Economy

  • Rupee falls most in a week, closes at 62.93 per dollar November 21, 2013

    The rupee faltered for a second consecutive day on Thursday to its lowest against the dollar in a week after Federal Reserve minutes hinted at stimulus tapering, sparking concerns about a renewed period of volatility in the currency. Data showing foreign institutional investors (FIIs) have slowed their purchases in domestic shares...
  • PSUs need more autonomy, freedom from bureaucratic control:PM November 21, 2013

    New Delhi: Pitching for public sector enterprises being made more competitive, Prime Minister Manmohan Singh on Thursday said the state-run companies need to be given greater functional autonomy, be freed from bureaucratic control and not shielded from private sector competition. "Going forward, our governments will have to increasingly adopt competition-neutral policies....
  • India a safe investment destination: FM to Indian diaspora November 21, 2013

    Singapore: Finance Minister P Chidambaram on Thursday assured the Indian diaspora community that their home country was a safe investment destination. He also assured stability of Indian rupee, saying it better reflected the true value after the RBI took urgent steps for managing the currency volatility. "We believe that the exchange...
  • Rupee opens weak at 62.90 vs $ against Wednesday's close of 62.58 November 21, 2013

    Mumbai: The Indian rupee slipped 32 paise in the early trade at 62.90 per dollar versus 62.58 Wednesday. Himanshu Arora, Religare said, "Dollar-rupee pair is expected to trade higher in Thursday's session amid weakness in equities and fresh month-end dollar demand from oil companies." "Further expectations of tapering by Fed...
  • India approves 20 FDI proposals worth $146 million November 20, 2013

    The Foreign Investment Promotion Board has approved 20 foreign direct investment proposals worth 9.16 billion rupees, a finance ministry statement said on Tuesday. The board also recommended private sector Federal Bank's foreign investment plan amounting to 14 billion rupees to the cabinet panel, the statement said. ...
  • Sensex rises 40 points to end at two-week high November 19, 2013

    Mumbai: In choppy trade, the benchmark Sensex on Tuesday climbed for the third straight day and ended 40.08 points higher at a nearly two-week high buoyed by gains in Infosys, SBI and Maruti Suzuki shares, amid sustained strength in the rupee against US dollar. After gaining 656 points in previous...
  • Rupee up 31 paise vs US dollar in early trade November 19, 2013

    Mumbai: Rising for the fourth straight day, the rupee gained 31 paise to 62.10 against the dollar in early trade on Tuesday at the Interbank Foreign Exchange market on increased selling of the US currency by exporters. Strengthening of euro and yen against the dollar in overseas market and a higher...
  • Rupee up, opens at 62.85 vs $ against Thursday's close of 63.11 November 18, 2013

    Mumbai: The rupee breached the 63-mark in early trade on Monday to open at 62.85 per dollar, up 26 paise from Thursday's closing of 63.11 per dollar. The rupee rose on Thursday after suspected RBI intervention to prop up a currency wounded after data showing accelerating inflation threatened to further undermine...
  • Economy to grow distinctly better in second half, says C Rangarajan November 13, 2013

    India will see "distinctly better" economic growth in the second half of the current fiscal on improvement in manufacturing and good monsoon this season, PMEAC Chairman C Rangarajan said on Wednesday while attending a seminar organised by CII on Financial Inclusion for Reviving Growth. "I think it (growth) will happen. For the...
  • Sri Lanka a classic model of wealth creation, says Rajapaksa November 12, 2013

    Highlighting the unprecedented economic revival in Sri Lanka, President Mahinda Rajapaksa on Tuesday cited the country as a "classic" example that has relied on a sustainable model of wealth creation. Addressing the Commonwealth Business Forum, one of the three side events leading upto the CHOGM summit later this week, Rajapaksa said...
  • PepsiCo to invest Rs 33,000 crore in India by 2020 November 12, 2013

    PepsiCo Inc, $65 billion US-based beverages and snacks major, has announced on Monday that it has earmarked Rs 33,000 crore for investments in India by 2020. The decision comes as a surprise as the Indian economy has slowed to a decade-low of 5 per cent growth in fiscal...
  • Core infrastructure growth jumps to 8 per cent in September October 31, 2013

    Eight core infrastructure sectors that include power, coal, steel and cement, posted an impressive 8 percent growth in September, government data showed on Thursday. Electricity generation that has 10.32 percent weight in the Index of Industrial Production (IIP) registered a growth of 12.6 percent during the month under review, data released...
  • Sensex ends 113 points down, FMCG stocks fall October 28, 2013

    Mumbai: A benchmark index of Indian equities markets ended on Monday's trade 113 points down, as fast moving consumer goods (FMCG), bank and metal stocks fell. The 30-scrip sensitive index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 20,696.51 points, closed at 20,570.28 points (provisional), down 113.24 points...
  • Rupee up 6 paise vs dollar in early trade October 28, 2013

    Mumbai: The rupee on Monday gained 6 paise to 61.40 against the dollar in early trade at the Interbank Foreign Exchange market on increased selling of the US currency by exporters. Forex dealers said strengthening of the euro against the dollar in overseas market on expectations that the US Federal Reserve...
  • Sensex slips 97 pts to 1-week low on profit-booking in bluechips October 23, 2013

    Mumbai: Falling for the second day, the benchmark Sensex Wednesday slid by another 97 points to its lowest level in nearly a week on persistent selling in blue-chips and declines in global stock markets after weak US jobs data. After losing 29 points on Tuesday, the BSE Sensex resumed higher at...
  • Rupee falls, closes at Rs 61.65 vs US dollar October 22, 2013

    Monday: The rupee fell to a near one-week low on Tuesday, extending losses for a third session, on month-end dollar demand from importers amid cautious trading ahead of US nonfarm payroll data. The rupee had opened at 61.77 against US dollar, down 25 paise. It fell on Monday amid volatility...
  • Sensex closes at 20893.89, up by 11 points October 21, 2013

    Mumbai: BSE Sensex on Monday closed at 20893.89, up by 11 points. Nifty closed at 6204.95, up by 15.60 points. The rupee fell 26 paise to 61.53 against the US currency in the late morning trade on sustained dollar demand from importers and banks amid volatility in equity markets. The rupee...
  • China GDP grows 7.8 per cent in third quarter; outlook murky October 18, 2013

    Beijing: China's economy grew 7.8 per cent in the third quarter, its fastest pace this year and in line with expectations, as firmer foreign and domestic demand lifted factory production and retail sales. Yet any optimism from the government figures released on Friday could fade quickly as global demand remains volatile,...
  • Sensex up 467 points, ends near three-year high October 18, 2013

    Mumbai: The BSE Sensex surged 467 points and the Nifty gained 143.5 points on Friday, marking their highest close in nearly three years as banks rose on value-buying while blue chips gained as foreign investors extended their buying streak to a 10th consecutive session. The Sensex rose to its highest since...
  • Rupee trims most losses; RBI assurance on fx window for oil firms aids October 18, 2013

    Mumbai: The rupee fell on Friday in a manic session after the Reserve Bank of India's reassurance that it was not yet closing a special dollar swap window for oil firms helped the currency recover from session lows. The rupee had started the morning session by rising to a more than...
  • Sensex ends 132 points down; IT & infra fall, oil & gas gains October 17, 2013

    Mumbai: The benchmark Sensex fell 132 points, the most this month, dragged down by IT stocks as investors shrugged off a deal reached by US lawmakers to end the government shutdown and increase the debt ceiling. Optimism generated after the US averted the debt crisis for a few months was tempered...
  • Rupee snaps two-day fall after US debt deal October 17, 2013

    Mumbai: The rupee rose on Thursday, snapping two days of falls, tracking gains in riskier emerging market assets after the US Congress struck a deal to avert a debt default, although falling domestic shares capped further gains. The deal failed to buoy the dollar, which fell against a basket of currencies...
  • Household budgets hit again, food inflation at a 3-year high October 16, 2013

    The festive season is not bringing as much joy to people as prices of food commodities have pushed food inflation to a 3-year high of 18 per cent in August. ...
  • World Bank slashes India growth forecast to 4.7 pc in 2013/14 October 16, 2013

    New Delhi: The World Bank sharply lowered its forecast for India's economic growth to 4.7 percent from 6.1 percent for the current fiscal year, citing a sharp slowdown in manufacturing and investment as well as negative business confidence. In a report released on Wednesday, the bank said 'high headline inflation, an...
  • US: House GOP leaders unveil bill to counter senate debt plan October 15, 2013

    Washington: The House Grand Old Party (GOP) leaders unveiled their own plan on Tuesday to counter an emerging Senate deal to reopen the government and forestall an economy-rattling default on US obligations. Top Republicans unveiled a plan that would suspend a new tax on medical devices for two years and take...
  • Sensex closes at 20,547.62, down 59.92 points October 15, 2013

    Mumbai: The market snapped five-day winning streak on Tuesday with the Nifty closing below the 6100-level on profit booking in financials. Investors seemed to have turned cautious ahead of October 17 deadline for US debt ceiling. The Sensex was down 59.92 points to 20547.62, and the Nifty lost 31.20...
  • Rupee depreciates further by 28 paise to 61.83 against dollar October 15, 2013

    Mumbai: The rupee fell for the second day and depreciated by 28 paise on Tuesday to 61.83 against the dollar which strengthened on expectations US lawmakers would reach a deal to end the debt ceiling impasse. The dollar was up 0.40 per cent against six major global rivals. The local currency...
  • Wholesale, retail inflation up in September; rate cut hope fades October 14, 2013

    Indicating worsening of the price situation, inflation - wholesale as well as retail - went up in September because of costlier food items, especially onion and vegetables, dimming the prospects of rate cut by RBI later this month to boost the sagging economy. While the Wholesale Price Index (WPI) based inflation...
  • CPI inflation quickens to 9.84 per cent in September: Govt October 14, 2013

    The annual consumer price inflation quickened more than expected to 9.84 percent in September from 9.52 percent in August, government data showed on Monday. A poll published last week had forecast consumer inflation accelerating to 9.60 percent in September. Food prices for consumers last month rose 11.44 percent from a year earlier,...
  • Rupee down, opens at 61.22 vs $ against Friday's close of 61.07 October 14, 2013

    Mumbai: The rupee on Monday opened lower at 61.22 vs US dollar against Friday's close of 61.07. Rupee had gained for 32 paise to close at a fresh two-month high of 61.07 against the dollar on Friday amid a rise in local equities and sustained capital inflows. A weak dollar overseas...