FPIs withdraw Rs 7712 cr from stocks in July so far

FPIs withdraw Rs 7712 cr from stocks in July so far

New Delhi, Jul 21: Foreign portfolio investors pulled out around Rs 7,712 crore from Indian equities in this month so far following the ‘super-rich’ tax announced in the budget for 2019-20, according to analysts. FPIs had been net investors in the equity segment in the previous five months. According to the latest data available with […]

Aditya Birla Idea Payments Bank to close operations

Aditya Birla Idea Payments Bank to close operations

New Delhi, Jul 21: Nearly 17 months after it began operations, Aditya Birla Idea Payments Bank Limited (ABIPBL) announced winding up of its business on account of “unanticipated developments” that made its economic model “unviable”. “…we wish to inform you that the Board of Directors of our associate company Aditya Birla Idea Payments Bank Limited […]

Surcharge on some FPIs to stay, says Sitharaman

New Delhi, Jul 19: The government stuck to its stand on levying a surcharge on some foreign portfolio investors (FPIs), with FM Nirmala Sitharaman making it clear that this class of overseas investors had the option to restructure their operations to lower the tax burden. Replying to the debate on the finance bill in Lok […]

Sensex plunges 560 points; sees third biggest fall in 2019

Sensex plunges 560 points; sees third biggest fall in 2019

Mumbai, Jul 19: Markets saw the third-worst fall of 2019 on Friday as benchmark indices S&P BSE Sensex and Nifty50, both, fell to two-month low. The indices touched intra-day lows of 38,271 level at Sensex and 11,399 mark at Nifty. ‘Super-rich tax’ concerns on FPI, trade war tenions and weak corporate earnings contributed to the […]

International Energy Agency praises Pradhan Mantri Ujjwala Yojana

New Delhi, Jul 19: Prime Minister Narendra Modi’s signature Ujjwala scheme for providing free cooking gas connection to poor on Friday came in for praise from the International Energy Agency (IEA), which said it is a “major achievement” in improving the environment and health of women. “Providing access to LPG across India by 2020 is […]

RCom asked to compensate for bank fraud after SIM swap

Mumbai, Jul 19: Reliance Communications (RCom) has been asked to compensate for an over Rs 12.2-lakh bank fraud after issuing a duplicate SIM card to a third party, which enabled the crime online. The complainant, however, faces fresh challenges as the telecom company is facing insolvency proceedings. In an order issued last month, S V […]