Business

A benchmark index of Indian equities markets Wednesday was trading 66 points down in afternoon trade led by selling pressure in metal, consumer durable and power stocks.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,899.01 points, was ruling at 16,851.77 points, 0.39 percent or 66.31 points down from its previous day’s close at 16,918.08 points.

The BSE metal index was down 186.24 points, followed by consumer durables index, up 84.10 points, and power index, up 19.79 points.

Private life insurer HDFC Standard Life Insurance Company Ltd has sold around 4,000 Smart Woman policies targeted at women since its launch last month, said a senior official.

Speaking to reporters here Tuesday, Sanjay Tiwari, vice president (strategy and product) said: “Till date we have sold around 4,000 HDFC Life Smart Woman Plan, a unit linked insurance policy (ULIP). The average premium per policy is around Rs.30,000.”

The company is targeting the urban woman for this product, he said.

The rupee today breached the 56-mark, down 13 paise to trade at fresh three-week low of 56.10 against the US dollar on the Interbank Foreign Exchange due to strong demand for the American currency from banks and importers, particularly oil firms.

Besides, the dollar also strengthened against other currencies such as the euro in the overseas market on worsening euro zone worries and Moody’s downgrading Germany’s sovereign outlook to negative, putting further pressure on the rupee, dealers said.

The domestic currency has fallen past the 56-level against the dollar after June 29.

Wipro Ltd Tuesday projected $1.54 billion revenue from its global IT services for the second quarter (July-September) of this fiscal (2012-13), indicating a flat sequential growth from first quarter (April-June).

In a regulatory filing, the IT bellwether said revenue from its flagship IT services business would be in the range of $1,520-1,550 million, which will be marginally higher (1.3 percent) from $1,496 million ($1.5 billion) posted in Q1 of this fiscal (FY 2013) under the International Financial Reporting Standards (IFRS).

Government is likely to face stiff opposition on FDI in retail in the Monsoon session of Parliament beginning on August 8.

An indication to this effect was given by JD-U President Sharad Yadav, who said that there will be unanimity within the NDA on the issue and that his party will also reach out to other parties including UPA allies to put up united fight against this “biggest assault” on Indian economy.

Hindustan Unilever said Monday its net profit more than doubled to Rs.1331.19 crore for the quarter ended June 30, 2012 as compared to Rs.627.16 crore in the corresponding period of last year.

The company’s total income rose to Rs.6,597.38 crore in April-June 2012 quarter as compared to Rs.5,639.46 crore during the corresponding quarter of last year.

Hindustan Unilever, the Indian unit of Anglo-Dutch Unilever, said during the quarter under review the company’s domestic consumer business grew by 19 percent.

The rupee fell by 43 paise to trade at 55.75, its lowest since July 13 against the dollar in early trade Monday at the Interbank Foreign Exchange as the American currency strengthened against euro and other currencies in the overseas market.

Dealers said apart from strengthening of dollar overseas on fresh concerns over Spain’s borrowing costs and the fate of the eurozone, a weak opening in the domestic equity market weighed on the rupee sentiment.

Meanwhile, the BSE benchmark Sensex fell by 153.64 points, or 0.90 percent, at 17,004.80.

Google CEO Larry Page was again absent from a company meeting that raised concerns about his health and how it will affect the internet giant, a media report said.

Page missed the company’s quarterly earnings conference call Thursday. He has also not been at any of Google’s public events in the last month and skipped the annual stockholders meeting, the Daily Mail reported.

The company only said he has been advised not to use his voice but insist he continues to run the company.

Maruti Suzuki India’s Manesar plant remained closed for the third day on Saturday after the violence on Wednesday in which one senior company official was killed, while police said most of the workers who instigated the incident have been identified.

“The plant will remain closed today,” a company spokesperson said. The production loss has so far mounted to about Rs 210 crore. The plant rolls out about 1,600 units per day. In terms of value, the per day loss is about Rs 70 crore.

With demand for power soaring in Delhi, Chief Minister Shiela Dikshit Friday announced that energy-saving LED bulbs will cost less in the capital.

Appealing to people to conserve electricity, she described LED blubs, which now sell for Rs.399, as the answer to rising energy demand.

“Unlike CFLs (compact fluorescent lamps), LED (light emitting diode) bulbs contain zero mercury and arsenic and save around 50 percent more electricity,” she said.

Gujarat Chief Minister Narendra Modi will visit Japan July 22-27 following an invitation from Tokyo.

Modi’s visit will “further strengthen the ties between Gujarat and Japan in the context of the global strategic partnership which Japan and India enjoy”, the Japanese embassy said Friday.

Modi will be accompanied by senior state government officials and business representatives, it said in a statement.

The chief minister will meet ministers, MPs, governors and business leaders in Japan. He will attend investment promotion seminars in Tokyo, Hamamatsu and Nagoya.

A benchmark index of Indian equities markets closed 120.41 points down Friday on weak European cues and selling pressure in banking, capital goods and realty stocks.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,275.20 points, closed at 17,158.44 points, down 0.70 percent or 120.41 points from its previous day’s close at 17,278.85 points.

The BSE bank index was down 156.02 points, followed by capital goods index down 114.20 points, and realty index that was down 16.75 points.

The government has approved disinvestment of 10.82 percent stake in Steel Authority of India (SAIL) through auction route.

“The Cabinet Committee on Economic Affairs has approved the disinvestment of 10.82 percent equity of SAIL out of Government of India shareholding of 85.82 percent through an Offer of Sale of shares through stock exchanges…,” an official release said Friday.

The stake dilution is likely to fetch the exchequer in excess of Rs 4,000 crore, as per the current share price of the company in the domestic bourses.

Amid heavy police deployment, dispatch of cars from Maruti Suzuki’s plant here resumed Friday even as production facilities remained closed after the violent incident on Wednesday that killed a senior company official.

Gurgaon Police Commissioner K K Sindhu today visited the plant here and reviewed the security situation. He, however, did not brief the media.

India on Thursday said it will “get to the bottom” of the alleged violation of safety compliance by HSBC’s staff in the country against money laundering and terrorist financing as it was “serious” matter.

New Delhi also said it would seek more information from Washington on the probe by the US Senate’s Permanent Sub-committee on Investigations which found that HSBC’s Anti-Money Laundering (AML) Compliance Department, that included employees in India, was highly inadequately staffed.

Shares of Maruti Suzuki India on Thursday tanked over 9 percent, eroding as much as Rs 3,183 crore from its market capitalisation in just a single trading session after production at its Manesar plant was affected following violence between workers and the management.

The stock closed at Rs 1,117.35, down 8.74 percent over its previous closing price on the BSE.

In just a single trading session market capitalisation of the company got eroded by Rs 3,183 crore, at Rs 32,188 crore from Rs 35,371 crore on Wednesday.

State-run Indian Overseas Bank (IOB) is planning to raise $500 million through the issue of medium term notes (MTNs) in 3-6 months, Chairman and Managing Director M. Narendra said Thursday.

“A number of Indian corporates need funds for their overseas operations. The amount raised through the MTN issue will be lent as medium term loans (5-6 years) to these corporates,” Narendra told reporters on the sidelines of a banking conclave organised by FICCI here.

This apart, the bank will also require capital of Rs.15 billion (Rs.1,500 crore) to fund this year’s growth needs.

The Indian tea industry has urged the Iranian government to keep the rupee-rial agreement between the two countries outside the normal foreign exchange regulations for trade in the commodity.

A business delegation, led by Tea Board of India deputy chairman Roshni Sen, visited Iran July 16-18 to augment two-way trade.

The delegation, along with India’s Ambassador D.P Srivastava held talks with important stakeholders of the Iranian tea industry and senior officials of the government.

The Reserve Bank is looking into the issue of non-compliance of anti-money laundering norms by the Indian staff of HSBC raised by a US Senate Committee, a senior Finance Ministry official said on Thursday.

“I am confident that RBI is looking at it (HSBC issue). I am aware of it. They are very conscious of the issue,” Department of Financial Services Secretary D K Mittal told reporters here.

Buses that run on electricity generated by solar photovoltaic cells have been launched for the first time in a city in northeast China, a media report said Wednesday.

The buses were manufactured in Qiqihar in Heilongjiang province, Xinhua reported.

Produced by the Heilongjiang Qiqiar Longhua New Energy Automobile Co. Ltd., the buses can accommodate a maximum 100 passengers.

Company technicians said solar energy can prolong the life of the lithium batteries used to power the bus by 35 percent.

The buses consume 0.6 to 0.7 kilowatt-hours of electricity per km.

A fire broke out in automobile major Maruti’s plant at Manesar in Haryana Wednesday as thousands of protesting workers locked its main gates trapping officials inside, authorities said.

The labour unrest followed the suspension of a worker by the company. Union leaders accused Maruti of taking action against workers “without any reason”.

It was not immediately clear how the fire started but a police source reported trouble inside the company premises.

A benchmark index of Indian equities markets was trading 2 points down in the afternoon session Wednesday, led by selling pressure in automobile, consumer durables and oil and gas stocks.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,113.37 points, was ruling at 17,102.64 points, down 0.02 percent or 2.66 points from its previous day’s close at 17,105.30 points.

The wider 50-scrip S&P CNX Nifty of the National Stock Exchange was ruling 0.04 percent higher at 5,195 points.

Admitting massive shortcoming in its anti-money laundering operations, a top HSBC official on Tuesday informed a Senate panel his decision to step down and the measures being taken to address the issues raised by the Senate committee’s investigative report in this regard.

Smaller cities and towns across India, including in the northeast region would have air connectivity and new airports, Civil Aviation Minister Ajit Singh said Tuesday.

“A new policy in the form of route dispersal guidelines is under consideration to provide air connectivity to remote and interior areas of the country,” Ajit Singh said at a meeting of the ministry’s parliamentary consultative committee here.

The policy envisages setting up an Essential Air Services Fund to subsidise airlines connecting tier-two (non-metros) and tier-three cities (towns) across the country.

Private sector lender Axis Bank on Tuesday reported 22 percent growth in net profit to Rs 1,154 crore for the first quarter ended June 30, 2012.

The company had a net profit of Rs 942 crore in April-June, 2011-12, Axis Bank said in a statement.

Total income of the lender rose to Rs 7,818 crore in the quarter under review, from Rs 6,049 crore in the corresponding period of last fiscal.