Tuesday, Jun 25, 2019 | Last Update : 11:56 PM IST

Economy

The RBI has over Rs 9.6 lakh crore surplus capital with it.

Jalan panel on RBI's capital size again defers report submission till Budget

The ECF panel will meet again in July and will submit the report post Budget.

If we can double the oil production and raise gold output to 300 tonnes, the entire current account deficit (CAD) will be wiped out, said Anil Agarwal. (Photo: File)

Privatise mining to cut back USD 400 bn of imports: Vedanta's Anil Agarwal

Vedanta's Anil Agarwal asserted that increased mining can add USD 500 billion to the economy and create two crore jobs.

The six-member panel, headed by Former RBI Governor Bimal Jalan, which was originally supposed to submit the report in April.

RBI panel defers reserves report for fourth time

The panel will submit the report after the federal budget in July, the official said.

According to TeamLease Services biannual 'Employment Outlook' report for the April-September 2019-20, the retail sector will witness a 2 per cent increase in net employment outlook, resulting in the addition of 1.66 lakh new jobs while (FMCG/D) will see a 1 per cent growth adding 1.10 lakh new jobs.

Retail, FMCG to add 2.76 lakh new jobs in Apr-Sept FY20

Mumbai with 14,770 new jobs and Delhi with 10,800 new jobs will be the leaders for (FMCG/D), the report said.

CREDAI, which has over 10,000 developers as members, also pitched for uniform definition of affordable housing. (Representational Image)

CREDAI seeks bank funding for developers to buy land for affordable housing projects

Land funding is typically done by NBFCs or private equities, it said, but added that cost to developers are as high as 25 pc.

Market

The rupee opened strong at 69.32 at the interbank forex market then gained further ground to touch 69.22 per dollar.

Rupee rises 13 paise to 69.22 vs US dollar in early trade

Forex dealers said foreign fund inflows and selling of the American currency by exporters supported the rupee.

The 30-share index was trading 124.41 points, or 0.32 per cent, lower at 38,998.55 at 0930 hours on Tuesday. (Photo: File)

Sensex falls over 150 points; IT stocks drag

Top losers in Sensex included HCL Tech, Sun Pharma, Hero MotoCorp, Asian Paints, Tata Steel, TechM, TCS and IndusInd Bank.

Six months after quitting the company, Binny Bansal, a Co-Founder of Flipkart, has sold a part of his stake to Walmart for $76.4 million.

Binny makes $76.4 million more from stake sale

Bansal transferred 539,912 equity shares to FIT Holdings SARL, Walmart’s Luxembourg entity.

ONGC was the top loser in the Sensex pack, ending 3.48 per cent lower. (Photo: File)

Sensex ends 72 points lower; oil, metal stocks drag

After swinging nearly 300 points in a volatile session, BSE sensex settled 71.53 points lower at 39,122.96.

Companies

France’s finance ministry, Renault’s biggest shareholder with a 15 per cent stake, declined to comment on Saikawa’s comments.

With job intact, Nissan's CEO pins Renault alliance on mutual respect

Renault had demanded additional representation on Nissan groups overseeing company auditing and personnel nominations.

Company has allocated approximately USD 100 million out of the USD 600 million earlier committed to being invested in China.

Oyo crosses 5 lakh room inventory in China, to invest USD 100 mn in 2 yrs

Oyo also claimed that it has now become the largest single hotel brand in China

Shipping and freight forwarding companies, who offer a service overseeing the delivery of goods from beginning to end, expect to feel more cost pressure. (Representational image)

Storm is coming: Firms brace for transport disruption post shipping shakeup

World's 2 biggest container shipping lines - Denmark's Maersk and MSC - say they face annual extra costs of over USD 2 bn each.

The current capacity at the plant is 22,000 helmets per day.

Steelbird to hike helmets production capacity with Rs 150 cr investment

The expanded capacity will also result in adding nearly 2,500 new jobs, the company said.

Reliance Industries Chairman Mukesh Ambani.

RIL to raise USD 1.85 billion from offshore lenders to meet its needs

RIL has been inquired by the ministry to provide details of funding, operations and revenues.

Autos

Fiat Chrysler Automobiles (FCA) spokeswoman Shawn Morgan declined to comment. The French government, Renault’s biggest shareholder with a 15 per cent stake, also declined to comment.

Fiat Chrysler discusses improved Renault merger bid to win French backing

The improved offer, if formalised and accepted, would also see the combined company’s operations headquartered in France.

Hyundai, India’s second biggest Korean car maker’s new attractive sub-compact SUV model Venue has bucked the trend of steep falling cars sales in Asia’s third biggest economy.

Hyundai Venue crosses 34,000 bookings

The sales of Maruti Vitara Brezza, which were between 13,000 units to 14,000 units every month, had come down to about 8,000 units last month.

Kia's first product for the Indian four-wheeler market will be the Kia Seltos compact SUV.

Kia Seltos teased in a video ahead of global unveil

The video teaser gives us a glimpse of the production-spec Seltos in a new colour.

The Japanese car giant Honda has introduced a new special Ace Edition of the Honda Amaze compact sedan to boost sales in the fiercely competitive but slowing third biggest Asia's car market.

Honda drives in Amaze Ace at Rs 7.89 lakh

The Monday launch marks the second-generation compact sedan's success in selling over 1 lakh unit sales milestone in just 13 months.

In Other News

Slippages have been on the wane since last fiscal and the rate of accretion of fresh NPAs halved in FY19 to 3.7 per cent compared with 7.4 per cent in the previous fiscal.

Gross NPAs of banks may reduce to 8 per cent by March 2020: Report

NPA in the banking system had peaked at 11.5 per cent in March 2018 and then declined to 9.3 per cent in March 2019.

The nation is preparing to raise its fuel quality to so-called Euro 6 standards from Euro 4 from April 2020 to fight pollution.

IOC sees growth in Indian fuel demand above 4 per cent in 2019

Gasoline and jet fuel demand are expected to rise by 7-8 pc this year, while diesel consumption could increase by 3 pc.

US Secretary of State Mike Pompeo will arrive in New Delhi on Tuesday and will hold talks with Modi and his Indian counterpart Subrahmanyan Jaishankar the following day. (Photo: File | AP)

India, US nearing industrial security pact for defence technology transfers

After years of hesitation, India signed an agreement in 2016 to allow both countries to access each other’s military bases.

Remove clutter from your cashflow and devise a budget which you would regularly abide by.

5 rules to make you financially independent

Save before spending. The practice of saving adds to one’s psychological wellbeing.

RBI Deputy Governor Viral Acharya. (Photo: YouTube screengrab)

Early exit of Acharya from RBI not to roil markets: SBI report

In his resignation, he expressed inability to continue beyond July 23, 2019, the RBI said.