Business

The BSE Sensex surged 792.96 points or 2.16 percent to 37,494.12 while the Nifty50 rose 228.50 points or 2.11 percent to close above psychological 11,000 levels, at 11,057.90 and formed bearish candle on daily charts.

The 30-share index, however, pared some gains as investors began booking profits at higher levels. The index was trading 245.71 points, or 0.67 per cent, up at 36,946.87 at 0930 hours.

At the Interbank Foreign Exchange, the rupee opened at 72.03 then fell to 72.08 against the US dollar, showing a decline of 42 paise over its previous closing.

The four-member board's jurisdiction would be confined to those cases involving the level of officers of General Manager and above in the PSB in respect of an allegation of a fraud in a borrowal account, CVC said.

Relaxations are expected in a provision where foreign retail traders are presently allowed to adjust procurement of goods from India for their global operations for meeting the mandatory local sourcing requirement.

The Finance minister also announced steps for co-origination of loans by public sector banks (PSBs) jointly with non-banking finance companies (NBFCs).

Finance Minister Nirmala Sitharaman also said that banks will pass on RBI rate cut benefits to borrowers through MCLR reduction.

Finance minister Nirmala Sitharaman announced measures to boost the sagging economy at a press conference on Friday.

The IMF flagged these issues as a part of its annual Article IV consultations with India and is said to have asked the Finance Ministry if the targets for both direct and indirect taxes projected in the Union Budget are achievable.

Amazon's India head Amit Agarwal said that there is so much opportunity to just let e-commerce thrive versus trying to define every single guard rail under which it should operate.

According to the depository data, foreign portfolio investors (FPIs) sold equities worth Rs 10,416.25 crore on a net basis during August 1-16 period.

The local unit finally settled at 71.14 against the US dollar, showing a gain of 13 paise over the previous close. On Wednesday, the rupee had settled at 71.27 against the US dollar.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity declined Rs 100 to Rs 38,370 and Rs 38,200 per 10 gram, respectively.

The spike has put the company within touching distance of becoming the highest-valued Indian company again.

Reliance Industries Ltd is preparing its Jamnagar complex, the world's largest refinery at a single location, to be future ready as fuel demand undergoes change with advent of electric vehicles.

The decline in demand from local jewellers at the domestic spot market led to the dip in gold prices though positive trend overseas capped the fall, according to the traders.