The rupee failed to maintain initial gains and slipped 7 paise to 57.08 against the dollar on fresh demand for the American currency from banks and importers.
London-listed Essar Energy on Monday said the negative ruling by the Supreme Court in a tax case hit the company’s profits and led to a pre-tax loss of more than $1 billion (Rs 5,710 crore) for the 15-month period from January 2011 to March 31, 2012.
Snapping the two-day losing string, the Sensex today advanced by 24 points on buying in refinery stocks spurred by lower oil prices amid the prevailing subdued sentiment after RBI steps to shore up rupee.
The combined market capitalisation (m-cap) of top seven Sensex companies fell by
Rs. 19,398 crore last week, led by software companies TCS and Infosys which together took a hit of
Rs. 9,969 crore.
Pranab Mukherjee will step down as finance minister on Tuesday to contest the presidential election, amid mounting criticism from several quarters that the Indian economy’s growth rate could deteriorate further if reforms measures are not initiated at once. HT reports. Rupee, reforms, rejig
Concerned over the declining rupee, which fell to an all time-low of Rs. 57.37 a dollar, finance minister Pranab Mukherjee today said that the government and the Reserve Bank will take steps to arrest the slide of the Indian currency.
Private sector investment inflows into various infrastructure projects during the 12th plan period (2012-17) — projected at a whopping Rs. 27 lakh crore by the Planning Commission — are expected to take a major hit.
The Securities and Exchange Board of India (SEBI) on Thursday notified new norms for ownership and governance of stock exchanges and other market infrastructure institutions including at least 51% stake holding by public and a minimum networth of Rs. 100 crore.
The Securities and Exchange Board of India would question top officials of fund houses about non-performance of mutual fund schemes and probe their non-compliance with stated investment objectives.
HT reports.
With the crisis in the euro zone and the US showing no signs of easing, analysts are advising retail investors to take the cautious route, at least in the short term.
Sachin Dave reports.
Is the yellow metal losing its shine?
Shares of Reliance Industries Ltd declined more than 3% on Thursday after its Canada-based partner Niko Resources said that the firms's flagging KG-D6 gas block holds 80% less reserves than previously estimated.
The Sensex staged a strong comeback Thursday by surging 136 points and ended above 17,000 level for the first time in seven weeks on falling crude prices and investment bank JP Morgan upgrading the Indian market.
The rupee on Thursday hit an all-time low of 56.57 against the US dollar on sustained dollar demand from importers, before suspected intervention from the Reserve Bank of India helped the local currency recover some ground.
The Reserve Bank of India likely sold dollars via state-run banks on Thursday after the rupee came close to hitting a record low against the dollar, three dealers said.
The BSE benchmark index Sensex declined by over 43 points in early trade today on profit-booking by speculators after recent gains, amid mixed trend at the Asian markets.