Business

To encourage banks to ensure genuine requirements of the public for Rs 100 banknotes are met, RBI on Wednesday said it has been decided to conduct a pilot under which 10 per cent of ATMs in the country will be calibrated to dispense such notes exclusively...

The removal of Cyrus Mistry was absolutely necessary for the future success of the Tata Group, interim chairman Ratan Tata told the company’s employees on Tuesday, hours after a heated exchange between Tata Sons and Mistry.

All decisions on Tata-DoCoMo deal were taken with approval of Tata Sons Board and actions were consistent with every such collective decision, the statement added.

The rupee made up further ground against the American currency, appreciating 8 paise to end at 66.71 on continuous dollar unwinding from exporters and banks.

Gold prices drifted lower by Rs 110 to Rs 30,590 per 10 gram at the bullion market here despite token buying by jewellers and retailers on the occasion of 'Dhanteras' on Saturday.

Immediately after the Tata Sons board removed Cyrus Mistry as chairman, newly-appointed interim chairman Ratan Tata send a letter to Prime Minister Narendra Modi appraising him of the developments.

Samvat year 2072 drew to a close on a positive note as the Sensex on Friday closed higher by 26 points, aided by a rebound in Tata group stocks on value-buying and signs of earnings revival.

The rupee on Friday staged a recovery after two days of fall and ended 8 paise higher at 66.79 against the US currency on account of heavy dollar unwinding by exporters ahead of an extended weekend.

The Union Cabinet on Thursday gave in-principle approval to NITI Aayog's proposal for strategic sale of state-owned firms and entrusted DIPAM with the task of finalising the PSUs in which management control can be transferred to private players.

Tata Group has refuted that by saying the board gives its Chairman complete autonomy to manage opportunities and challenges.

NITI Aayog Vice-Chairman Arvind Panagariya on Tuesday said the Indian economy has the potential to touch $6-8 trillion in the next 15 years, as against $2 trillion at present.

The Shapoorji Pallonji Group that holds an 18% share in Tata Sons will invoke a little-known clause under the Companies Act to move the Company Law Board against the removal of Cyrus Mistry as the chairman of the salt-to-software conglomerate.

Vistara on Monday said passengers can avail up to 60 per cent discount on business and premium economy class tickets.

Besides, a caution ahead of retail inflation numbers - to be released after market hours on Thursday- and key quarterly results also influenced trading sentiment in domestic markets.

Gold and silver have given better returns to investors so far this year by surging up to 28 percent, compared to stocks which showed gains of under 8 percent.

Remaining in the negative for the second month in a row, industrial production contracted by 0.7 percent in August due to slump in manufacturing, mining and capital goods segments.