MUMBAI: In a relief to cellular service operators, Bharti Airtel and Vodafone Idea, the Bombay HC quashed the Centre’s one-time spectrum charge imposed unilaterally in 2012, from 2008 onwards, reports Swati Despande.Govt can’t retrospectively alter the financial terms of telecom licences years after they had been granted, said a division bench of Justices Manish Pitale…
MUMBAI: Fresh flare ups between Iran and Israel on Monday sank the rupee, spiked crude prices globally and pulled down most major Asian markets. As a result, sensex dipped over 900 points (1.3%) in early trades but recouped some ground to close 719 points (1%) lower at 73,524 points. Friday’s massive sell-off in the US…
MUMBAI: Reserve Bank of India has opened the dollar tap by taking on the currency risk itself to draw in overseas money, while nudging state-owned borrowers to look abroad for cheaper funds.RBI will not charge any premium for swapping dollars raised through foreign currency non-resident bank FCNR(B) deposits, effectively absorbing the entire forex risk and…
The government will divest up to a 3% stake in state-owned NLC India Ltd through an offer for sale (OFS), with the floor price set at Rs 303 per share, nearly 10% below the stock’s closing price on Monday.The OFS for non-retail investors will open on Tuesday, while retail investors can bid on June 10,…
Hyderabad: Sigma Advanced Systems on Monday said it has bagged an export contract worth US$21.97 million (nearly Rs 208 crore) to manufacture and supply 40,000 units of 155 mm M107 artillery shell bodies for a customer in North America.The Hyderabad-based company said the order has to be executed over a period of six months, with…
The rupee surrendered most of its previous session’s gains and fell 43 paise to close at 95.61 against the US dollar on Monday weighed down by a sharp rise in crude oil prices and a stronger greenback amid escalating geopolitical tensions in the Middle East, PTI reported.Forex traders said risk aversion in global markets, higher…
India has outlined key demands in its ongoing trade negotiations with the United States, including preferential tariff treatment and assurances against future tariff hikes, as both countries work towards finalising an interim trade agreement, a trade official said on Monday.A proposed bilateral trade agreement between India and the United States may only be finalised after…
Wall Street recovered some ground on Monday as technology and semiconductor stocks linked to the artificial intelligence (AI) boom bounced back from Friday’s sharp sell-off while oil prices eased from overnight peaks despite continued tensions between Israel and Iran.The S&P 500 rose 0.7% after suffering its worst daily decline since October on Friday. The Dow…
Government bonds advanced on Monday shrugging off a surge in crude oil prices triggered by escalating tensions in Middle East as optimism over the Reserve Bank of India‘s accommodative policy stance and measures to attract foreign capital supported market sentiment.The yield on the benchmark 6.48% 2035 government bond fell 2.4 basis points to 6.9532%, its…
India recorded a current account surplus of $7.1 billion (0.7% of GDP) in the January-March quarter of FY26 supported by higher services exports and a rise in remittances from overseas Indians, according to Reserve Bank of India data released on Monday.The surplus stood at $13.7 billion, or 1.4% of GDP, in the corresponding quarter of…
SpaceX is preparing for a stock market debut that could become the largest initial public offering in history. The Elon Musk-led company is seeking to raise about $75 billion at a valuation of roughly $1.75 trillion, a figure that would place it among the most valuable publicly traded companies in the world from day one.The…
India’s merchandise exports recorded around 15% growth during April-May of the current financial year despite continuing global economic uncertainties, a senior government official said on Monday as reported PTI.The commerce ministry is scheduled to release the country’s trade data for May on June 15.“During the two months, exports are up by 15 per cent,” the…
