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The Sensex continued to hover near important support levels as attempts of a pullback faced off selling pressure. Global markets are factoring in Greece’s potential exit from the eurozone and the bearish sentiment may persist, according to analysts. Fitch further downgraded Greece to the junk territory. Meanwhile, the rupee continued to slip lower against the US dollar. The Indian currency fell [...]
May 18 2012 | Posted in
Markets |
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NEW DELHI: Get ready to pay more for fuels shortly. The hike is likely to kick in soon after Parliament’s budget session ends on May 22. In a clear indication of the inevitable, Finance Minister Pranab Mukherjee on Wednesday cautioned of “disastrous consequences” if “corrective steps” were not taken to deal with the issue of [...]
May 17 2012 | Posted in
Economy |
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The Bombay Stock Exchange benchmark Sensex shed 135 points in opening trade on Wednesday amid sustained foreign capital outflows and a mixed trend on other Asian bourses.The 30-share index, which fell by 261.49 points in yesterday’s session, lost 134.44 points, or 0.76 per cent, to 17,641.26 points in opening trade today. In a similar fashion, [...]
May 17 2012 | Posted in
Economy |
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The Sensex fell below the psychological 16,000 level for the first time since January 9, 2012, as weak global cues and a depreciating rupee hurt sentiment. The rupee touched a new all-time low of 54.32, down 46 paise, against its previous close as investors rushed to take refuge in the US dollar, considered to be [...]
May 16 2012 | Posted in
Markets |
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Facebook has raised the price band for its ini tial public offering to $34-$38 a share from the previous range of $28 to $35.Facebook, already planning the largest-ever Internet-company IPO, would raise as much as $12.8 billion and seek a valuation of as high as $104.2 billion, based on the upper end of the new range. Chief executive [...]
May 16 2012 | Posted in
Markets |
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The Department of Pharmaceuticals has givena a proposal to allow the country’s foreign investment approving body to continue clearing stake purchases by foreign firms in Indian drug companies, as it seeks to end the uncertainty that has stalled the investment plans of MNCs and foreign investors in the sector. “The Department of Pharmaceuticals has sought approval from [...]
May 16 2012 | Posted in
Economy |
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India Inc expects the economic climate to turn worse before its gets better, with a deteriorating fiscal situation and a drop in foreign investments likely to define the country in the medium term, an ET Poll of CEOs to gauge business confidence has revealed. Along with dimming confidence in the government’s ability to steer the country out of the [...]
May 15 2012 | Posted in
Economy |
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With the Wholesale Price Index (WPI) accelerating to unpected levels of 7.23% in the month of April, many analysts are of the view that the Reserve Bank of India (RBI) has limited room to cut the key interest rates in its monetary policy review. Sujan Hajra, Chief Economist, Anand Rathi said, “Theinflation figures are slightly higher than [...]
May 14 2012 | Posted in
Economy |
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The Reserve Bank of India ordered exporters to convert half of their foreign exchange earnings kept in bank accounts into Indian rupee to prop up the worst-performing BRICS currency, a day after it closed at a record low, prompting fears of a further slide. But the relief lasted only a few hours before the rupee resumed its decline [...]
May 11 2012 | Posted in
Economy |
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The share of ‘Made in China’ goods in India’s consumption economy has eased as the dragon struggles to keep its cost-competitive manufacturing story going. China’s overwhelming grip over supplies of stationary products, fabrics, toys and lighting products started loosening over the past year. Consider this: ITC sourced 100% of its stationery products like pencils, geometry boxes and [...]
May 10 2012 | Posted in
Economy |
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