March 5, 2015 AT 2:04 PM
The rupee recovered by 5 paisa to 62.20 against the US dollar in early trade at the Interbank Foreign Exchange market on Thursday. As stated by Forex dealers, a higher opening in the domestic equity market and weakening dollar against other overseas currencies, strengthened the rupee. On Wednesday the rupee had lost 33 paisa and closed at 62.25 against the dollar amid Reserve Bank of India (RBI) Governor Raghuram Rajan’s comment that an "excessively strong rupee" is undesirable as it triggers disinflationary pressures. The Bombay Stock Exchange (BSE) Sensex rose by 111.44 points or 0.37 percent to 29,492.17 in the early trade on Thursday.
March 5, 2015 AT 12:05 PM
Reliance Infra on Wednesday has announced the acquisition of Pipavav Defence and Offshore Engineering for Rs 2,082 crore. Reliance Infra has agreed to purchase 18 percent stake from the promoters of Pipavav Defence and Offshore Engineering (PDOE) at Rs.63 per share and make an open offer for additional 26 percent at Rs.66 per share. And if the open offer is successful, the Reliance Group will have to allocate Rs 1,263 crore for a 26% stake, taking the total acquisition cost to Rs 2,082 crore. After completion of the acquisition Mr. Anil Ambani will become the Chairman of the company. The existing promoters of Pipavav Defence will continue to retain a minority stake in the company, together with two non-executive board seats. And the company will be renamed as Reliance Defence Limited.
March 5, 2015 AT 10:37 AM
Sun Pharma’s tycoon Dilip Shanghvi outpaced Reliance Industries chief Mukesh Ambani as the world’s richest Indian on Wednesday. The shares of Sun Pharma and and Sun Pharma Advanced Research Company, or sparc(Sun Pharma’s research and development arm), closed at record high on Wednesday. This has resulted Sun Pharma Group’s promoter Dilip Shanghvi to become richest Indianleaving behind Mr. Mukesh Ambani Reliance Industries chief. Excluding Ranbaxy’s valuation (as its merger with sun pharma is yet to be completed),Shanghvi’s net worth after Wednesday’s gain was Rs. 1.4 lakh crore. Whereas Ambani’s net worth was Rs. 1.3 lakh crore.
March 4, 2015 AT 5:36 PM
Swedish commercial vehicle major AB Volvo has sold around 4.7 percent stake in Eicher Motors for USD 310 million (over Rs. 1,920 crores) today. “AB Volvo has today divested 12.7 lakh shares, representing approximately 4.7 per cent of Eicher Motors Limited’s equity capital,” a Eicher Motors Ltd Spokesperson said in a statement. AB Volvo and Eicher Motors Limited had entered into a joint venture agreement in May 2008 to create VECV with the intent to drive modernisation in the commercial vehicle industry in India and the developing world. “This divestment will have no bearing whatsoever on VE Commercial Vehicles Limited (VECV), which will continue to be governed as an equal partnership venture,” the statement said. The shareholding pattern and governance framework of VECV will remain unchanged. &nbs
March 4, 2015 AT 4:19 PM
Government to announce fpo or qip of SBI tomorrow. Price to be 285 per share cmp at 310. Panjab National Bank also looking to rais fund via qip route this year.
March 4, 2015 AT 3:44 PM
Indian service sector has grown at its fastest pace in 8 months in February. According to a business survey there is seen significant improvement in domestic demand which drove surge in new orders. The HSBC India Services Business Activity Index that tracks the changes in activity of Indian services companies on monthly basis rose to 53.9 in February from 52.4, which is the highest since June 2014. The score above 50 specifies the sector is expanding. "Boosted by a solid rise in new work, service sector output in India expanded at a robust rate in February . Nonetheless, the latest improvement in economic prospects across the sector is yet to feed through to the labour market," said Pollyanna De Lima, an economist at Markit.
March 4, 2015 AT 12:41 PM
ITC Open offer coming today evening by BAT. British American Tobacco - BAT open offer in ITC. Same open offer came in Brazil cigarette co yesterday. BAT holds 24.8% stake in ITC as well. BAT offers to buy out Brazil's Souza Cruz stake in 2.3 billion-pound deal.
March 4, 2015 AT 12:34 PM
The Reserve Bank of India on Wednesday announces repo rate cut by 25 basis points to 7.5percent. However the cash reserve ratio (CRR) has been left unchanged at 4 percent. It has been decided to "reduce the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 7.75 per cent to 7.5 per cent with immediate effect," RBI Governor Raghuram Rajan said in a statement. The policy rate cut by RBI will help in reducing interest rate for Individual and corporate borrowers. On account of this, home loans, corporate and auto loans will get cheaper.
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