Business

Home Minister Amit Shah's positive assessment of Asia's third-largest economy came amid talks of a slowdown in economic activity.

Moody's said the negative outlook primarily reflects the risk of further deterioration in the bank's solvency, funding or liquidity, as it continues to work through the asset quality issues and rebuilds its loss absorbing buffers.

Finance Minister Nirmala Sitharaman on Friday announced the withdrawal of enhanced surcharge on short-term and long-term capital gains earned by foreign portfolio investors (FPIs) and domestic investors.

Interests in this paper is likely to be lukewarm ahead of the new 10Y issuance in September or October.

Rupee and most Asian currencies like South Korean won, Thai Baht, Malaysian ringgit, Japanese yen and Indonesian rupiah were trading lower.

The 30-share index slipped into the red to trade 12.46 points, or 0.03 per cent, lower at 37,628.81 at 0930 hours, while the broader Nifty fell 7.30 points, or 0.06 per cent, to 11,098.05 in early trade.

The new commerce is Reliance Retail’s offline-to-online initiative, which would link producers, traders, small merchants, brands and consumers through technology. The company has been working on its new commerce plan for nearly two years.

The move is expected to generate an additional lending and liquidity in the financial system to the tune of Rs 5 lakh crore.

Taking a strong divergent view from the rest of the industry, he said the drop in retail sales would not have hurt so much if companies had invested in global markets in the last 10-15 years.

In a regulatory filing late on Thursday, Future Retail said Amazon has agreed to acquire a 49% stake in Future Coupons Ltd. That entity in turn owns a 7.3% interest in Future Retail, according to prior regulatory filings.

The remarks come amid demand by India Inc for a stimulus package to deal with the slowdown in various sectors of the economy.

According to an airline official, discussions are underway to resolve the matter and Air India has already paid Rs 60 crore as lump sum.

The rupee had closed at a new six-month low of 71.71 against the US dollar on Tuesday as economic uncertainties continued to weigh. At the interbank foreign exchange, the rupee opened at 71.48, registering a rise of 23 paise.

Post-transaction, Ctrip.com — an existing stakeholder in MMT — will increase its stake in the Indian travel company to 49 per cent.

Vodafone Group's India representative Ravinder Takkar has been appointed as Managing Director and chief executive officer (CEO) of Vodafone Idea Ltd on Monday after the post was vacated by Balesh Sharma citing personal reasons.

Gold had reached its all-time high mark of Rs 38,670 on Saturday. Silver also fell by Rs 50 to Rs 45,000 per kg due to reduced off take by industrial units and coin makers.