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Business

RBI cuts CRR by 75 bps to 4.75%

Mumbai : The Reserve Bank of India today cut the Cash Reserve Ratio, CRR, by 0.75 percentage points, from 5.5 percent, to 4.75 percent, in order to ease tight liquidity in the banking system. The Cash Reserve Ratio is the percentage of their deposits that banks are required to hold in the form of cash […]

Stock & Share

Sensex surges 358 pts

Mumbai : Snapping three days of losses, the Sensex at the Bombay Stock Exchange surged 358 points, or 2.1 percent, to 17,503, on renewed buying by funds, amid firm global markets, today. The Nifty at the National Stock Exchange spurted 113 points, or 2.2 percent, to 5,334. Stock markets in Japan, China, Hong Kong, and […]

Business

Kingfisher suspended from two more IATA platforms

Bangalore : Badgered from all sides,Kingfisher Airlines was on Friday suspended for non-payment of dues from two more IATA platforms that would affect its passenger and cargo bookings through agents, but the cash-strapped carrier said it has made alternative arrangements for these bookings. International Air Transport Association (IATA), which had suspended it from its Clearing […]

Business

Exports up 4.3 pc in Feb, imports grow by 20.6 pc

Mumbai : Exports grew by 4.3 per cent year-on-year to USD 24.6 billion, while imports increased by 20.6 per cent in February, Commerce Secretary Rahul Khullar said on Friday. Imports stood at USD 39.8 billion in February 2012, resulting in a trade deficit of USD 15.2 billion. During April-February 2011-12, the country’s exports increased by […]

Business

L&T appoints Venkataraman as CEO & MD; Naik to remain Chairman

Mumbai : In a long-awaited top management succession planning exercise, corporate giant Larsen and Toubro on Friday appointed K Venkataraman as its CEO and Managing Director, while its current chief A M Naik would remain Executive Chairman for the next five years. Naik currently holds the position of Chairman and MD at the group, a […]

Business

GOM to meet today to discuss Cotton export ban issue

New Delhi : The Group of Ministers will meet on Friday in New Delhi to review the 5th March decision of Commerce Ministry to ban cotton export. The decision was severely opposed by Agriculture Minister Sharad Pawar as well as several contton producing states such as Maharashtra, Gujarat and Andhra Pradesh. Prime Minister Dr. Manmohan […]

Business

HPCL resumes oil supplies to Kingfisher Airlines

Bangalore : State-owned Hindustan Petroleum Corporation Ltd (HPCL) today resumed oil supplies to Kingfisher Airlines after the beleaguered airline agreed to pay for daily fuel off-take. HPCL, which is Kingfisher’s biggest aviation fuel supplier, had stopped refuelling Vijay Mallaya-run airline at around 6 pm yesterday. The two companies had parleys through the night. A senior […]

Stock & Share

Sensex closes 28 points lower

Mumbai : Falling for the third straight session, the Sensex at the Bombay Stock Exchange ended with a small loss of 28 points, or 0.2 percent, at 17,146, after volatile trade, amid weak Asian markets, today. The Sensex had declined more than 460 points in the previous two trading sessions. The Nifty at the National […]

Currency

Rupee falls by 38 paise against dollar

Mumbai : The Indian rupee today fell by 38 paise to hit a seven-week low of 50.74 rupee against US dollar in early trade at the Interbank Foreign Exchange market on foreign fund outflows and strong dollar overseas. Yesterday, rupee had breached the 50-level mark after a gap of nearly six weeks by losing a […]

Business

PM directs GoM to urgently review ban on cotton exports

New Delhi : Taking note of concerns from various quarters, Prime Minister Manmohan Singh on Wednesday directed review of the Commerce Ministry’s decision to ban cotton exports on 9th March. Singh directed that the Group of Ministers should meet on Friday to review the decision urgently, a PMO statement said. The direction came after a delegation […]