Jump in public debt signals India’s deteriorating fiscal health

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India’s government debt continued to pile up last quarter, underscoring the fast deteriorating fiscal health of Asia’s third largest economy. The total public debt of the government (excluding liabilities that are not classified under public debt) rose by 3.6 per cent to Rs 39,00,386 crore in Q2 fiscal 2013 from Rs 37,63,264 crore in the

Cabinet grants Rs 3,150 Cr package for backward regions

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The Cabinet Committee on Economic Affairs on Thursday granted a Rs 3,150 crore package to accelerate socio-economic development in the backward regions in Bihar, Odisha, Uttar Pradesh and Madhya Pradesh. Under the the Backward Regions Grant Fund (BRGF), which aims to catalyze development in backward areas, approved Rs 1,500 crore to Bihar as Special

GST roll out likely as Centre, states inch towards consensus

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Speculation over introduction of the new tax regime - goods and services tax (GST), a value added tax system which will replace all indirect taxes levied on goods and services, has rife after central government showed willingness to consider state’s contentious issues including the dropping the controversial dispute settlement authority and comp

PM to head direct cash transfer committee

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In a bid to reduce corruption, Prime Minister Manmohan Singh on Thursday constituted a high-power National Committee on Direct Cash Transfers that will supervise the government's ambitious cash transfer plan. The National Committee on Direct Cash Transfer, which will be headed by the prime minister, will facilitate the introduction of direct cash

RBI unlikely to cut interest rates next week: survey

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Most businesses in India do not expect the Reserve of Bank of India to pull the easing trigger when it meets on October 30 as inflation remains at sticky levels, leaving less leeway for further monetary easing. A survey conducted by Royal Bank of Scotland (RBS) said on Thursday that 53 per cent of business executives did not expect the central bank to

Finmin hopeful of raising up to Rs 13,000 cr by Dec-end through divestment of PSU stake

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Showing the optimistic spirit towards the divestment target set for the current fiscal year, the Finance Ministry said it is expecting to raise Rs 12,000-13,000 crore from stake sale in the public sector undertakings (PSUs) by December-end. "We are hopeful that disinvestment will pick up and about Rs 12,000-Rs 13,000 crore will come in by Decemb

Mumbai dominates NSE’s turnover with 62% share: Report

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Mumbai has continued to dominate the equity cash market segment with its contribution towards traded turnover on stock exchanges has increased consistently this fiscal and in the previous few fiscals, said a media report. Recent data released by two leading bourses—NSE and BSE—showed that Mumbai's contribution to the total turnover has

FM eyes fiscal deficit at 5.3% this fiscal

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Hoping to stave off the threat of rating downgrade by various agencies, the finance minister P Chidambaram will soon unveil the India’s fiscal reforms blueprint which may target the fiscal deficit at 5.3 per cent of GDP for the current fiscal and 3 per cent by 2016-17, said a media report. After having faced a serious opposition in the overall p

Nifty asks brokers to pre-define order limits for all terminals after recent flash crash

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The National Stock Exchange (NSE) has asked stock brokers to pre-define the order limits for each terminal through which they operate in both cash and derivative segments across asset classes, a move which has been aimed at better risk management in case of punching or other erroneous trades. A media report said that NSE has asked brokers to pre-defi

Chidambaram urges banks, FIs to step up lending to poor

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With more than half of the nation still deprived from basic banking services, the Indian government is pushing banks to achieve the object of financial inclusion so that low income groups can avail credit at affordable costs. Indian Finance Minister P Chidambaram on Tuesday urged banks and financial institutions not to shy away from granting loans to

Indian Overseas Bank Q2 net down 23.6 % at Rs 158.43 cr.

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Chennai-based Indian Overseas Bank on Friday reported a 23.63 per cent drop in its net profit for the second quarter ended September 30, 2012 at Rs 158.43 crore from the same period last year driven by a fall in net interest income while rising bad loans also hurt profitability. The bank’s net profit during July-September, 2011, was Rs 207.46 c

Indian Overseas Bank Q2 net down 23.6 % at Rs 158.43 cr.

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Chennai-based Indian Overseas Bank on Friday reported a 23.63 per cent drop in its net profit for the second quarter ended September 30, 2012 at Rs 158.43 crore from the same period last year driven by a fall in net interest income while rising bad loans also hurt profitability. The bank’s net profit during July-September, 2011, was Rs 207.46 c

PNB Q2 net down 11.6 % at Rs 1,065 cr; stock sheds 6.88%

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State-owned lender Punjab National Bank (PNB) on Friday reported an 11.6 per cent drop in its net profit for the second quarter ended September 30, 2012 at Rs 1,065.58 crore from the same period last year as a hike in provision for bad loans hurt profitability. The bank’s net profit during July-September, 2011, was Rs 1,205.03 crore, said Punja

PNB Q2 net down 11.6 % at Rs 1,065 cr; stock sheds 6.88%

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State-owned lender Punjab National Bank (PNB) on Friday reported an 11.6 per cent drop in its net profit for the second quarter ended September 30, 2012 at Rs 1,065.58 crore from the same period last year as a hike in provision for bad loans hurt profitability. The bank’s net profit during July-September, 2011, was Rs 1,205.03 crore, said Punja

Fresh trouble for Delhi airport metro express line as DMRC, Reliance Infra go for arbitration

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The troubles for Country’s first Metro rail project under the public-private partnership model, Delhi Airport Metro Express line seems to be increasing further. In a fresh trouble, Delhi Metro Rail Corporation (DMRC) and the concessionaire, Reliance Infrastructure Ltd has planned to go for arbitration over the issue of project restructuring. Ear

Fresh trouble for Delhi airport metro express line as DMRC, Reliance Infra go for arbitration

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The troubles for Country’s first Metro rail project under the public-private partnership model, Delhi Airport Metro Express line seems to be increasing further. In a fresh trouble, Delhi Metro Rail Corporation (DMRC) and the concessionaire, Reliance Infrastructure Ltd has planned to go for arbitration over the issue of project restructuring. Ear

CESC’s Firstsource buyout plan seen as risky venture

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All is not going well for Kolkata based CESC after it announced to acquire a controlling stake in the ICICI-promoted business process outsourcing (BPO) firm, Firstsource Solutions. The decision to buy the country’s 5th largest provider of BPO services has raised concern over its capital allocation strategy as it will increase its debt since it w

CESC’s Firstsource buyout plan seen as risky venture

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All is not going well for Kolkata based CESC after it announced to acquire a controlling stake in the ICICI-promoted business process outsourcing (BPO) firm, Firstsource Solutions. The decision to buy the country’s 5th largest provider of BPO services has raised concern over its capital allocation strategy as it will increase its debt since it w

Hindustan Unilever Q2 net up 17% at Rs 807 cr

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Beating the market expectation, leading household products and consumer goods company Hindustan Unilever Ltd (HUL) today posted a jump of 17 per cent in its net profit for the quarter ended September 30, 2012 at Rs 807 crore. For the same period a year ago, the company’s net profit stood at Rs 689 crore, said HUL in its filing to the BSE. Total

Hindustan Unilever Q2 net up 17% at Rs 807 cr

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Beating the market expectation, leading household products and consumer goods company Hindustan Unilever Ltd (HUL) today posted a jump of 17 per cent in its net profit for the quarter ended September 30, 2012 at Rs 807 crore. For the same period a year ago, the company’s net profit stood at Rs 689 crore, said HUL in its filing to the BSE. Total

Gail India Q2 net down 9.9% at Rs 985.38 cr

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Country’s leading gas transmission and marketing company Gail (India) Ltd today posted a decline of 9.9 per cent in its net profit for the quarter ended September 30, 2012 at Rs 958.38 crore. For the same period a year ago, the company’s net profit stood at Rs 1094.41 crore, said Gail (India) in its filing to the Bombay Stock Exchange. To

Gail India Q2 net down 9.9% at Rs 985.38 cr

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Country’s leading gas transmission and marketing company Gail (India) Ltd today posted a decline of 9.9 per cent in its net profit for the quarter ended September 30, 2012 at Rs 958.38 crore. For the same period a year ago, the company’s net profit stood at Rs 1094.41 crore, said Gail (India) in its filing to the Bombay Stock Exchange. To

Dabur India Q2 net up 16.4% at Rs 202.37 cr

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Dabur India Ltd today posted 16.4 per cent growth in its net profit for the quarter ended September 30, 3012 at Rs 202.37 crore. The company’s net profit stood at Rs 173.86 crore for the same period a year ago, said the company in its filing to the Bombay Stock Exchange. Total Income also rose 21.2 per cent to Rs 1550.08 crore in July-Sept quart

Dabur India Q2 net up 16.4% at Rs 202.37 cr

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Dabur India Ltd today posted 16.4 per cent growth in its net profit for the quarter ended September 30, 3012 at Rs 202.37 crore. The company’s net profit stood at Rs 173.86 crore for the same period a year ago, said the company in its filing to the Bombay Stock Exchange. Total Income also rose 21.2 per cent to Rs 1550.08 crore in July-Sept quart