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...
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
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....
12:22 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
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...
05:20 AM, 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
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...
05:35 AM, 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
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...
05:10 PM, May 15, 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
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...
03:45 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
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...
01:52 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: 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...
09:45 AM, May 14, 2013
