Business

Mumbai, April 18: BSE benchmark Sensex rallied by 219 points in the early trade on renewed buying, mainly, in Auto, Consumer Durable, Oil&Gas, Capital Goods and Banking counters amid firm Asian cues.

Among the 30-member Sensex pack, 18 scrips advanced including, Sterlite Industries, Hindalco Industries and Reliance Infrastructure that gained between 1.03-1.55 percent.

India’s largest bike maker by sales, Hero Honda Motors, rose by 2.68 per cent, extending last two days’ rally triggered by the announcement of a liberal interim dividend of Rs 70 per share for the year ended March 2011.

Mumbai, April 18: Indian rupee strengthened by 6 paise to Rs 44.27 against the US dollar in early trade on the Interbank Foreign Exchange today, aided by capital inflows and a firming trend in the stock market.

However, dollar’s rise against euro and other major currencies overseas, limited its gains.

Rupee had appreciated by 17 paise to close at Rs 44.33/34 against the US dollar in the previous session on Friday on the back of fresh dollar selling by exporters.

Dealers said steady capital inflows and the higher opening in the stock market kept the rupee sentiment firm.

Mumbai, April 18: Bombay Stock Exchange benchmark Sensex today opened almost 55 points higher than its previous close on emergence of select buying by funds and retail investors amid a firming trend on other Asian bourses.

The 30-share barometer, which last Friday slipped 310.04 points on inflation worries and disappointing quarterly results by IT bellwether Infosys, gained by 54.79 points, or 0.28 per cent to 19,441.61 points in early trading today.

Stocks of auto, metals, banking, capital goods and, oil and gas sector led to the marginal recovery.

New Delhi, April 18: Diversified business house Tata Group will invest up to Rs 1.2 lakh crore across sectors in the domestic market in the next five years as it looks to more than double its revenues to USD 150 billion (about Rs 6.64 lakh crore) by then.

The Tata Group, which has over 90 operating companies, will put in half of the planned investment in power sector, while the other significant portions will be in steel and automobile sectors.

London, April 18: The Telecommunications Regulatory Authority confirmed in a statement the continuation of all BlackBerry services in the UAE to both individuals and to business customers.

It added that any confusion to TRA regulations would be clarified by the TRA with the operators concerned this week.

Ahmedabad, April 17: In a first-of-its-kind tie-up, Shanti Business School (SBS) has joined hands with National Stock Exchange (NSE). This collaboration will help students learn the nuances of market trading and will give them a deeper understanding of the stock market.

This alliance was made keeping in mind SBS’ new course in financial management – NSE Certified Capital Market Professional (NCCMP). This is reportedly the first time that an All India Council of Technical Education (AICTE) approved B-school will be partnered by NSE.

Hyderabad, April 17: A consortium of banks is willing to participate in financial restructuring plan of the national carrier Air India after ICICI Bank’s move to refinance long term debt, said Praful Patel, minister for heavy industries and public enterprises.

According to Patel, there is no necessity to bring the national airliner under Board for Restructuring of Public Sector Enterprise at this stage as various revival packages are being worked out to bail it out.

Tehran, April 17: Iran Power Plant Projects Management Co. (MAPNA) has agreed to invest $5 billion in southern Iranian Lavan gas field to generate electricity by using its natural gas, an Iranian oil official says.

“Based on an agreement with MAPNA, the company will produce electricity from gas through developing Lavan gas field,” SHANA news agency quoted Mahmoud Zirakchianzadeh, the managing director of Iranian Offshore Oil Company, as saying on Saturday.

Washington, April 17: Seeking efforts aimed at increasing “additional investment flows” to developing countries, India has said the need to positively impact the lives of the poor should be the “mantra” that should permeate the thinking of the World Bank.

New York, April 16: JUST AS Mark Zuckerberg must have returned to counting his billions after the Winklevoss twins were given their marching orders from court, another claim to his Facebook fortune has emerged.

Paul Ceglia, of Wellsville, New York, the latest force to reckon with Zuckerberg and Facebook, has now hired a prestigious law firm to help him claim what he says is his share of the social networking site.

If he wins, he could be entitled to millions if not billions of the Facebook fortune.

Washington, April 16: The US and Nepal have signed a framework agreement aimed at enhancing trade and investment between the two countries and promoting more comprehensive bilateral economic pacts.

The accord, which will replace the 1947 bilateral Economic and Trade Agreement, was inked by US Trade Representative Ron Kirk and visiting Nepalese Deputy Premier and Finance Minister Bharat Mohan Adhikari here yesterday

Mumbai, April 16: Both silver and gold set new records on the bullion market on Friday on hectic buying by stockists for the upcoming marriage season amid firm global cues.

While silver spurted by Rs 2,700 to a new high of Rs 63,200 per kg, gold gained Rs 280 to touch an all-time high of Rs 21,710 per 10 grams.

Trading sentiment turned extremely bullish as gold soared to a record high and silver touched the highest level in 31 years in global markets as inflation in China accelerated underscoring the challenge that central bankers worldwide face in combating rising prices.

Ahmedabad, April 15: With more number of banks foraying into gold-based financing, the credibility of the business has increased tremendously, Managing Director of India’s largest gold loan lender, Muthoot Finance Ltd’s (MFL), George A Muthoot, said here today.

Muthoot was here to announce launch of the MFL’s initial public offer (IPO) that opens April 18, and is expected to raise up to Rs 900 crore.

“Earlier, business of giving loan against gold was perceived as only meant for poor man who was desperately in need of cash,” Muthoot told reporters here.

New Delhi, April 15: Austria-based crystal giant Swarovski today said it will diversify into other categories like perfumes, sunglasses and lifestyle accessories in India as it looks to strengthen its presence in the country.

“We have been more into jewelleries. However, we have added more products over the years in an effort to widen our customer base across all age groups and income…We are bringing in beauty products like perfumes and sunglasses this year,” Swarovski India Director (Consumer Goods Division) Sukanya Dutta Roy told PTI.

New Delhi, April 15: GSM operators in the country have added 14.49 million new users in the month of March, taking the total GSM subscriber base to 569.55 million, an industry body today said.

The Cellular Operators Association of India (COAI), a body representing GSM operators in the country, said in a statement that total subscriber base in February stood at 555.06 million.

In February, Vodafone added 3.68 million subscribers, the highest among all the telcos during the period, taking its total user base to 134.56 million, it said.

Mumbai, April 15: The BSE Sensex fell 310 points to 19,386.82 on lower-than-expected Infosys results for the fourth quarter, while higher-than-projected inflation numbers further fuelled investor fears of hike in interest rates.

Infosys Technologies, which has the second heaviest weightage in the 30-share BSE index, was the top loser from the Sensex pack, falling 9.59 per cent and dragging down the index by nearly 195 points.

The company’s consolidated Q4 net profit growth of 13.62 per cent was below market expectations, analysts said.

New Delhi, April 15: Concerned over high headline inflation, Planning Commission today raised doubts over clocking the targeted 9 per cent economic growth in the current fiscal.

“We may not hit 9 per cent (economic growth rate in 2011-12). 6 per cent is the rate of inflation which we should be willing to accept this fiscal,” Planning Commission Deputy Chairman Montek Singh Ahluwalia told reporters here.

The government and the Planning Commission had earlier projected a growth rate of 9 per cent during 2011-12, up from 8.6 per cent in the previous fiscal.

Mumbai, April 15: The BSE Sensex fell 310 points to 19,386.82 as higher inflation numbers triggered fears of interest rate hikes and Infosys reported lower-than-expected fourth quarter results, amid a weak global trend.

The Bombay Stock Exchange index, Sensex, which had gained 434 points in the previous session, was pulled down 310.04 points to 19,386.82 by the Infosys stock which has the second heaviest weight in the 30-share benchmark.

The broad-based National Stock Exchange index Nifty dropped by 86.95 points to 5,824.55, after touching the day’s low 5,806.45.

New Delhi, April 15: Both silver and gold set new records on the bullion market Friday on hectic buying by stockists for the upcoming marriage season amid firm global cues.

While silver spurted by Rs 2,700 to a new high of Rs 63,200 per kg, gold gained Rs 280 to touch an all-time high of Rs 21,710 per 10 grams.

Trading sentiment turned extremely bullish as gold and silver soared to a record levels in 31 years in global markets as inflation in China accelerated underscoring the challenge that central bankers worldwide face in combating rising prices.

New Delhi, April 15: Concerned over high headline inflation, Planning Commission today raised doubts over clocking the targeted 9 percent economic growth in the current fiscal.

“We may not hit 9 percent (economic growth rate in 2011-12). 6 percent is the rate of inflation which we should be willing to accept this fiscal,” Planning Commission Deputy Chairman Montek Singh Ahluwalia told reporters here.

The government and the Planning Commission had earlier projected a growth rate of 9 percent during 2011-12, up from 8.6 percent in the previous fiscal.

Mumbai, April 15: IT bellwether Infosys on Friday reported nearly 14% in consolidated net profit at Rs 1,818 crore for the fourth quarter ended March 31, 2011, which is less than the market expectations.

Also, the board has declared a final dividend of Rs 20 per share for the fiscal on every share of Rs 5 held.

The country’s second largest software major had a net profit of Rs 1,600 crore in the March quarter of the previous fiscal (2009-10), Infosys Technologies said in a filing to the Bombay Stock Exchange.

Mumbai, April 14: The 197-million tonne domestic cement industry is set to clock double-digit growth from next fiscal with demand outstripping even the 57-mt capacity addition expected by FY14, says an industry report by Ernst & Young India.

The Rs 77,800-crore (as of March ’10) domestic cement market — already one of the fastest growing ones globally and the second largest among the emerging markets after China — is on course to a double-digit growth path, it says.

Ranchi, April 14: Union Coal Minister Sriprakash Jaiswal today said the Joint Bipartite Committee for Coal Industry (JBCCI) would be set up soon for pay revision of employees in the coal sector.

“This time it will not be late like the previous occasion. All formalities will be completed soon. Hopefully, recommendations will be there by July,” Jaiswal said at a news conference here.

The JBCCI recommends pay revision for the coal employees every five years and the last time it had recommended was in July, 2006.

-Agencies

New Delhi, April 14: The Reserve Bank launched its Industrial Outlook Survey for the April-June, 2011 period today.

The survey gives an insight into the perception of non-financial public and private limited companies engaged in manufacturing activities about their performance and future prospects, a press release issued here stated.

The assessment of business sentiments for the present quarter and expectations for the ensuing quarter are based on qualitative responses to 20 major parameters.

New Delhi, April 14: Over 125 Indian handicraft exporters will display their innovative eco-friendly items in three trade fairs to be held in Hong Kong, starting April 20, to market their products in the new market.

The handicraft exporters would participate in three fairs-Hong Kong Houseware Fair, Hong Kong International Home Textiles Fair and Hong Kong Gifts and Premium Fair.

“The main component of the marketing strategy is participation through specialised trade shows held worldwide.