New Delhi: With a view to seek foreign investments, Finance Minister P Chidambaram will be visiting Dubai on Sunday to sell India's growth story to sovereign wealth funds. The Minister is scheduled to meet his counterpart in Dubai and also hold bilateral consultations with the SWFs (Sovereign Wealth Funds) in his day-long visit to the Gulf nation, an official source said.
The visit is part of Chidambaram's global tour to attract foreign investments. He has held similar investor meets in Hong Kong, Singapore, Europe (including Germany), Japan, Qatar, Canada and the US to attract foreign investment into India.
Chidambaram has been emphasising that India offers "unlimited" investment opportunities in the infrastructure sector and the country is looking at spending around $1 trillion over five years in areas such as roads, airports and seaports. During his latest tour, the Finance Minister had said he told investors and the government there that there is a huge opportunity in India, especially in infrastructure.
India is betting big on foreign resources to finance the Current Account Deficit (CAD), which had widened to record high of 6.7 per cent in October-December quarter of 2012-13. In his earlier meetings with the investor community, Chidambaram had expressed India's commitment to economic reforms....
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03:45 PM, May 25, 2013
Mumbai: Reserve Bank of India (RBI) Governor Duvvuri Subbarao went against the suggestion of a majority of external members of the central bank's monetary policy committee that recommended no change in the policy repo rate at a May 3 policy meeting, according to minutes of the meeting seen by Reuters. The RBI cut the key policy repo rate for a third straight time in 2013 to 7.25 per cent, pulling...
02:26 AM, May 24, 2013
The rupee recovered from a more than 8-month low hit earlier on Thursday, as exporters took advantage of a spike in the dollar to sell the greenback and on fears the central bank would intervene to stabilise the local currency. The rupee still posted a fifth day of falls to mark its longest losing streak in over three months as worries about a potential pullback in the US monetary stimulus...
06:39 PM, May 23, 2013
Mumbai: The BSE benchmark Sensex on Thursday lost 388 points to fall below 20,000 level on disappointing March quarter earnings from state-run lender State Bank of India, amid weak global trend after US Federal Reserve hinted at scaling down monetary stimulus. Extending losses for the fourth straight day, the 30-share index nosedived by 387.91 points, or 1.93 per cent, to close at 19,674.33, with all the sectoral indices, led by...
09:40 AM, May 23, 2013
Mumbai: Indian shares took a breather on Monday and closed marginally in red on profit booking after hitting fresh 2.5 year highs. Pharma companies dragged key equity benchmarks lower while major auto stocks ended in green. The Sensex closed at 20223.98, down 62 points or 0.31 per cent and the Nifty ended at 6156.90 down 30 points or 0.49 percent. About 1107 shares advanced, 1298 shares declined, and 141 shares...
09:30 AM, May 20, 2013
New Delhi: Investigation into whether US giant Walmart may have bribed Indian officials to gain wider access to the country's vast market has been closed due to lack of evidence, sources said on Sunday. Corporate Affairs Ministry has confirmed and said no evidence of lobbying was found. The one-man committee of Former Chief Justice of Punjab and Haryana High Court Mukul Mudgal probing the matter had submitted a report to...
05:59 PM, May 19, 2013
Bharuch: India would not have lost its sheen as a country of farmers if Sardar Vallabhbhai Patel had been the first Prime Minister, Gujarat Chief Minister Narendra Modi said on Saturday, ruing the "poor" national agricultural growth. "The nation is falling behind in agriculture. If 'Khedut Putra' (son of farmer), Sardar Patel had become the first Prime Minister, this would not have happened to our farmers... Somehow, we took the...
05:31 PM, May 18, 2013
Mumbai: Ratings agency Standard & Poor's affirmed India's sovereign rating at 'BBB-minus' with a 'negative' outlook, reiterating there was a one-in-three chances of a ratings downgrade over the next 12 months, a statement said on Friday. S&P said the government's ability to prop up investment growth remained uncertain. The ratings agency, however, said there was scope to upgrade the sovereign ratings if the government unleashes public and private investments to...
04:12 PM, May 17, 2013
London: Finance Minister P Chidambaram's reform push to revive Indian economy and restore investor confidence was on Thursday lauded by British Chancellor of the Exchequer George Osborne, who said he has done a great job. "When it comes to India, I think Mr Chidambaram has done a great job at telling and showing the world that India is open for business," Osborne told select Indian journalists after his meeting with...
02:20 AM, May 17, 2013
Mumbai: The BSE benchmark Sensex on Wednesday rose over 158 points in early trade on sustained buying by funds and retail investors, mainly in realty, banking, auto and metal sector stocks. Also, the wide-based National Stock Exchange index Nifty, regained the 6,000 points level by surging 41.10 points, or 0.69 per cent, to 6,036.50. Rising for the second straight session, the BSE's 30-share barometer rose by 158.19 points, or 0.80...
09:31 AM, May 15, 2013
New Delhi: Encouraged by the declining trend in inflation, the Finance Ministry on Tuesday made a case for further rate cut by the Reserve Bank to boost sagging growth. "I think we need to look at statement made by RBI Governor during the last policy review where he had stated that RBI is closely monitoring inflation figures and if there is dramatic change in inflation figures then RBI will take...
03:41 PM, May 14, 2013
New Delhi: The headline inflation dropped to its lowest since 2009 in the month of April at 4.89 per cent, a level seen comfortable for the RBI to persist with monetary easing to revive a flagging economy. April's reading is well below the 5.50 per cent estimated by analysts in a Reuters poll. The wholesale price index, India's main inflation measure, rose an annual 5.96 per cent in March. The...
12:21 PM, May 14, 2013
Mumbai: The rupee on Tuesday lost eight paise to 54.81 against the dollar in early trade on the Interbank Foreign Exchange market due to higher demand of the US currency from banks and importers. Forex dealers said dollar strengthening against other currencies in the global market also put pressure on the rupee. The domestic currency had closed higher by seven paise at 54.73 yesterday on fresh dollar selling by exporters...
09:49 AM, May 14, 2013
Mumbai: Major equity benchmarks consolidated in trade today and closed flat shrugging off 41-month low April WPI inflation number of 4.89 per cent, way below RBI's comfort zone. The Sensex closed at 19722.2 up 30.62 points and the Nifty ended at 5995.40, up 14.95 points. About 1162 shares advanced, 1206 shares declined and 146 shares were unchanged. Key gainers in the Nifty were Ranbaxy Labs, Bank of Baroda, Sun Pharma,...
09:40 AM, May 14, 2013
Mumbai: With gold imports putting pressure on the current account deficit, the Reserve Bank on Monday imposed restrictions on import of the yellow metal by banks. "To moderate the demand for gold for domestic use, it has been decided to restrict the import of gold on consignment basis by banks, only to meet the genuine needs of exporters of gold jewellery," the RBI said in a statement. As per a...
03:36 PM, May 13, 2013
New Delhi: Country's merchandise exports grew by 1.6 per cent to $24.16 billion in April this year, whereas imports increased by 10.9 per cent. Imports during the reported month stood at $41.95 billion. Exports in April 2012 stood at $23.7 billion, while imports were at $37.8 billion. Due to high imports, the trade deficit rose to $17.8 billion, Commerce Secretary SR Rao told reporters on Monday. Rao attributed the widening...
01:45 PM, May 13, 2013
New Delhi: After better than expected industrial production numbers, which came at 2.5 per cent for the month of March, inflation has also hit a 13-month low. Consumer Price Index for the month of April is at 9.39 per cent against 10.39 per cent in March. Rural inflation was also seen going down at 9.16 per cent as compared to 10.41 per cent in March. Food prices for consumers rose...
12:40 PM, May 13, 2013
Mumbai: The BSE benchmark Sensex on Saturday gained 40 points in a special two-hour trading session as investors indulged in selective buying of bluechip stocks tracking gains in healthcare and metal sector shares. The 30-share index, which had regained 20,000 level after over three months on Friday, added another 39.70, or 0.20 per cent to settle at 20,122.32. Similarly, the broad-based National Stock Exchange index Nifty rose by 12,50 points,...
12:20 PM, May 11, 2013
New Delhi: Industrial output growth surged 2.5 per cent in March compared to a contraction of 2.8 per cent in same month last year, government data showed on Friday. The figures are higher than the February data when it stood at 0.6 per cent. Industrial output grew at a meagre rate of one per cent in 2012-13 compared to 2.9 per cent in the previous fiscal. The industrial output, as...
11:06 AM, May 10, 2013
Mumbai: The BSE benchmark Sensex on Thursday retreated from over three-month high levels by losing 51 points on profit-booking in recent outperformers such as Reliance Industries, Sun Pharma and HDFC Bank ahead of key industrial production data release tomorrow. After gaining over 400 points in past three sessions, the Sensex on Thursday declined by 51.14 points, or 0.26 per cent, to close at 19,939.04. The gauge had hit the crucial...
09:08 AM, May 09, 2013
