Business

The rupee opened strong at 69.07 at the interbank forex market, then lost ground and fell to 69.24 down 7 paise over its last close.

TCS, which had acquired French SAP service provider acquire Alti SA for 75 million euros (about Rs 533 crore) in 2013, has been focussing on organic growth even as its global and domestic rivals went on an acquisition spree.

Information technology platform integration alone will take about 12 months and other processes and systems may take another year or so, an official said.

According to traders, market sentiment turned weak after the International Monetary Fund (IMF), in its World Economic Outlook (WEO), once again downgraded global growth forecast to 3.3 per cent for 2019.

SBI has also cut interest rates on housing loans up to Rs 30 lakh by 10 bps. Accordingly, the interest rate on housing loans below Rs 30 lakh will be in the range of 8.60-8.90 percent, from 8.70-9 percent earlier.

In November, US President Donald Trump withdrew from the 2015 Iran nuclear deal and re-imposed broad economic sanctions.

The bank's board will consider the plan when it meets on April 20 to release its quarterly results.

RBI said it will examine the proposal upon receiving it from the parties in line with regulatory guidelines.

Commerce Ministry data showed India's export to China totalled USD 13.8 billion whereas its imports from the neighbouring country stood at USD 60.1 billion during the April-January period.

Jet Airways, in which SBI-led consortium of lenders is set to take management control under a debt-recast plan, has drastically curtailed operations with a fleet of 26 planes.

The 30-share index fell 160.45 points to 38,716.67 in a knee-jerk reaction at noon, but pared all losses, and was trading 22.24 points, or 0.06 per cent, higher at 38,899.36 at 1230 hours.

Though the Jet management did not give a specific date for payment, it said the company will provide an update on the issue on April 9.

The airline has around 119 aircraft in its fleet. In the last few weeks, the airline has been grounding its aircraft in tranches due to non-payment of dues to lessors.

Earlier on Tuesday, the Supreme Court quashed the Reserve Bank of India (RBI) circular February 12, 2018, on company insolvency, which mandated that lenders have to provide a resolution plan for large stressed accounts of Rs 2,000 crore and above within 1...

Bucking the overall trend, Bajaj Auto, Sun Pharma, Vedanta, Tata Steel, HCL Tech and HDFC Bank stocks saw intense selling on account of profit-booking.

Reserve Bank of India's (RBI) had on February 12, 2018 issued a circular saying that lenders have to provide for resolution plan within 180 days in case of large account of Rs 2,000 crore and above.