Stock investors lose Rs 2.72l cr in two days of market fall
New Delhi: Stock investors became poorer by Rs 2.72 lakh crore in two days of market fall which saw the BSE benchmark index diving almost 800 points. Market benchmark BSE Sensex Tuesday tumbled by about 295 points or 0.78 per cent to close at 37,290.67 due to increasing crude oil prices and mounting trade tension. It had lost 505.13 points or 1.33 per cent on Monday as rupee woes and trade war worries spooked investors. Led by the sharp fall in stocks, the market capitalisation (m-cap) of BSE-listed companies plunged Rs 2,72,549.15 crore to Rs 1,53,64,470 crore since Friday. “Selling pressure increased on the bourses due to spike in oil prices,” said Vinod Nair, Head of Research, Geojit Financial Services Ltd. Flaring up of trade tariff tensions between the US and China and weakness in the rupee have also added to weak investor sentiment. From the 30-share basket, 24 stocks ended with losses led by SBI, Tata Motors, Bajaj Auto and Axis Bank. At the BSE, 1,805 stocks declined, while 881 advanced and 162 remained unchanged Tuesday. As many as 140 stocks hit their respective 52-week low levels.
RBI penalises 2 UP-based cooperative banks
Mumbai: Reserve Bank of India Tuesday said it has imposed Rs 2 lakh penalty on National Sahkari Bank, Gorakhpur, Uttar Pradesh for violation of Know Your Customer (KYC) norms. Besides, a penalty of Rs 2 lakh too has been slapped on National Urban Co-operative Bank, Bahraich (Uttar Pradesh) for non-filing of a return on asset and liabilities. “The Reserve Bank of India has imposed a monetary penalty of Rs 2,00,000 on National Sahkari Bank Ltd, Gorakhpur, Uttar Pradesh...for violation of RBI Instructions/Guidelines on Know Your Customer Norms,” the central bank said in a statement. Earlier, the RBI had issued a show cause notice to the bank, in response to which the bank had submitted a written reply. After considering the facts of the case, the RBI came to the conclusion that the violations were substantiated and warranted imposition of penalty.
Indian Hotels Co inks pact for new Taj hotel in Dubai
New Delhi: Tata group’s hospitality arm Indian Hotels Company Ltd (IHCL) said Tuesday it has inked a partnership with Ithra Dubai LLC for a new Taj hotel at the Deira Creek in Dubai. Ithra Dubai LLC is a wholly-owned subsidiary of Investment Corporation of Dubai (ICD). “The Middle East is a significant market for IHCL. We are honoured to partner with Ithra Dubai for this new hotel in Deira - the historical and cultural centre of Dubai,” IHCL MD and CEO Puneet Chhatwal said in a statement. The new Taj hotel is a greenfield project slated to open in early 2022 and would be part of Deira Waterfront Development.
