Economy

  • 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...
  • Sensex closes at 20,272.91, up 23.65 points October 10, 2013

    Mumbai: The BSE Sensex rose on Thursday to its highest close in nearly three weeks, as Tata Motors surged to a record high on unit Jaguar Land Rover's sales while Infosys also edged up ahead of its July-September results on Friday. Tata Motors Ltd provisionally rose 5.6 per cent after...
  • Rupee down, opens at 62.14 vs $ against Wednesday's close of 61.93 October 10, 2013

    Mumbai: Rupee on Thursday opened lower at 62.14 vs US dollar against Wednesday's close of 61.93. The rupee on Wednesday had depreciated by 14 paise to close at 61.93 against the dollar, partially erasing early losses after government data showed India's trade deficit narrowed to a 30-month low. The rupee...
  • Increasing diesel prices one way to control fiscal deficit: Rajan October 8, 2013

    In a no-holds-barred interview, which is also the first since he assumed office as governor of Reserve Bank of India, Raghuram Rajan spoke about subjects ranging from inflation to rupee to credit growth to foreign investments to the contentious Diwali Bonanza scheme of the government. He dismissed metaphors such as...
  • Analysts welcome RBI moves;see another repo hike on Oct 29 October 8, 2013

    Mumbai: Welcoming RBI'[s liquidity infusing moves wherein it cut MSF by 0.50 per cent and introduced a term repo window, analysts on Tuesday said this in no way reflects a shift in the stance and the market must expect a repo rate hike at the next policy review later this...
  • Sensex snaps 3-day winning run, down nearly 21 points October 7, 2013

    Mumbai: After falling over 260 points in early trade, the Sensex on Monday managed to recoup most of its losses to end with just a 21-point loss amid buying in IT, metal and healthcare stocks ahead of the earnings season. Reacting to fears that the ongoing budget impasse would hit the...
  • Rupee closes at 61.79 versus US dollar October 7, 2013

    Mumbai: Rupee on Monday closed at 61.79 versus the US dollar, down 35 paise or 0.57 per cent. Rupee on Monday opened at 61.55 vs US dollar against Friday's close of 61.44. The dollar had continued to trade above 80 levels after it rose for the first time in six sessions...
  • US shutdown: How it will affect India October 5, 2013

    The Democrats and Republicans failing to agree on President Barack Obama's signature healthcare law left thousands of federal workers on furlough and museums and national parks across the country closed. The political impasse entered its fifth day on Saturday raking up concerns regarding the impact of the shutdown around the world....
  • Retail loans for festive season to be announced soon: Rajan October 5, 2013

    Raipur: Reserve Bank of India (RBI) governor, Raghuram Rajan, said the government was in talks with the bank to decide the contours of a package for retail investors for the festive season, which would be announced soon. Rajan was speaking in Raipur after the RBI's board meeting on Friday. Indian banks will...
  • US debt crisis threatens world economy: IMF October 4, 2013

    Washington: Terming the current debt crisis in America as "mission-critical", the International Monetary Fund has warned the US that its impending debt crisis could damage not only its domestic economy, but the entire global economy. "The ongoing political uncertainty over the budget and the debt ceiling does not help. The government...