India’s foreign exchange reserves have touched a record high level of $426.42 billion as on June 21, thanks to the two $5 billion each swaps initiated by the central bank in March and April.

The present level is highest since April 13, 2018, when the reserves were at $426.08 billion.

Mumbai: The rupee appreciated by 15 paise to 68.92 against the US dollar in opening trade on Friday, driven by positive opening in domestic equities and easing crude oil prices.

The rupee opened strong at 69 at the interbank forex market then gained further ground to touch 68.92 per dollar, displaying gains of 15 paise against the greenback.

New Delhi: IT services major Wipro on Thursday said it has exited its joint venture WAISL by selling its 11 per cent shareholding to Antariksh Softtech for Rs 55 lakh.

In April last year, Wipro had sold 63 per cent of its stake in Wipro Airport IT Services Ltd (WAISL) to Antariksh Softtech in a Rs 3.15 crore deal.

Mumbai: A surging stock market has helped public sector behemoth Life Insurance Corporation of India (LIC) to register a 104 per cent growth in the profit made on its investments. For the quarter ended March 31, 2019, LIC's profit on sale of investments grew to Rs 1,4931 crore against a profit of Rs 7,330 crore in the same quarter a year ago.

Telecom operators in India have reiterated that there is a need for the government and the Telecom Regulatory Authority of India (Trai) to take a relook at the current spectrum pricing to make it affordable for operators to roll out services and also improve the health of the industry.

Highlighting that the revenues of the operators are under pressure and that the ARPUs (average revenue per user) are much lower today compared with how they were in times of 2G, Bharti Airtel chief regulatory officer Ravi Gandhi said, “In 4.4 MHZ network of 2G, the ARPUs were in the range even higher than the ARPU of today.”

Chennai-based two-wheeler major TVS Motor has been granted a patent for the rear fuel tank for scooters, an innovation it spearheaded in the industry, to help riders easily perform refuelling without having to open the seat.

The company is one of the auto firms that introduced the rear fuel tank for scooters with external filler cap in brands such as Wego, Jupiter and NTorq, bringing innovation to the conventional way of placing the fuel tank beneath the seat.

Given the inordinate delay in executing a Rs 1,400-crore project crucial for its Nagarnar steel plant in Chhattisgarh, state-run miner NMDC has decided to terminate the contract awarded to another state-owned firm BHEL way back in 2011.

The termination of the contract would further delay the commissioning of the plant, being built at a cost of Rs 15,525 crore.

Markets regulator Sebi on Thursday announced a risk management framework for liquid funds and norms governing investments in debt and money market instruments. The Securities and Exchange Board of India (Sebi), in its board meeting, announced that valuation of debt and money market instruments shall be based on mark to market. It also said liquid schemes should hold at least 20% in liquid assets and reduced the cap on sectoral limit of 25% shall be reduced to 20%.

Hours after civil aviation minister Hardeep Singh Puri's remark in parliament on Thursday that the present economic environment is not conducive for stake sales in Air India, the ministry issued a statement contradicting it. The ministry release said that the non-conducive environment was last year. However, things have improved now and the government plans to go ahead with privatisation.

In the wake of the BJP taking over half-a-dozen municipalities in the state after Trinamool Congress leaders switch sides, the ruling party is likely to bring in a new bill to enable administrators of municipalities to have a longer term in civic bodies.

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