Retail shares gain after favorable FDI vote

Market Eye - Retail shares rose after the government won a vote on allowing foreign supermarkets to operate in multi-brand retail.

Shares in Pantaloon Retail  rose 2 percent to its highest in over a year. India's top retailer has surged 61.23 percent since September 14, when the government approved 51 percent FDI in multi-brand retail.

JSW Steel looks to increase prices by 3-4%

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Owing to rise in input costs, JSW Steel is looking to increase the prices of steel by 3-4 per cent. Speaking to the reporters, Seshagiri Rao, CFO said, “Internationally, prices have gone up by 30 per cent, and the rupee has depreciated once again. There is also cost pressure as we buy iron ore from international markets.

There is a ca

Essar slashes Iran imports in Nov; to continue with cuts - source



By Nidhi Verma

NEW DELHI  - Essar Oil has more than halved oil imports from Iran in November and aims to reduce purchases further, a source with direct knowledge of the matter said, strengthening New Delhi's hopes of a continued waiver from U.S. sanctions.

Privately-owned Essar was Iran's top I

Asian shares steady on Obama 'fiscal cliff' comments


By Chikako Mogi

TOKYO  - Asian shares were steady near 16-month highs on Thursday, supported by hopes that U.S. lawmakers will reach a compromise to avoid the so-called 'fiscal cliff' of year-end tax hikes and spending cuts which threaten to push the U.S. economy back into recession.

The Dow Jones indus

CREDIT SUISSE CUTS INDIA FY13, FY14 GROWTH FORECASTS ON DELAYED RBI RESPONSE

MUMBAI - Credit Suisse has lowered India's economic growth forecast marginally to 5.9 percent from 6 percent for the fiscal year ending March.

The investment bank also reduced its growth forecast for FY14 to 6.9 percent from 7.2 percent, it said in a research note.

"This largely reflects the delayed RBI rate response, although we co

GOVERNMENT WINS VOTE ON RETAIL FDI IN LOK SABHA

By Nigam Prusty

NEW DELHI - The fragile ruling UPA coalition won a vote on allowing foreign supermarkets to operate in Asia's third-largest economy on Wednesday, in a key test of support for Prime Minister Manmohan Singh and his flagship economic reform.

It was a much-needed boost for Singh at a time when he is trying to drive a second w

JSPL looks for more coal mines in South Africa, Mozambique

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Private steel firm Jindal Steel and Power Ltd, after scrapping its Bolivia plant, has started looking for more coal mines in other countries including South Africa and Mozambique. "We are also looking at many other parts in the world. We have acquired mines in South Africa, Mozambique and Botswana. We have also got coal mining-licenses in A

Firstsource Solutions fully discharges FCCBs liability

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Leading BPO services provider Firstsource Solutions Ltd, on Wednesday, said it has duly redeemed Zero Coupon Foreign Currency Convertible Bonds (FCCBs) worth USD 237 million on December 4, 2012. The repayment was funded by way of the Company's cash reserves augmented with the preferential allotment of shares made to Spen Liq Private Limited and ex

Morgan Stanley maintains ‘overweight’ rating on Tata Motors

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Leading investment bank Morgan Stanley has maintained its 'overweight' rating on Tata Motors, and said that it continued to be optimistic about rebounding of the company’s sales in the January-March quarter, as per the media reports. The rating has been maintained by Morgan Stanley after visiting Solihull and Castel Bromwich facilities o

Shriram EPC JV secures $ 230 mn order in Iraq

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Shriram EPC Ltd today said that the company, in a joint venture (JV) with the Mokul Group of companies, has been awarded with an order in Iraq for a consideration of approximately USD 230 million. The scope of work would comprise engineering, supply and installation of a basic sanitary sewer system, storm sewer system and trunk sewer system with conne

ICICI Bank launches flexible recurring deposit scheme ‘iWish’

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Planning to own a big car or a latest gadget or enjoying a holiday abroad, but facing difficulty to save for it every day, then there is good news for you. India’s largest private sector lender ICICI Bank has launched a flexible recurring deposit (RD) scheme ‘iWish’ that provide freedom to choose when and how much to save, unlike a r

Universal Sompo General Insurance registers 80% rise in premium collection during Oct

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Universal Sompo General Insurance has reported a significant growth of 80 per cent in gross premium at Rs 47.16 crore in October 2012 against Rs 26.15 crore in October 2011. The premium collected was significantly higher than that collected in September 2012 as it had surged by mere 1.3 per cent to Rs 43.27 crore in September 2012. The insurance compa

L&T bags Rs 732 cr order from Nuclear Power Corp

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Engineering & construction giant Larsen & Toubro (L&T) today said that it has secured Rs 732 crore order from Nuclear Power Corporation of India Ltd (NPCIL) for Rajasthan Atomic Power Plant. Under the deal, L&T’s wholly owned subsidiary L&T Power would supply, install and commission the Balance of Turbine Island package for 2

Indian Ratings assigns ‘IND AA+(Exp)’ to Sterlite Industries’ Rs 5 bn additional NCD programme

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India Ratings has assigned an expected rating of 'IND AA+(exp)’ to Sterlite Industries India Limited’s (SIIL) Rs 5 billion proposed non-convertible debenture (NCD) programme, reflecting its strong business profile as also seen in its EBITDA of USD 2.1 billion in FY’12. The final rating is contingent upon the receipt of transactio

Air India’s performance has improved: Ajit Singh

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Air India's performance standards have improved and employees will also start getting promotions from next month, Civil Aviation Minister, Ajit Singh told Lok Sabha today. During the Question Hour, Ajit Singh said that though the national carrier was incurring losses, its performance has improved and it has returned some of the loans taken from ba

Strides Acrolab collaborates with Eli Lilly for delivering cancer medicines in emerging markets

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Pharmaceutical giant Strides Acrolab Ltd today said that it has collaborated with Eli Lilly and Company to expand supply of cancer medicines in the emerging markets. As per the terms of deal, Eli Lilly would in-license a range of high-quality, branded generic injectable and oral cancer medicines from Agila Specialties, the specialties division of Stri

RIL’s arm divests Yemen Block-9 to Indonesia’s Medco

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Reliance Industries Ltd (RIL) today said that its Dubai-based wholly-owned subsidiary Reliance Exploration and Production DMCC has signed the completion documents for divestment of its 25 per cent working interest in the production sharing contract (PSC) for Yemen Block-9 with Medco Yemen Malik Ltd, a wholly-owned subsidiary of PT Medco Energi Interna

Infosys paves way for Facebook in Nasdaq-100 index

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Country’s IT bellwether Infosys Ltd, which was the first Indian company to get listed on US Stock Exchange Nasdaq in the year 1999, will be replaced by Mark Zuckerberg-owned social networking website Facebook in the Nasdaq 100 index. Last Friday, Infosys announced that it would shift its American Depository Shares from Nasdaq to New York Stock E

Tata Motors sales will rebound in March quarter: Morgan Stanley


 Market Eye - Morgan Stanley maintains its 'overweight' rating on Tata Motors and is optimistic of a strong rebound in sales in the January-March quarter, after visiting Solihull and Castel Bromwich facilities of luxury unit Jaguar Land Rover (JLR).

The investment bank says the recent weakness in numbers is due to the slow ramp-up of la

Supreme Court gives Sahara more time to repay bond investors

By Suchitra Mohanty

NEW DELHI - The Supreme Court gave the Sahara conglomerate more time to repay billions of dollars it had raised from investors through bond sales that were later ruled to be illegal.

The court on Wednesday asked Sahara to make an initial deposit of 51.2 billion rupees with the SEBI and pay the remainder in two instalments

Govt to infuse $732 mln in SBI: executive

MUMBAI - The government is looking to infuse 40 billion rupees in State Bank of India, the country's biggest lender, a bank executive told reporters on Wednesday.

"What mode it will be is being discussed," said Diwakar Gupta, managing director and chief financial officer at SBI.

"We have given various options and it is the

Sahara gets more time to repay bond investors

NEW DELHI  - The Supreme Court gave the Sahara conglomerate more time to repay billions of dollars it had raised from investors through bond sales that were later ruled to be illegal.

The court ordered Sahara to initially deposit 51.20 billion rupees with the SEBI and pay the remainder in two instalments in January and February.

On Augu

IT shares hit on Cognizant SEC filing

 Market Eye - Indian IT shares down on fears that Cognizant Technology Solutions Corp may issue a lower revenue growth guidance for 2013 based on compensation targets for top executives, dealers said.

Cognizant, in a filing to the SEC on Tuesday, said its top executives will receive 100 percent of their performance-linked shares if the company achieves

Jubilant Energy denies charges made by Arvind Kejriwal

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Jubilant Enpro’s subsidiary Jubilant Energy said that it has won the KG Deendayal gas block through international competitive bidding. The firm also denied the charges from social activist Arvind Kejriwal, who said that the company received participating stake of 10 per cent as "gift" from the Gujarat government in the block. "Jub

RIL may be permitted to install compressor in KG-D6 block: Oil Ministry

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The Oil Ministry said that Mukesh Ambani’s Reliance Industries Ltd (RIL) would be permitted to install a compressor to increase gas recovery from its fields in the KG-D6 block, in case the company agrees to an audit by the Comptroller and Auditor General (CAG) of India. Moreover, the government has also asked the company to drill more wells in t