Mumbai

Look, who’s channelling Inner Arjuna

He has almost completed reading the Bhagvat Gita and plans to go to Rishikesh next time. For Hollywood superstar Will Smith, reading the holy book while in India is like channelling his “inner Arjuna.” The actor, who was on his fourth trip to India, said he loves the country and its history.

Rupee at 3-month high, may appreciate to 62-level in ’18

The rupee breached the 64-level vis-à-vis dollar on Tuesday before ending the day’s trade at a fresh three-month high of 64.03. Analysts see the domestic currency strengthening to 62-level in 2018.

The rupee rose to 63.94 vis-à-vis dollar in the afternoon session after opening flat at 64.22 in tune with the equity market, which hit new peak taking cues from BJP’s victory in Gujarat and Himachal assembly elections. The domestic currency was also aided by reports that mortgage lender HDFC is planning to raise Rs 13,000 crore.

Microsoft to focus on govt and small business segments in India

American tech major Microsoft will be focusing more on government and small business segments to grow its India revenues, a top official has said.

“The SMB (Small and Medium Businesses) segment and the segments around digital India (and) government would be clear areas of focus for us in addition to all the work around enterprise and consumer that we have been doing,” Microsoft India president Anant Maheshwari told PTI.

Banks borrow nearly Rs 80K cr from repo windows on tax outflows

Banks and financial institutions borrowed nearly Rs 80,000 crore from the Reserve Bank of India’s various repo windows, its first time in over a year, on tax-related outflows, money market dealers said.

“We expect liquidity conditions to tighten further amidst spillover from advance tax outflows and GST tax collections expected this week, as inflows from coupons, net T-bill redemption and debt buyback will only partly offset the outflows,” Kotak Mahindra Bank said in a report, on Monday.

Rupee may gain this week

The rupee may gain against the dollar in the week to December 22 on overseas fund inflows into local stocks after the Bhartiya Janata Party won the state elections in Gujarat and Himachal Pradesh, while thin volumes ahead of the festive season may cap the gains, dealers said.

“Investors are expecting the new BJP government in Gujarat to give special focus to the high-employment export sector, influencing more inflows into the market and, thus, appreciating the rupee,” said a dealer with a private sector bank.

India eyes African market

Sensing the  pro­spects of exporting non-basm­ati rice after the country’s production is on a continuous rise, the commerce ministry has asked the All India Rice Exporters Association to expl­ore the possibility of finding new markets as well as to scale up in existing market.

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