The rupee on Friday weakened by 16 paise to close at 71.19 against the US dollar amid rise in demand for the greenback from exporters and unabated increase in global crude oil prices.

This is the second successive week of loss for the Indian currency. During the week the domestic unit registered a loss of 27 paise. In the previous week, the local unit had slumped by 81 paise.

Markets closed marginally higher on Friday after a volatile session as investors largely stuck to index heavyweights despite positive global cues.

The BSE Sensex settled 12.53 points, or 0.03 per cent, higher at 36,386.61. The broader NSE Nifty inched up 1.75 points, or 0.02 per cent, to 10,906.95.

Prime Minister Narendra Modi Saturday inaugurated the Armoured Systems Complex of Larsen and Toubro in Gujarat, the first private facility in the country where the K9 Vajra self-propelled Howitzer guns will be manufactured.

L&T had in 2017 won the Rs 4,500-crore contract from the Ministry of Defence to supply 100 units of K9 Vajra-T 155 mm/52 calibre tracked self-propelled gun systems to the Indian Army under the Centre's 'Make in India' initiative.

In a bid to empower handloom weavers in Telangana, Microsoft India on Saturday announced the launch of a new e-commerce portal that will help the weavers optimise operations and engage better with customers.

The "re-weave.in" will host signature collections created by the weaver communities, and showcase traditional designs and products created from natural dyes.

The Central government has removed two Punjab National Bank (PNB) Executive Directors -- Sanjiv Sharan and K.Veera Brahmaji Rao -- for the lapses in the Rs 13,500 crore fraud allegedly perpetrated by absconding diamantaire Nirav Modi.

The PNB has intimated the action to the stock exchanges on Friday.

A Delhi court on Saturday extended till January 28 the interim bail granted to RJD chief Lalu Prasad in two Indian Railway Catering and Tourism Corporation (IRCTC) scam cases filed by the CBI and the ED.

Special Judge Arun Bhardwaj also extended the interim bail granted to Prasad’s wife Rabri Devi and son Tejashwi Yadav in the CBI case till January 28.

DevCo has already achieved positive operational cash flow in Q2FY19 (ahead of earlier estimate of H2FY19) on lower interest outflow post-DCCDL transaction and improved sales momentum. As of Q2FY19, management has ready inventory worth Rs 129 bn (in line with its strategy to sell completed inventory). DLF has Rs 27 bn of receivables, Rs 21 bn of balance cost to complete the projects and inventory.

The Supreme Court on Friday said it will hear next week an appeal challenging the LIC’s move to acquire 51% in the Industrial Development Bank of India (IDBI). The total value of the deal is expected to be Rs 12,000-13,000 crore.

A bench led by Chief Justice Ranjan Gogoi agreed to hear the case on January 25 after senior counsel Kapil Sibal, appearing for All India IDBI Officers’ Association, sought urgent hearing.

India’s third-largest software services exporter, Wipro, on Friday posted a 34.9% quarter-on-quarter rise in its consolidated net profit at Rs 2,544 crore during the October-December quarter. The company’s consolidated revenues stood at Rs 15,059 crore, a 3.5% increase over the last quarter.

The company improved its operating margin by 5.6% to 19.8%.

The Supreme Court on Friday sought response from the income tax department as to why it should not refund around Rs 4,761 crore to Vodafone Idea in respect of returns for assessment years (AYs) 2014-15 to 2017-18.

Stating that such inaction in granting refunds has caused grave financial hardships, Vodafone said that its financial condition is precarious as it has accumulated losses of rS 5,557 crore and debts amounting to Rs 53,000 crore as on March 31, 2017.

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