Money

Sensex tanks 463 points pre-noon trade

A benchmark index of Indian equities markets Sensex plunged 462.58 points or 2.39 percent during pre-noon trade Friday. All the sectors were trading in red. The sectors that saw the maximum selling pressure were consumer durables, banking index (bankex), capital goods, metal, oil and gas, public sector undertakings (PSU), fast moving consumer goods (FMCG), auto, IT and healthcare. The 30-scrip sensitive index (Sensex) of the S&P Bombay Stock Exchange (BSE),

India hikes duties on gold, silver to curb imports

The Indian government Tuesday hiked customs duties on gold, platinum and silver to curb imports to help lower the current account deficit. Customs duty on gold and platinum has been increased to 10 percent from eight percent. The duty on silver has been hiked to 10 percent from six percent, a finance ministry statement said. Notifications for the new duty structure was tabled in parliament on Tuesday.

Govt. appoints Rajan as OSD to RBI ahead of his formal takeover

Raghuram Rajan will start working at the Reserve Bank of India (RBI) well ahead of taking over as the central bank’s next governor on 5th of September. The Congress-led United Progressive Alliance (UPA) government on Wednesday notified that that Mr. Rajan had been appointed as an officer on special duty (OSD) at the central bank in the run-up to his formal taking over as governor. Mr rajan has been appointed

Rupee plunges to record-low close of 61.10 despite RBI steps

Reserve Bank, in yet another step to rescue the rupee, yesterday tightened hedging rules by making it mandatory for foreign institutional investors to obtain the consent of holders of participatory notes and derivative instruments before hedging. The rupee fell a massive 67 paise to all-time closing low of 61.10 against the dollar despite slew of steps taken by the government and the central bank in the past few weeks to

Rupee hits new all-time low of 60

The rupee today plunged by a whopping 130 paise to hit life-time low of 60 against the US dollar in early trade on the Inter bank Foreign Exchange on strong demand for the American currency from banks and importers. The rupee trimmed its early losses but was still quoted lower by 83 paise to 59.53 per dollar after hitting 60-level on strong demand for the American currency from banks and

Sensex at 28-month high; Nifty scores 150

Equity benchmarks logged their biggest single day gain in 28 months, as India joined the ongoing party in emerging markets. The Sensex jumped 490 points to close at 20212.96, after touching a 28-month high of 20241.96 intra-day. The Nifty touched a 28-month high of 6157.10 intra-day before settling at 6146.75, up 151 points over the previous close. Interest rate sensitive sectors like realty, banking, capital goods and auto led the

HDFC Q4 net profit rises over 17% to Rs 2,083 crore

Mortgage major HDFC today said consolidated net profit increased by 17.2 per cent to Rs 2,083.12 crore for the quarter ended March 31, 2013. Its consolidated net profit during the same quarter (January-March) a year ago stood at Rs 1,776.74 crore. Total income during the last quarter of 2012-13 increased to Rs 11,042.88 crore from Rs 9,278.11 crore in the same period of the previous fiscal, it said in a BSE filing. For the full fiscal ended March 31, 2013 the company’s consolidated net profit stood at Rs6,639.72 crore,