The Indian rupee is poised to rally at the open on Monday amid arbitrage unwinding prompted by the central bank’s curbs on onshore position limits. The Reserve Bank of India late Friday directed banks to cap their net open rupee positions in the foreign exchange market at $100 million by the end of each business day, with...
Category: Business
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Delhi raises commercial LPG allocation from 20 to 50% of daily consumption
The Delhi government has increased the commercial LPG cylinder allocation from 20 per cent to 50 per cent of average daily consumption, raising the supply from 1,800 to 4,500 cylinders (19 kg equivalent) per day. This announcement was made by Minister for Food and Supplies Manjinder Singh Sirsa on Thursday. The decision follows directives from...
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Oil Prices Tumble Back Below $100 on Ceasefire Optimism
Oil prices fell sharply in early asian trade on Wednesday, with both major benchmarks dropping more than 5% as traders reacted to signs of potential de-escalation in the Middle East conflict as well as a crude inventory build in the U.S. At the time of writing, WTI crude was trading at $87.51, down 5.24%, while Brent crude had fallen...
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MCX gold falls to Rs 1.38 lakh, down over 4%, silver declines nearly 3.6% amid weak global cues
At 17:39 IST on March 23, bullion prices edged lower again after a brief recovery, tracking continued weakness in global markets. On the MCX, gold declined Rs 6,348, or 4.39%, to Rs 1,38,144 per 10 grams from the previous close of Rs 1,44,492. Silver fell Rs 8,123, or 3.58%, to Rs 2,18,649 per kg compared...
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Kotak Bank set to acquire Deutsche’s retail business in Rs 4,500-cr. deal
Mumbai: Kotak Mahindra Bank is one step closer to acquiring the India retail business of Deutsche Bank in a deal valued at about Rs 4,500 crore after being selected as the preferred buyer, multiple people familiar with the matter told ET. A deal is expected to be signed and announced as early as next week,...
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Elon Musk Misled Investors During 2022 Twitter Purchase
A jury has found Elon Musk liable for misleading investors by deliberately driving down Twitter’s stock price in the tumultuous months leading up to his 2022 acquisition of the social media company for $44 billion. But it absolved him of some fraud allegations, finding that he did not “scheme” to mislead investors. The civil trial...
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HDFC Bank Chairman Quits Citing ‘Ethical’ Concerns, Shares Nosedive
In a sudden move, HDFC Bank’s part-time chairman and independent director Atanu Chakraborty resigned with immediate effect on Wednesday. In a letter to the Chairman of Governance, Nomination, Remuneration Committee of the bank, Chakraborty said, “Certain happenings and practices within the bank, that I have observed over the last two years, are not in congruence...
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Silver drops Rs 4,000, gold slips Rs 1,300 as US Fed’s hawkish tone clouds rate cut trajectory
Gold and silver prices opened lower on the Multi Commodity Exchange of India on Thursday after the US Federal Reserve on Wednesday left its benchmark interest rate unchanged at 3.5% to 3.75%. The US Federal Reserve struck a hawkish tone, suggesting less urgency to cut rates.
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Reliance Industries begins preps for Jio Platforms IPO
Mukesh Ambani-led Reliance Industries (RIL) aims to file a draft red herring prospectus for the initial public offering of its digital and telecom unit, Jio Platforms, as early as the end of this month, reported Bloomberg News on Tuesday, citing sources familiar with the matter. However, Business Today could not immediately verify the report. India’s...
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Gold falls below Rs 1.57 lakh, silver down nearly 2 percent
Gold Rate Today: As the tensions in the Middle East enter the third week, gold and silver rates on Monday traded mixed in the early morning. According to the reports, spot gold rate fell more than 1 percent during early Asian trading hours, slipping below the USD 5,000 level. The yellow metal touched an intraday low of USD 4,971.30...