Business Current Affairs



23-Apr-2014
Business
Maruti Suzuki slips to 3rd position in car exports, Nissan takes its place

 

According to media reports Maruti Suzuki has to give its second position in car exports to Nissan Motors India. It has to be noted here that Hyundai Motors snatched its number one position 10 years back. Nissan exported 1.16 lakh cars while Maruti accounted for 1.01 lakh cars. Nissan’s Micra and Sunny Sedan have been popular in overseas markets.

21-Apr-2014
Business
Mining allowed in Goa, yearly cap of 20 million ton

 

Mining will be allowed in Goa but the upper limit will be 20 million ton in an year, this has been stated by the Supreme Court as per the media reports. The apex court has also directed the state to form an expert panel which will furnish report regarding the cap, dumping etc. in a time frame of 6 months.

20-Apr-2014
Business
The Supreme Court orders to complete the remaining work of expressway between Panipat and Jalandhar

The Supreme Court has given green signal to Soma group for resuming the work of 291-km expressway between Panipat and Jalandhar as per media report. Earlier the Punjab and Haryana High Court had given permission to the National Highways Authority of India (NHAI) for taking over the project because Soma group showed difficulty in completing the remaining 41-km stretch because of financial constraints. The apex court has kept this decision aside and allowed Soma group to shift the toll plaza. March 31, 2015 has been set as a completion date of the project.

19-Apr-2014
Business
Mukesh Ambani's Reliance Industries Ltd made net profit of Rs 21.984 crore in 2013-14

Reliance Industries Ltd (RIL) led by Mukesh Ambani made the net profit of Rs.21.984 crore in the just ended fiscal year 2013-14. Higher prices have led to 7.7 percent growth in revenue while volume increase has led to 0.4 percent growth in revenue. According to the media reports exports of RIL were also higher by 15.3 percent in 2013-14 as compared to the export in the fiscal year 2012-13. Now RIL is putting extra efforts to turn out 4G services in the telecom sector.

17-Apr-2014
Business
Rupee slips for the 4th day in a row

 Rupee slipped to 60.50 against the US dollar riding on the high demand by the oil importers, the media reports inform. Along with this rupee slide has been there for the fourth consecutive day. On Wednesday it closed at 60.37 against the dollar. In the intra-day trading rupee reached a high of 60.26 and low of 60.50 against the US dollar.

17-Apr-2014
Business
HCL Tech to announce the third quarter result

HCL on Thursday is going to declare its third quarter (Jan-Mar) outcome. The company is expected to witness an increase of 2.5% in revenue in terms of rupee and 2.7% in terms of US dollar. The outsourcing segment of the company is doing well and the software services sector is displaying the signs of recovery. As per media report in this quarter the growth of the company may be more than TCS and Infosys.

15-Apr-2014
Business
Inflation stands at 5.7% due to increase in food and fuel prices

 As per media reports, inflation which is calculated on the wholesale price index soared to 5.7% from 4.68% which is the highest in three months. This was due to sharp rise in the prices of fuel and food. The inflation last year was 5.65% in March. 

Reference: IANS

 

14-Apr-2014
Business
Bihar's agriculture and food industry can touch Rs.1 lakh crore by 2015: Assocham

Assocham has stated in a study that in Bihar the agriculture and food industry has the potential to touch Rs.1 lakh crore by 2015. There are number of factors contributing to it right from abundance of cattle, prices being competitive, water resources being present there coupled with an active industrial policy. The cereals like rice, maize, wheat, fruits and vegetables, production of which touches 15 million tonnes attract global brands. If the logistics and infrastructure is developed it would boost this sector in Bihar. It would also enable the state to have an edge in both domestic and overseas market. 80% of the state’s workforce is deployed in this sector and it entails to 50% of the GSDP or gross state domestic product. What is needed is specialized training, skill development and employing rural workforce in this sector.

Reference: IANS

11-Apr-2014
Business
103311 vehicles to be recalled by Maruti

Maruti Suzuki has informed it will be recalling 103311 vehicles, which includes brands like Swift hatchback , DZire sedan and the Ertiga MUV so that a faulty 'fuel filler neck' which may leak can be replaced. In the process 47237 units of Swift, 42481 units of DZire and 13593 units of Ertiga that were made in the period between November 12, 2013 and February 4, 2014 will be recalled. The fault may lead to fuel smell and even leakage if the tank is filled till the fuel cap above the 'auto cutoff level'. The fuel filler neck will be replaced without any cost and Maruti will get in touch with the dealers for the said vehicles. This fault emerged when the regular quality test was being done.

Reference: IANS

11-Apr-2014
Business
Trade deficit increases in March, in 2013-14 stays less than previous fiscal

The country’s trade deficit increased from $8.13 billion recorded in February to $10.50 billion in March. This was because exports percentage decreased by 3.15% to $29.57 billion in March whereas it was $30.54 billion in March 2013. At the same time there was a drop in imports by 2.11% and it stood at $40.08 billion in March. With this the trade deficit was $10.50 billion. In the last fiscal exports stayed at $312.35 billion with an increase of 3.98% from the previous fiscal’s that is 2012-2013 figure at $300.40 billion. Imports remained at $450.94 billion, 8.11% less from $490.73 billion registered in the previous year. Even though trade deficit was higher in March, in the entire year it was less than what was recorded in 2012-2013. It dipped to $138.59 billion from $190.33 billion.

Reference: IANS

10-Apr-2014
Business
Piramal Enterprise to sell off its 11% stake in Vodafone to Prime Metals

Piramal Enterprises will sell off its 11% stake in Vodafone India to Prime Metals. The latter is an indirect subsidiary of Vodafone. Piramal notified the BSE that it has given its consent to sell the stakes worth Rs.8900 crore or $1.48 billion to Prime Metals. The chairman of the Piramal Group, Ajay Piramal stated that the company has earned its returns with the investment it did in Vodafone which was to accrue long term returns on equity. The stakes were gained in 2012-13. With this news Piramal Enterprises’ shares increased by 5.59% to Rs 566.10 that is 29.95 points higher from its earlier close at Rs.536.15.

Reference: IANS

09-Apr-2014
Business
Sensex closes at 383.75 points higher

Sensex ended at 383.75 points or 1.72% up though it has reached 22,740.04 points. BSE started soaring at 3pm and then touched a new high in the intra-day trading which is 22,740.04 points. This was much higher than 22,620 points touched on April 3. The Sensex started at 22,389.21 points ended at 22,727.20 points, with an increase of 383.75 points or 1.72% more than where it ended yesterday at 22,343.45 points. In the intraday trading high of 22,740.04 points and a low of 22,379.95 points was reached. Healthy buying was visible in capital goods, banks, metal, healthcare and automobile. NSE also went to a new record high of 6,807.45 points, and ended at 101.15 points or 1.15% up at 6,796.20 points.

Reference: IANS

07-Apr-2014
Business
Sun Pharma to acquire Ranbaxy in a $4 billion deal

Sun Pharma, the country’s largest manufacturer of drugs will acquire Ranbaxy Laboratories for $4 billion. With this merger the world will have 5th biggest specialty generic pharma company. Sun Pharma will be getting hold of 100% of Ranbaxy in the process of all-stock transaction. The shareholders of Ranbaxy shareholders will get 0.8 share of Sun Pharma per share which they have of Ranbaxy. The company thus formed will have operations in 65 countries and would have 47 facilities for manufacturing in 5 continents. The entity’s revenue is pinned at $4.2 billion. The acquisition has the approval of the board of directors of Ranbaxy, Daiichi Sankyo which is the controlling shareholder of Ranbaxy as well as Sun Pharma’s board of directors.

06-Apr-2014
Business
GMR-Megawide consortium has been awarded with US $ 700 million airport project

Us $ 700 million project has come to the kitty of a GMR-Megawide consortium who has been asked to develop and operate the Mactan-Cebu International Airport in Philippines. The payment includes the upfront payment of US$ 320 million to the Philippines government. The Department of Transportation and Communications (DOTC) of Philippines granted this project to GMR. In a release, DOTC Spokesperson Michael Arthur Sagcal said that GMR-Megawide has been awarded with the 25-year concession. The decision has been taken after reviewing various legalities raised by bidder. He added that nothing else but only the law and the country's interests have been kept in mind while awarding the project. The world-class airport will boost the economy as well tourism industry. Megawide is a construction company based in Philippines. GMR Infrastructure, a Bangalore based company showed interest in developing Mactan-Cebu Airport and jobs for local community. GM Rao, chairman GMR Group said that GMR-Megawide consortium has the right capabilities and credentials to start the esteemed project. We will create such an airport that Cebuanos and Filipinos will be proud of. GMR-Megawide has to complete the post award requirements in 20 days. This includes an irretrievable letter of credit and the payment of the premium amount to government.

05-Apr-2014
Business
Supermarkets and kirana stores will sell 5 kg Free Trade LPG cylinders

Supermarkets and kirana stores will now have 5 kg Free Trade LPG (FTL) for sale as Indian Oil Corporation shown green signal to this. In a release the Indian Oil Corporation has said that the sale of these LPG has been launched in 11 kirana stores in Bangalore, Chennai, Gorakhpur, Lucknow and Aligarh. The new 5 kg FTL LPG cylinder will approximately comes in the price range of Rs 1600 and 1700. At every refill only the cost of the product will be paid by exchanging an empty cylinder for the filled one. The sale will be highly beneficial for students, BPO employees and persons doing odd duty because for them it would be convinient to buy filled LPG cylinder for local stores. In the near future, it is expected that sale will be extended to 50 more cities. According to the release, sale of 5 kg FTL cylinders was launched in October last year at selected Oil retail outlets across India.

04-Apr-2014
Business
Sensex dips by 149.57 points

Sensex slipped by 0.6% after there was drab poor performance of auto, power, IT and technology stocks. There was profit booking at earlier record levels which slowed the markets. BSE slumped by 149.57 points or 0.66% and ended at 22,359.50. NSE dipped by 41.75 points or 0.62% and closed at 6,694.35. all the indices except metal, realty and consumer durables were in the red. Auto index dipped by 1%, IT by 0.95%, technology by 0.92% and power 0.83%. Realty index was up by 3.37%, metal by 0.25% and consumer durables by 0.21%. The major five gainers were Cipla, SBI, Tata Steel,Coal India and Hindalco. The ones who lost were BHEL, NTPC, Bharti Airtel, NTPC, Tata Motors and GAIL.

03-Apr-2014
Business
Sahara group conveys to SC that it won't be able to pay Rs 10000 crore

The Sahara Group has conveyed to the Supreme Court that it would be difficult for it to pay Rs. 10,000 crore so that its chief Subrata Roy and its two directors can be released on bail. They have been staying in jail since March 4. The apex court bench of justice KS Radhakrishnan and justice JS Khehar were informed that they will be able to pay Rs. 2,500 crore on immediate basis and Rs. 2,500 crore in cash in three weeks when Roy and his two directors will be released. The SC had on March 26 have stated that they will be released when Sahara group had deposited Rs 10000 crore which were to be deposited in cash and guarantees. Out of this Rs. 5000 crore were to be deposited in cash with SEBI and furnish bank guarantees for another Rs. 5000 crore.

02-Apr-2014
Business
ICICI Mutual Fund all set to topple HDFC Mutual Fund

 

ICICI Prudential Mutual Fund is poised to edge past HDFC Mutual Fund for the numero uno position with 22% growth shown in the Q4 year on year basis. This has also brought the company into Rs.1 trillion bracket. Its average asset under management or AAUM increased to Rs.106822 crore in Q4, and was behind HDFC by just Rs.6000 crore where the AAUM stood at Rs.112963 crore as it showed a sluggish growth of only 11%. Reliance MF was next in fray with an AAUM of Rs.103541 crore. The Indian mutual fund industry which comprises 46 mutual funds had a total AAUM of Rs.857218 crore in Jan-Mar quarter. There was an addition of Rs.40561 crore compared to last fiscal though growth was below 5%. 24 MFs had negative growth, 28 had AAUM less than Rs 10000 crores and only 5 crossed Rs50000 crores whilst the top 3 funds are secure with AAUM of Rs 100000 crore. Other MFs which gained were Birla Sun Life Mutual Fund, SBI Mutual Fund, UTI Mutual Fund, L&T Mutual Fund,Franklin Templeton MF and Axis Mutual Fund. 38% of AAUM is managed by HDFC, Reliance and ICICI Mutual Funds.

01-Apr-2014
Business
Key policy interest rates kept unchanged by the RBI

The crucial interest rates were left untouched by the RBI in its 1st bi-monthly monetary policy review much in accordance with the expectations. It also stated that putting a leash on the rates was not an option when the inflation was relaxing. The repo rate remains at 8%. This is the interest rate at which the banks borrow money from the RBI after paying. The reverse repo rate has been adjusted to 7%. This interest rate RBI pays to the bank when they keep the extra funds with the central bank. The Cash Reserve Ratio (CRR) is static at 4% while the marginal standing facility rate and the Bank Rate remain at 9 %. Thi means the EMI will remain as it is. On January 28, the central bank had increased the short-term lending and borrowing rates by 0.25%.

31-Mar-2014
Business
Sensex shoots up 6th day in a row, new high recorded

Sensex was on its upward journey and touched again a new high today edging past its previous close on Friday at 22,363.97 points. Metal, auto sectors, consumer durables witnessed good buying while selling was observed in the capital goods sector. BSE started the day at 22,423.14 points and ended at 22,386.27 points, moving up by 46.30 points or 0.21% from Friday’s end at 22,339.97 points. In the intra-day trade it reached a high of 22,467.21 points and a low of 22,253.78 points. NSE ended at 0.12% up or 8.30 points more at 6,704.20 points.Main gainers were: Hindalco Industries, Tata Steel, Sistema Shyam TeleServices Limited and Maruti Suzuki.Main losers were: ONGC, Dr.Reddy's Laboratories, Tata Power and ITC.

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