Moneycontrol Selects: Top stories this evening

Here are the top stories this evening:

Rupee closes below 80 mark for first time against dollar, drops by 13 paise

The rupee declined 13 paise to close below the 80 mark for the first time against the US currency on Wednesday due to strong dollar demand from importers amid high crude oil prices.

Read more

IndusInd Bank Q1 net profit jumps 60.5% YoY to Rs 1,631.1 crore, beats estimate

IndusInd Bank on July 20 reported a 60.5 percent year-on-year rise in net profit at Rs 1,631.1 crore for the quarter ended June, which was above analysts' expectations of Rs 1,423.5 crore.

Read more

Wipro's net profit tanks 21% YoY to Rs 2,564 crore in June quarter, revenue grows 16%

Wipro Limited (Wipro) on July 20 reported a 20.93 percent year-on-year (YoY) decline in its consolidated profit after tax (PAT) at Rs 2,563.6 crore for the quarter ended June as compared to a PAT of Rs 3,242.6 crore recorded during the same period last year.

Read more

Explained: Why India reduced windfall tax on diesel, aviation fuel and scrapped levy on petrol

In view of the rising demand for fuel and to address the fuel shortage, the government introduced export duties on petrol, diesel and aviation turbine fuel (ATF) on July 1. It also imposed a windfall tax on oil producers who had been profiting from higher global crude oil prices. The government made its stance clear that requirements of the domestic market was a priority.

Then why has the government eased the levies? This explainer looks at that.

Read more

New Lanka President Ranil Wickremasinghe elected Sri Lanka’s faces tough challenge in restoring order

Ranil Wickremasinghe, the new President of Sri Lanka, will face a huge task in restoring order in the country that has been battered in recent weeks by street protests and violence and taking urgent and effective steps to get the economy back on track.

Read more

How BlackRock lost $1.7 trillion in six months

BlackRock Inc. is used to breaking records. The world’s largest asset manager was the first firm to break through $10 trillion of assets under management. But the bigger they are, the harder they fall. This year BlackRock chalked up another record: the largest amount of money lost by a single firm over a six-month period. In the first half of this year, it lost $1.7 trillion of clients’ money.

Read more

'India should not lose out on benefits of crypto', say experts after RBI, FM's red-flags

India should not deprive itself from the benefits of cryptocurrencies, experts said, a couple of days after Union Finance Minister Nirmala Sitharaman reiterated the Reserve Bank of India's apprehensions on the unregulated virtual currencies.

Read more