Business

This takes the total commitment from the World Bank towards emergency Covid-19 response in India to $2 billion.

India, which grew at 6.8 per cent in fiscal year 2018, is forecast to recover slightly and clock a 5.5 per cent growth rate in 2021.

The mood was decidedly fragile, with five new virus cases in Wuhan - trade tensions and a tussle over negative US interest rates all part of the mix.

He said that since March 24, when the lockdown was imposed nationwide, millions of households have become vulnerable and therefore livelihood support has to be extended as savings have dried up.

Many MSMEs and corporates have also availed the three-month moratorium offered by banks as per the Reserve Bank of India

The procurement of wheat and rice (second crop) during the ongoing Rabi season has picked up pace despite severe logistical constraints posed due to countrywide lockdown," the food ministry said in a statement.

The government hiked excise duty on petrol by Rs 10 per litre and that on diesel by Rs 13 a litre to mop up gains arising from international oil prices falling to a two-decade low.

The report said the increase in non-performing assets by 2-4 percentage points will need a government recapitalisation requirement by $7-15 billion.

An American financial organisation has agreed to sanction USD 15 million loan to an Indian education start-up to expand the access to quality education by providing critical financing to schools that serve low-income students in India.

ONGC was the top gainer in the Sensex pack, rallying over 5 per cent, followed by M&M, Bharti Airtel, IndusInd Bank, ICICI Bank, PowerGrid and Tech Mahindra.

As prices face the 50-day moving average, trading it on the higher side in one move is difficult and some retracement is very likely.

The rupee opened weak at 75.70 at the interbank forex market and then fell further to 75.80, down 71 paise over its last close.

Millions more Americans filed claims for unemployment benefits last week, lifting the number of applications to 30.3 million since March 21, data showed.

Reckitt Benckiser recorded a 13.3% rise in first quarter like-for-like sales, that was its best performance since the company was formed in 1999.

In its filing with the Bombay Stock Exchange (BSE), the company said that the board of directors of JustDial has given its nod to a buyback proposal worth maximum Rs 220 crore.

Absconding dimantaire Choksi's company Gitanjali Gems tops the list of these defaulters with a whopping amount of Rs 5,492 crore, according to the list.