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Silver lining: A good monsoon and a bumper kharif crop could ease food prices, the RBI noted. S. RAMBABU

Inflation to stay elevated: RBI

Special Correspondent Economy to shrink in FY21, says central bank; offers no estimate on contraction

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Debt resolution plan to help borrowers, lenders: bankers

Special Correspondent Move will help soften impact of COVID-19, say analysts

1hr

Voda-Idea loss widens fivefold

Special Correspondent First-quarter revenue declines 5.4% on lockdown woes

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Wider net: Offline payment facility for cards, wallets and mobile devices is expected to further the adoption of digital payments.

Offline retail payments set for fillip

Special Correspondent Use of cards, wallets and mobile devices to increase

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RBI Governor Shaktikanta Das during a press conference. File

RBI leaves key rates unchanged

File photo used for representational purpose.

RBI enhances gold loan-to-value ratio to 90%

The RBI has instructed banks not to open current accounts for customers who have availed credit facilities in the form of cash credit (CC)/ overdraft (OD).

RBI revises guidelines for opening Current Accounts

Photograph used for representational purposes only

Only 0.3% of I-T returns in Tamil Nadu scrutinised for assessment year 2018-19

The revised lending rates will be effective from August 7, Canara Bank said.

Canara Bank slashes MCLR by up to 30 bps across various tenors

PTI The six-month MCLR has been cut to 7.40% from 7.50%, the bank said.

South Indian Bank gets RBI’s in-principle nod to set up non-financial subsidiary

PTI Private sector lender South Indian Bank (SIB) on Wednesday said the RBI has given an in-principle approval for setting up a wholly owned non-financial subsidiary.“We wish to inform that the Reserve Bank of India vide letter dated August 4, 2020, received today, has accorded in-principle approval for setting up of a wholly owned non-financial subsidiary for undertaking activities permitted by RBI,” it said in a regulatory filing. Shares of SIB closed at ₹6.95 apiece on the BSE, up 2.06% from

NCLAT sets aside bid for Ricoh India

Sanjay Vijayakumar Bid for firm accepted after deadline expired

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Opinion & Analysis

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PARLEY | Comment

Parley: Does the Budget do enough in providing a stimulus to growth?

Suresh Seshadri By not cutting spending despite constraints, the Budget ensures momentum doesn’t backslide

A government that is clueless on the economy

Pulapre Balakrishnan Listening to the Budget speech, one would hardly get any indication of either the economic slowdown or the unemployment rate, which is the highest in decades

A Budget exercise that is designed for stressed times

T.T. Ram Mohan The FM deserves credit for keeping the capital expenditure steady amid receipts shortfall; but her plan does not meet market expectations of sweeping reforms

Markets

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Sensex surges 369 points post RBI policy; Nifty tops 11,200

PTI Tata Steel was the top gainer in the Sensex pack.

Rupee settles flat at 74.94 against US dollar after RBI keeps rates on hold

PTI The rupee pared initial gains and settled for the day on a flat note at 74.94 against US dollar after the Reserve Bank of India (RBI) on Thursday kept interest rates unchanged. At the interbank forex market, the domestic unit had opened strong at 74.82 against the greenback, but lost ground during the day and finally settled at 74.94 against the American currency, unchanged from its previous close. During the session, it had witnessed an intra-day high of 74.77 and a low of 74.96 against the

Economy

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Timely and proactive exemptions from COVID-induced lockdowns to the sector facilitated uninterrupted harvesting of rabi crops and enhanced sowing of kharif crops, the report said.

Coronavirus | Worst seems to be over, farm sector to cushion virus impact on economy, says FinMin report

PTI Rise in COVID-19 cases and subsequent intermittent lockdowns make the recovery prospects fragile, the Macroeconomic Report for July, released by the Economic Affairs Department said.

Reserve Bank slashed key interest rates by 135 basis points (bps) since February this year.

Rising real lending rate roiling RBI rate cuts: report

PTI Resultant fall in credit flow shows GDP contraction: BofA

Industry

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Inflation to stay elevated: RBI

NCLAT sets aside bid for Ricoh India

Debt resolution plan to help borrowers, lenders: bankers

Voda-Idea loss widens fivefold

Offline retail payments set for fillip

Two-wheeler sales to contract up to 18% in FY21: ICRA

Rane Engine Valve Q1 loss widens to ₹16.3 crore

Rane Engine Valve Ltd, (REVL), a leading manufacturer of engine valves, guides and tappets, net loss for the quarter ended June widened to ₹16.3 crore

Rupee settles flat at 74.94 against US dollar after RBI keeps rates on hold

The rupee pared initial gains and settled for the day on a flat note at 74.94 against US dollar after the Reserve Bank of India (RBI) on Thursday

Sensex surges 369 points post RBI policy; Nifty tops 11,200

Tata Steel was the top gainer in the Sensex pack.

RBI enhances gold loan-to-value ratio to 90%

This is applicable only till March 31, 2021.

RBI revises guidelines for opening Current Accounts

The new rules will be applicable to existing current, CC/OD accounts with various banks.

Canara Bank slashes MCLR by up to 30 bps across various tenors

The six-month MCLR has been cut to 7.40% from 7.50%, the bank said.

India's GDP growth likely to be negative, says RBI; keeps key rates unchanged

The central bank will continue its accommodative stance.

Sensex jumps over 150 points ahead of RBI policy outcome; Nifty tops 11,150

ONGC was the top gainer in the Sensex pack, rising over 3%

Only 0.3% of I-T returns in Tamil Nadu scrutinised for assessment year 2018-19

Data from the Finance Ministry showed that the scrutiny rate in 2018-19 is the lowest over the past four assessment years

Coronavirus | Coronil demand at 10 lakh packs a day, says Baba Ramdev

Earlier in June, the AYUSH Ministry had restricted Patanjali from selling the drug as a cure for the virus instead allowing it to be sold only as an immunity booster.

Rupee surges 16 paise to 74.78 against U.S. dollar ahead of RBI policy decision

Forex traders said investor focus will be on the RBI monetary policy, scheduled for later in the day.

South Indian Bank gets RBI’s in-principle nod to set up non-financial subsidiary

Private sector lender South Indian Bank (SIB) on Wednesday said the RBI has given an in-principle approval for setting up a wholly owned

Byju’s acquires WhiteHat Jr for $300 million

Coding is fast emerging as a key skill for the futures, says the education technology firm

Centre formulating R&D policy to bolster drug discovery

Blueprint to cover medical devices, include incentives for scientists, says official

Canara Bank Q1 profit rises 24% to ₹406 cr.

Canara Bank reported a 24% rise in standalone net profit to ₹406 crore for June quarter 2020-21. The public sector lender had logged a net profit of

SEBI’s Tyagi gets 18-month extension

Ajay Tyagi was on Wednesday given an 18-month extension, till February 2022, as the chairman of markets regulator SEBI, according to a Personnel

Uber to hire 140 engineers in India

Firm building ‘cutting-edge’ products

IRDAI dispenses with physical signatures of life insurers’ customers till Dec.

A day after it permitted life insurers to issue policy documents in electronic format, insurance regulator IRDAI on Wednesday allowed them to dispense

Two more firms get nod for Favipiravir

Drug is used for COVID-19 treatment

Webinars to inform investors

The Hindu BusinessLine and ICICI Prudential Mutual Fund have planned a 10-part bimonthly webinar series titled ‘Smart Investor: Investment strategy

Bharti to widen cloud services for enterprises with AWS pact

Telco eyes larger pie of $3.5 bn public cloud services market

Maruti unveils new S-Cross at ₹8.39 lakh

Maruti Suzuki on Wednesday unveiled the new S-Cross model with a petrol engine, priced in the range of ₹8.39-12.39 lakh (ex-showroom Delhi).“S-Cross

EID Parry returns to profit, nets ₹226 cr.

‘Operations less hit by lockdown’

HP opens Chennai plant for desktops, workstations

‘Facility enjoys locational advantage’

Mall revenues to halve this fiscal, says Crisil

The nationwide lockdowns and restrictions would lead to a 50% fall in the revenues of malls this fiscal according to an analysis of top 10 malls rated

HDFC takes QIP route to raise ₹14,000 crore

To raise ₹9,000 crore more via NCDs

WGC introduces RGIPs to set bar for gold product providers

The World Gold Council has introduced its new Retail Gold Investment Principles (RGIPs) to set the bar for product providers across the global retail

Rane Brake Linings reports loss in Q1 on COVID-19-led lockdown

Rane Brake Lining Ltd., a leading manufacturer of brake linings, disc pads and clutch facings, reported a net loss of about ₹6.9 crore during the

Apollo Tyres skids into red

Apollo Tyres Ltd. has posted a consolidated net loss of ₹135 crore for the first quarter ended June 2020 against a net profit of ₹142 crore registered

Lupin introduced anti-COVID-19 drug at ₹49 a tablet

Lupin Ltd. has announced the introduction of its Favipiravir version in India under the brand name Covihalt for treatment of mild to moderate

ALL’s U.K. arm delivers EV double deckers

Ashok Leyland has announced that its U.K. subsidiary Optare delivered the first set of 21 battery-electric Metrodecker EV double deckers on July 30.

Coronavirus | Pharma firms Zenara, BDR get DCGI nod for Favipiravir versions

The two companies said the Drugs Controller General of India has given them approval to manufacture Favipiravir tablets as a treatment option for patients with mild to moderate symptoms of COVID-19

Coronavirus | India’s service sector activity still severely restricted; contracts for 5th successive month in July

The IHS Markit India Services Business Activity Index stood at 34.2 in July, slightly higher than 33.7 in June.

Sensex, Nifty pare early gains to end flat; HDFC Bank, RIL tumble

Domestic equity benchmarks Sensex and Nifty surrendered early gains to end flat on Wednesday as profit-booking emerged in market majors Reliance

Rupee gains 10 paise to close at 74.94 against US dollar

The rupee settled with gains of 10 paise at 74.94 (provisional) against the US dollar on Wednesday tracking positive domestic equities and weak

Rupee surges 17 paise to 74.87 against U.S. dollar in early trade

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.28% to 93.12

Sensex rallies over 300 points in early trade; Nifty tops 11,150

Axis Bank was the top gainer in the Sensex pack, rising over 3%

Virgin Atlantic airline files for U.S. bankruptcy protection

The airline had cut more than 3,500 jobs to contend with the fallout from the COVID-19 pandemic.

Business Live: Stocks pare gains; gold tops $2,000 for the first time ever

Updates from the world of economy, markets, and finance

July exports near last year’s level: Piyush Goyal

He said several indicators were reflecting that economic activities were reviving in the country.

NMDC posts higher output, sales in July

Mining major NMDC has posted a 12.9% rise in iron ore production and 6.63% higher sales in July compared to the same period last from a year earlier.

India looks to screen for re-routed Chinese goods

Plans tighter import norms, checks.

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