The Sensex ended on a negative note yesterday thanks to fear of inflation. Globally, the Asian market is trading weak and Nikkei fell for fourth day in succession. The US market fell on Monday led by the Nasdaq's decline after data showed weakness in the economy, underscoring views the market's recent rally is fizzling. Experts opine that the markets haven't really bounced back and are now banking on good monsoon to salvage the falling market sentiment and reduce the inflation burden on the economy.
12.20pm: The Tatas confirmed that they have written a letter to West Bengal chief Minister Mamata Banerjee seeking her cooperation in fresh industrial investments in the state, according to an Economic Times report. Amit Mitra, the Secretary General of industry chamber FICCI, also touted to be Bengal's finance minister also said in an interview to a news channel, "Tatas will undoubtedly come...Mamata Banerjee did not drive them out." Mitra also hopes that Mamata will be able to convince the Centre, where she is partner in the UPA Government, for a package that can revive Bengal and take care of at least a part of the Rs 2 lakh crore debt it is in.
11.50am: Shares of ONGC fell by over 6 per cent in early trade on the BSE today amid media reports that the government has increased upstream oil companies' contribution toward fuel marketing firms' subsidy burden to 38.5 per cent of the Rs 77,922 crore estimate for FY'11.
11.15am: The income tax department has finally provided tax exemption on the 9.5 per cent interest income on PF deposits for 2010-11, according to an Indian Express report. Union labour minister Mallikarjun Kharge however announced that the government would look at hiking the interest rate further on retirement savings in 2011-12.
"We are contemplating further increasing the interest rate on Provident Fund from the present 9.5 per cent. This time also we want to give more to the employees. We are working towards it," he said in Bangalore.
10.40am: The Public Accounts Committee of the House of Commons expressed concern over immigration officials' alleged "lack of control" over Indian and other non-European Union workers entering Britain through the Inter-Company Transfer (ICT) route. According to a PTI report, many Indian IT companies use this route to transfer staff to offices in Britain. Since this route is not subject to the annual cap on the number of non-EU migrants, tens of thousands of IT workers have migrated to Britain through this route.
Tata Consultancy Services (TCS) tops the list of Indian IT companies that figure in the list of top 10 using the ICT route to post employees in Britain. Others are Indian companies or those in the US or elsewhere with significant presence in India. The list also includes Congnizant Technology Solutions (which has operations in India), Wipro Technologies, Tech Mahindra, HCL Great Britain and the French company Steria, which has operations in India.
10.25am: Diesel price hike in India could have a depressing effect on other items, said Montek Singh Ahluwalia, the deputy chairman of the Planning Commission. A ministerial panel is to decide on hiking fuel prices, local media reported on Sunday, a day after state-run oil firms raised petrol prices by a record amount.
10.23am: The Executive Board of the International Monetary Fund (IMF) held an informal meeting at its headquarters in Washington on Sunday to discuss the fallout of the arrest of its Managing Director, Dominique Strauss-Kahn, on rape charges in New York.
Decision makers have shown no hurry to decide on the successor, even though there is heavy speculation n the same. The names Kemal Dervis of Turkey, France's Christine Lagarde, Trevor Manuel of South Africa and Agustin Carstens of Mexico are doing the rounds as possible successors. Montek Singh Ahluwalia, Deputy Chairman of Planning Commission of India, is also in the reckoning, even though age is not on his side. Going by the historical trend, Lagarde is the favourite since in the 33 years of IMF's existence, a French has headed it for 26 years!
10:10am: Noel Tata, the 54 year-old half brother of Ratan Tata, who is the most likely heir of the Tata empire, is quietly transforming things in Tata International.
According to this Economic Times report: Noel, known for his low-profile ways, is creating independent business verticals and injecting fresh talent into Tata International to spearhead expansion plans.
10am: State Bank of India, the country's largest lender, may have to defer a planned $4.5 billion rights share issue to the next financial year as a cash-starved government, its biggest shareholder, is unable to put in money, the Economic Times reported.
9.15am: As expected the markets opened on a flat note. The Sensex opened up 29 points at 18374 and the Nifty was trading at 5502. Banking stocks opened in green. DLF and NTPC opened in the red. Stocks in news are Tata Steel, Shriram Transport, Mundra Port, Bank of Indi. The overall market breadth is in the green. Glenmark that rallied almost 11 percent yesterday is still trading almost 5% up.
9.00am: Markets are expected to open marginally lower due to lack of any strong trigger and weak global cues. The Nifty futures on the Singapore Exchange declined 10 points, at 5480.
FIIs have turned jittery as they have been net sellers over $1 billion in Indian equities due to high inflation and hawkish stance of the RBI.
8.15am: BPO Major Genpact announced that its Chief Operating Officer NV Tyagarajan also known as 'Tiger' Tyagarajan will be the new President and the Chief Operating Officer. Tyagarajan will replace Pramod Bhasin who stepped down as CEO and member of the board. Bhasin was also the Nasscom President for the year 2009-10. Bhasin said he was stepping down with mixed emotions. "It's my baby, built it brick by brick. But it's important for companies to bring changes to re-energize. We are the leaders in capabilities and skills, and our recent acquisition (of Headstrong) makes us much stronger. That is why I feel comfortable to leave." The IT industry is in a transition phase where giants like Infosys and Wipro saw major management changes in the last few months.
8.00am: A sex scandal that shook the world last week, saw IMF Chief appearing before the court yesterday night. IMF chief Dominique Strauss-Kahn was denied bail and sent to New York's notorious Rikers Island jail on Monday, a crushing blow as he fights charges that he assaulted and tried to rape a hotel maid. Here is a timeline of events that led to the arrest of the IMF Chief.
12.20pm: The Tatas confirmed that they have written a letter to West Bengal chief Minister Mamata Banerjee seeking her cooperation in fresh industrial investments in the state, according to an Economic Times report. Amit Mitra, the Secretary General of industry chamber FICCI, also touted to be Bengal's finance minister also said in an interview to a news channel, "Tatas will undoubtedly come...Mamata Banerjee did not drive them out." Mitra also hopes that Mamata will be able to convince the Centre, where she is partner in the UPA Government, for a package that can revive Bengal and take care of at least a part of the Rs 2 lakh crore debt it is in.
11.50am: Shares of ONGC fell by over 6 per cent in early trade on the BSE today amid media reports that the government has increased upstream oil companies' contribution toward fuel marketing firms' subsidy burden to 38.5 per cent of the Rs 77,922 crore estimate for FY'11.
11.15am: The income tax department has finally provided tax exemption on the 9.5 per cent interest income on PF deposits for 2010-11, according to an Indian Express report. Union labour minister Mallikarjun Kharge however announced that the government would look at hiking the interest rate further on retirement savings in 2011-12.
"We are contemplating further increasing the interest rate on Provident Fund from the present 9.5 per cent. This time also we want to give more to the employees. We are working towards it," he said in Bangalore.
10.40am: The Public Accounts Committee of the House of Commons expressed concern over immigration officials' alleged "lack of control" over Indian and other non-European Union workers entering Britain through the Inter-Company Transfer (ICT) route. According to a PTI report, many Indian IT companies use this route to transfer staff to offices in Britain. Since this route is not subject to the annual cap on the number of non-EU migrants, tens of thousands of IT workers have migrated to Britain through this route.
Tata Consultancy Services (TCS) tops the list of Indian IT companies that figure in the list of top 10 using the ICT route to post employees in Britain. Others are Indian companies or those in the US or elsewhere with significant presence in India. The list also includes Congnizant Technology Solutions (which has operations in India), Wipro Technologies, Tech Mahindra, HCL Great Britain and the French company Steria, which has operations in India.
10.25am: Diesel price hike in India could have a depressing effect on other items, said Montek Singh Ahluwalia, the deputy chairman of the Planning Commission. A ministerial panel is to decide on hiking fuel prices, local media reported on Sunday, a day after state-run oil firms raised petrol prices by a record amount.
10.23am: The Executive Board of the International Monetary Fund (IMF) held an informal meeting at its headquarters in Washington on Sunday to discuss the fallout of the arrest of its Managing Director, Dominique Strauss-Kahn, on rape charges in New York.
Decision makers have shown no hurry to decide on the successor, even though there is heavy speculation n the same. The names Kemal Dervis of Turkey, France's Christine Lagarde, Trevor Manuel of South Africa and Agustin Carstens of Mexico are doing the rounds as possible successors. Montek Singh Ahluwalia, Deputy Chairman of Planning Commission of India, is also in the reckoning, even though age is not on his side. Going by the historical trend, Lagarde is the favourite since in the 33 years of IMF's existence, a French has headed it for 26 years!
10:10am: Noel Tata, the 54 year-old half brother of Ratan Tata, who is the most likely heir of the Tata empire, is quietly transforming things in Tata International.
According to this Economic Times report: Noel, known for his low-profile ways, is creating independent business verticals and injecting fresh talent into Tata International to spearhead expansion plans.
10am: State Bank of India, the country's largest lender, may have to defer a planned $4.5 billion rights share issue to the next financial year as a cash-starved government, its biggest shareholder, is unable to put in money, the Economic Times reported.
9.15am: As expected the markets opened on a flat note. The Sensex opened up 29 points at 18374 and the Nifty was trading at 5502. Banking stocks opened in green. DLF and NTPC opened in the red. Stocks in news are Tata Steel, Shriram Transport, Mundra Port, Bank of Indi. The overall market breadth is in the green. Glenmark that rallied almost 11 percent yesterday is still trading almost 5% up.
9.00am: Markets are expected to open marginally lower due to lack of any strong trigger and weak global cues. The Nifty futures on the Singapore Exchange declined 10 points, at 5480.
FIIs have turned jittery as they have been net sellers over $1 billion in Indian equities due to high inflation and hawkish stance of the RBI.
8.15am: BPO Major Genpact announced that its Chief Operating Officer NV Tyagarajan also known as 'Tiger' Tyagarajan will be the new President and the Chief Operating Officer. Tyagarajan will replace Pramod Bhasin who stepped down as CEO and member of the board. Bhasin was also the Nasscom President for the year 2009-10. Bhasin said he was stepping down with mixed emotions. "It's my baby, built it brick by brick. But it's important for companies to bring changes to re-energize. We are the leaders in capabilities and skills, and our recent acquisition (of Headstrong) makes us much stronger. That is why I feel comfortable to leave." The IT industry is in a transition phase where giants like Infosys and Wipro saw major management changes in the last few months.
8.00am: A sex scandal that shook the world last week, saw IMF Chief appearing before the court yesterday night. IMF chief Dominique Strauss-Kahn was denied bail and sent to New York's notorious Rikers Island jail on Monday, a crushing blow as he fights charges that he assaulted and tried to rape a hotel maid. Here is a timeline of events that led to the arrest of the IMF Chief.
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