India’s foreign exchange (forex) reserves grew by USD 589 million to USD 287.34 billion for the week ended July 20, central bank data showed.
Foreign currency assets, the biggest component of the forex reserves kitty, increased by USD 565.5 million to USD 255.10 billion for the week under review, according to weekly statistical supplement released by the Reserve Bank of India (RBI).
The BSE benchmark Sensex rallied past the 17k mark on Monday to one-week high, up 179 points in because of all-round buying on the back of renewed foreign capital inflows and firm Asian cues.
Sensex resumed higher at 16,919.14 and firmed up further to 17,035.17 before quoting at 17,018.60 at 1015hrs, showing a smart gain of 179.41 points or 1.07 percent from its last weekend close.
The NSE 50-share Nifty also rose further 52.85 points or 1.04 percent to 5,152.70 at 1015 hrs.
India’s foreign exchange (forex) reserves grew by $589 million to $287.34 billion for the week ended July 20, central bank data showed.
Foreign currency assets, the biggest component of the forex reserves kitty, increased by $565.5 million to $255.10 billion for the week under review, according to weekly statistical supplement released by the Reserve Bank of India (RBI).
India has raised with the UK the issue of visa problems being faced by its professionals and the way they are impacting bilateral trade and investments.
At a meeting with British Secretary of State for Business, Innovation and Skills Vince Cable, Commerce and Industry Minister Anand Sharma has said, “The bilateral trade and investment between the two nations is getting impacted by difficulties in obtaining visas.”
Sharma said India wants to make sure that business visitors are able to travel to the UK without facing visa related troubles.
The US sees no contradiction in President Barack Obama’s election year rhetoric against outsourcing of jobs to India and its efforts to forge a stronger strategic partnership with New Delhi.
“It’s very important for America to get our economy on track. And we’re always looking for opportunities to promote American business and American jobs,” a senior State Department official told the foreign media Friday.
To clear extra rush of passengers during ‘Raksha Bandhan’, Northern Railway has decided to run a special train from Lucknow to Delhi.
The special train will depart from Lucknow at 9.15 PM on August 5 to reach Old Delhi station at 6.25 AM next day. On its return journey, the train will depart from Old Delhi at 9.15 AM on August 6 to reach Lucknow at 6.15 PM the same day.
The train will consist of one second AC class, two third AC class, 10 Sleeper Class, five General Class and Two Second Class cum Luggage Van coaches.
The senior Maurti Suzuki executive, who was killed in the July 18 violence at the car factory in Manesar, paid for anti-worker remarks made by another executive, official sources said Friday.
Heated arguments between Maruti officials and leaders of the workers’ union had led to the violence in which the company’s human resources manager Awanish Kumar Dev was killed and nearly 100 other people were injured.
Dhaka and New Delhi are keen to set up eight more markets along the India-Bangladesh border in the northeastern states, Bangladesh Foreign Secretary Mohamed Mijarul Quayes said here.
Two ‘border haats’ (bazars) were set up in Meghalaya last year on a pilot basis and these are now operational.
“The Bangladesh government has already agreed to India’s proposal to set up four border haats along the border with Tripura. Study is on to set up four more border haats in Mizoram,” Quayes told IANS Thursday.
India and Indonesia, among the founders of the Non-Aligned Movement and two of the world’s emerging economies, Friday held talks to map the way forward for deepening strategic ties and voiced optimism about achieving bilateral trade target of $25 billion by 2015.
External Affairs Minister S.M. Krishna held talks with his Indonesian counterpart Marty M. Natalegawa on a wide range of issues.
The two ministers discussed ways to expand cooperation in diverse areas, including energy, oil and gas, defence, counter-terrorism, agriculture, science and technology, education and culture.
A benchmark index of Indian equities markets Friday closed 214 points up.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,860.16 points, closed 16,854.46 points (provisional), 1.29 percent or 214.64 points up from its previous day’s close at 16,639.82 points.
The BSE metal index was up 222.71 points, followed by FMCG index up 69.82 points, and IT up 71.39 points.
The wider 50-scrip S&P CNX Nifty of the National Stock Exchange closed 1.30 percent up at 5,108.45 points.
Private sector lender ICICI Bank Friday reported 25 percent jump in its consolidated net profit for the quarter ended June 30 at Rs 2,077 crore buoyed by increase in advances and higher net interest income (NII).
The bank had clocked Rs 1,667 crore net profit during the April-June quarter of the last fiscal, it said in a BSE filing.
Total income of the bank rose to Rs 16,640 crore during the reporting quarter from Rs 14,750 crore a year ago, riding on higher advances.
The Indian government will soon take a “political call” on the contentious issue of FDI in multi-brand retail as it cannot wait indefinitely, Commerce Minister Anand Sharma has said.
Speaking to reporters here last evening, Sharma, who is here to attend the Global Investment Conference and meet senior ministers in the David Cameron government, said the government is seeking to arrive at a consensus not only among political parties but also among all stakeholders, such as farmers, SMEs and community groups.
Tata Power has paid its Chairman Ratan Tata a total remuneration of Rs 68.4 lakh in the last fiscal, marking an increase of about Rs 6 lakh from the previous year.
As Chairman and non-executive director of the country’s largest private sector electricity producer, Tata’s remuneration in the year ended March 31, 2012 included sitting fees and commission for the previous year 2010-11 fiscal.
ICICI Bank Friday posted a 36 percent rise in net profit at Rs.1,815 crore for the quarter ended June 30 on strong loan growth and improving asset quality.
The country’s largest private lender had posted a net profit of Rs.1,332 crore during the like period of the previous financial year, the bank said in a statement.
The total income stood at Rs.11,425.6 crore during the quarter under review against Rs.9,261.4 crore during the year-ago period, it added.
The bank’s net non-performing asset ratio decreased to 0.61 percent at June 30, 2012 from 0.91 percent at June 30, 2011.
About 1.1 million guests stayed in hotels in the emirate of Abu Dhabi during the first six months of 2012, up by 14 percent, compared to the same period last year, it was announced Thursday.
Tourism and Culture Authority (TCA) data show that 1,189,995 guests checked into hotels across the emirate during the period.
“This is a very encouraging performance which leaves us well on track to attain our yearly target of 2.3 million guests,” said Mubarak Al Muhairi, director general of TCA.
“We have a very important relationship with India,” White House Press Secretary Jay Carney told reporters at his daily news conference responding to questions on recent cover story by the Time magazine in which Indian Prime Minister Manmohan Singh was described as an “underachiever”.
“What President (Barack Obama) thinks of India’s Prime Minister Manmohan or his relationship with him?” Carney was asked.
“I haven’t had that conversation with him. I mean, we have a very important relationship with India, as you know, but I haven’t had that conversation with him lately,” Carney responded.
HSBC Holding Plc has paid a penalty of about USD 27.5 million (Rs 154 crore) to Mexican regulators as the banking giant’s unit there failed to comply with the money-laundering rules.
HSBC Mexico said it paid a “fine imposed by the National Banking and Securities Commission (CNBV), amounting to MXN 379 million (about USD 27.5 million), in connection with non- compliance with anti-money laundering systems and controls, including reporting requirements with regard to unusual transactions, as well as other prudential regulations.”
An Empowered Group of Ministers (EGoM) on drought will meet on Tuesday to review the monsoon situation, as 22 percent deficit rains so far have affected sowing of Kharif crops, particularly coarse cereals.
“I have planned EGoM on drought on coming Tuesday,” Agriculture Minister Sharad Pawar, who was recently made head of EGoM on drought, told reporters.
The EGoM is authorised to review the situation and take “quick and timely decisions” on policy and other matters for effective management of drought.
The rupee today rose by 13 paise to Rs 56.03 against the US dollar in early trade, snapping four sessions of losses, on the Interbank Foreign Exchange, as the American unit weakened against euro and other currencies overseas.
Forex dealers said dollar selling by exporters and a higher opening in the equity market also supported the rupee.
The rupee had lost 5 paise to close at a four-week low of 56.16 against the US dollar yesterday on sustained dollar demand from importers and fresh capital outflows.
In the last four days, rupee has lost 104 paise against the dollar.
Abu Dhabi Islamic Bank (ADIB) Wednesday opened its branch in the Iraqi capital.
ADIB is now poised to support and guide UAE in Iraq and its surrounding areas, the bank said.
It will offer corporate finance, investment banking and treasury products to the Iraq market.
In addition, ADIB will offer traditional commercial banking services such as international trade finance solutions, it said.
CEO of ADIB Tirad Al Mahmoud said: “Iraq has been on our agenda for some time now and we believe that this is the opportune time to launch our presence there.
Technology giant Apple has said the multi-layered distribution network in India works against the company’s interests and it sees higher potential elsewhere in the “intermediate term”.
“I love India, but I believe Apple has some higher potential in the intermediate term in some other countries,” Apple CEO Tim Cook has said in an earnings conference call with analysts.
He was responding to queries why Apple is not more successful in India and what was his outlook for the company’s growth in the country.
Cook said this does not mean Apple is not putting emphasis in India.
UAE’s Etisalat telecommunications company has posted a net profit of 1.9 billion dirhams for the second quarter of 2012 ending June 30.
The figure represented an additional growth of 3 percent over the previous quarter, the company said Wednesday. Net Profit after federal royalty increased by 17 percent year-on-year to 1.9 billion dirhams.
ministerial panel headed by Home Minister P. Chidambaram Wednesday approved the compensation demand made by Air India from US planemaker Boeing for delay in delivery of 787 Dreamliner aircrafts.
“The group of ministers (GoM) considered it and now we will send it to the CCEA (cabinet committee on economic affairs),” Civil Aviation Minister Ajit Singh told reporters after the group of ministers meeting here.
Singh said the issue will be taken up whenever the next cabinet committee on economic affairs meeting would be held.
Gold futures prices Wednesday rose by Rs 135 to Rs 30,066 per 10 grams as speculators enlarged their positions on the back of a rise in demand in the spot market amid a firm global trend.
At the Multi Commodity Exchange, gold for delivery in October rose by Rs 135, or 0.45 percent to Rs 29,931 per 10 grams in a business turnover of 1,633 lots.
Similarly, the metal for delivery in August moved up by Rs 119, or 0.40 percent, to Rs 29,687 per 10 grams in 6,478 lots.
HCL Technologies on Wednesday posted 67.3 percent jump in net profit at Rs 854.1 crore for the fourth quarter ended June 30, on the back of strong order pipeline.
The company’s scrip opened at Rs 504, then surged 6.64 percent to a high of Rs 513.60 on the BSE.
The IT services major had posted a net profit of Rs 510.5 crore in the same quarter last year.
The company follows a July-June financial year.