Economy

Indian Stocks Trade Strong on Tuesday

Indian Stocks Trade Strong on Tuesday

Indian Stocks remained strong for the trading session on Tuesday. Major gainers in today's session were Mahindra & Mahindra, ONGC, Bajaj Auto and Hindalco.

Cement counters led by UltraTechCement, ACC, Ambuja Cements and Grasim were trading higher. Among major losers were BPCL, HCL Tech, NMDC and Hero Motocorp.

Crompton Greaves declined 4.5 percent in today's session as the company announced quarterly results. The 6.5 percent growth in year-on-year net profit was below street expectations.

Indian Equities Trade Marginally Higher

Indian Equities Trade Marginally Higher

Indian markets drifted lower in the afternoon session. The markets opened positive on Tuesday with support from energy and FMCG stocks. The market breadth was positive in the afternoon with 1250 advances and nearly 1200 declines.

BSE Sensex was up by just 50 points at 2.30 pm and NSE Nifty was in the green at 6706. Among major gainers in today's trade were ITC, Reliance, ONGC, Tata Steel and ICICI Bank. Among losers were Tata Power, Power Grid, Ambuja Cements and Hindalco.

Hinduja brothers become UK’s richest Asians in 2014

Hinduja brothers become UK’s richest Asians in 2014

According to a new report, Srichand and Gopichand Hinduja have emerged as the UK's richest Asians in 2014 with total worth of £13.5 billion pounds.

The bothers saw their worth rise one billion pounds over the previous year allowing them to remain above Steel tycoon Lakshmi Mittal, who was the second richest Asian in the country. Mittal's net worth also recorded an increase of about £1 billion to a total of £12 billion.

Piramal sells 11% stake in Vodafone India to its British parent

Piramal sells 11% stake in Vodafone India to its British parent

Piramal Enterprises Ltd's sale of 11 per cent stake in Vodafone India to its British parent Vodafone Group plc is consistent with the company's objective of making investments that generate attractive long-term returns, Ajay Piramal said.

U.K.-based telecom services provider Group plc has agreed to buy Piramal's 11 per cent stake in its India subsidiary for Rs 8,900 crore. Following the transaction, the British telecom giant will gain full control of the Indian unit.

India needs inclusive growth: Azim Premji

India needs inclusive growth: Azim Premji

While various political parties and business organizations have centered their focus on achieving economic growth ahead of imminent general elections, Wipro chairman Azim Premji has stressed on the need of inclusive growth.

Addressing a gathering at 13th graduation day of Indian School of Business (ISB) on Sunday, Mr. Premji said that India doesn't need just growth; rather it needs inclusive growth.

He said there was a need to be conscious of the reality of extraordinary inequality, deprivation and injustice prevalent across the country.

India’s external debt jumps to $426 billion in December 2013

India’s external debt jumps to $426 billion in December 2013

India's external debt increased by $21.1 billion over the March 2013 level to $426 billion at the end of December 2013, particularly due to increase in NRI deposits, according to data released by the Finance Ministry.

While external debt increased, sovereign external debt slipped from $81.7 billion at end of March to $76.4 billion at the end of December last year.

No. of loan seekers under 30 significantly jumps in 5 years

No. of loan seekers under 30 significantly jumps in 5 years

The number of loan seekers under the age of 30 years significantly increased in the last five years, credit information provider Cibil said in its latest report.

According to the Cibil report, loan seekers under the age of 30 years accounted just around 7 per cent of total new credit applicants in the year of 2008, but this figure significantly grew to more than 25 per cent now.

Allowing more banks to import gold will lead to lower cost: RBI

Allowing more banks to import gold will lead to lower cost:  RBI

Allowing more banks to import gold will lead to lower cost that will in turn lead to improvement in India's current account deficit (CAD), according to Reserve bank of India (RBI) Deputy Governor K. C. Chakrabarty.

Earlier this week, the central bank allowed some private-sector lenders to import gold, a move that is being seen as a precursor to relaxation in restrictions on imports of the precious yellow metal.

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.

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."