Top 10 finance news of the day, June 22, 2020

Here’s a round up of the top financial developments in the country today:

Sensex closes 180 points up, Glenmark Pharma jumps 27 pc

Equity benchmark indices wiped out early gains but closed over half a per cent higher on Monday led by gains in banking, pharma and metal stocks. Read more

Rupee recovers 17 paise to close at 76.03 on forex inflows

The rupee on Monday appreciated by 17 paise to close at 76.03 against the US dollar in line with positive equity markets amid sustained foreign fund inflows. Read more

Petrol price nears Rs 80/litre in Delhi, diesel at all-time high

On Monday, fuel prices were raised for the 16th consecutive day by state-owned oil marketing companies. In Delhi, petrol price was raised by 33 paise to Rs 79.56 per litre and diesel price was hiked sharply by 58 paise to a new all-time high of Rs 78.85/litre. Read more

Gold price jump to Rs. 48,276 per 10 gm as rising coronavirus cases weigh

On the MCX, gold on June 22 hit a record high of Rs. 48289 per 10gm. In early trade, gold taking cues from international rates which jumped to one-month high, was trading higher by 0.71% or Rs. 339 at Rs. 48,276 per 10 gm. Silver too in line spurted 1.11% or Rs. 554 to Rs. 49190 per 10 gm. Read more

Cipla shares surge 9% to hit 52-week high on launch of COVID-19 treatment drug

Shares of Cipla Limited rose as much as 9.2 percent to a 52-week high of Rs 696 on BSE after the company launched remdesivir for the treatment of adult and paediatric COVID-19 patients. Read more

Mukesh Ambani ranked 9th in list of World's 10 Richest People after his net worth jumps to $64.5 bn

Reliance Group Chairman Mukesh Ambani has joined the elite club of world's 10 richest people, according to the Bloomberg Billionaires Index. In the list of world's 10 richest people, Mukesh Ambani now holds the ninth position. Read more

Fitch Ratings revises outlook for 9 Indian banks including SBI to 'Negative'

On Monday, Fitch Ratings revised its Long-Term Issuer Default Ratings (IDR) on nine Indian banks from 'stable' to 'negative.' The change comes in line with its revision in the outlook for the Indian economy on 18 June. Read more

Your view: PC says India must not boycott Chinese goods; agree?

Following Prime Minister Narendra Modi’s all-party meet to address the LAC (Line of Actual Control) issue, senior Congress leader P Chidambaram said that simply boycotting their products will not hurt the economy of the neighbour as Chinese trade with India is only a fraction of its world trade. Speaking about the call to boycott Chinese products, Chidambaram said: “We must become self-reliant as much as possible, but we can't decouple with the rest of the world. India must continue to be part of the global supply chain and not boycott Chinese goods.” Do you agree with former finance minister’s statement? Should India avoid boycotting Chinese goods? Share your views

Maruti Suzuki S-Presso S-CNG launched in India at Rs 4.84 Lakh

Maruti Suzuki India Limited, has launched the BS6 compliant S-CNG variant of the S-PRESSO mini-SUV. Prices for the car starts at Rs 4.84 lakh (ex-showroom, Delhi) for the LXI CNG variant and goes up to Rs 5.13 lakh (ex-showroom, Delhi) for the VXI (O) variant. Read more

Beware of these emails IDs; Govt warns of serious phishing attacks starting today

Indian Computer Emergency Response Team(CERT-In) has announced a massive threat of phishing attacks in India. The attacks are expected to start on 21st June. The attackers are targeting financial aid granted by our Indian government as a bait to lure people. Read more

This Mahindra Bolero with in-built toilet could be your next camping companion

The limited number of toilets on our highways can often prove to be a problem during long trips. Hence, as a solution to the problem, we recently came across this quirky Mahindra Bolero MUV that has a built-in toilet at the back. Watch video

Amazfit Stratos 3 smartwatch with 14-day battery life launched in India: Check Price, specs & more

Wearable maker Huami has launched the Amazfit Stratos 3 smartwatch in India. The sports-oriented wearable that is already selling in other markets comes with 80 sport modes, a full-round transflective display, and a circular-dial feature. Read more

Mercedes-Benz says second-hand car sales to increase in India: here are all details

Mercedes-Benz India expects the pre-owned car sales to increase in demand despite the ongoing Covid-19 pandemic in the country. The company says that its certified pre-owned car segment to remain unaffected from the crisis. Read more

With mysterious U-turn at IMF, India seeks to limit China’s influence in global governance

A surprising bit of news, which got lost in the Covid news cycle of April, has come to light recently — India aligning with the US to oppose an expansion of International Monetary Fund (IMF) Special Drawing Rights (SDRs). Read more

PPF, other small savings schemes to see rate cut for July-September 2020

The uncertain time will make investors in PPF see that they have not seen for nearly half a century with rates slashing to below 7%. For the ongoing quarter, the centre slashed PPF interest rate by a steep 80 basis points or 0.8% to 7.1% from the earlier 7.9% per annum. Read more