The government on Friday ordered a Central Bureau of Investigation into transfer of funds by United States-based Ford Foundation to Sabrang Communication and Publishing Pvt Limited, with which social activist Teesta Stelvad is associated, allegedly in violation of rules and froze a bank account of the firm.
Ongoing trade-war rhetoric between the US and China added some nervousness on the trading front coupled with extremely bullish dollar sentiment overseas.
Mallya is a fugitive from justice in India, Attorney General Mukul Rohatgi told the Supreme Court.
In an interaction with Jash Kriplani, A Balasubramanian, managing director and chief executive officer, Aditya Birla Sun Life Asset Management Company, shares his optimism on what makes him believe that these cuts can help in addressing multiple issues plaguing the economy, without letting fiscal deficit pose any major risk.
'As banks grapple with risk aversion and savers see an erosion in the value of money, the P2P platform can be a win-win for both borrowers and lenders,' notes Tamal Bandyopadhyay.
Gold slips by Rs 150 on low demand.
In New York Market, the US dollar rose against the Australian dollar on Tuesday as gold futures dropped more than two per cent and investors anticipated Chinese data that is likely to show a slowing of growth.
The Nifty50 slipped 33 points to close the session at 8,509 after hitting an intra-day high of 8,587.
India was less directly affected by the Chinese stock market rout and yuan devaluation that battered currencies and markets in the region.
The summons was issued to Mallya under provisions of the Prevention of Money Laundering Act in connection with the IDBI case.
Telecom shares rallied on hopes that they would hike tariffs after huge investments to acquire spectrum.
The rupee briefly touched 66.78 in late afternoon trade due to stray dollar buying by some banks.
Traders said besides stockists selling, a weakening global trend where gold posted its biggest decline in almost seven months as Portuguese banking concerns eased and equities gained, diminishing safe-haven demand.
Traders said good dollar demand from importers including oil companies was seen at stronger rupee levels, limiting any further gains.
The rupee largely shrugged off the high volatility in stocks and rebounded sharply towards the fag-end trade following bout of dollar selling by exporters
Japan's Asahi Shimbun, an official partner of the Tokyo 2020 Olympics, called for the Summer Games to be cancelled in an editorial
The rupee has been under immense pressure due to a host of reasons including soaring crude oil prices, sustained foreign fund outflows and widening current account deficit.
Rupee is under pressure against the dollar say currency watchers.
The domestic unit moved in a range of 64.14 and 63.99.
What differentiates Rajan from his predecessors is his proactive steps in anticipating a problem and coming up with out-of-the-box solutions
.jpg)
The government on Tuesday announced hikes in import duties for gold and silver, but it has yet to unveil other details such as its plan to tax imports of non-essential items.
Traders said sentiment turned distinctly weak after gold prices slumped in global markets as Swiss voters rejected a plan for their central bank to accumulate bullion and oil extended its decline to five-year low, curbing demand for the precious metal.
The central probe agency issued a provisional order under the Prevention of Money Laundering Act for attachment of Indian assets in Kodaikanal and Ooty in Tamil Nadu and a flat in Delhi's Jorbagh. A cottage and house in Somerset in the UK and a tennis club located in Barcelona, Spain have also been attached as part of the same order, the agency said.
Getting US citizenship will in no way affect your right of being able to own or hold the agricultural land in India.
In New York market, the dollar was little changed against major rivals yesterday as investors continued to comb through economic data and speeches from central bank officials to get a better sense of when the Federal Reserve could begin to raise interest rates.
ED had earlier issued summons to Mallya for "personal appearance" on March 18 under the provisions of the Prevention of Money Laundering Act (PMLA).
The political row over the Rafale deal intensified on Tuesday with the Congress and Bharatiya Janata Party trading barbs over it.
Silver followed suit and traded higher by Rs 200 at Rs 34,200/kg.
The common denominator: They were predominantly Gujarati, mostly male, and either related by blood or very well-known to Nirav.
OVL, along with Oil India Ltd, had in June agreed to buy Videocon Group's 10 per cent in the same block for $2.48 billion.
The tea industry, hit by rising costs, falling prices and political unrest in the North Bengal plantations, is especially vulnerable to the COVID-19 lockdown.
On the last day of FY!5, the Sensex ended lower by 18.37 points at 27,957.49.
Maruti Suzuki, Asian Paints, L&T, ONGC and Infosys have gained between 1%-1.5%.
The 30-share Sensex and the 50-share Nifty ended flat at the mark of 29,008 and 8,767 respectively.
The 30-share Sensex ended up 12 points at 28,517 while the 50-share Nifty ended nearly unchanged at 8,660.
Government on Monday formed a multi-agency group to monitor exposes in this regard and vowed to take action against all "unlawful" accounts held abroad.
Midcap stocks continued to remain on buyers' radar with BSE Midcap index up 0.1%.
The breadth, indicating the overall health of the market, was slightly positive
The 30-share Sensex surged 299 points to close at 28,736 and the 50-share Nifty gained 90 points to end at 8,723.
