Business

Shares of both Bajaj Finserv Ltd and Bajaj Finance Ltd rose 2% ahead of the announcement of the third quarter (Q3) earnings later in the day.

Forex traders said rupee is trading in a narrow range amid fast-spreading coronavirus outbreak in China stoking fears about more trouble for the global economy.

The Mumbai-headquartered bank, the country's second biggest private sector lender, had posted a consolidated net profit of Rs 1,874.33 crore in the corresponding three months of the previous fiscal.

Besides, rise in crude oil prices and lower opening in the domestic equity market also impacted the rupee movement, forex dealers said.

The stock markets are generally closed on Saturdays and Sundays, except for special circumstances.

She recalled that Prime Minister Narendra Modi often said he did not believe in incremental changes and country needed good transformational change.

Following corporate tax rate cut in September, there has been growing demand for reduction in personal income tax which have developed deformity over the years due to cess and surcharge.

He said corporate tax, excise duties and customs are likely to see negative growth in collections in 2019-20 - something of the order of 8 per cent in corporate taxes and about 5 per cent negative growth in excise duties.

After trading on a volatile note through the day, the 30-share BSE Sensex settled 79.90 points or 0.19 per cent lower at 41,872.73.

Rising cash demand from companies and households for the Lunar New Year holiday, a flood of special bond issuance by local governments and corporate quarterly tax payments have all combined to drain funds from the banking system.

Consumer Price Index (CPI) in December rose to about five-and-half year high of 7.35 per cent from 5.54 per cent in November, mainly driven by high vegetable prices.

The figures were released just a day before the US and China are expected to sign a "phase one" agreement that marks a de-escalation in their two-year conflict.

After opening nearly 100 points lower, the 30-share BSE index was trading 50.26 points or 0.12 per cent lower at 41,809.43. Similarly, the broader NSE Nifty slipped 13.80 points or 0.11 per cent to 12,315.75.

Forex traders said easing crude prices, weakening of the American currency and foreign fund inflows strengthened investor sentiments.

The airline is returning two of these nine leased B737 from January and the rest seven will be exited the fleet between 2022-23 as they are on long-term lease, said a Vistara spokesperson.

Neelachal Ispat Nigam Ltd is a joint venture company, in which four central PSUs — MMTC, NMDC, BHEL and MECON — and two Odisha government companies, IPICOL and Odisha Mining Corporation (OMC), are shareholders.