Rupee Sunk to 71.36 Against US Dollar

January 31, 2019 Correspondent 0

The rupee depreciated by 25 paise to 71.36 against the US dollar in early trade on Wednesday amid strengthening of the American currency and rising crude prices. Forex traders said strengthening of the US dollar against some currencies overseas and sustained foreign fund outflows weighed on the local unit.

Essar May Move to NCLT for Disruptions in Bid

January 31, 2019 Correspondent 0

In a major setback for the Ruia family, the promoters of insolvent Essar Steel, the National Company Law Tribunal’s (NCLT’s) Ahmedabad Bench on Tuesday rejected the plea of its majority shareholder, Essar Steel Asia Holding Ltd (ESAHL), to submit a settlement proposal.

Flipkart Frets Over New FDI Rules, Says It Will Cause “Customer Disruption”

January 31, 2019 Correspondent 0

Walmart Inc’s online retailer Flipkart has told the Indian government the company faces the risk of “significant customer disruption” if the implementation of new curbs for e-commerce is not delayed by six months, a source told Reuters. India’s new foreign investment restrictions will, from Feb. 1, bar e-commerce companies from selling products from firms in which they have an equity interest and also ban them from reaching deals with sellers to only sell on one platform.