The Indian rupee hit its all-time low on Friday pressured by equity outflows but managed to avert a sharp fall on account of sustained dollar sales from state-run banks, most likely on behalf of the Reserve Bank of India. The rupee closed at 84.0650 against the U.S. dollar, barely changed from its close of 84.0675 … Read more
The festive season has revived demand for the Indian auto industry as registration growth in the second week (October 10-October 16) improved for most of the segments compared to that seen in the first week of this year’s festive period, a report showed on Friday. Two-wheelers (2Ws) registered mid-single-digit growth over the second week … Read more
Indian shares snapped a three-day losing streak on Friday as gains in Axis Bank lifted heavyweight financials, although foreign fund outflows dragged down the benchmarks to a third weekly loss. The Nifty 50 index closed 0.42% higher to 24,854.05 points as of 3:30 p.m. IST, after hitting a two-month low earlier in the session, while … Read more
A team of Indian researchers on Friday revealed novel insights into the mechanisms that limit electron mobility in semiconductors. The findings, published in the journal Nano Letters, showcase a big leap forward in understanding the electronic properties of semiconductors for developing more efficient electronic devices. Scientists from Jawaharlal Nehru Centre for Advanced Scientific Research (JNCASR), … Read more
The market size of the Indian chemicals and petrochemicals sector is expected to grow to approximately $300 billion by 2025, up from its current market size of $220 billion, Union Petroleum Minister Hardeep Singh Puri said on Friday. Addressing the ‘Roundtable on Petrochemical’ during the ‘India Chem 2024’, the minister said the demand for chemicals … Read more
India's Oberoi Realty reported a jump in second-quarter profit boosted by sustained demand for its premium projects, including luxury homes and office spaces. The real-estate developer's consolidated net profit jumped 29% to 5.89 billion rupees ($70 million) in the three months ended Sept. 30. Its revenue from operations grew 8.5% to 13.20 billion rupees, marginally … Read more
India's steel ministry favours a temporary tax to curb rising steel imports, a senior official with direct knowledge of the matter said, as it seeks to protect steelmakers reeling from a surge in cheaper Chinese imports. A temporary "safeguard duty" would help curb Chinese imports, and a process to impose the duty would start soon, … Read more
Indian broadcaster Zee Entertainment Enterprises posted a fall in second-quarter adjusted profit on Friday, although a sharp drop in expenses lifted its margins, sending shares to close 5.3% higher. Zee, whose $10 billion merger with Sony's Indian unit fell through earlier this year, reported a core profit margin of 16% for the quarter ended Sept. … Read more
The FIIs as per Friday's data were net sellers in both equity and debt segments, according to data released by the NSDL. In equity segment, the gross buying was of Rs 10357.39 crore against gross selling of Rs 17660.38 crore. Thus, FIIs stood as net sellers of Rs 7302.99 crore in equities. In the debt … Read more
Amid growing geopolitical tensions and FII selling, India's foreign exchange (forex) reserves dropped $10.746 billion to $690.43 billion for the week ended October 11, data from the Reserve Bank of India (RBI) showed on Friday. The forex had hit an all-time high of $704.885 billion at the end of September. In the previous reporting week, … Read more