Business

The Mumbai-based company currently has 162 abbreviated new drug applications (ANDAs) pending approval with the US Food and Drug Administration (USFDA).

Major losers included Coal India, Reliance Industries, Asian Paints, SBI, Adani Ports, Sun Pharma, IndusInd Bank, Yes Bank, PowerGrid, Bajaj Auto, Maruti Suzuki and HDFC Bank, declining up to 1.40 per cent.

The Central Board of Indirect Taxes and Customs (CBIC) had conducted a refund fortnight from May 31 to June 14, which was later extended by 2 days to June 16.

In an escalating trade war between the world's two biggest economies, Washington said it would impose a 10 percent tariff on $200 billion of Chinese goods after Beijing's decision to raise tariffs on $50 billion in US goods.

Besides, the dollar strengthening against other currencies overseas as the European Central Bank (ECB) pledged to leave interest rates unchanged until mid-2019, weighed on the rupee, traders said.

The 30-share barometer spurted by 184.89 points, or 0.51 per cent, to 35,877.41. The gauge had gained 248.85 points in the previous two sessions.

Subhash Chandra Garg, a senior official in the Ministry of Finance, said the government doesn’t intend to insist on keeping 24 per cent of the company.

The BSE Sensex stayed in the positive terrain throughout the session and hit a high of 35,743.08 before ending at 35,692.52, higher by 209.05 points, or 0.59 per cent.

A de-nuclearisation deal would be positive for South Korean assets given the possible boost to growth and fading geopolitical risks, analysts at Goldman Sachs said in a note

Currently, 11 banks including Bank of India, IDBI Bank, Dena Bank, and Allahabad Bank are under the Prompt Corrective Action framework.

The cases under scanner include the bank’s Rs 3,250 crore loan to Videocon Group in 2012 and the involvement of Chanda Kochhar’s family members in restructuring of the loan.

IMF Spokesman Gerry Rice said authorities have made progress in addressing the stock of non-performing assets and were taking further measures to deal with the flow problem.

In June 2014, RBI had specified that the rate of interest payable by banks to the depositors/claimants on the unclaimed interest bearing deposit amount transferred to the DEA Fund will be 4 per cent simple interest per annum.

Baba Ramdev's company had proposed to invest up to Rs 6,000 crore to set up a plant across 425 acres of land to cater the domestic and export markets through its step-down firm Patanjali Food & Herbal Park.

The associations, including Centre of Indian Trade Unions (CITU) and All India Kisan Sabha (AIKS), released an open statement highlighting the deal's "multifaceted dangers" to the economy, and called for its nullification.

To further strengthen economic ties with Russia, the minister has proposed to develop agriculture and creation to corridor to facilitate smooth movement of consignments.