Business

Moody's attributed the deceleration to an investment-led slowdown that has broadened into consumption, driven by financial stress among rural households and weak job creation.

At the interbank foreign exchange the rupee opened at 70.96, then gained further ground and touched a high of 70.87, registering a rise of 20 paise over its previous close.

She also called for a ramp-up in carbon taxes to address the other challenge facing the global economy: climate change.

After swinging 439 points during the day, the 30-share Sensex ended 141.33 points, or 0.38 percent, lower at 37,531.98. It hit an intra-day low of 37,480.53 and a high of 37,919.47.

ICRA said it expects Coal India, which has missed annual production targets over the last few years, to fall short of its 2019/20 production forecast of 660 million tonnes by up to 75 million tonnes.

At 11:24 am, Glenmark Pharma shares were trading at Rs 287.75, down 8.8%, after hitting the day’s low of Rs 285. The stock has corrected by a massive 47% in the past one year.

Forex traders said rising demand for the US dollar vis-a-vis other currencies overseas also weighed on the domestic currency.

After opening in the positive terrain, the 30-share index swung over 300 points in early trade. The index was trading 72.68 points, or 0.19 per cent, lower at 37,600.63 at 0930 hours.

The growth at these ports, which had handled 343.37 MT cargo in the corresponding period of the previous financial year, was driven mainly by higher handling of coking coal, fertilisers and iron ore.

The MoU was signed in presence of Bangladesh Prime Minister Sheikh Hasina and India's Railways and Commerce and Industry Minister Piyush Goyal.

In the fourth bi-monthly review of the policy, the central bank also reduced its benchmark lending rate by 0.25 per cent to revive growth that has hit six-year low of 5 per cent.

Given the recent PMC Bank crisis, RBI is expected to tweak some regulatory norms for cooperative banks in order to make them more stable.

The announcement comes one week after Imperial issued a gloomy profit warning, blaming the 'challenging' next generation products market in the US, as well as a weaker performance from its Africa, Asia and Australasia division.

The average wholesale price of onion was Rs 26 per kg on Thursday at the Lasalgaon Agriculture Produce Market Committee, while the maximum rate was Rs 30.20 per kg and minimum rate quoted was Rs 15 per kg.

The bank scrip had dipped to historic lows and lost 22 per cent of its value just on Tuesday to close at a low Rs 32, down from a high of Rs 404 in August 2018 when RBI asked Rana Kapoor to leave the bank.

Since the ban, countries such as Bangladesh have turned to the likes of Myanmar, Egypt, Turkey and China to increase supplies in a bid to bring down prices.