Business News
Browse all articles and features filed under the News desk.
Govt asks states to slash VAT on jet fuel to 4 per cent
With Indian airlines posting a combined loss of about Rs 10,000 crore in 2012-13 and a total debt of almost Rs 90,000 crore, the government has asked state governments to slash value added tax (VAT) on jet fuel to 4 per cent and ease a major burden on the industry. Currently, VAT
Webiste Groupon India offers onions at Rs 9 per kilogram
Groupon India, a shopping website, has tied up with a Delhi-based wholesaler and is offering onions at prices as low as Rs 9 per kilogram. Beginning today Groupon India, which offers a daily deal on best local goods, services and events will deliver onions for the next seven days
Nokia CEO to lead Microsoft devices team after purchase, says Steve Ballmer
With Microsoft entering into an agreement to purchase Nokia's Devices & Services business, Stephen Elop will be coming back to lead "an expanded devices team", Microsoft CEO Steve Ballmer has written to his employees. Elop's team, "which includes all of our current Devices and St
Housing prices see downward trends in 22 major cities: NHB
Housing prices in 22 major cities, including Delhi and Mumbai, witnessed a downward trend in April-June period compared to the previous quarter due to slowdown in demand. According to the quarterly update by National Housing Bank (NHB), prices of residential properties in 22 of 2
HSBC survey reveals manufacturing sector output took a hit in August as orders dip
The HSBC/Markit Purchasing Managers Index for the manufacturing industry stood at 48.5 in August, lower from 50.1 in July, indicating an overall contraction. The latest index reading was the lowest in over four and a half years and the first sub-50.0 reading since March 2009. "Ma
Indian Oil, BPCL shares gain on RBI nod to dollar buying
Shares of Indian Oil and Bharat Petroleum gained on Thursday after the Reserve Bank of India (RBI) opened a special window to help meet the foreign-exchange requirements of state-owned oil refining companies. Indian Oil shares gained 1.45 per cent to Rs 209.55 while Bharat Petrol
SBI raises interest rate on bulk deposits by up to 1.5pc
State Bank of India (SBI) on Thursday raised interest rates by up to 1.5 per cent on bulk deposits of over Rs 1 crore. The interest rate for bulk deposits for the tenors 7-60 days will be 9 per cent. Fixed deposits between 61 days to less than one year will be 8.25 per cent, SBI
BSE Sensex down over 200 points in morning trade on rupee woes
The BSE benchmark Sensex shed its three sessions of gains and tanked over 200 points in the morning trade on Tuesday following fresh selling after rupee again breached 65-mark amid a weakening trend overseas. At 10.27 am, Sensex was down 237.91 points at 18320.22. Similarly, Nift
Asian stocks, currencies start new week on calmer note
Asian stocks rose and gold hit a near three-month high on Monday, extending a move started late last week when a steep drop in U.S. new home sales tempered expectations the Federal Reserve will soon reduce stimulus. Trading was subdued, particularly in the currency markets, as in
BSE Sensex rises; L&T, Sesa Goa gain
Reuters Market Eye - The benchmark BSE Sensex is up 0.95 percent, while the broader Nifty is up 0.87 percent, heading towards their third consecutive day of gains. Larsen & Toubro Ltd (LART.NS) gains 2.2 percent after Barclays upgrades the stock to "overweight", citing a potentia
Falling rupee to impact oil firms, put pressure on deficit: Moody's
Global ratings agency Moody's attributed the fall in rupee's value to widening current account deficit (CAD) and said the depreciation is likely to inflate the fuel subsidy bill, weaken the credit quality of oil companies and put pressure on the fiscal deficit. Continuing its sli
Euro firms in Asian trade
The euro held firm against the dollar and yen in Asian trade on Thursday after dropping overnight amid concerns about political upheaval in debt-hit Greece and strains on Spain's banking sector. The euro bought $1.2948 and 103.28 yen in Tokyo morning trade, stronger than $1.2944
Gold slips to Rs.56,100 per tola
Gold slipped by Rs 500 to Rs 56,100 per tola in the local market Tuesday as its international price dropped. Chairman All Sindh Jewelers Association Haji Haroon told ‘Geo News’ that gold prices fell in the local market as its international price slipped to $ 1,627 an ounce.
Faisalabad industries deprived of gas
The gas supply was suspended to the industrial sector of Faisalabad for three consecutive days that resulted in halting the production process, Geo News reported Friday. According to sources, Sui Northern Gas Pipeline had resumed the gas supply for four days that was suspended ag
Dollar steady ahead of meeting
The dollar was steady against other major currencies in Asian trade on Thursday as investors looked to a Bank of Japan policy meeting amid speculation of further monetary easing. The euro bought $1.3217 and 107.49 yen in Tokyo morning trade, almost flat with New York trade late W
Euro sags, yen jumps in Asian trade
The euro sagged against other major currencies in Asian trade Monday, as risk-averse investors flocked to the safe-haven yen following weaker-than-expected US jobs data. The European single currency was changing hands at $1.3050 and 106.38 yen Monday, slipping from $1.3070 and 10
Euro steady ahead of US jobs data
The euro was steady in early Asian trade Friday at the start of the Easter holiday weekend ahead of a US jobs report, after it lost ground on debt concerns over the past week. The eurozone unit bought $1.3064 and 107.58 yen in Tokyo morning trade, compared with $1.3057 and 107.52
Gold hits near 3-month low
Gold prices fell more than 1 percent to their lowest in nearly three months after minutes from the US Federal Reserve's March meeting suggested a fresh round of monetary stimulus was unlikely as the US economy gradually improves. Ultra-loose monetary policy, which keeps real inte
Dollar slips in Asian trade
The dollar eased in Asian trade on Tuesday with the euro and safe-haven yen both rising ahead of key economic data due this week, including a US jobs report. The greenback slipped to 81.84 yen in Asian trade, compared with 82.28 yen in New York Monday. The euro gained to $1.3346
Gold shines up at Rs49,414 per 10 grams
Gold surged by Rs 129 to Rs 49,414 per 10 grams in the local market Friday as its international price improved to $ 1,665 an ounce, market sources said. According to Karachi Saraf Association official, tola (11.664 grams) price also went up by Rs 150 at Rs 57,650. Silver closed h