In a dramatic manoeuvre which began late on Wednesday and spilled over to Thursday, the Department of Income Tax began to ceaselessly raid the premises of former top bosses of the NSE, as also the brokers named in the controversial co-location issue. This move came a day after the new management of NSE submitted two separate audit reports on the misuse of co-location facility for algorithm (algo) or high frequency trading (HFT) which allowed preferential access to a select cartel of brokers colluding with exchange officials.
Companies and Markets
Companies & Markets
Adient, the $16.2-billion automotive seating supplier, is investing Rs 190 crore ($30 million) to set up a state-of-the-art automotive seating prototyping and testing facility in India to cater to its global business and local industry.
The new facility, slated to open late next year in Pune, will be of global scale. The American multinational designs, manufactures and markets a range of seating systems and components for almost all modes of vehicles. The construction of its new facility marks a major expansion for its technical centre in Pune.
Wading into surplus dividend issue, the RBI employees union has asked the government to desist from “arm-twisting” the central bank for funding Rs 1.35 lakh crore bank recapitalisation programme. The union’s clear message comes days ahead of governor Urjit Patel’s expected visit to the North Block before the 5th bimonthly monetary policy review on December 5-6.
RBI has allowed domestic banks and their subsidiaries active in capital markets to offer commodity hedging facilities to Indian entities abroad. This will open a new line of business for the Indian banks while enhancing liquidity in commodity hedging overseas.
Indian companies are finding it easier to raise funds through bonds than bank loans, as a surge in bad credit chokes off bank lending while investors seek higher-yielding investments for their cash.
Major share investor Rakesh Jhunjhunwala (in pic) said he is steering clear of all initial public offerings (IPOs) for now as valuations have skyrocketed amid strong inflows and exuberance in equity markets.
Use of advanced analytical tools and data received from banks, post offices and other agencies helped income tax (I-T) department identify 3.71 lakh undisclosed new accounts. These accounts had not been disclosed earlier by suspected tax-dodgers during the second phase of Operation Clean Money (OCM).
About 5.68 lakh new cases, other than the earlier 17.92 lakh cases, were also selected for scrutiny, an internal report compiled by the I-T department has revealed.
Rolls-Royce, the global leader in high performance power systems, has expanded its partnership with tech provider TCS to increase its focus on digital innovation.
Earlier, TCS was helping Rolls-Royce in engineering and manufacturing spaces and now with a deeper relationship in place, the IT major will offer digital transformation services to the engine giant. The new contract from Rolls-Royce will be TCS’ third largest digital deal in the UK.
Stock market's benchmark indices Sensex and Nifty-50 fell for third consecutive session as pressure mounted on investors to book some profit due to weak global cues and poor macro-economic economic data with trade deficit for October hitting aq three-year high, inflation for October rising to a seven-month high and the rise in crude oil price raising concerns of possible fiscal slippage.
The Sensex lost 181 points, closing at 32,760. The Nifty-50 closed at 10,118, down 68.55 points.
Sell the Indian rupee and Philippine peso. Buy the Malaysian ringgit and Singapore dollar. Bet the ringgit will strengthen against Indonesia’s rupiah.
These are some of the trades that strategists are advocating as a surge of almost 40 percent in Brent crude since June clouds the outlook for Asian currencies, complicating the performance of local economies and the path of local monetary policy.