OTAKUBAY

Petroleum and oil marketing companies reduced the price of Commercial LPG cylinders by Rs 91.50 per unit with immediate effect from Saturday. A 19 kg of Commercial LPG cylinder will now cost Rs 2,028 in the national capital. However, no changes have been made in the prices of the domestic LPG cylinders. The Petroleum and oil marketing companies had on March 1 this year hiked the prices of commercial LPG cylinders by Rs 350.50 per unit and domestic LPG cylinders by Rs 50 per unit. Earlier, on January 1, commercial cylinder prices were increased by Rs 25 per unit. The prices of the commercial cylinders were reduced the last time in September 1 last year by Rs 91.50. On August 1, 2022, too, the prices of commercial LPG cylinders were reduced by Rs 36. Prior to that, on July 6, rates for the 19-kilogram commercial cylinder were cut by Rs 8.5 per unit. source https://www.ndtv.com/business/commercial-lpg-cylinder-prices-slashed-by-rs-91-50-in-delhi-3911170

Petroleum and oil marketing companies reduced the price of Commercial LPG cylinders by Rs 91.50 per unit with immediate effect from Saturday. A 19 kg of Commercial LPG cylinder will now cost Rs 2,028 in the national capital. However, no changes have been made in the prices of the domestic LPG cylinders. The Petroleum and oil marketing companies had on March 1 this year hiked the prices of commercial LPG cylinders by Rs 350.50 per unit and domestic LPG cylinders by Rs 50 per unit. Earlier, on January 1, commercial cylinder prices were increased by Rs 25 per unit. The prices of the commercial cylinders were reduced the last time in September 1 last year by Rs 91.50. On August 1, 2022, too, the prices of commercial LPG cylinders were reduced by Rs 36. Prior to that, on July 6, rates for the 19-kilogram commercial cylinder were cut by Rs 8.5 per unit. from NDTV Profit-Latest https://ift.tt/UotqeLJ via

Coal India Ltd said today it had breached its annual production target of 700 million tonnes, the first time it had surpassed its goal since the fiscal year that ended in March 2006. The world's largest coal mining company will likely end the fiscal year ending on Friday with an output of 703.4 million tonnes, it said, 13% higher than the 622.6 million tonnes it produced the previous fiscal year. "The volume increase of a whopping 81 million tonnes in a single year, by fiscal year 2023 end, would be a historic high since the company's inception," the company said in a statement on Friday. Coal India last achieved its annual production target in 2006, when it produced 343.4 million tonnes against a plan to produce 343 million tonnes. The miner, which accounts for 80% of India's annual coal output, is targeting production of 780 million tonnes in the upcoming fiscal year, in a bid to fire its power utilities, which are expected to burn about 8% more coal in the

The government today came out with Foreign Trade Policy (FTP) 2023 which seeks to boost the country's exports to $2 trillion by 2030 by shifting from incentives to remission and entitlement based regime. Unlike the practice of announcing 5-year FTP, the latest policy has no end date and will be updated as and when needed, said Director General of Foreign Trade (DGFT) Santosh Sarangi while briefing media about FTP 2023. Earlier, Commerce and Industry Minister Piyush Goyal unveiled FTP 2023 which will come into effect from April 1, 2023. The DGFT also said India is likely to end this fiscal year with total exports of  $760-770 billion as against $676 billion in 2021-22. The last five-year policy came into force on April 1, 2015. However, it was extended several times in the wake of coronavirus outbreak and subsequent disruptions in economic activities globally. The last extension was given in September 2022 till March 31, 2023. The new FTP identifies four new Towns of Export Exc

Commerce Secretary Sunil Barthwal today said India is ready to trade in Indian rupee with countries which are facing currency failure or have dollar shortage. Speaking after the unveiling of Foreign Trade Policy (FTP) 2023 which seeks to increase India's exports to $2 trillion by 2030, the secretary also said the government is focusing on strengthening the rupee payment system. Changes have been made in the FTP to allow international trade settlement in Indian rupee with a view to making INR a global currency. Addressing the gathering, Commerce and Industry Minister Piyush Goyal exuded confidence that the export target of $2 trillion by 2030 will be met. He stressed that any industry cannot succeed only on the basis of subsidy or crutches. In the coming days, the idea of exports will change in the country, Piyush Goyal said. FTP 2023 has been announced to provide policy continuity and a responsive framework, said Director General of Foreign Trade (DGFT) Santosh Sarangi. The

The government today came out with Foreign Trade Policy (FTP) 2023 which seeks to boost the country's exports to $2 trillion by 2030 by shifting from incentives to remission and entitlement based regime. Unlike the practice of announcing 5-year FTP, the latest policy has no end date and will be updated as and when needed, said Director General of Foreign Trade (DGFT) Santosh Sarangi while briefing media about FTP 2023. Earlier, Commerce and Industry Minister Piyush Goyal unveiled FTP 2023 which will come into effect from April 1, 2023. The DGFT also said India is likely to end this fiscal year with total exports of  $760-770 billion as against $676 billion in 2021-22. The last five-year policy came into force on April 1, 2015. However, it was extended several times in the wake of coronavirus outbreak and subsequent disruptions in economic activities globally. The last extension was given in September 2022 till March 31, 2023. The new FTP identifies four new Towns of Export Exc

The rupee appreciated by 24 paise to 82.10 in early trade on Friday following foreign fund inflows and a fall in crude oil prices. Gains in the local stock market and weakness in the US dollar in early Asian trade also boosted the rupee sentiment. At the interbank foreign exchange market, the rupee opened higher at 82.12 and stayed in the green in early trade. It moved in a range of 82.16 to 82.10 in early deals. The rupee had closed lower by 18 paise at 82.34 to a dollar on Wednesday. The forex market was closed on Thursday for Ram Navami. FIIs have turned net buyers in Indian markets following the ebbing of the banking contagion fears. The fact that there have been no further bank failures or major stress in the system has boosted FII flows, V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said. The dollar index, which gauges the greenback's strength against a basket of six currencies, rebounded from early lows to trade 0.05 per cent higher at 102.20

The rupee appreciated by 24 paise to 82.10 in early trade on Friday following foreign fund inflows and a fall in crude oil prices. Gains in the local stock market and weakness in the US dollar in early Asian trade also boosted the rupee sentiment. At the interbank foreign exchange market, the rupee opened higher at 82.12 and stayed in the green in early trade. It moved in a range of 82.16 to 82.10 in early deals. The rupee had closed lower by 18 paise at 82.34 to a dollar on Wednesday. The forex market was closed on Thursday for Ram Navami. FIIs have turned net buyers in Indian markets following the ebbing of the banking contagion fears. The fact that there have been no further bank failures or major stress in the system has boosted FII flows, V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said. The dollar index, which gauges the greenback's strength against a basket of six currencies, rebounded from early lows to trade 0.05 per cent higher at 102.20

The government has exempted basic customs duty on all drugs and food for special medical purposes imported for personal use for treatment of rare diseases. The import duty waiver will come into effect from April 1. Also, the government has exempted Pembrolizumab (Keytruda), used in treatment of various cancers, from basic customs duty. Drugs/Medicines generally attract basic customs duty of 10 per cent, while some categories of life saving drugs/vaccines attract a concessional rate of 5 per cent or Nil. "The Central Government has given full exemption from basic customs duty on all drugs and Food for Special Medical Purposes imported for personal use for treatment of all Rare Diseases listed under the National Policy for Rare Diseases 2021," a finance ministry statement said. Food for Special Medical Purposes is a food formulation intended to provide nutritional support to persons who suffer from a specific disease, disorder or a medical condition, as a part of their die

The government has exempted basic customs duty on all drugs and food for special medical purposes imported for personal use for treatment of rare diseases. The import duty waiver will come into effect from April 1. Also, the government has exempted Pembrolizumab (Keytruda), used in treatment of various cancers, from basic customs duty. Drugs/Medicines generally attract basic customs duty of 10 per cent, while some categories of life saving drugs/vaccines attract a concessional rate of 5 per cent or Nil. "The Central Government has given full exemption from basic customs duty on all drugs and Food for Special Medical Purposes imported for personal use for treatment of all Rare Diseases listed under the National Policy for Rare Diseases 2021," a finance ministry statement said. Food for Special Medical Purposes is a food formulation intended to provide nutritional support to persons who suffer from a specific disease, disorder or a medical condition, as a part of their die

Alibaba Group said today it will look to monetise non-core assets and consider giving up control of some businesses, as the Chinese tech conglomerate reinvents itself after a regulatory crackdown that wiped 70% off its shares. Group CEO Daniel Zhang said the company's breakup into separate businesses will allow its units to become more agile and eventually list on their own. His comments come two days after Alibaba announced its largest restructuring in the company's history, which will see it change into a holding company structure with six business units, each with their own boards and CEOs. "Alibaba will be more of the nature of an asset and capital operator than a business operator, in relation to the business group companies," Zhang told investors on a conference call on Thursday. On the same call, Alibaba CFO Toby Xu said the group would "continue to evaluate the strategic importance of these companies" and "decide whether or not to continue t

Alibaba Group said today it will look to monetise non-core assets and consider giving up control of some businesses, as the Chinese tech conglomerate reinvents itself after a regulatory crackdown that wiped 70% off its shares. Group CEO Daniel Zhang said the company's breakup into separate businesses will allow its units to become more agile and eventually list on their own. His comments come two days after Alibaba announced its largest restructuring in the company's history, which will see it change into a holding company structure with six business units, each with their own boards and CEOs. "Alibaba will be more of the nature of an asset and capital operator than a business operator, in relation to the business group companies," Zhang told investors on a conference call on Thursday. On the same call, Alibaba CFO Toby Xu said the group would "continue to evaluate the strategic importance of these companies" and "decide whether or not to continue t

Stock markets BSE and NSE will remain close today on the account of Ram Navami. According to the Bombay Stock Exchange website, the equity segment, equity derivative segment, the SLB segment and the currency derivatives segment will remain shut today. There will be no trading on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) for the entire session today. The stock markets will reopen on Friday, March 31. Trading in Commodity Derivatives Segment and Electronic Gold Receipts (EGR) Segment will also remain shut on Ram Navami only in the morning session. However, trading in these segments will be open from 5.00 pm for the evening session. According to the list of trading holidays on BSE website, this is the second stock market holiday in the month of March 2023. Earlier, the stock market was closed on March 7, 2023 on the occasion of Holi. In the month of April 2023, according to BSE website, the stock market will remain closed for three days. On April 4, the market will

Stock markets BSE and NSE will remain close today on the account of Ram Navami. According to the Bombay Stock Exchange website, the equity segment, equity derivative segment, the SLB segment and the currency derivatives segment will remain shut today. There will be no trading on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) for the entire session today. The stock markets will reopen on Friday, March 31. Trading in Commodity Derivatives Segment and Electronic Gold Receipts (EGR) Segment will also remain shut on Ram Navami only in the morning session. However, trading in these segments will be open from 5.00 pm for the evening session. According to the list of trading holidays on BSE website, this is the second stock market holiday in the month of March 2023. Earlier, the stock market was closed on March 7, 2023 on the occasion of Holi. In the month of April 2023, according to BSE website, the stock market will remain closed for three days. On April 4, the market will

Shares opened higher today, aided by broad-based gains across sectors, while lingering concerns over the ongoing global banking crisis kept the mood cautious. The Nifty 50 index was up 0.33% at 17,008.20 as of 9:42 a.m. IST. The S&P BSE Sensex rose 0.28% to 57,772.50. Analysts expect high volatility in Wednesday's session ahead of the March derivatives series monthly expiry. Twelve of the 13 major sectoral indexes advanced, with high weightage financials and information technology rising 0.4% each. The broader Asian equity indexes rose, aided by Alibaba, which jumped 15% in Hong Kong on plans to split into six units and explore fundraisings or listings. The Nifty 50 fell on Tuesday, as the sell-off in Adani group stocks soured the mood. Two of the Adani group stocks in the Nifty 50, Adani Enterprises and Adani Ports, rose over 1.5% and were among the top gainers. The group's stocks fell on Tuesday after a report said the conglomerate was seeking to renegotiate terms

Shares opened higher today, aided by broad-based gains across sectors, while lingering concerns over the ongoing global banking crisis kept the mood cautious. The Nifty 50 index was up 0.33% at 17,008.20 as of 9:42 a.m. IST. The S&P BSE Sensex rose 0.28% to 57,772.50. Analysts expect high volatility in Wednesday's session ahead of the March derivatives series monthly expiry. Twelve of the 13 major sectoral indexes advanced, with high weightage financials and information technology rising 0.4% each. The broader Asian equity indexes rose, aided by Alibaba, which jumped 15% in Hong Kong on plans to split into six units and explore fundraisings or listings. The Nifty 50 fell on Tuesday, as the sell-off in Adani group stocks soured the mood. Two of the Adani group stocks in the Nifty 50, Adani Enterprises and Adani Ports, rose over 1.5% and were among the top gainers. The group's stocks fell on Tuesday after a report said the conglomerate was seeking to renegotiate terms

Amid the grim global economic scenario, social media platform Facebook's parent firm Meta sees resilience in India although it will not be immune to international events and the company is optimistic about the prospects in the country, company country Head and Vice-President, Sandhya Devanathan said on Tuesday. The company will continue to develop India specific products and innovations to tap the huge opportunity provided by digitisation here, she said while speaking at the Times Network India Digital Fest here. "The news is grim, isn't it? Like anytime you see there's a bank failing, be it SVB or Credit Suisse, interest rates are rising that causes more turmoil in the market, capital markets (are) drying up, VC funding drying up... So, I think the macroeconomic situation suddenly certainly looks grim," she said. She was responding to a query on the impact of global economic downturn and the drying up of funds and investments in the start-up ecosystem and the

Amid the grim global economic scenario, social media platform Facebook's parent firm Meta sees resilience in India although it will not be immune to international events and the company is optimistic about the prospects in the country, company country Head and Vice-President, Sandhya Devanathan said on Tuesday. The company will continue to develop India specific products and innovations to tap the huge opportunity provided by digitisation here, she said while speaking at the Times Network India Digital Fest here. "The news is grim, isn't it? Like anytime you see there's a bank failing, be it SVB or Credit Suisse, interest rates are rising that causes more turmoil in the market, capital markets (are) drying up, VC funding drying up... So, I think the macroeconomic situation suddenly certainly looks grim," she said. She was responding to a query on the impact of global economic downturn and the drying up of funds and investments in the start-up ecosystem and the

The government on Tuesday said the export ban on wheat will continue as long as the country does not feel comfortable with the domestic supplies to meet the food security needs. Addressing a press conference, state-owned Food Corporation of India (FCI) Chairman and Managing Director Ashok K Meena said wheat production has not been impacted due to unseasonal rains. Even after rains, the total wheat output will be at a record 112 million tonne this year. He also mentioned that the government procurement of fresh wheat crop has kick-started, and about 10,727 tonne was purchased at minimum support price (MSP) in Madhya Pradesh on Monday. India, the world's second-largest wheat producer, banned wheat exports in May 2022, with immediate effect as part of measures to control rising domestic prices. "As far as the government is concerned for ensuring the food security of the common man, no export of wheat will be allowed. So, the export ban on wheat will continue as long as the co

The government on Tuesday said the export ban on wheat will continue as long as the country does not feel comfortable with the domestic supplies to meet the food security needs. Addressing a press conference, state-owned Food Corporation of India (FCI) Chairman and Managing Director Ashok K Meena said wheat production has not been impacted due to unseasonal rains. Even after rains, the total wheat output will be at a record 112 million tonne this year. He also mentioned that the government procurement of fresh wheat crop has kick-started, and about 10,727 tonne was purchased at minimum support price (MSP) in Madhya Pradesh on Monday. India, the world's second-largest wheat producer, banned wheat exports in May 2022, with immediate effect as part of measures to control rising domestic prices. "As far as the government is concerned for ensuring the food security of the common man, no export of wheat will be allowed. So, the export ban on wheat will continue as long as the co

Retirement fund body EPFO (Employees' Provident Fund Organisation) fixed 8.15 per cent  rate of interest on employees' provident fund (EPF) deposits for 2022-23 at its  meeting today. In March 2022, EPFO had lowered the interest on EPF for 2021-22 to an over four-decade low of 8.1 per cent for its about five crore subscribers, from 8.5 per cent in 2020-21. This was the lowest since 1977-78, when the EPF interest rate stood at 8 per cent. "The Employees' Provident Fund Organisation's apex decision-making body Central Board of Trustees (CBT) has decided to provide 8.15 per cent rate of interest on EPF for 2022-23 at its meeting on Tuesday," a source said. The 8.5 per cent interest rate on EPF deposits for 2020-21 was decided by CBT in March 2021. After the CBT's decision, the interest rate on EPF deposits for 2022-23 will be sent to Ministry of Finance for concurrence. After the government's ratification, the interest rate on EPF for 2022-23 will b

Retirement fund body EPFO (Employees' Provident Fund Organisation) fixed 8.15 per cent  rate of interest on employees' provident fund (EPF) deposits for 2022-23 at its  meeting today. In March 2022, EPFO had lowered the interest on EPF for 2021-22 to an over four-decade low of 8.1 per cent for its about five crore subscribers, from 8.5 per cent in 2020-21. This was the lowest since 1977-78, when the EPF interest rate stood at 8 per cent. "The Employees' Provident Fund Organisation's apex decision-making body Central Board of Trustees (CBT) has decided to provide 8.15 per cent rate of interest on EPF for 2022-23 at its meeting on Tuesday," a source said. The 8.5 per cent interest rate on EPF deposits for 2020-21 was decided by CBT in March 2021. After the CBT's decision, the interest rate on EPF deposits for 2022-23 will be sent to Ministry of Finance for concurrence. After the government's ratification, the interest rate on EPF for 2022-23 will b

Shares opened higher on Tuesday, tracking a rise in global equities on easing concerns over the banking system. The Nifty 50 index was up 0.21% at 17,020.50 as of 9:39 a.m. IST. The S&P BSE Sensex rose 0.25% to 57,800.40. The broader Asian equity indexes also advanced. Ten of the 13 major sectoral indexes advanced, with the heavyweight financials adding 0.3%. Wall Street equities gained as sentiment improved after First Citizens BancShares agreed to take on deposits and loans from failed Silicon Valley Bank. Banking concerns eased temporarily in Europe also with Deutsche Bank climbing over 6% following a sharp slide on Friday after its credit default swaps rose to their highest in over four years. "The financial troubles in key U.S. and European banking entities could be waning after the recent troubles, which is providing some confidence to investors," Prashanth Tapse of Mehta Equities said, referring to the measures globally to address contagion in the sector. &quo

Shares opened higher on Tuesday, tracking a rise in global equities on easing concerns over the banking system. The Nifty 50 index was up 0.21% at 17,020.50 as of 9:39 a.m. IST. The S&P BSE Sensex rose 0.25% to 57,800.40. The broader Asian equity indexes also advanced. Ten of the 13 major sectoral indexes advanced, with the heavyweight financials adding 0.3%. Wall Street equities gained as sentiment improved after First Citizens BancShares agreed to take on deposits and loans from failed Silicon Valley Bank. Banking concerns eased temporarily in Europe also with Deutsche Bank climbing over 6% following a sharp slide on Friday after its credit default swaps rose to their highest in over four years. "The financial troubles in key U.S. and European banking entities could be waning after the recent troubles, which is providing some confidence to investors," Prashanth Tapse of Mehta Equities said, referring to the measures globally to address contagion in the sector. &quo

The last two months have been topsy-turvy for Indian equity markets . The ongoing selloff has caused benchmark indices to lose more than 6%. Investing and trading in such markets can be daunting task, as it calls for exploring market winning strategies to survive economic downturns. Most retail investors lack this expertise. However, the widely held investment technique of coattail investing can help. The concept of coattail investing is simple. Mimic the investment picks of financial gurus and hedge fund billionaires. One such tracked billionaire in the Indian market is Nemish Shah, the man who took Infosys public. Nemish Shah, the co-founder and director of Enam Holdings, is a value investor who likes to stay in the background. Today with seven companies in his portfolio, his net worth is over Rs 21.4 billion (bn). Let's take a look at the top 5 stocks in Nemish Shah's portfolio in value terms (not volume). Please note the source of holdings listed below is from Ace E

The last two months have been topsy-turvy for Indian equity markets . The ongoing selloff has caused benchmark indices to lose more than 6%. Investing and trading in such markets can be daunting task, as it calls for exploring market winning strategies to survive economic downturns. Most retail investors lack this expertise. However, the widely held investment technique of coattail investing can help. The concept of coattail investing is simple. Mimic the investment picks of financial gurus and hedge fund billionaires. One such tracked billionaire in the Indian market is Nemish Shah, the man who took Infosys public. Nemish Shah, the co-founder and director of Enam Holdings, is a value investor who likes to stay in the background. Today with seven companies in his portfolio, his net worth is over Rs 21.4 billion (bn). Let's take a look at the top 5 stocks in Nemish Shah's portfolio in value terms (not volume). Please note the source of holdings listed below is from Ace E

The rupee gained 9 paise to 82.31 against the US dollar in early trade on Monday amid a weak dollar and a positive trend in domestic equities. At the interbank foreign exchange, the domestic unit opened at 82.36 against the dollar, then climbed to 82.31, registering a rise of 9 paise over its previous close. On Friday, the rupee closed at 82.40 against the US currency. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.11 per cent to 103. Brent crude futures, the global oil benchmark, advanced 0.04 per cent to USD 75.02 per barrel. In the domestic equity market, the 30-share BSE Sensex advanced 220.99 points or 0.38 per cent to 57,748.09 points. The broader NSE Nifty gained 76.10 points or 0.45 per cent to 17,021.15 points. Foreign Institutional Investors (FIIs) were net sellers in the capital market on Friday as they offloaded shares worth Rs 1,720.44 crore, according to exchange data. Meanwhile, India's forex k

The rupee gained 9 paise to 82.31 against the US dollar in early trade on Monday amid a weak dollar and a positive trend in domestic equities. At the interbank foreign exchange, the domestic unit opened at 82.36 against the dollar, then climbed to 82.31, registering a rise of 9 paise over its previous close. On Friday, the rupee closed at 82.40 against the US currency. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.11 per cent to 103. Brent crude futures, the global oil benchmark, advanced 0.04 per cent to USD 75.02 per barrel. In the domestic equity market, the 30-share BSE Sensex advanced 220.99 points or 0.38 per cent to 57,748.09 points. The broader NSE Nifty gained 76.10 points or 0.45 per cent to 17,021.15 points. Foreign Institutional Investors (FIIs) were net sellers in the capital market on Friday as they offloaded shares worth Rs 1,720.44 crore, according to exchange data. Meanwhile, India's forex k

Digital financial services firm One97 Communications, which operates the Paytm brand, has 15 days more to apply for the online payment aggregator licence for its subsidiary PPSL, a regulatory filing said on Sunday. The Reserve Bank of India in November rejected its application for a payment aggregator (PA) licence for Paytm Payments Services Limited (PPSL) and asked to resubmit the application for the same within 120 days. One97 Communications (OCL) in the regulatory filing said that it has received a letter from the RBI, which says PPSL can continue with the Online Payment Aggregation business, while it awaits approval from the central government for past investment from OCL into PPSL as per FDI Guidelines. "As per RBI's letter, on receipt of approval from GoI, PPSL will have fifteen days to submit the application, seeking authorisation for PPSL to operate as an online PA," the filing said. Paytm requires a permit to operate its payment gateway business through which

Digital financial services firm One97 Communications, which operates the Paytm brand, has 15 days more to apply for the online payment aggregator licence for its subsidiary PPSL, a regulatory filing said on Sunday. The Reserve Bank of India in November rejected its application for a payment aggregator (PA) licence for Paytm Payments Services Limited (PPSL) and asked to resubmit the application for the same within 120 days. One97 Communications (OCL) in the regulatory filing said that it has received a letter from the RBI, which says PPSL can continue with the Online Payment Aggregation business, while it awaits approval from the central government for past investment from OCL into PPSL as per FDI Guidelines. "As per RBI's letter, on receipt of approval from GoI, PPSL will have fifteen days to submit the application, seeking authorisation for PPSL to operate as an online PA," the filing said. Paytm requires a permit to operate its payment gateway business through which

Shares in Deutsche Bank fell heavily on Friday on the lender's surging cost of default cover, reigniting fears about a widening banking sector crisis. Germany's biggest lender dropped more than 14 percent on the Frankfurt Stock Exchange in early trade, before clawing back ground to close 8.5 percent lower, at 8.54 euros. The cost of insuring the bank's debt against a risk of defaulting -- so-called credit default swaps -- has surged as investors fret about the banking sector's health. Long-troubled Deutsche Bank has become the focus of investor concerns after the collapse of three regional US lenders and the enforced takeover of Credit Suisse by rival UBS triggered market turmoil earlier this month. Deutsche's cross-town rival Commerzbank also fared poorly, dropping 8.5 percent in early trade, before winning back ground to close 5.45 percent off at 8.88 euros. The German banks led falls among lenders across Europe, with Societe Generale and BNP Paribas in Paris

Shares in Deutsche Bank fell heavily on Friday on the lender's surging cost of default cover, reigniting fears about a widening banking sector crisis. Germany's biggest lender dropped more than 14 percent on the Frankfurt Stock Exchange in early trade, before clawing back ground to close 8.5 percent lower, at 8.54 euros. The cost of insuring the bank's debt against a risk of defaulting -- so-called credit default swaps -- has surged as investors fret about the banking sector's health. Long-troubled Deutsche Bank has become the focus of investor concerns after the collapse of three regional US lenders and the enforced takeover of Credit Suisse by rival UBS triggered market turmoil earlier this month. Deutsche's cross-town rival Commerzbank also fared poorly, dropping 8.5 percent in early trade, before winning back ground to close 5.45 percent off at 8.88 euros. The German banks led falls among lenders across Europe, with Societe Generale and BNP Paribas in Paris

Reliance Industries Ltd has appointed Srikanth Venkatachari as chief financial officer effective June 1, according a late evening release by the company. He takes over from Alok Agarwal, who has been CFO since 2005, and will now assume the role of senior advisor to Reliance Chairman Mukesh Ambani. Mr Venkatachari is currently the joint CFO for the company. (Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.) source https://www.ndtv.com/business/srikanth-venkatachari-becomes-new-cfo-of-reliance-industries-3892321

Reliance Industries Ltd has appointed Srikanth Venkatachari as chief financial officer effective June 1, according a late evening release by the company. He takes over from Alok Agarwal, who has been CFO since 2005, and will now assume the role of senior advisor to Reliance Chairman Mukesh Ambani. Mr Venkatachari is currently the joint CFO for the company. (Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.) from NDTV Profit-Latest https://ift.tt/tEzK2Sj via

Over the past one year or so, ever since Russia made its sinister intentions clear after invading Ukraine, the world has woken up to the possible threats of autocratic military powers. The lesson that India learnt the hard way was it needed to be self-reliant in the defence sector. Ever since then, Indian defence stocks have been on a steady rise . The rally in defence stocks is driven by a range of factors such as geopolitical tensions, increased defence spending, and the government's focus on self-reliance in defence production. However, the recent decision by the Defence Acquisition Council (DAC) to accord Acceptance of Necessity to projects worth Rs 705 billion (bn) has given a fresh boost to the sector. This decision paves the way for major military modernization projects. This move is expected to further fuel the growth of Indian defence stocks , making it an exciting theme for investors to track. Let's take a look at the biggest defence manufacturing stocks which ha