Evening capsule: Top headlines that made news today

Here are your top stories for the day:  

BSE Sensex up for 3rd day; Coal India, Hero Moto, RIL shine

Key equity benchmarks surged in the late afternoon trade to extend its rally for three consecutive sessions after big rout last week. The news of monsoon expected to hit India in the next 3-4 days helped lift the sentiment considering agriculture contributes significantly to the country’s growth.

Effective governance can propel growth to over 8%

India's economy will continue to grow at five to six per cent "regardless" of what government does or doesn't do, but with effective governance it can rise to over eight per cent, Finance Minister P Chidambaram said on Monday.

GAIL Q4 net down 51% on employee, depreciation cost

State-run GAIL India 's March quarter profit more than halved to Rs 618 crore quarter-on-quarter on higher employee cost and depreciation cost. While employee cost went up around 28 percent to Rs 237 crore, depreciation cost also expanded 12 percent QoQ.to Rs 272.56.

Govt starts NHPC stake sale process; to fetch Rs 2400 crore

The Finance Ministry has initiated the process of 11.36 percent stake sale in NHPC  and will soon appoint merchant bankers for the disinvestment, which may fetch around Rs 2,400 crore to the exchequer.

Cognizant clocks highest revenue growth among Indian IT cos

US-headquartered firm Cognizant clocked the highest growth rate of 20.1 percent in revenues among the top five India-based IT services providers last year, global research firm Gartner said on Tuesday. The NASDAQ-listed firm also displaced Infosys as the second-largest IT services provider in 2012 with a worldwide revenue of USD 7.1 billion, Gartner said in a statement.

ECB, BoJ support pledges boost world shares

Investors seized on clear signs of policy support from Japanese and European central banks on Tuesday, driving world shares higher and denting appetite for safe-haven German bonds.Heightened expectations the US Federal Reserve will soon taper its stimulus programme and a rebound in Japanese stocks saw the dollar strengthen by 1.3 percent against the yen, its biggest one day gain in nearly three weeks.

Tata was first in line but RCom got 2G licence: Nira Radia

Former corporate lobbyist Nira Radia appeared in a Delhi court on Tuesday as a key prosecution witness in the 2G spectrum case. In her deposition, Radia said that although Tata was first in line for 2G licences for the Delhi circle, the company did not win the bid.

BJP expels Ram Jethmalani for anti-party statements

The Bharatiya Janata Party on Tuesday expelled Rajya Sabha MP and noted lawyer Ram Jethmalani. The decision was taken by the opposition party's president Rajnath Singh. Jethmalani has been vocally opposed of certain BJP decisions. He has been expelled from the primary membership of the party for six years. He will be an independent Rajya Sabha member from now.

Hindalco Q4 net up 7% to Rs 482cr on higher other income

Aluminium major Hindalco Industries  reported a jump of 7 percent in its fourth quarter net profit year-on-year to Rs 482 crore on higher other income.

HPCL's Q4 net up 66% on lower under-recoveries

Oil marketing firm Hindustan Petroleum's  ( HPCL's) March quarter profit has risen to Rs 7679 crore, up 66 percent year-on-year on the back of sectoral reforms wherein the government allowed firms to hike diesel price in phases. The firm has since January hiked diesel price several times by 50/litre each time.

By: Team Moneycontrol