Sunday, Jan 26, 2020 | Last Update : 02:49 PM IST

Economy

The country's reserve position with the IMF also declined by USD 5 million to USD 3.697 billion, the data showed.

Forex reserves rise by USD 58 mn to record high of USD 461.21 bn

FCA decreased by USD 367 million to USD 427.582 billion, the RBI data released on Friday showed.

India is the largest importer of gold, which mainly caters to the demand of the jewellery industry. (Photo: Representational)

Gold imports dip 9 per cent during Apr-Oct

Dip in gold imports has helped in narrowing the country's trade deficit to USD 94.72 billion during Apr-Oct 2019-20.

The RBI largely earns profits through its trading of currencies and government bonds. (Photo: AFP)

Indian government to seek RBI dividend boost as revenue drops

Reserve Bank of India approved a 1.76 trillion rupees (USD 24.8 billion) dividend payment to the federal government

Given current sentiments, 2020 may not register high growth but weather is expected to play a key level for growth. A hot elongated summer may drive growth for cooling products in the first half, said CEAMA President Kamal Nandi.

Consumer durables report steady growth in 2019; slowdown a threat in 2020

The consumer durables sector, estimated to be around Rs 76,400 crore in FY'19, logged a growth rate of about 10 per cent.

In the meeting, the GST target was set at Rs 1.10 lakh crore every month between December 2019 and March 2020. Of these four months, Rs 1.25 lakh collections has to be achieved in at least one month, the sources said.

Govt sets Rs 1.1 lakh cr monthly GST collection target; asks taxmen to buckle up

Taxmen were told that both the GST and Rs 13.35 lakh crore target for direct taxes for 2019-20 will have to be achieved.

Market

The broader Nifty advanced 39.60 points to hit its all-time (intra-day) high of 12,261.25.

Sensex, Nifty hit fresh record peaks

Equity benchmark BSE Sensex jumped 140 points to hit its lifetime high of 41,698.43.

The broader NSE was trading 46.70 points, or 0.38 per cent, up at 12,216.55.

Sensex jumps over 200 points; Nifty reclaims 12,200

The 30-share BSE index was trading 204.30 points or 0.49 per cent higher at 41,528.11.

The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.02 per cent to 97.34.

Rupee falls 14 paise, slips below 71 per US dollar

Traders said weak opening in domestic equities and foreign fund outflows weighed on the rupee.

The broader NSE was trading 18.90 points, or 0.15 per cent, lower at 12,205.65.

Sensex drops over 200 points; Nifty tests 12,200

After hitting an intra-day low of 41,301.63, the 30-share BSE index pared losses to trade 86.90 points or 0.21 per cent lower at 41,442.01.

Companies

Tesla shares were last up 1.4 per cent at USD 555 after the bell, building on a 7.2 per cent gain.

Tesla crosses USD 100 billion stock market valuation in extended trading

Tesla’s market value also puts Musk a step closer to earning the first USD 346 million tranche of options in a record-breaking pay package.

Axis Bank has initiated insolvency process against its subsidiary Vidarbha Industries Power Ltd for a claim of Rs 553.28 crore.

Axis Bank files insolvency plea against RPower arm

The company is engaged with all its lenders to arrive at a suitable resolution outside CIRP.

Driving consolidation in the food delivery space, Zomato has acquired UberEats in an all-stock deal valued Rs 2,485 crore.

Zomato gobbles up UberEats

With this deal, Zomato claimed to have become No. 1 in the food delivery space, which is projected to reach $15 billion by 2023.

The NCLAT dismissed it by saying that the NCLT has already dealt with the issue.

NCLAT dismisses IT dept plea against Reliance Jio on demerger of tower

The IT department has contended that by scheme of arrangement, the transferor company Reliance Jio Infocomm.

The meeting is expected to discuss the Preliminary Information Memorandum (PIM) on the Air India sale process, the source said.

Shah-led GoM's second meeting on Air India disinvestment likely today

The expression of interest could be invited 45 days after the uploading of the PIM document.

Autos

All vehicle segments reported de-growth last year as low consumer sentiments, weak rural demand and economic slowdown took a toll on demand in world’s fourth largest auto market.

2019 saw worst decline in auto sales

Undoubtedly, this is the worst fall in sales since the industry body started recording monthly and yearly sales data in 1997.

Jaguar Land Rover, Tata Motors-owned British luxury car maker, on Wednesday introduced new Jaguar XE sedan to take on marker leader Mercedes-Benz, BMW, Audi, Volvo and Lexus in Asia’s third biggest economy.

JLR drives in XE sedan at Rs 44.98 lakh

Next year, Jaguar is will also launch the all-electric I-Pace SUV in India.

Passenger vehicle sales in Asia's third biggest car market resumed their declining trend in November after a blip in the preceding month, indicating automakers are yet to recover from the worst auto slowdown in India in more than a decade.

Vehicles back in slow gear; total sales down 12 per cent in November

Commercial vehicle sales, the barometer of economic activity in the country, fell 15 per cent over last year to 61,907 units.

The model comes with various features including air quality sensor, connected navigation system among others.

JLR drives in new XE in India priced at Rs 44.98 lakh

The company is confident that Jaguar fans and discerning customers will be delighted with the latest offering.

In Other News

Scheme has provided an average of 41.44 days of employment per household.

Over 70 per cent dip in 100 days work under MGNREGA

MGNREGA payouts have been a key factor that has affected the rural economy adversely this year.

Historically, when real interest rates have been negative, gold’s average monthly returns have been twice as high as the long-term average.

Gold demand to remain positive in 2020: WGC

Net gold purchases by central banks will likely remain robust even if they are lower than the record highs seen in recent quarters.

According to a source, the appointment of Challa Sreenivasulu Setty as managing director (MD) of SBI has been cleared by the BBB, headed by former Department of Personnel and Training secretary BP Sharma, while the name of Ashwin Bhatia, MD & CEO of SBI Mutual Fund, has been kept as a standby for the same position.

Key positions in SBI, BoB await govt okay

Interviews for the post were held in the last week of October, in which 17 candidates appeared from both SBI and other public sector banks.

Foreign portfolio investors have maintained a positive view on the Indian equity market so far in 2020, with net investments worth Rs 10,200 crore in January so far.

FPIs put in over Rs10,000 crore in January

NSDL data shows FPIs invested Rs 10,200 crore in equity as on Jan. 18, 2020.

Sharma said 5G technology is strategic for India and telecom companies should have control over their core network by using domestically manufactured gears.

Trai chairman bats for use of locally made gears for core telecom networks

Trai chairman said the govt, Niti Ayog and all stakeholders must support whatever has to be done from strategic point of view.