Mumbai, Jun 3 () The rupee appreciated 32 paise to 75.04 against US dollar in early trade on Wednesday tracking positive domestic equities and gains in Asian currencies amid weakness in the greenback. <p> Forex traders said heavy buying in domestic equity market, sustained foreign fund inflows and upbeat risk appetite supported the rupee. </p><p> The rupee opened on a strong note at 75.04 at the interbank forex market, up 32 paise over its last close. </p><p> It had settled at 75.36 against the US dollar on Tuesday. </p><p> "Most Asian currencies have started with gains against the US Dollar this morning and could lend support to the domestic currency," Reliance Securities said in a research note. </p><p> Forex traders said global risk sentiment is holding up as coronavirus curve seems to plateau in western countries. </p><p> "Overall risk sentiment is positive. So far there are no signs of a second wave despite economies opening up in Europe and the US. The new cases curve seems to be plateauing," said Abhishek Goenka, Founder and CEO IFA Global. </p><p> The number of cases around the world linked to the disease has crossed 63.78 lakh and the death toll has topped 3.80 lakh. </p><p> Meanwhile, in India, the death toll due to COVID-19 rose to 5,815 and the number of the number of infections rose to 2,07,615, according to the health ministry. </p><p> On the equities front, the 30-share BSE benchmark Sensex was quoting 361.71 points higher at 34,187.24 and broader Nifty rose 107.80 points to 10,086.90. </p><p> Foreign institutional investors were net buyers in the capital market, as they bought equity shares worth Rs 7,498.29 crore on Tuesday, according to provisional exchange data. </p><p> Brent crude futures, the global oil benchmark, rose 1.04 per cent to USD 39.98 per barrel. </p> The dollar index, which gauges the greenback's strength against a basket of six currencies, fell by 0.28 per cent to 97.39. DRR ANS ANS

Rupee jumps 32 paise to 75.04 against US dollar in early trade

Mumbai, Jan 27 () State-owned Bank of Baroda, which saw slippages soaring over Rs 10,000 crore in December quarter, is expecting the same to taper down from the next quarter, its newly-appointed managing director and chief executive Sanjiv Chadha said on Monday.
<p>In the three months to December period, BoB's fresh slippages stood at Rs 10,387 crore, of which Rs 4,509 crore were on account of divergence found by the Reserve Bank for 2019 fiscal.
</p><p>The city-based lender had reported a loss of Rs 1,407 crore in the December quarter as against a net profit of Rs 436 crore a year ago due to higher provisioning for bad loans.
</p><p>"Given the fact that there are some indicators like the watch-list coming down, in terms of size, I can say with a reasonable degree of confidence that the slippage levels should be lower going forward," Chadha, who took over the charge last week told  in an interview.
</p><p>The lender's watch-list came down to Rs 10,500 crore in the December quarter from Rs 14,500 crore in the September quarter.
</p><p>Chadha, who was with SBI prior to joining BoB, said if the divergence is kept aside, then slippages in the third quarter were similar to the previous quarters, which is in the region of Rs 5,000-6,000 crore.
</p><p>He also said slippages will come down as the bank has been tightening its underwriting standards and loans are offered to highly rated entities.
</p><p>"Nearly 70 per cent of our loans are of A-grade or higher. So, underwriting standards are much tighter than they would have been in the past. So, it should help (in reducing the slippage levels)," he said.
</p><p>The bank is looking at recovery from a large stressed steel account (Bhushan Power &amp; Steel) in the current quarter. Barring this, the bank does not have large exposure to NCLT accounts, so recoveries will mostly come through other sources.
</p><p>During December quarter, there were three NBFC accounts worth Rs 2,900 crore, one chemical company worth Rs 2,700 crore and two power companies worth Rs 1,000 crore that slipped into NPAs.
</p><p>The bank's gross NPA ratio declined to 10.43 per cent as against 10.91 per cent in the third quarter, while net NPA stood at 4.05 per cent as against 4.79 per cent.
</p><p>Starting April 1, 2019, BoB amalgamated Dena Bank and Vijaya Bank with it.
</p><p>Talking about the merger, he said the move was very well orchestrated.
</p><p>"Over the next few months, we must make sure that it reaches a conclusion. The plan is to do it over 12-18 months period and we will make sure that it actually happens," he said.
</p><p>Chadha said merger of the three lenders will result in savings of around Rs 9,000 crore over the next five years.
</p><p>"There is an estimate that over five years there would be Rs 9,000 crore of cost savings which will come on account of rationalisation of branches and treasury, among others," he said, adding one major cost cutting will be by way of three headquarters becoming one.
</p><p>According to him, international operations will remain an important part of the business mix for the state-owned bank and the emphasis may change from one geography to another depending on the growth opportunities.
</p><p>Chadha said the bank must play its role in terms of being a purveyor of credit to the economy and so the focus will be to have better risk management.
</p><p>"We will ensure to make all the investments that are required to increase the pace of loan growth but at the same time do it in a manner which is risk-mitigated. Therefore, we will invest more in sprucing up our risk management processes," he concluded.
</p>BoB counter closed 3.4 per cent down at 92.35 on the BSE on a day when the benchmark Sensex plunged 1.1 per cent on the global risk averseness following the spread of the coronavirus to many nations from China.  HV BEN  BAL

BoB says fresh NPA accretion nearly peaked

Mumbai, Apr 17 () The Indian rupee appreciated by 45 paise to 76.42 against the US dollar in intra-day trade on Friday after Reserve Bank of India Governor Shaktikanta Das announced measures to ensure adequate liquidity in the system to ease the financial stress caused by the Covid-19 pandemic.<p> Forex traders said positive domestic equities and weakening of the American currency in the overseas also supported the rupee.</p><p> At the interbank foreign exchange, the rupee opened at 76.59, and then gained further ground and touched a high of 76.42 against the US dollar, registering a rise of 45 paise over its previous close.</p><p> On Thursday, rupee had settled at an all-time low of 76.87 against the US dollar.</p><p> The central bank reduced the reverse repo rate - the rate at which banks park their fund with the central bank - by 25 basis points to 3.75 per cent.</p><p> This will encourage banks to lend to the productive sectors of the economy.</p><p> With regard to other measures, Das said RBI will begin with giving an additional Rs 50,000 crore through targeted long-term repo operation (TLTRO) to be undertaken in tranches.</p><p> Besides, he announced a re-financing window of Rs 50,000 crore for financial institutions like Nabard, National Housing Bank and Sidbi.</p><p> "Combination of measures to boost liquidity, improve monetary transmission and relax repayment schedules is the need of the hour in which RBI has been proactive and repeatedly insisting that they would do whatever it takes.</p><p> "Ofcourse this provides much needed liquidity and positive message for NBFC especially and a much elaborated stimulus package is awaited," said Abhishek Goenka, Founder &amp; CEO, IFA Global.</p><p> The measures undertaken by the RBI boosted investor sentiment. However, there are concerns over the impact of coronavirus outbreak on the domestic as well as global economy.</p><p> The number of cases around the world linked to the new coronavirus has crossed over 21 lakh. In India, over 13,000 coronavirus cases have been reported so far.</p><p> Meanwhile, domestic bourses were trading on a positive note on Friday with benchmark indices Sensex trading 595.79 points higher at 31,198.40 and Nifty up by 169.45 points at 9,162.25.</p><p> Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold equity shares worth Rs 2,920.36 crore on Thursday, according to provisional exchange data.</p><p> Brent crude futures, the global oil benchmark, rose 2.05 per cent to USD 28.39 per barrel.</p> Meanwhile, the dollar index, which gauges the greenback's strength against the basket of six currencies was trading 0.24 per cent lower at 99.78.  DRR  DRRDRR

Rupee rises 45 paise to 76.42 against US dollar post RBI presser

<p><div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div></p><ul class="summary-list"><li><strong><a href="https://www.businessinsider.com/category/amazon">Amazon</a> has a huge market opportunity in <a href="https://www.businessinsider.com/category/india">India</a>. </strong></li><li><strong>But government regulations and customer familiarity is favoring local giant <a href="https://www.businessinsider.com/category/reliance-retail">Reliance Retail</a> to take hold of the still-fragmented e-commerce market in the massive country.</strong></li><li><strong>That's why Amazon is reportedly in talks to buy a stake in Reliance. </strong></li><li><strong><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</strong></li></ul><p>Amazon <a href="https://www.businessinsider.com/amazon-in-talks-to-buy-stake-india-reliance-retail-2019-8">is reportedly in talks to buy a 26% stake</a> in Reliance Retail, India's largest brick-and-mortar retailer. </p><p>Reliance Retail is rolling out an e-commerce service, and that could seriously threaten Amazon's growing presence in what's on track to become the second-largest e-commerce market in the world. Neither Amazon nor Reliance commented for this story.</p><p>India is a massive business opportunity - particularly in e-commerce. The e-retail market in India <a href="https://www.ibef.org/industry/ecommerce-presentation">is only worth $38.5 billion now</a>, but it's slated to become an even larger online shopping market than the US by 2034. </p><p>And, perhaps more importantly, Indians haven't determined their e-retailer of choice. It's <a href="https://www.ibef.org/industry/ecommerce.aspx">still a fragmented marketplace</a> with Amazon, Walmart-owned Flipkart, and local giants like Reliance and Paytm Mall all claiming some of the pie. </p><p><div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div></p><p>With 10,000-plus physical locations, five million customers a week, and the blessing of the Narendra Modi administration, Reliance Retail has a serious potential to become India's Alibaba - a domestic retail giant that fends off Amazon from gaining serious market share. </p><p>And Amazon, which has already lost out on China and spent billions in India, can't afford to fall behind in this region of the world. </p><h2>Modi is fighting the threat of 'data colonialism'  </h2><p>The Modi government is making it challenging for companies outside of India to take advantage of the explosive growth in consumer spending, with a slew of new laws that restrict <a href="https://qz.com/india/1534828/its-reliance-vs-amazon-vs-walmart-flipkart-in-indian-e-commerce/">foreign direct investment</a> in e-commerce. </p><p>Several other rules, like barring companies from offering special prices on certain websites, are <a href="https://qz.com/india/1558186/whom-does-indias-draft-e-commerce-policy-really-help/">intended to keep brick-and-mortar healthy</a> as e-commerce booms.</p><p><div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div></p><p>These laws are aimed at fighting what Indians are calling "<a href="https://www.businesstoday.in/magazine/special-reports/defence/break-free-from-data-colonialism/story/332828.html">data colonialism</a>" - the fear that American tech giants will reap profits from Indian consumers and their data. "As a country, we have to all grow up and say that, you know, enough of this," Vinit Goenka, an official in the Modi government, <a href="https://www.nytimes.com/2018/08/31/technology/india-technology-american-giants.html">said last year</a>.</p><p>American retailers have balked at the rules, particularly Walmart, which owns a $16 billion majority stake in retailer Flipkart. "This is a major change and a regressive policy shift," a senior director in government affairs at Walmart told the Office of the United States Trade Representative in an e-mail on Jan. 7, <a href="https://www.reuters.com/article/us-walmart-india-exclusive/exclusive-walmart-told-u-s-government-india-e-commerce-rules-regressive-warned-of-trade-impact-idUSKCN1U620R?feedType=RSS&amp;feedName=topNews">Reuters reported</a>.</p><h2>Those roadblocks are bad news for Amazon</h2><p><a href="https://www.businessinsider.com/amazon-q2-2019-earnings-aws-advertising-retail-prime-2019-7">Growth at Amazon Web Services</a> - the company's cash cow - has slowed, so investors are hoping that Amazon can dominate in new international markets like India to boost revenues.</p><p>"Amazon has several drivers that should yield robust global revenue growth with rising margins the next several years, namely ... significant opportunity in existing and newer international markets like India, Mexico, and Australia," Cowen analysts wrote to investors in July.   </p><p><em><strong>Read more:</strong> <a href="https://www.businessinsider.com/amazon-van-order-worry-usps-ups-2019-7" data-analytics-position="5">Amazon has quietly ordered 2,000-plus vans to deliver your Prime packages - and UPS and the Postal Service should feel stressed</a></em></p><p>Amazon has been rolling out in new markets around the world for years, but the payoff hasn't established itself yet. Amazon <em>loses</em> money when it comes to the international sector - to the tune of $690 million in 2019 and $1.1 billion for the first six months of 2018.</p><p>Growth in sales abroad is also slowing in 2019. In the first half of 2019, Amazon saw 10% year-over-year growth in net sales outside of North America, compared to a 31% net sale boost during the same period last year.</p><p><div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div></p><p>Those pressures to actually turn a profit abroad are only further challenged when the foreign government doesn't look kindly upon outside businesses attempting to gobble up market share. </p><p>Amazon recently reported its Prime subscription base in India has doubled over the past 18 months. But the Modi government's interest in protecting domestic, traditional retail channels will likely disrupt Amazon's further attempts to expand meaningfully in India. Analysts like Jason Helfstein of Oppenheimer <a href="https://markets.businessinsider.com/news/stocks/amazon-stock-price-analyst-reaction-to-quarterly-earnings-report-2019-2-1027917064#bmo-capital-markets-investment-up-but-margins-keep-expanding-5">have warned</a> that those regulations will put a damper on revenues for 2019 and 2020.</p><p>The legal roadblocks are so intense, in fact, that Amazon grouped India in with famously-restrictive China in its most recent quarterly statement under the "Risk Factors" header of "Our International Operations Expose Us to a Number of Risks."</p><h2>But local players are set to flourish - and Amazon is likely to drop coin on them</h2><p>The Modi rules are creating winners and losers. Analysts say Reliance Retail, India's largest retailer which is now opening an e-commerce service, is a definite winner from the new laws. </p><p><span>Two senior executives</span> told <a href="https://economictimes.indiatimes.com/industry/services/retail/amazon-may-shop-for-stake-in-reliance-retail/articleshow/70474456.cms">The Economic Times</a> on Thursday that Amazon is in talks to purchase a 26% stake in Reliance. That would allow Reliance to become a Marketplace seller on Amazon, and would give Amazon an instant logistics and fulfillment network across India. However, the talks might not lead to a deal.</p><section><p><em><strong>Read more:</strong> <a href="https://www.businessinsider.com/amazon-in-talks-to-buy-stake-india-reliance-retail-2019-8">Amazon is reportedly in talks to acquire a 26% stake in a huge Indian retailer, meaning it will dominate a $200 billion market</a></em></p></section><p>Reliance is India's biggest industrial conglomerate, and it has its fingers in oil, textiles, telecommunications, consumer electronics, and just about everything else. With $87 billion in revenue, it's one of India's most well-known corporations - lending it a name brand across India that's recognized more widely than Amazon.  </p><p><div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div></p><p>Along with a home-court advantage, Reliance is established on the brick-and-mortar side of India. There are already <a href="https://economictimes.indiatimes.com/industry/services/retail/reliances-e-commerce-dream-to-swallow-everyone-out-there/articleshow/69157234.cms?from=mdr" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://economictimes.indiatimes.com/industry/services/retail/reliances-e-commerce-dream-to-swallow-everyone-out-there/articleshow/69157234.cms?from%3Dmdr&amp;source=gmail&amp;ust=1564770915771000&amp;usg=AFQjCNHYJeTVYGs51CzmVIagV95e9iGqUA">10,000 Reliance Retail outlets</a> nationwide. Some 97% of retail in India occurs in store.</p><p>"In retail/e-commerce, despite competition from well-funded global companies, RIL's wide footprint of physical stores along with its omnichannel focus, subscriber reach and regulations governing foreign e-commerce entities could help it gain a 300 basis point market share in high-growth, modern retail," UBS analysts wrote in a January note. </p><section></section><p>But for Amazon, losing out on India would be very costly. Amazon has already invested <a href="https://www.vox.com/2019/2/1/18205635/amazon-india-regulations-q4-earnings-prime-online-retail">at least $5 billion in India</a>. The company fumbled in establishing a meaningful presence in China, so losing out on India means that the retailer would not sell <a href="https://www.cnn.com/2019/06/19/health/india-china-world-population-intl-hnk/index.html">to roughly 37% of the world's population</a>.</p><p>And as for Reliance, UBS analysts asked in their January report, "Can RIL evolve into India's Amazon/Alibaba/Walmart?" It then followed up: "Yes." </p><p class="tagline"><a href="https://www.businessinsider.com/intelligence/40-big-tech-predictions-for-2019?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=amazon&amp;itm_campaign=40-big-tech-predictions-for-2019-2"></a></p>

The Alibaba of India is armed with Modi's blessing and is poised to knock Amazon out of the subcontinent - so now Bezos is considering spending billions to buy a stake in it

You Searched For "sanjiv goenka net worth" and got 4 results

Rupee jumps 32 paise to 75.04 against US dollar in early trade

PTI

BoB says fresh NPA accretion nearly peaked

PTI

Rupee rises 45 paise to 76.42 against US dollar post RBI presser

PTI

The Alibaba of India is armed with Modi's blessing and is poised to knock Amazon out of the subcontinent - so now Bezos is considering spending billions to buy a stake in it

Rachel Premack