Business

Echoing similar views, Ashvin Parekh Advisory Services managing partner Ashvin Parekh said unprecedented transfer from RBI in the given economic scenario would help the government in stimulating the economy.

EPFO (Employees' Provident Fund Organisation) proposed to amend the Act to limit enquiry period to a maximum of two years in order to curtail harassment.

The onshore yuan fell to 7.1487 to the US dollar, its weakest point since early 2008, in Asian trading. The yuan breached the key 7.0 threshold against the dollar earlier in August.

CII said the measures announced come at a time when the world economy is buffeted by global headwinds and trade slowdown.

The Enforcement Directorate (ED) had carried out searches on Friday at a dozen locations of Goyal, his firms and partner agencies in Mumbai and Delhi on charges of alleged contravention of the foreign exchange law.

India's GDP growth in January-March slid to a near five-year low of 5.8%, and most analysts expect data due later this month to show that growth in April-June faltered even further.

The 30-share index dropped 345.55 points or 0.95 per cent to 36,127.38 in early session with 19 of its constituents trading in the red.

The stock fell 23 percent in three straight sessions to Rs 138.30, the lowest level since January 31, 2017. It was quoting at Rs 144, down Rs 27.60, or 16.08 percent on the BSE at 0952 hours.

Despite strong European cues, the BSE Sensex plunged 267.64 points to close at 37,060.37 while the Nifty 50 shed off 98.30 points to close below 11,000 levels, at 10,918.70.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity rose Rs 50 each to Rs 38,820 and Rs 38,650 per 10 gram, respectively.

India has one of the highest corporate tax rates in the world even after Finance Minister Nirmala Sitharaman this year cut the rate to 25% from 30% for companies with annual sales of up to 4 billion rupees .

Forex traders said investors are awaiting government intervention to revive the slowing economy. There are expectations that the government would come out with sector-specific stimulus sometime soon.

SBI Chairman said there are around 90 crore debit cards in the country as against 3 crore credit cards, and pointed out to digital solutions like its own 'Yono' platform as the key for achieving a debit card-less country.

The discussions between the two players have been going on for a few months. However, the talks seemed to have been halted after the Indian government tightened FDI rules for e-commerce marketplaces earlier this year.

Bharti Airtel shares declined nearly 7% to Rs 346.15, while Vodafone Idea shares tumbled 10% to Rs 4.80 in intra-day trade on Tuesday.

Tiffany and Co was originally started 182 years back, in 1837. The store was started by Charles Lewis Tiffany and John B. Young in Brooklyn and sold stationery items initially.