Rupee tumbled 66 paise on Wednesday, sliding to a record low of 92.15 against the US dollar amid surging oil prices and a pullback from riskier assets. Analysts caution that the currency could remain under strain until tensions in the Middle East subside. The ongoing war in the Middle East has sent shockwaves through global…
Nomura has a buy rating on Bharti Airtel with the target price at Rs 2,300. Analysts attended Bharti Airtel’s investor call. Among the key takeaways were the company’s commitment of Rs 20,000 crore into Airtel Money that will be done gradually over the years with 10-15% to be invested in the first year. The company…
By Shiva RajoraNEW DELHI: Amid weak market conditions and falling interest rates, Employees Provident Fund Organisation (EPFO) on Monday recommended retaining the interest rate on retirement savings accumulated by nearly 31 crore unchanged at 8.25% during the current financial year. This is the third consecutive year that the social security organisation has kept the rate…
Gold slumped more than 5%, ending a four-day rally on Tuesday. The metal was weighed down by a stronger dollar and fading prospects of an interest rate cut as inflation concerns intensified against the backdrop of a potentially prolonged conflict in West Asia. Spot gold was down 5.6% at $5,029.59 an ounce whereas prices had…
NEW DELHI: The commerce department on Tuesday announced the setting up of an inter-ministerial group (IMG) of officers on supply chain resilience and a 24×7 helpline to address issues faced by businesses dealing with West Asia, while vowing to ensure seamless trade. “Govt under PM @NarendraModiji’s leadership remains firmly committed to enabling a stable and…
MUMBAI: The rupee is likely to come under renewed pressure when forex markets open on Wednesday as the conflict in West Asia has worsened the trade and energy situation beyond expectations of analysts.On Tuesday, the Indonesian rupiah, South Korean won and Thai baht each fell by more than 1%, leading losses in Asia, while broader…
MUMABI: Investors on Dalal Street are expecting another session of strong selling on Wednesday when markets resume after a day’s trading break for Holi. Escalating war in West Asia pulled most global stocks deep into the red on Tuesday. In late trades on Tuesday in GIFT City, Nifty futures were down 3.3% or about 825…
MUMBAI: India’s trade and energy supplies face fresh risks after reinsurers and Protection & Indemnity (P&I) clubs announced cancellation of war risk insurance for vessels transiting the Strait of Hormuz and Iranian waters, following an escalation in the Iran conflict. The cancellations, effective from this week, have left over 150 vessels stranded and disrupted a…
Russia on Tuesday claimed that India has signalled “renewed interest” in importing larger volumes of Russian crude oil as disruptions mount in global energy supplies following the closure of the Strait of Hormuz after US and Israeli strikes on Iran.The Strait of Hormuz, the world’s most critical oil shipping chokepoint, has been facing disruptions after…
NEW DELHI: The railways is looking at bearing the nearly Rs 90,000 crore additional (83% escalation) cost for the Ahmedabad-Mumbai Bullet train project and won’t seek further loan from Japan International Cooperation Agency (JICA). The project cost has increased from Rs 1.1 lakh crore to Rs 1.98 lakh crore because of delays and other reasons.The…