Business

The board will next meet on 30 August to decide on the financial performance of the company in the June quarter.

Puri's statement comes a day after Centre allowed 100% foreign investment in coal mining and contract manufacturing, eased sourcing norms for single-brand retailers and approved 26% overseas investment in digital media.

There has been widespread criticism after the RBI agreed to part Rs 1.76 trillion with the government following the Bimal Jalan committee report on the appropriate economic capital framework for the central bank.

Pessimism over US-China trade talks also put pressure on the domestic unit, forex dealers said. However, a weak dollar against other major currencies overseas and softening crude prices restricted the rupee's fall.

The 30-share index slipped into the red to trade 12.46 points, or 0.03 per cent, lower at 37,628.81 at 0930 hours, while the broader Nifty fell 7.30 points, or 0.06 per cent, to 11,098.05 in early trade.

At the Interbank Foreign Exchange, the rupee opened at 72.03 then fell to 72.08 against the US dollar, showing a decline of 42 paise over its previous closing.

In the RLLR loan, any change or revision in the repo rate by the RBI will be transmitted immediately and in entirety. Which means any uptick in the repo rate will hurt the borrowers from the coming month.

Addressing the media on measures to boost the economy, Sitharaman said the government respects and honours wealth creators.

Finance Minister Nirmala Sithraman said reform is a continuous process for her government and it tops the agenda.

Traders said cautious opening in domestic equities and foreign fund outflows weighed on the local unit, while weakening of the dollar against some currencies overseas and easing crude oil prices supported the rupee.

Forex traders said investors are awaiting government intervention to revive the slowing economy. There are expectations that the government would come out with sector-specific stimulus sometime soon.

At 12:53 pm, the IDBI Bank stock was trading at Rs 24.80, down 9%, on BSE after hitting an intra-day low of Rs 23.95, its lowest level in 16 years.

The Dow suffered its worst day of 2019, finishing with a loss of some 800 points, or 3.1 percent, at 24,479.42, while leading European bourses shed more than two percent.

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At 12:21 pm, shares of Apollo Hospitals were trading at Rs 1,388.75, up 5%, on BSE while the benchmark Sensex rose 352 points, or 0.95% to 37,311.

The EPFO will exercise an early exit option to redeem investments made in 10-year bonds of DHFL that mature in 2024, Prabhakar Banasure, a member of the finance investment committee of EPFO, said.