- Govt allows foreign investors to buy debt to ease pressure on Rupee
- Kingfisher Airlines' accounts frozen for non-payment of dues
- Sensex, Nifty edge up on IT stocks
- Deutsche Bank's Anshu Jain will inherit compensation, fraud charges
- India’s fourth quarter GDP growth seen flat at 6.1%: poll
- GVK wins state nod for $6.3 bln Australia coal mine
- Oil India in talks to buy 51% stake in Reliance Gas Transportation
- Earnings Central: Tata Motors, Fortis, SAIL, ONGC
- Fed up with austerity, Britons want a Plan B: poll
- Samsung boosts Galaxy appeal with Music Hub
Govt allows foreign investors to buy debt to ease pressure on Rupee
The government will allow foreign retail investors to buy local corporate bonds for the first time in its latest move to bolster capital inflows and support the shaky rupee. (Read More)
The Indian Rupee weakened further on Tuesday against the US dollar and hit an intraday high of 55.88/$. It retraced gains from the past three days to end at 55.67/$ as weakness in the euro continued to fuel worries over the outlook for the euro zone. (Read Why)
Kingfisher Airlines' accounts frozen for non-payment of dues
The income tax department has once again frozen the bank accounts of Kingfisher Airlines, the second time this year that it has taken such punitive action. Kingfisher Airlines has not paid the liable amount to the tax authorities for the past two weeks, an IT tribunal said. The airline is supposed to pay Rs 9 crore a week as arrears but has been paying only half that amount. (Read More)
Also Read: We are not lenient with Kingfisher: SBI Chairman
Sensex, Nifty edge up on IT stocks; Maruti gains after 5 days
The Nifty index failed to hold on to modest gains Tuesday, and closed below the key 5,000 mark. Weakness in the rupee, which ended lower at 55.67 against the dollar, weighed on sentiments.
The Sensex rose 21.74 or 0.13 per cent to 16,438.58, while the Nifty index closed 4.45 points higher at 4,990. The Sensex closed over 100 points lower than the day's high of 16,554. Nifty’s failure to hold on to the 5,000 mark is an indication of weakness. (Read More)
Also Read: Markets may fall 5-10%; buy Bharti, Idea, SBI: UBS
Deutsche Bank's Anshu Jain will inherit compensation, fraud charges
When he takes over as Deutsche Bank's co-CEO on Thursday, Anshu Jain will inherit a myriad of court cases involving compensation claims running into millions of dollars and fraud charges against the lender for its role in the US sub-prime mortgage crisis, says a report. How the bank will deal with the compensation claims from its clients, who made heavy losses when the housing bubble burst in 2007, will be a major test for the banks new leadership, it said.
The largest German bank is facing numerous charges of defrauding its customers and contributing to the US housing market bubble by marketing complex mortgage and financial products that concealed the risks involved. (Read More)
India’s fourth quarter GDP growth seen flat at 6.1%: poll
India's annual economic growth probably held steady in the January-March quarter at 6.1 per cent and the global economic slowdown, government policy paralysis and a record low currency suggest little chance of a pick-up in the current quarter.
A poll of 31 economists produced a median forecast of 6.1 per cent, unchanged from the growth of the October-December quarter. Forecasts ranged from 5.5 per cent to 7.3 per cent. (Read More)
GVK wins state nod for $6.3 bln Australia coal mine
GVK Power & Infrastructure has won environmental approval from the state of Queensland for its A$6.4 billion Alpha coal project, clearing a key hurdle towards winning a lease for the Australian mine. The approval from Queensland's coordinator-general sets a range of conditions for building a mine designed to produce 30 million tonnes a year of thermal coal and a 495 km (310 mile) rail line from the mine to the port of Abbot Point. (Read More)
Oil India in talks to buy 51% stake in Reliance Gas Transportation
State-owned Oil India Ltd on Monday said it is in talks to buy 51 per cent in Mukesh Ambani's privately owned firm Reliance Gas Transportation Infrastructure Ltd (RGTIL). "We have expressed interest for buying 51 per cent stake in RGTIL," Oil India Ltd (OIL) Director (Finance) T K Ananth Kumar told reporters. OIL is one of the 11 firms -- five Indian and six foreign -- that have expressed interest to buy stake in RGTIL. (Read More)
Earnings Central: Tata Motors, Fortis, SAIL, ONGC
Q4 results of Tata Motors, Fortis, SAIL and ONGC were some of the big ticket earnings announcements on Tuesday. Tata Motors reported a 44.3 per cent rise in consolidated revenue for the quarter ended March 2012 at Rs 50,908 crore, compared with Rs 35,287 crore in the year-ago period on the back of strong volumes growth. However, JLR margins came in as the key disappointment.
Meanwhile, Fortis Healthcare reported a 41.34 per cent increase in consolidated net profit at Rs 41.54 crore for the fourth quarter ended March 31, 2012.
Shares of government owned entity SAIL surged to the top of the Nifty index after the state owned steel major reported better than expected numbers in the March quarter. However, ONGC Q4 profit was impacted by subsidy.
Fed up with austerity, Britons want a Plan B: poll
Seven out of 10 Britons want the government to soften its spending cuts and do more to stimulate economic growth, according to an opinion poll published on Tuesday that will make uncomfortable reading for the ruling coalition.
The Conservatives and their Liberal Democrat partners have made austerity the cornerstone of economic policy since taking office in 2010, when they warned that over-spending by the previous Labour government was pushing Britain towards a Greek-style sovereign debt crisis. (Read More)
Samsung boosts Galaxy appeal with Music Hub
Samsung Electronics Co launches its latest Galaxy S smartphone in Europe on Tuesday, with the third generation model expected to be even more successful than its predecessor, which helped the South Korean company topple Apple Inc as the world's top smartphone maker.
The S3, which tracks the user's eye movements to keep the screen from dimming or turning off while in use, hits stores in 28 European and Middle East countries, including Germany and Britain, as Samsung aims to widen the gap with Apple months ahead of its rival's new iPhone, expected in the third quarter. It has also launched a new music service on the Galaxy S3 to boost its appeal in competition with top devices like Apple's iPhone. Read More)
Also Read: Facebook in talks to buy Opera, may pay over $1 billion: analysts