Rupee falls below 73-mark

The rupee touched a life-time low of 73.41 against the US dollar as crude prices jumped above $85 per barrel on expectations of tighter supply once the US sanctions start targeting Iran’s petroleum industry from next month.

Close to 80 per cent of crude is imported by India and oil prices at $83-84 per barrel makes the current account deficit (CAD) vulnerable.
The rupee touched a record low of 73.41 in the morning trade, while it saw some recovery during the day after it opened lower at 73.24 against Monday's close of 72.91 per dollar. The rupee finally ended at 73.34.

RBI eases ECB norms for oil firms

The Reserve Bank of India (RBI) on Wednesday liberalised the external commercial borrowings (ECB) rules for public sector oil marketing companies.

RBI likely to raise rates at Friday’s review

The Reserve Bank of India’s (RBI) monetary policy committee (MPC), which is scheduled to start its three-day meeting from Wednesday (today) to decide on the fourth bi-monthly monetary policy, is likely to hike the policy rate by 25 basis points on Friday, the third time this year.

Funds lean towards IT as finance sector faces turmoil

Funds have turned the focus on information technology stocks as financial stocks grapple with the turmoil in the sector. The sector preferences of asset managers are now skewed towards IT and defensive stocks, while their allocation to financial sector stocks have declined over the past few months, say analysts.

Though financial services remains top in terms of fund investment, allocation to the sector by both foreign and domestic funds have been falling over the past six months.

Higher lending rates may spoil your festival plans

Dampening the festival spirit, top lenders have once again hiked their lending rates ahead of the central bank’s monetary policy on Friday.

Lenders, including HDFC, State Bank of India, ICICI Bank and Punjab National Bank, have increased their interest rates, effective Monday. The development augments the anticipation that the Reserve Bank of India (RBI) might increase the repo rate for the third time this year by 25 basis points in its policy review amid surging crude oil prices and a weakening rupee.

Unlisted cos’ new shares in Demat form from Oct 2

Unlisted companies will have to issue fresh shares in dematerialized form effective from October 2 as per the guidelines issued by the Ministry of Corporate Affairs and also dematerialise all physical shares issued thus far. Guidelines issued make it obligatory for public companies to facilitate dematerialisation of their securities by completing necessary formalities with a depository, and informing all securities’ holders of this matter. The grievances in this matter would be handled by the investor education and protection fund (IEPF) authority.

Nifty ends below 11,000 mark, down 47.10 points

Benchmark Nifty declined for the third session to end 47.10 points lower at 10,930.45 Friday, dragged by strong selling pressure in metal, realty, auto, infra, media, pharma and IT sectors.

Investors adopted a cautious stance ahead of RBI's policy meeting next week. Surging crude oil prices and negative sentiment in global equities also added to the gloom. 

Overseas, European stocks were trading lower while Asian shares ended mixed.

Base effect to nearly double Indian Inc revenues in Q2

Corporate revenues are expected to log 12.1 per cent year-on-year growth in the second quarter of this year, nearly twice the 6.4 per cent growth clocked for the July-September quarter last year, thanks to a low base and higher realisation for steel makers, according to Crisil Research.

The forecast is based on Crisil’s analysis of 365 companies, which account for around 65 per cent of the market capitalisation of the National Stock Exchange. The analysis excludes companies from the banking, financial services and insurance (BFSI) and oil sectors.

JM Fin Credit Solutions receives Rs 875 crore from promoters, newfund

JM Financial Group, Vikram Pandit and GIC of Singapore, along with the California University Endowment Fund have decided to infuse Rs 875 crore into JM Financial Credit Solutions through an equity infusion, valuing the largely residential realty focused NBFC at Rs 7,175 crore.

Indian realty market set to touch $1 trillion by 2030

Indian real estate market is expected to touch $1 trillion by 2030, becoming the third largest globally, a recent survey said. According to the survey conducted by KPMG in association with Naredco and APREA revealed that the sector is estimated to grow to $650 billion by 2025 and surpass $850 billion by 2028 to touch $1 trillion by 2030.