Top Business Stories on 7th November in a capsule
Note ban will be viewed with Pride by the next generation: Jaitley
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The Indian rupee fell as much as 35 paise on Tuesday, making the rupee at 65.03 rupees a dollar. A fall in the domestic stock market as well as fresh dollar demand hurt the rupee, media reports said. Globally, crude oil prices have also hit a 2-year high amid political disturbance in the top crude oil exporter country Saudi Arabia. Higher global crude oil prices could also lead to prices of crude derivatives moving up impacting the raw material costs of companies across the sectors and leading to pressure. Despite today's weakness in the rupee, the Indian currency has rallied around 5 per cent against the US dollar so far this year.
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Benchmark Indices Sensex and Nifty steeped lower in Tuesday’s trade as market sentiment was hurt due to rising crude oil prices. BSE Sensex lost 1.07% to close at 33,370, while the Nifty 50 ended 1.01%, lower at 10,350. In the morning trade, the Sensex surged over 130 points to hit an all-time high of 33,865. Except IT stocks, which rose over 2%, all other indices ended lower with PSU Bank and Nifty Pharma falling 3.92% and 4.29%. Crude oil prices hit a 2- year high on Tuesday, which may impact fiscal deficit and raw material cost of companies which are dependent upon oil.
Rupee falls 14 paise against the dollar at 65.03
The Indian rupee fell as much as 35 paise on Tuesday, making the rupee at 65.03 rupees a dollar. A fall in the domestic stock market as well as fresh dollar demand hurt the rupee, media reports said. Globally, crude oil prices have also hit a 2-year high amid political disturbance in the top crude oil exporter country Saudi Arabia. Higher global crude oil prices could also lead to prices of crude derivatives moving up impacting the raw material costs of companies across the sectors and leading to pressure. Despite today's weakness in the rupee, the Indian currency has rallied around 5 per cent against the US dollar so far this year.
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Sensex, Nifty close 1% lower
Benchmark Indices Sensex and Nifty steeped lower in Tuesday’s trade as market sentiment was hurt due to rising crude oil prices. BSE Sensex lost 1.07% to close at 33,370, while the Nifty 50 ended 1.01%, lower at 10,350. In the morning trade, the Sensex surged over 130 points to hit an all-time high of 33,865. Except IT stocks, which rose over 2%, all other indices ended lower with PSU Bank and Nifty Pharma falling 3.92% and 4.29%. Crude oil prices hit a 2- year high on Tuesday, which may impact fiscal deficit and raw material cost of companies which are dependent upon oil.
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Every second stock where India’s ‘big bull’ Rakesh Jhunjhunwala holds more than 1% equity has gained more than Sensex’s 29% gain this year. The ‘Pied Piper of Indian bourses’ recently earned a profit of 875 crores only from Titan’s stock market gain on Monday. He makes investments through his wife Rekha’s name and with the company he co-founded, called RARE enterprises. His combined holdings in 33 stocks amounts to 13,000 crores, i.e. $2.4 billion. He could be holding shares in other companies as well but data on them is difficult to come by as Jhunjhunwala holds less than 1% equity as a public shareholder in them.
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In a bid to contribute towards the sustainable development projects across the world, India has declared to contribute $100 million dollars to the United Nations partnership fund. The fund was set up o 8th June 2017 as a partnership between India and United Nation’s office for South-South co-operation. This contribution is in addition to the $10 million India is already contributing towards various development programs. A total of $398 million was contributed by 20 countries during yesterday’s conference session.
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Digital payments platform Paytm has integrated Bharat Interface for Money (BHIM), the government’s mobile payment interface in order to double its user base in the next two years. Paytm, which is owned by one97 communications ltd, has an average monthly user base of 100 million users on its platform. Through BHIM’s integration, the app aims to broaden its user base to 200 million in the next 2 years. Users can use the BHIM app within the Paytm app. he users will be able to create their own Paytm BHIM UPI ID on the app, which will be issued by Paytm Payments Bank.
Every second stock Rakesh Jhunjhunwala has invested in beats Sensex
Every second stock where India’s ‘big bull’ Rakesh Jhunjhunwala holds more than 1% equity has gained more than Sensex’s 29% gain this year. The ‘Pied Piper of Indian bourses’ recently earned a profit of 875 crores only from Titan’s stock market gain on Monday. He makes investments through his wife Rekha’s name and with the company he co-founded, called RARE enterprises. His combined holdings in 33 stocks amounts to 13,000 crores, i.e. $2.4 billion. He could be holding shares in other companies as well but data on them is difficult to come by as Jhunjhunwala holds less than 1% equity as a public shareholder in them.
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India will contribute 100 million to UN partnership fund
In a bid to contribute towards the sustainable development projects across the world, India has declared to contribute $100 million dollars to the United Nations partnership fund. The fund was set up o 8th June 2017 as a partnership between India and United Nation’s office for South-South co-operation. This contribution is in addition to the $10 million India is already contributing towards various development programs. A total of $398 million was contributed by 20 countries during yesterday’s conference session.
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Paytm integrates BHIM in its app
Digital payments platform Paytm has integrated Bharat Interface for Money (BHIM), the government’s mobile payment interface in order to double its user base in the next two years. Paytm, which is owned by one97 communications ltd, has an average monthly user base of 100 million users on its platform. Through BHIM’s integration, the app aims to broaden its user base to 200 million in the next 2 years. Users can use the BHIM app within the Paytm app. he users will be able to create their own Paytm BHIM UPI ID on the app, which will be issued by Paytm Payments Bank.
