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HindustanTimes Fri,25 Jul 2014

Business

Govt has no proposal to reduce gold import duty: Nirmala Sitharaman

Gold

India, the world's second-biggest gold consumer, does not have any current proposal to cut the record 10% import duty on gold, minister of state for finance Nirmala Sitharaman said on Friday.

IMF cuts global growth outlook; India avoids ratings downgrade

IMF
The International Monetary Fund on Thursday chopped its 2014 forecast for global economic growth to take into account weakness early in the year in the United States and China, the world's two biggest economies.

Facebook now valued more than AT&T, Coke

Facebook
Facebook's $190 billion market value makes it bigger than such bellwethers as Coca-Cola and AT&T. It's not a member of the Dow industrials, but if it were, it would be larger than two-thirds of that index's 30 members.

Banks not allowed to trade in bonds for infra lending: RBI

rbi
Banks will not be allowed to trade bonds issued by other lenders for infrastructure lending that would be exempted from mandatory reserve requirements under the guidelines issued last week, said RBI deputy governor R Gandhi.

Rupee down 5 paise against dollar in early trade

Currency
The rupee fell marginally by five paise to 60.17 against the US dollar in early trade on Friday at the Interbank Foreign Exchange due to appreciation of the American currency overseas amid lower opening in the domestic equity market.

Wipro shares tank 8.5%, Q1 earnings lag estimates

Wipro
Shares of IT services major Wipro plunged as much as 8.5% in morning trade on Friday after the company's June quarter earnings missed expectations. Wipro's scrip tumbled 8.46% to Rs. 528 on the BSE.

Govt to go ahead with Rs. 18,000-cr ONGC stake sale in reforms push

ONGC
Setting aside the objections raised by the state-owned Oil and Natural gas Corp (ONGC) on government’s plans to disinvest 5% of its stake in the company, the finance ministry has decided to go ahead with a stake sale in the country’s largest profit-making public sector undertaking.

Rs 36,000 cr worth of power projects stuck for coal

PiyushGoyal
Power projects worth around Rs. 36,150 crore and a generation capacity of 7,230 MW are stranded due to coal shortage, Piyush Goyal, minister for coal, power and renewable energy, said in the Lok Sabha on Thursday.

Retro tax knot tough to untie: FM

Why did EC allow Rahul's roadshow and deny Modi, asks Jaitley
Finance minister Arun Jaitley on Thursday said blamed the UPA government’s adversarial tax policies for hurting India’s image as an investment destination.

No decision on FDI in supermarkets: trade minister

Nirmala Sitharaman
The new government has not decided its stance on a policy in place to allow foreign direct investment in supermarkets, trade minister Nirmala Sitharaman told lawmakers in a written reply in Parliament on Friday.

India blocks WTO deal on customs rules

WTO

India blocked an agreement on new global customs rules on Thursday, angering fellow members of the World Trade Organization who say Delhi's veto could be costly, economically and politically.

Sensex falls around 200 points; Wipro plunges 8%

Sensex, BSE
The BSE benchmark Sensex was down 0.77% and the broader Nifty fell 0.79% after both indexes hit record highs in earlier in the session on Friday.

Wipro net profit rises 30% in Q1, but lags estimates

Wipro
India’s third-largest IT services company, Wipro, on Thursday reported a 30% year-on-year rise in net profit to Rs. 2,100 crore during the April-June quarter but fell slightly short of analysts’ estimates of Rs. 2,124 crore.

Alstom faces UK bribery charge for India project

CBI
Following months of investigations that included interaction with India’s Central Bureau of Investigation, Britain’s Serious Fraud Office (SFO) on Thursday initiated criminal proceedings against Alstom Network UK Ltd on charges of bribery.

Single Window: Microsoft to unite OS for all platforms

Microsoft
Microsoft is doing away with multiple operating softwares for its multiple devices. Now, there will be be just one Windows for all platforms — phone, PC, tablet and even Xbox.

Cabinet clears bill to empower Sebi to deal with ponzi schemes

SEBI
The Narendra Modi-led Cabinet Committee on Economic Affairs on Thursday approved the bill to empower market watchdog Securities and Exchange Board of India (Sebi) to crack down on ponzi schemes and investment frauds.
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