BUSINESS
New record high: India achieves $400 bn merchandise exports target
India has achieved the $400 billion merchandise exports target well before the set deadline, said Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles Piyush Goyal on Wednesday. The merchandise exports from India crossed the $400 billion-mark in the current financial year, that too 9 days ahead of schedule. The previous record high for exports stood at $330 billion achieved in 2018-19.
Equity indices settle lower in volatile trade; Sensex down 304 pts
Paring the entire opening session gains, India's key equity indices -- Sensex and Nifty -- settled on a negative note on Wednesday. Sensex settled 0.5 per cent or 304 points lower at 57,685 points, whereas Nifty 0.4 per cent or 70 points down at 17,246 points. Among the sectoral indices, Nifty auto was the top loser, declining 1.04 per cent during the session.
Gas price in US Los Angeles exceeds $6 per gallon
The average price rose by 2.3 cents to $6.011, according to figures released on Tuesday by the American Automobile Association (AAA) and Oil Price Information Service. The overnight surge was the 28th consecutive increase and the new record came 19 days after the price topped $5 for the first time in history, Xinhua news agency reported.
US, Britain strike trade deal on steel, aluminum
The deal would allow "historically-based sustainable volumes" of British steel and aluminum products to enter the US market without applying Section 232 tariffs, said US Commerce Secretary Gina Raimondo and US Trade Representative Katherine Tai's joint statement released on Tuesday. The deal will also lift retaliatory tariffs on over $500 million worth of US exports to Britain, including distilled spirits, various agricultural products and consumer goods, the statement said.
PM Modi lauds goods export worth $400 bn ahead of schedule
Prime Minister Narendra Modi on Wednesday lauded the farmers, weavers, MSMEs, manufacturers, exporters as India has achieved the ambitious target of $400 billion of goods exports nine days ahead of schedule. In a tweet, Prime Minister Modi said, "India set an ambitious target of $400 Billion of goods exports & achieves this target for the first time ever.
Sri Lanka ends ban on foreign exchange transactions
The Sri Lankan central bank has lifted a ban on foreign exchange transactions and allowed banks to provide forward sale and purchase of foreign exchange facilities to importers. Forward sale and purchase of foreign exchange are contractual agreements between two parties to exchange a pair of currencies at a specific time in the future.
RS adjourned till 12 p.m amid Oppn uproar over fuel price hike, inflation
The proceedings of the Rajya Sabha were adjourned till 12 p.m. on Wednesday after the Opposition created a ruckus over fuel price hike and inflation. Soon after the House assembled at 11 a.m, Chairman M. Venkaiah Naidu, after laying of the papers, said that the notices for discussion under rule 267 given by Opposition MPs, including Ramgopal Yadav, Vishmbhar Prasad Nishad, Binoy Biswam, K.C. Venugopal, Mallikarjun Kharge, stands rejected.
Sitharaman to reply on discussion on J&K budget in RS today
Union Finance Minister Nirmala Sitharaman is likely to reply to the discussion on the budget of 'Union Territory of Jammu and Kashmir for 2022-23' in Rajya Sabha on Wednesday. The Finance Minister on Tuesday tabled the budget of Jammu and Kashmir for next financial year, 'The Jammu and Kashmir Appropriation Bill, 2022' and 'The Jammu and Kashmir Appropriation (No.2) Bill, 2022' for consideration in the Upper House of Parliament.
Petrol, diesel prices raised again for 2nd consecutive day
These prices were revised for the very first time on Tuesday after a gap of more than 4-months. Accordingly, the increase in selling price which includes state levies, central excise and cess amongst others came days after crude oil prices saw astronomical rise due to the Russian-Ukrainian crisis. In New Delhi, the price of petrol and diesel were increased again by 80 paise per litre.
Equity indices extend gains; Sensex up over 200 pts
At 9.55 a.m., Sensex was 0.4 per cent or 216 points up at 58,206 points, whereas Nifty 0.5 per cent or 61 points up at 17,377 points. "There are two significant trends in the market now. One, 17000 Nifty has now become a strong technical support for the market. The sharp bounce from the 17,000 levels yesterday indicates that this is a strong support level now," said V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
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