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<keyword id="6355572" type="General" weightage="50" keywordseo="sri-lanka" source="Orion">Sri Lanka</keyword>'s state-owned Ceylon Petroleum Corporation (CPC) has increased <keyword id="61430" type="General" weightage="20" keywordseo="fuel-prices" source="Orion">fuel prices</keyword> to a record high. With the latest price hike on Monday, the price of Octane 92 <keyword id="6367091" type="General" weightage="20" keywordseo="Petrol" source="Orion">petrol</keyword> rose by 33.1 per cent to a record 338 Sri Lankan rupees ($1.04) a litre, and the price of auto <keyword id="6356109" type="General" weightage="20" keywordseo="diesel" source="Orion">diesel</keyword> increased by 64.2 per cent to 289 rupees. This is at par with the prices of Lanka IOC, a subsidiary of Indian Oil Corporation, which hiked its fuel prices from midnight Sunday, Xinhua news agency reported. CPC Chairman Sumith Wijesinghe said last week that they were losing between 800 to 1,000 billion rupees a day due to selling the fuel at a below-market rate. However, it is not the first time the CPC has increased fuel rates this year. It had introduced fuel rationing on April 15. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/nearly-400-million-people-in-china-under-full-or-partial-lockdown-due-to-a-strict-zero-covid-policy/articleshow/90927364.cms">Nearly 400 million people in China under full or partial lockdown due to a strict zero-Covid policy</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/after-elon-musk-founder-jack-dorsey-slams-twitters-board-amid-takeover-push/articleshow/90914374.cms">After Elon Musk, founder Jack Dorsey slams Twitter's board amid takeover push</a>

Sri Lanka raises fuel prices to a new record high

<ul><li>Both Sensex and Nifty gave up the initial gains as <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> delivered her budget speech.</li><li>The Benchmark index gave up the morning gains and fell to the day's low, down over 400 points by 1:30 pm. </li><li>The tax on the country's super rich has dampened sentiment in India's equity markets.</li></ul>Finance Minister Nirmala Sitharaman's first budget for the Narendra Modi government's second term cut down the tax on 99% of all firms in the country, proposed to infuse fresh money into the banks, helped assuage a lot of fears around the solvency of some good shadow banks, helped small taxpayers with sops on home loans and promised to make room for corporate borrowing in India by taking a part of the government borrowing abroad. All of these lifted the market's spirits but it all came crashing down as soon as she proposed more tax on the country's super rich. The impact on people earning ₹2 crore to ₹5 crore a year will be 3% and 7% on those earning more than ₹ 7 crore. Market fears this will further worsen the exodus of millionaires from India into tax havens. More money supply Banking stocks jumped as Sitharaman announced fresh capital infusion plan for PSU banks of ₹70,000 crore. She also proposed to take away the regulation housing finance companies from the National Housing Board, and hand it over to the RBI in the wake of the recent crisis. The Finance Minister also proposed to improve the liquidity in the market and reduce the panic with the following measure. "For purchase of high-rated pooled assets up to ₹100,000 crore, government will give PSU banks one-time partial guarantee for loss up to 10%, Sitharaman said. Sitharaman has proposed that government will borrow money abroad in foreign currency because India's sovereign debt to GDP ratio is among the lowest in the world, less than 5% of GDP. When the government borrow from banks in India, as it has done so far, it reduces the amount available for other businesses. When the borrowing is high, it increases the lending rates for the private enterprise. Now, if government takes part of its loans abroad, it will reduce the pressure liquidity in the domestic market. Lesser corporate tax Budget has also proposed 25% corporate tax on companies with revenue up to ₹400 crore, up from the earlier threshold of ₹250 crore. To tackle the rising corporate debt, the FM said that stock exchanges should allow AA rated bonds as collateral. She also called for regulators to come together. "There should be inter-operability between Reserve Bank of India (RBI) and Securities and Exchange Board of India (SEBI) which will allow retail investors to invest in treasury bills," Sitharaman said in her speech. Railways infrastructure boost In a big boost to railway stocks, the government has proposed to open up the crucial railway sector to private partnerships to fast-track infrastructure development. Sitharaman also promised to start a railway station modernisation programme this year. FM says Central government's land parcels across the country can be used to develop affordable housing and public infrastructure. They can be used in the form of joint development and provide concessions. She also announced pension benefits to retail traders. with annual turnover less than ₹1. 5 crore. SEE ALSO: <a href="https://www.businessinsider.in/budget/income-tax-bank-recap-air-india-and-5g-spectrum-sale-in-finance-minister-nirmala-sitharamans-first-budget-speech/articleshow/70081328.cms" data-type="tilCustomLink" target="_blank">Income tax , bank recap, Air India, and 5G spectrum sale are some things to watch out for in Finance Minister Nirmala Sitharaman's first budget speech</a> <a href="https://www.businessinsider.in/defence-budget-2019-20indias-defence-budget-has-nearly-doubled-in-5-years/articleshow/70037360.cms" data-type="tilCustomLink" target="_blank">India’s defence budget has nearly doubled in 5 years but the money is not enough to upgrade the weapons</a> <a href="https://www.businessinsider.in/niti-aayog-wants-education-budget-to-increase-further/articleshow/69941463.cms" data-type="tilCustomLink" target="_blank">India’s education budget has improved over the years — but it’s still too low</a> <a href="https://www.businessinsider.in/health-budget-2019-india-might-increase-spending-on-healthcare-but-that-may-not-be-enough/articleshow/69956156.cms" data-type="tilCustomLink" target="_blank">India might increase spending on healthcare but that may not be enough</a>

The tax on super rich makes Nirmala Sitharaman's budget a bitter one for the market

The <keyword id="6355302" type="General" weightage="80" keywordseo="rupee" source="Orion">rupee</keyword> has been weakening against the US dollar since the beginning of the year and hit a lifetime low this week. While the <a href="https://www.businessinsider.in/finance/news/rupee-at-80-heres-how-a-falling-rupee-could-impact-indias-current-account-deficit/articleshow/92897064.cms">octogenarian currency</a> has disheartened many Indian students preparing to fly abroad, the Indian textile industry might be lining up bigger stacks of clothes to ship out abroad. <div type="image" title="Indian exports will benefit from Rupee depreciation" msid="93040000" hostid="261" caption="&amp;lt;p&amp;gt;Indian exports will benefit from Rupee depreciation&amp;lt;/p&amp;gt;"></div> As per the Ministry of Commerce and Industry, the<a href="https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1839164#:~:text=INDIA'S%20MERCHANDISE%20TRADE%3A%20Preliminary%20Data,32.49%20billion%20in%20June%202021."> export of readymade</a> garments (RMG) of all textiles contributed 3.80% to the country’s total merchandise export in April-June 2022. India’s RMG <keyword id="35090" type="General" weightage="20" keywordseo="Exports" source="Orion">exports</keyword> were worth $1449.3 million in June 2022, against export of $1003.3 million in June 2021, reporting growth of 44.67%. Overall, Indian merchants will earn more for the same orders as the rupee falls because they get more rupees for every dollar earned. India has achieved a monthly value of merchandise export in June 2022 amounting to $37.94 billion, an increase of 16.78% over %32.49 billion in June 2021. <div type="image" title="India’s top exports in 2022" msid="93040029" hostid="261" caption="&amp;lt;p&amp;gt;India&amp;#8217;s top exports in 2022 &amp;lt;/p&amp;gt;"></div> What does India export and how do exporters benefit from a stronger dollar? Apart from textile, engineering goods, petroleum products, gems and jewellery, chemicals were the top five commodities exported from India. These merchants would now gain a competitive advantage due to the sharp decline in the rupee. Simply put, Indian exporters will benefit from a stronger dollar as their income is in US dollars and expenditure is in rupees, which means they gain when exchanging the USD to INR to pay salaries and rents. <div type="image" title="Exports of Top 10 Major Commodity Groups in India in June 2022" msid="93040044" hostid="261" caption="&amp;lt;p&amp;gt;Exports of Top 10 Major Commodity Groups in India in June 2022&amp;lt;/p&amp;gt;"></div> The gap in India’s trade deficit might tighten afterall India runs a trade <a href="https://www.businessinsider.in/finance/news/why-and-which-countries-would-want-to-trade-with-india-in-rupees/articleshow/92856587.cms">deficit</a> – which means that it <keyword id="35091" type="General" weightage="20" keywordseo="imports" source="Orion">imports</keyword> more than it exports. India’s imports exceeded exports by over $87 billion (about ₹6.87 lakh crore) in 2021-22. The weakening of the rupee makes exports more viable but imports become more <keyword id="6359333" type="General" weightage="20" keywordseo="expensive" source="Orion">expensive</keyword> in rupees. Non essential imports will be discouraged to prevent a further outflow of dollars from the country. This, in turn, would improve the deficit that India runs. Typically India’s trade deficit is compensated by capital flows but with FPI selling, there is further pressure on the rupee. India is the world’s second-biggest consumer of gold. In a bid to reduce demand for the yellow metal, India raised its basic import duty on gold to 15% from 10.75% earlier this month. On top of that, RBI’s latest decision to<a href="https://www.businessinsider.in/finance/news/why-and-which-countries-would-want-to-trade-with-india-in-rupees/articleshow/92856587.cms"> allow international trade </a>in rupees is expected to reduce the pressure on India’s forex reserves. Bidding war on the docks? Indian merchants will have to prepare for a tough bidding war. They will have to compete with exporters of other countries like Philippines and Thailand, whose currencies have declined more than the rupee against the greenback and their exports have been on an upward trend. <div type="image" title="Indian exporters in a bidding war with currencies that have declined more than the Rupee against the Dollar" msid="93040088" hostid="261" caption="&amp;lt;p&amp;gt;Indian exporters in a bidding war with currencies that have declined more than the Rupee against the Dollar&amp;lt;/p&amp;gt;"></div> Neighbouring country China is the world’s <a href="https://worldpopulationreview.com/country-rankings/exports-by-country">largest </a>exporter. In 2021, China <a href="https://economictimes.indiatimes.com/news/international/business/chinas-trade-surplus-surges-to-record-676-4b-in-2021/articleshow/88890056.cms">exported </a>an estimated $3.3 trillion in 2021 trillion worth of goods and services, primarily electronic equipment and machinery such as broadcast equipment, computers, integrated circuits, office machine parts, and telephones. China also had a $73-billion trade <a href="https://www.businessinsider.in/finance/news/why-and-which-countries-would-want-to-trade-with-india-in-rupees/articleshow/92856587.cms">surplus </a>with India in 2021-22 – that is, Indian imports from China exceeded its <a href="https://www.businessinsider.in/finance/news/why-and-which-countries-would-want-to-trade-with-india-in-rupees/articleshow/92856587.cms">exports </a>to China by $73 billion. As the Chinese currency yuan also <a href="https://theprint.in/world/chinese-yuan-weakens-to-6-7071-against-dollar/1023534/">dropped </a>and given that the country enjoys a dominant position in international export markets, India would see increased pricing competition. With a weaker rupee, foreign education could get more expensive While rupee’s value deprecation is good news for merchants, India’s students who are planning to study abroad might have to restructure your budget. Students will have to shell out more rupees for every dollar they spend. Simply put, you will have to spend over 21% more in terms of rupee to buy the same number of dollars. If you budgeted ₹20 lakh for your education abroad, you will now have to increase it to ₹24.2 lakh. International travel now more expensive After the lockdown, the travel sentiment has been high among consumers. As the rupee loses value against the US dollar, your plans to travel abroad will burn a deeper hole in your pocket – like everything, paying for your purchases in foreign currency, more so the US dollar, is now more expensive than ever before. Here's a short video <div type="image" title="The falling Rupee and its impact on travel and foreign education" msid="93040134" hostid="261" caption="&amp;lt;p&amp;gt;The falling Rupee and its impact on travel and foreign education&amp;lt;/p&amp;gt;"></div>

SIMPLY PUT: A weak rupee will be a bonanza for India’s exporters

<ul><li><keyword id="10387" type="COMPANY" weightage="20" keywordseo="Microsoft">Microsoft</keyword>’s <keyword id="4759833" type="PERSON" weightage="20" keywordseo="Seeing-AI">Seeing AI</keyword> app can now recognise Indian currency and narrate the denomination back to the users. </li><li>The <keyword id="91748" type="ORGANIZATION" weightage="20" keywordseo="Indian-rupee">Indian rupee</keyword> is the fifth currency to be integrated with the app.</li><li>But, it should be noted, that though the app can be accessed in 56 countries, it’s only available on the <keyword id="75489" type="ORGANIZATION" weightage="20" keywordseo="IOS">iOS</keyword> App Store. </li></ul> Microsoft’s <a href="https://news.microsoft.com/en-in/features/seeing-ai-indian-currency-recognition/">latest</a> innovation adds an image recognition and narration feature to the Seeing <keyword id="6355999" type="UNKNOWN" weightage="20" keywordseo="ai">AI</keyword> app to help visually impaired users in <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>. The app already had support for Euros, British pounds, US dollars and Canadian dollars, but now the Indian rupee has been added to the list. And yes, that includes the newer denominations issued after demonetisation took place. The only catch is that it’s only available on the App Store for iOS users. Considering that <a href="https://www.statista.com/statistics/262157/market-share-held-by-mobile-operating-systems-in-india/">most</a> of the people in India are on Android, absence from the Play Store poses an accessibility issue. But, isn’t there already an app for that? <a href="https://itunes.apple.com/in/app/nantmobile-money-reader/id417476558?mt=8">NantMobile</a> Money Reader, another app exclusive to the iOS platform, also has the skills to recognise currency and narrate the denomination back to the user. It has a more expansive scope supporting 21 different currencies, including the Indian rupee, as well as voice over support in 17 languages. Formerly known as LookTel, NantMobile Money Reader may give users the ability to recognise multiple currencies but Seeing AI can do more than just currencies, and that’s where Microsoft’s <a href="http://blindnotalone.com/reviewing-eyenote-vs-money-reader-vs-seeingai-to-recognize-us-notes/">advantage</a> lies. It can be said that its multifunctional aspects provide an impetus to daily life integration. User preference, at the end of the day, will depend on user requirements. According to the company, currency notes pose are especially difficult to recognise because they come in varied sizes. Generally, people who are visually impaired fold the notes in different shapes in order to recognise them. But, they still need help determining the denomination of the note in order to know which shape to fold it in. (Image source: <a href="https://news.microsoft.com/en-in/features/seeing-ai-indian-currency-recognition/" data-type="tilCustomLink">Microsoft News Center India</a>)

Microsoft’s Seeing AI app adds Indian currency note recognition to its trove

<ul><li>US dollar is likely to get weaker in the coming months, may hit 66 to the rupee by June</li><li>The US-China trade war is likely to slow down global economy, including US</li><li>For those buying dollars in exchange of rupees, there are other factors at play too</li></ul> If you are looking to buy US dollars either as an investment or for a travel plan in the future, wait for a while. The greenback is likely to weaken in the coming months. That's the call from an ICICI Bank as well as Malaysia-based Maybank. "Appetite for the US dollar is expected to wane from a cyclical perspective as growth in the US economy slows," a report from ICICI Bank said. As the economic growth slows, the market's confidence in a country's currency weakens, hurting its value. 
 
 
 






 One of the biggest factor for a possible slowdown in US economy is the ongoing trade tussle with China. Both have levied additional tariffs on goods exported from the other country. In December, both countries agreed to hold off on new tariffs for 90 days and negotiate peace. The deadline for a deal is March 1. "There are signs a trade deal could very well happen between the US and China during the 90-day ceasefire period. However, we believe they can only reach a weak deal," the Maybank report said. However, the fall in the value of the dollar may not be much because the trade war between US and China is hurting economies across the world. "There has been a simultaneous weakening in non-US growth relative to expectations," the ICICI Bank report said adding that, "The downtrend in the US dollar has been somewhat more modest than we previously expected." For Indians, there will be other factors, too, at play. The price of crude oil can alone derail all calculations for the world's fastest growing economy. India imports nearly 80% of all the crude oil it needs, and a spike in prices would mean it has to pay more dollars to get the same amount of oil in the international market. This would weaken the rupee. The government's handling of finances also affects the exchange rate. Reckless expense to appease voters in an election year will also the hurt the currency. Foreign fund flows also determine the demand for a currency. If foreigners bring in more dollars to invest in stocks or bonds, the currency will appreciate faster. For example, today (February 5), rupee gained for the first time in three days as investors from abroad made a bet of ₹4.2 billion. The net impact of these factors will decide how much stronger the rupee gets against the American currency in the coming weeks. Here's an estimate from Maybank. 
 
 
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 SEE ALSO: <a href="https://www.businessinsider.in/donald-trumps-trade-war-with-china-may-help-indias-exports-says-the-united-nations-report/articleshow/67850842.cms" data-type="tilCustomLink" target="_blank">Donald Trump's trade war with China may be good for India's exports, says UN</a> <a href="https://www.businessinsider.in/next-global-recession-may-be-just-two-years-awayand-india-should-be-worried/articleshow/67535452.cms" data-type="tilCustomLink" target="_blank">Next global recession may be just two years away— and India should be worried</a> <a href="https://www.businessinsider.in/sale-one-of-indias-oldest-battery-brands-eveready-for-500-million/articleshow/67482195.cms" data-type="tilCustomLink" target="_blank">A 100-year old successfu Indian brand is up for sale at about $500 million</a>

Looking to buy US dollars? Wait for a while

<ul><li>The market value of Indian shares fell sharply since the latest Union Budget, which proposed additional tax on super rich investors.</li><li>The total loss of market value of shares from July 5 until August 23 is pegged at ₹ 14.7 trillion whereas the expected tax revenue from the additional surcharge was a mere ₹14 billion.</li><li>Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> rolled back the surcharge on Friday to stem the market meltdown and revive investments.</li></ul>Whether it is while buying a car or a house, or while making choosing a stock or a mutual fund over another, or even while asking someone out for a date-- weighing the likely risks against the potential reward would seem like a matter of instinct. However, India's Finance Minister Nirmala Sitharaman, or her team, particularly any person who recommended the additional surcharge on super-rich investors, seemed to have beat his or her own instinct. The damage was borne by investors as stocks in both the Bombay Stock Exchange (BSE) and the National Stock Exchange (<keyword id="6354646" type="UNKNOWN" weightage="20" keywordseo="nse">NSE</keyword>)-- including the Sensex and the Nifty-- went tumbling over the next 49 days. And the rupee became the <a href="https://www.hindustantimes.com/business-news/the-impact-of-rupee-fall-on-you/story-aV83jz1OaFm2Hw5uAPHdcI.html" data-type="tilCustomLink" target="_blank">worst performing currency in Asia</a> in August. The latest budget for the financial year ending March 2020 imposed an additional tax on the profit made from shares by the country's super rich and foreign portfolio investors (FPI) got caught in the crossfire. The subsequent anger and market sell-off has wiped off billions of rupees in share market wealth since then as foreign investors rushed for the exit. Most foreign portfolio investors in India operate as non-corporate entities such as trusts and associations, which are taxed like individuals and therefore the additional tax would fall on them. Foreign investors folded many of their investments and pulled money out in hordes-- nearly ₹22.5 billion since the budget day. The value of shares in the India fell by a whopping ₹14.7 trillion from July 5 to August 23. However, on Friday (August 23), when Sitharaman decided to rollback the levy on investors, the Revenue Secretary, Ajay Bhushan Pandey, revealed that the withdrawal will cost the government just ₹14 billion. SEE ALSO: 
 
 
 
 
 
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 "Tax rates for FPIs will come down by up to 7%, back to the pre-budget levels, and this removes the anomaly created by the Budget 2019,” Rajesh Gandhi, a partner at Deloitte India, told the Economic Times. But the damage had already been done. The rupee has fallen to its lowest level since December 2018 and much of it has to do with foreign investors pulling out dollars in haste. A weaker rupee would mean India will have to pay more for crude oil and that in turn will increases prices of other essential items. And India imports over 80% of all the crude oil it needs. SEE ALSO: 
 
 
 
 
 
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 It may be argued that not all the loss in market value is due to the surcharge. Donald Trump's trade war with China had a role to play too. However, that has been unravelling for many months now and the risks were palpable. Pushing investors, who were already risk averse, to pay more tax was entirely avoidable. SEE ALSO: <a href="https://www.businessinsider.in/markets/economy/fm-to-provide-public-sector-banks-with-rs-70000-crore/articleshow/70806189.cms" data-type="tilCustomLink" target="_blank">Indian government to make loans easier and cheaper with a ₹70,000 crore gift to banks</a> <a href="https://www.businessinsider.in/politics/policy/nirmala-sitharam-address-on-india-economic-stimulus-live-updates-and-highlights/articleshow/70804926.cms" data-type="tilCustomLink" target="_blank">India unveils economic stimulus-- from homes to cars to banks to infrastructure to equity markets</a>

India lost ₹15 trillion trying to make ₹14 billion from tax surcharge on investors

Initial jobless claims in the <keyword id="6356955" type="General" weightage="20" keywordseo="united-states" source="Orion">United States</keyword> last week rose to 244,000, the highest level in eight months and the latest sign that the labour market might be cooling. In the week ending July 9, the number of Americans filing for unemployment benefits increased by 9,000 from the previous week's unrevised level of 235,000, according to a report released by the department's <keyword id="393980" type="General" weightage="80" keywordseo="bureau-of-labor-statistics" source="Orion">Bureau of Labor Statistics</keyword> (BLS). The four-week moving average for initial jobless claims, a method to iron out data volatility, increased by 3,250 to 235,750, the report showed. Jobless claims have been trending up since March amid surging inflation and rising interest rates. Jobless claims totaled 166,000 in the week ending March 19, the lowest in decades, <keyword id="106387" type="General" weightage="80" keywordseo="xinhua-news-agency" source="Orion">Xinhua news agency</keyword> reported. The latest figure of 244,000 is well above the 2019 weekly average of 218,000, which is the pre-pandemic level. In the week ending March 14, 2020, jobless claims totaled 221,000, but in the following week, the figure skyrocketed to 2.9 million. The latest report also showed that the number of people continuing to collect regular state unemployment benefits, which was reported with a one-week lag, declined by 41,000 to 1.33 million during the week ending July 2. The total number of people claiming benefits in all programmes -- state and federal combined -- for the week ending June 25, however, increased by 72,504 to 1.4 million. "Over the past month, signals of a slowdown in the US economy have mounted," economists at <keyword id="192959" type="General" weightage="80" keywordseo="wells-fargo-securities" source="Orion">Wells Fargo Securities</keyword> said in an analysis. "Weaker real spending suggests that the staying power of US consumers is fading, housing activity is buckling under the weight of higher interest rates, and business investment is downshifting amid growing recession fears," said the analysis. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/retail/news/huls-many-soap-wars-with-sebamed-reckitt-and-patanjali/articleshow/92895705.cms">HUL’s many soap wars with Sebamed, Reckitt and Patanjali</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/how-dollar-index-is-defining-the-rupee-value/articleshow/92894402.cms">Explained: Wanna know how low Rupee will go, see how high the dollar index goes</a>

US weekly jobless claims rise to 244,000, hit eight-month high

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Markets Insider</div></div></div>The dollar was ticking up.The <a href="http://markets.businessinsider.com/index/us-dollar-index">US dollar index</a> was up by 0.2% at 93.67 at 8:51 a.m. ET.In economic news, initial claims fell more than expected.Claims, which count the number of people who applied for unemployment insurance for the first time, fell to 260,000. Economists forecast a reading of 265,000, down from 272,000.Meanwhile, Friday will see the latest jobs report.As for the rest of the world, here was the scoreboard at 8:25 a.m. ET:<ul><li>The <a href="http://markets.businessinsider.com/currencies/gbp-usd">British pound</a> was down by 0.6% at 1.3165 against the dollar. The currency <a href="http://www.businessinsider.com/pound-theresa-may-resignation-fears-october-5-2017-10?r=UK&amp;IR=T">tumbled</a> amid speculation that Theresa May might be ousted as Prime Minister. "After Theresa May's speech at the Tory party conference on Wednesday, there are rumours that she will be asked (forced) to step down by her own party," Kathleen Brooks, research director at City Index, says in an email. "The prospect of a leaderless UK in the middle of the Brexit process, or even worse, a Prime Minister Boris, are right to unnerve sterling traders."</li><li>The <a href="http://markets.businessinsider.com/currencies/eur-usd">euro</a> was down by 0.2% at 1.1740 against the dollar. </li><li>The <a href="http://markets.businessinsider.com/currencies/USD-jpy">Japanese yen</a> was up by 0.2% at 112.49 per dollar.</li><li>The <a href="http://markets.businessinsider.com/currencies/USD-rub">Russian ruble</a> was up by 0.3% at 57.4938 per dollar, while Brent crude oil, the international benchmark, was up by 0.5% at $56.06 per barrel.</li><li>The <a href="http://markets.businessinsider.com/currencies/USD-inr">Indian rupee</a> was little changed at 65.070 per dollar.</li></ul> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/trump-trade-back-on-republican-tax-cut-plan-2017-9">Traders are gearing up for Trump's tax cut plan</a></h3> <div> </div> </div>

The dollar is ticking up

<ul><li>India’s benchmark equity index has a new record high led by <keyword id="82905" type="General" weightage="20" keywordseo="metal-stocks" source="Orion">metal stocks</keyword>, public sector banks and drug makers.</li><li><keyword id="66115" type="General" weightage="20" keywordseo="nifty-50" source="Orion">Nifty 50</keyword> added more than 1,000 points in less than a month. The index reached 17,000 points on Tuesday from 15,855 points on August 2.</li><li>Check out the latest market news and updates on <a href="https://www.businessinsider.in/">Business Insider</a>.</li></ul>It took less than a month for Nifty 50, India’s benchmark equity index, to climb to 17,000 from 16,000. The index of India’s top fifty stocks was at 15,855 on August 2. The biggest gainers on the Nifty were Adani Ports, Bajaj Finserv, and Indian Oil Corporation (IOC), followed by <keyword id="6354287" type="General" weightage="20" keywordseo="bharti-airtel" source="Orion">Bharti Airtel</keyword>, which surged more than 2% as investors cheered the proposed ₹21,000 crore rights issue. Adani Group stocks topped the list of gainers on the Nifty 200. Aside from being a new high, this is also the fastest 1,000 point gain for the index, according to news channel CNBC-TV18. BSE Sensex, too, scaled above 57,143 at 12:30 p.m., on August 31. The latest leg of the rally was fuelled by a fresh wave of buying by foreign portfolio investors after the US Federal Reserve seemed to be less fearful of rising inflation at home. Net buying by foreign institutional investors (FIIs) stood at ₹1,202.81 crore (around $1.6 million at current exchange rates), while domestic institutional investors (DIIs) net bought shares worth ₹688.85 crore, as per provisional data from the National Stock Exchange (NSE) on August 30. This also allowed the rupee to hit its highest level against the dollar today (Aug 31). Information technology (IT), banks, metals and pharmaceutical stocks saw good buying in the month of August. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Top 5 gainers on Nifty 50 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">% change </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Top 5 losers </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">% change </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Adani Ports and SEZ </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2.59% </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Tata Motors </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-1.28% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Bharti Airtel </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2.35% </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Nestle India </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-0.85% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Indian Oil Corp </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2.33% </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-0.75% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Finserv </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2.37% </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Reliance Industries </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">0.63% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Finance </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1.97% </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Britannia </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">0.54% </td></tr></tbody></table> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/bengaluru-based-studio-sirah-develop-india-first-mobile-games-kurukshetra-ascension/articleshow/85787656.cms">Bengaluru based Studio Sirah raises $830,000 to develop India-first mobile games — ‘Kurukshetra: Ascension’ will be the first title</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/ami-organics-wants-to-become-debt-free-post-the-ipo/articleshow/85781458.cms">Ami Organics wants to become debt-free post the IPO, to cut dependence on China in the coming years</a>

Nifty tops 17,000 points to set a new record ⁠— the fastest 1,000 point rally in the history of India’s benchmark index

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="http://www.investing.com/">Investing.com</a></div></div></div>Good morning!The Indian rupee has tumbled following weekend news that the head of the central bank, Raghuram Rajan, will not be seeking another term. The currency is weaker by 0.4% at 67.330 per dollar as of 7:33 a.m. ET.Rajan is an extremely respected figure on the global stage, and is <a href="https://next.ft.com/content/303263ae-35dc-11e6-9a05-82a9b15a8ee7">credited with restoring</a> the India's macroeconomic stability - so his departure has some investors feeling a bit unsettled.As for the rest of the world, here's the scoreboard:<ul><li>The Nigerian naira <a href="http://www.businessinsider.com/nigerian-naira-crashes-after-government-removes-peg-2016-6">collapsed</a> on Monday after the Central Bank of Nigeria removed the currency peg to the dollar. The naira is down 30.8% at 260.525 against the greenback. The plan to devalue the currency was <a href="http://uk.businessinsider.com/nigeria-devalue-naria-2016-6">announced last week</a> - and although this should help Nigeria's economy in the long run, things could get ugly in the near-term.</li><li>The British pound is stronger by 1.9% at 1.4626 against the dollar after several weekend polls suggested that the campaign to leave the EU could be losing momentum. A poll for the Mail on Sunday by Survation gave the <a href="http://uk.businessinsider.com/r-uks-in-camp-takes-3-point-lead-after-lawmaker-killed-poll-2016-6">In campaign 45% against 42% for Out</a>; a poll for the Sunday Times by YouGov had Remain at <a href="http://www.thetimes.co.uk/past-six-days/2016-06-19/news/no-turning-back-warns-cameron-pptvdnvxj">44% to Leave's 43%</a>; and an <a href="http://www.theguardian.com/politics/2016/jun/18/eu-referendum-britain-voting-campaign-jo-cox">Opinium poll for the Observer put the two sides both at 44%.</a></li><li>The Japanese yen is down by 0.4% at 104.56 after the <a href="http://www.businessinsider.com.au/japanese-exports-tumbled-in-may-particularly-to-china-2016-6?_ga=1.94835423.2138067290.1456773988">latest trade data released</a> by the Ministry of Finance showed the value of exports fell 11.3% year-over-year in May as the stronger yen made goods less attractive. Exports to Japan's largest customer, China, plunged 14.9% YoY while shipments to the US sank 10.7% YoY.</li><li>The US dollar index is weaker by 0.5% at 93.69 ahead of a light data week. </li></ul> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/japan-ice-wall-radiation-fukushima-2016-3">Japan has built a massive ice wall around Fukushima</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="03MjRoMjE6LtKlgUpVz53ErsOsPmRJ-T" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

The Indian rupee is tumbling

<ul><li>India’s largest software exporter posted a revenue growth of 2.9% growth in revenue to $6.3 billion in the September quarter.</li><li>That was less than 3.8% growth, which was the consensus estimate on the street.</li><li>The market ignored the strength in the US dollar, which hit a 2-year high early on Monday.</li><li>For an exporter like <keyword id="6357150" type="General" weightage="20" keywordseo="tcs" source="Orion">TCS</keyword>, which earns in dollars, a rise in the value of the American currency results in higher profit in rupee terms.</li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider</a>.</li></ul>Revenue for India’s largest software exporter Tata Consultancy Services (TCS) grew 2.9% to $6.3 billion in the September quarter, when compared to the preceding three months. That was less than 3.8%, which was the consensus estimate on the street. Even the net margin at 25.6% was less than what the market had hoped for. The stock fell to near ₹3,670 in early morning trade on October 11, wiping out the gains since mid-August. The disappointment was so strong that the market ignored the strength in the US Dollar, which hit a 2-year high early on Monday. <div type="image" title="TCS stock chart" height="900" width="1200" msid="86929363" hostid="261"></div> For an exporter like TCS, which earns in dollars, a rise in the value of the American currency results in higher profit in rupee terms. “We believe demand for core transformation remains strong, and this coupled with exemplary execution is likely to drive strong earnings,” said Edelweiss in its report post earnings and the broking firm kept the rating at ‘buy’ and the target price at ₹5,000 in the next one year. Analysts at Motilal Oswal who cut the share price target by 4% to ₹3770 ⁠— not very far where the stock is right now ⁠— are a bit more circumspect. “The management has indicated that margin in the near term can be soft, led by ongoing supply-side challenges,” said their report. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Broking firm </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Target price for TCS </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Edelweiss </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹5,000 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Motilal Oswal </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,774 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Goldman Sachs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹4,657 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UBS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,936 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CLSA </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹4,050 </td></tr></tbody><tbody></tbody><tbody></tbody></table>Source: Analyst reports and media reports TCS hired 43,000 freshers in the first half of 2021 and <a href="https://www.businessinsider.in/business/corporates/news/tcs-will-hire-35000-freshers-in-the-next-six-months/articleshow/86871159.cms">expects to hire another 35,000</a> in the next six months. That’s almost twice the hiring target the tech bellwether set for itself at the start of the financial year in April. The churn in the information technology (IT) industry has reportedly cooled off, but in the case of TCS, attrition, increased to 11.9% in July-September quarter from 8.60% in April-June period. This is the highest churn at TCS in at least six quarters. <div type="image" title="TCS attrition" height="900" width="1200" msid="86929922" hostid="261"></div> “We believe this attrition level will continue for the next 2-3 quarters. Having said that, our strong employer brand and our robust talent acquisition and talent development models will help us significantly overcome the supply side issues…We will continue to hire more and more and keep the supply ready since our model is robust. The attrition level is definitely concerning, but we can manage through that,” Milind Lakkad, global head of human resources at TCS, told the media after the earnings announcement on Friday. These are the growth rates of the different industry verticals that TCS provides technology services to: <div type="image" title="TCS vertical chart" height="900" width="1200" msid="86930176" hostid="261"></div> SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/opinion-rbi-sticks-to-its-stated-trajectory-but-stands-ready-to-act/articleshow/86908652.cms">OPINION: RBI sticks to its stated trajectory but stands ready to act</a> <a href="https://www.businessinsider.in/advertising/brands/news/koo-is-spending-2-6-lakh-a-day-on-facebook-to-beat-twitter/articleshow/86868706.cms">Koo is spending ₹2.6 lakh a day on Facebook to beat Twitter</a> <a href="https://www.businessinsider.in/stock-market/news/aditya-birla-sun-life-amc-ipo-list-at-2-premium-only/articleshow/86929156.cms">Shares of Aditya Birla Sun Life AMC sees a tepid listing, opens at 2% premium</a>

TCS shares plunge more than 6% despite a stronger dollar that’s good for future profits

<ul><li>As foreign investors in Indian share market pull out money thick and fast, the Narendra Modi government is in damage control mode.</li><li>Prime Minister's office has reportedly asked Finance Minister Nirmala Sitharaman to exempt the additional levy on profits made by foreign investors between April 1 and July 5.</li><li>This may reduce the burden on investors by a third, according to the report.</li><li>The surcharge had led to a sharp fall in stocks wiping out billions in market capitalisation.</li></ul>The latest budget for the financial year ending March 2020 imposed an additional tax on the country's super rich and foreign portfolio investors (FPIs) got caught in the crossfire. The subsequent anger and market sell-off has wiped off billions of rupees in share market wealth in just about a month as foreign investors rushed for the exit. Most foreign portfolio investors in India operate as non-corporate entities such as trusts and associations, which are taxed like individuals and therefore the additional tax would fall on them. However, now the Prime Minister's office has reportedly stepped in. The Finance Ministry under Nirmala Sitharaman has been asked to quickly review the tax proposal on FPIs and come out with a solution that reduces the impact of new taxation on these institutional investors, according to a report by IANS, a news agency. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 On the table is a proposal to exempt all income generated by FPIs till the presentation of the Union Budget on July 5 from the surcharge. To be specific, all profits made between April 1 and July 5 this year may not face the additional tax if the proposal is accepted. This will reduce the impact of the new taxation by almost a third, the report estimated. Sources said that the ministry may announce the changes this week after the monetary policy review by Reserve Bank of India (RBI) on August 7. On its part, the RBI is expected by experts to reduce the policy rates by 25 basis points to improve liquidity in the market and kickstart the investment cycle by the private sector. However, if the government misses the opportunity to get the proposal approved before the ongoing Parliament session ends, it will either have to wait for the next session in November or pass an ordinance. SEE ALSO: <a href="https://www.businessinsider.in/politics/policy/rahul-bajaj-adi-godrej-and-big-investors-cry-against-modis-budget-and-policies/articleshow/70450878.cms" data-type="tilCustomLink" target="_blank">Narendra Modi has a new problem – big corporates and moneybags are angry</a>

You Searched For "rupee latest news" and got 12 results

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