The rupee on Thursday fell 27 paise against the dollar to trade near 70.08 again amid strong demand for the US currency after the US Fed released minutes of its policy meet yesterday.

At the Interbank Foreign Exchange, the local currency opened at a low of 70.03 a dollar, down from its previous close of 69.81, and weakened further to trade at a 70.08, down by 27 paise.

A little more than three months after Arun Jaitley underwent a successful kidney transplant surgery, he is set to take back charge of Finance and Corporate Affairs Ministry at 11 am today. Piyush Goyal, who was the caretaker Finance Minister in Jaitley’s absence, will continue as Railways and Coal Minister.

Jaitley underwent surgery at the All India Institute of Medical Sciences (AIIMS) on May 14. He had been keeping unwell since early April due to kidney-related problems and chest infection.

FMCG major P&G on Wednesday reported a 42.91 per cent decline in net profit at Rs 44.55 crore for the fourth quarter ended June 30, 2018.

The company, which follows July-June financial year, had posted a net profit of Rs 78.04 crore during the April-June quarter a year-ago, P&G said in a BSE filing.

New Delhi: The finance ministry will ask LIC to hasten the process of stake acquisition in IDBI Bank, especially the valuation modalities, so that the government can ascertain if a capital infusion is needed in the ailing bank.

The government has no plans to infuse more funds into the bank and thinks LIC’s acquisition of 51 per cent stake in the lender would take care of its regulatory capital requirements.

US sanctions against Iranian oil exports take effect on 4 November, but the impact is already starting to show. India’s crude oil imports from Iran fell in the first half of August, according to a report by Edelweiss Securities Ltd, citing data from FGE, a global oil and gas consultancy. The accompanying chart has the details. A weaker August comes after a strong July. The US sanctions are expected to make it challenging for India to sustain oil imports from Iran, its third-biggest crude supplier.

Bajaj Auto may have reported a 39% year-on-year increase in its domestic sales in the three months to June, but analysts are concerned about the Pune-headquartered firm’s profitability, given it has triggered a price war.

The Bajaj Auto stock has lost 4% over the last one month and 9% over the last six months. The stock closed Tuesday’s trading session at Rs 2,727.55 on the BSE, down 0.24% over Monday’s close.

KOLKATA: Coal India (CIL) will strictly implement its credit policy and levy penal interest on payment delayed beyond 15 days, and stop supply if money is not paid in a month as the company wants to bring down receivables that touched Rs 12,500 crore in April.

“Although we have a policy of levying penal interest and discontinuing coal supplies if dues extend beyond a month, it was never implemented strictly.

Bengaluru: Infosys said it has opened technology and innovation hub in North Carolina, taking it to three such hubs in the US. The company inaugurated its Technology and Innovation Hub in Raleigh on Wednesday (August 22). The other two were set up in Indianapolis and Connecticut recently.

Larsen and Toubro’s (L&T) buyback proposal, which will be considered by the company’s board on August 23, could be of up to `12,300 crore based on its net worth, debt, cash and bank balances, and investments in securities, bonds and debentures. As on March 31, 2018, L&T’s net worth stood at ` 49,174.25 crore on a standalone basis, while its cash and bank balances, investments in securities, bonds and debentures stood at `17,425 crore on a consolidated basis, according to Bloomberg data.

Similar to its peers BPCL and HPCL that reported last week, IOC also reported a strong result. Reported Ebitda of Rs 126 bn (+14% q-o-q, +57% y-o-y) was sharply 66% ahead of our estimates and 20% ahead of Bloomberg consensus forecasts. Large inventory gain of Rs 78.7 bn (`59.2 bn or $6.8/bbl in refining) was a key reason for the beat. We expected core marketing margins to be weak, as OMCs had not taken enough timely increases in petrol/diesel prices.

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