Archive for the ‘Business’ Category

Banks see margin woes ahead on RBI double whammy

Banks see margin woes ahead on RBI double whammy

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(Reuters) – The RBI’s higher-than-expected rate actions together with a rise in savings rate could put Indian banks in a tight spot as they struggle with higher borrowing costs compounded by the inability to raise lending rates sharply on concerns of moderating loan demand. The central bank’s move saw bankers... 

RBI credit policy: Rate hike pulls down Sensex by 463 points

RBI credit policy: Rate hike pulls down Sensex by 463 points

15
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MUMBAI: Indian markets ended in the red for seventh consecutive session after the Reserve Bank of India’s move to hike repo rate and reverse repo rate by 50 basis points each hurt sentiments. Shares of rate sensitive sectors led the decline on concerns that rising interest rates would negatively impact sales. “We... 

Tata Nano records 10K sales in April

Tata Nano records 10K sales in April

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Tata Nano, the cheapest car in the world, recorded pan-India sales of 10,012 units in April, 184 per cent higher as compared to the 3,525 units sold in April 2010. It was also sequentially higher than in March, when 8,700 Nanos were sold. These are wholesale numbers (dispatches to dealers) and not actual sales (purhased by... 

SC not to vet chargesheet on 2G after CBI objection

SC not to vet chargesheet on 2G after CBI objection

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NEW DELHI: Supreme Court won’t scrutinize the CBI chargesheet against former telecom minister A Raja and others before its filing in the special court set up to exclusively try the 2G scam. CBI’s counsel, senior advocate K K Venugopal, pointed out the pitfalls in the apex court scrutinizing the chargesheet before... 

Jet to operate 2 addl flights for Indo-Pak match

Jet to operate 2 addl flights for Indo-Pak match

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Private airlines will operate two additional flights from Delhi and Mumbai to Chandigarh to cater to high demands of air tickets by the cricket fans keen on watching World cup semi-final between India and Pakistan at Mohali. Jet Airways and Kingfisher will operate an additional flight each from Delhi and Mumbai to Chandigarh,... 

AI may freeze salary hikes of employees

AI may freeze salary hikes of employees

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Mumbai: Cash-strapped Air India Ltd is considering a freeze on salary hikes and additional allowances to employees until the process of its merger with Indian Airlines is completed. Arvind Jadhav, chairman and managing director of Air India, the company formed by the merger of the two state-owned carriers, asked workers in a... 

Rupee recovers marginally against dollar

Rupee recovers marginally against dollar

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The rupee on Tuesday closed five paise up at 44.78/79 against the US dollar on bullish local equities and easing of crude oil prices. Dealers said that the main reason behind the rupee rise was distinctly firm local equities and also increased portfolio investments. Fresh sale of dollars by exporters and some banks also supported... 

Satyam restrained from operating its accounts

Satyam restrained from operating its accounts

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HYDERABAD: The Income-Tax department and Mahindra Satyam were restrained by the A.P. High Court till March 31from operating the accounts that the company has in various banks. A Division Bench on Friday made the interim order in a writ petition filed by Mahindra Satyam challenging the action of the Central Board of Direct Taxes... 

Rupee may see pullback to 46 36 by April-May StanChart

Rupee may see pullback to 46 36 by April-May StanChart

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We have seen a fairly strong performance by the Indian rupee. At the moment, rupee has been in the range of 44.68. It is a four month high for the rupee itself. This is happening in the context of higher crude prices. It’s a bit unusual, but export performance has been very good. Q4 is usually a good quarter for the rupee... 

GM ready to have only one shift if strike continues

GM ready to have only one shift if strike continues

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AHMEDABAD: General Motors India said it would not hesitate to cut down on the number of employees in the wake of the current downturn in the auto industry. The remarks from its senior official came at a time when no end was in sight to its nine-day strike. The strike was called against unfair labour practices and the workers... 

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