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HindustanTimes Fri,01 Aug 2014

Business

Argentine markets fall post-default, NY hearing on Friday

Argentina's President
Argentina's bond and stock markets and peso currency dropped on Thursday after Latin America's No. 3 economy defaulted for the second time in 12 years following the collapse of last-ditch talks with holdout creditors.

Maruti July sales rise 21.7% to 1,01,380 units

Maruti Suzuki
Country's largest car-maker Maruti Suzuki India on Friday reported 21.7% increase in its total sales for July at 1,01,380 units as against 83,299 units in the same month last year.

Alibaba invests $120 million in Kabam in latest US deal

Alibaba
Alibaba Group Holding Ltd has invested $120 million in San Francisco-based mobile games studio Kabam, the latest in a string of US investments intended to build up the Chinese online retailer's presence in the world's biggest Internet arena.

Rupee falls 22 paise against dollar in early trade

Currency
The rupee lost 22 paise to over three-month low of 60.77 against the US dollar in early trade on Friday at the Interbank Foreign Exchange market on increased capital outflows amidst demand for the American currency from importers.

India says it is committed to trade facilitation agreement, WTO talks fail

WTO
India's demands for concessions on agricultural stockpiling led to the World Trade Organization failing on Thursday to 'bridge the gap' on standardising customs rules. The deadline passed without a breakthrough.

JSW Steel to pump in $22 bn to triple output

JSW Steel on Thursday announced an ambitious plan to invest $22 billion (Rs 1,32,000 crore) to increase its steel capacity over three times to 40 million tonnes per annum by 2025.

Petrol price cut by Rs. 1.09 a litre; diesel gets costlier

Petrol price was on Thursday cut by Rs. 1.09 per litre, the second reduction in three-and-half-months, while diesel rates were hiked by 56 paise a litre.

FM eyes financial inclusion via mobile banking for all

Mobile banking
Efforts are on to introduce mobile banking even on basic cellphones, finance minister Arun Jaitley said on Thursday, during a meeting with heads of public sector banks.

ICICI Bank Q1 net profit up 17%, beats estimates

ICICI Bank
ICICI Bank Ltd, country's second-biggest lender by assets, reported a 17% rise in quarterly profit, beating estimates, helped by loan growth and higher fee income.

Sensex down over 400 points; Nifty's biggest fall in 3.5 weeks

budget, BSE
The Nifty fell 1.5 % on Friday, marking its biggest single-day fall in nearly 3-1/2 weeks as blue-chips such as Reliance Industries slumped tracking weaker global markets ahead of US jobs data later in the session.

DLF quarterly profit falls 29% on lower home sales

DLF Ltd
DLF Ltd, India's top real estate developer, reported a 29% fall in quarterly net profit, hit by slowing home sales in Asia's third-largest economy as high inflation and interest rates continued to deter home buyers.

Firms focus on investment, Jindal joins club

investment

Indian and foreign companies have announced plans to invest about Rs. 5 lakh crore since May this year, when the Narendra Modi-led NDA came to power, signaling a possible revival of the stalled investment cycle that has slowed down India’s GDP growth rate.

US talks compromise to end WTO deadlock

Kerry image 1
US secretary of state John Kerry on Thursday said he was hopeful that a compromise in a global trade deal to ease customs rules incorporating India’s concerns over the food security was still possible, even as hectic negotiations were underway in Geneva to meet the earlier agreed deadline of July 31.

Tata Motors to invest Rs. 16,000 cr in 4 years for development, tech boost

Tata Falcon hatchback, compact saloon to debut at Auto Expo
The company has been struggling in the domestic market due to an economic slowdown, while no new significant launches over the last four years have led to a loss in market share in passenger vehicle business.

Give up subsidised cylinders meant for poor: Oil cos to affluent customers

LPG
There are 160 million LPG connections in the country and the annual outgo on LPG subsidy is over Rs. 40,000 crore. A subsidised cylinder costs Rs. 422 (in Delhi) compared to Rs. 920 for a non-subsidised one.

BNP Paribas posts 4.3 billion euro quarterly loss after US fine

money exchange
BNP Paribas on Thursday posted a net quarterly loss of 4.3 billion euros ($5.75 billion), as a record fine for violating US economic sanctions sent it into the red for the first time since 2008.
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