Business

Net inflows of Rs 241.3 crore in June as against net outflows of Rs 105.74 crore in May under Gilt funds (including Gilt Fund with 10-year constant duration) reflect Reserve Bank of India's (RBI) stance to lower interest rates, according to AMFI.

The benchmark one-year MCLR, which forms the basis of most consumer and personal loans, will be at 8.6 per cent as compared with 8.65 per cent currently, the bank said in a statement.

The number of FDI proposals received under Government approval route in the last three years are - 199 in 2016, 122 in 2017, and 117 in 2018, Commerce Minister Piyush Goyal said in a written reply.

Equities closed with a negative note on Friday after giving up intra-day gains. BSE S&P Sensex closed 87 points lower at 38,736 while the Nifty 50 was down 30 points at 11,553.

Among stocks, Wipro slipped 2.2 per cent to Rs 261.85 per share while JSW Steel was down 1.6 per cent to Rs 262.90 apiece. Bharti Airtel, Tata Motors and Indiabulls Housing Finance also traded in the red.

HFCL on Wednesday reported a net profit of Rs 117 crore for the April to June quarter (Q1FY20). A year ago, the company posted a net profit of Rs 47 crore for the corresponding period.

Among stocks, JSW Steel gained 3.5 per cent to Rs 263.90 per share while Tata Steel was up 2.4 per cent to Rs 465.90 apiece. Mining major Vedanta was up 3.1 per cent as Hindalco gained by 2 per cent.

Tata Motors lost 2.5 per cent to Rs 151.95 per share while Hindalco was down 1.5 per cent. Bajaj Finance, UltraTech Cement and ONGC were also in the red.

Nifty FMCG, IT, financial services and banks were in the red while auto, metal and realty in the positive territory. Nifty pharma moved up over one per cent.