Mumbai, July 27: A key index of the Indian equities markets managed to recoup most of its losses Monday to end trade 11 points lower than its previous close.
The 30-scrip benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened at 15,350.89 points, lost 11.49 points or 0.07 percent to close at 15,367.47 points (provisional).
The Nifty of the National Stock Exchange (NSE), however, closed 0.04 percent higher at 4,570.45 points.
New Delhi, July 26: In their constant pursuit of recovering dues from credit card customers, banks are empowering themselves with a tool that allows them to ask employers to deduct the outstanding amount from the salary.
Employees who may have defaulted on payment, however, cannot object to this deduction of dues at source, according to the new clause introduced in the ‘terms and conditions’ by the country’s largest private sector lender ICICI Bank and expected to be adopted by others as well.
Mumbai, July 26: With inflation at subzero level, the Reserve Bank is unlikely to effect any cut in key short- term lending and borrowing rates and cash reserve ratio in the quarterly review of the annual monetary policy on Tuesday.
Reserve Bank governor D Subbarao met prime minister Manmohan Singh and finance minister Pranab Mukherjee, as part of the pre-policy consultations, on Friday and bankers felt that any cut in key-rates at this juncture would serve no purpose as already there was surplus liquidity in the system.
New Delhi, July 26: After successfully launching world’s cheapest small car Nano on Indian roads, Tata Motors has now turned its attention to prepare for the global roll-out of the $2000 compact car. It is not only looking at markets like the U.S. and Europe, including Russia, but also banking on Latin America and South Asian nations to sell this fuel-efficient car.
New Delhi, July 26: India’s billionaire Ambani brothers are at loggerheads again — this time over a rich gas field — and the row has taken a political twist with the government intervening in the bitter dispute.
At stake is the price at which tycoon Mukesh Ambani’s Reliance Industries Ltd (RIL) will sell gas from an offshore block in the vast Krishna-Godavari basin to a company owned by his younger brother Anil Ambani.
Washington, July 26: During the era of recession, billionaire investor Warren Buffet will teach the kids how to deal in the financial world, in short- Finance.
He will take online classes and will tell about the ways on how to eliminate the junctures of debt and loans and also overcome them.
Toronto, July 26: Swedish telecom major Ericsson has bought Nortel’s wireless business for $1.13 billion.
In a statement Saturday after Friday’s court-monitored auction in New York, Ericsson said it has acquired Nortel’s CDMA and futuristic long term evolution (LTE) technology.
LTE will allow carriers to offer cell phones with advanced features such as online gaming and video streaming.
The transaction is subject to court and regulatory approvals.
The Swedish giant said the acquisition will expand its base in North America.
Mumbai: Cell phone manufacturing company Nokia India has shown discomfort with the VAT rate rise in the business industry.
The company’s officials have claimed that the climb of 8.5% in Vat rates have resulted in the decrease of sales of mobile handsets in Maharashtra as well as in the other parts of the country.
They added that due to this, the company saw unwanted increase in the prices of the handsets which prevented customers to buy their products.
New Delhi, July 26: Country’s biggest nationalized bank- State Bank of India have again reduced their deposit rates. Bank deposits (Fixed Deposit) of up to crore rupees have seen decline of quarter to fifty percent in the interest rates.
The Fixed Deposit interest rate for a period extending from six months to a year has shrunk from 6.25% to 6.0%.New rates apply from Monday onwards.
The SBI has conducted the quarterly review of the monetary before the slash of The RBI. Monetary review disparities are awaited.
—Agencies
Chennai, July 25: The country’s second largest car maker Hyundai Motor India will shift the production of its i20 model for exports from here to Europe some time next year, a top official said Saturday.
The company has been rolling out this model, for both domestic and overseas markets, from its Irungattukottai plant near here.
Hyundai has operations in the Czech Republic, Turkey and Slovakia, and the car could be manufactured in plants in any of these countries, company managing director H.S. Lheem told reporters at the plant.
Mumbai, July 25: The stock market entered into the 15k psychological zone after a gap of five weeks as the benchmark Sensex extended gains and ended at a six-week high of 15,378.96, boosted by distinct signs of economic recovery and flow of good quarterly earnings.
Revival of monsoon in the country and buoyant global cues also contributed to the upbeat mood.
In the week to July 25, the BSE 30-share barometer was strong in three days with a healthy correction during mid-week even as India Inc showed a significant growth in net profits.
Mumbai, July 25: The country’s largest private sector lender, ICICI Bank, on Saturday reported a 20.63 percent growth in standalone net profit at Rs 878.22 crore for the first quarter ended June 30.
The bank had a net profit of Rs 728.01 crore in the June quarter of last fiscal, the bank said in a filing to the National Stock Exchange.
Interest income during the quarter fell 9.61 percent to Rs 7,133.44 crore, from Rs 7,891.80 crore in the same period last fiscal.
New Delhi, July 25: Extending a helping hand to Air India, the government on Saturday asked the Finance Ministry to critically examine the “extent of assistance” to be given to the national carrier and the Petroleum Ministry to extend the credit limit initially for three months.
This was decided at a meeting of the high-level committee, headed by Cabinet Secretary K M Chandrasekhar, set up to monitor Air India’s cost cutting measures. The Committee met for the first time today and vetted the cash-strapped carrier’s plans to cut costs and generate revenue.
Mumbai, July 25: ICICI Bank, India’s No. 2 lender, on Saturday beat forecast with a 20.6 percent rise in net profit, helped by higher trading income that offset provisions for bad debts and slowing loan growth.
New York-listed ICICI said net profit rose to 8.78 billion rupees ($182 million) in its fiscal first quarter ending in June, from 7.28 billion rupees reported a year ago.
A Reuters poll of analysts had forecast net profit to rise to 7.7 billion rupees.
The bank said its total income in the June quarter fell to 92.23 billion rupees from 94.30 billion rupees a year ago.
New Delhi, July 25: Billionaire Bill Gates has urged India to move away from low-cost labour toward high-end research and development to keep its giant IT sector competitive.
On a visit to New Delhi, the co-founder of Microsoft Corp called on the Indian government to speed up its commitment to R&D and to boost low number of home-grown PhD students.
Gates told a panel discussion that India’s “IT success story” should strive to add value and move away from low-cost labour as other developing countries play catch-up.
New Delhi, July 24: As contingent measures to deal with the deficient rainfall, the Centre on Friday said it will stop all exports of non-Basmati rice and wheat, and bear half of the subsidy on diesel offered to farmers by the states.
These decisions were announced by Food and Agriculture Minister Sharad Pawar in the Rajya Sabha today, a day after Prime Minister Manmohan Singh and his cabinet colleagues were briefed on the monsoon situation and Kharif sowing.
New Delhi, July 24: India has retained its position as the highest recipient of global remittance flow at USD 52 million in 2008, the World Bank said in a report.
Other than India, China and Mexico, the top 10 recipients of remittances include the Philippines, Poland, Nigeria, Romania, Egypt, Bangladesh and Vietnam.
Remittance flow to South and East Asia has continued to post strong growth, largely on the fact that the gulf countries, a major destination for Asian migrants, have not significantly reduced hiring migrants.
New Delhi, July 24: A US Securities and Exchange Commission team is in India to probe the multi-crore rupee accounting fraud at NYSE-listed Satyam Computer and is taking the help of local agencies to this end.
“A Securities and Exchange Commission team is in India, meeting with a variety of officials including those from (Indian market regulator) Sebi, in connection with a high profile investigation,” a US embassy spokesperson said.
London, July 24: Global equity markets soared Friday, extending a blistering rally which has notched up peaks for the year around the world, as economic recovery hopes were sparked by positive US data and corporate results.
“The stellar run continues. A return of confidence has given the markets real impetus to push higher,” said senior sales manager Chris Hossain at ODL Securities in London.
Asian stocks advanced Friday, with Japan’s Nikkei index rising for an eighth straight day after Wall Street posted its best finish of the year, riding a wave of upbeat corporate earnings news.
New Delhi, July 24: Microsoft, the world’s largest software company, is keen to partner India in a project to issue Unique Identification to each citizen, its chairman Bill Gates said today.
“Microsoft wants to be part of the Unique Identification Authority of India (UIDAI) project,” he said here at a joint event with Nasscom.
Gates will meet UIDAI chairman Nandan M Nilekani, who was till recently co-chairman of the country’s second largest software exporter, to take the possible association forward.
Toronto, July 24: Sweden’s Ericsson has entered the bid to acquire the next-generation wireless business of Nortel.
Toronto-based Nortel, which is selling its various divisions as part of its liquidation plan, will auction its wireless business Friday in New York.
Till now, Nokia Siemens Networks and America’s MatlinPatterson Global Opportunities Partners were the two bidders, with Canada’s BlackBerry maker Research In Motion (RIM) shut out because of its refusal to sign non-disclosure agreements with Nortel.
Mumbai, July 24: Liquor major United Breweries’s net profit increased 54.09 percent to Rs.355.5 crore for the quarter ended June 30 from Rs.225.9 crore in the same period a year ago.
Total sales by the company stood at Rs.5,564.5 crore during the period under review, growing by 17.24 percent from the previous corresponding quarter’s figure of Rs.4,746.2 crore.
Interest charges paid went up in the first quarter to Rs.170.7 crore from Rs.127.1 crore.
Earnings per share stood at Rs.1.39 from Rs.0.87 in the corresponding previous period.
–IANS
New Delhi, July 24: Watch out! The next time you buy your baby a cough syrup or get yourself any medication, make sure to get a proper bill else you could fall prey to the multi-crore clandestine business of spurious, misbranded and adulterated drugs.
While the top players of the over Rs 85,000 crore pharmaceutical business are up in arms over what they call rampant spread of counterfeit drugs (allegedly 20 to 25 per cent of total pharma sales) in the country, enforcement agencies and some pharma associations say the situation is not that alarming.
Mumbai, July 24: A key index of the Indian equities markets opened stronger Friday, moving up 126 points from its last closing figure about five minutes into trading.
The 30-scrip index of the Bombay Stock Exchange (BSE), the Sensex, which opened higher at 15,272.01 points, was at 15,357.83 — 126.79 points or 0.83 percent higher than Thursday’s closing figure.
Around the same time, the S&P CNX Nifty of the National Stock Exchange (NSE) too was ruling in the green at 4,555.95 points, up 0.71 percent.
New Delhi, July 24: Maruti Suzuki India, the country’s largest car maker, sold 10% more cars in the domestic market in the June quarter despite the overall car market remaining flat.
The company attributes its success to customer’s preference for higher-end models and diesel cars despite lower average discounts, and improved sales in rural markets.