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Rupee crumbles to 1-mth low on capital outflow fears

Caught in a downward spiral for the third straight session today, the rupee fell by another 8 paise to end at a fresh one-month low of 64.63 against the US currency amid sustained dollar demand from importers.
This is the lowest closing for the domestic currency since May 30.
Heightened uncertainties over an impending Fed rate hike along with heavy capital outflows predominantly impacted the sentiment at the forex market.
The continued slide in local equities amid fresh withdrawal of funds by foreign portfolio investors (FPIs) also weighed on the rupee trade.

Corporation Bank to raise up to Rs 3,500 cr from share sale

State-owned Corporation Bank today said it has got shareholders' nod for raising up to Rs 3,500 crore through share sale.
The lender's annual general meeting "approved raising of capital of the bank by way of issuance of fresh shares and/or issuance of additional Tier I or Tier II capital as per Basel III guidelines to the extent of Rs 3,500 crore," Corporation Bank said in a regulatory filing to stock exchanges.
For the fourth quarter ended March 2017, Corporation Bank posted a profit of Rs 159.98 crore even though bad loans rose.

Rupee edges lower by 2 paise to 64.55 a dollar

The rupee today weakened further to close with a marginal loss of 2 paise at 64.55 against the American currency in limited trade on the back of stray dollar demand from importers.
Forex dealers said strength in the US dollar against some other currencies overseas and a weak trend in the domestic equities mainly weighed on the rupee trade.
Though, persistent foreign capital inflows largely cushioned the fall.

Toshiba Sues Western Digital for 120 Billion Yen in Damages

Toshiba Corp. sued Western Digital Corp. in a Japanese court, asking for 120 billion yen ($1.1 billion) in damages and seeking to stop the U.S. company from interfering in the sale of its chip unit, escalating a legal tussle between the companies.

Sebi allows NRIs to hedge currency risk

Markets regulator Sebi today allowed NRIs to access the exchange traded currency derivatives (ETCD) market to hedge currency risk arising out of their investments in India, a move aimed at providing them additional hedging option.
At present, NRIs (non-resident Indians) are permitted to hedge their rupee currency risk through over-the-counter (OTC) transactions with banks.
In a circular, Sebi said that NRIs are now permitted to trade in the currency derivatives segment of stock exchanges, subject to certain terms and conditions.

GST impact: Coca-Cola to raise price of aerated drinks

Coca-Cola India will marginally raise prices of its aerated beverages but will cut rates of packaged drinking water Kinley and hold those of juices and juice-based drinks to reflect
tax incidence under the incoming GST regime.
Announcing the impact of Goods and Services Tax (GST) on consumer rates, the company also said it will launch an affordable range of aerated beverages to cater to price sensitive consumers and another affordable 'Value Water' segment priced significantly lower than Kinley water.

Google Gets Record $2.7 Billion EU Fine for Skewing Searches

Google’s record-breaking 2.4 billion-euro ($2.7 billion) European Union fine could end up being just a fraction of the costs from the EU’s demand that it stop skewing search results to favor its own shopping site.

While the penalty will barely make a dent in its $90 billion cash hoard, Google faces the prospect of less ad revenue and a regulatory backlash targeting other services from maps to restaurant reviews as well as the threat of even more penalties.

Rupee reverses early gains to end flat at 64.53 a dollar

The rupee gave back most of its initial gains in tandem with local equities and settled almost flat at 64.53 against the US currency following fag-end dollar demand from importers and banks.
Forex markets sentiment took a sudden U-turn as currency traders attention turned towards the next big risk event -- Fed Chair Janet Yellen's speech and also US Consumer Confidence survey due later in the day.
Bearish equity markets and month-end dollar demand predominantly weighed on rupee trade, a forex dealer said.
Strong capital inflows, however, limited the fall.

Small banks offer special services to woo customers

Small finance banks (SFBs), the latest among the lenders licenscd by the Reserve Bank of India (RBI) to serve the unbanked population of India, are offering a slew of innovative products to woo customers from rural and urban areas including small businesses.
While their counterparts from universal banking space are struggling with bad loans and stringe­nt account opening norms (know your customer– KYC), SFBs are offering si­m­plified procedure of ope­ning a bank account by lin­king it with Aadhaar card.

Kerala govt investing Rs 50,000 cr on infra projects: Issac

The Kerala government is investing about Rs 50,000 crore on infrastructure projects this year to enhance job opportunities for the youth, state Finance Minister Thomas Issac
said here today.
Noting that about 40 per cent of the investment has already been declared, he said the proposed investment is huge for a small state like Kerala.
"I don't go into how we are financing. It's going to take place.
It will change Kerala's profile," Issac, who was speaking at a seminar on urbanisation organised by a Left-affiliated outfit, said.