Tuesday, February 12, 2013

Business:2/13/2013 8:07:41 PM

Hero Motocorp goes off cricket pitch

Cricket seems to have lost its Hero. The leading two-wheeler manufacturer, led by the Munjal family, has consciously decided to move out of all cricket sponsorships.

Bank credit not fundamental right: RBI

The Reserve Bank of India has said that while every individual can open a bank account, bank credit cannot be considered a fundamental right.

Japan keen to invest in Indian hospitality sector

Japan on Tuesday expressed interest in investing in hospitality and strengthen its cooperation with India in the tourism sector through road shows and travel by industry stakeholders and exchange of information.

IT business to grow faster next year

The Indian IT industry is expected to do marginally better in the next financial year. The industry's apex body Nasscom on Tuesday forecast that software exports would grow between 12% and 14% to $87 billion in 2013-14.

Reforms spur FIIs to up stakes in sensex cos

With foreign institutional investors (FIIs) pumping in a net $24.4 billion in Indian stocks in 2012, most of which came towards the end of the year, their stakes in blue-chip companies have increased significantly.

Preventive healthcare: Insurers join the party

After hospitals, insurers have now jumped onto the preventive healthcare bandwagon.

Jaguar Land Rover global sales up 32% in Jan

Tata Motors-owned Jaguar Land Rover (JLR) today reported 32% increase in global sales for last month at 34,877 units.

Rupee closes at 53.85 against dollar

After falling to three-week low of 54.07 on sluggish industrial output and rising inflation, the rupee on Tuesday wiped out losses to end stable at 53.85.

Honda launches new CRV

The CR-V, once a popular model, had seen demand virtually disappear from the market as rapid dieselisation and entry of newer models like Toyota Fortuner, BMW X1 and Audi Q3 hit its fortunes.

Italy bans short-selling of Finmeccanica shares

Italian police arrested the head of Finmeccanica in a corruption probe centred on the sale of helicopters to the Indian government.

Israel's El Al Airlines cuts 200 jobs in efficiency drive

El Al Israel Airlines said on Tuesday it was laying off 200 workers as part of an efficiency plan aimed at improving its bottom line amid a difficult time for the global aviation industry.

Sensex snaps 8-day string of losses, gains 100 pts

Indian stock market today closed higher for the first time in nine days with BSE benchmark sensex rising by over 100 points to close at 19,561.04 on value-buying in ONGC, HDFC Bank, Tata Motors and RIL scrips amid investors shrugging off IIP and inflation disappointment.

Gold slips below Rs 31000 level

Gold prices on Tuesday lost Rs 210 to slip below the psychological Rs 31,000-mark at Rs 30,790 per 10 grams.

SAIL Q3 net profit down 23% at Rs 484.30cr

State-run Steel Authority of India (SAIL) today reported a 23.38 per cent fall in net profit at Rs 484.30 crore for the three months ended December 31, 2012.

Unitech shares tank 25%

Shares of Unitech today plummeted by nearly 25 per cent after the CBI removed a public prosecutor from the 2G spectrum case to verify his alleged discussions on prosecution strategy with the realty firm's MD and an accused in the case, Sanjay Chandra, in a taped conversation.

Retail inflation at 10.79% in January

Rising for the fourth consecutive month, retail inflation remained in double digits at 10.79 per cent in January.

December industrial output contracts by 0.6%

Indicating persistent sluggishness in the economy, industrial output contracted at a three-month low of 0.6 per cent in December due to poor performance of manufacturing and mining sectors.

Rupee down 12 paise vs dollar

The rupee today fell by 12 paise to 53.97 against the dollar in early trade, extending losses for the fifth straight session at the Interbank Foreign Exchange (Forex) market due to sustained demand for the US currency from importers.

Sensex up over 50 points

The BSE benchmark Sensex on Tuesday recovered by over 50 points in early trade, snapping its eight-session losing streak, on fresh buying by funds and retailers ahead of industrial output data, amid a firming trend in other Asian bourses.

GMR to sell technology park in Chennai for Rs 150 crore

GMR Varalakshmi Tech Park located in Chennai's IT corridor of Old Mahabalipuram Road (OMR) is more than 400,000-sqft , and completely leased out to Cognizant .

Pfizer may value Strides unit at Rs 10k cr

Big Pharma Pfizer Inc could value the sterile injectables unit of drug maker Strides Arcolab at up to $1.88 billion, or roughly Rs 10,124 crore, for a potential acquisition, said people familiar with the matter.

IT dept identifies 12L entities not filing returns

Notices were sent after the intelligence wing of the Income Tax Department's Directorate of Criminal Investigation sifted through more than 4.7 crore financial transactions , accessed through banks and Financial Intelligence Unit.

Car sales set to slip into negative after a decade

Car sales are headed for their first crash in a decade as poor buyer sentiment and adverse economic factors have hit demand badly.

At 7.2 % inflation is still high: RBI governor

"If you take the macroeconomic context today, you find that growth has moderated, inflation has come off the peak, but even at 7 plus per cent, it is still high," D Subbarao said.

ONGC Q3 profit down 17 per cent

The company reported a net profit of 55.63 billion rupees for its fiscal third quarter ended December, down from 67.4 billion rupees a year earlier, which had included a one-time gain on account of royalty dues from a joint venture partner.

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