India News

RIL plans Diwali launch of ‘new commerce’ venture

Billionaire Mukesh Ambani’s Reliance Retail Ltd could launch its “new commerce" venture around Diwali, three industry officials aware of the plans said.

New commerce is Reliance Retail’s offline-to-online initiative, which would link producers, traders, small merchants, brands and consumers through technology. The company, the retail arm of Reliance Industries Ltd (RIL), has been working on its new commerce plan for nearly two years.

Sensex soars over 600 points on FPI surcharge rollback

Domestic equity benchmark BSE Sensex rallied over 662 points in opening session on Monday after the government rolled back the enhanced surcharge on foreign portfolio investors, and unveiled a slew of measures to boost the economy.

The 30-share index, however, pared some gains as investors began booking profits at higher levels. The index was trading 245.71 points, or 0.67 per cent, up at 36,946.87 at 0930 hours.

It’s a great birthday gift, says P.V. Sindhu’s mother

Elated over P.V. Sindhu winning the World Championships crown on Sunday, her mother P. Vijaya said the ace shuttler always gave her birthday presents and this time she has given her and the nation a special gift.

Sindhu on Sunday became the first Indian to win the BWF World Championships, crushing Japan’s Nozomi Okuhara 21-7, 21-7 in just 36 minutes in a one-sided final in Basel, Switzerland. Sunday also happened to be Vijaya’s birthday.

Car sales slump: Buyers’ sentiment should get a boost, says Maruti chairman RC Bhargava

With the government having rolled out measures to facilitate an additional `5 lakh crore of bank loans and pushing back the timeline for the one-time registration fee, RC Bhargava believes the auto industry can now look forward to a different environment. Till last Thursday, the chairman of Maruti Suzuki had been reluctant to call an upturn in the festive season but now he believes the environment could change.

Public sector banks gain on Rs 70,000-crore capital boost from govt

Shares of public sector banks (PSU) rallied by up to 11 per cent on the National Stock Exchange (NSE) in Monday's early morning trade after the government announced that it will infuse Rs 70,000 crore upfront into state-owned banks.

State Bank of India (SBI), Bank of Baroda, Punjab National Bank, Bank of India, Oriental Bank of Commerce, Central Bank of India, Allahabad Bank, Syndicate Bank, Union Bank of India, and Canara Bank were all up 5 per cent to 12 per cent on the NSE in intra-day trade.

G7 unity under stress as it wrestles with Iran, Amazon fires and trade

G7 leaders close their summit on Monday with discussion of world problems including the fires ravaging the Amazon rainforest, but overshadowed by President Donald Trump's trade wars and questions over the group's unity.

The summit in Biarritz, a high-end surfers' paradise in southwestern France, saw a dramatic shift of focus Saturday when Iranian Foreign Minister Mohammad Javad Zarif flew in to discuss the diplomatic deadlock on Tehran's disputed nuclear programme.

Rupee tumbles 40 paise to 72.06 against US dollar in early trade

The rupee on Monday slipped to 72.06 in the opening deals on Monday amid weak global cues. The domestic unit on Friday ended at 71.66, up 15 paise on hopes that the government will roll back the FPI surcharge and unveil measures to boost growth. It had breached the 72-mark for the first time in 2019 during the intra-day trade on Friday.