SBI Mutual Fund, the country’s largest asset management company, has received Sebi’s approval for its proposed initial public offering, clearing the way for a share sale estimated at around Rs 13,000 crore, PTI reported citing a person familiar with the development.The IPO, for which draft papers were filed in March, is entirely an offer for…
India’s foreign exchange reserves recorded their steepest weekly decline in months, falling by $9.985 billion to $671.625 billion in the week ended June 12, mainly due to a sharp drop in gold reserves, according to RBI data released on Friday.The country’s forex reserves had declined by $711 million in the previous reporting week to $681.610…
A sharp selloff in information technology stocks, triggered by Accenture’s weaker growth outlook, and fresh geopolitical concerns ended the market’s five-session winning streak on Friday, dragging benchmark indices lower.The BSE Sensex fell 607.08 points, or 0.78%, to close at 76,802.90, while the NSE Nifty declined 154.90 points, or 0.64%, to settle at 24,013.10.During the day,…
India has launched an anti-dumping investigation into imports of Resorcinol, a key chemical used in tyres, rubber products and industrial applications, from China and Japan following allegations that low-priced shipments are hurting domestic manufacturers, PTI reported.The probe was initiated by the Directorate General of Trade Remedies (DGTR) after a complaint filed by Atul Ltd, which…
Addressing the media on the sidelines of the G7 Summit in Evian, Misri described trade, technology and regional and international security as the key pillars of discussions between the India and UK. The India-UK free trade agreement will deepen ties far beyond trade and technology, creating new opportunities for businesses and people in both countries,…
Reliance Jio IPO announced (AI image) Jio Platforms IPO announced: Reliance Industries’ chairman Mukesh Ambani on Friday announced that the board of Jio Platforms has approved the draft red herring prospectus (DRHP) of its Initial Public offering (IPO), which will be filed with SEBI. The announcement was made at RIL’s 49th Annual General Meeting (AGM)….
After months of watching fuel prices climb, US drivers are getting a small break at the pump. The national average price of regular gasoline dipped below $4 a gallon on Thursday, a level not seen since the early weeks of the war, as easing oil prices brought some welcome relief.According to AAA, the national average…
Rupee began Friday on a strong note, rising 20 paise against the US dollar in early trade. The currency rose to 94.30 against the greenback in the interbank foreign exchange market before strengthening further to 94.20. The gain comes after Rupee had settled at an all-time closing low in the previous session. Optimism surrounding an…
Gold Rate Today: Outlook for gold Goldman Sachs now expects gold to reach $4,900 an ounce by December, lower than its previous forecast of $5,400, after revising its outlook to reflect the view that the Fed is unlikely to cut rates this year. On the geopolitical front, oil tanker traffic resumed through the Strait of…
After a gravity-defying run since its blockbuster debut, SpaceX shares finally came back down to Earth on Thursday (local time), falling more than 6% as the post-IPO euphoria began to lose steam.Shares of the Elon Musk-led company were trading at $178.50, down 6.5% during the session, after having already slipped nearly 5% a day earlier….