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India seeks to quash Adani airport’s nicotine pouch court challenge citing illegality, health risk

NEW DELHI, July 13 (Reuters) – The Indian government has argued the airport ​sale of nicotine pouches is a “substantive violation” of drug laws and a “serious public health risk”, seeking to throw out Adani ‌Group’s bid to overturn an official finding that it broke the law by selling the unlicensed products at Mumbai’s airport. Prime Minister Narendra Modi’s government has also asserted in court that the airport, one of the country’s busiest, is on Indian soil, dismissing Adani’s argument that Indian law does not apply to nicotine pouches imported and stored in customs warehouses ​and sold only to departing

Stock markets end flat as West Asia tensions, higher oil prices weigh on sentiment

Mumbai, Jul 13 (PTI) Benchmark indices Sensex and Nifty ended flat on Monday as a sharp rally in crude oil prices due to escalating tensions in West Asia weighed on overall investor sentiment. Resilience in IT and consumer durables stocks, however, helped offset the impact of geopolitical concerns, enabling the benchmark indices to recover from early losses and close on a largely flat note, an expert said. After falling sharply during morning trade, the 30-share BSE Sensex rebounded by 219.9 points during the day but failed to build on the gains. The benchmark went up by 47.01 points, or 0.06

Retail inflation accelerates to 4.38%, raising rate hike expectations

NEW DELHI, July 13 (Reuters) – India’s retail inflation accelerated to 4.38% in June, government data showed on Monday, breaching the central ​bank’s 4% target for the first time in 16 ‌months and setting the stage for an interest rate hiking cycle. The print was above the 4.3% forecast in a Reuters poll of economists and was also the ​highest since India revamped the consumer price index in January. RBI kept its key interest rate unchanged at 5.25% ⁠in June but raised its inflation forecast for the fiscal year to ​5.1% from 4.6% earlier, watching for knock-on impact from supply-driven

Rupee falls 27 paise to close at 95.65 against US dollar

Mumbai, Jul 13 (PTI) The rupee depreciated 27 paise to close at 95.65 (provisional) against the US dollar on Monday, weighed down by elevated crude oil prices after Iran declared the Strait of Hormuz closed. Forex traders said renewed drone and missile strikes between the US and Iran prompted supply concerns, while elevated crude oil prices and a strong greenback triggered capital outflows. At the interbank foreign exchange market, the rupee opened at 95.72 against the American currency and traded in a range of 95.58-95.86 during the session. The rupee finally closed at 95.65 (provisional), down 27 paise from its

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