Fairfax Financial buys Thomas Cook India stake

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Canada's Fairfax Financial Holdings Ltd will buy Thomas Cook Group Plc's 77 per cent stake in its India operations for about $150 million, as the UK holiday firm continues to pay down its debt.

Property and casualty insurer Fairfax's unit Fairbridge Capital will pay 50 rupees per share of Thomas Cook (India) Ltd for a total of 8,174 million rupees.

RBI says more steps to arrest rupee fall

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Mumbai: Amid rupee breaching the 55 levels spelling more troubles for Indian economy, RBI Deputy Governor Subir Gokarn on Monday said the central bank will continue to take steps to stabilise the domestic currency.

"There is very strong pressure on the rupee to depreciate ... we have done a number of things and will continue to do things that we think have an impact of stabilising the rupee," Gokarn said while speaking on the sidelines of an event on Monday evening.

KFA yet to pay up Rs 54 cr service tax: CBEC

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New Delhi: Cash-strapped Kingfisher Airlines has paid Rs 15 crore as service tax dues in April this year but is still to pay up Rs 54 crore arrear, Central Board of Excise and Customs (CBEC) Chairman SK Goel said on Monday.

"They (Kingfisher Airlines) are paying their monthly dues every month. They are also paying their arrears. Last month, they paid about Rs 15 crore...Rs 54 crore total arrears left," Goel said.

Rupee falls to 55 vs dollar, hits new life-time low

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The rupee on Monday tumbled to an all-time low of 55.03 a dollar due to increased demand for the American currency from banks and importers.

India's policy decisions dampen investment climate: US

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Chennai: The US on Sunday said several recent policy decisions by India were discriminatory to foreign companies and have "dampened sentiment" about its investment climate.

"The adoption of manufacturing policies discriminatory to foreign companies and the inclusion of retroactive tax provisions in the Finance Bill are two examples," US Ambassador to India Nancy J Powell said.

Rupee at new low, breaches 55 vs US dollar

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Mumbai: The rupee on Monday tumbled to an all-time low of 55.03 a dollar due to increased demand for the American currency from banks and importers.

The local unit resumed lower at 54.70 a dollar at the Interbank Foreign Exchange (Forex) Market and plunged to a new all-time low of 55.03 against the US dollar.

Morgan Stanley cuts India growth forecasts

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Morgan Stanley has cut India's 2012 economic growth forecast to 6.3 per cent from prior 6.9 per cent; 2013 forecast to 6.8 per cent from 7.5 per cent.

On a financial year basis, Morgan Stanley expects FY13 growth at 6.3 per cent and FY14 growth at 6.9 per cent.

Rupee off record lows on G8 statement

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Mumbai: The rupee was broadly flat against the dollar on Monday tracking a mild recovery in risk assets after G8 leaders over the weekend backed keeping Greece in the euro zone and vowed to take all steps needed to combat financial turmoil.

The rupee was last trading at 54.42/45, unchanged against its Friday close of 54.42/44.

Sensex ends 31 points up; rupee near record low

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Mumbai: The BSE Sensex and NSE Nifty closed flat on Monday after shedding all gains in late trade due to sharp fall in rupee and erasing somewhat gains by European markets. SBI, Reliance Industries, L&T and ICICI Bank helped market closed marginally higher while the fall in ITC, Infosys, HDFC Bank and ONGC limited the upside.

The BSE benchmark shed more than 100 points from day's high of 16,298, before closing at 16,183.26, up 30.51 points or 0.19 per cent over previous close. The NSE benchmark managed to close above the 4900 level; it gained 14.60 points at 4,906.05.

Ajit Singh to meet leaders of 13 Air India unions

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New Delhi: Civil Aviation Minister Ajit Singh on Monday is scheduled to hold talks with all recognised Air India unions as the pilots' strike enters day 14. The Indian Pilots guild is not a part of the 13 unions invited for the talks, as it was derecognised. The government's appeal to the pilots to resume work went unheeded.

"It is more for familiarisation to get to know them. Unions have a very important role to play not only about their demands but they should also look at the whole picture and health of their organisation," Singh said.