- Rupee ends higher for 3rd day; pushes Sensex, Nifty up
- Petrol price cut: IOC studying trend, Delhi relaxes VAT
- No diesel, LPG, kerosene price hike; Govt considering de-regulation
- Air India losses from pilots' strike Rs 325 cr, board meeting inconclusive
- GDP growth in March quarter likely below 6%, says Moody's
- S R Rao appointed new Commerce Secretary, S K Srivastava is Coal Secretary
- Earnings Central: RComm, Indian Oil, Coal India
- Colgate, HUL to benefit as P&G shifts focus to developed countries
- M&M reopens XUV500 bookings from 8 June
- IMF chief sparks Facebook war by Greeks
Rupee ends higher for 3rd day; pushes Sensex, Nifty up
The BSE Sensex soared over 1.2 per cent Monday on the back positive global cues and continued pullback in the rupee. It ended 199 points higher at 16,416.84, while the broader Nifty index ended 65 points (1.3 per cent) higher at 4,985.65. (Read More)
Also Read: Top 5 mid-cap stocks to buy in a weak market
Meanwhile, the Indian currency ended higher against the dollar for the third consecutive day supported by a stronger Euro and dollar selling by large software exporters as global risk assets stabilised. The rupee opened at 55.29/$ higher than Friday's close of 55.37/$ and quickly rose further. It then hit a high of 55.02/$ earlier in the day, but retraced its gains to close at 55.18 against the US dollar as oil-related buying kicked in. (Read More)
Petrol price cut: IOC studying trend, Delhi relaxes VAT
The Delhi government on Monday reduced the price of petrol by Rs 1.26 after waiving the VAT on the Rs 6.28 hike that was announced last week. Before this waiver, the hike in the cost of petrol in Delhi came to Rs 7.50, inclusive of taxes. The state government has decided to waive the VAT on this incremental amount. Here is the break-up of the costs.
Indian Oil Corporation will review petrol prices on June 1, 2012, chairman and managing director RS Butola said on Monday. The announcement comes less than a week after IOC, along with other state-run refiners, raised petrol prices by Rs 6.28, exclusive of local taxes, or about 10 per cent. (Read More)
No diesel, LPG, kerosene price hike; Govt considering de-regulation
Oil minister S Jaipal Reddy on Monday ruled out any price hike in diesel, kerosene and LPG for now. He added that no date has been fixed for a meeting of the Empowered Group of Ministers (EGoM), whose consent is required for any increase in the price of these three regulated commodities. He said he had also met with Finance Ministry officials to discuss the impact of a diesel price hike on inflation. (Read More)
Meanwhile, the deputy chairman of India's Planning Commission said on Monday that the government is working on a formula to de-regulate diesel, kerosene and liquefied petroleum gas (LPG). Commenting on last week's petrol price hike, Montek Singh Ahluwalia said that the Plannning Commission's stand that it should be aligned with global crude prices has been always publicly stated. (Read More)
Air India losses from pilots' strike Rs 325 cr, board meeting inconclusive
The board of national carrier Air India met on Monday to discuss the standoff between the airline management and pilots who have been on strike for the last 21 days, forcing the airline to curtail some of its international operations. The strike has cost the ailing airline company a whopping Rs 325 cr in loses. Here are the top 10 developments.
Also Read: Air India in talks with Air Canada to lease out five Boeing 777s
GDP growth in March quarter likely below 6%, says Moody's
Moody’s Analytics on Monday said India’s gross domestic product for the fourth quarter of fiscal 2012 will likely fall below 6 per cent for the first time since the December quarter of 2008. In its report, the economic analytics unit of ratings agency Moody’s, projected India’s GDP growth at 5.9 per cent, lower than most estimates. (Read More)
Also Read: Rupee fall won't hurt India's rating: Moody's
S R Rao appointed new Commerce Secretary, S K Srivastava is Coal Secretary
S R Rao, a 1978 batch officer of the Indian Administrative Service, has been appointed Commerce Secretary. He will take charge from June 1, 2012. Rao, who is from the Gujarat cadre, was until now Special Secretary with the department of telecom. In other appointments, S K Srivastava, also a 1978 batch officer, has been shortlisted as the new Coal Secretary. (Read More)
Earnings Central: RComm, Indian Oil, Coal India
Shares of Reliance Communications, India's second-biggest mobile phone carrier by subscribers, rose after the telecom company reported that its fiscal fourth-quarter profit nearly doubled on sharply lower costs, in what is its first profit rise in 11 quarters.
State run oil refiner Indian Oil Corporation's net profit has exceeded Street expectations for the quarter ending March 31. Sales were in-line with estimates. IOC, India's biggest refiner, has reported 224 per cent jump in net at Rs 12,670.43 crore in the fiscal fourth quarter against Rs 3,905.16 crore in the year ago period. Meanwhile, state owned mining major Coal India has missed profit estimates in the March quarter.
Colgate, HUL to benefit as P&G shifts focus to developed countries
Global consumer goods manufacturer Procter & Gamble (P&G) is likely to increase its focus in developed economies after losing market share in these countries. As a result, the company is likely to slow down marketing strategy in emerging markets, reports said.
A slowdown of spend by P&G will be positive for Indian personal care market, which has been under pressure due to increased activity by the American giant. P&G had stepped up advertising and promotions (A&P) in India over the last two years. (Read More)
M&M reopens XUV500 bookings from 8 June
Homegrown auto major Mahindra & Mahindra (M&M) on Monday said it will reopen bookings for its model XUV500 on 8 June and has increased the output of the sport utility vehicle to 4,000 units a month. The company further said the XUV500 will be made available across India, including the existing 19 cities where it had been launched earlier. (Read More)
IMF chief sparks Facebook war by Greeks
Greek web users waged Facebook war against IMF head Christine Lagarde on Sunday after she accused their countrymen of dodging taxes. The French managing director of the International Monetary Fund received more than 10,000 messages, many of them obscene, on her page on the online social network -- where her postings typically draw a couple of hundred comments. By late Sunday afternoon a separate Facebook page had sprung up titled "Greeks are against Lagarde". (Read More)
Also Read: What would happen if Greece were to exit Eurozone?
Two decades ago, George Soros rose to fame and fortune on his now-historic trade in which he took on the Bank of England and shrewdly wagered on a devaluation of the British pound. But it's unlikely the current European monetary crisis and worries about Greece's potential exit from the euro zone will give rise to an investing legend like Soros. Instead, there are a multitude of strategies to play Europe's troubles, and many different participants, according to U.S. hedge fund managers. (Read More)
Also Read: With or without euro, Europe must raise its game