Business News

Modi-led govt. may not boost economy: Credit Suisse

Modi-led govt. may not boost economy: Credit Suisse

A Narendra Modi-led government at the Centre will likely not be able to boost the Indian economy, leading equity research firm Credit Suisse said in its latest report.

In its report titled "Elections: Much Ado About Nothing," Credit Suisse said a verdict in favour of the BJP would not help kick-start investments in the economy because merely a quarter of the stalled projects required clearance from the Centre government. In other words, nearly three-quarters of the projects have already been cleared by the Centre.

India is fastest growing market in Starbucks’ history: Avani Davda

India is fastest growing market in Starbucks’ history: Avani Davda

American coffee chain Starbucks, which opened its first Indian outlet in Mumbai in October 2012 in partnership with Tata Global Beverages, has herald has said that India is the fastest growing market in its history.

During the last seventeen months of its operations in India, Tata Starbucks joint venture has opened a total of 40 stores.

During the recently held annual shareholders meet, Tata-Starbucks CEO Avani Davda said, "With 40 stores in four cities (in 17 months) and nearly 1,000 partners, India is the fastest growing market in Starbucks history."

Perseverance starts paying for Reliance Retail

Perseverance starts paying for Reliance Retail

Reliance Retail's perseverance has finally started paying it. The retail arm of Mukesh Ambani-led Reliance Industries Ltd (RIL) is expected to report a profit within a year.

Requesting anonymity, one senior company official said that Reliance Retail could report a profit by the end of fiscal 2014, thanks to stronger sales at its grocery business.

U.S. Fed reduces bond purchasing programme by $10 billion

U.S. Fed reduces bond purchasing programme by $10 billion

The U. S. Federal Reserve has announced a monthly reduction of $10 billion in its bond purchasing programme that it had started in wake of global economic crisis to stimulate the country's economic growth.

Federal Reserve Board Chairwoman Janet Yellen announced that the central bank would be purchasing $55 billion of securities per month, down $10 billion from current $65 billion, starting next month.

Announcing the decision, Yellen said, "Starting next month we will be purchasing USD 55 billion of securities per month, down USD 10 billion per month from our current rate."

Job scenario in Bangalore looking better

Job scenario in Bangalore looking better

Despite persistent sluggishness in the economy, job scenario in Bangalore is looking better, and many experts believe that it would improve once uncertainty around the upcoming elections clears.

According to data by Naukri Job Speak Index, monthly hiring activity in Bangalore jumped 8 per cent from January to February this year.

Bangalore, which was once known for just software services, has now moved beyond IT field to sectors like biotechnology, hospitality, retail, and microfinance.

TCS stock tumbles 5% on weak revenue growth outlook

TCS stock tumbles 5% on weak revenue growth outlook

Stock in Tata Consultancy Services (TCS) tumbled as much as 5 per cent in early morning trade on Wednesday after the software services provider announced a low-key outlook for its quarterly revenue growth.

The largest Indian IT outsourcer yesterday announced that its revenue growth in the January-March quarter would likely be weaker than that of the October-December quarter.

Kotak Institutional Equities said in a note, "We are disappointed by the muted outlook for the quarter and expect constant currency revenue growth of around 2 per cent, down from our 3 per cent estimate earlier."

China to increase limit for the yuan’s daily movements

China to increase limit for the yuan’s daily movements

The authorities in China have announced its decision to increase the limit for the national currency, yuan against the U. S. dollar.

The move will allow more independence to the national currency giving more power to the market forces in determine the value of the Chinese currency. The Chinese government is facing pressure from its trading partners including the US, for giving more independence to the market forces. Western governments have accused the Chinese government of deliberately keeping the value of its currency low in order to gain advantage in the global export markets.

Maruti’s institutional investors request Sebi to prevent Gujarat plant transfer plan

Maruti’s institutional investors request Sebi to prevent Gujarat plant transfer

After failing to force Maruti Suzuki to overturn its plan to transfer its Gujarat project to its Japan-based parent firm Suzuki Motor Co, the institutional investors of the manufacturer have reportedly requested the Securities & Exchange Board of India (Sebi) to intervene.

FDA imposes import alert on Sun Pharma’s Gujarat facility

FDA imposes import alert on Sun Pharma’s Gujarat facility

Sun Pharmaceuticals Ltd has joined the list of top Indian drugmakers facing the heat of the Food & Drug Administration's annoyance as the U. S. regulator has imposed an import alert on its Karkhadi, Gujarat-based plant.

The drugmaker said in a statement that the Gujarat plant was a dedicated cephalosporin facility, and the import ban was a follow-up to an inspection of the facility by the FDA late last year. The regulator imposed the ban due to alleged non-compliance of current good manufacturing practice regulations.

CPI inflation eases to more than 2-year low

CPI inflation eases to more than 2-year low

Decline in food prices dragged India's retail inflation rate down to its lowest level in more than two years in February this year, according to Consumer Price Index (CPI) data released on Wednesday.

Fresh figures revealed that the CPI-based inflation slipped to 8.1 per cent in February, lowest in the last twenty-five months. The inflation rate in rural area was recorded at 8.51 per cent; while in urban area, it was at 7.55 per cent in the month under review. Prior to February, the lowest CPI-based inflation was recorded in the first month of 2012 at 7.65 per cent.