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US adviser Navarro says India’s Russian crude buying has to stop

Aug 18 (Reuters) – White House trade adviser Peter Navarro said India’s purchases of Russian crude were funding Moscow’s war in Ukraine and had to stop, adding that New Delhi was “now cozying up to both Russia and China.” “If India wants to be treated as a strategic partner of the U.S., it needs to start acting like one,” Navarro wrote in an opinion piece published in the Financial Times. India’s Foreign Ministry has previously said the country is being unfairly singled out for buying Russian oil while the United States and European Union continue to purchase goods from Russia.

Indian auto shares at 10-month high after media report on small car tax cut proposal

Aug 18 (Reuters) – Indian auto stocks jumped 4% to their highest level in 10 months on Monday, after Reuters reported that the government has proposed lowering the goods and services tax on small cars as part of sweeping consumption tax cuts. Auto shares were the top sectoral gainers on the benchmark Nifty 50, which rose 1.3%. The government has proposed lowering the goods and services tax on small petrol and diesel cars to 18% from 28%, Reuters reported citing a government source. India’s finance ministry did not reply to an e-mail seeking comment. All 15 stocks on the auto

Rupee rises 20 paise to 87.39 against US dollar in early trade

Mumbai, Aug 18 (PTI) The rupee edged higher by 20 paise to 87.39 against the US dollar in early trade on Monday, amid a positive trend in domestic equities. Forex traders said the uncertainty over the trade tariffs issue between India and the US is likely to keep market participants cautious. At the interbank foreign exchange market, the rupee opened at 87.46 against the US dollar, then touched 87.39, registering a gain of 20 paise over its previous close. On Thursday, the rupee settled for the day at 87.59 against the US dollar. The forex and equity markets were closed

Sensex jumps over 1,000 points, Nifty tops 24,953.50 level buoyed by proposed GST reforms

Mumbai, Aug 18 (PTI) Benchmark indices Sensex and Nifty surged in early trade on Monday, buoyed by plans for big bang reforms in the GST regime by Diwali and S&P upgrading India’s sovereign credit rating. Auto, consumer discretionary and consumer durables stocks propelled the rally in the equity market. The 30-share BSE Sensex jumped 1,021.93 points to 81,619.59 in early trade. The 50-share NSE Nifty surged 322.2 points to 24,953.50. From the Sensex firms, Maruti, Bajaj Finance, Mahindra & Mahindra, UltraTech Cement, Trent and Bajaj Finserv were among the major gainers. However, Larsen & Toubro, ITC, HCL Technologies and Infosys

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