Economy

  • Rupee logs best gain in a month, recovers 27 paise vs US Dollar to 61.22 August 7, 2014

    Mumbai: Rebounding from fivemonth lows, the rupee on Thursday bounced back by 27 paise its best gain since July to end at 61.22 against the greenback following suspected RBI intervention and dollar selling by exporters. At the Interbank Foreign Exchange (Forex) market, the local unit resumed strong at 61.37...
  • Nifty ends below 7650; IT drags August 7, 2014

    Mumbai: The market fell marginally on Thursday, continuing southward journey for the second consecutive session amid weak global cues and consolidation. The Sensex declined 76.26 points to 25589.01 and the Nifty slipped 22.80 points to 7649.25 weighed down by technology stocks. The broader markets too were under pressure with the BSE...
  • Sanctions putting enormous pressure on Russian economy: Barack Obama August 7, 2014

    Washington:US President Barack Obama has said the tough sanctions imposed on Russia by his administration and the European Union are putting enormous pressure and strain on Russian economy. "Sanctions are working as intended in putting enormous pressure and strain on the Russian economy," Obama said on Tuesday. "That's not my estimation, if...
  • India's manufacturing, services growth outpaced China in July: HSBC August 6, 2014

    New Delhi: Manufacturing and services sectors in India expanded at a faster pace than China in July, even as emerging market output registered a slower pace of growth, HSBC said on Wednesday. The HSBC Emerging Markets Index (EMI), a monthly indicator derived from Purchasing Managers' Index surveys, stood at 51.7 in...
  • Gold gains Rs 110 on festive season demand, global cues August 6, 2014

    New Delhi: Gold prices jumped by Rs 110 to Rs 28,500 per 10 grams in the national capital on Wednesday on festive season demand and positive global cues. Besides, depreciating rupee which fell to almost fivemonth low of Rs 61.41 (intraday) against the US dollar, making imports costlier, influenced gold prices. However, silver...
  • India no longer a problem economy: Raghuram Rajan August 5, 2014

    Mumbai: Reserve Bank Governor Raghuram Rajan on Tuesday said India has emerged from the perception of being in crisis and has placed itself as a better place to remain invested. "I keep telling the international fora that India is not a problem any more. I think there was a perception problem...
  • Rupee jumps most in 3 weeks to end at 60.93 vs dollar, up 25 paise August 4, 2014

    Mumbai: Recovering from fourmonth lows, the Indian rupee on Monday rose 25 paise in its biggest gain in three weeks to end at 60.93 against the greenback as shares soared ahead of the RBI policy meet and exporters offloaded dollars. At the Interbank Foreign Exchange (Forex) market, the domestic unit started...
  • Sensex jumps over 200 points, tech shares up August 4, 2014

    Mumbai: The BSE Sensex jumps over 200 points and the Nifty is trading 1 per cent higher, heading for their first winning session in three. Technology stocks lead on weaker rupee Infosys Ltd surges 3.7 per cent. Lenders gain ahead of the RBI's policy review, due on Tuesday. State Bank of...
  • Rupee rises 7 paise Vs US dollar to end at over 2week high of 60.06 July 30, 2014

    Mumbai: In line with the recovery in local equities, the Indian rupee on Wednesday washed out early losses and closed up by seven paise at over twoweek high of 60.06 against the greenback. Fresh dollar selling by exporters too aided the rupee rise while a firm dollar overseas capped the...
  • Rupee slips by 3 paise to nearly 1week low of 60.13 vs dollar July 28, 2014

    Mumbai: The rupee on Monday ended lower by 3 paise to end at nearly a oneweek low of 60.13 against the American currency on monthend dollar demand from importers and banks. The rupee resumed lower at 60.12 per dollar as against the last weekend's level of 60.10 per dollar at the...
  • Modi government should be given more time to tackle India's economy: Manmohan Singh July 28, 2014

    New Delhi: Former prime minister Manmohan Singh on Sunday said that the new government should be given more time to tackle the economic situation of the country. "We should give more time to the new government," he said. He, however, refused to be drawn into controversy triggered by former Supreme...
  • Arun Jaitley to address RBI board on August 9 July 27, 2014

    New Delhi: Finance Minister Arun Jaitley will address the board of the Reserve Bank in the national capital on August 9 amid expectations that the central bank will complement government actions by reducing rates to boost growth. "The meeting has been scheduled for August 9 where he would be addressing...
  • Postelection activity in India to pick up gradually, says IMF July 25, 2014

    Washington: Stating that growth appears to have bottomed out in India, International Monetary Fund (IMF) on Friday said activity is projected to pick up gradually after the postelection recovery in business sentiment, neutralising the effect of weak monsoon on agriculture. "In India, growth appears to have bottomed out, and activity is...
  • Nifty falls on profittaking after third straight record high July 25, 2014

    Mumbai: The Nifty fell on Friday after hitting a record high for a third straight day as investors took profits in bluechips such as ICICI Bank, while software stocks declined after Wipro's US dollar revenue growth lagged rivals. ICICI Bank provisionally fell 1.8 per cent while Wipro slumped 4.4 per cent. The...
  • India blocks WTO deal on customs rules as deadline nears July 25, 2014

    Geneva: India blocked an agreement on new global customs rules on Thursday, angering fellow members of the World Trade Organization who say Delhi's veto could be costly, economically and politically. At a meeting in Geneva, diplomats from the 160 WTO member countries were supposed to rubber stamp a deal on "trade...
  • India likely to grow at 6 per cent in 201415: Harvard professor July 23, 2014

    New Delhi: The Indian economy is likely to grow at six per cent in 201415 and if the new government delivers on its promise of good governance, reversion to a growth rate of around 78 per cent can occur in coming years, Harvard University professor Gita Gopinath said. "Let's just say...
  • Rupee rises 15 paise to end at over oneweek high of 60.09 against US dollar July 23, 2014

    Mumbai: Rupee rose 15 paise to end at over oneweek high of 60.09 against US dollar on Wednesday. Extending its rising streak for the second straight session, the rupee strengthened by 12 paise to trade at 60.12 against the US dollar in early trade on Wednesday on sustained foreign capital...
  • Higher weight of food items causing high retail inflation: Government July 20, 2014

    New Delhi: A higher weight of food items in the consumer price index has kept retail inflation at elevated levels in the country, according to official data. The high inflation in India owes to "higher weight for the food basket (about 50 per cent)" as against 14 per cent and 32...
  • More steps will be taken to sustain economic recovery: Arun Jaitley July 18, 2014

    New Delhi: Government on Friday blamed the "policy paralysis" and retro tax amendment of the previous UPA regime for the current economic woes and promised to take a series of steps besides the Budgetary provisions for sustainable growth amid indications of some recovery. Finance Minister Arun Jaitley spelt out his intentions...
  • GDP growth to improve this fiscal, says Arun Jaitley July 18, 2014

    New Delhi: India's economic growth is expected to improve during the current fiscal from 4.7 per cent in 201314, helped by a revival in industrial growth, improved fiscal health and external economic situation, Parliament was informed on Friday. The Economic Survey 201314 tabled in the Lok Sabha early this month had...
  • Rupee slips to oneweek low of 60.18 vs US dollar July 17, 2014

    Mumbai: The rupee on Thursday declined six paise to end at oneweek low of 60.18 against the Greenback following demand for dollars in view of defencerelated payments and importers. However, a positive closing in local equities, capital inflows and a weak dollar overseas helped cap the fall to some extent, a...
  • Sensex closes at over 1week high; Hindalco logs best gain July 17, 2014

    Mumbai: Rising for the third session, the benchmark Sensex on Thursday edged higher to end at over oneweek closing peak of 25,561.16 supported by gains in shares from metal and power sectors. After rising nearly 64 points, the BSE barometer pared gains amid profitbooking in realty, oil & gas and...
  • June trade deficit touches 11month high at $11.76 billion July 16, 2014

    New Delhi: The June trade deficit touched 11month high to $ 11.76 billion against $ 11.23 billion (MoM) and $ 11.28 billion (YoY). Though the imports dipped slightly to $ 38.24 billion against $ 39.23 billion on a month on month basis, it grew 8.3 per cent on a year...
  • Rupee ends flat at 60.12 vs US dollar July 16, 2014

    Mumbai: After a twoday slide, the rupee on Wednesday ended flat at 60.12 against the US dollar on alternate bouts of demand and supply. The Indian rupee commenced weak at 60.23 a dollar from last close of 60.12 at the Interbank Foreign Exchange (Forex) market and declined further to a...
  • Retail inflation falls to 30month low of 7.31 per cent in June July 14, 2014

    New Delhi: Retail inflation fell to 30month low of 7.31 per cent in June, mainly on account of lower prices of food items, including vegetables, cereals and meat. The retail inflation, measured on consumer price index (CPI), was 8.28 per cent in May. Its lowest was 7.65 per cent in January,...
  • More tax concessions when economy improves: Finance Minister July 12, 2014

    New Delhi: Finance Minister Arun Jaitley on Saturday promised more concessions in income tax when the economy improves. "We do not want a high taxation regime. It was because of the high taxation regime of the previous government that inflation rose." "I think there was never a Union Budget since 1947, which...
  • Budget 2014: Economic growth targeted, says Adi Godrej July 11, 2014

    Reacting to the Narendra Modi government's first budget, Godrej group chairman Adi Godrej said, "I think the middle class has been catered to very strongly in this budget. Not that the other consumers in India have been totally left out but it is certainly the budget which has been particularly...
  • IIP signals economy on revival path, Budget 2014 to help: India Inc July 11, 2014

    New Delhi: India Inc on Friday said the sharp rise in industrial output in May is a sign the economy is on the road to recovery and expects the rebound to sustain on the back of policy measures unveiled in the maiden budget of the Narendra Modiled government. "Rise in...
  • Poor monsoon in India threatens first drought in five years July 11, 2014

    New Delhi: Weak rainfall in India since June when the monsoon season starts, crucial to the country's agricultural earnings, has raised concerns of a first drought in five years, although weather experts are hopeful rains will revive in the next week. A poor monsoon cuts exports, stokes food inflation and leads...
  • Rupee rebounds 26 paise vs US dollar to 59.93; logs 1st weekly drop in 3 weeks July 11, 2014

    Mumbai: The rupee on Friday bounced back by 26 paise to end at 59.93 versus dollar as exporters and some banks sold the greenback, but steep losses in previous sessions forced the local currency to log its first weekly drop in three. After ending at 59.72 last Friday, the rupee depreciated...