Weakness in the trading continues at stock exchanges in Mumbai. The Bombay Stock Exchange’s benchmark index, Sensex closed at.9568.7, down by 118 points. The NSE’s Nifty-50 closed at 2916.8, down by 51.8 points. In bullion market, the yellow metal is being quoted at Rs.12,927/10gm and silver at Rs.17,150/kg. Crude oil was trading low. Nymex crude was trading at around 38 US dollars a barrel. The US dollar was at around Rs.48.
Fortis Healthcare Board approves issue of Right shares worth Rs.1000 Cr to fund current projects.
Government to infuse stimulation to boost domestic demand through duty cuts. Likely hike in tax exemption.
World Bank debarred the Hyderabad-based Satyam Computer Services for 8 years for lack of documentation on invoices and improper benefit to the bank staff.
Wednesday, December 24, 2008
Tuesday, December 23, 2008
Selected Indian business news extracts (December 23, 2008)
Weakness in the trading continues at stock exchanges in Mumbai. The Bombay Stock Exchange’s benchmark index, Sensex closed at.9686.75, down by 241.6 points. The NSE’s Nifty-50 closed at 2968.6, down by 70.6 points. In bullion market, the yellow metal is being quoted higher at Rs.13,168/10gm and silver at Rs.17,782/kg. Crude oil was trading low. Nymex crude was trading at around 39.9 US dollars a barrel. Expect commodity prices to fall on global slow down. The US dollar was at around Rs.48.8.
Transfer of spectrum allowed within group entities for 3G, broadband services – says DoT
Foreign Exchange Reserve position is comfortable – says Government Eco Panel Head.
RIL D6 Block gas output is likely to commence by January, 2009. Reliance Communications GSM plans to be launched shortly in 100 cities in India. Trials are on.
Transfer of spectrum allowed within group entities for 3G, broadband services – says DoT
Foreign Exchange Reserve position is comfortable – says Government Eco Panel Head.
RIL D6 Block gas output is likely to commence by January, 2009. Reliance Communications GSM plans to be launched shortly in 100 cities in India. Trials are on.
Monday, December 22, 2008
Selected Indian business news extracts (December 22, 2008)
Wide-spread losses witnessed today in stocks trading at stock exchanges in Mumbai. The Bombay Stock Exchange’s benchmark index, Sensex closed below 10,000, at.9928.3, down by 171.5 points. The NSE’s Nifty-50 closed at 3039.3, down by 38.2 points. In bullion market, the yellow metal is being quoted higher at Rs.12,963/10gm and silver at Rs.17,765/kg. Crude oil prices flared up. Nymex crude was trading lower at around 42.6 US dollars a barrel. Money market was subdued. The US dollar was at around Rs.47.9.
Current crude prices are straining the margins: says ONGC Chief.
Reliance Industries Limited is under pressure from US to cease gasoline shipments to Iran. Reliance at times provided as much as 30% of Iran’s need for imported petroleum.
Anil Ambani incorporated National Agriculture Produce Marketing Company (APMC), a subsidiary of Reliance Money, to offer spot trading in agro produces, initially on a sate by state basis. The exchange will start operations in select commodities such as castor and sesame in Gujarat. .
Current crude prices are straining the margins: says ONGC Chief.
Reliance Industries Limited is under pressure from US to cease gasoline shipments to Iran. Reliance at times provided as much as 30% of Iran’s need for imported petroleum.
Anil Ambani incorporated National Agriculture Produce Marketing Company (APMC), a subsidiary of Reliance Money, to offer spot trading in agro produces, initially on a sate by state basis. The exchange will start operations in select commodities such as castor and sesame in Gujarat. .
Friday, December 19, 2008
Selected Indian business news extracts (December 19, 2008)
The Sensex continues to be above 10,000. Wide-spread gains in all sectors such as realty and auto. The Bombay Stock Exchange’s benchmark index, Sensex closed at 10,099.9, up by 23.5 points. The NSE’s Nifty-50 closed at 3077.5, up by 16.7 points. In bullion market, the yellow metal is being quoted at Rs.12,757/10gm and silver at Rs.17,457/kg. Nymex crude was trading lower at around 36.1 US dollars a barrel. The US dollar was at around Rs.47.2.
Chanda Kochhar is appointed as MD and CEO of ICICI bank till March 2014. All the best to Chanda. K.V. Kamth is named non-executive Chairman.
Reliance Industries Limited is right-sizing its work-force. New investments such as semi-conductor business are on hold.
India government is likely to table The Insurance Bill in February, 2009. Foreign Direct Investment is to be hiked to 49% from 26% at present.
Chanda Kochhar is appointed as MD and CEO of ICICI bank till March 2014. All the best to Chanda. K.V. Kamth is named non-executive Chairman.
Reliance Industries Limited is right-sizing its work-force. New investments such as semi-conductor business are on hold.
India government is likely to table The Insurance Bill in February, 2009. Foreign Direct Investment is to be hiked to 49% from 26% at present.
Thursday, December 18, 2008
Selected Indian business news extracts (December 18, 2008)
The Sensex closes above 10,000 today. Wide-spread gains in all sectors. The Bombay Stock Exchange’s benchmark index, Sensex closed at 10,076.4, up by 361.1 points. The NSE’s Nifty-50 closed at 3060.7, up by 106.4 points. In bullion market, the yellow metal is being quoted at Rs.13,184/10gm and silver at Rs.18,050/kg. Nymex crude was trading lower at around 40.2 US dollars a barrel. The US dollar was at around Rs.47.
More duty cuts expected, says the Finance Minster.
Indian Government is bringing out News Telecast norms. Self regulation is best regulation.
IMS Health, the reference point for global pharmaceutical business data and intelligence, has reported that the annual prescription sales of generics grew by only 3.6% as compared to 11.4% for the corresponding period a year ago.
More duty cuts expected, says the Finance Minster.
Indian Government is bringing out News Telecast norms. Self regulation is best regulation.
IMS Health, the reference point for global pharmaceutical business data and intelligence, has reported that the annual prescription sales of generics grew by only 3.6% as compared to 11.4% for the corresponding period a year ago.
Wednesday, December 17, 2008
Selected Indian business news extracts (December 17, 2008)
The stock markets in Mumbai witnessed fall in almost all stock prices. The Bombay Stock Exchange’s benchmark index, Sensex closed at 9715.3, down by 261.7 points. The NSE’s Nifty-50 closed at 2954.3, down again by 87.4 points. In bullion market, the yellow metal is being quoted higher at Rs.13,210/10gm and silver at Rs.18,002/kg. Nymex crude was trading lower at around 43.1 US dollars a barrel. The US dollar was at around Rs.47.6.
As per the report, Satyam’s deal with Maytas Infra is called off due to opposition from the Satyam’s Board. The stock was being traded at 30% lower than yesterday’s price.
Anil Dhirubhai Ambani Group (ADMG) could face hefty fine if the Directorate of Enforcement (ED) proves charges of illegal withdrawals from their foreign bank accounts.
A lot is expected from Reliance and ADMG to the shareholders on Dhirubhai Ambani’s birthday which falls on December 28. RPL may go on stream on that day.
As per the report, Satyam’s deal with Maytas Infra is called off due to opposition from the Satyam’s Board. The stock was being traded at 30% lower than yesterday’s price.
Anil Dhirubhai Ambani Group (ADMG) could face hefty fine if the Directorate of Enforcement (ED) proves charges of illegal withdrawals from their foreign bank accounts.
A lot is expected from Reliance and ADMG to the shareholders on Dhirubhai Ambani’s birthday which falls on December 28. RPL may go on stream on that day.
Tuesday, December 16, 2008
Selected Indian business news extracts (December 16, 2008)
The stock markets in Mumbai witnessed smart recovery, sensex hits 10,000-mark at the day’s high. The Bombay Stock Exchange’s benchmark index, Sensex closed at 9976.9, up by 144.6 points. The NSE’s Nifty-50 closed at 3041.7, up again by 60.5 points. Gainers are stocks from Cement, Realty, Technology and Oil &gas sectors. In bullion market, the yellow metal is being quoted at Rs.12,867/10gm and silver higher at Rs.17,449/kg. Nymex crude was trading lower at around 44.7 US dollars a barrel. The US dollar was at around Rs.48.
HCl Technology completes AXON Group buy-out.
DoT, Government of India seeks audit of Reliance Comm’s revenues. As per the report, discrepancy of over 23% was seen in Mobile’s revenues.
Enforcement Directorate (ED) probes misuse of UBS, AG, London accounts – Money laundering probe. RNRL, Reliance Energy are under the ED scanner for possible FEMA violations.
HCl Technology completes AXON Group buy-out.
DoT, Government of India seeks audit of Reliance Comm’s revenues. As per the report, discrepancy of over 23% was seen in Mobile’s revenues.
Enforcement Directorate (ED) probes misuse of UBS, AG, London accounts – Money laundering probe. RNRL, Reliance Energy are under the ED scanner for possible FEMA violations.
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