The rupee recovered by 7 paise to 64.90 against the US dollar in opening trade today at the forex market on increased selling of the greenback by exporters amid foreign fund inflows.

A lower opening of the domestic equity market weighed on the domestic currency, but dollar’s weakness against other currencies limited the losses, forex dealers said.

The ministry of housing and urban affairs has approved construction of 3,21,567 more affordable houses under its flagship Pradhan Mantri Awas Yojna(Urban), with an investment of Rs 18,203 crore, a government release said. The central assistance for the same will be Rs 4,752 crore. The approval was given at the 32th meeting of the Central Sanctioning and Monitoring Committee, it said. The projects have been sanctioned across 523 cities across 14 states.

Out of 47,855 MW of the coal-based power plants currently under construction, only 6,445 MW of additional capacity would be required between FY17-22, the National Electricity Plan (NEP) published by the Central Electricity Authority (CEA) has said. The forecast was based on estimating power demand growth at 6.2% CAGR and capacity addition of other electricity generating sources such as gas (406 MW), hydro (6,823 MW), nuclear (3,300 MW) and renewable energy (1,17,756 MW).

The Ahmedabad bench of the National Company Law Tribunal (NCLT) on Tuesday adjourned the hearing on the petitions filed by ArcelorMittal and Numetal challenging the ineligibility of their bids for Essar Steel. The tribunal will now take up the matter on April 4 and has asked Numetal, ArcelorMittal and the resolution professional of Essar Steel to submit additional documents related to this matter by April 2.

The Reserve Bank of India (RBI) had agreed in principle to a request by Punjab National Bank (PNB) to spread its losses related to the Nirav Modi-Mehul Choksi fraud over four quarters, sources said.

“However, we are still awaiting a written communication from the regulator,” a source at the Delhi-based public sector bank said.

US technology giant Apple Inc and India's telecoms regulator are at loggerheads over the development of a government anti-spam mobile application, with user privacy at the heart of a deepening rift between the two sides.

The latest impasse comes after Apple in October agreed to provide some help to the regulator to tap into new iOS features to build the "Do Not Disturb" app, which allows users to report unsolicited calls and text messages as spam.

Wipro, India’s third largest information technology services company, on Tuesday said it has opened a technology center in Plano, Texas, and plans to grow its headcount to 2000 in the US state over next few years. The Bengaluru-headquartered company has around 1400 employees working in Texas alone.

The Texas technology centre which will initially employs around 150 people, is focused on developing capabilities in new and emerging technologies.

Bitcoin swung between gains and losses around the $8,000 mark as investors digested the latest developments in a widening social-media crackdown on digital tokens.

The largest cryptocurrency was steady at $7,844.25 as of 9:42 am in London, according to consolidated Bloomberg pricing. Twitter confirmed on Monday it’s banning advertisements for initial coin offerings and token sales on its platform, joining Facebook and Alphabet’s Google on the list of tech giants keeping cryptos at bay.

India's Income Tax department has frozen Cognizant Technology Solutions Corp's bank accounts and deposits in Chennai and Mumbai for allegedly evading a dividend distribution tax (DDT), according to a report on Tuesday.

A Cognizant spokesman confirmed the report and said in a statement that a court has instructed the tax department not to take further action pending further hearings.

Mukesh Ambani, Reliance Industries on Tuesday, announced an agreement to divest its interest in certain acreage, producing wells and related assets in the western portion of its Eagle Ford shale position for a consideration of $100 Million.

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