- Kingfisher strike called off; Shares soar
- Rupee touches 2-week high; expected to depreciate further
- Sensex rises for third day, TCS, Hero MotoCorp fall
- BHEL FY12 profit beats expectation; but order inflows disappoint
- Record two-wheeler sales drive Bajaj Auto sales up 9 per cent in March
- US court allows class-action suit against TCS on unpaid wages
- Coal India misses scaled-down production target
- Analysts set $1001 price target on Apple shares
- ONCG to get technological help from ConocoPhillips: Sudhir Vasudeva
- Flying car gets closer to reality with test flight
Kingfisher strike called off; Shares soar
Kingfisher employees have agreed to withdraw the Tuesday 8 p.m. deadline for a strike. It is, however, subject to Kingfisher chairman and key promoter Vijay Mallya honouring his commitments in a letter he had written to employees on Monday. (Read More)
Shares of Kingfisher Airlines rebounded from the all-time lows to register strong gains Tuesday. KFA stocks traded 10.3% higher at Rs 16.65 on the Bombay Stock Exchange, while the Sensex was up 0.7%. Other listed carriers also witnessed strong buying interest today. SpiceJet shares traded off the day's high. The stock traded 6.8% higher at Rs 25.85 on the BSE. (Read More)
Rupee touches 2-week high; expected to depreciate further
The rupee closed stronger on Tuesday, the first trading day of the new fiscal year, helped by an improvement in global risk appetite that pushed local stocks higher, while demand for dollars from oil importers pulled it back from a two-week high. The rupee ended at 50.6950/7050 to the dollar after touching 50.51, a level last seen on March 21. (Read More)
Analysts say that the Indian rupee is likely to be vulnerable to external shocks and fall further. Here are some pointers to factors that could influence the rupee direction.
Sensex rises for third day, TCS, Hero MotoCorp fall
The BSE Sensex gained 119 points or 0.7% to end at 17,597 while the broader Nifty index advanced 40.60 points to 5,358.
This was the third straight day of gains for the stock markets. The Nifty is now trading comfortably above crucial supports, indicating some return of strength in the markets.
BHEL FY12 profit beats expectation; but order inflows disappoint
State run Bharat Heavy Engineering Limited (BHEL) has reported a net profit of Rs 6,868 crore on revenue of Rs 49,301 crore for the 2011-12 financial year. Provisional net profit jumped 14.3% while turnover rose 13.8% in comparison to 2010-11. Though profits beat Street estimates, order inflow for the year was less than expected. (Read More)
Meanwhile, the union government has decided to put on hold plans to sell a stake in state-run Bharat Heavy Electricals Ltd, Finance Director P.K. Bajpai said. (Read More)
Record two-wheeler sales drive Bajaj Auto sales up 9 per cent in March
India’s two- and three-wheeler maker Bajaj Auto on Tuesday reported a nine per cent increase in domestic sales in the March. The automaker sold 335515 units in March 2012, higher than its sales figure of 307741 units last year. However, it fell short of the expected sales figure of 3, 50, 000 units. Its exports grew 54 per cent, at 1,07,691 units in March compared to 69,884 units in the same month in 2011.
The company is also facing problems from the rise in import duty in Sri Lanka. Bajaj Auto has decided to pass on the rise onto the customers, which is likely to impact sales. Despite the negative sentiment for the auto sector, the company expects to clock 5 million in overall sales next year. (Read More)
US court allows class-action suit against TCS on unpaid wages
Tata Sons Ltd employees, who were deployed from India to work in information technology jobs in the United States, won the right on Monday to proceed with a class action lawsuit against the Indian corporate giant over unpaid wages.
A class action suit typically means that the result of a lawsuit by one or more plaintiffs would be binding for a larger group of people. (Read More)
Shares of TCS, the country’s largest software services outsourcer, was down 1 per cent on the Bombay Stock Exchange in an up market. (Read More)
Coal India misses scaled-down production target
State-backed Coal India produced about 436 million tonnes (MT) in 2011-12, the company said on Tuesday, missing even a scaled down target at a time the government is desperately trying to boost the output of coal to meet power sector demands. (Read More)
Meanwhile, sources say that the state-owned company may have to pay power companies between 10 and 40 per cent of the average cost of 20 per cent. Also, more shortfall in supplies under new guaranteed fuel pacts the government is forcing it to sign, ministry sources said. (Read More)
Analysts set $1001 price target on Apple shares
A Wall Street analyst is setting the highest price target yet for Apple shares, valuing them at $1,001 each, or 63 per cent more than their current price.
Topeka Capital Markets analyst Brian White says the Cupertino, Calif., company's current stock price does not reflect its rapid growth in the last years, nor its future growth prospects. (Read Why)
ONCG to get technological help from ConocoPhillips: Sudhir Vasudeva
State-owned explorer Oil and Natural Gas Corporation (ONGC) has signed a memorandum of understanding with US-based ConocoPhillips to conduct a joint study of shale gas potential in all domestic basins, as well as some global ones that are owned by ConocoPhillips, ONGC chairman and managing director Sudhir Vasudeva told NDTV Profit. (Read More)
Watch interview here
Flying car gets closer to reality with test flight
Flying cars aren't just science fiction anymore. Woburn, Mass.-based Terrafugia Inc. said Monday that its prototype flying car has completed its first flight, bringing the company closer to its goal of selling the flying car within the next year.
The vehicle — dubbed the Transition — has two seats, four wheels and wings that fold up so it can be driven like a car. Last month, it flew at 1,400 feet for eight minutes. Commercial jets fly at 35,000 feet. (Read More)
In Pics: Terrafugia’s Flying car