Re surges by 9 paise against dollar

The rupee edged higher by 9 paise to 64 point 80 against the dollar in early trade today. Yesterday, the rupee had slumped by a whopping 34 paise to end at a fresh seven-week low of 64.89 against the American currency. 
Meanwhile, the benchmark BSE Sensex recovered 120.54 points to 30,485.79 in early trade.


Weak investments to restrain economic growth at 6.6 percent in Q4

New Delhi: Weak investment activity is likely to restrain economic growth at 6.6 per cent for the quarter ended March 2017, a rating agency report has said.
A Dun and Bradstreet report says, going forward, normal monsoon is expected to provide the requisite boost to demand, while transition to GST regime is likely to create some disruption and impact the short-term sales volume across businesses.


Air India rolls out plans to auction properties to raise liquidity for airliner

New Delhi: Air India has decided to auction seven of its properties, as a part of its asset monetisation plan. The national carrier has mandated the auctioneer MSTC to put these properties under the hammer. According to the auction notice, Air India proposes to sell its exclusive properties in the form of land parcels/built-up flats located at prime location in Mumbai, Bengaluru and Thiruvananthapuram. This sale is likely to raise around Rs 80 crore. 

Foreign Exchange

After lifetime high, India’s forex reserves down to USD 375.27 million

New Delhi: India's foreign exchange reserves declined by USD 443.6 million to USD 375.27 billion in the week ended 12th May. A RBI press release has informed that foreign currency assets, a major part of the overall reserves dipped by USD 429.4 million to USD 351.10 billion. In the previous week, the reserves had touched a life-time high of USD 375.71 billion. 


Policy on allowing private players in defence sector finalised

New Delhi: Defence Acquisition Council has finalised broad contours of policy to engage Indian private sector in manufacture of high tech defence equipment in India. An official release said the Council under the chairmanship of Defence Minister ArunJaitley finalised the broad contours of the policy on Saturday. 
The policy is aimed at developing the defence industrial eco-system in the country through the involvement of both the major Indian corporates as well as the MSME sector.