Business

Spot gold was up 0.7% to $1,754.74 per ounce after hitting its highest since May 18. US gold futures rose 1.1% to $1,771.40.

Foreign investment in pension funds regulated by the Pension Fund Regulatory and Development Authority (PFRDA) is capped at 49 per cent under the automatic route.

Chandrasekaran also lauded the government for opening the coal sector for commercial mining and said it would significantly reduce imports and create jobs.

As such, companies are driven in their decisions by the interest of provisioning the best possible service to their customers and to take care of the interest of their stakeholders, he said.

The move comes after another rating agency Moody's earlier this month downgraded India's sovereign rating by a notch to lowest investment grade of 'Baa2' for the first time in 22 years.

Tea Board Deputy Chairman Arun Kumar Ray said India sells the crop all over the world, and China accounts for about 5 per cent of the overall export of the beverage.

Forex traders said besides the border tension with China, foreign fund outflows and concerns regarding rising COVID-19 cases also weighed on investor sentiment.

Similarly, the NSE Nifty tumbled 159.20 points, or 1.60 per cent, to close at 9,813.70.

The safe-haven asset saw an infusion of Rs 27 crore in December 2019 and Rs 7.68 crore in November 2019 However, it had seen a net pull-out of Rs 31.45 crore in October last year.

Bharucha's re-appointment is subject to the approval of the shareholders' approval at the ensuing annual general meeting of the bank, it added.

The government last month unveiled a Rs 20.97 lakh crore economic package, which includes RBI's Rs 8.01 lakh crore worth of liquidity measures.

The company said demand for its products in May and June has dropped by 80 per cent as compared with the corresponding period last year due to the current situation.

In the second week of June, the power demand has improved due to intensifying heat wave from June 8 when peak power demand touched 153.13 gigawatts (GW) and further shot up to 163.30 GW on Thursday, as per data from the power ministry.

India's ability and willingness to repay debt is gold standard, he said adding that these are critical elements for higher growth next year.

After touching a low of 34,010.86, the 30-share index was trading 214.42 points, or 0.63 per cent, lower at 34,032.63. Similarly, NSE Nifty fell 57.90 points, or 0.57 per cent, to 10,058.25.

Organised biscuit-makers such as Parle-G got their operations running within a very short period after the nationwide lockdown was clamped on March 24.