Ajit Singh promises to solve AI crisis

Sat, 19 May 2012 22:53:25 GMT

Civil aviation minister Ajit Singh on Saturday promised to solve Air India pilots' problems "within three months'' while asking them to end their "illegal'' strike.

Rel Cap back in green, nets Rs 329cr profit

Sat, 19 May 2012 21:34:22 GMT

Boosted by the sale of stake in the life insurance business, profits in mutual funds and life insurance businesses as well as strong growth in commercial finance, ADAG's Reliance Capital, the financial sector flagship company within Anil Ambani's Reliance group, reported a consolidated net profit of Rs 329 crore during the quarter ending March 2012, compared to a net loss of Rs 6 crore during the same period last year.

JPMorgan to be haunted by change in risk model

Sat, 19 May 2012 15:52:08 GMT

JPMorgan Chase & Co's decision to radically change the way risk was measured in its Chief Investment Office is likely to dog the bank in the developing crisis over the big trading losses it has suffered.

Europe thinks the unthinkable on Greece

Sat, 19 May 2012 15:14:06 GMT

European officials are working on contingency plans in case Greece bombs out of the euro zone, the EU's trade commissioner said on Friday, as European share prices tumbled and Germany warned of continuing financial turmoil.

Forex reserves drop by $1.37 billion

Sat, 19 May 2012 15:02:40 GMT

Foreign exchange reserves declined by $1.37 billion to $291.80 billion for the week ended May 11, largely due to drop in the value of core currency reserves, official data showed.

Strike of AI pilots illegal: Ajit Singh

Sat, 19 May 2012 14:12:33 GMT

Terming the strike of Air India pilots as illegal , Union civil aviation minister Ajit Singh appealed the pilots to resume work.

Odisha alumina refinery by Jan: Hindalco

Sat, 19 May 2012 10:27:33 GMT

Non-ferrous metals producer Hindalco Industries plans to start its 1.5 million tonnes per annum (mtpa) alumina refinery in Orissa by January 2013, a senior company executive said today.

RBI: Curbing Rupee volatility priority

Sat, 19 May 2012 00:45:57 GMT

The Reserve Bank of India (RBI) has made it clear on Friday that its prime objective is to curb the currency volatility and it will do the needful to rein in the rupee fall.

Birlas to buy 27.5% stake in Living Media

Sat, 19 May 2012 00:43:41 GMT

After RIL chief Ambani invested in Network 18 group , the billionaire chairman of the Aditya Birla Group, Kumar Mangalam Birla, is buying a 27.5% stake in Living Media Group, the publisher of India Today weekly magazine.

SBI Q4 net up 200 times at Rs 4,050 crore

Sat, 19 May 2012 00:39:22 GMT

Beating market estimates , State Bank of India (SBI), has reported a net profit of Rs 4,050 crore for the quarter ended March 2012, nearly 200 times the net profit of Rs 21 crore in the corresponding period last year.

Govt has taken note of S&P’s outlook: Pranab

Sat, 19 May 2012 00:24:04 GMT

Replying to a question in Parliament, Mukherjee said S&P’s assessment should be viewed in the context of the current economic difficulties that nations around the globe are facing.

Rupee rebounds after hitting latest record low

Fri, 18 May 2012 13:08:08 GMT

The rupee recovered after earlier dropping to its third consecutive daily record low, tracking a recovery in domestic stocks and after a RBI deputy governor said the Reserve Bank of India would continue to defend the currency.

Sensex closes 82 points higher

Fri, 18 May 2012 11:42:57 GMT

Erasing intra-day losses of over 260 points, the BSE benchmark Sensex today ended 82 points higher and closed above the psychological 16,000 level on emergence of value-buying in fundamentally strong stocks led by State Bank of India and a sharp recovery in rupee from record lows.

Kingfisher owes Rs 269cr income tax: Govt

Fri, 18 May 2012 10:55:10 GMT

Vijay Mallya-promoted Kingfisher Airlines owes Rs 269.06 crore income tax and I-T Department has initiated penalty and prosecution proceedings against the private carrier, Government informed the Lok Sabha today.

SBI Q4 profit surges to Rs 4,050.27 crore

Fri, 18 May 2012 10:53:52 GMT

Country's largest lender State Bank of India (SBI) on Friday posted net profit of Rs 4,050.27 crore in the fourth quarter ended March 2012, against just Rs 20.88 crore recorded in Q4 of the previous fiscal.

Govt pushes for exports to clear food stocks

Fri, 18 May 2012 10:06:34 GMT

With food silos overflowing, the government has decided to push export of foodgrains.

Nandas won't have any stake: Nikhil Nanda

Fri, 18 May 2012 09:13:45 GMT

The Nandas, promoters of Escorts Ltd, have said that their proposed merger of one subsidiary and two associate companies is not aimed at strengthening family holding, but rather at kicking in efficiencies.

Sensex above 16,000 as markets recover

Fri, 18 May 2012 09:08:20 GMT

The BSE Sensex sharply cut earlier losses, recovering nearly 300 points from the day's low. The rupee on Friday plunged to a new all-time low of 54.89 vs dollar.

April consumer price inflation accelerates to 10.36%

Fri, 18 May 2012 06:42:31 GMT

India's consumer price inflation accelerated in April to 10.36 per cent, making life harder for the RBI as it looks to kickstart a flagging economy, government data showed on Friday.

India can grow 8-9% for 20 years: Ahluwalia

Fri, 18 May 2012 04:55:15 GMT

India can grow at between 8 or 9% for the next 20 years with a supportive global environment, its Planning Commission's deputy chairman Montek Singh Ahluwalia has said.

Oil slides on deepening fears over eurozone

Fri, 18 May 2012 03:41:48 GMT

Oil extended losses in Asian trade on Friday on growing concerns that the eurozone's debt woes could worsen, causing a global crisis that would ravage energy demand, analysts said.

General Motors to phase out Aveo, UVA by Sept

Thu, 17 May 2012 22:37:44 GMT

General Motors India may phase out its Aveo and Aveo-UVA range once the Sail hatchback and notchback (sedan) models are introduced in August-September this year.

Air India domestic slips to No. 4

Thu, 17 May 2012 19:28:51 GMT

Air India’s international flights may have been crippled by the ongoing pilots’ strike but the domestic front also does not have any good news for the airline.

Bajaj Q4 net down 45% at Rs 772cr

Thu, 17 May 2012 19:21:27 GMT

Bajaj Auto reported a 45% decline in net profit in the fourth quarter of 2011-12 as a one-time gain in the comparable quarter of previous fiscal subdued numbers.

Airtel cuts 3G tariff, others may follow

Thu, 17 May 2012 19:19:30 GMT

The country’s largest mobile phone operator Bharti Airtel on Thursday said that mobile broadband rates on its 3G networks have been slashed by as much as 70%.