Prime Minister Narendra Modi Thursday announced the fundamentals of the Indian economy were sound and it is on the way to becoming a $5 trillion economy soon. Addressing the India-Korea Business Symposium in Seoul, he said India was now a more open economy and had attracted $250 billion foreign direct investment (FDI) in the last …

The rupee dived 17 paise to close at 71.24 against the U.S. dollar on Wednesday amid a flare-up of tensions among India and Pakistan. Firming crude oil prices, month-end dollar demand from oil importers and a weak sentiment at domestic equity markets weighed on the rupee, analysts stated. At the Interbank Foreign Exchange (Forex) market, …

The BSE benchmark Sensex rallied about 265 points to 36,132 in the preceding session on Friday as the March derivatives series took off on a strong footing and foreign fund inflows fuelled the uptrend. The 30-share Sensex burst by 264.99 points, or 0.75 %, to 36,132.43 in early trade. The gauge had lost over 346 …

EverSource Capital along with National Investment and Infrastructure Fund of India (NIIF) have partnered U.K. government’s CDC Group to invest $330 million in Ayana Renewable Power (Ayana), the renewable energy platform founded by CDC. EverSource Capital, a joint venture between Everstone Capital and Lightsource BP, manages Green Growth Equity Fund (GGEF) that has NIIF and …

Gold prices rose ₹120 to ₹34,650 per 10 grams at the bullion market on Wednesday following prolonged buying by local jewelers and retailers, according to All India Sarafa Association. Silver followed suit and recovered by ₹70 to ₹41,475 per kg due to improved offtake from industrial users and coin makers. However, global cues were weak, …

The benchmark BSE Sensex opened on a positive note on February 28 between buying by domestic as well as foreign institutional investors ahead of February derivatives expiry. Investors, however, were cautious on attention over the tension between India and Pakistan. The 30-share index was trading soaring by 81.45 points, or 0.23%, to 35,986.88. The gauge …

Indian exporters require to increasingly tap African countries that have an almost “unlimited market,” said David Rasquinha, MD, Export-Import Bank of India. Pointing out that extending the geographical range and product diversification was critical for Indian exporters, he said in 2018-19, exports were expected to surpass the $304-billion figure of 2017-18. Delivering the keynote address …

The rupee depreciated by 14 paise to 70.86 against the US dollar in early trade on Friday on increased demand for the US currency from importers and foreign fund outflows. Besides, strength in dollar against major rival currencies on stronger US economic data also kept pressure on the Indian rupee, dealers said. However, a higher …

The high rate of Goods and Services Tax (GST) on under-construction properties (which was reduced recently) pointed to the fund crunch in the housing sector and also among non-banking finance companies (NBFCs), according to Indira Rajaraman, economist and a former member of the Reserve Bank of India’s board. “In the earlier funding model (prior to …

Govt. cuts FY19 growth estimation to 7%; Q3 growth estimated at six-quarter low; agriculture, manufacturing contribute to slowdown GDP growth slowed for the third consecutive quarter in the October-December 2018 period, according to data delivered on Thursday. Growth fell to 6.6% in the third quarter, the lowest in the last six quarters. The slowdown was …

Bossy players like Maruti Suzuki and Tata Motors posted a low single-digit growth in domestic passenger vehicle sales in February 2019 while players such as Honda and Mahindra and Mahindra registered double-digit growth. Market leader Maruti Suzuki posted almost flat growth in sales of domestic passenger vehicles throughout the month at more than 1.36 lakh …

U.S.-based 7-Eleven Inc. anticipates to open its first branded store in India this year, after reaching a deal with Future Retail Ltd to run the chain in the Asian nation. Future Retail, which promotes local retail chains such as Food Hall and Nilgiris, plans to set up 7-Eleven stores from scratch and convert some of …