Business

Foreign investors have pulled out over Rs 3,800 crore from the country's equity markets so far this month over concerns regarding "lower prospects" of economic growth as compared to other emerging markets.

Despite the Reserve Bank of India dismissing reports that suggested 97 per cent of the demonetised currency had returned to the bank's coffers by December 30, its own weekly figures on "currency in circulation" indicate that this number is correct.

Feeling "humiliated" by events since demonetisation, RBI employees today wrote to Governor Urjit Patel protesting against operational "mismanagement" in the exercise and Government impinging its autonomy by appointing an official for currency coordination...

Stating that any "discernible pattern" of clients worrying about adverse visa policies is yet to be seen, Infosys CEO Vishal Sikka on Friday expressed hope that policies of the new Trump administration would be friendly towards business.

Continuing its rising streak for the fourth straight day, gold prices rose further by 0.17 per cent to Rs 28,347 per 10 grams in futures trading on Thursday as speculators engaged in widening in their bets, taking positive cues from global markets.

The currency squeeze in November and December has failed to hit revenue mop up, with direct and indirect tax collection from April to December showing a double-digit increase, Finance Minister Arun Jaitley said on Monday.

A subsidiary of China's top carmaker SAIC Motor Corp plans to acquire certain General Motors manufacturing assets in India, a filing with the country's competition watchdog showed on Friday.

Regulator Sebi has sought detailed explanations from some listed Tata firms on alleged violations of corporate governance and insider trading norms flagged by ousted directors Cyrus Mistry and Nusli Wadia.

Industry needs at least three months to implement the GST after finalisation of rules and other norms, new Ficci President Pankaj Patel said.

At the National Stock Exchange (NSE), the broader 51-scrip Nifty, which had closed at 8,190.50 points, was quoting at 8,232.20 points, up by 41.70 points or 0.51 per cent.

Country's second biggest private sector lender HDFC Bank on Wednesday cut its benchmark lending rate by up to 0.90 per cent, joining over a dozen banks and housing finance companies that have slashed rates in last few days.

"Good news has started coming for housing and construction sector. Interest rates cut by all the banks will lead to demand being raised substantially," DLF CEO Rajeev Talwar told PTI commenting on the lowing of interest rates.

Union leaders have told News18 that post demonetization banks will suffer "catastrophic losses" because deposits have increased but advances – or loans that keeps a bank functioning – have fallen down drastically.

Finance Minister Arun Jaitley on Monday said that India now needs to move to a lower level of taxation to be globally competitive.

"Analjit Singh, Non - Executive Independent Director of Tata Global Beverages Ltd has resigned from the Board of the company with immediate effect," the company said in a BSE filing.

West Bengal Urban Development Minister Firhad Hakim on Saturday said software major Infosys is planning to set up campus in the state and has completed the payment for the land it received from the government.