Business

Nirmala Sitharaman said the initiative is expected to cost Rs 1,700 crore annually and will enable reduction in overall cost of export credit including interest rates, especially to MSMEs.

The benchmark S&P BSE Sensex rose 403.22 points, or 1.09% to 37,384.99 in the week ended 13 September, while the Nifty 50 index climbed 129.70 points, or 1.2% to 11,075.90.

The Hong Kong Exchanges and Clearing Limited had proposed a 31.6 billion pound ($39 billion) takeover of the London Stock Exchange.

Dr Reddy’s Labs, PVR, DHFL, Yes Bank and SBI were among the key stocks in news today.

At the interbank foreign exchange the rupee opened at 70.94, then gained further ground and touched a high of 70.88, registering a rise of 26 paise over its previous close.

JLR’s retail sales in China rose 17.4% year-on-year in August, backed by strong demand for the all-new Range Rover Evoque and the Range Rover Sport.

Hong Kong Exchanges already has a base in London as owner of the London Metal Exchange. The LSE has long sought to bolster its footprint in Asia and recently launched a link with Shanghai.

While the country's GDP growth fell to over 6-year low of 5 percent in the June quarter, equity benchmarks Nifty and Sensex have plunged 7.10 per cent and 5.81 per cent, respectively, in this time.

Automotive Component Manufacturers Association of India President Ram Venkataramani said that about 60 per cent of components is taxed at 18 per cent currently.

At 10.47 am, the Prabhat Dairy stock was trading up 20% at Rs 78.45. The share price has corrected nearly 59% in the last one year but, notably, has shot up 30% this week.

The broader NSE Nifty was down 0.27% at 10,769 as of 0519 GMT, while the benchmark BSE Sensex was 0.21% lower at 36,484.86.

While Tata Consultancy Services (TCS), HDFC Bank, HUL, HDFC, Infosys, ITC, ICICI Bank, SBI were on the gainers side, RIL and Kotak Mahindra Bank suffered losses in their market capitalisation (m-cap) for the week ended Friday.

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With today's merger of public sector banks (PSBs), the total of number of state-owned banks in the country would come down to 12 from 27 in 2017.

Union Finance Minister Nirmala Sitharaman on Friday announced the merger of 27 public sector banks into 12, the biggest being the merger of Punjab National Bank, Oriental Bank of Commerce and United Bank.

At the interbank foreign exchange, the rupee opened up at 71.76 and gained further strength to touch a high of 71.38 against the US dollar.