Business

The unanimous vote the Fed's rate-setting Federal Open Market Committee brings the federal funds rate to a range of 1.75-2.0 percent, and indicated there would be two more rate increases this year and four next, one more than previously expected.

Air India is inviting bids for Government Guaranteed INR STL totalling to Rs 1,000 crore to meet its urgent working capital requirements, the airline said in a tender document issued on June 5.

The government will pay dearness allowance of 7 per cent on the basic pay as per 7th Central Pay Commission instead of 142 per cent paid at present.

The seven-quarter high growth rate of 7.7 per cent in January-March 2018 and forecast of a normal monsoon has reduced the clamour for a cut in the benchmark lending rate (repo) by the Reserve Bank of India (RBI).

The appointment is effective from yesterday, GoAir said in a release. He will be reporting to the airline's chairman, managing director and the board of directors, it added.

Last month, the tax department had written to Walmart saying that the US company can seek guidance about the tax liability under Section 195 (2) of the I-T Act.

The economic expansion was significantly higher than China's 6.8 per cent in the January-March period.

This is the second straight increase in jet fuel rates in as many months. ATF price was on May 1 raised by Rs 3,890 per kl (6.3 per cent) to Rs 61,450 per kl. The two hikes have taken jet fuel rates to their highest level since May 2014.

The Canadian tariffs, which Foreign Minister Chrystia Freeland said are proportional to the US duties, will be applied to US steel and aluminum as well as consumer products from July 1.

Other major gainers that supported the indices were Yes Bank, SBI, Tata Steel, Axis Bank, Coal India, ONGC, NTPC, Maruti Suzuki, Asian Paint, HDFC Bank, Bharti Airtel, Dr Reddy's, Bajaj Auto and ITC, rising by up to 1.59 per cent.

The Punjab National Bank (PNB) had incurred the highest loss of Rs 6461.13 crore due to different cases of fraud during the fiscal that ended on March 31 this year, Chandrasekhar Gaud, who had filed the RTI said.

Provisions for bad loans jumped to Rs 7,052.53 crore in the March quarter, from Rs 2,425.07 crore in the same period of 2016-17, according to a regulatory filing by the bank.

Pradhan said that the oil ministry wants to bring petroleum products under the purview of the GST to bring down the prices of petrol and diesel in the long-term.

According to the automobile major, its standalone net loss during the quarter under review declined to Rs 499.94 crore from Rs 805.93 crore reported for the corresponding period of 2016-17.

Apprehensions remained on the fiscal front amid rising global crude prices that threaten to further raise India's import bill.

The agency downgraded PNB's foreign currency issuer rating by a notch to 'ba1', which is a non-investment grade, from 'Baa3'- meaning below investment grade.