Ford, Walmart to collaborate on designing automated-vehicle delivery

Markets closed on a low note on Monday as Sensex tanked 345.56 points to end at 34,812.99. Nifty dipped by 103 points to 10,482.20, news agency PTI reported. Both indexes closed lower for a second straight session.

Indian shares closed 1 per cent lower on Monday, dragged by oil marketing companies and financials, while investors were cautious ahead of key inflation data due later in the day.

The Indian currency on Monday further weakened against the dollar, dipping by 54 paise to 73.04, owing to increased demand for the American currency from importers amid increasing global crude oil prices.

International benchmark Brent crude was trading higher by 2.04 per cent at $71.61 per barrel. &nbsp; &nbsp;

On Friday, the rupee rose by 50 paise to end at 72.50 per dollar on increased selling of the greenback by exporters amid softening crude oil prices, which slipped below the $70 per barrel mark, news agency PTI reported.&nbsp;

Markets on Monday opened in green with Sensex recovering over 155 points, while the NSE Nifty breached the 10,600-mark.&nbsp;

(With inputs from agencies)&nbsp;

Markets closed on a low note on Monday as Sensex tanked 345.56 points to end at 34,812.99. Nifty dipped by 103 points to 10,482.20, news agency PTI reported. Both indexes closed lower for a second straight session.

Markets closed on a low note on Monday as Sensex tanked 345.56 points to end at 34,812.99. Nifty dipped by 103 points to 10,482.20, news agency PTI reported. Both indexes closed lower for a second straight session. Indian shares closed 1 per cent lower on Monday, dragged by oil marketing companies and financials, while investors were cautious ahead of key inflation data due later in the day. The Indian currency on Monday further weakened against the dollar, dipping by 54 paise to 73.04, owing to increased demand for the American currency from importers amid increasing global crude oil prices. International benchmark Brent crude was trading higher by 2.04 per cent at $71.61 per barrel. On Friday, the rupee rose by 50 paise to end at 72.50 per dollar on increased selling of the greenback by exporters amid softening crude oil prices, which slipped below the $70 per barrel mark, news agency PTI reported. Markets on Monday opened in green with Sensex recovering over 155 points, while the NSE Nifty breached the 10,600-mark. (With inputs from agencies)

Markets close in red, Sensex tanks nearly 350 points TO 34,812.99

Retail inflation eased to 3.31 per cent in October from 3.70 per cent which was recorded in September, news agency ANI reported on Monday.&nbsp;

Meanwhile, consumer inflation was at around 6.1 per cent in October, compared with around 5.8 per cent in September, Reuters reported. India's September industrial output grew 4.5 per cent.

Earlier in August, retail inflation cooled to an 11-month low of 3.69 per cent. Experts attributed the drop mainly to a fall in prices of kitchen items, including fruits and vegetables.

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The inflation based on the Consumer Price Index (CPI) stood at 4.17 per cent in July and 3.28 per cent in August 2017, news agency PTI reported. In October 2017, the CPI was recorded at 3.58 per cent.

The Reserve Bank of India has been mandated to keep retail inflation at 4 per cent level, with a margin of 2 per cent on either side.

(With inputs from agencies)&nbsp;

Retail inflation eased to 3.31 per cent in October from 3.70 per cent which was recorded in September, news agency ANI reported on Monday. Meanwhile, consumer inflation was at around 6.

Retail inflation eased to 3.31 per cent in October from 3.70 per cent which was recorded in September, news agency ANI reported on Monday. Meanwhile, consumer inflation was at around 6.1 per cent in October, compared with around 5.8 per cent in September, Reuters reported. India's September industrial output grew 4.5 per cent. Earlier in August, retail inflation cooled to an 11-month low of 3.69 per cent. Experts attributed the drop mainly to a fall in prices of kitchen items, including fruits and vegetables. Retail inflation reduces to 3.31% in October from 3.70% in September pic.twitter.com/pGEAGgEiZt — ANI (@ANI) November 12, 2018 × The inflation based on the Consumer Price Index (CPI) stood at 4.17 per cent in July and 3.28 per cent in August 2017, news agency PTI reported. In October 2017, the CPI was recorded at 3.58 per cent. The Reserve Bank of India has been mandated to keep retail inflation at 4 per cent level, with a margin of 2 per cent on either side. (With inputs from agencies)

Retail inflation cools to 3.31% in October, was at 3.70% in September

Jet Airways (India) Ltd, the country's biggest full-service carrier, posted its third straight quarterly loss on Monday, hurt by higher fuel expenses.

Losses came in at 12.97 billion rupees ($178.01 million) for the quarter ended September 30, compared with a profit of 496.3 million rupees a year earlier, the airline said.

Fuel expenses jumped 58.6 per cent to 24.20 billion rupees, while revenue from operations climbed 9.5 per cent.&nbsp;

Jet Airways (India) Ltd, the country's biggest full-service carrier, posted its third straight quarterly loss on Monday, hurt by higher fuel expenses. Losses came in at 12.

Jet Airways (India) Ltd, the country's biggest full-service carrier, posted its third straight quarterly loss on Monday, hurt by higher fuel expenses. Losses came in at 12.97 billion rupees ($178.01 million) for the quarter ended September 30, compared with a profit of 496.3 million rupees a year earlier, the airline said. Fuel expenses jumped 58.6 per cent to 24.20 billion rupees, while revenue from operations climbed 9.5 per cent.

Hurt by higher fuel expenses, Jet Airways posts third quarterly loss

Software engineer Samee Alam was ready to take the big leap and buy an iPhone in this week`s Diwali festival sales, but at the last minute he opted for cheaper Chinese competitor OnePlus instead.&nbsp;

Alam, 27, spends hours on his phone watching shows, surfing and shopping, making him the perfect target for Apple Inc as it strives to raise sales among India`s 1.3 billion consumers.

But in a country where the average per capita income is around US $2,000 a year, even the cheapest of this year`s new iPhones, the XR at 76,900 rupees (US $1,058), costs twice as much as many of the alternatives.

Hong Kong-based Counterpoint Research says that iPhone sales are falling as a result. From three million phones in 2017, sales may sink to two million this year, according to their estimate, the first decline in four years.&nbsp;

More than half of those sales will come from cheaper older models, and the lack of progress in India was among problems cited by Chief Executive Officer Tim Cook when he gave a disappointing holiday outlook last week.&nbsp;

Even in the premium segment, smartphones that cost more than US $400, Apple lagged Samsung and China`s OnePlus in the third quarter.

"I have never used an iPhone and I was keen on getting my hands on one but it didn`t make sense," says Alam, who works for one of the raft of firms to have invested in the southern city of Bengaluru, often called India`s Silicon Valley.

"I look for storage, camera and processor in phones and cheaper alternatives like OnePlus are more value for the money. The new iPhones cost almost 100,000 rupees - I can get three good phones for that price or even a decent gaming laptop."

Solid Mac sales and the high unit price of iPhones meant Apple`s total revenue of US $2 billion in India last year was still double that of OnePlus, which only sells mobile phones. But Counterpoint`s data says that gap will also shrink.&nbsp;

OnePlus` India head Vikas Agarwal told Reuters this week that 10-15 percent of new customers in recent months have been defectors from Apple, suggesting even some loyalists are opting out of upgrading their handsets.

HIGH IMPORT DUTIES

Apple`s problems go beyond price.

The company, facing down a handful of regulatory headaches, lost some of its top executives in India at the start of this year.

An Apple spokesman said the departures had nothing to do with the company`s performance, but people familiar with the matter told Reuters that the departures were likely linked to the company changing its distribution system. Apple has cut the number of distributors in the country to two from five.&nbsp;

The sources, who declined to be identified because they have business relationships with Apple, also said company veteran Michel Columb is still working on solidifying business relations since taking control of the Indian operation in December.

Apple declined to comment further.&nbsp;

Prime Minister Narendra Modi`s government has sought to drive electronics producers into manufacturing locally by steadily moving tariffs up the supply chain from simple phone cases to sophisticated chipsets and boards.

Along with local firms like Lava, global smartphone giants including Samsung Electronics Co Ltd, Oppo and Xiaomi Corp have responded aggressively, investing millions of dollars in plants around Bengaluru and Delhi tech hub Noida.&nbsp;

Apple is the only major player which does not manufacture phones in the country and it only assembles two low-cost older models through Wistron Corp in Bengaluru.

Industry experts say as a result the company still imports about 70-80 per cent of its phones. That results in high import duties, which in turn make the phones expensive.

In the United States, the basic iPhone XR model costs US $749 or roughly 54,400 rupees, only two thirds of its retail price in India. Beyond that, while US&nbsp;phones are subsidized under deals with wireless carriers, Apple`s phones in India are not.&nbsp;

"Apple doesn`t have enough confidence ... in the Indian manufacturing system right now, to set up plants and move some of the manufacturing out of China," said analyst Navkendar Singh of tech consulting firm IDC.&nbsp;

"In the process they are losing around 15-20 per cent of their tax incentive ... which they could have passed on to the consumer."

EMPTY STORES

Diwali, the Festival of Lights, is peak selling time for electronics in India, but the Apple-licensed store in one of Bengaluru`s big shopping malls was deserted this past Saturday.

"Features of the emerging phones are very similar to an iPhone," says salesman Aejaz Ahmed, adding volumes have fallen in the past few months. "It is very difficult to make out the difference from a distance because they even look so alike."

Sales staff at several stores in Bengaluru and nearby Chennai pointed to the launch this year of the latest OnePlus phone as a major problem for the U.S. phonemaker.

At 37,999 rupees, the Chinese company`s 6T is half the price of the XR.

The result, says Neil Shah, from Counterpoint, is that Apple`s user base in India is set to decline about 10 per cent to nine million users this year. That compares to an estimated 436 million Android users.&nbsp;

"If your user base is declining, you are losing grip on the market," he says. "The new customer base is not coming."

Software engineer Samee Alam was ready to take the big leap and buy an iPhone in this week`s Diwali festival sales, but at the last minute he opted for cheaper Chinese competitor OnePlus instead.

Software engineer Samee Alam was ready to take the big leap and buy an iPhone in this week`s Diwali festival sales, but at the last minute he opted for cheaper Chinese competitor OnePlus instead. Alam, 27, spends hours on his phone watching shows, surfing and shopping, making him the perfect target for Apple Inc as it strives to raise sales among India`s 1.3 billion consumers. But in a country where the average per capita income is around US $2,000 a year, even the cheapest of this year`s new iPhones, the XR at 76,900 rupees (US $1,058), costs twice as much as many of the alternatives. Hong Kong-based Counterpoint Research says that iPhone sales are falling as a result. From three million phones in 2017, sales may sink to two million this year, according to their estimate, the first decline in four years. More than half of those sales will come from cheaper older models, and the lack of progress in India was among problems cited by Chief Executive Officer Tim Cook when he gave a disappointing holiday outlook last week. Even in the premium segment, smartphones that cost more than US $400, Apple lagged Samsung and China`s OnePlus in the third quarter. "I have never used an iPhone and I was keen on getting my hands on one but it didn`t make sense," says Alam, who works for one of the raft of firms to have invested in the southern city of Bengaluru, often called India`s Silicon Valley. "I look for storage, camera and processor in phones and cheaper alternatives like OnePlus are more value for the money. The new iPhones cost almost 100,000 rupees - I can get three good phones for that price or even a decent gaming laptop." Solid Mac sales and the high unit price of iPhones meant Apple`s total revenue of US $2 billion in India last year was still double that of OnePlus, which only sells mobile phones. But Counterpoint`s data says that gap will also shrink. OnePlus` India head Vikas Agarwal told Reuters this week that 10-15 percent of new customers in recent months have been defectors from Apple, suggesting even some loyalists are opting out of upgrading their handsets. HIGH IMPORT DUTIES Apple`s problems go beyond price. The company, facing down a handful of regulatory headaches, lost some of its top executives in India at the start of this year. An Apple spokesman said the departures had nothing to do with the company`s performance, but people familiar with the matter told Reuters that the departures were likely linked to the company changing its distribution system. Apple has cut the number of distributors in the country to two from five. The sources, who declined to be identified because they have business relationships with Apple, also said company veteran Michel Columb is still working on solidifying business relations since taking control of the Indian operation in December. Apple declined to comment further. Prime Minister Narendra Modi`s government has sought to drive electronics producers into manufacturing locally by steadily moving tariffs up the supply chain from simple phone cases to sophisticated chipsets and boards. Along with local firms like Lava, global smartphone giants including Samsung Electronics Co Ltd, Oppo and Xiaomi Corp have responded aggressively, investing millions of dollars in plants around Bengaluru and Delhi tech hub Noida. Apple is the only major player which does not manufacture phones in the country and it only assembles two low-cost older models through Wistron Corp in Bengaluru. Industry experts say as a result the company still imports about 70-80 per cent of its phones. That results in high import duties, which in turn make the phones expensive. In the United States, the basic iPhone XR model costs US $749 or roughly 54,400 rupees, only two thirds of its retail price in India. Beyond that, while US phones are subsidized under deals with wireless carriers, Apple`s phones in India are not. "Apple doesn`t have enough confidence ... in the Indian manufacturing system right now, to set up plants and move some of the manufacturing out of China," said analyst Navkendar Singh of tech consulting firm IDC. "In the process they are losing around 15-20 per cent of their tax incentive ... which they could have passed on to the consumer." EMPTY STORES Diwali, the Festival of Lights, is peak selling time for electronics in India, but the Apple-licensed store in one of Bengaluru`s big shopping malls was deserted this past Saturday. "Features of the emerging phones are very similar to an iPhone," says salesman Aejaz Ahmed, adding volumes have fallen in the past few months. "It is very difficult to make out the difference from a distance because they even look so alike." Sales staff at several stores in Bengaluru and nearby Chennai pointed to the launch this year of the latest OnePlus phone as a major problem for the U.S. phonemaker. At 37,999 rupees, the Chinese company`s 6T is half the price of the XR. The result, says Neil Shah, from Counterpoint, is that Apple`s user base in India is set to decline about 10 per cent to nine million users this year. That compares to an estimated 436 million Android users. "If your user base is declining, you are losing grip on the market," he says. "The new customer base is not coming."

How Apple is losing its grip on India

The BSE Sensex regained the 35,000-mark by recovering over 200 points at the start of the last trading session of the Samvat year 2074 Tuesday on buying in auto, banking and metal stocks amid fresh foreign fund inflows and encouraging corporate earnings.

The 30-share index gained 207.21 points, or 0.59 per cent , to 35,158.13. It had lost near 61 points Monday.

The National Stock Exchange's Nifty too was trading higher by 54.90 points, or 0.52 per cent at 10,578.90.

Brokers said a mixed trend in other Asian markets, supported by overnight gains at the Wall Street ahead of the US mid-term elections, influenced sentiments here. &nbsp;

In the Sensex kitty, major gainers included Tata Motors, Vedanta, TCS, RIL, Yes Bank, Infosys, Sun Pharma, Maruti Suzuki, Kotak Bank, IndusInd Bank, HDFC Bank, Bajaj Auto, Hero MotoCorp, ONGC, ITC Ltd and Axis Bank, rising by up to 3.90 per cent.

Sector-wise, BSE IT, teck, consumer durables, realty and auto indices were trading in the positive zone with gains up to 1.45 per cent.

Meanwhile, foreign institutional investors (FIIs) bought shares worth Rs 12 crore, while domestic institutional investors (DIIs) sold shares to the tune of Rs 622 crore Monday, provisional data showed.

Exchanges will conduct a special 'Muhurat trading' session Wednesday between 1700 and 1830 hours on the occasion of Diwali.

Elsewhere in Asia, Japan's Nikkei was up 1.02 per cent, South Korea's KOSPI Index rose 0.42 per cent in their morning sessions. Shanghai Composite index, however, fell 1.05 per cent, while Hong Kong's Hang Seng shed 0.22 per cent.

The US Dow Jones Industrial Average rose 0.76 per cent Monday.

The BSE Sensex regained the 35,000-mark by recovering over 200 points at the start of the last trading session of the Samvat year 2074 Tuesday on buying in auto, banking and metal stocks amid fresh foreign fund inflows and encouraging corporate earnings.

The BSE Sensex regained the 35,000-mark by recovering over 200 points at the start of the last trading session of the Samvat year 2074 Tuesday on buying in auto, banking and metal stocks amid fresh foreign fund inflows and encouraging corporate earnings. The 30-share index gained 207.21 points, or 0.59 per cent , to 35,158.13. It had lost near 61 points Monday. The National Stock Exchange's Nifty too was trading higher by 54.90 points, or 0.52 per cent at 10,578.90. Brokers said a mixed trend in other Asian markets, supported by overnight gains at the Wall Street ahead of the US mid-term elections, influenced sentiments here. In the Sensex kitty, major gainers included Tata Motors, Vedanta, TCS, RIL, Yes Bank, Infosys, Sun Pharma, Maruti Suzuki, Kotak Bank, IndusInd Bank, HDFC Bank, Bajaj Auto, Hero MotoCorp, ONGC, ITC Ltd and Axis Bank, rising by up to 3.90 per cent. Sector-wise, BSE IT, teck, consumer durables, realty and auto indices were trading in the positive zone with gains up to 1.45 per cent. Meanwhile, foreign institutional investors (FIIs) bought shares worth Rs 12 crore, while domestic institutional investors (DIIs) sold shares to the tune of Rs 622 crore Monday, provisional data showed. Exchanges will conduct a special 'Muhurat trading' session Wednesday between 1700 and 1830 hours on the occasion of Diwali. Elsewhere in Asia, Japan's Nikkei was up 1.02 per cent, South Korea's KOSPI Index rose 0.42 per cent in their morning sessions. Shanghai Composite index, however, fell 1.05 per cent, while Hong Kong's Hang Seng shed 0.22 per cent. The US Dow Jones Industrial Average rose 0.76 per cent Monday.

Sensex rises over 200 points, Nifty above 10,550

Japan's SoftBank Group said Monday it logged an eight-fold jump in net profit in the six months to September&nbsp;thanks to strong returns from its investment funds.

Net profit rose to 840 billion yen (US $7.4 billion) from 103 billion yen during the same period last year, the Japanese mobile giant and IT investor said.

The rise was largely driven by gains of 649 billion yen from the SoftBank Vision Fund, which compared to 194 billion yen in the previous period.

Under tycoon CEO Masayoshi Son, SoftBank, which started as a software firm, has increasingly been seen as an investment firm, ploughing funds into a broad range of companies and projects outside its core business.

In recent years, it has completed deals with the likes of French robotics firm Aldebaran and Chinese e-commerce giant Alibaba.

Nearly half of the money in the SoftBank Vision Fund comes from Saudi Arabia and there has been a pledge of another US $45 billion this year.

But Son was missing from a high-profile Saudi investment forum last month along with dozens of global business titans amid concerns that journalist Jamal Khashoggi may have been killed in the Saudi consulate in Turkey.

Japan's SoftBank Group said Monday it logged an eight-fold jump in net profit in the six months to September thanks to strong returns from its investment funds. Net profit rose to 840 billion yen (US $7.

Japan's SoftBank Group said Monday it logged an eight-fold jump in net profit in the six months to September thanks to strong returns from its investment funds. Net profit rose to 840 billion yen (US $7.4 billion) from 103 billion yen during the same period last year, the Japanese mobile giant and IT investor said. The rise was largely driven by gains of 649 billion yen from the SoftBank Vision Fund, which compared to 194 billion yen in the previous period. Under tycoon CEO Masayoshi Son, SoftBank, which started as a software firm, has increasingly been seen as an investment firm, ploughing funds into a broad range of companies and projects outside its core business. In recent years, it has completed deals with the likes of French robotics firm Aldebaran and Chinese e-commerce giant Alibaba. Nearly half of the money in the SoftBank Vision Fund comes from Saudi Arabia and there has been a pledge of another US $45 billion this year. But Son was missing from a high-profile Saudi investment forum last month along with dozens of global business titans amid concerns that journalist Jamal Khashoggi may have been killed in the Saudi consulate in Turkey.

SoftBank posts eight-fold jump in first-half net profit

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

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

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

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

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

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

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

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

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

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

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

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

Finance Minister Arun Jaitley Monday defended loan write-offs by public sector banks, saying they do not lead to loan waivers and the exercise helps lenders clean up their balance sheets and achieve taxation efficiency.

He said public sector banks have recovered Rs 36,551 crore of bad loans or NPAs during April-June quarter of the current financial year as compared to Rs 74,562 crore recoveries made in the full 2017-18 fiscal.

Commenting on reports that the country's 21 state-owned banks wrote-off Rs 3.16 lakh crore of loans in four years of the BJP government and made recoveries of Rs 44,900 crore of written off loans, Jaitley in a Facebook blog said "technical write-offs" are resorted to by banks as per the Reserve Bank of India (RBI) guidelines.

"This, however, does not lead to any loan waiver. Recovery of loans continues rigorously by banks," he said. "In fact, the defaulting management of most insolvent companies have been removed under the Insolvency and Bankruptcy Code (IBC)."

Congress President Rahul Gandhi used the report to attack the government, saying demonetisation converted black money into white and Rs 3.16 lakh crore of loans were written off.

"Modi's India - For Common Man: Notebandi-line up and put your money in banks. All your details into Aadhar. You can't use your own money. For Crony capitalists: Notebandi-convert all your black money to white. Let's write off 3.16 lakh crore using common man's money," Gandhi said in a tweet.

Finance Minister Arun Jaitley Monday defended loan write-offs by public sector banks, saying they do not lead to loan waivers and the exercise helps lenders clean up their balance sheets and achieve taxation efficiency.

Finance Minister Arun Jaitley Monday defended loan write-offs by public sector banks, saying they do not lead to loan waivers and the exercise helps lenders clean up their balance sheets and achieve taxation efficiency. He said public sector banks have recovered Rs 36,551 crore of bad loans or NPAs during April-June quarter of the current financial year as compared to Rs 74,562 crore recoveries made in the full 2017-18 fiscal. Commenting on reports that the country's 21 state-owned banks wrote-off Rs 3.16 lakh crore of loans in four years of the BJP government and made recoveries of Rs 44,900 crore of written off loans, Jaitley in a Facebook blog said "technical write-offs" are resorted to by banks as per the Reserve Bank of India (RBI) guidelines. "This, however, does not lead to any loan waiver. Recovery of loans continues rigorously by banks," he said. "In fact, the defaulting management of most insolvent companies have been removed under the Insolvency and Bankruptcy Code (IBC)." Congress President Rahul Gandhi used the report to attack the government, saying demonetisation converted black money into white and Rs 3.16 lakh crore of loans were written off. "Modi's India - For Common Man: Notebandi-line up and put your money in banks. All your details into Aadhar. You can't use your own money. For Crony capitalists: Notebandi-convert all your black money to white. Let's write off 3.16 lakh crore using common man's money," Gandhi said in a tweet.

Arun Jaitley defends loan write-offs; says they don't lead to waiver

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

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

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

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

Private sector lender Yes Bank Ltd's shares tumbled nearly a third on Friday, wiping as much as $3.1 billion off its market value, after the central bank reduced charismatic CEO Rana Kapoor's term, creating uncertainty about its outlook.

The Reserve Bank of India (RBI) said late on Wednesday Kapoor can serve as the lender's chief executive only till January 31 next year. It did not give a reason.

Kapoor co-founded the bank and has been instrumental in its rise to become India's fifth-largest private sector bank with assets of $43.19 billion.

RBI's move came after Yes Bank's shareholders voted in June to extend Kapoor's term as CEO and managing director for three years, pending central bank approval.

Yes Bank and RBI did not immediately respond to requests for comment.

Yes Bank shares sank as much as 31.7 per cent to 287.30 rupees on Friday, with more than 158 million shares changing hands - over seven times their 30-day average volume. They cut their losses to be down 20 per cent by late morning.

Indian stock markets were closed on Thursday for a holiday. Before Friday's trading, Yes Bank had a market value of about $10 billion.

At least two brokerages downgraded the stock, citing uncertainty and doubts in investors' minds about the bank's future.

Nomura analysts said a need to raise growth capital in troubled times, investor doubts about asset quality and the RBI's concerns for Kapoor continuing in his position could weigh on the stock.

The research firm downgraded the stock to "neutral" from "buy", reducing its target price to 345 rupees.

Private sector lender Yes Bank Ltd's shares tumbled nearly a third on Friday, wiping as much as $3.1 billion off its market value, after the central bank reduced charismatic CEO Rana Kapoor's term, creating uncertainty about its outlook.

Private sector lender Yes Bank Ltd's shares tumbled nearly a third on Friday, wiping as much as $3.1 billion off its market value, after the central bank reduced charismatic CEO Rana Kapoor's term, creating uncertainty about its outlook. The Reserve Bank of India (RBI) said late on Wednesday Kapoor can serve as the lender's chief executive only till January 31 next year. It did not give a reason. Kapoor co-founded the bank and has been instrumental in its rise to become India's fifth-largest private sector bank with assets of $43.19 billion. RBI's move came after Yes Bank's shareholders voted in June to extend Kapoor's term as CEO and managing director for three years, pending central bank approval. Yes Bank and RBI did not immediately respond to requests for comment. Yes Bank shares sank as much as 31.7 per cent to 287.30 rupees on Friday, with more than 158 million shares changing hands - over seven times their 30-day average volume. They cut their losses to be down 20 per cent by late morning. Indian stock markets were closed on Thursday for a holiday. Before Friday's trading, Yes Bank had a market value of about $10 billion. At least two brokerages downgraded the stock, citing uncertainty and doubts in investors' minds about the bank's future. Nomura analysts said a need to raise growth capital in troubled times, investor doubts about asset quality and the RBI's concerns for Kapoor continuing in his position could weigh on the stock. The research firm downgraded the stock to "neutral" from "buy", reducing its target price to 345 rupees.

Yes Bank plunges by nearly a third after RBI curtails CEO's term

The Reserve Bank of India today fixed the reference rate of the rupee at 67.3353 against the US dollar and 79.5230 for the euro.

The corresponding rates were 67.5228 and 79.5824, as on June 08, 2018.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 90.3707 and 61.24 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quotes at noon.

The SDR-rupee figure will be based on this rate, the statement added.

The SDR-rupee figure will be based on this rate, the statement added

The Reserve Bank of India today fixed the reference rate of the rupee at 67.3353 against the US dollar and 79.5230 for the euro. The corresponding rates were 67.5228 and 79.5824, as on June 08, 2018. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 90.3707 and 61.24 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quotes at noon. The SDR-rupee figure will be based on this rate, the statement added.

RBI sets rupee reference rate at 67.3353 against dollar

The BSE Sensex rebounded over 69 points in opening trade, breaking its three-day losing run, ahead of the RBI's bi-monthly policy meet outcome due later in the day. 
 
The 30-share index recovered by 69.38 points, or 0.19 per cent, to 34,972.59. It had lost 419.17 points in the previous three sessions.

Sectoral indices led by FMCG, auto, metal, IT and capital goods rose by up to 0.30 per cent. 
 
The NSE Nifty also went up by 22.65 points, or 0.21 per cent, to 10,615.80.

Brokers said investors were seen raising their bets ahead of the monetary policy announcement. 
 
Besides, a mixed trend at other Asian bourses influenced the trading sentiment in the domestic market. 
 
Shares of Bharti Airtel, Coal India, L&T, Tata Motors, M&M, Adani Ports, ITC, Sun Pharma, Bajaj Auto, Maruti Suzuki, Power Grid and Infosys climbed up to 1.48 per cent. 
 
Meanwhile, domestic institutional investors (DIIs) bought shares worth a net Rs 474.33 crore, while foreign portfolio investors (FPIs) sold shares worth Rs 157.51 crore yesterday, as per provisional data. 
 
Among other Asian markets, Japan's Nikkei rose 0.19 per cent, while Hong Kong's Hang Seng edged up 0.31 per cent in their early trade. However, Shanghai Composite Index shed 0.15 per cent. 
 
The US Dow Jones Industrial Average ended 0.06 per cent lower in yesterday's trade.&nbsp;

Sectoral indices led by FMCG, auto, metal, IT and capital goods rose by up to 0.30 per cent

The BSE Sensex rebounded over 69 points in opening trade, breaking its three-day losing run, ahead of the RBI's bi-monthly policy meet outcome due later in the day. The 30-share index recovered by 69.38 points, or 0.19 per cent, to 34,972.59. It had lost 419.17 points in the previous three sessions. Sectoral indices led by FMCG, auto, metal, IT and capital goods rose by up to 0.30 per cent. The NSE Nifty also went up by 22.65 points, or 0.21 per cent, to 10,615.80. Brokers said investors were seen raising their bets ahead of the monetary policy announcement. Besides, a mixed trend at other Asian bourses influenced the trading sentiment in the domestic market. Shares of Bharti Airtel, Coal India, L&T, Tata Motors, M&M, Adani Ports, ITC, Sun Pharma, Bajaj Auto, Maruti Suzuki, Power Grid and Infosys climbed up to 1.48 per cent. Meanwhile, domestic institutional investors (DIIs) bought shares worth a net Rs 474.33 crore, while foreign portfolio investors (FPIs) sold shares worth Rs 157.51 crore yesterday, as per provisional data. Among other Asian markets, Japan's Nikkei rose 0.19 per cent, while Hong Kong's Hang Seng edged up 0.31 per cent in their early trade. However, Shanghai Composite Index shed 0.15 per cent. The US Dow Jones Industrial Average ended 0.06 per cent lower in yesterday's trade.

Market opens higher ahead of RBI policy decision

Turkey's President Tayyip Erdogan has said ride hailing app Uber is finished in Turkey, following pressure from Istanbul taxi drivers who said it was providing an illegal service and called for it to be banned.

About 17,400 taxis operate in Istanbul, home to about a fifth of Turkey's population of 81 million people, and since Uber entered the country in 2014 tensions have risen sharply.

Erdogan's statement came after new regulations were announced in recent weeks tightening transport licensing requirements, making it more difficult for drivers to register with Uber and threatening a two-year ban for violations.

"This thing called Uber emerged. That business is finished. That does not exist anymore," he said in a speech in Istanbul late on Friday.

"We have our taxi system. Where does this (Uber) come from? It is used in Europe, I do not care about that. We will decide by ourselves," added Erdogan, who is running for re-election in three weeks.

Uber had no immediate response to his comment. After the transport licensing changes were announced it said it wanted to work with all sides to improve transport and to be "a true partner to Turkey for the long term".

Uber said that about 2,000 yellow cab drivers use its app to find customers, while another 5,000 work for UberXL, using large vans to transport groups to parties, or take people with bulky luggage to Istanbul's airports.

It declined to reveal the number of Uber users in Turkey, where it operates in Istanbul, and in the resort towns of Bodrum and Cesme in the summer months.

Earlier this year, Istanbul's taxi drivers took Uber to court accusing it of hindering their business and operating illegally.

Several reports said that Uber vehicles, drivers and customers were either mistreated, threatened or faced violence by yellow taxi drivers.

Erdogan's statement came following pressure from Istanbul's taxi drivers who said Uber was providing an illegal service and called for it to be banned

Turkey's President Tayyip Erdogan has said ride hailing app Uber is finished in Turkey, following pressure from Istanbul taxi drivers who said it was providing an illegal service and called for it to be banned. About 17,400 taxis operate in Istanbul, home to about a fifth of Turkey's population of 81 million people, and since Uber entered the country in 2014 tensions have risen sharply. Erdogan's statement came after new regulations were announced in recent weeks tightening transport licensing requirements, making it more difficult for drivers to register with Uber and threatening a two-year ban for violations. "This thing called Uber emerged. That business is finished. That does not exist anymore," he said in a speech in Istanbul late on Friday. "We have our taxi system. Where does this (Uber) come from? It is used in Europe, I do not care about that. We will decide by ourselves," added Erdogan, who is running for re-election in three weeks. Uber had no immediate response to his comment. After the transport licensing changes were announced it said it wanted to work with all sides to improve transport and to be "a true partner to Turkey for the long term". Uber said that about 2,000 yellow cab drivers use its app to find customers, while another 5,000 work for UberXL, using large vans to transport groups to parties, or take people with bulky luggage to Istanbul's airports. It declined to reveal the number of Uber users in Turkey, where it operates in Istanbul, and in the resort towns of Bodrum and Cesme in the summer months. Earlier this year, Istanbul's taxi drivers took Uber to court accusing it of hindering their business and operating illegally. Several reports said that Uber vehicles, drivers and customers were either mistreated, threatened or faced violence by yellow taxi drivers.

Uber's 'business is finished' in Turkey, says Erdogan

The benchmark BSE Sensex reclaimed the 35,000-mark by surging over 150 points in early trade today on easing geopolitical concerns and a sharp correction in global crude prices.

An appreciating rupee, encouraging earnings by some more companies and easing concerns over US-North Korea summit too boosted investor sentiment.

The 30-share index, which had gained 579.96 points in the previous two sessions, added 156.67 points, or 0.44 per cent, at 35,081.54.

The rupee strengthened by 39 paise to 67.39 against the dollar at the interbank forex market in early trade today.

Counters such as oil and gas, PSU, healthcare, realty, infrastructure, metal and banking were trading in the positive territory.

The NSE Nifty too edged up by 53.70 points, or 0.50 per cent, to 10,658.85.

Sun Pharma shares rose 4.66 per cent to Rs 488.30 after the drug maker on Friday posted 6.96 per cent increase in its consolidated net profit at Rs 1,308.96 crore for the fourth quarter ended March 2018.

Other major gainers that supported the indices were Yes Bank, SBI, Tata Steel, Axis Bank, Coal India, ONGC, NTPC, Maruti Suzuki, Asian Paint, HDFC Bank, Bharti Airtel, Dr Reddy's, Bajaj Auto and ITC, rising by up to 1.59 per cent.

Traders said building of fresh long positions amid continued buying by domestic institutional investors (DIIs) and Brent crude falling by 1.88 per cent to USD 75 per barrel in global markets, kept the bullish sentiment intact.

Meanwhile, on Friday, DIIs bought shares worth a net of Rs 887.76 crore, while foreign portfolio investors (FPIs) sold shares worth a net Rs 768.29 crore, provisional data showed.

Among other Asian markets, Hong Kong's Hang Seng was up 0.47 per cent, Japan's Nikkei up 0.15 per cent in early trade today. Shanghai Composite Index rose 0.18 per cent

The US Dow Jones Industrial Average ended 0.24 per cent lower in Friday's trade.

The US Dow Jones Industrial Average ended 0.24 per cent lower in Friday's trade

The benchmark BSE Sensex reclaimed the 35,000-mark by surging over 150 points in early trade today on easing geopolitical concerns and a sharp correction in global crude prices. An appreciating rupee, encouraging earnings by some more companies and easing concerns over US-North Korea summit too boosted investor sentiment. The 30-share index, which had gained 579.96 points in the previous two sessions, added 156.67 points, or 0.44 per cent, at 35,081.54. The rupee strengthened by 39 paise to 67.39 against the dollar at the interbank forex market in early trade today. Counters such as oil and gas, PSU, healthcare, realty, infrastructure, metal and banking were trading in the positive territory. The NSE Nifty too edged up by 53.70 points, or 0.50 per cent, to 10,658.85. Sun Pharma shares rose 4.66 per cent to Rs 488.30 after the drug maker on Friday posted 6.96 per cent increase in its consolidated net profit at Rs 1,308.96 crore for the fourth quarter ended March 2018. Other major gainers that supported the indices were Yes Bank, SBI, Tata Steel, Axis Bank, Coal India, ONGC, NTPC, Maruti Suzuki, Asian Paint, HDFC Bank, Bharti Airtel, Dr Reddy's, Bajaj Auto and ITC, rising by up to 1.59 per cent. Traders said building of fresh long positions amid continued buying by domestic institutional investors (DIIs) and Brent crude falling by 1.88 per cent to USD 75 per barrel in global markets, kept the bullish sentiment intact. Meanwhile, on Friday, DIIs bought shares worth a net of Rs 887.76 crore, while foreign portfolio investors (FPIs) sold shares worth a net Rs 768.29 crore, provisional data showed. Among other Asian markets, Hong Kong's Hang Seng was up 0.47 per cent, Japan's Nikkei up 0.15 per cent in early trade today. Shanghai Composite Index rose 0.18 per cent The US Dow Jones Industrial Average ended 0.24 per cent lower in Friday's trade.

Sensex reclaims 35 thousand mark, rises over 150 points

The BSE Sensex rose over 187 points in early trade today, extending yesterday's rally on robust buying in IT, energy and banking stocks amid unabated purchases by domestic institutional investors.

Asian shares were mixed after US President Donald Trump cancelled a planned meeting with North Korean leader Kim Jong Un.

The 30-share index jumped 187.14 points, or 0.54 per cent, to 34,850.25 with sectoral indices led by IT, teck, power, realty, infrastructure, capital goods, banking and auto trading in the positive zone, rising up to 1.38 per cent.

The gauge had gained 318.20 points in the previous session.

The NSE Nifty too climbed 48.70 points, or 0.46 per cent, to 10,562.55.

Major gainers were TCS, Infosys, Tata Steel, NTPC, HDFC Bank, Yes Bank, M&M, HDFC Ltd, Coal India, Bharti Airtel, Axis Bank, Dr Reddy's, RIL and Maruti Suzuki, rising up to 1.83 per cent.

State-owned oil companies IOC, OIL and BPCL recovered after a sharp decline yesterday.

Meanwhile, domestic institutional investors (DIIs) bought shares worth a net Rs 1,480.51, while foreign portfolio investors (FPIs) sold shares worth Rs 701.93 crore yesterday, as per provisional data.

In Asia, Japan's Nikkei rose 0.09 per cent, while Shanghai Composite Index fell 0.24 per cent. Hong Kong's Hang Seng was down 0.49 cent in early trade today.

The Dow Jones Industrial Average ended 0.30 per cent lower in yesterday's trade on a sharp decline in energy-related shares.

State-owned oil companies IOC, OIL and BPCL recovered after a sharp decline yesterday

The BSE Sensex rose over 187 points in early trade today, extending yesterday's rally on robust buying in IT, energy and banking stocks amid unabated purchases by domestic institutional investors. Asian shares were mixed after US President Donald Trump cancelled a planned meeting with North Korean leader Kim Jong Un. The 30-share index jumped 187.14 points, or 0.54 per cent, to 34,850.25 with sectoral indices led by IT, teck, power, realty, infrastructure, capital goods, banking and auto trading in the positive zone, rising up to 1.38 per cent. The gauge had gained 318.20 points in the previous session. The NSE Nifty too climbed 48.70 points, or 0.46 per cent, to 10,562.55. Major gainers were TCS, Infosys, Tata Steel, NTPC, HDFC Bank, Yes Bank, M&M, HDFC Ltd, Coal India, Bharti Airtel, Axis Bank, Dr Reddy's, RIL and Maruti Suzuki, rising up to 1.83 per cent. State-owned oil companies IOC, OIL and BPCL recovered after a sharp decline yesterday. Meanwhile, domestic institutional investors (DIIs) bought shares worth a net Rs 1,480.51, while foreign portfolio investors (FPIs) sold shares worth Rs 701.93 crore yesterday, as per provisional data. In Asia, Japan's Nikkei rose 0.09 per cent, while Shanghai Composite Index fell 0.24 per cent. Hong Kong's Hang Seng was down 0.49 cent in early trade today. The Dow Jones Industrial Average ended 0.30 per cent lower in yesterday's trade on a sharp decline in energy-related shares.

Sensex builds on gains, up 187 points in early trade

The BSE Sensex rebounded about 153 points in opening trade today on fresh buying in IT, teck, capital goods and healthcare counters amid mixed overseas cues.

Buying by domestic institutional investors and strengthening rupee also supported the recovery, brokers said.

Asian stocks traded mixed amid caution over US-China trade relations.

US stocks closed higher yesterday after minutes from the Federal Reserve's meeting reassured investors that the central bank will not be too aggressive with raising interest rates.

The 30-share Sensex rose 152.81 points, or 0.44 per cent, to 34,497.72, with sectoral indices IT, teck, capital goods, healthcare, power, consumer durables, bankex and realty advancing by up to 1.77 per cent.

The gauge had lost 306.33 points in the previous session.

The NSE Nifty also moved up by 38.15 points, or 0.36 per cent, to 10,468.50.

Major gainers were Infosys, Tata Steel, TCS, HDFC Ltd, Bharti Airtel, Coal India, Sun Pharma, Wipro, Yes Bank, Power Grid, Axis Bank and RIL, gaining up to 2.38 per cent

State-run lender SBI also extended its gaining streak for the third straight session, inching up 0.32 per cent to Rs 264.05.

However, Tata Motors plunged 4.41 per cent after the company yesterday reported a 49.82 per cent decline in consolidated net profit at Rs 2,176.16 crore for the March quarter with its British arm JLR continuing to face challenges in the UK and

Europe, in addition to one time impairment charge.

Meanwhile, domestic institutional investors (DIIs) bought shares worth a net Rs 789.78 crore, while foreign portfolio investors (FPIs) sold shares worth Rs 311.11 crore yesterday, as per provisional data.

Elsewhere in Asia, Hong Kong's Hang Seng rose 0.32 per cent while Shanghai Composite index was up 0.04 per cent in early trade today. However, Japan's Nikkei fell 1.10 per cent.

The Dow Jones Industrial Average ended 0.21 per cent higher in yesterday's trade but geopolitical and trade concerns continued to dent investor sentiment.&nbsp

Meanwhile, domestic institutional investors (DIIs) bought shares worth a net Rs 789.78 crore

The BSE Sensex rebounded about 153 points in opening trade today on fresh buying in IT, teck, capital goods and healthcare counters amid mixed overseas cues. Buying by domestic institutional investors and strengthening rupee also supported the recovery, brokers said. Asian stocks traded mixed amid caution over US-China trade relations. US stocks closed higher yesterday after minutes from the Federal Reserve's meeting reassured investors that the central bank will not be too aggressive with raising interest rates. The 30-share Sensex rose 152.81 points, or 0.44 per cent, to 34,497.72, with sectoral indices IT, teck, capital goods, healthcare, power, consumer durables, bankex and realty advancing by up to 1.77 per cent. The gauge had lost 306.33 points in the previous session. The NSE Nifty also moved up by 38.15 points, or 0.36 per cent, to 10,468.50. Major gainers were Infosys, Tata Steel, TCS, HDFC Ltd, Bharti Airtel, Coal India, Sun Pharma, Wipro, Yes Bank, Power Grid, Axis Bank and RIL, gaining up to 2.38 per cent State-run lender SBI also extended its gaining streak for the third straight session, inching up 0.32 per cent to Rs 264.05. However, Tata Motors plunged 4.41 per cent after the company yesterday reported a 49.82 per cent decline in consolidated net profit at Rs 2,176.16 crore for the March quarter with its British arm JLR continuing to face challenges in the UK and Europe, in addition to one time impairment charge. Meanwhile, domestic institutional investors (DIIs) bought shares worth a net Rs 789.78 crore, while foreign portfolio investors (FPIs) sold shares worth Rs 311.11 crore yesterday, as per provisional data. Elsewhere in Asia, Hong Kong's Hang Seng rose 0.32 per cent while Shanghai Composite index was up 0.04 per cent in early trade today. However, Japan's Nikkei fell 1.10 per cent. The Dow Jones Industrial Average ended 0.21 per cent higher in yesterday's trade but geopolitical and trade concerns continued to dent investor sentiment.

Sensex recoups 153 points on global cues

Vice-President M Venkaiah Naidu on Wednesday said that there is an immense investment potential in the northeastern region and stressed on improving connectivity to it.

Addressing the second convocation of National Institute of Technology here, Naidu said though the north-eastern region is endowed with abundant natural resources it has a difficult terrain, dispersed habitations, poor connectivity and inadequate infrastructure which are obstacles in realising its true potential.

Improving connectivity is most important to bring the northeast region into the mainstream, he said adding air connectivity is vital for promoting tourism, business and people-to-people contact.

"We strongly believe that the corridors of connectivity should be converted into corridors of economic growth with a symbiotic market model of development," the Vice-President said.

Naidu said that Nagaland is growing fast and setting up of the NIT is an indication of the growing importance of this region and the knowledge and technical skills acquired by the students will form the main pillars of their professional career.

NIT, Nagaland, is the first centrally funded technical institution in the state.

The Vice-President said the real strength of any academic institute lies in maintaining high standards of excellence through its teaching and top quality research.

The life skills acquired by the students from them and the values of ethics, morality, integrity and compassion are equally important in navigating through the challenges and contribute to building an inclusive New India.

Naidu advised the students to remember that their education does not end with the acquisition of a degree or by securing employment. "Learning is a life-long process and education is meant to enlighten them."

The NIT Nagaland being a technical institute of national importance will play a significant role in filling the industrial gap in Nagaland by bringing in industries, the corporate sector and technocrats from other parts of the country to Nagaland for its societal growth and uplift, he said.&nbsp

Naidu expressed happiness that the state is running the Institute of Communication and Information Technology (ICIT), Mokokchung and School Of Engineering & Technology, Dimapur.&nbsp

"Our mother tongue, the language of home, is the root of life. We must ensure that this foundation is strengthened. If we lose a language we lose an important part of our cultural identity," Naidu added.

Nagaland governor, P B Acharya said getting a degree is not the ultimate goal in life but it should serve as a catalyst for pursuing further knowledge.

Acquiring a degree is not the end goal of education, but it is beginning of empowerment, he added.&nbsp

Improving connectivity is most important to bring the northeast region into the mainstream, he said adding air connectivity is vital for promoting tourism, business and people-to-people contact.

Vice-President M Venkaiah Naidu on Wednesday said that there is an immense investment potential in the northeastern region and stressed on improving connectivity to it. Addressing the second convocation of National Institute of Technology here, Naidu said though the north-eastern region is endowed with abundant natural resources it has a difficult terrain, dispersed habitations, poor connectivity and inadequate infrastructure which are obstacles in realising its true potential. Improving connectivity is most important to bring the northeast region into the mainstream, he said adding air connectivity is vital for promoting tourism, business and people-to-people contact. "We strongly believe that the corridors of connectivity should be converted into corridors of economic growth with a symbiotic market model of development," the Vice-President said. Naidu said that Nagaland is growing fast and setting up of the NIT is an indication of the growing importance of this region and the knowledge and technical skills acquired by the students will form the main pillars of their professional career. NIT, Nagaland, is the first centrally funded technical institution in the state. The Vice-President said the real strength of any academic institute lies in maintaining high standards of excellence through its teaching and top quality research. The life skills acquired by the students from them and the values of ethics, morality, integrity and compassion are equally important in navigating through the challenges and contribute to building an inclusive New India. Naidu advised the students to remember that their education does not end with the acquisition of a degree or by securing employment. "Learning is a life-long process and education is meant to enlighten them." The NIT Nagaland being a technical institute of national importance will play a significant role in filling the industrial gap in Nagaland by bringing in industries, the corporate sector and technocrats from other parts of the country to Nagaland for its societal growth and uplift, he said. Naidu expressed happiness that the state is running the Institute of Communication and Information Technology (ICIT), Mokokchung and School Of Engineering & Technology, Dimapur. "Our mother tongue, the language of home, is the root of life. We must ensure that this foundation is strengthened. If we lose a language we lose an important part of our cultural identity," Naidu added. Nagaland governor, P B Acharya said getting a degree is not the ultimate goal in life but it should serve as a catalyst for pursuing further knowledge. Acquiring a degree is not the end goal of education, but it is beginning of empowerment, he added.

Northeast has immense investment potential: Venkaiah Naidu

The United States on Sunday threatened to impose sanctions on European companies that do business with Iran, as the remaining participants in the Iran nuclear accord stiffened their resolve to keep that agreement operational.

White House National Security adviser John Bolton said US&nbspsanctions on European companies that maintain business dealings with Iran were "possible," but Secretary of State Mike Pompeo said he remained hopeful Washington and its allies could strike a new nuclear deal with Tehran.

Bolton struck a more hawkish tone with his comments in an interview with CNN's "State of the Union" program than Pompeo did when he was interviewed on "Fox News Sunday."

Also read: <a href="http://www.wionews.com/world/pompeo-withdrawal-from-iran-deal-wasnt-aimed-at-the-europeans-136612">Withdrawal from Iran deal 'wasn't aimed at the Europeans'</a>

US&nbspPresident Donald Trump on May 8 announced that the United States was withdrawing from a 2015 deal negotiated by the Obama administration.

So far, China, France, Russia, Britain, the European Union and Iran remain in the accord, which placed controls on Iran's nuclear program and led to a relaxation of U.S. economic sanctions against Iran and companies doing business there.

Also read:&nbsp<a href="http://www.wionews.com/world/us-to-lift-sanctions-on-north-korea-if-it-meets-demands-says-pompeo-136599">US to lift sanctions on North Korea if it meets demands, says Pompeo</a>

Despite the US&nbspexit, Britain and Iran on Sunday expressed their commitment to ensuring that the accord is upheld, according to a statement released by British Prime Minister Theresa May's office.

And Germany said it will spend the next few months trying to persuade Washington to change its mind.

When asked whether the United States might impose sanctions on European companies that continue to do business with Iran, Bolton told CNN: "It's possible. It depends on the conduct of other governments."

Pompeo said he was "hopeful in the days and weeks ahead we can come up with a deal that really works, that really protects the world from Iranian bad behaviour, not just their nuclear program, but their missiles and their malign behavior as well."

'REGIME CHANGE'

The US&nbspwithdrawal from the Iran deal has upset Washington's European allies, cast uncertainty over global oil supplies and raised the risk of conflict in the Middle East.

Germany's minister for economic affairs, Peter Altmaier, said on Sunday that Berlin will try to "persuade the US&nbspgovernment to change its behaviour."

In an interview with ZDF public television, Altmaier noted the United States has set a 90-day deadline for foreign firms to comply with the return of sanctions and that this period can be used to convince Washington to change course.

Israel and Iran engaged in an extensive military exchange on the heels of Trump's decision to leave the deal. On Saturday, French President Emmanuel Macron told Trump in a telephone call that he was worried about stability in the Middle East, according to Macron's office.

As a private citizen, Bolton in the past has suggested that the United States push for a change in Iran's government. But in an interview aired on the ABC's "This Week" program, Bolton said, "That's not the policy of the administration. The policy of the administration is to make sure that Iran never gets close to deliverable nuclear weapons."

In the CNN interview, Bolton did not respond directly when asked whether Trump might seek "regime change" in Iran, or whether the U.S. military would be ordered to make a preemptive strike against any Iranian nuclear facility.

"I'm not the national security decision-maker," Bolton said, adding that Trump "makes the decision and the advice that I give him is between us."

When pressed by CNN on whether the Trump administration would sanction European firms that continue to do business with Iran, Bolton said, "I think the Europeans will see that it's in their interest ultimately to come along with us."

Bolton said Europe was still digesting Trump's May 8 move.

"I think at the moment there's some feeling in Europe - they're really surprised we got out of it, really surprised at the reimposition of strict sanctions. I think that will sink in we'll see what happens then," Bolton said.

The US threatened to impose sanctions on European companies that do business with Iran even as the remaining participants in the Iran nuclear accord stiffened their resolve to keep the agreement operational

The United States on Sunday threatened to impose sanctions on European companies that do business with Iran, as the remaining participants in the Iran nuclear accord stiffened their resolve to keep that agreement operational. White House National Security adviser John Bolton said US&nbspsanctions on European companies that maintain business dealings with Iran were "possible," but Secretary of State Mike Pompeo said he remained hopeful Washington and its allies could strike a new nuclear deal with Tehran. Bolton struck a more hawkish tone with his comments in an interview with CNN's "State of the Union" program than Pompeo did when he was interviewed on "Fox News Sunday." Also read: Withdrawal from Iran deal 'wasn't aimed at the Europeans' US&nbspPresident Donald Trump on May 8 announced that the United States was withdrawing from a 2015 deal negotiated by the Obama administration. So far, China, France, Russia, Britain, the European Union and Iran remain in the accord, which placed controls on Iran's nuclear program and led to a relaxation of U.S. economic sanctions against Iran and companies doing business there. Also read: US to lift sanctions on North Korea if it meets demands, says Pompeo Despite the US&nbspexit, Britain and Iran on Sunday expressed their commitment to ensuring that the accord is upheld, according to a statement released by British Prime Minister Theresa May's office. And Germany said it will spend the next few months trying to persuade Washington to change its mind. When asked whether the United States might impose sanctions on European companies that continue to do business with Iran, Bolton told CNN: "It's possible. It depends on the conduct of other governments." Pompeo said he was "hopeful in the days and weeks ahead we can come up with a deal that really works, that really protects the world from Iranian bad behaviour, not just their nuclear program, but their missiles and their malign behavior as well." 'REGIME CHANGE' The US&nbspwithdrawal from the Iran deal has upset Washington's European allies, cast uncertainty over global oil supplies and raised the risk of conflict in the Middle East. Germany's minister for economic affairs, Peter Altmaier, said on Sunday that Berlin will try to "persuade the US&nbspgovernment to change its behaviour." In an interview with ZDF public television, Altmaier noted the United States has set a 90-day deadline for foreign firms to comply with the return of sanctions and that this period can be used to convince Washington to change course. Israel and Iran engaged in an extensive military exchange on the heels of Trump's decision to leave the deal. On Saturday, French President Emmanuel Macron told Trump in a telephone call that he was worried about stability in the Middle East, according to Macron's office. As a private citizen, Bolton in the past has suggested that the United States push for a change in Iran's government. But in an interview aired on the ABC's "This Week" program, Bolton said, "That's not the policy of the administration. The policy of the administration is to make sure that Iran never gets close to deliverable nuclear weapons." In the CNN interview, Bolton did not respond directly when asked whether Trump might seek "regime change" in Iran, or whether the U.S. military would be ordered to make a preemptive strike against any Iranian nuclear facility. "I'm not the national security decision-maker," Bolton said, adding that Trump "makes the decision and the advice that I give him is between us." When pressed by CNN on whether the Trump administration would sanction European firms that continue to do business with Iran, Bolton said, "I think the Europeans will see that it's in their interest ultimately to come along with us." Bolton said Europe was still digesting Trump's May 8 move. "I think at the moment there's some feeling in Europe - they're really surprised we got out of it, really surprised at the reimposition of strict sanctions. I think that will sink in we'll see what happens then," Bolton said.

US threatens sanctions on European companies doing business with Iran

Annual retail inflation accelerated in April to 4.58 per cent, after easing for three straight months, government data showed on Monday, mainly driven by faster increases in fuel prices.

Analysts polled by Reuters had forecast April's CPI inflation at 4.42 per cent, up from March's 4.28 per cent.

April was the sixth straight month in which inflation was higher than the Reserve Bank of India's medium-term target of 4 per cent.&nbsp;

The Reserve Bank of India's medium-term target is 4 per cent.&nbsp;

Earlier on Monday, the government said that the wholesale price inflation (WPI) in April increased to 3.18 per cent, compared with the poll's forecast of 2.86 per cent and March`s level of 2.47 per cent.&nbsp;

The Reserve Bank of India's medium-term target is 4 per cent

Annual retail inflation accelerated in April to 4.58 per cent, after easing for three straight months, government data showed on Monday, mainly driven by faster increases in fuel prices. Analysts polled by Reuters had forecast April's CPI inflation at 4.42 per cent, up from March's 4.28 per cent. April was the sixth straight month in which inflation was higher than the Reserve Bank of India's medium-term target of 4 per cent. The Reserve Bank of India's medium-term target is 4 per cent. Earlier on Monday, the government said that the wholesale price inflation (WPI) in April increased to 3.18 per cent, compared with the poll's forecast of 2.86 per cent and March`s level of 2.47 per cent.

Retail inflation inches up for first time in four months

Asian markets built on the past week's gains Friday following another rally in New York as traders welcomed a below-forecast US inflation read that dampened expectations for a sharp lift in interest rates.

While geopolitical tensions continue to linger after Donald Trump pulled out of the Iran nuclear pact this week, dealers were buoyed by the prospect of cheaper borrowing after data showed consumer prices edged up only slightly in April.

News that Trump and Kim Jong Un had agreed to meet on June 12 in Singapore -- the first US-North Korean summit in history -- lifted optimism and fuelled hopes for peace on the Korean peninsula.

The inflation data provided some relief to trading floors, which have fluctuated over recent months on worries that an improving US economy and an expected surge in inflation will force the Federal Reserve to tighten monetary policy.

"The market is breathing a sigh of relief that there was not an upside surprise to the inflation stats," Peter Boockvar, the chief investment officer of Bleakley Financial Group, wrote in an email to clients.

The news lifted all three main indexes on Wall Street and those gains extended into Asia.

Hong Kong rose one per cent, marking a fifth-straight gain, while Tokyo ended 1.2 per cent higher.

Singapore climbed 0.8 per cent and Seoul added 0.6 per cent, while Wellington, Jakarta and Taipei also posted healthy gains.

Manila was 2.3 per cent higher a day after data showed the economy expanded at a strong pace in the first three months of the year, and despite a central bank interest rate hike.

However, Sydney finished marginally lower and Shanghai lost 0.4 per cent.

Oil rally sputters

Greg McKenna, chief market strategist at AxiTrader, offered a word of caution, warning: "Sure, (consumer price) inflation didn't surprise on the upside.

"But that doesn't mean the Fed isn't still going to raise rates two or three more times this year and it doesn't mean quantitative tightening isn't going to continue."

Still, lower expectations for US rates hurt the dollar on Thursday and it struggled to recover in Asia with high-yielding currencies such as the Australian dollar, Mexican peso, Indonesian rupiah and South Korean won gaining ground.

Even the pound held its own despite the Bank of England slashing its economic growth and inflation outlook.

Movements in the crude market were tepid after recent surges that came on the back of Trump's Iran decision and data showing US demand for the commodity appeared to be picking up.

However, both main contracts remain around highs not seen since November 2014 and there is still talk of further rises to around $80 a barrel.

An exchange of rockets between Israel and Iran was also keeping traders wary of a flare-up in the volatile Middle East, with the Syria crisis still raging.

In early European trade London and Frankfurt each rose 0.1 per cent but Paris shed 0.2 per cent.

Singapore climbed 0.8 per cent and Seoul added 0.6 per cent, while Wellington, Jakarta and Taipei also posted healthy gains

Asian markets built on the past week's gains Friday following another rally in New York as traders welcomed a below-forecast US inflation read that dampened expectations for a sharp lift in interest rates. While geopolitical tensions continue to linger after Donald Trump pulled out of the Iran nuclear pact this week, dealers were buoyed by the prospect of cheaper borrowing after data showed consumer prices edged up only slightly in April. News that Trump and Kim Jong Un had agreed to meet on June 12 in Singapore -- the first US-North Korean summit in history -- lifted optimism and fuelled hopes for peace on the Korean peninsula. The inflation data provided some relief to trading floors, which have fluctuated over recent months on worries that an improving US economy and an expected surge in inflation will force the Federal Reserve to tighten monetary policy. "The market is breathing a sigh of relief that there was not an upside surprise to the inflation stats," Peter Boockvar, the chief investment officer of Bleakley Financial Group, wrote in an email to clients. The news lifted all three main indexes on Wall Street and those gains extended into Asia. Hong Kong rose one per cent, marking a fifth-straight gain, while Tokyo ended 1.2 per cent higher. Singapore climbed 0.8 per cent and Seoul added 0.6 per cent, while Wellington, Jakarta and Taipei also posted healthy gains. Manila was 2.3 per cent higher a day after data showed the economy expanded at a strong pace in the first three months of the year, and despite a central bank interest rate hike. However, Sydney finished marginally lower and Shanghai lost 0.4 per cent. Oil rally sputters Greg McKenna, chief market strategist at AxiTrader, offered a word of caution, warning: "Sure, (consumer price) inflation didn't surprise on the upside. "But that doesn't mean the Fed isn't still going to raise rates two or three more times this year and it doesn't mean quantitative tightening isn't going to continue." Still, lower expectations for US rates hurt the dollar on Thursday and it struggled to recover in Asia with high-yielding currencies such as the Australian dollar, Mexican peso, Indonesian rupiah and South Korean won gaining ground. Even the pound held its own despite the Bank of England slashing its economic growth and inflation outlook. Movements in the crude market were tepid after recent surges that came on the back of Trump's Iran decision and data showing US demand for the commodity appeared to be picking up. However, both main contracts remain around highs not seen since November 2014 and there is still talk of further rises to around $80 a barrel. An exchange of rockets between Israel and Iran was also keeping traders wary of a flare-up in the volatile Middle East, with the Syria crisis still raging. In early European trade London and Frankfurt each rose 0.1 per cent but Paris shed 0.2 per cent.

Most Asian markets end healthy week on a positive note

The domestic stock market started the new fiscal on a positive note today, with the flagship Sensex rising about 287 points to end above the key 33,000-level as index heavyweights RIL, Tata Motors and Maruti led the rally.

Similarly, the broader NSE Nifty also managed to close above the 10,200-mark.

The bourses reopened today after a long weekend following holidays for Mahavir Jayanti and Good Friday on last Thursday and Friday, respectively.

Besides, a positive start in the April derivative series boosted investor sentiments as they indulged in creating fresh positions, brokers said.

Sentiments also got a boost after several automakers posted better-than-expected sales data for March month, they said.

However, other Asian markets turned weak after initial firmness due to profit-taking in late trade and any absence of cues from European markets that were closed for Easter.

The Sensex after a gap-up opening to regain the 33,000-mark advanced to hit a high of 33,289.34 before terminating at 33,255.36, showing a hefty gain of 286.68 points, or 0.87 per cent.&nbsp;

The gauge had lost 205.71 points in the last session of FY18 on Wednesday.

The NSE 50-share Nifty also spurted by 98.10 points, or 0.97 per cent, to end at 10,211.80 after moving in a range of 10,220.10 and 10,127.75.

Sensex rises about 287 points, NSE Nifty also managed to close above the 10,200-mark

The domestic stock market started the new fiscal on a positive note today, with the flagship Sensex rising about 287 points to end above the key 33,000-level as index heavyweights RIL, Tata Motors and Maruti led the rally. Similarly, the broader NSE Nifty also managed to close above the 10,200-mark. The bourses reopened today after a long weekend following holidays for Mahavir Jayanti and Good Friday on last Thursday and Friday, respectively. Besides, a positive start in the April derivative series boosted investor sentiments as they indulged in creating fresh positions, brokers said. Sentiments also got a boost after several automakers posted better-than-expected sales data for March month, they said. However, other Asian markets turned weak after initial firmness due to profit-taking in late trade and any absence of cues from European markets that were closed for Easter. The Sensex after a gap-up opening to regain the 33,000-mark advanced to hit a high of 33,289.34 before terminating at 33,255.36, showing a hefty gain of 286.68 points, or 0.87 per cent. The gauge had lost 205.71 points in the last session of FY18 on Wednesday. The NSE 50-share Nifty also spurted by 98.10 points, or 0.97 per cent, to end at 10,211.80 after moving in a range of 10,220.10 and 10,127.75.

Market kicks off new fiscal on high note; auto stocks rally

The market extended losses on the back of weak global cues, with the Sensex falling 200 points.

The Nifty continued to trade below 10,150 ahead of expiry of March futures & options contracts today, falling 60 points.

All sectoral indices were in the red, with the Nifty Metal, PSU Bank falling over a percent.

Investors would stay cautious ahead of the expiry of March derivative series later today. The stock market will stay shut on Thursday and Friday and resume trading next week on Monday.&nbsp

Overseas, MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.4 per cent, with tech-heavy Korean shares falling 1.0 per cent. Japan's Nikkei &nbspfell 2.1 per cent.

On Wall Street, The Dow Jones Industrial Average fell 344.89 points, or 1.43 percent, to 23,857.71, the S&P 500 lost 45.93 points, or 1.73 percent, to 2,612.62 and the Nasdaq Composite dropped 211.74 points, or 2.93 percent, to 7,008.81, making their fourth decline in five sessions.

All sectoral indices were in the red, with the Nifty Metal, PSU Bank falling over a percent.

The market extended losses on the back of weak global cues, with the Sensex falling 200 points. The Nifty continued to trade below 10,150 ahead of expiry of March futures & options contracts today, falling 60 points. All sectoral indices were in the red, with the Nifty Metal, PSU Bank falling over a percent. Investors would stay cautious ahead of the expiry of March derivative series later today. The stock market will stay shut on Thursday and Friday and resume trading next week on Monday. Overseas, MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.4 per cent, with tech-heavy Korean shares falling 1.0 per cent. Japan's Nikkei &nbspfell 2.1 per cent. On Wall Street, The Dow Jones Industrial Average fell 344.89 points, or 1.43 percent, to 23,857.71, the S&P 500 lost 45.93 points, or 1.73 percent, to 2,612.62 and the Nasdaq Composite dropped 211.74 points, or 2.93 percent, to 7,008.81, making their fourth decline in five sessions.

Sensex sheds 212 points; Nifty falls to 10,122

Benchmark indices BSE Sensex and NSE’s Nifty 50 declined on Wednesday, tracking losses in global equities.&nbsp;

Asian stocks posted declines early on Wednesday trade after US stocks fell sharply on the back of losses in technology names.&nbsp;

The Indian rupee was trading marginally higher in opening trade against the US dollar, tracking gains in its Asian peers.&nbsp;

BSE Sensex trades lower by nearly 200 points, while the Nifty 50 trades near 10,100.

Benchmark indices BSE Sensex and NSE’s Nifty 50 declined on Wednesday, tracking losses in global equities. Asian stocks posted declines early on Wednesday trade after US stocks fell sharply on the back of losses in technology names. The Indian rupee was trading marginally higher in opening trade against the US dollar, tracking gains in its Asian peers.

Sensex dives 200 points, Nifty near 10,100

Ride-hailing firm Uber Technologies Inc has agreed to sell its Southeast Asian business to bigger regional rival Grab, the firms said in a statement on Monday, marking the US company’s second retreat from an Asian market.&nbsp;

The deal is the industry’s first big consolidation in Southeast Asia, home to about 640 million people, and puts pressure on Indonesia’s Go-Jek, which is backed by Alphabet Inc’s Google and China’s Tencent Holdings Ltd.

A shake-up in Asia’s fiercely competitive ride-hailing industry became likely earlier this year when Japan-based SoftBank Group Corp’s Vision Fund made a multi-billion dollar investment in Uber. SoftBank also invested in Grab.

As part of the transaction, Uber will take a 27.5 percent stake in Singapore-based Grab and Uber CEO Dara Khosrowshahi will join Grab’s board.

“It will help us double down on our plans for growth as we invest heavily in our products and technology,” Khosrowshahi said in a statement.&nbsp;

For Grab, the deal is a boon for its meal-delivery service, which will now merge with Uber Eats. A more robust food service will give Grab an advantage over Go-Jek, according to a person close to Grab.&nbsp;

“It was really a very independent decision by both companies,” Grab President Ming Maa told Reuters, adding that SoftBank CEO Masayoshi Son was “highly supportive”.

In addition to its stakes in Uber and Grab, SoftBank is also one of the main investors in several other big ride-hailing firms including China’s Didi Chuxing and India’s Ola.

Ride-hailing companies throughout Asia have relied heavily on discounts and promotions, driving down profit margins and increasing pressure for consolidation.

Uber, which is preparing for a potential initial public offering in 2019, lost $4.5 billion last year and is facing fierce competition at home and in Asia, as well as a regulatory crackdown in Europe.&nbsp;

Uber invested $700 million in its Southeast Asia business, less than the $2 billion it burned through in China before ceding its operations there to Didi.

MORE CONSOLIDATION

Uber anticipated making more deals with rivals but said it had no plans to do another sale in which it consolidates its operations in exchange for a minority stake in a rival.&nbsp;

“It is fair to ask whether consolidation is now the strategy of the day, given this is the third deal of its kind ... The answer is no,” Khosrowshahi said in a note to employees that were shared with Reuters.

“One of the potential dangers of our global strategy is that we take on too many battles across too many fronts and with too many competitors.”

A source familiar with Uber’s strategy said the company was going to step up its battle with Ola in India, another competitive and costly market where rivals have heavily subsidized rides in an effort to gain market share. Uber has close to 60 percent of the market there, by some estimates.

Uber’s two previous retreats, from China and Russia, happened under former CEO Travis Kalanick. The deal with Grab is the first operations sale by Khosrowshahi, who started in September.

Rajeev Misra, chief executive of SoftBank’s Vision Fund, had urged the company to focus less on Asia and redirect more resources to profitable markets such as Latin America, according to a person familiar with the matter.&nbsp;

He saw opportunities for mergers and joint ventures between SoftBank-backed ride-hailing companies, particularly for collaborating on R&D, but the investor would never get actively involved with management decisions, the person said.

Uber includes the United States, Australia, New Zealand and Latin America among its core markets – regions where it has more than 50 percent market share and is profitable or sees a path to profitability.&nbsp; 
&nbsp;

Uber will take a 27.5 per cent stake in Singapore-based Grab and Uber CEO Dara Khosrowshahi will join Grab’s board.

Ride-hailing firm Uber Technologies Inc has agreed to sell its Southeast Asian business to bigger regional rival Grab, the firms said in a statement on Monday, marking the US company’s second retreat from an Asian market. The deal is the industry’s first big consolidation in Southeast Asia, home to about 640 million people, and puts pressure on Indonesia’s Go-Jek, which is backed by Alphabet Inc’s Google and China’s Tencent Holdings Ltd. A shake-up in Asia’s fiercely competitive ride-hailing industry became likely earlier this year when Japan-based SoftBank Group Corp’s Vision Fund made a multi-billion dollar investment in Uber. SoftBank also invested in Grab. As part of the transaction, Uber will take a 27.5 percent stake in Singapore-based Grab and Uber CEO Dara Khosrowshahi will join Grab’s board. “It will help us double down on our plans for growth as we invest heavily in our products and technology,” Khosrowshahi said in a statement. For Grab, the deal is a boon for its meal-delivery service, which will now merge with Uber Eats. A more robust food service will give Grab an advantage over Go-Jek, according to a person close to Grab. “It was really a very independent decision by both companies,” Grab President Ming Maa told Reuters, adding that SoftBank CEO Masayoshi Son was “highly supportive”. In addition to its stakes in Uber and Grab, SoftBank is also one of the main investors in several other big ride-hailing firms including China’s Didi Chuxing and India’s Ola. Ride-hailing companies throughout Asia have relied heavily on discounts and promotions, driving down profit margins and increasing pressure for consolidation. Uber, which is preparing for a potential initial public offering in 2019, lost $4.5 billion last year and is facing fierce competition at home and in Asia, as well as a regulatory crackdown in Europe. Uber invested $700 million in its Southeast Asia business, less than the $2 billion it burned through in China before ceding its operations there to Didi. MORE CONSOLIDATION Uber anticipated making more deals with rivals but said it had no plans to do another sale in which it consolidates its operations in exchange for a minority stake in a rival. “It is fair to ask whether consolidation is now the strategy of the day, given this is the third deal of its kind ... The answer is no,” Khosrowshahi said in a note to employees that were shared with Reuters. “One of the potential dangers of our global strategy is that we take on too many battles across too many fronts and with too many competitors.” A source familiar with Uber’s strategy said the company was going to step up its battle with Ola in India, another competitive and costly market where rivals have heavily subsidized rides in an effort to gain market share. Uber has close to 60 percent of the market there, by some estimates. Uber’s two previous retreats, from China and Russia, happened under former CEO Travis Kalanick. The deal with Grab is the first operations sale by Khosrowshahi, who started in September. Rajeev Misra, chief executive of SoftBank’s Vision Fund, had urged the company to focus less on Asia and redirect more resources to profitable markets such as Latin America, according to a person familiar with the matter. He saw opportunities for mergers and joint ventures between SoftBank-backed ride-hailing companies, particularly for collaborating on R&D, but the investor would never get actively involved with management decisions, the person said. Uber includes the United States, Australia, New Zealand and Latin America among its core markets – regions where it has more than 50 percent market share and is profitable or sees a path to profitability.

After costly battle, Uber to sell Southeast Asia business to Grab

The domestic indices continue to trade around 1% higher on Monday, mirroring gains in their key Asian counterparts.

The S&amp;P BSE Sensex surged 565 points to hit 33,872 in afternoon trade on Monday, ahead of inflation and industrial production data scheduled to be released later in the day. The broader Nifty 50 rose as much as 182 points to touch an intraday high of 10,409.&nbsp;

FMCG, IT, Teck, oil &amp; gas, metal, capital goods, banks and auto counters saw heavy buying activity ahead of key IIP and inflation numbers, to be released after market hours today.

Bharti Airtel, ITC, Tata Motors, Infosys, NTPC were among the top gainers, rising up to 3.59 per cent.

A firm trend in other Asian markets and higher opening in European bourses, following a good show by Wall Street on Friday, lifted investors&#39; mood in domestic markets.

In the global markets, a relief rally swept across Asian share markets on Monday after the latest US jobs report managed to impress with its strength while also easing fears of inflation and faster rate hikes, a neat feat that whetted risk appetites globally.&nbsp;

MSCI&rsquo;s broadest index of Asia-Pacific shares outside Japan climbed 1.1 per cent, for a third session of gains. Japan&rsquo;s Nikkei jumped 1.5 per cent, showing little immediate reaction as Prime Minister Shinzo Abe came under renewed fire over suspicions of cronyism involving the sale of state-owned land.

Brokers said fresh buying by investors ahead of inflation data improved the market sentiment.

The government will announce inflation data based on consumer price index (CPI) and industrial production data after market hours today.

Inflation worries faded on Friday after US data showed nonfarm payrolls jumped by 313,000 jobs last month, but annual growth in average hourly earnings slowed to 2.6 per cent after a spike in January.

Back home, the Nifty FMCG index was trading over 2% higher on Monday, led by a rise in the shares of United Spirits, ITC and Tata Global Beverages, while the Nifty IT index was up 1.5% as KPIT Technologies and HCL Technologies gained ground.&nbsp;

(With inputs from Agencies)

The Nifty FMCG index was trading over 2% higher on Monday, led by a rise in the shares of United Spirits, ITC and Tata Global Beverages, while the Nifty IT index was up 1.5% as KPIT Technologies and HCL Technologies gained ground.

The domestic indices continue to trade around 1% higher on Monday, mirroring gains in their key Asian counterparts. The S&P BSE Sensex surged 565 points to hit 33,872 in afternoon trade on Monday, ahead of inflation and industrial production data scheduled to be released later in the day. The broader Nifty 50 rose as much as 182 points to touch an intraday high of 10,409. FMCG, IT, Teck, oil & gas, metal, capital goods, banks and auto counters saw heavy buying activity ahead of key IIP and inflation numbers, to be released after market hours today. Bharti Airtel, ITC, Tata Motors, Infosys, NTPC were among the top gainers, rising up to 3.59 per cent. A firm trend in other Asian markets and higher opening in European bourses, following a good show by Wall Street on Friday, lifted investors' mood in domestic markets. In the global markets, a relief rally swept across Asian share markets on Monday after the latest US jobs report managed to impress with its strength while also easing fears of inflation and faster rate hikes, a neat feat that whetted risk appetites globally. MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 1.1 per cent, for a third session of gains. Japan’s Nikkei jumped 1.5 per cent, showing little immediate reaction as Prime Minister Shinzo Abe came under renewed fire over suspicions of cronyism involving the sale of state-owned land. Brokers said fresh buying by investors ahead of inflation data improved the market sentiment. The government will announce inflation data based on consumer price index (CPI) and industrial production data after market hours today. Inflation worries faded on Friday after US data showed nonfarm payrolls jumped by 313,000 jobs last month, but annual growth in average hourly earnings slowed to 2.6 per cent after a spike in January. Back home, the Nifty FMCG index was trading over 2% higher on Monday, led by a rise in the shares of United Spirits, ITC and Tata Global Beverages, while the Nifty IT index was up 1.5% as KPIT Technologies and HCL Technologies gained ground. (With inputs from Agencies)

Sensex rises over 550 points, Nifty above 10,400 mark

News, it is being said, died in the abominable coverage that ensued superstar Sridevi&rsquo;s death. I do not agree. News would have to be alive first, for it to die! News, as I know it, as an avid follower and consumer, has been dead for long. It did not die in one shot but died little by little, part by part over past several years.

I have been watching and reading the news right from the time of 1989 General elections. I was in awe of news when I saw the brazen booth capturing of the 1989 Bihar elections, captured on camera by Nalini Singh. I was filled with respect for news when I saw Madhu Trehan brilliantly capture in Newstrack (then available for viewing only on rented video cassettes) the demolition of the disputed structure in Ayodhya in 1992 and its aftermath. Was filled with admiration at the power of news when the Media led the outrage of the nation against the dastardly burning of the Christian Missionary Graham Staines and his two sons in 1999.

The awe and admiration, however, soon began to be dented. The first major dent came in 2002 when 59 people - men, women and children - were burnt alive in a train in Gujarat. The indignation and outrage seen on the burning of 3 people in 1999 was found totally missing from the media narrative even though this time 59 people were burnt alive. Most, if not all, the news establishments, strangely, seemed to underplay the incident and many even seemed to justify the &lsquo;deaths&rsquo; alluding to the fact that those burnt alive were all Kar Sevaks returning from Ayodhya &ndash; almost as if to suggest that they perhaps deserved to die for being Kar Sevaks or VHP members! One of the then famous editors raised this issue about the media reaction but instead of this leading to introspection, it led to the widespread castigation of this editor. For the first time, it set me thinking if the news was actually news or was it a mere acquiescence and obeisance to an established and entrenched, politically correct narrative.

The next big body blow to news, I saw land in the way many news establishments handled the 2G spectrum scam and in the way the &ldquo;zero loss theory&rdquo; was allowed to be peddled in the garb of objectivity and of presenting the view of the other side. The truth of this objectivity lay exposed threadbare in another big blow that was dealt with the entire news establishment in form of the Radia tapes wherein celebrated journalists were caught acting as cheerleaders for corporates and as power brokers for political parties. &ldquo;What more would be left of news,&rdquo; or so I thought.&nbsp;

The final and mortal blow to news, however, came when most of the established media houses almost ganged up to defend the convicted terrorist Yakub Memon &ndash; who was responsible for one of the most ghastly attacks that India has seen - and overnight transformed him into a hero who was &lsquo;wronged&rsquo; by the nation. Columns after columns in print and anchor after anchor on television, especially of the &ldquo;secular&rdquo; kind &ndash; prayed and seemed to strengthen the campaign to save this traitor and murderer.&nbsp;

To talk of saving Yakub was termed liberal, intellectual and magnanimous and that of executing the Supreme Court&rsquo;s order to hang Yakub to death was treated as a fanatic, jingoistic and communal! This one instance lay to rest all doubts in my mind about news. The news was no longer about disseminating information but was about pushing agendas &ndash; personal, political and corporate &ndash; even if it meant harming the nation itself in the process. And they hanged news to death with that cringe of a headline &ldquo;And they hanged Yakub!&rdquo; The image of thousands of people mourning the death of &ldquo;Shaheed&rdquo; Yakub Memon at his funeral is still fresh in public memory &ndash; most certainly in my memory. That was the day when I penned the following lines on my facebook page. I had stopped watching news on television and stopped taking the news in print media seriously.&nbsp;

Is desh ki barbaadi ke liye, ab Dushmano ki zarrorat nahi. Desh ki yeh Media hamaari &ndash; Kaam poora kardegi wahi!

(Why does India need any enemies for its destruction, when it has its media which is doing the job of the enemy better than the enemies could even imagine)

Too blunt this is, I know. I also understand that many in media, and I count many friends among them, might take offence to it. But, unfortunately, this is what many news consumers have come to believe off late.&nbsp;

What remains today of news, even more so on television, is not news but pure political entertainment of a very crass kind. Reclassify the news channels as such and suddenly you might find everything falling into place. The live shallow debates every day, constant screaming at each other, &lsquo;ripping apart&rsquo; someone on TV, the reporter laying down in the bathtub, the bathtub of death - all would seem just about appropriate.&nbsp;

BARC (Broadcast Research Council of India), I suggest, should give a serious thought to the reclassification of news channels as political entertainment channels for the purpose of its TV ratings. Such a step, perhaps, may lead to some rethink and resurrection of &lsquo;News&rsquo; into a genre that we can well and truly call news and not #TKHBC (google for this acronym if you don&rsquo;t get what I am referring to). 
&nbsp;

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)&nbsp;

BARC should give a serious thought to the reclassification of news channels as political entertainment channels for the purpose of its TV ratings.

News, it is being said, died in the abominable coverage that ensued superstar Sridevi’s death. I do not agree. News would have to be alive first, for it to die! News, as I know it, as an avid follower and consumer, has been dead for long. It did not die in one shot but died little by little, part by part over past several years. I have been watching and reading the news right from the time of 1989 General elections. I was in awe of news when I saw the brazen booth capturing of the 1989 Bihar elections, captured on camera by Nalini Singh. I was filled with respect for news when I saw Madhu Trehan brilliantly capture in Newstrack (then available for viewing only on rented video cassettes) the demolition of the disputed structure in Ayodhya in 1992 and its aftermath. Was filled with admiration at the power of news when the Media led the outrage of the nation against the dastardly burning of the Christian Missionary Graham Staines and his two sons in 1999. The awe and admiration, however, soon began to be dented. The first major dent came in 2002 when 59 people - men, women and children - were burnt alive in a train in Gujarat. The indignation and outrage seen on the burning of 3 people in 1999 was found totally missing from the media narrative even though this time 59 people were burnt alive. Most, if not all, the news establishments, strangely, seemed to underplay the incident and many even seemed to justify the ‘deaths’ alluding to the fact that those burnt alive were all Kar Sevaks returning from Ayodhya – almost as if to suggest that they perhaps deserved to die for being Kar Sevaks or VHP members! One of the then famous editors raised this issue about the media reaction but instead of this leading to introspection, it led to the widespread castigation of this editor. For the first time, it set me thinking if the news was actually news or was it a mere acquiescence and obeisance to an established and entrenched, politically correct narrative. The next big body blow to news, I saw land in the way many news establishments handled the 2G spectrum scam and in the way the “zero loss theory” was allowed to be peddled in the garb of objectivity and of presenting the view of the other side. The truth of this objectivity lay exposed threadbare in another big blow that was dealt with the entire news establishment in form of the Radia tapes wherein celebrated journalists were caught acting as cheerleaders for corporates and as power brokers for political parties. “What more would be left of news,” or so I thought. The final and mortal blow to news, however, came when most of the established media houses almost ganged up to defend the convicted terrorist Yakub Memon – who was responsible for one of the most ghastly attacks that India has seen - and overnight transformed him into a hero who was ‘wronged’ by the nation. Columns after columns in print and anchor after anchor on television, especially of the “secular” kind – prayed and seemed to strengthen the campaign to save this traitor and murderer. To talk of saving Yakub was termed liberal, intellectual and magnanimous and that of executing the Supreme Court’s order to hang Yakub to death was treated as a fanatic, jingoistic and communal! This one instance lay to rest all doubts in my mind about news. The news was no longer about disseminating information but was about pushing agendas – personal, political and corporate – even if it meant harming the nation itself in the process. And they hanged news to death with that cringe of a headline “And they hanged Yakub!” The image of thousands of people mourning the death of “Shaheed” Yakub Memon at his funeral is still fresh in public memory – most certainly in my memory. That was the day when I penned the following lines on my facebook page. I had stopped watching news on television and stopped taking the news in print media seriously. Is desh ki barbaadi ke liye, ab Dushmano ki zarrorat nahi. Desh ki yeh Media hamaari – Kaam poora kardegi wahi! (Why does India need any enemies for its destruction, when it has its media which is doing the job of the enemy better than the enemies could even imagine) Too blunt this is, I know. I also understand that many in media, and I count many friends among them, might take offence to it. But, unfortunately, this is what many news consumers have come to believe off late. What remains today of news, even more so on television, is not news but pure political entertainment of a very crass kind. Reclassify the news channels as such and suddenly you might find everything falling into place. The live shallow debates every day, constant screaming at each other, ‘ripping apart’ someone on TV, the reporter laying down in the bathtub, the bathtub of death - all would seem just about appropriate. BARC (Broadcast Research Council of India), I suggest, should give a serious thought to the reclassification of news channels as political entertainment channels for the purpose of its TV ratings. Such a step, perhaps, may lead to some rethink and resurrection of ‘News’ into a genre that we can well and truly call news and not #TKHBC (google for this acronym if you don’t get what I am referring to). (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

Opinion: Is news dead in India?

Women in Saudi Arabia can now open their own businesses without the consent of a husband or male relative, as the kingdom pushes to expand a fast-growing private sector.

The policy change, announced by the Saudi government on Thursday, also marks a major step away from the strict guardianship system that has ruled the country for decades.

&quot;Women can now launch their own businesses and benefit from (governmental) e-services without having to prove consent from a guardian,&quot; the ministry of commerce and investment said on its website.

Under Saudi Arabia&#39;s guardianship system, women are required to present proof of permission from a male &quot;guardian&quot; - normally the husband, father or brother - to do any government paperwork, travel or enrol in classes.

Long dependent on crude production for economic revenue, Saudi Arabia is pushing to expand the country&#39;s private sector, including an expansion of female employment under a reform plan for a post-oil era.

While women still face a host of restrictions in the ultraconservative Muslim kingdom, Saudi Arabia&#39;s public prosecutor&#39;s office this month said it would begin recruiting women investigators for the first time.

The kingdom has also opened 140 positions for women at airports and border crossings, a historic first that the government said drew 107,000 female applicants.

Crown Prince Mohammed bin Salman, the powerful heir to the Saudi throne, has been leading the drive to expand the role of women in the workforce in recent months.

His father, King Salman, in September, approved the end of a decades-long ban on driving, which goes into effect in June.

The 32-year-old prince pledged a &quot;moderate, open&quot; Saudi Arabia in October, breaking with ultra-conservative clerics in favour of an image catering to foreign investors and Saudi youth.

Prince Mohammed is widely seen as the chief architect behind Saudi Arabia&#39;s &quot;Vision 2030&quot; reform programme, which seeks to elevate the percentage of women in the workforce from 22 per cent to nearly one-third.&nbsp;

The policy change was announced by the Saudi government on Thursday

Women in Saudi Arabia can now open their own businesses without the consent of a husband or male relative, as the kingdom pushes to expand a fast-growing private sector. The policy change, announced by the Saudi government on Thursday, also marks a major step away from the strict guardianship system that has ruled the country for decades. "Women can now launch their own businesses and benefit from (governmental) e-services without having to prove consent from a guardian," the ministry of commerce and investment said on its website. Under Saudi Arabia's guardianship system, women are required to present proof of permission from a male "guardian" - normally the husband, father or brother - to do any government paperwork, travel or enrol in classes. Long dependent on crude production for economic revenue, Saudi Arabia is pushing to expand the country's private sector, including an expansion of female employment under a reform plan for a post-oil era. While women still face a host of restrictions in the ultraconservative Muslim kingdom, Saudi Arabia's public prosecutor's office this month said it would begin recruiting women investigators for the first time. The kingdom has also opened 140 positions for women at airports and border crossings, a historic first that the government said drew 107,000 female applicants. Crown Prince Mohammed bin Salman, the powerful heir to the Saudi throne, has been leading the drive to expand the role of women in the workforce in recent months. His father, King Salman, in September, approved the end of a decades-long ban on driving, which goes into effect in June. The 32-year-old prince pledged a "moderate, open" Saudi Arabia in October, breaking with ultra-conservative clerics in favour of an image catering to foreign investors and Saudi youth. Prince Mohammed is widely seen as the chief architect behind Saudi Arabia's "Vision 2030" reform programme, which seeks to elevate the percentage of women in the workforce from 22 per cent to nearly one-third.

Saudi women to start own business without male permission

India&#39;s December trade deficit widened to its highest in more than three years as higher import bills for gold and crude oil weighed on rising exports, government data showed on Monday.

The trade deficit widened to $14.88 billion last month from $13.83 billion in November, data from the Ministry of Commerce and Industry showed.

The trade deficit has widened by about $36.4 billion in the first three quarters of the current financial year to $114.86 billion. That could put pressure on the current account deficit of Asia&#39;s third largest economy.

India, the world&#39;s third biggest oil consumer, shipped in crude and refined products worth $10.35 billion, about 35 percent more than a year ago, largely due to a spurt in global oil prices.

Gold imports by India, the world&#39;s second biggest consumer of the precious metal after China, surged 71.5 percent to $3.4 billion, the data showed.

The country&#39;s overseas gold purchases in December stood at 70 tonnes, up 40 percent from a year ago, provisional data from precious metals consultancy GFMS showed.

Overall imports during December rose by 21.12 percent to $41.91 billion.

Exports during the month were up 12.36 percent to slightly more than $27 billion, mainly due to a 25.32 percent rise in engineering goods exports to $7.4 billion.

Higher import bills for gold and crude oil weighed on rising exports

India's December trade deficit widened to its highest in more than three years as higher import bills for gold and crude oil weighed on rising exports, government data showed on Monday. The trade deficit widened to $14.88 billion last month from $13.83 billion in November, data from the Ministry of Commerce and Industry showed. The trade deficit has widened by about $36.4 billion in the first three quarters of the current financial year to $114.86 billion. That could put pressure on the current account deficit of Asia's third largest economy. India, the world's third biggest oil consumer, shipped in crude and refined products worth $10.35 billion, about 35 percent more than a year ago, largely due to a spurt in global oil prices. Gold imports by India, the world's second biggest consumer of the precious metal after China, surged 71.5 percent to $3.4 billion, the data showed. The country's overseas gold purchases in December stood at 70 tonnes, up 40 percent from a year ago, provisional data from precious metals consultancy GFMS showed. Overall imports during December rose by 21.12 percent to $41.91 billion. Exports during the month were up 12.36 percent to slightly more than $27 billion, mainly due to a 25.32 percent rise in engineering goods exports to $7.4 billion.

India's trade deficit widens to over three-year high in December

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