Economy

Sensex opens lower, rupee hits six-month low

Mumbai: The market has opened on a soft note following negative global cues. US markets ended lower on Wednesday after a volatile trading session after Fed chairman raised the possibility that it could at least slow its bond purchases and European markets ended higher. Back home, at 9:15 am IST, the Sensex is down 97.99 points at 19964.25, and the Nifty down 38.50 points at 6056.00. About 82 shares have advanced, 194 shares declined, and 25 shares are unchanged.

HDFC, TCS, Infosys, ONGC and Dr Reddys Labs were major gainers in the Sensex. Meanewhile, Bharti Airtel, Larsen, BHEL, M&M and Sterlite Industries were early losers.

The rupee slipped further on Thursday hitting fresh six months low. The rupee opened at 55.84 per dollar versus 55.47 from its previous close.

The State Bank of India (SBI) is likely to report 12 per cent year-on-year fall in its fourth quarter (January March, FY13) net profit to Rs 3,568 crore on higher provisions against restructured loans and wage revisions. Net interest income or the difference between interest earned and paid out, is expected to fall marginally 2 per cent y-o-y to Rs 11,510 crore, according to analysts estimate by CNBC TV18. ...more    

China, Pak ink economic corridor, boundary management accords

Islamabad: Pakistan and China On Wednesday inked several agreements and memoranda of understanding, including a pact on a system to manage the border between Xinjiang autonomous region and Gilgit-Baltistan area. President Asif Ali Zardari and visiting Chinese Premier Li Keqiang witnessed the signing of the agreements by representatives of the two countries during a ceremony at the presidency. Others agreements covered an economic corridor plan, maritime cooperation and satellite navigation....  

Sensex ends lower; pharma stocks take a hit

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...  

Walmart lobbying case 'closed' due to lack of evidence: Sources

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...  

Mamata regime's 2 years a directionless sojourn: Congress

Kolkata: Bringing out an assessment report of West Bengal's Trinamool Congress government, two days before it completes two years in office, the Congress on Saturday alleged that the regime was moving in a negative direction and was clueless about the course it wanted the state's economy to take. "We do not expect that within two years, they will be able to change the face of the state but the direction...  

India losing sheen as an agricultural nation: Modi

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...  

India, Japan to strengthen investment, trade ties

Tokyo: India and Japan on Friday agreed to further strengthen investment and trade ties by ensuring faster implementation of ongoing projects. Both the countries have agreed to support planned initiatives and projects in this year designed for strengthening business partnership to be organized by Japan External Trade Organization (JETRO) and New Energy and Industrial Technology Development Organization (NEDO), a joint statement by Indian Commerce and Industry Minister Anand Sharma and...  

S&P affirms negative outlook on India

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...  

Osborne praises Chidambaram's efforts to revive economy

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...  

Gold falls to three-week lows on stronger dollar

London: Gold fell for the fifth straight session on Wednesday, hitting a three-week low as the dollar strengthened to a six-week high versus the euro after weak euro zone data. While gold has recovered around 7 per cent from a two-year trough of $1.321.35 an ounce hit in mid-April, its safe-haven appeal has been battered by record-high US equities and signs of an improving US economy. Spot gold fell 0.8...  

Nifty, Sensex end at highest level since January 2011

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...  

Indian food industry to touch Rs 408,040 crore by 2018

Mumbai: The current size of the Indian food industry stands at Rs 247,680 crore per annum and is expected to grow at 11 percent to touch a staggering Rs 408,040 crore by 2018, an official said in Mumbai on Tuesday. In terms of market segments, the Quick Service Restaurants and casual dine-in formats account for nearly three-fourths of the total chain and cafes make up 12 per cent, with fine...  

Finance Ministry sees room for easing of rate by RBI

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...  

'New Pak govt will inherit effects of policy inertia'

Islamabad: Nawaz Sharif's emphatic victory at the hustings in Pakistan will provide him sufficient room to shape his party's own agenda, the global rating agency Moody's said but warned the new government will inherit the effects of overall policy inertia. The rating agency also said any flare up in relations with India could impact Pakistan's credit fundamentals. "(Nawaz Sharif's) PML-N's near majority should provide it with sufficient political room to...  

April inflation slows to 4.89 pc, lowest since Nov 2009

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...  

Rupee down 8 paise against dollar in early trade

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...  

Tata Steel shares fall on $ 1.6 billion impairment charge

Mumbai: Tata Steel Ltd shares fell as much as 2.5 per cent on Tuesday morning after it said it will book a $1.6 billion impairment charge for the financial year ended March 31. The company said it is taking the charge due to weak economic and market conditions in Europe. Tata Steel shares were down more than 2 per cent as of 9:30 am. The steel maker made the announcement...  

Sensex ends flat, shrugs off 41-month low inflation data

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,...  

Pak's economy is the top priority for Sharif: Dr Hasan Askari Rizvi

The people of Pakistan have reposed their faith in Nawaz Sharif and his PML(N) party. As Pakistan faces an uphill battle against Taliban terror, a large number of radicalised and unemployed youth in a stuttering economy, is he the man for the job? What will be his equation with the Pakistan army which has forced him off power in the past. What will it mean for the future of Indo-pakistani...  

MFN status to India by new Pak govt will be a positive step: KC Singh

Nawaz Sharif is very much seen as an insider of the anti-India Punjabi establishment of Pakistani politics. So will it be easier for him to steer Pakistan to path of friendship with India? Which issues are likely to be resolved more easily and which ones are likely to be stumbling blocks for both sides? Former diplomat KC Singh joined IBNLive readers for an interaction on the issue. Q. How will...