Business

The Sensex made a good start on Monday latching onto the progress made on the GST front by bouncing over 146 points and the NSE Nifty retook 9,600 amid a rising trend in Asia.

Indians have "few deposits" in Swiss banks compared to other global financial hubs like Singapore and Hong Kong, says a grouping of private bankers in Switzerland amid stepped-up efforts to check the black money menace.

With no major events lined up for this week, stock market would take cues from progress of monsoons and the country's GST preparedness ahead of the July 1 rollout of the new indirect tax regime, say experts.

The BSE Sensex rebounded 107 points and the NSE Nifty reclaimed the 9,600-mark on Friday, propelled by the exports growth in May amid mixed Asian cues.

Indian bank shares edged higher on Wednesday after the central bank said it had identified 12 of the largest loan defaulters and will order lenders to start bankruptcy proceedings against them, without disclosing any account names.

The Sensex picked up cues from a lacklustre Asia as it stumbled 156 points today in the beginning of the week after investors started to take profit ahead of key IIP and inflation numbers due later in the day.

Also, the tax department plans to start soon an SMS facility to communicate with taxpayers about any scrutiny notice sent to them.

The RCom Chairman addressed the media here in a rare appearance following pressure from lenders over its ability to service debt.

Indian exports to China rose sharply in the first four months of this year registering a 20 percent increase to USD 5.57 billion, though the trade deficit continued to persist.

India and Pakistan’s admission to the Beijing-backed Shanghai Cooperation Organisation (SCO) will be formalised at the grouping’s summit in Kazakhstan next week, China said on Thursday.

The government on Wednesday said it has achieved the fiscal deficit target of 3.5 percent of GDP in 2016-17.

Under fire for its 'employee separation package', IT firm Cognizant has said the company has offered it in India and the US for the first time, unlike its peers who keep taking such steps regularly.

Describing the OBOR as a China-centred trade enhancement system, Ney said: "If both the EU and India have certain hesitations about it, it should give us extra incentive to sit down and resume negotiations on a free trade agreement."

Brokers said investors booked profits after recent gains and amid mixed global cues.

The fund infusion in Paytm comes at a time when SoftBank is working on a sale plan of e-commerce firm Snapdeal. SoftBank is the largest shareholder in Snapdeal, which is locked in an intense battle with Amazon India and flipkart.

Several European countries are refusing to sign a trade statement at China's Silk Road summit, a diplomat said on Monday, dealing a setback to Beijing's efforts to gain full support for its initiative.