Shares of the private sector lender closed at Rs 70.45 apiece, up 24.03 per cent. Intra-day, the shares zoomed 34.94 per cent to Rs 76.65 apiece on the BSE.
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The production drop will lead to a larger global sugar supply deficit in 2019-20 of 7.7 million tonnes, a development seen as crucial in reducing large stocks in some producing countries that have been pressuring international prices.
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Forex dealers said that a positive opening in the equity market, weak dollar against other major currencies overseas and persistent foreign fund inflows supported the rupee.
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Inching closer to its all-time intraday high, the 30-share index was trading 220.26 points, or 0.55 per cent, higher at 40,272.13, and the broader NSE Nifty advanced 64.80 points, or 0.55 per cent, to 11,908.90.
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The revelations have come as a setback for DHFL’s lenders, primarily commercial banks that have an exposure of Rs 38,342 crore to the finance company, as the government could initiate a probe by the SFIO.
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After the US central bank announced its decision to cut its overnight lending to a target range of between 1.50% and 1.75%, Fed Chair Jerome Powell said that the step was taken on the grounds that monetary policy is in a good place.
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Hong Kong's bourse fell behind the New York Stock Exchange and Nasdaq this year amid months of anti-government protests that have roiled the Asian financial hub.
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Expectations for another drop in borrowing costs, along with optimism over the China-US trade talks and healthy corporate reports have provided much-needed support to equities of late after a volatile year.
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