US oil then US imports to India will probably rise," he said. "We are looking for a mini-term deal to buy three to four cargoes of US oil over a period of three to six months instead of buying single cargoes." Opportunity for US Last month, India's oil ministry asked refiners to prepare to limit imports of Iranian oil ahead of US sanctions that take effect in November. The United States is reimposing sanctions after withdrawing from a 2015 agreement with Iran, Russia, China and several Western European countries where Iran agreed to curtail its nuclear activities in return for the lifting of earlier sanctions. Venezuelan crude shipments to the Asian country also fell 21per centt in the first half of this year as production has been hampered by inadequate investment, mismanagement and US sanctions. Adding to its exports crisis, the US has been increasing sanctions on various Venezuelan nationals and companies, part of a campaign to pressure socialist President Nicolas Maduro to make political and market reforms. Iran and Venezuela are among India's top five oil suppliers. Last month, India's imports of Iranian crude fell by 16 per cent from May, paring sharp year-over-year increases during the first half of this year. The Trump administration plans to send a delegation in the coming months to India to discuss Iran sanctions and oil issues. "Our focus is to work with those countries importing Iranian crude to get as many of them as possible down to zero by Nov. 4," a US State Department official said. The world's fourth largest refiner by capacity is "cutting back on Iranian crude imports," said Reid l'Anson, an analyst at cargo tracking firm Kpler. "That's an opportunity for U.S. producers to sell into the Indian market. Indian demand is quite robust." Reuters' vessel tracking data show three of the eight tankers charted by Swiss and Chinese traders and sent to India in recent weeks were destined for a port near Reliance Industries Ltd's Jamnagar refinery, the world's largest. Three others are headed for undisclosed ports on India's west coast from the US Gulf Coast. Reliance did not respond to a request for comment. Swiss trader Vitol SA and Chinese oil companies including PetroChina last month lifted four vessels carrying 6.83 million barrels combined to western India, according to Thomson Reuters trade flow data. June's 228,000 bpd of US exports to India are more than double the previous export record of 98,000 bpd last September, according to US Energy Information Administration data. The FPMC C Melody, a very large crude carrier (VLCC), is scheduled to arrive next month at Sikka, near Jamnagar. It is carrying 1.93 million barrels of US crude, Reuters tracking data shows. Another Vitol-chartered VLCC, the Maharah, sailed from Galveston last week and was headed to Sikka with 1.98 million barrels of oil. Two more VLCCs - the Ghinah and the Eagle Victoria - were scheduled to leave the Texas coast for undisclosed ports in India this month, bringing planned US oil exports to India to at least 191,000 bpd for the month. Vitol and PetroChina declined to comment. A trader familiar with the Chinese company's purchases confirmed PetroChina is supplying US crude to India. Shift Underway Some Indian refiners have finished testing runs of US oil this year, often by mixing it with heavier grades those plants typically process, analysts and traders said. "They really have started to make the shift," said Olivier Jakob, managing director of energy consultancy PetroMatrix. "India is comfortable with a regular flow from the U.S. now." Reliance is blending lighter US oil with heavier crudes from other nations, said a trader familiar with plant operations and trade flows. Indian refiners began testing US crudes last year, and volumes have climbed as they became confident the blends would work.

The amount locked up in tax litigation will come down by Rs 5,600 crore as the government has decided to hike the threshold monetary limit to file appeals in tribunals and courts, Finance Minister Piyush Goyal said on Thursday.

As of March 2017, tax disputes worth Rs 7.6 lakh crore were stuck in various stages of litigation in tribunals, High Courts and the Supreme Court, he said.

In order to reduce litigation, the government yesterday hiked the threshold limit for filing appeals in tribunals to Rs 20 lakh, while the same for High Courts and the Supreme Court has been raised to Rs 50 lakh and Rs 1 crore, respectively.

Earlier, the threshold for filing appeals by the Tax department in ITAT/CESTAT was Rs 10 lakh, while the same in High Courts and the Supreme Court was Rs 20 lakh and Rs 25 lakh, respectively.

With this, tax litigation in the Central Board of Direct Taxes (CBDT) and Central Board of Indirect Taxes and Customs (CBIC) will get reduced by 41 per cent and 18 per cent, respectively.&nbsp;

In all, 29,580 cases would be withdrawn from various litigation fora, reducing tax disputed cases by 37 per cent.

In case of CBDT, the withdrawal of 41 per cent of the cases, will have a revenue impact of Rs 4,800 crore in absolute terms, while in case of CBIC, withdrawal of 18 per cent of cases will have a revenue impact of Rs 800 crore,&nbsp;Goyal told reporters.&nbsp;

He said the move to hike threshold limit is a step towards ease of doing business.

Small and mid-sized taxpayers will benefit with the increase in threshold limit for filing appeals as they can now focus on doing business rather than litigating in various fora. The government trusts the honest taxpayers, Goyal said.

Following yesterday's decision, CBDT will withdraw 34 per cent of cases stuck in the tribunal, 48 per cent of those stuck in High Courts and 54 per cent in the Supreme Court.

CBIC will withdraw 18 per cent cases from the tribunal, 22 per cent from High courts and 21 per cent from the Supreme Court.&nbsp;

However, this will not apply in such cases where the substantial point of law is involved, the ministry had said yesterday.&nbsp;

The Economic Survey 2017-18 had said that the tax litigation cases stems from government persisting with litigation despite high rates of failure at every stage of the appellate process.&nbsp;

The tax departments in India have gone in for contesting against in several tax disputes but with a low success rate which is below 30 per cent, Survey had noted.

&nbsp;

As of March 2017, tax disputes worth Rs 7.6 lakh crore were stuck in various stages of litigation in tribunals, High Courts and the Supreme Court, he said

The amount locked up in tax litigation will come down by Rs 5,600 crore as the government has decided to hike the threshold monetary limit to file appeals in tribunals and courts, Finance Minister Piyush Goyal said on Thursday. As of March 2017, tax disputes worth Rs 7.6 lakh crore were stuck in various stages of litigation in tribunals, High Courts and the Supreme Court, he said. In order to reduce litigation, the government yesterday hiked the threshold limit for filing appeals in tribunals to Rs 20 lakh, while the same for High Courts and the Supreme Court has been raised to Rs 50 lakh and Rs 1 crore, respectively. Earlier, the threshold for filing appeals by the Tax department in ITAT/CESTAT was Rs 10 lakh, while the same in High Courts and the Supreme Court was Rs 20 lakh and Rs 25 lakh, respectively. With this, tax litigation in the Central Board of Direct Taxes (CBDT) and Central Board of Indirect Taxes and Customs (CBIC) will get reduced by 41 per cent and 18 per cent, respectively. In all, 29,580 cases would be withdrawn from various litigation fora, reducing tax disputed cases by 37 per cent. In case of CBDT, the withdrawal of 41 per cent of the cases, will have a revenue impact of Rs 4,800 crore in absolute terms, while in case of CBIC, withdrawal of 18 per cent of cases will have a revenue impact of Rs 800 crore, Goyal told reporters. He said the move to hike threshold limit is a step towards ease of doing business. Small and mid-sized taxpayers will benefit with the increase in threshold limit for filing appeals as they can now focus on doing business rather than litigating in various fora. The government trusts the honest taxpayers, Goyal said. Following yesterday's decision, CBDT will withdraw 34 per cent of cases stuck in the tribunal, 48 per cent of those stuck in High Courts and 54 per cent in the Supreme Court. CBIC will withdraw 18 per cent cases from the tribunal, 22 per cent from High courts and 21 per cent from the Supreme Court. However, this will not apply in such cases where the substantial point of law is involved, the ministry had said yesterday. The Economic Survey 2017-18 had said that the tax litigation cases stems from government persisting with litigation despite high rates of failure at every stage of the appellate process. The tax departments in India have gone in for contesting against in several tax disputes but with a low success rate which is below 30 per cent, Survey had noted.

Amount locked up in tax litigation to reduce by Rs 5,600 crore: Piyush Goyal

Sensex today jumped <a href="http://wionews.com/business-&-economy/sensex-surges-over-250-points-to-hit-record-high-nifty-tops-11000-150979">282.48 points to close at a</a> new peak of 36,548.41 with the Nifty also ending 74.90 points up at 11,023.20.

<a href="http://wionews.com/business-%26-economy/stock-market-surge-5-reasons-which-pulled-sensex-nifty-up-151056">Also Read:&nbsp;Stock market surge: 5 reasons which pulled Sensex, Nifty up&nbsp;</a>

In morning trade today, Reliance Industries stocks zoomed to hit a fresh 52-week high of Rs 1,091 apiece. The Mukesh Ambani-led Reliance Industries reclaimed $100 billion m-cap helping to drive the Sensex.

Following the surge, the benchmark Sensex had soared 400 points on Thursday afternoon to claim a record high of 36,696.64 points, up 1.19 per cent.

The 50-share NSE Nifty also rose 77.35 points to 11,025.65 in early trade as the markets celebrated a bull run.

The benchmark Sensex jumped over 250 points to hit a record high of 36,525.66 points in early trade today, ahead of the release of key macroeconomic data amid fresh foreign capital inflows.

The rupee too went up 19 paise to 68.58 against the dollar in early trade ahead of the release of key index of industrial production (IIP) and inflation data amid foreign capital inflows.

At the top of the afternoon on Thursday, the 30-share index rallied 413.89 points to reach 36,679.82, surpassing its previous high of 36,444 recorded on January 29, 2018.

The broader Nifty-50 index also traded above the 11,000-level at 11,071.50 going up 123.20 points.

The benchmark Sensex jumped over 250 points to hit a record high of 36,525.66 points in early trade today

Sensex today jumped 282.48 points to close at a new peak of 36,548.41 with the Nifty also ending 74.90 points up at 11,023.20. Also Read: Stock market surge: 5 reasons which pulled Sensex, Nifty up In morning trade today, Reliance Industries stocks zoomed to hit a fresh 52-week high of Rs 1,091 apiece. The Mukesh Ambani-led Reliance Industries reclaimed $100 billion m-cap helping to drive the Sensex. Following the surge, the benchmark Sensex had soared 400 points on Thursday afternoon to claim a record high of 36,696.64 points, up 1.19 per cent. The 50-share NSE Nifty also rose 77.35 points to 11,025.65 in early trade as the markets celebrated a bull run. The benchmark Sensex jumped over 250 points to hit a record high of 36,525.66 points in early trade today, ahead of the release of key macroeconomic data amid fresh foreign capital inflows. The rupee too went up 19 paise to 68.58 against the dollar in early trade ahead of the release of key index of industrial production (IIP) and inflation data amid foreign capital inflows. At the top of the afternoon on Thursday, the 30-share index rallied 413.89 points to reach 36,679.82, surpassing its previous high of 36,444 recorded on January 29, 2018. The broader Nifty-50 index also traded above the 11,000-level at 11,071.50 going up 123.20 points.

Sensex closes at new peak; Nifty ends at over 11,000 points

The benchmark BSE <a href="http://wionews.com/business-%26-economy/sensex-surges-over-250-points-to-hit-record-high-nifty-tops-11000-150979">Sensex scaled a new high of 36,699.53</a> and the Nifty climbed to 11,078 after RIL m-cap touched the <a href="http://wionews.com/business-&-economy/reliance-industries-reclaims-usd-100-bn-m-cap-mark-151030">$100-billion mark.</a>

Top five Sensex gainers were Reliance, YES Bank, HDFC, L&T and HUL, while the major losers were M&M, Bajaj Auto, Infosys, Vedanta and Hero MotoCorp.

Asian stocks posted modest gains after a bruising sell-off in the previous session, despite lingering concerns around escalating US-China trade war.

Here are five reasons why stock markets are at an all-time high

1: Global trade war is a reality: Indian markets feel they will not harm them, not much of a problem. Earlier, there was uncertainty, now it's clear that trade wars are here to stay and there are no surprises for India

2: Stable crude price: Crude is more or stable for the last many days - &nbsp;especially after OPEC meeting last month in Austria.

3: Monsoon is nearly on track: The equity market reacts to IMD's monsoon forecasts. A deficient rainfall forecast results in a dip in the equity market the following day, while normal rainfall forecasts can result in some gains.

4:&nbsp;India becomes world's sixth largest economy:&nbsp;India's gross domestic product (GDP) was valued at USD 2.597 trillion at the end of 2017 overtaking French economy, which was amounted at USD 2.582 trillion last year.

5:&nbsp;Economic growth: The Indian economy is growing, GST and DeMo have not caused that much disruption and they are paying off now. Corporate performance is good. No major headwinds in the Indian economy.

The benchmark BSE Sensex scaled a new high of 36,699.53 and the Nifty climbed to 11,078 after RIL m-cap touched the $100-billion mark. Top five Sensex gainers were Reliance, YES Bank, HDFC, L&T and HUL, while the major losers were M&M, Bajaj Auto, Infosys, Vedanta and Hero MotoCorp. Asian stocks posted modest gains after a bruising sell-off in the previous session, despite lingering concerns around escalating US-China trade war. Here are five reasons why stock markets are at an all-time high 1: Global trade war is a reality: Indian markets feel they will not harm them, not much of a problem. Earlier, there was uncertainty, now it's clear that trade wars are here to stay and there are no surprises for India 2: Stable crude price: Crude is more or stable for the last many days - especially after OPEC meeting last month in Austria. 3: Monsoon is nearly on track: The equity market reacts to IMD's monsoon forecasts. A deficient rainfall forecast results in a dip in the equity market the following day, while normal rainfall forecasts can result in some gains. 4: India becomes world's sixth largest economy: India's gross domestic product (GDP) was valued at USD 2.597 trillion at the end of 2017 overtaking French economy, which was amounted at USD 2.582 trillion last year. 5: Economic growth: The Indian economy is growing, GST and DeMo have not caused that much disruption and they are paying off now. Corporate performance is good. No major headwinds in the Indian economy.

Stock market surge: 5 reasons which pulled Sensex, Nifty up

Indices are trading higher on Thursday with Sensex hitting a record high of 36,572 levels - surpassing its previous high of 36,444 recorded on January 29, 2018.

The NSE Nifty too reclaimed 11,000-mark for the first time since February 1.

RIL's m-cap crossed $100-billion&nbsp;mark in intra-day trade today, after hitting a new high. It became the second Indian company to cross the milestone after TCS.

Also read: <a href="http://wionews.com/business-&-economy/reliance-industries-reclaims-usd-100-bn-m-cap-mark-151030">Reliance Industries reclaims $100-bn m-cap mark&nbsp;&nbsp; &nbsp;</a>

<a href="http://www.wionews.com/business-%26-economy/india-is-now-the-worlds-sixth-largest-economy-150779">An appreciating rupee</a>, heavy buying by domestic institutional investors (DIIs) and encouraging start to the earnings season contributed to the uptrend, brokers said.

At 12 pm, the 30-share index rallied 413.89 points, or 1.14 per cent, higher to 36,679.82, surpassing its previous high of 36,444 recorded on January 29, 2018.

The broader Nifty-50 index is also trading above the key 11,000-level at 11,071.50, a gain of 123.20 points, or 1.13 per cent.

Heavy buying was seen on banking, pharma and metals counters. 
Top gainers were Reliance Industries (up 5.18 per cent), Yes Bank (4.43 per cent), L&T (1.98 per cent), SBI (1.89 per cent), HUL (1.88 per cent), HDFC (1.73 per cent) and HDFC Bank (1.35 per cent).

Following the uptick in the RIL counter, the market capitalisation of the company touched Rs 6,88,513.11 crore.

Profit-booking has witnessed IT, tech and telecom counters.

Notable losers were Infosys (down 1.58 per cent) and M&M (1.46 per cent). 
Sentiments were firm on higher Asian cues ahead of domestic inflation and industrial production number to be released today.

Asian markets are trading higher, despite lingering concerns around the US-China trade war that show little sign of abating.

US stocks fell yesterday after Trump administration announced new tariffs on Chinese goods, further escalating tensions between the two largest economies in the world.

The 50-share NSE Nifty rose 77.35 points, or 0.71 per cent, to 11,025.65.

Indices are trading higher on Thursday with Sensex hitting a record high of 36,572 levels - surpassing its previous high of 36,444 recorded on January 29, 2018. The NSE Nifty too reclaimed 11,000-mark for the first time since February 1. RIL's m-cap crossed $100-billion mark in intra-day trade today, after hitting a new high. It became the second Indian company to cross the milestone after TCS. Also read: Reliance Industries reclaims $100-bn m-cap mark An appreciating rupee, heavy buying by domestic institutional investors (DIIs) and encouraging start to the earnings season contributed to the uptrend, brokers said. At 12 pm, the 30-share index rallied 413.89 points, or 1.14 per cent, higher to 36,679.82, surpassing its previous high of 36,444 recorded on January 29, 2018. The broader Nifty-50 index is also trading above the key 11,000-level at 11,071.50, a gain of 123.20 points, or 1.13 per cent. Heavy buying was seen on banking, pharma and metals counters. Top gainers were Reliance Industries (up 5.18 per cent), Yes Bank (4.43 per cent), L&T (1.98 per cent), SBI (1.89 per cent), HUL (1.88 per cent), HDFC (1.73 per cent) and HDFC Bank (1.35 per cent). Following the uptick in the RIL counter, the market capitalisation of the company touched Rs 6,88,513.11 crore. Profit-booking has witnessed IT, tech and telecom counters. Notable losers were Infosys (down 1.58 per cent) and M&M (1.46 per cent). Sentiments were firm on higher Asian cues ahead of domestic inflation and industrial production number to be released today. Asian markets are trading higher, despite lingering concerns around the US-China trade war that show little sign of abating. US stocks fell yesterday after Trump administration announced new tariffs on Chinese goods, further escalating tensions between the two largest economies in the world.

Sensex hits fresh all-time high, gains over 400 points

Reliance Industries on Thursday reclaimed the USD 100-billion m-cap mark in morning trade on the bourses, as the company shares hit a fresh 52-week high of Rs 1,091 apiece.

The shares of RIL have risen for the fifth consecutive session today, and surged to a 52-week high of Rs 1,091 on the BSE, amid aggressive business plan announced in the AGM, ahead of its June quarter earnings.

Shares of the company today opened at Rs 1,043.15, then touched its 52-week high of Rs 1,091, up 5.27 per cent over its previous closing price.

Following the uptick in the counter, the market capitalisation (m-cap) of the company touched Rs 6,88,513.11 crore (around USD 100 billion).

Similar movement was seen on the NSE, where the stock opened at Rs 1,044.35, then surged 5.02 per cent to touch a 52-week high of Rs 1,091.

The company had last scaled this milestone in October 2007.

Following the surge in the counter, the benchmark Sensex soared 400 points to claim a record high and was quoted at 36,696.64 points, up 1.19 per cent at 1203 hours.

The company announced the aggressive business plan at its annual general meeting (AGM) held last week. The stock has been on an uptrend ever since and has gained 13.05 per cent since July 5.

At the AGM, Mukesh Ambani had unveiled an ultra high-speed fixed line fibre broadband for homes and enterprises across 1,100 cities and announced plans for an e-commerce platform that may rival likes of Amazon.

The Mukesh Ambani-led company's market capitalisation stood at Rs 6,90,679.45 crore at its record price level and TCS at Rs 7,55,301.31 crore. (One US dollar = Rs 68.64).

Reliance Industries on Thursday reclaimed the USD 100-billion m-cap mark in morning trade on the bourses, as the company shares hit a fresh 52-week high of Rs 1,091 apiece. The shares of RIL have risen for the fifth consecutive session today, and surged to a 52-week high of Rs 1,091 on the BSE, amid aggressive business plan announced in the AGM, ahead of its June quarter earnings. Shares of the company today opened at Rs 1,043.15, then touched its 52-week high of Rs 1,091, up 5.27 per cent over its previous closing price. Following the uptick in the counter, the market capitalisation (m-cap) of the company touched Rs 6,88,513.11 crore (around USD 100 billion). Similar movement was seen on the NSE, where the stock opened at Rs 1,044.35, then surged 5.02 per cent to touch a 52-week high of Rs 1,091. The company had last scaled this milestone in October 2007. Following the surge in the counter, the benchmark Sensex soared 400 points to claim a record high and was quoted at 36,696.64 points, up 1.19 per cent at 1203 hours. The company announced the aggressive business plan at its annual general meeting (AGM) held last week. The stock has been on an uptrend ever since and has gained 13.05 per cent since July 5. At the AGM, Mukesh Ambani had unveiled an ultra high-speed fixed line fibre broadband for homes and enterprises across 1,100 cities and announced plans for an e-commerce platform that may rival likes of Amazon.

Reliance Industries reclaims $100 bn market capitalisation mark

Vistara on Wednesday announced placing orders for a total of 19 Airbus and Boeing aircraft worth $3.1 billion (approx Rs 21,344 crore), as the carrier embarks on ambitious expansion plans, including flying overseas. The airline, which currently has a fleet of 21 aircraft from A320 neo family, plans to add another 50 such planes. In a statement, Vistara said it has agreed to place firm orders with Airbus for 13 aircraft from the A320 neo family and with Boeing for six 787-9 Dreamliner.

“Together, the deals are valued at USD 3.1 billion, based on published list prices,” it said. The letter of intent signed with Airbus is for 13 A320 neo and A321 neo aircraft as well as options for buying seven more aircraft from the A320 neo family. Vistara would also lease another 37 new A320 neo family aircraft from leasing companies, the statement said.

The airline has selected the LEAP 1-A engines from CFM International for the A320 neo and A321 neo aircraft, which are to be delivered be between 2019 and 2023. These aircraft would be used to strengthen its domestic network and to support its international operations planned for later this year, the statement said.

The letter of intent signed with Boeing comprises six firm-ordered 787-9 Dreamliner and purchase rights for four more aircraft from the 787 Dreamliner family, it added. For these planes, the airline has selected General Electric GEnx-1B engines, and delivery is scheduled between 2020 and 2021. “The 787-9s are intended for use on medium-haul and long-haul international routes,” it added.

Vistara CEO Leslie Thng said, India’s position as the world’s fastest growing domestic aviation market and its impressive growth in air passenger traffic that has more than doubled over the last decade, makes the airline confident of aggressive plans for domestic expansion and international foray. “We are delighted to further deepen our relationship with Airbus and to join hands with Boeing to strengthen our modern and fuel-efficient fleet that will help achieve our thought-through ambitions,” he said.

Vistara is a joint venture between Tata Sons and Singapore Airlines. At present, the airline serves 22 destinations with over 800 flights a week.

Vistara on Wednesday announced placing orders for a total of 19 Airbus and Boeing aircraft worth nearly Rs 21,000 crore, as the carrier embarks on ambitious expansion plans, including flying overseas.

Vistara on Wednesday announced placing orders for a total of 19 Airbus and Boeing aircraft worth $3.1 billion (approx Rs 21,344 crore), as the carrier embarks on ambitious expansion plans, including flying overseas. The airline, which currently has a fleet of 21 aircraft from A320 neo family, plans to add another 50 such planes. In a statement, Vistara said it has agreed to place firm orders with Airbus for 13 aircraft from the A320 neo family and with Boeing for six 787-9 Dreamliner. “Together, the deals are valued at USD 3.1 billion, based on published list prices,” it said. The letter of intent signed with Airbus is for 13 A320 neo and A321 neo aircraft as well as options for buying seven more aircraft from the A320 neo family. Vistara would also lease another 37 new A320 neo family aircraft from leasing companies, the statement said. The airline has selected the LEAP 1-A engines from CFM International for the A320 neo and A321 neo aircraft, which are to be delivered be between 2019 and 2023. These aircraft would be used to strengthen its domestic network and to support its international operations planned for later this year, the statement said. The letter of intent signed with Boeing comprises six firm-ordered 787-9 Dreamliner and purchase rights for four more aircraft from the 787 Dreamliner family, it added. For these planes, the airline has selected General Electric GEnx-1B engines, and delivery is scheduled between 2020 and 2021. “The 787-9s are intended for use on medium-haul and long-haul international routes,” it added. Vistara CEO Leslie Thng said, India’s position as the world’s fastest growing domestic aviation market and its impressive growth in air passenger traffic that has more than doubled over the last decade, makes the airline confident of aggressive plans for domestic expansion and international foray. “We are delighted to further deepen our relationship with Airbus and to join hands with Boeing to strengthen our modern and fuel-efficient fleet that will help achieve our thought-through ambitions,” he said. Vistara is a joint venture between Tata Sons and Singapore Airlines. At present, the airline serves 22 destinations with over 800 flights a week.

Vistara’s big expansion plan: To buy 19 Boeing, Airbus aircraft for Rs 21,000 crore

India's oil imports from Iran declined by 15.9 per cent in June, the first month after the United States said it would reimpose sanctions on the country, according to data from shipping and industry sources.

In June, India imported 592,800 barrels per day (bpd) of oil from Iran compared to 705,200 bpd in May, the data showed. The sources declined to be identified.

India, Iran's top oil client after China, has asked refiners to look for alternative oil supplies as the nation may have to drastically cut imports from Tehran to comply with the renewed U.S. sanctions.

The United States in May said it would reimpose the sanctions after withdrawing from a 2015 agreement with Iran, Russia, China, France, Germany, and Britain, where Tehran agreed to curb its nuclear activities in return for the lifting of earlier sanctions.

Lower purchases by private refiners dragged down India's June imports from Iran although state refiners stepped up purchases.

State refiners, accounting for about 60 per cent of India's nearly 5 million bpd of refining capacity, lifted about 10 per cent more Iranian volumes in June compared to May, at about 454,000 bpd, the data showed. Indian state refiners had cut oil imports from Iran in the 2017/18 financial year because of a dispute over the development rights for an Iranian natural gas field. However, the state refiners had drawn plans to raise imports in the current fiscal year starting in April after Iran offered free shipping and an extended credit period of 60 days. In April to June 2018, the first quarter of this fiscal year, India's oil imports from Iran rose by about 24 per cent to about 647,000 bpd from the previous quarter, the data showed.

Imports by state refiners during the period more than doubled to about 413,400 bpd from 191,700 bpd, the data showed.

In June, India imported 592,800 barrels per day (bpd) of oil from Iran compared to 705,200 bpd in May, the data showed. The sources declined to be identified

India's oil imports from Iran declined by 15.9 per cent in June, the first month after the United States said it would reimpose sanctions on the country, according to data from shipping and industry sources. In June, India imported 592,800 barrels per day (bpd) of oil from Iran compared to 705,200 bpd in May, the data showed. The sources declined to be identified. India, Iran's top oil client after China, has asked refiners to look for alternative oil supplies as the nation may have to drastically cut imports from Tehran to comply with the renewed U.S. sanctions. The United States in May said it would reimpose the sanctions after withdrawing from a 2015 agreement with Iran, Russia, China, France, Germany, and Britain, where Tehran agreed to curb its nuclear activities in return for the lifting of earlier sanctions. Lower purchases by private refiners dragged down India's June imports from Iran although state refiners stepped up purchases. State refiners, accounting for about 60 per cent of India's nearly 5 million bpd of refining capacity, lifted about 10 per cent more Iranian volumes in June compared to May, at about 454,000 bpd, the data showed. Indian state refiners had cut oil imports from Iran in the 2017/18 financial year because of a dispute over the development rights for an Iranian natural gas field. However, the state refiners had drawn plans to raise imports in the current fiscal year starting in April after Iran offered free shipping and an extended credit period of 60 days. In April to June 2018, the first quarter of this fiscal year, India's oil imports from Iran rose by about 24 per cent to about 647,000 bpd from the previous quarter, the data showed. Imports by state refiners during the period more than doubled to about 413,400 bpd from 191,700 bpd, the data showed.

India's Iranian oil imports in June fall as sanctions fears bite

Benchmark indices BSE Sensex and NSE’s Nifty 50 traded little changed on Wednesday as trade tensions escalated after US plans additional tariffs on Chinese goods.

Among the individual stocks, TCS climbed as much as 2.73 per cent on BSE after the firm reported better-than-expected results for June quarter. At 09:33 am, the stock was trading at Rs 1,917.25 apiece on BSE, up 2 per cent.

IT stocks advanced the most. At 09:37 am, the Nifty IT pack was trading 1.12 per cent higher at 14,382.50, with 8 out of 10 constituents trading in the green.

On the global front, US tariffs on an additional $200 billion worth of Chinese goods sent Asian stocks tumbling on Wednesday, with China's markets leading the declines, as trade tensions between the world's two biggest economies continued to deteriorate, Reuters reported.

TCS, Bajaj Auto, Axis Bank and Sun Pharma are among the top gainers.

Benchmark indices BSE Sensex and NSE’s Nifty 50 traded little changed on Wednesday as trade tensions escalated after US plans additional tariffs on Chinese goods. Among the individual stocks, TCS climbed as much as 2.73 per cent on BSE after the firm reported better-than-expected results for June quarter. At 09:33 am, the stock was trading at Rs 1,917.25 apiece on BSE, up 2 per cent. IT stocks advanced the most. At 09:37 am, the Nifty IT pack was trading 1.12 per cent higher at 14,382.50, with 8 out of 10 constituents trading in the green. On the global front, US tariffs on an additional $200 billion worth of Chinese goods sent Asian stocks tumbling on Wednesday, with China's markets leading the declines, as trade tensions between the world's two biggest economies continued to deteriorate, Reuters reported.

Sensex gains 100 points, Nifty 25 points short of 11,000

Uber Technologies Inc's Chief People Officer Liane Hornsey resigned on Tuesday, Chief Executive Dara Khosrowshahi said, following an investigation into how she handled allegations of racial discrimination at the ride-hailing firm.

The resignation comes after Reuters contacted Uber on Monday about the previously unreported investigation into accusations from anonymous whistleblowers that Hornsey had systematically dismissed internal complaints of racial discrimination.

Hornsey is head of Uber's human resources department and one of the firm's top spokespeople on diversity and discrimination issues. She has been in the role for about 18 months.

Khosrowshahi did not give a reason for her departure but praised her in an email to employees which was seen by Reuters as "incredibly talented, creative, and hard-working."

Hornsey acknowledged in a separate email to her team at Uber, also seen by Reuters, that her exit "comes a little out of the blue for some of you, but I have been thinking about this for a while." She also gave no reason for her resignation.

On Monday, the cab company hired a former US Department of Justice official as chief compliance officer, as the car-booking company faces several federal investigations.&nbsp 
 
The hire is the latest move by Dara Khosrowshahi, chief executive, to rebuild the company’s management ranks following the departure of many executives closely associated with Travis Kalanick, Uber’s founder, who was forced out last year.

The newly created role is designed to help Uber avoid the kinds of scandals and legal scrutiny that enveloped the business last year. The ride-hailing company has faced at least&nbspfive US&nbspcriminal inquiries, people familiar with the probes have said.

(with inputs from Reuters)

The resignation comes after Reuters contacted Uber on Monday about the previously unreported investigation into accusations from anonymous whistleblowers that Hornsey had systematically dismissed internal complaints of racial discrimination.

Uber Technologies Inc's Chief People Officer Liane Hornsey resigned on Tuesday, Chief Executive Dara Khosrowshahi said, following an investigation into how she handled allegations of racial discrimination at the ride-hailing firm. The resignation comes after Reuters contacted Uber on Monday about the previously unreported investigation into accusations from anonymous whistleblowers that Hornsey had systematically dismissed internal complaints of racial discrimination. Hornsey is head of Uber's human resources department and one of the firm's top spokespeople on diversity and discrimination issues. She has been in the role for about 18 months. Khosrowshahi did not give a reason for her departure but praised her in an email to employees which was seen by Reuters as "incredibly talented, creative, and hard-working." Hornsey acknowledged in a separate email to her team at Uber, also seen by Reuters, that her exit "comes a little out of the blue for some of you, but I have been thinking about this for a while." She also gave no reason for her resignation. On Monday, the cab company hired a former US Department of Justice official as chief compliance officer, as the car-booking company faces several federal investigations. The hire is the latest move by Dara Khosrowshahi, chief executive, to rebuild the company’s management ranks following the departure of many executives closely associated with Travis Kalanick, Uber’s founder, who was forced out last year. The newly created role is designed to help Uber avoid the kinds of scandals and legal scrutiny that enveloped the business last year. The ride-hailing company has faced at least&nbspfive US&nbspcriminal inquiries, people familiar with the probes have said. (with inputs from Reuters)

Uber executive resigns following probe into racial discrimination

India's economy rebounded strongly from July 2017, after several quarters of slowdown blamed on economic policies pursued by Prime Minister Narendra Modi's government

In pictures: India becomes world's sixth largest economy

Indian shares ended largely unchanged on Wednesday as threats of a new tariff imposition on Chinese goods by the United States hurt sentiment, but losses were curbed as technology stocks such as Tata Consultancy Services Ltd gained after posting a record quarterly net profit.

The broader NSE Nifty closed up 0.01 per cent at 10,948.30, while the benchmark BSE&nbspSensex ended 0.07 per cent higher at 36,265.93.

While Tata Consultancy Services ended the session 5.6 per cent higher, metals and financial stocks were the biggest drag on the indexes. ICICI Bank Ltd ended 1.7 per cent lower, while Vedanta Ltd closed 3.5 per cent lower.

The broader NSE Nifty closed up 0.01 per cent at 10,948.30, while the benchmark BSE Sensex ended 0.07 per cent higher at 36,265.93

Indian shares ended largely unchanged on Wednesday as threats of a new tariff imposition on Chinese goods by the United States hurt sentiment, but losses were curbed as technology stocks such as Tata Consultancy Services Ltd gained after posting a record quarterly net profit. The broader NSE Nifty closed up 0.01 per cent at 10,948.30, while the benchmark BSE&nbspSensex ended 0.07 per cent higher at 36,265.93. While Tata Consultancy Services ended the session 5.6 per cent higher, metals and financial stocks were the biggest drag on the indexes. ICICI Bank Ltd ended 1.7 per cent lower, while Vedanta Ltd closed 3.5 per cent lower.

Sensex finishes flat; IT stocks firm