BSE Sensex closes down 0.75%; Reliance drags, IndusInd falls 1.5% Equity benchmarks that were in a narrow range from early trade dropped nearly one percent in last one hour of trade Wednesday, dragged by index heavyweight Reliance Industries ( RIL ).
Flipkart raises $200 million via private equity Flipkart has raised USD 200 million from a clutch of private equity funds, the company said on Wednesday, in what could be the single largest investment in an e-commerce company in the country.
Rolta bags multi-million dollar order from Saudi-based firm In an interview to CNBC-TV18, KK Singh, CMD, Rolta India speaks about the multi-million dollar order they bagged from Saudi-based Sadara Chemical.
Trade parity pricing best option for India, 80:20 method ad hoc: Kirit Parikh The government is likely to alter the way diesel and cooking fuels are priced to reduce its subsidy burden. A panel under former Planning Commission member Kirit S Parikh suggested a suitable pricing mechanism benchmarked to export parity pricing (EPP) to cut government’s subsidy burden.
RIL entity moves SAT against Rs 11cr Sebi penalty Reliance Petroinvestments Ltd, an RIL group entity, has approached Securities Appellate Tribunal (SAT) against Rs 11 crore penalty imposed by Sebi in an over six-year-old insider trading case. The appeal, which would be heard by the Tribunal here tomorrow, challenges a Sebi order passed on May 2 in an case of insider trading in the shares of IPCL, an erstwhile subsidiary of Reliance Industries Ltd (RIL).
No security threat in Jet-Etihad deal: Ajit Singh Jet Airways and Abu Dhabi's Etihad will have to make required changes in the agreement as stipulated by markets regulator Sebi and the Foreign Investment Promotion Board, said Scivil aviation minister Ajit Singh. He further said that he is confident about Jet-Etihad satisfying the regulator.
Import duty hike may not sweeten sugar cos' fortunes The government recently increased the import duty on raw and white sugar from 10 percent to 15 percent, a move aimed at curbing import of sugar and improving the bearish sentiment in domestic market. The move would, however, lead to rise in sugar prices across the country.
SEBI seeks clarification on Godrej Properties' rights issue The Securities and Exchange Board of India has sought clarification from Godrej Properties merchant banker, regarding the company's proposed Rs 700-crore rights issue. Without disclosing the details of the clarifications sought, SEBI has said that "clarifications (are) awaited from lead manager" for the proposed rights issue.
Subir Gokarn says RBI concerned with growth, won't raise rates on INR fall The depreciation of Indian rupee has dealt a major blow to India's economy. The Indian rupee crashed 6.3 percent since the start of June and 2 percent in the first week of July. Depreciation of the home currency has wiped out gains from softer crude prices (earlier) leading to expectations that inflation will head back to 6-7% levels by year-end. Meanwhile, escalation in Egypt unrest has sent crude to a three-month high. Higher crude prices will eventually impact food inflation (CPI) due to higher transport costs negating any impact of a good monsoon.
IMF cuts global growth forecast as emerging markets slow The International Monetary Fund trimmed its global growth forecast on Tuesday for the fifth time since early last year due to a slowdown in emerging economies and the woes in recession-struck Europe.