Business

Global markets dived on renewed concerns over economic growth amid lacklustre Chinese trade data.

The rupee opened weak at 70.18 at the interbank forex market, down 18 paise from its last close. The local currency, however, pared the initial loss and was trading at 70.11.

The remaining 49 aircraft are grounded and the airline has been told to ensure that passengers do not suffer because of flight cancellations resulting from this situation, the Directorate General of Civil Aviation official said.

On Monday, a number of private as well as public sector banks informed about penalties levied on them by RBI for failing to comply with Swift software operating requirements.

Most of the basmati comes pre-packed in smaller bags of 2-kg or so from India and Pakistan. It is branded as per retail outlet requirements in some supply contracts.

Reliance Industries, in a regulatory filing, said its wholly owned subsidiary Reliance Industrial Investments and Holdings has entered into an agreement for acquisition of equity shares of Grab A Grub Services Private Limited ('Grab') for a cash considera...

Arun Jaitley said the non-performing assets (NPAs) or bad loans had initially gone up because of truthful disclosure requirements which ensured that there was no sweeping of bad loans under the carpet.

'Small and medium units together have a potential of taking USD 70 billion in formal credit from banks,' industry lobby Assocham and Ashvin Parekh Advisory Services said in a joint report on Tuesday.

Earlier, a panel of ministers on real estate sector led by Gujarat deputy chief minister Nitin Patel had suggested bringing down the rates on under-construction properties to 5 per cent.

A total of Rs 1,949 crore was withdrawn during the February 1-22 period. However, there was higher infusion in equities, there is a net inflow of little over Rs 98 crore for the period under review.

The company said it will be ready for trial in India from the second quarter; however, telecom operators will have to decide on timeline for tests.

Prabhu urged the ASEAN members to engage in the review of free trade agreement with India to resolve implementation issues being faced by business of either side.

Tata Motors was the biggest gainer in the Sensex pack, rallying 2.94 per cent. It was followed by Vedanta, Bajaj Finance, Sun Pharma, ONGC, ICICI Bank, Bajaj Auto, Tata Steel, RIL, HDFC duo, L&T and SBI, rising up to 2.78 per cent.

The government will infuse Rs 9,086 crore in Corporation Bank and Rs 6,896 crore in Allahabad Bank - the two 'better-performing' banks currently under the Prompt Corrective Action supervision of the RBI.

Reserve Bank Governor Shaktikanta Das said transmission of monetary policy decisions is important.

Recently IDBI and LIC officials met Department of Financial Services senior officials and are said to have taken up the matter of fresh capital infusion. LIC has not commented so far.