Depreciating rupee to push up prices of goods

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New Delhi: Falling value of rupee is likely to further push up prices of manufactured goods and other commodities, adding to the woes of common man reeling under double-digit retail inflation, say experts.

"There will be an impact on inflation...five per cent depreciation in the rupee will fuel local inflation by 15-20 basis points," Abheek Barua, chief economist, HDFC Bank said.

Depreciating rupee matter of great concern: Pranab Mukherjee

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Finance Minister Pranab Mukherjee said on Saturday that India was watching the euro crisis very closely.

Falling rupee a concern: Pranab Mukherjee

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Kolkata: Finance Minister Pranab Mukherjee on Sunday said the steep fall in the rupee was a matter of great concern and the Centre was trying to resolve the situation.

"It is a matter of great concern. We are watching the situation. The Centre is not (sitting) idle. We are trying to resolve (the issue)," Mukherjee said.

Achieving 7.5 pc growth in 2012-13 tough task: Montek

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New York: Falling rupee and high inflation would make it difficult for India to achieve 7.5 per cent economic growth during the current financial year, Planning Commission Deputy Chairman Montek Singh Ahluwalia has said.

"The Finance Ministry has said they are hoping for a 7.5 per cent growth this year. That is going to be tough but not impossible," Ahluwalia said.

All options considered to check rupee slide: RBI

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Kolkata: As rupee continued its downward slide, RBI deputy governor Subir Gokarn on Friday said all options are considered to check its fall.

The steps taken by RBI "has so far contributed to stability and curbing volatility is the main aim", he said. "All options are considered, all options have some pros and cons, RBI would not be doing things which could be 'costly and destabilise' at some point", Gokarn told reporters to a query on the steep fall of the rupee in recent times.

SpiceJet snatches No 3 slot from Air India

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Mumbai: Despite a marginal improvement in the seat factor, national carrier Air India (AI) has lost its market share in April, helping low-cost airline SpiceJet to become the third-largest airline in the month with a market share of 17.7 per cent, according to the latest data from the sectoral regulator DGCA.

The fall in the market share of AI is significant as the national carrier has seen an improvement in its seat factor from 68.9 to 70.5 per cent in the reporting month.

Aditya Birla to buy stake in Living Media India

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Mumbai: Aditya Birla Group on Friday said it will buy 27.5 per cent stake in the holding firm of the India Today Group, Living Media India Ltd for an undisclosed amount. The investment will be made by Aditya Birla Group's private investment company, Aditya Birla Group said in a statement.

Commenting on the development, Aditya Birla Group Chairman Kumar Mangalam Birla said, the media sector was a sunrise sector from an investment point of view.

India can grow 8-9 pc for 20 yrs: Montek Ahluwalia

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New York: India can grow at between 8 or 9 per cent for the next 20 years with a supportive global environment, its Planning Commission's Deputy Chairman Montek Singh Ahluwalia has said.

"In the five years prior to the crisis, the Indian economy grew at an average rate of 9 per cent. Following the crisis, it slowed down to an average of just over percent," Ahluwalia said on Thursday during a UN General Assembly debate on "State of the World Economy and Finance in 2012".

Kingfisher Airlines owes Rs 269 cr income tax: Govt

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New Delhi: Vijay Mallya-promoted Kingfisher Airlines owes Rs 269.06 crore income tax and I-T Department has initiated penalty and prosecution proceedings against the private carrier, Government informed the Lok Sabha on Friday.

Kingfisher Airlines was found to have deducted tax at source (TDS) on salary payments but had not deposited it in Government account, Minister of State for Finance SS Palanimanickam said in a written reply.

SBI reports net profit of Rs 4,050 crore in Q4

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Mumbai: India's largest lender State Bank of India (SBI) on Friday reported a forecast beating net profit of Rs 4,050 crore for the fourth quarter (Jan-March) of FY12 as against Rs 21 crore a year ago, aided by higher interest income and lower provisioning for non-performing loans. Analysts on an average had expected profit at Rs 3,580 crore.

However, the exponential year-on-year jump in its net profit is not comparable. In Q4, FY11, the lower net profit was on account of higher provisions for loans and gratuity payments. It was the first quarter for the bank's existing chairman Pratip Chaudhuri, who had succeeded O P Bhat.