Prime Minister Narendra Modi this evening inaugurated an international exchange in Gujarat that he said will work 22 hours every day "starting when Japan's markets open and ending when US markets close." It aims to win market share from financial hubs such as Singapore and Hong Kong by investing in technology and offering a response time of four microseconds, said Bombay Stock Exchange CEO Ashishkumar Chauhan, describing it as "one of the fastest, if not the fastest, exchanges in the world".
Prime Minister Narendra Modi today inaugurated India International Exchange in Gujarat International Finance Tec-City (GIFT) City, near Gandhinagar, Gujarat. India International Exchange, located in a 16-storey tower, is a wholly-owned subsidiary of top domestic bourse BSE, Asia's oldest exchange. The exchange is located in International Financial Services Centre (IFSC) zone of GIFT City.
The government on Friday predicted robust economic growth in the fiscal year that ends in March, but without fully accounting for the disruption caused by Prime Minister Narendra Modi's decision to abolish high-value old currency bills. Gross domestic product (GDP) is estimated to achieve annual growth of 7.1 per cent in the current year, slower than a provisional figure of 7.6 per cent for 2015/16.
Indian economy is likely to grow at 7.1 per cent this fiscal (2016-17), according to advanced GDP estimates released by the Central Statistics Office today. But the estimate is based on data mostly available till October, said Chief Statistician TCA Anant, which means the impact from demonetisation is yet to be factored in.
The Reserve Bank of India on Tuesday advised banks to supply at least 40 per cent of new currency notes in rural areas to overcome the impact of demonetisation. The circular by the central bank has been issued after reports of rural areas in the country facing cash shortage post-demonetistion. The government had on November 9, 2016 demonetised 86 per cent of the currency, leading to a cash crunch. Even as the four government-owned mints are working in three shifts to print new notes, there is a substantial shortage of new currency notes in the country, especially in rural areas.
Prime Minister Narendra Modi will take stock of the economy with experts at NITI Aayog today against the backdrop of currency crunch after demonetisation.
In the latest development in the Tata-Mistry row, shareholders of Tata Chemicals on Friday voted in favour of removal of industrialist Nusli Wadia from the company's board. In another development, Ratan Tata, the patriarch of Tata group, has spoken out on the Mistry feud while Mr Wadia has filed a criminal defamation suit against Tata Sons and other board members, including interim chairman Mr Tata.
Indian stock markets on Thursday extended their losses to the seventh day - the longest losing streak in 21 months - as worries about the impact of demonetisation continue to weigh on market sentiment.
Shareholders of Tata Consultancy Services or TCS have voted to remove Cyrus Mistry as director at an extraordinary general meeting or EGM. 93.11 per cent of shareholders voted for his ouster. At TCS, in which the group's holding company Tata Sons has 73.76 per cent stake, that result was expected. But five more listed Tata companies will vote on the resolution to remove Mr Mistry from their boards in EGMs over the next two weeks. Tata Sons does not hold a majority in any of these and will rely on other shareholders to oust Mr Mistry. TCS accounts for about 40 per cent of the Tata group's profits and 70 per cent of its Market cap.
Shareholders of Tata Consultancy Services or TCS voted on a resolution that seeks to remove Cyrus Mistry as director at an extraordinary general meeting or EGM. The outcome of the voting, which is a given in favour of the Tatas, considering their 73 per cent holding in the company, was not formally announced immediately. It's the first in a series of six such EGMs to be held over the next two-week seeking to oust Mr Mistry from their boards. Ahead of the meetings, both sides have engaged in a bitter war of words and appealed to shareholders for support. TCS accounts for about 40 per cent of the Tata group's profits and 70 per cent of its Market cap.
The Tata group sharply escalated its battle with its ousted chairman Cyrus Mistry today, sacking him as head of the group's flagship Tata Consultancy Services (TCS) and blaming him for nearly pushing the group holding firm into losses.
The Goods and Services Tax (GST) rate will have four brackets - 5, 12, 18 and 28 per cent. Finance Minister Arun Jaitley has said it will be announced later how different items and services will be taxed, but essentials and food will be in the lowest tax slabs while luxury and sin goods like tobacco products will be in the highest and will attract an extra cess.
The country's two largest stock exchanges have demanded clarity from the Tata group's 27 listed companies after a lengthy email written by former chairman Cyrus Mistry became public, reports news agency Reuters. Markets regulator Sebi too is reportedly looking into these companies.
Leading stock exchanges BSE and NSE have asked six listed Tata companies for a clarification, after sacked Chairman Cyrus Mistry wrote to board members warning that the group faces a writedown of about $18 billion on these companies.
Ratan Tata told top CEOs of the Tata Group at its famous Bombay House office in Mumbai today that they should not worry about the changes in leadership, and must focus instead on business and making their companies market leaders.
The Finance Ministry has asked various agencies, including the Reserve Bank of India, to submit in 10 days their report on a data breach involving over 3 million debit cards, Press Trust of India reported citing ministry sources.
State Bank of India, the country's largest lender, has advised its customers to use the its own ATM network as a "pro-active measure" after the security breach of around six lakh debit cards issued by it.
Finance Minister Arun Jaitley said today that he has sought a report on the misuse of debit cards after a massive data breach compromised over 3 million cards. "The idea is to contain damage," Mr Jaitley said.
Sensex surged over 500 points and Nifty moved above its crucial psychological level of 8,650, rebounding from three-month lows hit in the previous session and posting biggest gain in nearly five months. Broad-based buying interest amid a rally in global markets helped Indian markets register strong gains.
In the biggest ever spectrum auction, the government has put mobile airwaves worth Rs 5.6 lakh crore (at the base price value) up for sale. The bidding started at 10 am today.