• Rupee devalues to record low near 70.20
    Published Date : 16-Aug-2018 10:47:03IST

    Wider trade deficit, along with recent outflow of foreign funds, weakened the Indian rupee to a fresh record low during the early morning trade session on Thursday. At 9.45 a.m., the rupee traded at 70.18-19 after it had plunged to 70.32-33 — the lowest ever — against the greenback. On Tuesday morning, the Indian currency had plunged to 70.08 — its previous lowest ever mark — against the greenback. At the end of the intra-bank trade session on Tuesday, the Indian rupee strengthened by four paise at 69.90 against the dollar, compared to Monday’s close of 69.94 per greenback.

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  • Rupee breaches 70/$-mark for the first time ever
    Published Date : 14-Aug-2018 11:17:50IST

    The rupee on Tuesday hit a record low as it fell below the Rs 70/$-mark for the first time ever, in what seems to be a huge blow to the Indian economy. While the rupee had recovered from its record low in early trade on Tuesday, it again nosedived to a record low and breached the Rs 70/$-mark. The development comes at a time when there has been a global rout in currencies.

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  • Rupee hits fresh record low against US dollar
    Published Date : 13-Aug-2018 10:27:02IST

    The Indian rupee on Monday slumped to a fresh record low against the US dollar as emerging-market currencies weakened amid concern over the risk of contagion from Turkey’s financial-market turmoil. At 9.13am, the rupee was trading at 69.46 a dollar, down 0.9% from its previous close of 68.84. The currency opened at 69.49 a dollar and touched an all time low of 69.49. Turkey’s lira tumbles as much as 12.5% against the dollar as the nation heads for a full-blown financial crisis.

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  • Satya Nadella sells 30% of his Microsoft stock, nets ₹248 cr
    Published Date : 11-Aug-2018 7:15:40IST

    Microsoft CEO Satya Nadella has sold 30% of his common shares in the company valued at $35.9 million (₹248 crore) for financial planning reasons. This is Nadella’s biggest sale as a CEO and the second share sale since he took the helm in 2014. He still owns 7,78,596 shares of Microsoft which would be worth $85 million at today’s price.

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  • Apple started from garage in 1976, now a trillion-dollar giant
    Published Date : 03-Aug-2018 12:59:21IST

    Started in the garage of late co-founder Steve Jobs in 1976, Apple became the first US company to hit a $1-trillion valuation on Thursday. Jobs sold his Volkswagen minibus while co-founder Steve Wozniak sold his HP-65 calculator to collect funds for the first Apple computer. Apple share prices have gone 11-fold since Jobs unveiled the first iPhone in 2007.

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  • Apple reaches $1,000,000,000,000 value
    Published Date : 02-Aug-2018 10:04:01IST

    Apple just became the first American public company to cross $1 trillion in value. The iPhone maker achieved that big number on Thursday when the stock passed $207.04 a share. Shares surged after Apple reported earnings that topped forecasts and a healthy outlook on Wednesday. Amazon (AMZN), Google (GOOGL) and Microsoft (MSFT) have all rallied to near record highs this year, too. Amazon is worth nearly $900 billion while Google and Microsoft are each now worth more than $800 billion.

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  • Shareholder sues Facebook, CEO after $120 billion stock plunge
    Published Date : 28-Jul-2018 12:52:03IST

    Facebook and its CEO Mark Zuckerberg were sued by a shareholder on Friday after the social media giant lost about $120 billion of shareholder wealth, the biggest single-day loss in US history. The shareholder, seeking unspecified damages, accused Facebook of making misleading statements or failing to disclose slowing revenue growth, falling operating margins, and declines in active users.

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  • World’s most expensive new car sold for ₹121 crore
    Published Date : 25-Jul-2018 12:19:27IST

    Italian sports car manufacturer Pagani’s Zonda HP Barchetta was sold for over ₹121 crore, making it the world’s most expensive new car ever sold. The car is powered by a 6.0-litre biturbo V12 engine with 789bhp that can push it to a top speed of 355 kmph. Pagani has made only three such 1,250-kg hypercars and sold all of them.

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  • NRI couple make $2 bn on sale of firm started with $2000
    Published Date : 24-Jul-2018 3:36:35IST

    Indian-Americans Bharat Desai and wife Neerja Sethi have sold their IT services company Syntel to France’s Atos for $3.4 billion. The co-founders reportedly held a 57% stake in the company and would pocket nearly $2 billion from the all-cash deal. IIT Bombay graduate Desai and Sethi started Syntel with $2,000 in 1980 while they were pursuing MBA in the US.

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  • Kalanithi loses Rs 1,323 cr arbitration to regain SpiceJet
    Published Date : 22-Jul-2018 10:55:33IST

    An arbitration tribunal has rejected media tycoon Kalanithi Maran’s ₹1,300 crore claim for loss on account of non-issue of share warrants by SpiceJet. The tribunal, however, awarded Maran a refund of ₹579 crore, the subscription amount he made for the warrants. Maran sold his 58.46% stake in SpiceJet to current chairman Ajay Singh for a nominal ₹2 in 2015.

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  • Microsoft shares up 180% since Satya Nadella became CEO
    Published Date : 20-Jul-2018 8:04:10IST

    Technology giant Microsoft’s shares have risen around 180% since India-born Satya Nadella took over as its Chief Executive Officer (CEO) in 2014. Microsoft’s market capitalisation surpassed the $800 billion mark for the first time earlier this month. Microsoft crossed the $100-billion in annual revenue for the first time in the company’s 43-year history in financial year 2018.

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  • $1 invested in Amazon in 1997 is now worth over $1,233
    Published Date : 19-Jul-2018 8:04:22IST

    A share of Jeff Bezos-led Amazon, priced at $18 (₹666) bought during its IPO in 1997, is now worth over $22,200 (₹15.3 lakh), according to Reuters. This translates to $1 (₹37 in 1997) invested in Amazon during its IPO is now worth over $1,233 (₹85,000). After Apple, Amazon on Wednesday became the only second company to hit $900-billion market valuation.

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  • Amazon 2nd company to hit $900 billion valuation after Apple
    Published Date : 19-Jul-2018 11:10:15IST

    E-commerce giant Amazon briefly crossed $900-billion market cap for the first time in its history on Wednesday, becoming only the second company after Apple to achieve this milestone. This comes after Amazon announced it sold over 100 million products during its Prime Day sale. Apple is currently the world’s most valuable company with a market cap of $935 billion.

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  • ‘Fake news on YouTube caused us ₹500cr loss’
    Published Date : 11-Jul-2018 6:51:28IST

    Kerala-based Kalyan Jewellers has moved the Kerala High Court, claiming fake videos on YouTube caused it a ₹500-crore loss. The jewellery company said that fake videos circulated by business rivals on the site showed seizure of counterfeit gold at its showrooms. The original footage is reportedly of a routine inspection which Kuwaiti officials conduct on jewellers in the country.

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  • Rupee May Fall To 70 Against US Dollar In Week Ahead, Say Bankers
    Published Date : 09-Jul-2018 12:36:59IST

    Continued strengthening of the US dollar, lack of foreign investment inflows and concerns over rising oil prices are likely to keep the rupee under pressure and push it down to the 70 mark against the US dollar during the week starting July 9, said bankers. The level of 69.30 against the greenback remains crucial for the rupee, which, if breached, could further plumb down to the 70 mark against the dollar, they added.

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