BUSINESS · INDIA · LATEST

Suresh Prabhu: Stock exchange grew 13% in PM Modi s tenure

New Delhi, Feb 27 India’s stock exchange has seen an intensified yearly development rate (CAGR) of 13 for every penny throughout the most recent four years, since Prime Minister Narendra Modi accepted office, which exhibits that putting resources into the nation bodes well, Commerce and Industry Minister Suresh Prabhu said today.

The minister made the comments in presence of the Prime Minister, who managed the inaugural session of India-Korea Business Summit here.

“The stock trading system over the most recent 4 years, as far back as the Prime Minister has assumed control over the initiative, has developed by 13 percent CAGR. It has returned 13 percent exacerbated yearly development rate to the presence and that shows that investing in India makes business sense,” Prabhu said.

Tending to the summit composed by CII, the minister said difficulties will be routed to understand the prime ministers vision of bringing more investments to India, particularly from Korea.

Listing th

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BUSINESS · INDIA · LATEST

Finance Ministry puts out list of high-risk fund organizations

New Delhi, Feb 26 Financial Intelligence Unit (FIU) on Monday released a list of around 9,500 Non-Banking Financial Companies (NBFCs), which have been arranged as high-chance money related foundations by the Finance Ministry.

According to the Prevention of Money Laundering Act (PMLA), all NBFCs nhave to appoint a principal officer in the financial institutions and report all suspicious and money transactions of more than ten lakh rupees to the FIU.

In any case, these organizations have been found not following these guidelines as on January 31,2018.

The FIU released the list on its site showing the names of NBFCs which have been found non-compliant to the PMLA rules.

ADANI CAPITAL PRIVATE LIMITED, Anand Corporate Holdings Pvt. Ltd., Arihant Udyog Ltd., Asian Financial Services Ltd., AVON MONEY SOLUTION INDIA LIMITED, Bindal Finvest., Bombay Gas Co Ltd., CELLO CAPITAL PRIVATE LIMITED, Dlf Finvest Limited, Eros Merchants (P) Ltd, and Indigo Fincap Pvt Ltd are few of the organ

BUSINESS · INDIA · LATEST

Sensex drops 195 points, Nifty beneath 10,400

Mumbai, Feb 19 The benchmark BSE Sensex dropped 195 points or 0.57 percent in afternoon exchange because of expanded offering in bluechips drove by Tata Steel , SBI and Larsen and Toubro.

Metals, industrials, banks, financials, telecom, realty, FMCG and oil&gas stocks declined.

The BSE Sensex trading down 194.17 points or 0.57 per cent at 33,816.59 186.29 at 1230 hrs.

The broader Nifty 50 index trading below the key 10,400-level at 10,392.60, down by 59.70 points or 0.57 percent.

Major losers were Tata Steel 5.00 per cent, SBIN 3.39 per cent, L&T 2.74 per cent, Indusindbk 1.98 percent and Adani Ports 1.87 percent.

Foreign portfolio investors (FPIs) sold offers worth Rs 1,065.99 crore on net premise, while household institutional speculators (DIIs) purchased values to the tune of Rs 1,127.78 crore last Friday, temporary information appeared.

Overseas, Asian markets were exchanging higher as feeling enhanced bit by bit from a current shakeout that originated fro

BUSINESS · INDIA · LATEST

Sensex witnesses 134.95 point surge, Nifty at 10,586.90

Mumbai, Feb 16 After confronting immense pressure for the third successive day, the shares of Punjab National Bank (PNB) continued to trigger the markets.

The Bombay Stock Exchange (BSE) Sensex after a high early in the day exchange, exchanged at 34,432.42, up 134.95 points, while the Nifty was administering at 10,586.90, up 41.40 points.

Not long after the scam was reported, PNB Chairman and Managing Director Sunil Mehta yesterday said it has the ability to recover the dues from Prime Minister Narendra Modi and guaranteed to make a move against all wrongdoers.

As the Enforcement Directorate (ED) led different inquiries seizing precious stones, gems and gold worth Rs. 5,100 crore and fixing six properties, the back service said recuperation would be made and no one would be saved.

In the broader market, the BSE Midcap and the BSE Smallcap lists increased 0.17 percent and 0.43 percent, respectively.

Shares of Punjab National Bank (PNB) and Union Bank of India fell inferab

BUSINESS · INDIA · LATEST

Managing Director of (PNB) Sunil Mehta able to manage Nirav Modi fraud case

Mumbai, Feb 15 Managing Director of Punjab National Bank (PNB) Sunil Mehta on Thursday said that the bank has the capability and capacity to manage the situation arised due to jewellery designer Nirav Modi fraud case.

“In response of our registered FIR, raids are being led on included gatherings’ foundations; archives and records are being seized. Steps are being taken to secure the monetary enthusiasm of banks,” Sunil Mehta said while addressing to the media.

“This is a standalone incident. It has occurred just in one of our branches,” he included.

Prior on Wednesday, the bank had confirmed fraudulent activities at its branches in Mumbai, worth exchanges USD 1771.69 million for the advantage of some record holders.

Mehta said that the scam was begun in 2011 and was distinguished in the third week of January this year, after which the PNB authorities announced it to the concerned offices.

Mehta said that the Government of India is checking the circumstance and the bank i

BUSINESS · INDIA · LATEST

Punjab National Bank identifies lenders over LoU’s issued in Nirav Modi fraud case

New Delhi, Feb 15 It has developed that the deceitfully issued Letters of Undertaking (LoUs) from the Mumbai branch of Punjab National Bank (PNB) were in favour of Hong Kong branches of Allahabad Bank and Axis Bank, that helped facilitate Rs 280.7 crore fraud by jewellery designer Nirav Modi among others.

According to the FIR held up with the CBI by the Deputy General Manager of PNB’s Mumbai branch, a retired deputy manager Gokulnath Shetty and SWO Manoj Hanumant Kharat transmitted SWIFT instructions to the above mentioned banks for raising purchasers credit and for subsidizing the Nostro records of PNB, without due procedure.

The LoUs were issued on behalf of Diamond R US, Solar Exports, Stellar Diamonds.

The complainant had also requested for CBI to issue a look out notice Nirav Modi and others suspects/charged to keep them from leaving the nation and avoid legal action.

As per sources, Nirav Modi is currently in Davos.

On Februray 5, CBI booked Nirav Modi, his sibling

BUSINESS · INDIA · LATEST

Rupee picks up 19 paise against dollar in opening exchange

Mumbai, Feb 14 The rupee reinforced by 19 paise to 64.13 against the US dollar in opening exchange today supported by more grounded local values.

The weakness in dollar against some currencies overseas after US Federal Reserve chairman Jerome Powell said that the central bank would stay caution to dangers to money related strength in the wake of recent market defeat also upheld the rupee’s upmove.

The US dollar hit a five-month low against the yen after Japan s economy recorded its longest development streak in 28 years.

Additionally, mechanical yield grew 7.1 percent in December and selling of the American cash by exporters bolstered the rupee, forex dealers said.

Forex showcase was closed yesterday for an open occasion.

On Monday, the rupee had finished 8 paise higher to end at 64.32 against the dollar on crisp offering of the American money by exporters and banks in accordance with solid local value showcase.

The benchmark BSE Sensex rose 172.96 points, or 0.50 per