Cigarette-to-soap maker, ITC’s June quarter results were not particularly encouraging. The cigarette business, which is ITC’s mainstay, disappointed.

Varun Lohchab, analyst at Jefferies India Pvt. Ltd, points out that “ITC’s Q1FY20 missed slightly operationally as cigarette volumes grew 3% year-on-year (versus our 4% expectation)."

New Delhi: State Bank of India (SBI) on Saturday said the Reserve Bank has imposed a penalty of ₹50 lakh on it for non-compliance relating to reporting of frauds.

RBI in exercise of the powers conferred under various sections of the Banking Regulations Act, has slapped penalties on eight commercial banks, including, Punjab National Bank and Bank of Baroda, for a host of violations, including delay on the reporting of fraud in the account of Kingfisher Airlines in case of two lenders.

Markets regulator Securities and Exchange Board of India (Sebi) is scanning InterGlobe Aviation Ltd’s shareholders’ agreement (SHA) to check for any violation of the rights of minority investors and individual shareholders, a person with direct knowledge of the matter said.

Domestic equity benchmarks BSE Sensex fell over 531 points to trade below 37,000-mark in early trade on Monday following persistent foreign fund outflows amid negative global cues.

Kashmir issue also spooked investors’ sentiment after the authorities stepped up security at vital installations and in sensitive areas, suspended mobile internet services and either “arrested” or “detained” several leaders in fast-paced developments on Sunday night.

Loss-making Bharat Sanchar Nigam Ltd (BSNL), which is looking at a `74,000-crore government bailout, is in fact losing its existing contracts and that too from PSU firms.

The company has lost an annual contract worth around `400 crore for maintaining the fibre laid under the government’s ambitious BharatNet project to provide broadband connectivity to over 2.5 lakh gram panchayats, as its performance was not found to be up to mark.

It appears that DTH service providers are making hay under the Telecom Regulatory Authority of India (TRAI)’s new tariff regime. Fully implemented on March 31, 2019, the order entails that customers migrate to the new tariff packs, a move aimed at giving them the freedom of choice to pay only for what they watch.

Finance minister Nirmala Sitharaman is scheduled to meet chiefs of public sector banks (PSBs) on Monday to review the credit growth in various sectors of the economy.

The meeting is likely to set priority areas for the banking sector in the coming months for accelerating the gross domestic product (GDP) growth.

Competition Commission of India (CCI) has dismissed a complaint against Oil & Natural Gas Commission (ONGC) which alleged the state-owned oil explorer of abusing its dominant position in relation to certain contractual provisions while hiring of offshore support vessels.

The rupee tumbled a whopping 94 paise to 70.54 against the US dollar in the early deals on Monday amid weak global cues and continued outflow of foreign funds. The domestic currency had opened at 70.14, which was its lowest level since May 17.

On Friday, it had dived 54 paise to close at an over six-week low of 69.60 as soaring crude oil prices and a fresh flare up in US-China trade tensions weighed on emerging market currencies.

The parched brown of the land in Charanka village in north-west Gujarat, around 50 km from India’s border with Pakistan, seemed endless. In peak summer, during one of the worst droughts to hit the region in 30 years, it seems devoid of all life--even doughty bush plants have lost most leaves. Cyclone Vayu, that hit the Gujarat coast in June 2019, did little to revive the district of Patan.

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