Business

The rising dominance of low-cost carrier IndiGo in a price sensitive market as well as high oil prices, hefty fuel taxes and a weak rupee have left Jet strapped for cash and unable to pay employees and lessors on time.

Rising for the third straight session, the 30-share index was trading higher by 263.70 points, or 0.74 per cent, at 36,042.77.

The RBI has imposed, by an order dated November 30, 2018, a monetary penalty of Rs 10 million on Indian Bank for contravention of Circular on Cyber Security Framework in banks, the central bank said in a release.

India under the government of Prime Minister Narendra Modi has carried out some really fundamental reforms, said IMF's Chief Economist Maurice Obstfeld.

State-owned UCO Bank is expected to announce the payment mechanism in the next 10 days, the source said.

The dip can be attributed to high fuel prices and a sliding rupee among other factors.

Central trade unions had opposed the clause to form a National Social Security Council headed by the prime minister that shall control and regulate all social security schemes to be implemented in the country.

In order to ensure smooth festive season sale, consumer durable manufacturers had temporarily absorbed impacts on their input costs, following the depreciation of the Indian rupee against US dollar and increase in custom duty.

Cairn Energy held 4.95 per cent stake in mining major Vedanta Ltd which the Income Tax Department had attached after issuing a Rs 10,247 crore tax demand in 2014.

The debt-ridden company has advanced its target date to complete integration of Vodafone and Idea Cellular business to financial year 2021 from fiscal 2023.

The Reserve Bank Monday said it will inject Rs 8,000 crore into the system through purchase of government securities on November 22.

The domestic unit opened with strength at Rs 71.39 at the Interbank Foreign Exchange and advanced further to trade at 71.38 against the US dollar. This is the highest level since September 4.

The 30-share index was trading 190.81 points, or 0.54 per cent, higher at 35,647.61 points.

RBI board members include governor Urjit Patel and his four deputies, while the rest 13 have been nominated by the government.

Yes Bank, on Thursday, too, plunged by 7 per cent after the resignation of the private sector lender's non-executive chairman Ashok Chawla.

Nirvik Singh will be replacing Singhania, as a non-executive chairman, and the latter will continue to remain on the board of Raymond Apparel, an official statement said.