Markets may see cautious trade this week ahead of state election results

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Indian stock markets are likely to trade on a cautious note this week as investors remain jittery ahead of the result of the state elections, which will be declared early in December. Polling will be held in Delhi on December 4, 2013 while that in Rajasthan was held on Sunday, with the election results in the five states including Delhi, Chhattisgarh,

Diesel prices raised by 50 paise per litre

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The price of diesel across the country has been hiked by 50 paise per litre as state-run oil marketing companies continue to suffer losses for selling the fuel at subsidized rates. The new prices of diesel will be effective from Sunday. This is the eleventh hike in the price of diesel since this January when the centre permitted oil companies to under

Q2 data signals India’s economic slowdown ebbing

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Better than expected Q2 growth numbers released on Friday signaled that the slowdown in Asia’s third biggest economy is bottoming out and the economy is set to perform better in the second half of the current fiscal. While India’s economic growth remained below the 5 per cent mark for the fourth straight quarter, India’s economy grew

India’s exports of agricultural produce at Rs 2.32 lakh cr in 2013: Sharad Pawar

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According to Agricultural Minister Sharad Pawar, India, which is emerging as one of the major players in the global agricultural market, this year exported agricultural produce worth Rs 2.32 lakh crore. With a population of 1.2 billion to feed, India itself has a huge domestic food consumption needs. After meeting the domestic consumption needs and st

Govt to bring capital market, financial sector reforms in next 6 months: FM

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The Finance Minister P Chidambaram on Friday said the government will bring more reforms in capital markets and the overall domestic financial sector, which would provide much needed boost to the ailing businesses of the country. Chidambaram, unveiling UPA’s agenda for the remaining six months of its second term, said the government will also fi

RBI’s special swap window lifts forex reserves to 5-month high: Report

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India’s foreign exchange reserves jumped to 5-month high in the week to November 22 at USD 286.264 billion, helped by the special swap window opened by Reserve Bank of India (RBI) to attract more dollar inflows.

According to an Economic Times report, banks took full advantage of the swap facility to shore up their NRI deposits through

India’s fiscal deficit touches 84% of full year budget in first seven months of current fiscal

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In what could be a huge blow to the policymakers’ attempts to sustain India’s credit rating, the data released on Friday showed that fiscal deficit for the seven months ended October 2013 touched 84 per cent of the full year target. Just days after FM P Chidambaram reiterated that fiscal deficit won’t breach the red line, the data sh

RBI to launch Inflation Indexed National Savings Securities

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The Reserve Bank of India (RBI) on Friday said the central bank in consultation with Government of India, has decided to launch Inflation Indexed National Savings Securities-Cumulative (IINSS-C) for retail investors in the second half of December 2013. “These securities are being launched in the backdrop of announcement made in the Union Budget

FIIs turn net seller in equity, net outflows up Rs 94.10 cr

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Triggered by renewed uncertainty about the US Federal Reserve tapering its stimulus programme after rise in US consumer confidence and fall in jobless claim, foreign institutional investors (FIIs) took bearish stance in both equity and debt segment on Thursday. Rise in US consumer confidence and labour market data signaled a pickup in the world’

Need to tap alternate fund-raising avenues to meet 8% growth target in 12th Plan Period: ASSOCHAM study

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Alternate avenues for fund-raising like insurance and pension funds hold good potential and need to be tapped into for meeting India’s growing capital requirements and for it to achieve its target of eight per cent growth rate in 12th Plan Period, according to a joint study by ASSOCHAM-CARE Ratings. “The policy challenge in the 12th plan i

India will have third-largest GDP in the world by 2030: Montek Singh Ahluwalia

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India will become the third-biggest economy in the world by 2030, Deputy Chairman of the Planning Commission Montek Singh Ahluwalia said according to PTI. "By the year 2030, India will have the third-largest GDP in the world. China will be No. 1, the US will be No. 2 and India will be third," he said in a speech delivered at the convocation

Assocham pegs Q2 FY14 GDP growth at 5.4%

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As the markets and the investors await the official release of second quarter GDP numbers on Friday amidst various pessimistic forecasts by brokerage firms and global financial institutions, the apex industry Assocham on Thursday said that growth will likely be at 5.4 per cent on back of robust agriculture output. “Growth would touch 5.4 per cen

RBI mulling ways to take Indian bonds to global indices, but there’s no urgency: Mayaram

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The Economic Affairs Secretary Arvind Mayaram on Thursday said Reserve Bank of India (RBI) has been mulling ways to get Indian bonds through to global indices, but that’s not so urgent right now. A Business Standard report quoted Mayaram as saying “It would be interesting to be on the global indices, but it is not a matter which is emergen

Asian Development Bank planning to issue rupee-bonds overseas: Mayaram

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Soon after the International Finance Corporation (IFC)’s USD 160 million offshore rupee bond issue met with overwhelming response, the Asian Development Bank (ADB) said it is also planning raise funds overseas through such rupee-linked bonds. A Reuters report quoted Economic Affairs Secretary Arvind Mayaram as saying “There are other entit

FY’14 disinvestment target of Rs 40,000 crore will be met despite challenges: Mayaram

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The disinvestment target of Rs 40,000 crore for the current fiscal will be fully met despite challenges that may come up in volatile market conditions, said Economic Affairs Secretary Arvind Mayaram on Thursday. The statement came on the backdrop of rising concerns over fiscal deficit which is seen overshooting the target of 4.8 per cent of GDP, unles

FICCI urges Trade Ministers to conclude deal in BALI

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The Federation of Indian Chambers of Commerce and Industry (FICCI), an association of business organizations in India, has urged Trade Ministers to step up engagement so that it is possible to have a trade deal in the Bali Ministerial of the WTO. “This would be critical in the interest of multilateralism and towards taking the Doha development a

FinMin to reduce limit for mandatory e-payment of central excise duty and service tax

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Ministry of Finance has decided to reduce the threshold limit of mandatory e- payment from Rs 10 lakh to Rs 1 Lakh for both Central Excise and Service Tax payment with effect from 1st of January, 2014, according to a notification released by the department. “From 1st of January, 2014, a manufacturer or a Service Tax payer who has paid a duty or

Ahluwalia expects over 6% GDP growth in next fiscal

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The Planning Commission Deputy Chairman Montek Singh Ahluwalia on Wednesday reiterated that growth in second half of this fiscal would be better than the first half and also said that the momentum will continue in next fiscal as well with growth seen rising to over 6 per cent. A PTI report quoted Ahluwalia as saying “I could easily say that it (

Current equity market conducive for long-term exposure: Franklin Templeton Mutual Fund

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Franklin Templeton Mutual Fund said the current equity market conditions are conducive for investors to take long-term exposure, reported PTI. "We believe the current market conditions are conducive for taking long-term exposure in the domestic equities market. Most of the risks appear to be priced in and we are confident that the economy and and

Global sovereign credit quality to continue stabilizing in 2014 after several tumultuous years: Moody’s

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The rating agency Moody’s on Tuesday said global sovereign credit worthiness will continue to stabilize in 2014 after several tumultuous years. Moody’s said nearly three quarters (85) of the 124 Moody's-rated sovereigns carried stable rating outlooks as of November 25, compared with fewer than two thirds (77/120) at the start of 2013.

Incremental loans to medium enterprises be classified as priority sector advances: RBI

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In a bid to provide relief to micro, small and medium enterprises (MSME), the Reserve Bank of India (RBI) on Tuesday said incremental bank loans to medium manufacturing enterprises, extended after November 13, 2013, would qualify as priority sector advances.

“The incremental bank loans to medium service enterprises extended after Nove

FICCI welcomes US-Iran deal

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Hailing the crude oil import deal between Iran and US, Federation of Indian Chambers of Commerce and Industry (FICCI) has said this is a historic decision and hopefully a first step towards engaging Iran in a deeper and more meaningful manner. The Chamber said if the discussions go on as suggested we could see further normalisation of relations and li

Iran deal a positive move for India, says ASSOCHAM

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Industry apex body the Associated Chamber of Commerce and Industry of India (ASSOCHAM) on Monday said the deal between Iran and six major powers of the world is a big positive for most of the developing nations, especially those importing crude oil like India. “The deal would not only reduce India’s import bill as energy prices ease, but a

India, Malaysia ink MoU to strengthen co-operation in public administration & governance

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India and Malaysia have signed a Memorandum of Understanding (MoU) to strengthen co-operation in public administration and governance as part of the efforts to enhance their strategic partnership, reported PTI. The MoU covers eight areas of co-operation including human resource management, e-governance, public delivery system, accountability and trans

Govt will be forced to roll over around Rs 45, 000 cr oil subsidy to next fiscal: Fitch Ratings

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Fitch Ratings said meeting oil subsidies will be a challenge this fiscal and the government may be forced to roll over around Rs 45,000 crore to the next fiscal as the agency expects under-recoveries to be around Rs 65,000 crore this fiscal, reported PTI. "The government will have to tap around Rs 45,000 crore from next Budget, though we assume t