Business

Sundaram BPO arm to hire over 100 professionals in Chennai

Sundaram BPO arm to hire over 100 professionals in ChennaiOver 100 accounting professionals, especially ICWA Inter qualified, will be hired to service the overseas customer base, SBS said in a statement.

Currently, it has over 400 accounting professionals working on its overseas business. Over a period of time, some of the new hires could potentially have the opportunity to work on site on process migration, in Australia or other locations, it said.

BSE shifts 213 stocks to restricted trading; NSE to move 117

BSE shifts 213 stocks to restricted trading; NSE to move 117Mumbai: Top bourses NSE and BSE have decided to shift around 200 securities of companies such as Bharati Shipyard, Hindustan Motors and Essar Shipping to restricted trading segment from June 6 as part of surveillance measures.

Few other stocks which would be moved to trade-for-trade category or 'T' group on both the exchanges are -- Aditya Birla Money, B A G Films and Media, BPL Ltd, Digjam, Khaitan Electrical, Moser-Baer and Parrys Sugar Industries and Ramco Systems.

NSE Nifty bounces up, ends at 7,350 ahead of RBI meet

NSE Nifty bounces up, ends at 7,350 ahead of RBI meetMumbai: After a two-day pause, the buoyant market flared up amid a slew of feel-good factors ahead of the RBI's monetary policy review meet tomorrow with hectic buying in key infra, banking, energy, metal and realty counters rallied the index by 132.55 points to end at 7,362.50 at the National Stock Exchange (NSE) Monday.

The investors sentiment bolstered by the positive momentum in country's manufacturing sector by HSBC (PMI) survey to 51.4 in May, along with good FII buying and better than expected Q4 result led the market momentum.

Rupee falls for third-straight day, closes at 59.15

Rupee-FallMumbai: Ignoring the surge in local stocks, the rupee continued its downfall for the third straight day as it lost four paise against the dollar to end the day at 59.15.

Forex dealers said the rupee remained under pressure due to sustained demand for the US currency from importers, mainly oil refiners, amid firm dollar overseas.

Increased dollar inflows into local equity markets restricted the rupee rupee fall, they added.

At the Interbank Foreign Exchange (Forex) market, the domestic unit commenced sharply weak at 59.27 a dollar from last close of 59.11 and immediately touched a low of 59.29.

India's forex reserves down by $2.26 bn

India-forexMumbai, May 31 : India's foreign exchange (forex) reserves declined by $2.26 billion to $312.65 billion for the week ended May 23, led by a sharp fall in overseas currency assets, Reserve Bank of India (RBI) data showed.

The reserves have fallen for the first time in the last five weeks.

The reserves had risen by $1.09 billion to $314.92 billion for the week ended May 16. For the week ended May 9, the Forex had gained by $1.97 billion to $313.83 billion.

India's forex reserves up $1.94 bn

India-forexMumbai, May 10 : India's foreign exchange (forex) reserves rose by $1.94 billion to $311.85 billion for the week ended May 2, led by a sharp jump in overseas currency assets, Reserve Bank of India (RBI) data showed.

The reserves had gained $499.8 million to reach $309.91 billion for the week ended April 25.

According to the RBI's weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, jumped by $2.54 billion to $284.57 billion in the week under review.

The foreign currency assets had risen by $493.2 million to $282.03 billion in the previous week.

Sensex trades flat; banking, auto stocks gain

Sensex trades flat; banking, auto stocks gainMumbai, May 8 : A benchmark index of Indian equities markets was trading flat at 19.18 points or 0.09 percent Thursday.

Good buying was observed in banking and auto sectors, while selling pressure was seen in fast moving consumer goods (FMCG) sector.

The 30-scrip Sensitive Index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 22,382.14 points, was trading at 22,343.08 points in the pre-noon session, up 19.18 points or 0.09 percent from the previous day's close at 22,323.90 points.

Sensex in red; oil and gas stocks slump

SensexMumbai, April 25 : The benchmark Sensex index of the Indian stock markets fell 29 points Friday due to selling pressure in oil and gas and FMCG stocks on disappointing earnings of some companies.

The 30-scrip S&P Sensex (sensitive index) of the Bombay Stock Exchange (BSE) opened in the negative at 22,892.50 points and was trading at 22,847.77 points at 12.44 p. m., down 0.13 percent or 28.77 points from its previous day close at 22,876.54 points.

The Sensex was trading in a narrow range with a negative bias. It touched a low of 22,806.54 points and high of 22,939.31 points in the intra-day trade.

Sensex rises to fresh record high; capital goods stocks gain

Sensex-risesMumbai, April 10 : A benchmark index of Indian equities markets touched a new record high of 22,792.49 points for the second consecutive day Thursday, surpassing the high of 22,740.04 points it touched Wednesday.

Healthy buying was observed in capital goods, banks and automobile stocks, while healthcare, fast moving consumer goods (FMCG) and information technology (IT) sectors came under sustained selling pressure.

Reliance wants price of $8.3 mmBtu for gas supply to fertilizer firms

Reliance IndustriesReliance Industries Ltd (RIL) has said that it is seeking a price of $8.3 per million metric British thermal unit (mmBtu) rate for gas supply to fertiliser companies.

The company had agreed to supply gas to fertiliser companies at 4.2 mmBtu rate after a meeting in the previous week even as it concluded its agreement with firms on 31 March. The company officials have indicated that another round of negotiations are expected to follow with the fertilizer firms on the matter.

Sensex down 112 points; consumer durables stocks fall

Sensex down 112 points; consumer durables stocks fallMumbai, April 7 : A benchmark index of Indian equities markets was trading 111.87 points or 0.50 percent down in the late afternoon session Monday, as consumer durables, capital goods and bank stocks declined.

Markets were cautious as the five-week-long polling exercise began Monday for the general election.

The 30-scrip Sensitive Index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 22,355.56 points, was trading at 22,247.63 points around 1.40 p. m., down 111.87 points or 0.50 percent from the previous day's close at 22,359.50 points.

South African exports increases due to weak rand

South African exports increases due to weak randIt is believed that the weaker value of the rand is helping increase exports from South Africa to other nations as the country's exports become cheaper in the international markets. The total exports from the country rose 7.9 per cent to R83.9bn in February and imports fell sharply by 13.2 per cent to R82.2bn.

Walmart sues Visa for $5 billion for fixing & inflating card fees

WalmartWalmart Stores Inc has filed a lawsuit against Visa Inc, accusing the credit & debit card giant of conspiring with banks to fix fees that merchants pay for accepting payments through Visa cards.

In the suit filed earlier this week in the U. S. District Court for the Western District of Arkansas, the world's leading retailer accused Visa of conspiring with some of the largest U. S. banks to illegally fix and inflate fees that merchants pay on Visa charge card transactions.

The retailer said Visa used the price-fixing schemes to maintain its dominance in the market.

Sensex hits record high for fifth consecutive day

Sensex hits record high for fifth consecutive dayMumbai, March 28 : A benchmark index of Indian equities markets touched a record high of 22,363.97 points for the fifth consecutive day Friday, surpassing the high of 22,307.74 points it touched Thursday.

Good buying was observed in the banking, metal and oil and gas sectors, while selling pressure was seen in the capital goods sector.

Osborne announces annual budget

George OsborneUK's Chancellor George Osborne has announced details relating to the government's financial plans for the year ahead and outlined the growth in the UK economy.

The Chancellor said that the areas that were affected by recent flooding will benefit from a pot of £140million for repairs and maintenance to flood defences and the government has set aside another £200million for pothole repairs. He pointed out that the money from Libor fines will be spent on military charities. He also said that the government will provide funding for rescue and lifeboat services and give £10m to the scouts, cadets and St John Ambulance.

Osborne expands Help to Buy scheme until 2020

George OsborneUK's Chancellor George Osborne has said that it is planning to expand the Government's Help to Buy scheme, which is aiming to help revive the housing market, until the year 2020.

Osborne said in his pre-Budget announcement that the government is planning to invest another £6 billion in the equity loan part of the scheme in order to help 120,000 more households to buy houses in the UK. He announced a four-year extension of the equity loans scheme in his Budget speech, boosting the housing market.

Vodafone to acquire Spain’s Corporativo Ono

VodafoneGlobal telecom giant, Vodafone has said on Monday that it has agreed to buy Spanish cable operator Corporativo Ono in a deal valued at _7.2 billion.

The acquisition will allow the company to expand its presence in the Spanish TV and broadband market. Following the acquisition, Vodafone will have 1.9-million customers in Spain to complement its mobile service. It will allow the company to better compete with the likes of  Telefonica and Orange.

Bill Gates skeptical of $19bn Facebook-WhatsApp acquisition deal

Bill GatesWashington, Mar. 17 - Microsoft founder Bill Gates has reportedly expressed skepticism about the recent acquisition deal between Facebook and WhatsApp for an eye-popping 19 billion dollars.

Gates said that fifty years ago, no 55-person company was bought for 19 billion dollar, adding that it showed how Facebook owner Mark Zuckerberg was an out-of-box thinker.

However, a skeptical Gates hoped that the mega billion dollar deal worked for Zuckerberg, Huffington Post reports.

In his earlier interview, Gates had noted that Zuckerberg's aggressiveness was wise, but the price of the deal was higher than what he expected.

Rolls Royce offers to return Rs 18 crore to India

Rolls RoyceBritish aerospace & defence giant Rolls Royce has reportedly offered to return Rs 18 crore to the government, the amount that it had paid as commission to an agent for clinching some deals in India.

Sources said Rolls Royce made the offer in a letter to Hindustan Aeronautics Ltd (HAL), which had placed orders worth around Rs 10,000 crore with the company between 2007 and 2011.

Revealing the development, the sources said, "The firm has informed HAL that it has paid commissions to Aashmore Private Limited for clinching military deals and the amount ranged ranged between 10 and 11.3 per cent."

RIL may surrender two more blocks to the govt.

Reliance Industries LtdReliance Industries Ltd (RIL) is reportedly in the process of surrendering two more oil & gas blocks to the Government because of lack of economic viability and uncertain government policies.

The Mukesh Ambani-led company had won a total of 45 blocks in various auction rounds under the government's New Exploration Licensing Policy. But, lack of economic viability has already forced the company to relinquish 39 blocks.

A senior RIL executive has revealed that the company is mulling a plan to relinquish two more blocks in the next few months.




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