Business

[ad_1] Gold prices in the national capital surged by Rs 70 on Thursday to touch a new record high of Rs 98,170 per 10 grams, tracking firm global cues, according to the All India Sarafa Association.The previous session had already seen a sharp rise of Rs 1,650, pushing the precious metal of 99.9 per cent purity to Rs 98,100 per 10 grams.Similarly, gold of 99.5 per cent purity also gained Rs 70, reaching a new high of Rs 97,720 per 10 grams, up from Wednesday’s closing price of Rs 97,650, as news agency PTI reported. "Gold prices soared to record highs, fuelled by a weaker dollar, escalating trade war tensions, and growing concerns over global economic growth following US President Donald Trump's tariff announcements," said Chintan Mehta, Chief Executive Officer at Abans Financial Services.He added, "Gold prices continue to surge […]

[ad_1] US President Donald Trump on Thursday slammed Federal Reserve Chairman Jerome Powell, saying his "termination cannot come fast enough" after Powell warned that "tariffs likely to generate inflation.""The ECB is expected to cut interest rates for the 7th time, and yet, “Too Late” Jerome Powell of the Fed, who is always TOO LATE AND WRONG, yesterday issued a report which was another, and typical, complete “mess!” Oil prices are down, groceries (even eggs!) are down, and the USA is getting RICH ON TARIFFS," Trump wrote on his Truth Social platform."Powell's termination cannot come fast enough," he continued. "Too Late should have lowered Interest Rates, like the ECB, long ago, but he should certainly lower them now," he added.These remarks came after the central bank chair's statement on Wednesday, indicating that Trump's comprehensive tariffs on trading partners could force the […]

[ad_1] Infosys, India’s second-largest IT services firm, on Thursday reported a 11.7 per cent year-on-year drop in consolidated net profit for the March quarter, which stood at Rs 7,033 crore.In the corresponding period last year, the company had posted a profit of Rs 7,969 crore.Despite the decline in quarterly profit, Infosys surpassed its full-year revenue guidance. The company had earlier revised its FY25 revenue growth outlook to 4.5-5 per cent, up from the previous range of 3.75-4.50 per cent, as per PTI report. Revenue for the quarter rose 7.9 per cent to Rs 40,925 crore, compared to Rs 37,923 crore in the same period a year ago.Sequentially, net profit rose by 3.3 per cent, even as revenue dipped by 2 per cent.For the full financial year FY25, Infosys reported a marginal profit growth of 1.8 per cent to Rs 26,713 […]

[ad_1] Indian benchmark indices continued rally for the fourth consecutive session on Thursday, with the BSE Sensex surging over 1,500 points and the Nifty50 closing above the 23,850 mark. The rally was primarily fuelled by strong buying in the financial sector, despite ongoing concerns regarding US tariff policies and the global economic slowdown.The 30-share BSE Sensex soared 1,509 points, or 1.96%, to close at 78,553. Meanwhile, the broader NSE Nifty gained 414 points, or 1.77%, ending the day at 23,851.The total market capitalization of BSE-listed companies jumped by a substantial Rs 4.33 lakh crore, reaching Rs 419.33 lakh crore, according to an ET report. Here are key drivers behind today's market rally-- Banking stocksThe Bank Nifty index spearheaded the rally, climbing nearly 2%, driven by gains in major financial stocks such as HDFC Bank and ICICI Bank. This surge came […]

[ad_1] Amid the trade war with US, Chinese companies Shanghai Highly Group and Haier have shown increased willingness to comply with Indian regulations for business expansion, according to Economic Times sources. They are now reportedly accepting minority ownership in joint ventures, a position they previously resisted, influenced by mounting US tariffs. Should Chinese firms face exclusion from the US market, maintaining an Indian presence becomes crucial. India had previously restricted Chinese investments following border conflicts in 2020.Shanghai Highly, a prominent Chinese compressor manufacturer, has renewed discussions with Voltas, owned by Tata, regarding a manufacturing partnership, now accepting a minority position. Similarly, Haier, ranking third in Indian electronics sales, has consented to divest majority control of its local operations. "There is a complete change in attitude of the Chinese companies, who are now extremely comfortable to own minority ownership in an […]

[ad_1] US and China have been steadily increasing tit-for-tat tariffs on each other’s imports. US President Donald Trumpon Wednesday ratcheted up his tariff offensive up to 245% on China. He also declared it’s up to China to return to the negotiating table after Beijing backed out of a high-stakes Boeing aircraft deal.“The ball is in China’s court,” Trump said in a statement delivered by White House press secretary Karoline Leavitt. “China needs to make a deal with us. We don’t have to make a deal with them.”In reaction, China said it was “not afraid” of engaging in a trade war with the United States, while repeating its call for dialogue. “If the US really wants to resolve the issue through dialogue and negotiation, it should stop exerting extreme pressure, stop threatening and blackmailing, and talk to China on the basis […]

[ad_1] NEW DELHI: As it faces scrutiny over security aspects, top officials from Elon Musk's satcom venture Starlink met commerce minister Piyush Goyal and officials from the telecom ministry on Wednesday, to brief them about the company's plans for India.Starlink's delegation that met Goyal included VP Chad Gibbs and senior director Ryan Goodnight. "Discussions covered Starlink's cutting-edge technology platform, their existing partnerships and future investment plans in India," Goyal said.The meeting included senior officials from the ministry of commerce as well as key functionaries from the department of telecom, who are in charge of telecom matters.Starlink is understood to have assuaged govt's concerns - raised mainly by the home ministry - around security, while briefing about its investment plans in the country. The company has been trying to get a licence to begin satcom services in India over the past […]

[ad_1] MUMBAI: The actions of two promoters of once high-flying Gensol Engineering is a case study in complete disregard for laid down corporate governance norms. Their deeds included illegal fund diversion for personal enrichment, stock price manipulation, forgery of 'no default' letters from lenders like IREDA and PFC to falsely project there was no default by the company, and misleading Sebi.The two promoters of now disgraced company, Anmol Singh Jaggi and Puneet Singh Jaggi, used hundreds of crores rupees of the entity as they wished, a Sebi investigation showed. The interim investigation revealed that the two had systematically used loans from several creditors, taken in the name of Gensol, to buy a luxury flat in The Camellias in Gurugram and to jack up Gensol's stock price. Not only this, the loans were used for personal benefit through their private ventures […]

[ad_1] The World Trade Organization slashed its forecast for merchandise trade this year as soaring US tariffs and broader uncertainty hammer international commerce. The Geneva-based WTO expects the volume of world merchandise trade to decline by 0.2% in 2025 - almost three percentage points lower than it would have been without the US-led trade war, marking a dramatic reversal from expectations at the start of the year.Trade is forecast to rebound by 2.5% in 2026.Two weeks ago, Trump announced reciprocal import taxes ranging from 10% to 50%, though days later he suspended the highest rates for 90 days and kept 10% as the floor for all countries except China, whose exports to the US now face duties in excess of 100%. The reprieve was aimed at giving bilateral negotiations time to play out, and a delegation from Japan is visiting […]