The rupee tumbled a whopping 94 paise to 70.54 against the US dollar in the early deals on Monday amid weak global cues and continued outflow of foreign funds. The domestic currency had opened at 70.14, which was its lowest level since May 17.

On Friday, it had dived 54 paise to close at an over six-week low of 69.60 as soaring crude oil prices and a fresh flare up in US-China trade tensions weighed on emerging market currencies.

The parched brown of the land in Charanka village in north-west Gujarat, around 50 km from India’s border with Pakistan, seemed endless. In peak summer, during one of the worst droughts to hit the region in 30 years, it seems devoid of all life--even doughty bush plants have lost most leaves. Cyclone Vayu, that hit the Gujarat coast in June 2019, did little to revive the district of Patan.

The Gujarat High Court has directed the authorities to pay interest for delay in paying GST refunds.

The authorities were asked to pay the interest at the rate of nine per cent per annum.

Benchmark indices managed to close in the green despite heavy selling by the foreign portfolio investors on Friday due to buying support provided by the domestic institutional investors.

The Sensex closed at 37118, higher by 99.90 points or 0.27 per cent while the broader Nifty-50 closed higher by 17 points at 10997 in a volatile trading session. The Nifty witnessed a 150 points recovery from the lows of 10848 while the Sensex recovered nearly 500 points from the lows of 36607.

Mumbai: A SEBI working group has proposed a host of changes to make Portfolio Management Services (PMS) in India, more transparent and investor friendly.

Key changes include increasing the minimum investment in PMS from ₹25 lakh to ₹50 lakh, standardizing reporting requirement and moving distributors from upfront to trail model.

New Delhi: Hyundai Motor India Ltd - country’s second largest vehicle manufacturer- has taken over Maruti Suzuki India Ltd as the leading manufacturer of utility vehicles in the July, as a result of the overwhelming response received for Venue, the South Korean company’s first compact sport utility vehicle.

New Delhi: As many as 27 companies have evinced interest in National Highways Authority of India’s latest bundle of toll-operate-transfer (TOT) projects. The initial estimated concession value (IECV or reserve price) for the third bundle of TOT, which is up for bidding by private operators, is ₹4,995.48 crore.

BSNL prepaid recharge: State-owned telecom major Bharat Sanchar Nigam Limited (BSNL) has tweaked its hugely popular prepaid Abhinandan Plan. BSNL is now offering more data for its customer under this plan.

Launched nearly a month ago, BSNL Abhinandan plan offered 1 GB data and 100 free SMS to the subscribers. As per the latest plan update, customers will now get 1.5 GB data. The updated plan is now available across the BSNL circles.

State-owned Punjab National Bank (PNB) on Saturday said the RBI has imposed a penalty of Rs 50 lakh on it for delay in reporting of fraud in the account of Kingfisher Airlines. “RBI observed from the fraud monitoring report-1 submitted by Punjab National Bank on July, 10 2018 that the bank had delayed the reporting of fraud in the account of Kingfisher Airlines Limited,” PNB said in a regulatory filing.

State Bank of India (SBI) on Friday reported a net profit of Rs 2,312 crore in the June quarter of FY20, as against a loss of Rs 4,876 crore a year ago, as provisions dropped 52% year-on-year (y-o-y) to Rs 9,183 crore.

At the same time, asset quality remained a sticky point as slippages soared and large recoveries continued to elude the bank.

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