Let 49 percent FDI in multi-brand retail, Consumer Affairs Ministry says

In the midst of a debate in the administration on permitting foreign direct investment in multi-brand retail, the nodal Consumer Affairs Ministry is persisting on a FDI limit of 49 percent in the sensitive sector, according to sources.

Cipla obtains US court order on patent infringement

Drug major Cipla at the moment has told that it has obtained a purchase from a US district court that the sale of its animal healthcare product, ‘PetArmor Plus’, has infringed on the patent seized by Merial.

India trips to 4th place among globe’s steel manufacturer in 2010

India tripped one step to turn into the fourth biggest steel manufacturer in the planet in 2010 with 68.3 million tons (MT) output, the World Steel Association (WSA) told. India had manufactured 63.5 MT steel in 2009.

Alstom, HCC obtain euro 285 million hydro power bond

Alstom in association with Hindustan Construction Corporation (HCC) has obtain a bond worth more than euro 285 million from Tehri Hydro Development Corporation to set up 1,000 mega watt hydro power plant in Uttarakhand state.

Maharashtra demands increase in export quota for sugar

Sugar-rich Maharashtra at the moment demanded an augmentation in the export quota of the sweetener from the recent 5 lakh metric tons to 20 lakh metric tons.

PayMate opens 1st mobile

Mobile payment firm PayMate has opened India’s first mobile, cashless purchase management service, ‘WayPay’ for fleet operators in the nation.

India-Malaysia FTA to be successful from July 1

The free trade agreement (FTA) between India and Malaysia will appear into force from July 1, providing Indian professionals such as accountants, engineers and doctors access to the key South-East Asian country.

Oil firms is expected to slash ATF cost by Rs 350 per kiloliter

Oil marketing firms that are run by the administration are expected to slash aviation turbine fuel (ATF) cost by more or less Rs 350 kiloliter, according to oil ministry sources.

Fortis to launch 25 low cost hospitals under new name

Fortis Healthcare (India) at the moment has told that it will launch 25 low cost hospitals in the following three years in smaller villages, especially in Tier II and Tier III cities under a new name as the company finishes a decade of operations.

NHPC is likely to reform Parbati disagreement in the following 2 months

The nation’s biggest hydro power generation firm NHPC is likely in the following two months to reform contractual matters at its Parbati venture in Himachal Pradesh, which has been lingering flame from the year 2007.

RBI permits issue of shares under FDI plan

The Reserve Bank of India (RBI) has told that it has chosen to allow the issuance of equity, preference shares under the administration plan of the foreign direct investment scheme for some sorts.

Ad hoc subsidy sharing upsets productivity, cash flow, ONGC says

Conflicting the present ad-hoc fuel subsidy sharing means, Oil and Natural Gas Corporation (ONGC), a firm run by the administration, has told that its productivity and cash flows will be severely affected if the administration compels it to bear one-third of marketing firms’ profit loss on fuel sales.

Jyothy look for investors’ approval to increase investment in group companies

FMCG player Jyothy Laboratories is looking for investors’ consent to augment the limit for making investments or providing loans to its various group companies equal to Rs 1,000 crore.

Wipro offers cloud services to Onstream in UK

IT Company Wipro Technologies at the moment has told that it has created a private cloud for OnStream in UK Utility Metering Services that will allow the latter to tap venture prospect at a low price.

Modi calls Centre to let go DAP fertilizer quota

Alleging the Centre of discrimination, Gujarat Chief Minister Narendra Modi at the moment called it to immediately let go to the state the approved quota of key farm nutrient Di-Ammonium Phosphate (DAP) fertilizer for the kharif season.

GDP expansion becomes sluggish at 7.8 percent in 4th period, increases to 8.5 percent in Fiscal Year 2011

Verifying fears of a slowdown, India’s economy increased by only 7.8 percent in the 4th period ending March this year, mostly because of poor feat of the output sector, compared to 9.4 percent in the same three-month period of the preceding fiscal.

Food inflation plunges to 7.78 percent for week ended June 18

Food inflation plunged to a one-and-a-half month low 7.78 percent for the week ended June 18 on the back cheaper vegetables, pulses and potatoes.

Teledata Marin Solutions to file on July 1

Teledata Marine solutions (TMSL), a subsidiary of Teledata Informatics (TIL), looks behind marine solution business to be filed on July 1, 2011.

Tata tells stiff coking coal to aid steel

Good quality coal stock will remain in short supply in the following number of years and will aid steel prices, according to Tata steel group director of procurement Kees Gerretse.

FB to open Facebook Credits for Indian users from July 1

Social networking site Facebook will introduce payment system ‘Facebook Credits’ in the following month for Indian users who could compensate the virtual tenders across different games for applications they utilize on the famous website.

Tata is fond of purchasing young blood, Satish Pradhan says

According to the Tata Group, it is not just undergoing at the top, it is as well aiming on creating a pool of younger leader to carry on with the altering times and trends.

CCEA might convene on Thursday to talk Cairn-Vedanta agreement

In the latest development, the Cabinet Committee of Economic Affairs (CCEA) is likely to at last take up the Cairn-Vedanta agreement on Thursday.

Sreedhareeyam group to launch branch of 100 Ayurvedic clinic

Sreedhareeyam group, which provided Ayurvedic eye care services, at the moment has told that it aims to launch a branch of 100 clinics providing Ayurvedic general specialty cures, under the label ‘Soubhadra’.

Fuel price hike, duty slash to aid control inflation, Montek says

Protecting the administration’s verdict to increase costs o petroleum merchandises, the Plan panel at the moment has told that it would suck cash from the system and alleviate inflationary pressure in the long run.

May refinery production increases to 4.5 percent YoY, the administration says

Indian refiners processed 4.5 percent additional crude in May from the previous year, the sixth consecutive monthly increase, but the rate of development has become sluggish from April, as production at private refineries plunged down.

GDP to increase 8.5 percent, fuel price hike to not effect shortage, Finance Ministry says

Conveying assurance that the economy will increase by 8.5 percent in 2011-12, Finance Minister Pranab Mukherjee at the moment has told that the current hike in prices of petroleum items will not have much effect on the financial arrears.

ITC Infotech partners Finnish firm Solteq Oyj

ITC Infotech, a global IT services firm and fully owned subsidiary ITC, declared its partnership with IT service provider Oyj in Finland.

Tata Steel expects increase to 11 percent demand growth in recent fiscal

The increase in interest rate might not effect steel demand in the nation in the recent financial year as it is lined up to elevate by equal to 11 percent backed by loftier infrastructure compensations, according to Tata steel.

Administration permits mill to trade 17.72 lakh ton of sugar in July

The administration has permitted millers to trade a sum of 17.72 lakh tons of sugar through rations shops and in the open market in the following month.

Chakrabarty solicit reforms in banks’ accounting, rating norms

Reserve Bank Deputy Governor KC Chakrabarty has called for reforms in the rating and reporting standards of banks, telling a bank should not be rated only on the basis of its net interest margin (NIM) and net profit, but from a non-financial perspective as well.

India discussing changes in Mauritius tax agreement, Finance Ministry says

Finance Minister Pranab Mukherjee at the moment has told that the administration is discussing changes in tax agreement with Mauritius, the nation which accounts for the utmost foreign investment in India.

NHPC to conclude Joint Venture for 3 projects in Orissa almost immediately

The nation’s biggest hydro power producer NHPC will conclude a joint venture with the Orissa administration almost immediately for setting up three hydel ventures having a total aptitude of 300 MW in the state.

Hero Honda to declare 4th plant; zeroes in Guj, K’taka

The nation’s biggest two-wheeler manufacturer Hero Honda at the moment has told that it will declare the location and investment detail for its suggested fourth plant within the following number of weeks.

GoM on Coal to convene on July 14 to address green hurdles

The Group of Ministers (GoM) on Coal is expected to convene for the fourth time on July 14 as a replacement for July 2 to try and resolve matters throbbing the output of coal in the nation amid an ever-widening demand and supply gap, which is likely to reach 137 million tons in 2011-12.

Berger Paints expects demand plunge in Fiscal Year 2012

Berger Paints India Limited sees demand for paints to alleviate to some extent in the recent fiscal year as increasing interest rates and a surge in paint costs dent consumer outlook.

Credit deposit ration tapering, trend to keep on, Nomura says

The Reserve Bank of India (RBI), which has been expressing worries on widening gap between credit and deposit increase, has a reason to applaud.

Assistance for Tatas in Singur land clash

Supreme Court ordered West Bengal administration on Wednesday not to return the lands to the farmers till further notices from the Calcutta High Court.

Groupon tells India users’ data leaked

Groupon Inc’s Indian subsidiary SoSasta unintentionally put out its users’ passwords on the Internet, but the sensitive data was promptly taken out following the security breach was found out last week.

BSE Sensex surges 0.43% as market gains on second straight day

The BSE Sensex jumped 80.04 points or 0.43% to settle at 18,492.45, its highest closing level since 7 June 2011. The Sensex jumped 115.04 points at the day's high of 18,527.45 in early trade. The index fell 88.97 points at the day's low of 18,323.44 in mid-morning trade.

The S&P CNX Nifty was up 18.70 points or 0.34% to 5,545.30, its highest closing level since 7 June 2011. The Nifty hit high of 5,558.30 in intraday trade.

The BSE Mid-Cap index rose 0.78% and the BSE Small-Cap index gained 0.6%. Both these indices outperformed the Sensex.

BSE clocked turnover of Rs 2805 crore, higher than Rs 2566.18 crore on Monday, 27 June 2011.

Market Breadth:

Positive 1456 Negative 1389 Unchanged 123
From the 30 share Sensex pack, 21 rose and rest fell.

Rushil Décor arranges issue price at Rs 72 per share

Decorative laminated sheets producer Rushil Décor has arranged fix issue price at higher end of price band of Rs 63-72 per share for its initial public offering of 54 lakh equity shares (excluding promoters contribution of 2, 43, 750 shares).

GST pace to be between 16-20 percent, CBEC says

The Central Board of Excise and Customs (CBEC) at the moment has told that tax rates under the suggested Goods and Services Tax (GST_ regime in India is expected to be between 16 percent and 20 percent.

StanChart is likely to become tow-fold profit development in H1, 2011

Standard Chartered Plc at the moment it is likely to post two-fold development in global earnings and pre-tax profit in the first half of 2011, assisted by its sturdy performance in Asian markets and cost-cutting endeavors.

Supreme Court to hear Vedanta case on July 4

Trapped in a restricted access, Vedanta Resources have soon obtains its awaiting approval patented. The Supreme Court is expected to hear Vedanta’s please in the Orissa administration as against to Ministry of Environment (MoEF) case on July 4.

Private equity shareholders fight to find way out

Private equity shareholders are finding it progressively harder to get out from listed companies amid lethargic stock market conditions, with just 54 exits worth $ 1.3 billion so far this year.

New bank policies may hurt large banks, aid regional

New policies declared over the weekend will expect benefit PNC Financial Services Group Incorporation, US Bancorp and smaller US banks at the expenditure of larger contenders as well as Bank of America Corporation and JPMorgan Chase & Corporation.

India a role model for fair global development, Geither says

India over the years has come out as a role model for fair economic development for nations across the world, according to US Secretary Timothy Geither on Tuesday.

IL&FS; unit appears to increase funds in offshore yuan

A unit of Indian lender Infrastructure Leasing & Financial Services Limtied (IL&FS) has consented banks for increasing funds in offshore yuan, according to banking sources on Tuesday, most likely the first Indian firm to increase fund in the hot market.

Action by Vedanta, Cairn to slash deal value fuels optimism

The action by Vedanta Resources Plc and Cairn Energy to slash the price of their long-pending transaction could hint the end-game as the two companies’ edge closer to concurring to India’s demands of sharing royalty compensation, according to analyst on Tuesday.

Palm oil cost plunge to alleviate HUL, Godrej’s margin pressures

Quick shifting consumer merchandises major Hindustan Unilever and domestic competitor Godrej Consumer Products is expected to get some interval from plunging margins due to a plunge in prices of palm oil, a chief raw material for their soaps, this financial year.

NTPC commissions super decisive 660 MW unit at Sipat

NTPC, a power major run by the administration, at the moment has told that it has begun operations of the first super decisive 660 MW unit at Sipat plant in Chattisgarh. The plant, situated in Bilaspur, has an mounted aptitude of 2,980 MW.

Formal clearness on upstream funding share almost immediately

There appears to be more fine news for the cash-starved oil-marketing firms following the previous week’s fuel price hike. The administration is expected to appear with formal clearness on upstream funding almost immediately.

HP starts up fresh security services delivered via cloud

HP Enterprise Services at the moment has started up fresh security services delivered via the cloud to “help enterprises mitigate risk by reducing security vulnerabilities.”

India enterprise software marketing increased to USD 2.5 billion in 2010

The Indian enterprise software market demonstrated extensive development and upturns in 2010, with total software profit elevating at 16.3 percent to equal $ 2.5 billion, the research company Gartner said.

FIIs sold shares worth Rs 3000 crore in 23 Indian firms in 2011

Overseas institutional shareholders have offloaded shares worth almost Rs 3,000 crore in 23 Indian firms, such as mortgage lender HDFC and Bombay Dyeing, among various firms, so far in 2011.

PFC could increase Rs 5k crore through tax-free bond issue in Fiscal Year 2012

Power Finance Corporation, a firm owned by the state, may issue tax-free bond to increase Rs 5,000 crore in the recent fiscal year to finance lending to power ventures.

G-20 laying fine role to perk up global economy

G-20 is playing an important part not just in the renewal of the global economy, but as well as in equally addressing the general predicaments being in front of the world, like money laundering or sustainable development.

Inflation is expected to be over 6.5 percent this year, Pranab says

Finance Minister Pranab Mukherjee on Monday has told that inflation creates a major face up to the Indian economy and anticipated that the pace of inflation is going to be over 6.5 percent this year.

Lower oil costs to alleviate inflation, RBI Deputy Governor says

The current alleviating of costs for fuel will make the struggle against inflation by international fiscal authorities simpler, according to Deputy Governor Subir Gokarn of Reserve Bank of India (RBI) on Monday.

BSE Sensex grows 0.94% on upbeat market

The BSE Sensex rose 171.73 points or 0.94% to settle at 18,412.41, its highest closing since 7 June 2011. The Sensex jumped 253.43 points at the day's high of 18,494.11 in afternoon trade. The index fell 107.98 points at the day's low of 18,132.70 in early trade.

The S&P CNX Nifty rose 55.35 points or 1.01% to 5,526.60, its highest closing since 8 June 2011. The Nifty hit high of 5,552.65 in intraday trade.

The BSE Mid-Cap index was up 0.82% and the BSE Small-Cap index rose 0.80%. Both these indices underperformed the Sensex.

BSE clocked turnover of Rs 2553 crore, lower than Rs 2830.49 crore on Friday, 24 June 2011.

Market Breadth:

Positive 1636 Negative 1193 Unchanged 116
From the 30 share Sensex pack, 23 rose and rest fell.

Readymade Steel India IPO launches for subscription

The rs 34.75 crore IPO of Readymade Steel India has started on for subscription at the moment. Firm is first and foremost in the venture of supplying ready to use steel for construction activities to the infrastructure business.

General insurance industry’s premium revenue increase 27 percent in May

In the latest development, the premium revenue of general insurance Ministry, including four public sector entities, increased by 27 percent in May to Rs 4,004 crore.

Shell out packages of top brass in India, China to increase piercingly

Leading executives in Asia Pacific region, particularly in nations such as India and China, are expected to see rapid increase in their compensation packages this year, and their payment in the following three years is expected to exceed of those in the US, according to survey.

Fuel hike may not tackle issues on OMC credit profile

The administration resolution to hike diesel, local cooking gas and kerosene costs and slash customs and excise duty will not be enough to ease apprehensions on the credit profile of the state-owned retailers, according credit rating agency ICRA at the moment.

Edelweiss Hsg Fin starts out Bangalore operations

The housing finance wing of Edelweiss Group, Edelweiss Housing Finance Limited (EHFL) at the moment declared the opening of its Bangalore operations. EHFL, which provides home loans and other mortgage items, is aiming a loan book of Rs 1,000 crore from Bangalore by fiscal year 2015.

Usher Agro approves MOU with NBHC

Usher Argo, one of the biggest rice millers in India, has approved an MOU with National Bulk Handling Corporation Limited (NHBC) for storage and handling of food grains across India on a long-term basis.

GAIL looks for immunity from compensation of fuel subsidies

GAI India, a gas utility run by the state, at the moment has told that it should have immunity from compensation of fuel subsidies as it does not obtain any benefit from increase in crude oil or natural gas cost.

Protester cut out work for second day at Posco site

Protesters cut out work for the second day at the moment at Posco’s mega steel facility project near hear in Orissa’s Jagatsinghpur district as prohibitory regulations were held tightly.

Inflation to peak 10 percent in July, Nomura says

The administration verdict to increase prices of petroleum merchandises will push up inflation to more than 10 percent in the following months, according to global banking giant Nomura.

BSNL plans to clear up Rs 3,000 crore profits from enterprise venture

Loss-making telecom PSU BSNL at the moment has told that it plans to acquire a profit of Rs 3,000 crore from enterprise venture in the recent fiscal.

PEC attracts offers for import of 6,000 T of pulses

According to PEC, a company owned by the government, it has attracted offers for the import of 6,000 tons of pulses for sale in the local market.

RPP Infra Projects begins Sri Lanka venture

In the latest development, RPP Infra Projects has began a fresh venture in Sri Lanka, which will be recognized as RPP Infra Projects (Lanka) Limited.

GTL, GTL Infra incorporate SBI Capital to appraise business

Telecom infrastructure companies GTL and GTL Infrastructure have incorporated SBI Capital Markets to appraise their businesses and financial performance and obligations, an act intended at dispelling shareholders’ fears arising from the current fall in their stocks.

Toyota starts on Liva priced at Rs 3.99 lakh onwards

Japanese car manufacturer Toyota at the moment has told that the petrol variant of its much awaited small car Liva in India, priced at between Rs 3.99 lakh and Rs 5.99 lakh (ex-showroom, Delhi).

CAG didn’t look for RIL, Cairn analysis for audit account, Oil Ministry says

India’s leading auditor, the Comptroller and Auditor General (CAG), did not look for statements from Reliance Industries and Cairn India prior to charging a series of accusations in opposition to the private companies, including that of getting unjustified errands, in its draft audit account, according to the Oil Ministry.

NBFC quails to hit Shriram Transport, Mah Finance, LIC Hsg

The two-year old party of non-banking finance companies (NBFCs) appears to have ended. Loftier interest rates combined with regulatory issues are set to put a spanner on their development outlook, deems Macquarie Equities Research.

India’s air travel development stimulates jet orders

Indian airlines left from Paris Air Show along with a third of the airplane orders in the preceding week, a $ 23 billion risk that air will at last surmount rail regardless an alarming list of impediments.

Bank of America Merrill increases target price on HPCL, BPCL, Oil India

Bank of America Merrill Lynch increased is target price on state-run oil marketing firms Indian Oil, Hindustan Petroleum and Bharat Petroleum following India increased diesel prices more or less 9 percent on Friday.

NALCO provides Rs 2,000 discount on merchandises

National Aluminium Corporation Limited (NALCO), a firm run by the state, and India’s third biggest manufacturer of aluminium, has settled on to provide a discount of Rs 2,000 per ton across all merchandises, a week following slashing costs by Rs 5,000 per ton.

BSE Sensex expands 1.01% as market recovers again

The BSE Sensex rose 176.86 points or 1.01% to 17,727.49, its highest closing level since 17 June 2011. The Sensex gained 203.92 points at the day's high of 17,754.55 in afternoon trade. The index fell 68.42 points at the day's low of 17,482.21 in early trade.

The S&P CNX Nifty rose 41.70 points or 0.79% to 5,320, its highest closing level since 17 June 2011. The Nifty hit a high of 5,330.60 in intraday trade. The Nifty hit a low of 5,252.25 in intraday trade.

The BSE Mid-Cap index was down 0.06% and the BSE Small-Cap index was down 0.33%. Both these indices underperformed the Sensex.

Market Breadth:

Positive 1159 Negative 1612 Unchanged 138
From the 30 share Sensex pack, 24 rose and rest fell.

Employees run off CISCO’s sinking boat, grinding down becomes twofold

CISCO had currently declared plans to lessen, re-align and redeploy its workforce as a component of its scheme to focus on its center business internationally. The plan appears to have set off double digit abrasion in CISCO india, particularly among its workers.

NSIC in discussions with SBI for inexpensive loans for MSMEs

National small Industries Corporation (NSIC) is in discussions with the State Bank of India for a treaty, under which the nation’s biggest lender would provide easy and inexpensive credit to small and medium-sized companies.

Tata Teleservices may strive for a little bit, NTT DoCoMo says

Japan’s biggest mobile carrier, NTT DoCoMo, wants to endow in a Vietnamese content provider, according to a senior firm executive in charge of international venture in an interview on Thursday.

Honda aims sale of 30,000 CBR-250R bike in India

Japanese two-wheeler maker Honda Motorcycle and Scooters at the moment has told that they are aiming to sell 30,000 units of its newest 250 cc global bike CBP-250R in India in the initial year.

M&M; Masks Maharashtra to uphold obligations on incentives

Mahindra & Mahindra at the moment hit out at the Maharashtra administration for altering guidelines midway telling that such moves will seriously affect all fresh investments in the state by existing and new potential production companies.

Lofty inflationary administration not tolerable, according to Pranab

Pointing the recent leap in food inflation chiefly to increasing prices of pretein-based merchandises, Finance Ministry Pranab Mukherjee at the moment has told that the lofty inflationary administration was not tolerable and endeavors would be created to bring it down.

Administration to even out market-friendly stamp duty norms soon

The administration is expected to appear with a uniform and market-friendly stamp duty organization for deals in the capital and commodities markets in two weeks, according to a senior finance ministry official.

IRDA checking bancassurance model of selling guidelines

Insurance sector watchdog IRDA has began checking the bancassurance model of insurance penetration as there has been a little occurrence of wrong way of selling of policies by banks.

Increas FDI limit in defense sector to 49 percent, Assocham says

The administration should increase the FDI restriction in the defense sector to 49 percent from the recent 26 percent, for allowing indigenization and access to the newest technology, according to an industry chamber.

EGoM to take call on permitting more sugar exports, Administration says

An Empowered Group of Ministers (EGoM) on Food led by Finance Minister Pranab Mukherjee is having a conference at the moment to take a verdict on permitting more sugar exports, according to Food Minister K V Thomas.

Ministers’ panel may convene in July on fuel pricing

In the latest update, a panel of ministers may convene in the following month to check at increasing prices of subsidized fuels, according to an oil ministry source on Thursday.

Food price is tight, motivated by fundamentals, RBI says

India’s food inflation, a chief motivator of its banner inflation, is still quite lofty and is being aggravated by essential components, according to a deputy governor of the RBI on Thursday.

Natco to collaborate with Lupin to market generic breast cancer drug

Natco Pharma in Hyderabad has submitted an abbreviated new drug application with US Food and Drugs Administration for a generic version of Lapatinib Ditosylate tablets of 250 mg strength, used for the cure of breast cancer.

Not acquiring any particular firm, Thermax on ‘lookout’

Rebuffing media accounts of acquiring a European firm, engineering company thermax has told that the firm is on a search for a ‘potential target’ for an M&A in the waste management division.

Food inflation surges to 9.13 percent Week-on-week

Food inflation has increased to 9.13 percent from the previous 8.96 percent in the year to June 11 on the back of price food merchandises like protein-based merchandises, onions, milk and fruits. In the week, chief articles inflation put at 12.62 percent compared to 12.86 percent in the preceding week, as fuel group inflation are still unmoved at 12.84 percent week-on-week.

India air traffic in Jan-May increases to 17.6 percent, Jet leads

A number of passengers transported by local carriers in Jan-May increased by 17.6 percent to 24.5 million, with Jet Airways keeping on to hold the biggest market share, according to the data presented by the administration.

No affect on margin until share price halves, Orchid Chemical says

In the latest development, a few days past, Orchid Chemical & Pharmaceuticals stock perceived an unexpected 17 percent plunge which was then recuperated.

HC to take notice of Tata’s petition in opposition to Singur bill today

The Calcutta high court will keep on hearing the Tata Motor’s petition to scrap the Singur Land Act on Thursday. Tatas on Wednesday shifted the Calcutta High court in opposition to the bill, which permitted the state to postpone the lease deal.

Suzuki CEO tells Maruti protest was insignificant

The head of Suzuki Motor Corporation has told on Thursday that the protest that lasted six days at the Manesar facility of subsidiary Maruti Suzuki was insignificant, leading to a result of only 16,000 vehicles.

BSE Sensex plunges 0.06% as market falls again

The BSE Sensex shed 9.67 points or 0.06% to 17,55.63. The Sensex gained 118.56 points at the day's high of 17,678.86 in early trade. The Sensex fell 68.11 points at the day's low of 17,492.19 in mid-afternoon trade, its lowest level since 20 June 2011.

The S&P CNX Nifty rose 2.45 points or 0.05% to 5,278.30.

The BSE Mid-Cap and BSE Small-Cap indices fell 0.84% each, underperforming the Sensex.

BSE clocked turnover of Rs 1998 crore, lower than Rs 2351.32 crore on Tuesday, 21 June 2011.

Market Breadth:

Positive 1037 Negative 1813 Unchanged 111
From the 30 share Sensex pack, 16 fell and rest rose.

ONGC exaggerated reserves in KG basin block, Cairn India says

Oil and Natural Gas Corporation (ONGC), a firm run by the government, may have exaggerated the natural gas reserves in its much discussed about KG basin KG-DWN-98/2 block, which sits next to Reliance Industries’ prolific KG-d6 fields.

CLSA slashes Titan Industries to ‘sell’ on elongated appraisal

CLSA has relegated its rating on Titan Industries to “sell” telling the watch and jewellery manufacturer’s appraisal are looking elongated amid elevating pressure on jewellery industry margins and average increase expected in the recent fiscal year.

NHPC to endow Rs 2,400 crore on three Joint Venture projects in J&K;

Power utility NHPC at the moment has told that it will endow Rs 2,400 crore on arranging three ventures in J&K under a joint venture with Jammu & Kashmir State Power Development Corporation and PTC India.

Prime Focus has nailed a capital expenditure of $ 15-17 million in the recent fiscal year, mainly towards expanding its operations in India and abroad

Prime Focus has nailed a capital expenditure of $ 15-17 million in the recent fiscal year, mainly towards expanding its operations in India and abroad, in its offer to become a global visual entertainment services firm.

Haryana provides NPCIL two sites for arranging n-power facility

Haryana Power Generation Corporation Limited (HPGCL) has provided two sites to Nuclear Power Corporation of India Limited (NPCIL) for arranging up a second nuclear power facility in the state, even as the process of arranging the first facility is in progress.

Down cycle is not expected in metal, mining space, Edelweiss research

Alleviating macro pointers hint at moderation in development rate. An Edelweiss research states that international Purchasing Managers’ Index (PMI) has turned down more than the past three months and was eight months law in May 2011 with India and China PMI at 4 and 9 months’ low, respectively.

Punjab & Sind Bank awaits CASA of more than 27 percent in Fiscal Year 2012

Analysts say that nearly all banks will have to pass on their cost of funds to consumers to protect their margins in this rate sensitive environment. Punjab & Sind bank has, on the other hand, not passed the rate hike to consumers just yet.

Coal India to attract fresh bids at Mozambique blocks

Coal India, the planet’s biggest coal miner, will attract new bids for exploratory drilling at two coal blocks in Mozambique, likely postponing the progress process by a number of months, according to a senior firm representative on Wednesday.

Lupin obtains USFDA approval for anti-bacterial tablet

Drug company Lupin at the moment has told that its US subsidiary, Lupin Pharmaceuticals Inc, has obtained the US health regulator’s approval to market generic levofloxacin tablets, applied for the treatment of bacterial infections, in the US market.

Fall in cotton costs a good indication for industry, Alok Industry says

Textile sector has been doing very fine in the past few weeks and one of the causes behind the performance has been a 37 percent fall in cotton costs on high acreage.

Tata shifts HC in opposition to Mamata’s singur Bill

Tata Motors on Wednesday shifted in opposition with the West Bengal Government confronting its controversial Singur land bill in the Calcutta High Court. The Bill effectively scrapped the Tata-Singur deal returning land to the unwilling farmers.

Strongest to mark an Asian fraudster; discovers KPMG study

Fraud take longer to notice in Asia as against to anywhere else in the planet, a KPMG survey titled ‘Who is the typical fraudster’ said. The period of fraud prior to uncovering in Asia is an standard of five years, with 16 percent of frauds going undetected for 10 years or more, as against to 4.2 years in North America and 3.7 years in Western Europe.

Beneath standard monsoon to add additional demand, Jain Irrigation says

The MET has forecasted that this year’s monsoon will be beneath standard levels. Anil Jain, MD, Jain Irrigation, tells those monsoons are a problem as they are hard to foretell as to which part of the nation will have more and which will have less rainfall.

Study on water-related matters in KG basin: NGRI

With a spotlight on water, the Hyderabad-based National Geophysical Research Institute (NGRI) is recommending to carry out a multi-agency comprehensive study on water-related matters in Krishma-Godavari River Basin, including five states.

Dhanlaxni Bank aims non-interest revenue to enhance profitability

Private lender Dhanlaxmi Bank is aiming forays into new segments to enhance its non-interest income at a time when surging interest rates makes it hard to protect margins, according to its chief financial officer.

Sun Pharma obtains US FDA approval for migraine treatment injection

A subsidiary of Sun Pharmaceutical Industries has obtained sanction from US Food and Drugs Administration (FDA) for its abbreviated fresh drug application to market a generic version of Sumatriptan Succinate injection.

STFC to collect Rs 500 crore via sale of secured NCDs

Shriram Transport Finance Company (STFC), a flagship firm of Shriram group, on Tuesday has told that it aims to collect Rs 500 crore via sale of secured non-convertible debentures (NCDs) of face value of Rs 1,000 each.

Account on ‘misuse’ of children in anti-Posco stir filed

A day following the Orissa administration sought account on the asserted “misuse” of children in anti-Posco demonstration , authorities in Jagatsinghpur district on Tuesday has told that children were provoked to join the protest by their parents and Posco Pratirodh Sangram Samiti (PPSS).

Tata Motors to face up to bill fragmenting Singur transaction

The Bill fragmenting the preceding Left Front administration’s transaction with Tata Motors to return land to “unwilling” farmers in Singur will be confronted by the firm in court.

BSE Sensex increases 0.31% as market rebounds

The BSE Sensex rose 53.67 points or 0.31% to settle at 17,560.30. The Sensex gained 208.25 points at the day's high of 17,714.88 in afternoon trade. The index fell 2.37 points at the day's low of 17,504.27 in early trade.

The S&P CNX Nifty was up 17.95 points or 0.34% to 5,275.85.

The BSE Mid-Cap index shed 0.21% and the BSE Small-Cap index declined 0.43%. Both these indices underperformed the Sensex.

BSE clocked turnover of Rs 2341 crore, lower than Rs 2829.92 crore on Monday, 20 June 2011.

Among the sectoral indices on BSE, the BSE IT index (up 1.16%), The BSE Oil & Gas index (up 0.90%), and the BSE TecK index (up 0.89%), outperformed the Sensex. The BSE Realty index (down 1.78%), the BSE Capital Goods index (down 0.67%), and the BSE FMCG index (down 0.61%), underperformed the Sensex.

Market Breadth:

Positive 1117 Negative 1626 Unchanged 123
From the 30 share Sensex pack, 16 rose and rest fell.

Oil prices warns to threaten to overturn development in India, China, IEA says

High crude costs may overturn development in China and India, the two countries that have aided the global economy trounce the financial crisis, according to the International energy agency.

IndiGo arrange to verify USD 16 billion Airbus purchase

Budget carrier IndiGo could verify an historic $ 16 billion purchase for 180 Airbus aircraft at the Paris Air Show on Wednesday, according to industry sources.

Employers to have obligatory insurance for foreign employees

All South Korean firms hiring foreign manual employees will be obligatory from later this year to subscribe to the departure-expiration insurance to compensate their retirement benefits, according to the labor ministry at the moment.

Strides obtains USFDA nod for antibiotic injection

Drug Company Strides Arcolab at the moment has told that it has obtained the US health regulator’s nod for the opening of Levofloxacin injections, an antibiotic, in the American market.

Goldman appoints Sanghi from Citi to lead India equities

Wall Street vank Goldman Sachs has appointed Keshav Sanghi from rival Citigroup as managing director and head of equities in India, the internal of memo has said on Tuesday.

EdServ aims Rs 200 crore from mobile application venture

Education services firm EdServ has told on Tuesday that it has ventured into the mobile application space and is likely to clock Rs 200 crore in earnings for more than the following three years from this business.

POSCO says to start with Orissa project

South Korea’s POSCO, the globe’s third biggest steel manufacturer, has told on Tuesday that it would begin with its $ 12 billion steel facility in Orissa regardless the state administration stopping the land acquirement for the project because of the opposition by villagers.

Orbit to finish 3 ventures in Fiscal Year 2012, aims 40 percent sales increase

Orbit Corporation, a real estate firm in Mumbai, is aiming to finish three ventures gauging a saleable area of 5 lakh square feet this financial year, a senior firm official said.

L&T; obtains Rs 1,366 crore electrical purchases from Gulf region

Larsen & Toubro’s construction division has obtained Rs 1,366 crore worth EPC ( engineering procurement and construction) orders in the power transmission and distribution space from GCC (Gulf Cooperation Council) nations.

Mukherjee tells to continue tax treaty discussions with Mauritius

According to Pranab Mukherjee, he has told on Tuesday that India has continued its discussions with Mauritius on a double taxation avoidance agreement (DTAA).

Goa IT incubation hub to be all set by June 30

In the latest development, the Goa administration’s Information Technology Incubation hub will be all set by this month end, according to the official.

Reliance Communication puts in 2.5 million wireless users in May

Anil Ambani-led Reliance Communications, which provides GSM and CDMA mobile services, at the moment, told that it put in 2.5 million new mobiles users in May.

Spanco in discussions with PE shareholders for BPO venture

Telecom and IT services company Spanco Limited is in discussions to bring in private equity investment in its BPO venture and is likely to close an agreement in the following 6 months, according to an official on Monday.

6 years on, POSCO’s Orissa steel venture still on paper

Precisely six years following Korean steel facility POSCO approved an MoU with the Orissa administration for a RS 52,000 crore, 12 million tons per year venture, the mega venture still mired in vagueness.

Uncertain but SBI hopes right issue through by March 12

In the latest development, the chairman of the State Bank of India said on Monday that SBI is confident to act quick on the expected right issue which is scheduled by March 12.

Lanco Infra checking investment opportunities in Africa

Having obtained its primary international order in Iraq, Lanco Infratech’s EPC (engineering procurement and construction) division is at the moment checking Africa for probable opportunities to develop.

India’s choice to ignore Boeing, Lockheed a wrong move

The Indian administration’s verdict to not take in two US firms, Lockheed Martin and Boeing, for its multi-billion fighter transaction was a “sad mistake”, according to former leading American diplomat on Monday.

ONGC aims to invest USD 7.7 billion in India gas block

Indian state explorer Oil and Natural Gas Corporation aims to invest $ 7.7 billion to enhance gas field in an east coast block and manufacture up to 30 million cubic meters a day in five years, according to report on Tuesday.

DTAA re-negotiation with Mauritius to begin again by August, Administration says

Under extreme pressure from the Opposition and the civil society on the matter of black money, according to the administration on Monday it has recommended re-negotiation by August of double tax avoidance agreement with Mauritius, a course frequently said to be used to transport illegitimate wealth back to India.

BSE Sensex sharply plummets 2.04% on gloomy day of trading

The BSE Sensex was down 363.90 points or 2.04% to 17,506.63, its lowest closing level since 10 February 2011. The Sensex gained 54.64 points at the day's high of 17,925.17 in early trade. The index lost 556.15 points at the day's low of 17,314.38 in morning trade.

The S&P CNX Nifty was down 108.50 points or 2.02% to 5,257.90, its lowest closing level since 10 February 2011. The Nifty hit low of 5,195.90 in intraday trade.

The BSE Mid-Cap index shed 3.18% and the BSE Small-Cap index declined 3.18%. Both these indices underperformed the Sensex.

BSE clocked turnover of Rs 2818 crore, higher than Rs 2691.58 crore on Friday, 17 June 2011.
Market Breadth:

Positive 551 Negative 2298 Unchanged 72
From the 30 share Sensex pack, 27 fell and rest rose.

Tata power orders simulators at Trombay power station

Tata Power at the moment declared the commissioning of new personal computer-based training simulators for 250 Mega Watt and 500 Mega Watt units at its Trombay Thermal Power Station. These Simulators were launched by Tata Power’s Executive Director (Operations), S Padmanabhan, together with the firm’s VP (Mumbai Operation) Ashok Sethi, and other senior representatives.

Unable to enforce capital gain tax on Mauritius routed funds

Amidst fear in the stock market on the double tax avoidance agreement with Mauritius, administration on Monday has told that India “cannot impose arbitrarily” capital gains tax on investment routed via the island country.

Punjab Chief Minister pitches for direct transfer of fertilizer financial support

Punjab Chief Minister Parkash Singh Badal at the moment inquired the Chemical and Fertilizer Ministry to execute its proposal to directly transfer fertilizers financial support to farmers on a pilot basis in order to determine the matters and hardships in its execution.

Edelweiss tells car sales increase could slow to 10 percent in fiscal Year 2012

Following a sizzling 30 percent sales increase in 2010-11 (April to March) passenger car sales in India are expected to be sluggish to 10 percent in the recent fiscal year, as buyers hit by increased loan rates and a sharp increase in petrol costs apply breaks on their purchasing schemes, Edelweiss Securities says.

Wellspring Healthcare collects Rs 20.5 crore from VC companies

Integrated healthcare set up Wellspring Healthcare at the moment has told that it has collected Rs 20.5 in its initial round of funding from a clutch of business capital companies, as well as IT Czar Narayana Murthy’s Catamaran Ventures.

Pro-Posco group president resigns, land acquirement postpones

Land acquirement for Posco’s mega steel facility in Orissa’s Jagatsingphur, which was to have continued on June 17 and remained frozen, was once more postponed following the president of a pro-venture resigned today.

Tribhovandas Bhimji Zaveri goes into men’s jewellery segment

Tribhovandas Bhimji Zaveri limited (TBZ), has declared the opening of its jewellery merchandises for men under the label “The Gentlemen’s Collection”, on store in both gold and diamonds under four categories, specifically, daily wear, formal wear, festival wear and club wear.

CLSA slashes Indian IT services to ‘underweight’

CLSA relegated the Indian information technology services sector to ‘underweight’ from ‘neutral’, telling that quarterly revenue increase on a yearly basis has peaked for technology firms and a downtrend was expected.

Panasonic predicts 11 percent plummet in entire-year revenue

Panasonic corporation on Monday predict a 270 billion yen ($ 3.4 billion) operating revenue for the year to March 2012, plummeted 11 percent on the previous year as the impacts of the upsetting earthquake kept on to burden on the firm’s supply chain.

Air India in front of unstable flight to survival

Air India, a historical object of state ownership intimidated by losses, inflated prices and more agile competitors, must secure a huge liability and operational overhaul if it is to endure in a market increasing at 20 percent per year.

GTL shares tank on debt refund, fund raising apprehensions

Shares of telecom infrastructure firm GTL Limited dropped Monday because of apprehensions on liability refund, promised shares and fund raising, regardless the chairman’s guarantees it had not defaulted and that its venture fundamentals are still sturdy.

FDI increase by 43 percent in April to USD 3.12 billion

In the latest development, after three months of successive turn down, foreign direct investment (FDI) pours into India increased by more or less 43 percent to $ 3.12 billion in April 2011.

Reliance Entertainment has chosen Accenture for systems integration

Reliance entertainment has chosen Accenture to integrate a profit-generating digital rights management system for two of its ventures, Reliance Entertainment and Reliance Home Video.

Bharti puts in 2.45 million Indian mobile users in May, Industry body says

Bharti Airtel, india’s leading mobile carrier, signed up 2.45 million mobile subscribers in May, getting its sum to 167.1 million, according to data from an industry body on Monday.

CPI at 107 points in May, chosen food items and fuels up

Chosen food items such as milk, tobacco, fuel and clothing has turned out to be costlier in May, heading to a marginal increase in the Consumer Price Index (CPI) to 107 points in the month.

Glenmark obtains USFDA approval for Norgestimate Ethinyl Estradiol

Glenmark Generic USA has obtained final approval from US Food and Drugs Administration (FDA) for their condensed fresh drug application for Norgestimate and Ethinyl Estradiol tablets.

Urban India needs to pay extra for better services, Kamal Nath says

Hundreds of millions of Indians living in the nation’s overpopulated cities must get used to compensating extra for better public services as the administration presses on a big infrastructure privatization program, according to urban development minister Kamal Nath.

RBI to break hikes if core inflation calms down

According to the Reserve Bank of India, it will break its rate thinning cycle if non-food production inflation calms down, according to a deputy governor of the RBI.

ONGC to combine Russian assets with Bashneft, RussNeft

The cabinet has sanctioned a merger of Oil and Natural Gas Corporation’s (ONGC) Russian assets together with Bashneft and RussNeft in an agreement that will provide the government-run explorer a 25 percent venture in the merged entity and access to one of the largest discovered oilfields in Russia.

BSE Sensex sheds 0.64% in downbeat trading day

The BSE Sensex was down 115.35 points, or 0.64%, its lowest level since 25 May 2011. The Sensex lost 141.79 points at the day's low of 17,844.09 in mid-afternoon trade. The Sensex gained 78.88 points at the day's high of 18,064.76 in early trade.

The S&P CNX Nifty was down 30.35 points, or 0.56% to 5,366.40, its lowest level since 25 May 2011. The Nifty hit low of 5,355.85 in mid-afternoon trade.

The BSE Mid-Cap index fell 0.83% and the BSE Small-Cap index shed 0.92%. Both these indices underperformed the Sensex.

BSE clocked turnover of Rs 2676 crore, lower than Rs 2691.58 crore on Thursday, 16 June 2011.

Market Breadth:

Positive 962 Negative 1952 Unchanged 108
From the 30 share Sensex pack, 28 fell and rest rose.

Stiff fiscal policy may affect development, Pranab says

Owning up that the Reserve Bank’s anti-inflation monetary policy might affect development, Finance Minister Pranab Mukherjee at the moment has told that the main challenge right now it to control the inflation itself.

Bad weather halts land acquirement for Posco

Land acquisition by the Orissa administration for Posco’s Rs 52,000 crore steel facility venture in Jagatsinghpur area, which was to continue today following a five-day break, might not start because of heavy rain falls.

Income of Indian biotech sector surge to USD 4 billion in 2010-11

The Indian biotech and lifesciences business logged the best ever pace of development in the last five years in 2010-11 to achieve earnings of $ 4 billion (Rs 18,399.34 crore), the poll says.

Jyoti Structures obtains fresh deal worth Rs 534 crore

In the latest development, Jyoti Structures in Mumbai has obtained deals costing 524 crore from different power transmission and distribution firms.

Long road further on: India aims record road network development

The administration will grant a record 7,300 kms of road building contracts this year costing more or less $ 12 billion, as a large privatization drive makes developers more interested to take on ventures and foreign funds keen to endow, according to a top representative at the National Highways Authority of India.

StanChart take on Saurabh Ag awal from BofA

Standard Chartered has took on a past Bank of America Merrill Lynch investment banker as head of corporate finance for South Asia, according to two sources with familiarity to the issue on Friday.

Maruti’s Manesar facility to restart standard output tomorrow

Maruti Suzuki India at the moment has told that output will restart at its Manesar facility from tomorrow after the end of 13-day long demonstration by employees.

Milk cost is expected to rise

The West Bengal Cooperative Milk Producers Federation (WBCMP), which suggests the retail price of milk, has filed a recommendation for an increase to look after the interest of the administration dairies.

Administration postpones two additional coal blocks of NTPC

The administration has postponed additional two coal blocks assigned to power major NTPC for not enhancing them within the required time frame.

Fresh takeover policies expected by end-June, according to the officials

The Securities and Exchange Board of India (SEBI) may settle takeover policies by end-June, according to a senior finance ministry representative on Friday, toting up the trigger point for creating open bids may be increased to 25 percent from the recent 15 percent.

IDFC in agreement with Africa Finance Corporation

Infrastructure Development Finance Corporation has approved a pact with Africa Finance Corporation (AFC) to aid Indian firms enter the continent to get bigger in infrastructure, logistics, mining, power and telecom, according to the firm on Thursday.

RBI approves MoU with Dubai Financial Services Authority

The Reserve Bank of India (RBI) approved a Memorandum of Understanding with Dubai Financial Services Authority (DFSA) in the trip of a senior DFSA representative to Mumbai this week, it has been declared.

BHEL to build 5 Mega Watt solar power facilities for KPCL

The electronics division of Bharat Heavy Electrics Limited in Bangalore has obtained a foremost turnkey agreement for building an eco-friendly, grid-connected solar power facility of 5 Mega Watt aptitude.

Essel Propack in agreement with Colgate to arrange unit in Goa

Packaging materials manufacturer Essel Propack Limited has approved long-term deal with Colgate-Palmolive India to set up a facility in Goa at an endowment of Rs 40 crore, Ashok Goel, Essel’s vice-chairman and managing director, according to report at the moment.

Goldman Sachs slashes Hindustan Unilever to ‘sell’

Goldman Sachs has relegated Hindustan Unilever to “sell” from “neutral”, telling it will be hard for the FMCG firm to uphold tough volume development in a highly competitive environment, as lofty input costs keep on to put pressure on margins.

US liability meetings gear up for strong trade-offs

Diplomats attempting to tame the United States’ rolling liability has told that on Thursday that they had cautiously concurred on a number of slashes and are at the moment gearing up for strong trade-offs that could lead to trillions of dollars in cutbacks.

India: Still looking for FDI

It was nearly six months passed that those executives from Posco shook hands on a scheme to build a big steel mill in the Indian port of Paradip, in the mineral-rich area of Orissa.

Maruti Suzuki finishes 13-day long strike

The 13-day strike at the nation’s biggest car manufacturer Maruti Suzuki India’s (MSI) Manesar facility in Gurgaon was called off late tonight after an agreement brokered by Haryana Chief Minister Bhupinder Sing Hooda between the workers and the administration.

BSE Sensex diminishes 0.81% as market slows down again

The BSE Sensex shed 146.36 points or 0.81% to 17,985.88, its lowest closing level since 25 May 2011. The Sensex rose 22.86 at the day's high of 18,155.10 in afternoon trade. The index shed 173.30 points at the day's low of 17,958.94 in late trade.

The S&P CNX Nifty was down 50.75 points or 0.93% to 5,396.75, its lowest closing level since 25 May 2011. The Nifty hit low of 5,389.80 in intraday trade.

The BSE Mid-Cap index fell 0.71% and the BSE Small-Cap index declined 0.54%. Both these indices outperformed the Sensex.

BSE clocked turnover of Rs 2764 crore, higher than Rs 2676.87 crore on Wednesday, 15 June 2011.

Market Breadth:

Positive 1091 Negative 1749 Unchanged 104
From the 30 share Sensex pack, 22 fell and rest rose.

Monsoon 9 percent less than average in the past week, Weather office says

India’s monsoon rains were 9.0 percent less than average in the week to June 15, according to the weather office on Thursday, with rice and cotton growing areas in the south and east enduring the lowest rainfall.

Rate increase to additionally reduce development momentum, ASSOCHAM says

Industry body ASSOCHAM at the moment has told that RBI act to increase interest rates by 25 basis points would additionally slow down new investments and limit industrial development.

Airbus obtains USD 7.2 billion purchase from GoAir

Airbus has obtained a purchase costing $ 7.2 billion for 72 planes from GoAir, the newest in a series of India airline rushing to achieve increasing demand in Asia’s third biggest economy.

Sundaram BNP Paribas aim to forays into west, north

Sundaram BNP Paribas Home Finance as component of its development schemes has forayed into the western and eastern part of the nation.

Home, auto loans to turn into more expensive as RBI increases key rates

Get ready to pay extra every month on your home, auto and other loans, as the Reserve Bank, for the 10th time since March 2010, increased key interest rates by 25 basis points in its endeavor to manage rolling inflation.

RBI rate increases: 10 times in 15 moths

The RBI, which increased interest rates for the tenth time in 15 months at the moment, has told that it will keep on with its stiff financial policy as inflation is thinning out to the non-food segment as well, which is an apprehension.

Toyota introduces fresh variant of its Corolla altis

Car manufacturer Toyota Kirloskar Motor at the moment introduced a fresh variant of its premium sedan Corolla Altis in both petrol and diesel alternatives in the nation, costing between Rs 10.53 lakh and Rs 14.77 lakh (ex showroom Delhi).

Alfa Lava obtains Rs 45.5 crorr vegetable oil plant purchase

Alfa Lava India has obtained a purchase worth Rs 45.5 crore to provide merchandises such as separators, mixers and heat exchangers to a vegetable oil plant in the nation.

ONGC share sale expected in July, according to an official

A share sale in Oil & Natural Gas Corporation, a firm run by the government, is expected to be in July as anticipated, according to Divestment Secretary Sumit Bose on Thursday.

Cabinet avoids Cairn-Vedanta transaction, Oil minister says

The cabinet on Thursday did not talk about the suggested sale of a venture of British oil explorer Cairn energy’s India unit to Vedanta Resources, according to Oil Minister S. Jaipal Reddy.

Reserve Bank ups repo; annul repo rates by 25 basis points each

Abiding with its anti-inflationary deportment, the Reserve Bank of India (RBI), in its mid-period policy review, increased repo and annul repo rates by 25 basis points (bps) each.

Food inflation thrusts marginally to 8.69 percent WoW

Food inflation has witnessed marginal turn down in the week that closed June 4 from the numbers in the previous week. From the 9.01 figure where food inflation stood on week prior to June 4, the numbers have plunged to 8.69 percent.

Automotive Stampings’ right issue to launch on June 20

A Tata Enterprise Automotive Stampings and Assemblies, endorsed by Tata AutoComp Systems, will open its issue of 56, 65, 856 fully paid-up equity shares of Rs 10 each for cash at a price of Rs 52 per equity share totaling to Rs 29.462 crore on right basis for the presented equity investors of the firm on Monday, June 20 as per advertisement in The Financial Express.

Setco to expend Rs 150 crore in 4 years, aims Africa facility

Clutch manufacturer Setco Automotive aims to use up Rs 150 crore over four years as it looks for to develop its aptitude and tap fresh segments and new markets. The firm is as well aiming to arrange a clutch assembly plant in Africa to benefit on the lack of organized players in the continent.

GVK Power to purchase Hancock coal mines for USD 2.4 billion

GVK Power and Infrastructure will purchase two of Hancock Prospecting’s thermal coal mines in Australia for more or less $ 2.4 billion, according to reports on Thursday.

ONGC in discussions with BG, ENI to sell venture in Indian block

State explorer Oil and Natural Gas Corporation is in discussions with the Indian unit of BG Group and Italian oil major ENI to sell up to a 30 percent venture in an east coast block, according to reports on Thursday.

HSBC relegates Reliance Industries to ‘neutral’

HSBC has relegated energy major Reliance Industries to “neutral” from “overweight” and slashed the price target to Rs 1,040 from Rs 1,084 quoting media accounts of federal investigation agency’s investigation into probable dealing between energy firms and the oil ministry.

CRISIL Equities appoints IPO grade 5/5 to MCX

CRISIL Equities has appointed a CRISIL IPO grade of “5/5” (“five on five”) to the suggested initial public offer (IPO) of Multi Commodity Exchange of India Limited (MCX).

HDFC hopes 20 percent yearly loan increase

Housing Development Finance Corporation (HDFC), India’s biggest mortgage lender, expects to post an average of 20 percent yearly increase in fresh lending in coming years, according to its chief executive, regardless of rolling interest rates and competition.

BSE Sensex shrinks 0.96% as market in downturn

The BSE Sensex shed 176.42 points or 0.96% to settle at 18,132.24, its lowest closing level since 26 May 2011. The Sensex hit a high of 18,308.69 in early trade, almost unchanged from the previous day's close. The index fell 197.45 points at the day's low of 18,111.21 in late trade.

The S&P CNX Nifty lost 53 points or 0.96% to 5447.50, its lowest closing level since 26 May 2011. The Nifty hit a low of 5,438.95 in intraday trade.

The BSE Mid-Cap index fell 0.55% and the BSE Small-Cap index declined 0.59%. Both these indices outperformed the Sensex.

BSE clocked turnover of Rs 2663 crore, lower than Rs 4007.73 crore on Tuesday, 14 June 2011.

Market Breadth:

Positive 1209 Negative 1645 Unchanged 102
From the 30 share Sensex pack, 25 fell and rest rose.

Administration taking stock of inflation, Cabinet Secretary says

Worried about high rate of price increase, the administration at the moment has told that it is watching inflation, which has gone beyond the 9 percent mark.

Exim Bank to supply $ 36.65 million line of credit to Tanzania

The Export-Import Bank of India (Exim Bank) has gone into a deal with Tanzania for extending a $ 36.65 million line of credit to finance exports and consultancy services for ventures in the African country.

Khajuraho reaching a red alert status; AI cancels flights

Following Kingfisher and Jet airways, it is the national carrier Air India that has canceled flights to the world-famous Khajuraho, in this area, as the number of tourist has decreased significantly because of the elevating mercury levels.

RBI witnessed increasing repo rate by 25 basis points on June 16, survey says

The Reserve Bank of India (RBI) is likely to increase its repo rate by a sum of 75 basis points for the rest of 2011, as well as a 25 basis point growth on Thursday, unmoved from predictions in a May 3 census, according to surveys discovered on Tuesday.

Lanco Infra drops bid scheme for Premier Coal

Construction and energy corporation Lanco Infratech Limited has dropped schemes to bid for assets of Australia’s Premier Coal, according to Executive Chairman L. Madhusudhan Rao on Wednesday, sending the company’s shares plunging.

Radia convenes with CBI Director

Corporate lobbyist Niira Radia at the moment convened with CBI Director A P Singh as the agency sets out a second accompanying charge sheet in the 2G scam which is likely to be filed in the following number of weeks.

MHA straightens 30 percent venture sale in 23 RIL oil & gas blocks to BP

The Home Ministry has provided unreserved sanction to Reliance industries for the sale of a 30 percent venture in 23 oil and gas assets, including the Mukesh ambani-led company’s showpiece KG-D6 block, to UK’s BP Plc for $ 7.2 billion.

Essar tells not going in advance with Africa telco agreement

Essar Group has determined against purchasing into Dhabi Group’s telecom industry in Uganda and Congo, according to the Indian group on Wednesday, but refused a newspaper account that it was aiming to sell its telecoms operations in Kenya.

HLL Lifecare, BSNL join for SMS blood donation campaign

Public sector HLL Lifecare, nation’s biggest blood-bag producer, has opened a SMS drive on blood donation, aiming to meet more than 5.5 million customers of BSNL in Kerala.

Bank of Maharashtra aims 25 percent loan increase in Fiscal Year 2012

Bank of Maharashtra (BoM), a bank run by the government, aims to develop its retail lending to meet 25 percent loan increase in 2011-12.

India biggest beneficiary of global and GCC remittances

India is the biggest beneficiary nation in terms of both global and GCC remittances, accounting for more or less 50 percent of money transferred from the gulf, according to an exchange firm representative.

Aditya Birla Minacs is at the moment reseller of Epicor ERP solutions

Business solutions provider Aditya Birla Minacs has been assigned as a value-added reseller for Epicor Software Corporation’s next-generation enterprise resource planning (ERP) solutions in India and the Middle East.

Mundra port enhances coal imports, aims LNG expansion

Mundra Port, the nation’s biggest private port, hopes to import 40 percent additional coal this year and launch a liquefied natural gas terminal by 2015 to achieve the elevating power demands of Asia’s third biggest economy.

Bahrain company in agreement with Wadhwa to enhanve MEDZ venture

Gulf Finance House BSC (GFH), an Islamic investment bank in Bahrain, has approved a partnership deal with Wadhwa Group, an eminent real estate developer in India.

No agreement on fresh union at Maruti’s Manesar plant

The labor department has been in discussions with the Maruti Suzuki India management and employees to end the at the moment 12-day long demonstration at the Manesar facility.

Demonstration at Maruti’s Manesar facility enters 12th day

The nation’s biggest car manufacturer Maruti Suzuki India has told that output at its Manesar facility keeps on to be totally affected as the continuing workers demonstration entered its 12th day.

Essar to get out telecom venture in Africa

Essar Group is aiming to sell its telecoms operations in Kenya and has chosen not to go forward with an offered transaction to purchase the services of Warid Telecon in Uganda and Congo, according to reports, quoting two sources.

AI’s commotion keeps on, 33,000 workers set to demonstrate

10 associations and unions of Air India (AI) and former Indian Airlines (IA) have written to the civil aviation minister Vayalar Ravi, requesting for an appointment within a week to reform their matters.

India, China corporate outlook plunges in 2nd period, according to survey

Business outlook at Asia’s leading firm plunged in the second period, hitting its lowest from the time when the third period of 2010 as increasing prices and elevating qualms on the vigor of the international financial system pondered, according to survey.

BSE Sensex expands 0.23% as market recovers

The BSE Sensex rose 42.63 points or 0.23% to 18,308.66, its highest closing level since 9 June 2011. The index fell 4.92 points at the day's low of 18,261.11 in afternoon trade. The Sensex gained 114.16 points at the day's high of 18,380.19 in morning trade.

The S&P CNX Nifty was up 17.70 points or 0.32% to 5,500.50, its highest closing level since 9 June 2011

The BSE Mid-Cap index rose 0.6% and the BSE Small-Cap index gained 0.37%. Both these indices outperformed the Sensex.

BSE clocked turnover of Rs 3846 crore, higher than Rs 2483.55 crore on Monday, 13 June 2011, due to a large block deal in HDFC counter.

Market Breadth:

Positive 1618 Negative 1220 Unchanged 127
From the 30 share Sensex pack, 21 rose and rest fell.

Rushil Décor IPO to launch on June 20

Decorative Laminated sheets producer Rushil Décor is coming into capital market with a public issue of 56, 43, 750 equity shares of face value Rs 10 each on June 20, 2011.

HC discloses Sahara’s claim of Rs 2,000 crore in opposition of Jet

The Bombay High Court at the moment disclosed an appeal submitted by Sahara India challenging its previous single-bench order which had held that Jet Airways was responsible to compensate Rs 1,450 crore for the buying of Sahara Airlines (now Jetlite) in 2007.

Mukesh Ambani wants administration as umpire, not associated party

Tumbling for incorporation of fuel costs in India along with the international markets, industrialist Mukesh Ambani has recommended the administration shout take steps like an umpire rather than putting itself associated in the venture.

PSL obtains Rs 753 crore purchase to provide pipe for 735 kilometers

Steel pipe maker PSL, on Tuesday, has told that it has obtained a Rs 753 crore purchase to provide pipe for 735 km, as well as line pipe and three layer polyethylene coating for GAIL’s KKBMPL venture.

General Motors obtains grants, yet once more

General Motors India’s ‘spark’ compact car was announced the “Most Dependable Compact Car” and “Best Compact Car in Initial Quality 2010” on Tuesday under JD Power & Associate’s India Automotive Quality Study and Vehicle Dependability Study for 2010.

IT services, merchandises markets to achieve 1.72 lakh crore by 2012

The size of India’s local IT services and merchandises markets will reach Rs 1, 71, 698 crore in 2012, according to premier research and advisory company Cybermedia Research.

NHPC, J&K; State Power and PTC arranges fresh Joint Venture

Power utility NHPC together with Jammu & Kashmir State Power Development Corporation and PTC India have incorporated a joint venture firm to execute 2,100 MW hydro electric power ventures in J&K.

Honda Siel slashes ‘City’ costs by up to Rs 66,000

Honda siel India at the moment has told that it has slash the costs of its flagship sedan City by up to Rs 66,000 following executing different price diminution measures.

Epicor collaborates with Aditya Birla Minacs

Epicor software Corporation, an international leader in business solution for production distribution, retail and services organizations, on Tuesday declared its collaboration with Aditya Birla Minacs to sell, execute and support Epicor’s next generation enterprises resource planning solutions in India and Middle East.

Montek gives notice on failure to submit high energy costs to consumers

Planning Commission Deputy Chairman Montek singh Ahluwalia at the moment gave notice about failure to submit on the energy costs to users will “effectively kill the energy sector”.

Huawei to design, build up handsets for India market

Telecom equipment maker Huawei in China has declared on Tuesday that the establishment of a product development center will design and build up software and test mobile handsets for the Indian market, where it aims to develop the brand in a huge way.

Sun TV shares droop, but fundamentals stand out

Shareholders were spooked when power changed hands in Tamil Nadu and Dayanidhi Maran, Sunt TV founder’s brother, was dubbed in a court case linked to a telecom probe, but as the dust arranges, more are engrossed to the pummeled stock.

CIL guarantees endeavors for further coal supply to consumers

Coal India has guaranteed the administration that it will make endeavors to escalate coal availability to the consumers by 28 million ton in the recent fiscal year to tide over the discrepancies.

India requires sturdier steps to control inflation, Rangarajan says

India must take sturdier moves, both fiscal and monetary, to control inflation, according to the prime minister’s economic adviser C Rangarajan on Tuesday.

India needs to stiffen financial, fiscal policy for development, OECD says

India must stiffen financial and fiscal policy more to restrain inflation and uphold development, according to the Organization for Economic Cooperation and Development (OECD) on Tuesday.

Novartis India rebuffs schemes to delist from stock exchanges

Pharma firm Novartis India has told that it has no schemes to delist from the stock exchanges and accounts suggesting such an action are tentative in nature.

AI reform scheme to rise before GoM for approval

Ailing Air India’s gyrate scheme, as well as reforming of its enormous liability, would rise before a Group of Ministers for approval in a number of weeks.

Administration anxious over price increase; to take appropriate actions, Finance Minister says

Expressing worries on increasing inflation which gushed beyond 9 percent in May, Finance Minister Pranab Mukherjee at the moment has told that the administration would take appropriate moves to control the prices.

Consumer Forum inflicts fine on Air India

The District Consumer Redresal Forum inflicted a fine of Rs 4,000 on Air India for not been able to give ticket refund amount to a woman.

BSE Sensex plunges 0.01% amid market rise

The BSE Sensex lost 2.51 points or 0.01% to settle at 18,266.03, its lowest level since 30 May 2011. The Sensex rose 44.67 points at the day's high of 18,313.21 in afternoon trade. The index fell 147.78 points at the day's low of 18,120.76 in morning trade, its lowest level since 27 May 2011.

The S&P CNX Nifty was down 3 points or 0.05% to 5482.80, its lowest level since 30 May 2011. The Nifty hit low of 5,436.95 in intraday trade, its lowest level since 27 May 2011.

The BSE Mid-Cap index rose 0.28% and the BSE Small-Cap index gained 0.3%. Both these indices outperformed the Sensex.

BSE clocked turnover of Rs 2472 crore, lower than Rs 2638.60 crore on Friday, 10 June 2011.

Market Breadth:

Positive 1437 Negative 1389 Unchanged 115
From the 30 share Sensex pack, 17 rose and rest fell.

Citigroup to peel venture in HDFC

Citigroup has deemed to lessen its venture in mortgage lender Housing development Finance Corporation to more or less 10 percent from 11.4 percent at the moment through market transactions, according to two sources who are familiar of the deals on Monday.

CAG account not expected to affect RIL-BP Cairn-Vedanta deals

The Comptroller and Auditor general of India (CAG) account has put Mukesh ambani-led Reliance industries in a stiff place. In its primary audit ever made of oil firms, the CAG has told that the administration favored private oil trader including RIL.

Samsung to finish Nokia smartphone 14 years of reign, Nomura says

Samsung Electronics Co Limited will turn into the globe’s biggest smartphone manufacturer this period, surpassing struggling Nokia Oyi which has top the market since 1996, according to Nomura on Monday.

India’s development unbroken, administration dedicated to reforms, Finance Minister says

Sending away apprehensions of a delay, Finance Minister Pranab Mukherjee at the moment has told that India’s development drivers are unbroken and the Centre is dedicated to policy reforms.

Logitech perceives no danger from Microsoft-Skype

A Logitech specialist awaits an advance in its industry from Microsoft’s $ 8.5 billion purchase of Skype as the transaction should raise broader start of videocommunications, according to a senior executive.

Goldman Sachs unit lift up 9 percent in Max India, shares ascend

Insurer and hospital operator Max India on Monday has told that its board has allocated shares to a unit of Goldman Sachs, distributing its shares equal by as much as 10 percent.

Essential for India to have huge national carrier, Bisigani says

Viewing that it was “much easier to restructure when the aviation market is growing” in India, Bisignani has told that it was essential for India to “have a big national carrier.”

BHEL Solar Panels positioned on GSAT-8 Satellite

The Electronics Division of Bharat Heavy Electricals Limited (BHEL) in Bangalore has set up and supplied Space Grade solar Panels to Indian Space Research Organization (ISRO) which have been effectively positioned on GSAT-8 Satellite.

TV18 India nods plan of arrangement between company & Web18

Television Eighteen India has approved the plan of arrangement between Television Eighteen India Limited, Web18 Software Services Limited, IBN18 Media & Software Limited, iNews.com Limited, Television Eighteen Commoditiescontrol.com Limited, RVT Investments Private Limited, Network18 India Holdings Private Limited, Care Websites Private Limited, ibn18 Broadcast Limited and Network 18 Media & Investments Limited in their individual investors and creditors pursuant to the prerequisites of section 391-394 of the Companies Act, 1956.

Cerebra Integrated Technologies to purchase 51 percent venture in Geeta Monitors

Cerebra Integrated Technologies is purchasing a 51 percent venture in privately owned Geeta Monitors, an IT merchandises distributor, in an all cash agreement.

Don’t perceive enough dip bank stocks ahead of RBI meet, according to experts

Banking stocks would be still flattish except the Reserve Bank of India (RBI) put up any surprise via its mid-quarter credit guidelines to be declared on June 16. On the other hand, there could be some purchasing interest as recent cost rate seem striking, suppose analysts tracking banks and non-banking finance companies (NBFCs).

Essar aims additional foreign coal, iron ore asset purchases

Corporation Essar Group aims to get additional coal and iron ore assets in Indonesia, Australia and Africa as it searches on to achieve vigorous demand in India, according to reports quoting Chief Executive Officer Prashant Ruia.

Increasing oil import bill a cause of apprehension, Anand Sharma says

India’s increasing oil import bill is a grave issue for the nation, according to Union Minister of Commerce and Industry Anand Sharma at the moment.

Administration to lengthen tax break for traders

The administration has nodded to lengthen a tax break for traders further than a June 30 deadline, according to reports on Saturday, citing trade minister Anand Sharma.

DGH declines to acknowledge RIL’s 3 gas discoveries

In an alarming progress for Reliance Industries, oil regulator DGH has declined to acknowledge three natural gas discoveries created by the firm at its KG-D6 block, where restoration of the drooping production depends on manufacturing from fresh discoveries.

Infosys introduce four fresh constituents to its board

In the latest development, Infosys Limited, India’s no. 2 software services exporter, on Saturday has introduced four fresh constituents to its board.

Production guidelines plans at additional GDP contribution, Sharma says

Union minister for commerce and industry, Anand Sharma, at the moment has told that the suggested “National Manufacturing Policy” intends at enhancing contribution of production to the national GDP from recent 16 percent to 25-26 percent by 2025 and of making 100 million jobs in the following 10 years.

Factory floor, instead of software park, vital to development of India

If India is to turn into a production powerhouse it will require to create things easier for people such as Nikhil Nanda, joint managing director of Escorts Limited, a tractor manufacturer in Delhi.

Kingfisher Airlines opens 9 new domestic flights

Kingfisher airlines at the moment declared the start on of nine new flights on its local network. Moreover to flights between Mumbai-Kolhapur, New Delhi-Pantnagar and Jabalpur-Indore, Kingfisher Airlines has opened as well direct flights between Mumbai and Thiruvanthapuram, according to a press release issued.

BSE Sensex slides 0.63% as market falls on last day of week’s trading

The BSE Sensex lost 116.36 points or 0.63% to 18,268.54, its lowest level since 30 May 2011. The Sensex rose 14.12 points at the day's high of 18,399.02 in early trade. The index fell 202 points at the day's low of 18,182.90 in early afternoon trade.

The S&P CNX Nifty was down 36.45 points or 0.66% to 5,484.60, its lowest level since 30 May 2011. The Nifty hit a low of 5,457.45 in intraday trade.

The BSE Mid-Cap index fell 0.34% and the BSE Small-Cap index declined 0.46%. Both these indices outperformed the Sensex.

BSE clocked turnover of Rs 2624 crore, higher than Rs 2359.01 crore on Thursday, 9 June 2011.

Market Breadth:

Positive 1204 Negative 1659 Unchanged 109
From the 30 share Sensex pack, 25 fell and rest rose.

Dhanlaxmi Bank assigns Manish Jaiswal as Head SME Business

According to the m-size private sector Dhanlaxmi Bank, it has already assigned Manish Jaiswal as its business head for small and medium enterprises (SME) group.

DELL bullish on small, medium industries in Rajasthan

Dell will at the moment improve on small and medium industries in Rajasthan and provide important holistic solutions, services and targets. A firm representative has told that the firm will provide technology solutions to the city businesses such as gems and jewellery, textiles and others.

May inflation witnessed increasing to 8.7 percent, according to survey

India’s wholesale price index is likely to increase by 8.70 percent in May, up a little from a month earlier, thanks to increasing food and fuel costs, according to a survey shown.

Greater necessity to guarantee autonomy to central banks, RBI says

With central banks supposing growing responsibility for monetary constancy, there is a superior necessity and exigency to guarantee their autonomy, according to the Reserve Bank of India’s governor on Friday.

Fiscal Year development could be amended upwards, Administration representative says

India’s yearly economic development for the 2010-11 fiscal year that closed in March could be amended upwards from 8.5 percent on fresh industrial production index, according to a senior administration representative.

Tata Motors obtains purchase for 1,111 trucks from SVLL

Tata Motors at the moment has told that it has obtained a purchase worth an approximated Rs 150 crore to supply 1,111 medium and heavy trucks to Siddhivinayak Logistics Limited (SVLL) in Surat.

Real estate is in front of scalability test, KPMG hits upon results

The real estate sector has been one that writes the Indian development story. While the general agreement tells that development in this sector will keep on to be vigorous due to intrinsic stipulation, a current KPMG account shows businesses are spooling under pressure.

Haryana prohibits demonstration at Maruti’s Manesar facility

Making its deportment stronger in opposition to the continuing worker’s demonstration at Maruti Suzuki facility, the Haryana administration at the moment forced a prohibition on the demonstration by passing ban orders.

SBI breaks RBI norms over RIL disclosure for 3rd year

Nation’s biggest bank SBI has broke RBI’s credit disclosure norms in three consecutive years with consideration to its loan offered to Mukesh Ambani-led Reliance Industries (RIL).

ICAI looks for clearness on SBI’s Fiscal Year 2011, Fiscal Year 2012 provisioning norms

The institute of Chartered Accountants of India (ICAI) aims to write to State Bank of India (SBI) looking for clearness on the higher provisioning created in 2010-11 and provisioning to be created in Fiscal Year 2012.

Aurobindo obtains final US FDA approval for hypertension drug

Aurobindo Pharma has obtained final nod from the US Food and Drugs Administration to produce and market Ramipril capsules, which are used for the cure of hypertension.

Glodyne Technoserve to purchase Comat Technologies

Technology infrastructure management service provider Glodyne Technoserve is buying Comat Technologies to enhance its presence in the e-governance space in India.

India to ease up retail sector to overseas shareholders

India will move to launch the multi-brand retail sector and let overseas direct endowment equal to 51 percent with no less than half the funds endowed in infrastructure like cold storage, newspapers accounted on Friday.

Fixed bond holding poses developmental stability on a tight spot, RBI says

The constitutional liquidity regime creates a developmental stability exchange predicament for the Reserve Bank of India, according to the RBI governor on Friday.

Industrial production at 6.3 percent alarming, according to Pranab Mukherjee

In the latest development, India’s industrial production in April increased 6.3 percent from the previous year, according to the government data which was shown on Friday.

Rate hikes will expect consumer durables alleviate, Credit Suisse says

Robert Prior-Wandesforde, Head of India & South East Asia Economics at Credit Suisse discusses about the IIP figures. He detailed as well the June 16 credit policy talks and how he expects the RBI moving on interest rates.

April IIP increases at 6.3 percent as per new series

India’s industrial output increased at 4.4 percent in April as against to 7.3 percent in March as per old series. As per the new series, the IIP increased at 6.3 percent in April. The Central Statistical Organization (CSO) has opened a new series of IIP at the moment.

Glenmark obtains final US FDA approval for Mupirocin ointment

Glenmark Generics Incorporated, the US wing of Glenmark Generics has obtained final abbreviated new drug approval from the US Food and Drugs Administration for its Mupirocin ointment, which is an antibacterial application to cure skin infection known as impetigo.

Prime Minister nods fresh draft production guidelines

Prime Minister Manmohan Singh nodded a fresh production guideline draft on Thursday, outlining recommendations to rise up the sector to power development in Asia’s third biggest economy, but noting the significance of environmental and labor welfare matters.

BSE Sensex slightly drops 0.05% as trading still downbeat

The BSE Sensex lost 9.39 points or 0.05% to 18,384.90, its lowest closing level since 3 June 2011. The Sensex rose 55.35 points at the day's high of 18,449.64 in morning trade. The index fell 67.28 points at the day's low of 18,327.01 in early afternoon trade.

The S&P CNX Nifty was down 5.80 points or 0.1% to 5,521.05, its lowest closing level since 3 June 2011. The Nifty hit a low of 5,502.05 in intraday trade.

The BSE Mid-Cap index fell 0.12% and underperformed the Sensex. The BSE Small-Cap index rose 0.08% and outperformed the Sensex.

BSE clocked turnover of Rs 2344 crore, lower than Rs 2602.06 crore on Wednesday, 8 June 2011.

Market Breadth:

Positive 1386 Negative 1424 Unchanged 117
From the 30 share Sensex pack, 19 fell and rest rose.

Timbor Home arranges issue price at Rs 63 per share

Timbor Home, a producer-retailer comprising a pan-India presence with over 80 exclusive stores of kitchen, has settled issue price at loftier end of price band of Rs 54-63 per share.

Dell get on a shopping spree, places India on radar

Cash rich Dell has been on an acquirement to take the inorganic route to development. Market is abuzz with assumption that it is aiming to purchase Brocade in California, which is a top provider of data center networking merchandises.

ICICI Bank and NISM to provide 1 year PGCSM programme

National Institute of Securities Markets (NISM), an educational initiative assumed by the Securities and Exchange Board of India (SEBI), and ICICI Bank, India’s biggest private sector bank, at the moment approved a Memorandum of Understanding (MoU) for a specialize programme in “Post Graduate Certificate in Securities Markets” (PGCSM).

Administration must increase fuel costs to achieve arrears aim

The administration must increase costs of subsidized fuels to attain the budgeted financial shortfall aim of 4.6 percent of GDP for the recent financial year to end-March 2012, according to the Prime Ministers’ economic adviser Rangarajan on Thursday.

Sarawasat Bank, ADAG in tie-up to trade core banking solution

Top co-operative lender Saraswat Bank has tied up with Reliance ADAG under which the Anil Ambani-led group will market core banking solution developed by the bank’s infotech subsidiary.

ONGC on exploration thrust for gas extraction in Tripura

ONGC has opened a massive exploration thrust for gas extraction in Tripura to achieve the need of 726 Mega Watt gas-based thermal power venture at Palatanta in South Tripura, which is planned to begin power generation by December 2012, according to official sources at the moment.

Maruti may emply Gurgaon unit to alleviate Manesar restricted access

Maruti Suzuki India is considering alternatives to offset the output discrepancy at Manesar facility because of the continuing labor demonstration and may utilize its facility in Gurgaon to alleviate the restricted access.

GoM on Coal to convene on June 9

The Group of Minister (GoM) on coal is ready to have a conference for the third time at the moment to test and solve matters affecting the manufacturing of coal in the nation amid an ever-widening stipulation and supply gap, which is likely to reach 137 million tons in 2011-12.