Rupee Weakens By 19 Paise To 70.25 Against Dollar
The rupee weakened by 19 paise to 70.25 against the US dollar in early trade on Thursday due to fresh buying of the American currency by importers and banks, news agency Press Trust of India (PTI) reported. A higher opening of domestic equity market, however, capped the loss, traders were quoted as saying in a PTI report. On Wednesday, the rupee settled 8 paise higher at 70.06 against the US currency.
At the Interbank Foreign Exchange, the rupee opened lower at 70.27 a dollar against the previous close of 70.06. The local unit moved in a tight range of 70.31 to 70.22 in the morning trade. Brent crude, the international benchmark, was down 1.18 per cent at $54.64 per barrel.
The S&P BSE Sensex rallied 391 points and Nifty50 barometer of the National Stock Exchange reclaimed the 10,800 level on positive cues from Wall Street as US stocks recovered from heavy losses after the White House assured that US President Trump had no intention of firing the Fed chairman.
Jabong to integrate fully with Myntra
Online fashion retailer Myntra on Friday said it would completely integrate its sister company Jabong, which will continue to operate as a separate brand.
Myntra CEO Ananth Narayanan will lead the Myntra-Jabong team, the company said in a release, dismissing speculations about his exit.
The company said since Myntra’s purchase of Jabong, the two brands have been steadily integrating key business functions and streamlining processes.
“As the next step in this process, Myntra and Jabong will now fully integrate all the remaining functions including technology, marketing, category, revenue, finance and creative teams,” it added.
The company said Myntra’s independence as a business will be preserved.
Infosys begins construction on its U.S. Education Center in Indianapolis
Infosys on Friday announced that it has started construction on its U.S. Education Center in Indianapolis. The Bengaluru-based IT services company said the state-of-the-art training campus and residential centre for its employees — and the employees of select clients — will prepare the American workforce for the technology jobs of the future. "We are excited to break ground on our U.S. Education Center, a physical embodiment of our long-term commitment to reskilling American workers,” said UB Pravin, COO, Infosys.
Tata Investment board clears share buy-back
Tata Investment Corporation said the board has approved buyback of up to 45 lakh shares aggregating a sum of ?450 crore. The board of directors of the company at a meeting held on Friday approved the buyback of the shares amounting to 8.17% of the total paid-up equity share capital at 1,000 per equity share, Tata Investment Corporation said in a regulatory filing.
FDI in India rises to USD 61.96 bn in 2017-18: Govt
New Delhi :
Foreign direct investment in India increased to USD 61.96 billion in 2017-18, DIPP Secretary Ramesh Abhishek said on Friday.
FDI inflows stood at USD 60 billion in the previous fiscal.
He said during the four years of the Modi government, foreign inflows jumped to USD 222.75 billion from USD 152 billion in the previous four-year period.
However, according to an UNCTAD report, foreign direct investment (FDI) to India decreased to USD 40 billion in 2017 from USD 44 billion in 2016, while outflows from India, the main source of investment in South Asia, more than doubled.