Business

Shapoorji Pallonji has termed the removal of Cyrus Mistry from the Chairman post of Tata Sons as "illegal." It is likely to challenge the decision, people privy to the development told CNBC-TV18.

The bank also said that its ATM network and payment services are completely safe to use.

After its biggest single-day gain in nearly five months in the previous session, markets on Wednesday caved in meekly as the Sensex closed the day lower after investors booked profit and global conditions stayed mixed.

The rupee moved up further by 6 paise to 66.67 against the dollar on Wednesday, with exporters and banks going on a selling spree of the US currency and a higher opening in the stock market backing it up.

The rupee on Tuesday made a smart rebound, gaining a good 15 paise to end at 66.73 on fresh bout of dollar selling by exporters and banks amid weak overseas sentiment.

In a first, Moscow has agreed to pump in USD 500 million into the Indian infrastructure space, along with an equal investment by the newly formed National Infrastructure Investment Fund (NIIF), to form a USD 1 billion 'Russian Indian Investment Fund'.

Meanwhile, the benchmark BSE Sensex recovered by 69.68 points, or 0.25 per cent, to 27,712.79 points in early trade today.

Taking cues from global markets, the key Indian equity market indices opened in red on Thursday.

The rise of nationalistic Hindu sentiment notwithstanding, India's beef sector will continue to be one of the country's bright spots of agribusiness and will continue to lead the global beef trade in volume, according to Fitch group firm BMI Research.

Asserting that India has proved that progress on reforms could "ignite" business investment, the International Monetary Fund (IMF) on Friday said the adoption of goods and services tax (GST) is poised to boost the country's medium-term growth.

Globally, gold dropped by 3.26 per cent to settle at USD 1,268.40 an ounce in New York on Tuesday. Silver too retreated 5.38 per cent to USD 17.78 an ounce.

Improving sales numbers from automakers, a sign of revival in discretionary spending, the rupee holding higher against the dollar and no further flare-up on the geopolitical front added fuel to the rally.

Homegrown auto major Tata Motors is planning to increase prices of its passenger vehicles during the ongoing festive season to offset rising input cost.

The government on Thursday said it has decided to expedite investments in Chabahar Free Zone.

Stocks got back on their feet after two sessions of losses in early trade on Tuesday.

The investors include a Cyber Carrier, a Hong Kong-based Chinese internet enterprise that has set up a $30 million initiative fund in January to invest in six Indian start-ups.