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LATEST BUSINESS, FINANCE AND MARKET NEWS

  • YU Yunicorn launched for Rs12,999 in India

    New Delhi, May 31 (IANS) After the success of series of smartphones launched last year, the Micromax sub-brand YU on Tuesday launched its flagship device Yunicorn with "Android on steroids" operating system in India. Yu Yunicorn features a full HD IPS 5.5-inch ultra-thin bezel display with 2.5D … More »

    IANS - 13 minutes ago
  • Profit booking dents equity markets

    Mumbai, May 31 (IANS) Profit booking, coupled with caution ahead of key macro-economic data, depressed the Indian equity markets on Tuesday. The key indices traded flat -- marginally in the red during the late-afternoon session, as selling pressure was witnessed in healthcare, IT (information … More »

    IANS - 17 minutes ago
  • Brent crude lower on strong Middle East oil output

    Brent crude lower on strong Middle East oil output

    Brent crude prices fell on Tuesday on rising output from the Middle East and ahead of an OPEC meeting later this week, while U.S. crude edged higher as the summer driving season began. Brent crude oil futures were down 40 cents at $49.36 a barrel by 0839 GMT, while U.S. West Texas Intermediate … More »

    Reuters - 30 minutes ago
  • Sensex edges down, but heads for third straight monthly gain

    The benchmark BSE Sensex has gained around 4 percent so far this month. In dollar terms, the index was headed for a 4.1 percent jump, making it the second best performer in Asia after the Pakistan Stock Exchange's benchmark 100-share index, according to Thomson Reuters data. At home, India is due … More »

    Reuters - 39 minutes ago
  • EXCLUSIVE: Westinghouse to relocate planned nuclear plant to Andhra Pradesh, officials say

    EXCLUSIVE: Westinghouse to relocate planned nuclear plant to Andhra Pradesh, officials say

    Toshiba Corp's Westinghouse Electric will relocate a planned project to build six nuclear reactors in India, said officials, bringing the first deal stemming from a U.S.-India civil nuclear accord struck over a decade ago closer to reality. The six AP-1000 reactors would be built in Andhra … More »

    Reuters - 44 minutes ago
  • India looking at "significant" stressed-assets fund, Jayant Sinha says

    India is looking to start a "significant" fund that will invest in distressed loans held by lenders, Minister of State for Finance Jayant Sinha said on Tuesday, as regulators strive to clean-up non-performing loans in the struggling sector. "We will have a significant stressed assets fund," Sinha … More »

    Reuters - 1 hour 8 minutes ago
  • Flipkart introduces online 'No Cost EMI' option

    New Delhi, May 31 (IANS) E-commerce major Flipkart on Tuesday introduced "No Cost EMI" option to make online shopping affordable for high-end purchases through an attractive financing option of Equated Monthly Installments (EMI) where customers will not bear additional cost. This has the potential … More »

    IANS - 1 hour 13 minutes ago
  • Krishi Kalyan cess of 0.5% from Wednesday

    New Delhi, May 31 (IANS) The Krishi Kalyan Cess of 0.5 per cent on services imposed by Finance Minister Arun Jaitley comes into force from Wednesday through which the government proposes to collect Rs 5,000 crore during the remaining 10 months of the current fiscal. The total service tax … More »

    IANS - 1 hour 39 minutes ago
  • Rocket Internet stems losses despite slower sales growth

    Rocket Internet stems losses despite slower sales growth

    The major start-ups of international ecommerce investor Rocket Internet managed to reduce their losses in the first quarter, the German company said on Tuesday, although revenue growth slowed and even went into reverse at two general merchandise sites. Europe's biggest Internet group said its top … More »

    Reuters - 1 hour 39 minutes ago
  • IRDA says nudging insurers to trade bonds

    The Insurance Regulatory and Development Authority of India is nudging insurers to trade some of its government and corporate debt, instead of holding them to maturity, said V.R. Iyer, a senior IRDA official, ... … More »

    Reuters - 2 hours 15 minutes ago
  • Reliance to sell entire stake in Gulf Africa Petroleum

    Mumbai, May 31 (IANS) Reliance Industries on Tuesday said it has executed a pact with Total to sell its entire 76-percent stake in the Mauritius-incorporated Gulf Africa Petroleum Corp, held by the company's wholly-owned subsidiary. "Reliance Exploration and Production's (Repdmcc) agreement to … More »

    IANS - 2 hours 17 minutes ago
  • India will make corporate bonds part of fundraising for projects, says RBI official

    India will make corporate bonds part of fundraising for projects, says RBI official

    India will make it compulsory for companies to raise funds via corporate bonds for some projects such as infrastructure, said Chandan Sinha, an executive director at the Reserve Bank of India (RBI), on Tuesday. "We are already talking of moving the corporates towards bonds financing. There would … More »

    Reuters - 2 hours 27 minutes ago
  • Malaysia's finance ministry appoints new 1MDB board of directors

    Malaysia's finance ministry announced on Tuesday a new board of directors for scandal-hit 1Malaysia Development Berhad , after the previous board was dissolved following a parliamentary inquiry into the ... … More »

    Reuters - 2 hours 42 minutes ago
  • Dismay in oil Twitterverse upon popular U.S. crude trader's exit

    Oil traders keep a low profile. Eric Rosenfeldt, who goes by the Twitter handle of Oil Merchant or @energyrosen, had attracted more than 8,000 Twitter followers for his quirky and candid opinions on the crude oil market. Rosenfeldt does not identify himself or his company on his Twitter profile, … More »

    Reuters - 3 hours ago
  • Videocon launches 4G VoLTE-enabled smartphone at Rs.10,000

    New Delhi, May 31 (IANS) Consumer electronics and home appliances major Videocon on Tuesday launched Krypton3 V50JG smartphone with next-age 4G VoLTE network support at Rs.10,000. The smartphone features ... … More »

    IANS - 3 hours ago
  • Gold inches up but heading for biggest monthly decline in six

    Gold edged up on Tuesday after falling to a three-and-a-half month low in the prior session but the yellow metal remained on track for its biggest monthly decline since November on the back of broad strength in the dollar. Spot gold was up 0.6 percent at $1,212.46 per ounce as of 0630 GMT. Spot … More »

    Reuters - 3 hours ago
  • Nestle, on health kick, moves into milk allergy testing

    Nestle, the world's biggest food company, is stepping up its push into medicine with a global deal worth up to 100 million euros ($111 million) to develop and market an experimental milk allergy test for infants. The Swiss group will pay DBV Technologies 10 million euros upfront for rights to its … More »

    Reuters - 3 hours ago
  • Asia shares firm but set for near 2 percent monthly loss

    SINGAPORE/TOKYO (Reuters) - Asian shares recovered from a wobbly start on Tuesday, but remained on track for a monthly loss, while the dollar edged away from recent peaks scaled on expectations the U.S. Federal Reserve will raise interest rates as soon as next month. MSCI's broadest index of … More »

    Reuters - 3 hours ago
  • Dassault Aviation ready to sign Rafale deal, ball in India's court

    Dassault Aviation ready to sign Rafale deal, ball in India's court

    Dassault Aviation is ready to sign a contract with India at any moment, but the ball is in India's court, chief executive Eric Trappier told French daily Les Echos in an interview published on Tuesday. The Indian defence ministry said in April protracted talks to buy 36 French Rafale fighter jets … More »

    Reuters - 3 hours ago
  • Mothballed ships in SE Asia show pain inflicted by oil slump

    Mothballed ships in SE Asia show pain inflicted by oil slump

    Not everyone in shipping is bemoaning the industry's worst crisis in living memory: a cluster of companies that help preserve equipment and provide security for vessels parked around Southeast Asia are busier than they have been for years. A popular lay-up anchorage near Indonesia's Batam island, … More »

    Reuters - 4 hours ago
  • Aurobindo Pharma fourth quarter profit jumps 40 percent; shares rise 4 percent

    Aurobindo Pharma Ltd (ARBN.NS), India's fourth-largest drugmaker by sales, said higher sales in the United States and emerging markets helped its fourth-quarter net profit grow 40 percent, above estimates, sending shares up as much as 4 percent. Net profit for the January-March quarter rose to … More »

    Reuters - 4 hours ago
  • Sun Pharma forecasts annual sales below estimates, shares fall

    Sun Pharma forecasts annual sales below estimates, shares fall

    India's Sun Pharmaceutical Industries Ltd issued a weaker-than expected annual sales outlook as it grapples with increased competition in the United States as well as supply constraints, sending its shares 5 percent lower. The world fifth-largest generic drugs maker said it expects sales to climb … More »

    Reuters - 4 hours ago
  • Samsung Galaxy S7 edge: Worth every penny it demands

    New Delhi, May 31 (IANS) While the smartphone war in India has been shifted to the mid-price segment of Rs.10,000-Rs.20,000 with only a handful of premium-segment flagship devices being launched, Galaxy S7 edge has truly created an 'edge' over its rivals -- be it Apple 6S, HTC 10 or soon to be … More »

    IANS - 5 hours ago
  • Finmeccanica to reconsider business in India if blacklisted

    Finmeccanica to reconsider business in India if blacklisted

    Italian defence company Leonardo Finmeccanica has threatened to reassess its business in India, a few days after New Delhi said it would blacklist the company over the alleged payment of bribes to win a large helicopter contract. Finmeccanica has distanced itself from the allegations, saying the … More »

    Reuters - 6 hours ago
  • Support for Britain to stay in the EU narrows in ORB poll - Daily Telegraph

    Support for Britain to stay in the EU narrows in ORB poll - Daily Telegraph

    Writing in the newspaper Lynton Crosby, the political strategist behind Prime Minister David Cameron's election victory, said the campaign focus on migration over the past seven days had boosted the Leave campaign. Of those, a net 184,000 came from the EU, which upholds the principle of free … More »

    Reuters - 7 hours ago
  • India set to retain fastest growing economy tag

    India set to retain fastest growing economy tag

    India probably gathered momentum to hold its ranking as the world's fastest growing large economy in the quarter through March, giving Prime Minister Narendra Modi more to celebrate after completing two years in office last week. Modi swept to power promising to revitalise Asia's third-largest … More »

    Reuters - 7 hours ago
  • Verizon, unions agree to pay raises, new jobs to end strike

    Verizon, the No. 1 U.S. wireless provider, and the Communications Workers of America (CWA) had reached a tentative deal on Friday. The CWA said Verizon agreed to provide a 10.9 percent raise over four years while Verizon put the increase at 10.5 percent. According to the CWA, both numbers are … More »

    Reuters - 15 hours ago
  • Oil prices edge higher in thin trade; OPEC eyed

    Oil prices edge higher in thin trade; OPEC eyed

    While OPEC has been unable to agree on an output freeze to support prices, Iraq was the latest Middle East producer to raise its export quota ahead of the meeting, supplying 5 million barrels of extra crude to its partners in June. "So far there's pretty much a consensus that nothing will happen … More »

    Reuters - 16 hours ago
  • India discussing Apple's request for FDI rules waiver, Nirmala Sitharaman says

    India discussing Apple's request for FDI rules waiver, Nirmala Sitharaman says

    The Indian government on Monday said it was discussing Apple Inc's (AAPL.O) foreign direct investment application that seeks a waiver from a local sourcing rule. Nirmala Sitharaman, commerce and industry minister in the cabinet, told reporters her ministry would discuss the issue with the finance … More »

    Reuters - 16 hours ago
  • Strong Jaguar Land Rover sales drive tripling of profit at Tata Motors

    Strong Jaguar Land Rover sales drive tripling of profit at Tata Motors

    Strong sales by luxury vehicle maker Jaguar Land Rover and higher demand for trucks in its home market powered a tripling of net profit at India's Tata Motors Ltd in the latest quarter. Strong demand for the Jaguar XE compact saloon, nicknamed the 'baby Jag', and the Discovery Sport SUV pushed … More »

    Reuters - 17 hours ago
  • Pakistan misses GDP growth target by 0.8 percent, sets 5.7 percent target for next year

    Pakistan misses GDP growth target by 0.8 percent, sets 5.7 percent target for next year

    Pakistan achieved GDP growth of 4.7 percent in the fiscal year ending in June 2016, missing its target of 5.5 percent, the prime minister's office announced on Monday. The government has set a growth target of 5.7 percent for the next fiscal year, according to a statement. Nawaz Sharif's … More »

    Reuters - 17 hours ago
  • M&M's Q4 standalone net profit up six percent

    Mumbai, May 30 (IANS) Automobile manufacturer Mahindra & Mahindra (M&M) on Monday reported an increase of 6.02 percent in its standalone net profit for the fourth quarter of 2015-16. The company's Q4 net profit stood at Rs583.73 crore, up from Rs550.56 crore reported in the corresponding quarter … More »

    IANS - 18 hours ago
  • Air India to increase frequencies on Delhi-Surat route

    New Delhi, May 30 (IANS) National passenger carrier Air India on Monday said that from June 2 it will increase flight frequencies on its Delhi-Surat-Delhi route. According to the airline, the move will allow it to serve the sector daily from the present five days a week operation. "The flight … More »

    IANS - 19 hours ago
  • India's domestic passenger traffic up 22 per cent: IATA

    New Delhi, May 30 (IANS) A global airlines' association on Monday reported that India's domestic passenger traffic grew by 21.8 per cent in April. "India's domestic traffic soared 21.8 per cent, marking ... … More »

    IANS - 19 hours ago
  • Equity markets peak to highest since October 2015

    Mumbai, May 30 (IANS) The Indian equity markets on Monday closed at their highest levels since October 2015. Led by short covering, along with expectations of healthy quarterly results and higher crude ... … More »

    IANS - 20 hours ago
  • LeEco to unveil next generation devices on June 8

    New Delhi, May 30 (IANS) Chinese internet and technology conglomerate LeEco is set to unveil its next generation devices at an event in the capital on June 8. Speculation is that LeEco will either roll ... … More »

    IANS - 20 hours ago
  • Mahindra net profit rises on new SUVs, truck sales

    Mahindra net profit rises on new SUVs, truck sales

    Mahindra & Mahindra Ltd, India's top-selling utility vehicle maker, expects its automotive and tractor units to grow faster than the industry this fiscal year, an executive said after the company posted a rise in quarterly profit. The automaker reported a 6 percent rise in net profit for the … More »

    Reuters - 20 hours ago
  • Reliance Communications Q4 net profit falls 22 percent

    Reliance Communications Q4 net profit falls 22 percent

    Reliance Communications Ltd on Monday posted a 22 percent fall in its fourth-quarter net profit, hurt by lower revenue from voice and data services. The company, controlled by billionaire Anil Ambani, ... … More »

    Reuters - 20 hours ago
  • Snapdeal establishes Data Sciences Centre in California

    New Delhi, May 30 (IANS) Online marketplace Snapdeal has established its Data Sciences Centre in San Carlos, California, the company said on Monday. According to the company, the centre will focus on big-data ... … More »

    IANS - 21 hours ago
  • RBI caps refiners' dollar buying for Iran dues to shield rupee - sources

    RBI caps refiners' dollar buying for Iran dues to shield rupee - sources

    The Reserve Bank of India (RBI) has capped weekly dollar purchases by oil refiners to pay off their debts to Iran in order to avoid pressure on the rupee, three sources said on Monday. India is one of the biggest buyers of Iranian crude and built up a payments backlog when Iran was under Western … More »

    Reuters - 22 hours ago
  • Sony launches its first 'X' series smartphones in India

    New Delhi, May 30 (IANS) Sony India on Monday unveiled its "X" series smartphones -- Xperia X and Xperia XA -- that claim to have two-day long battery life and fast photo capture feature. While Xperia X will be available for Rs.48,990 from June 7, the Rs.20,990 Xperia XA will be available from … More »

    IANS - 22 hours ago
  • ASUS to unveil its first robot at 'Computex 2016'

    New Delhi, May 30 (IANS) Taiwan-based computer hardware company ASUS has announced it would unveil on Tuesday its first robot "Zenbo" along with a series of Zenfone 3 smartphones and a lightweight notebook ZenBook 3 at "Computex 2016". "Zenbo," to be displayed during the international information … More »

    IANS - 22 hours ago
  • Ficci survey estimates GDP growth this fiscal at 7.7 percent

    New Delhi, May 30 (IANS) Industry chamber Ficci on Monday said its latest opinion survey of economists has forecast India's GDP to grow 7.7 percent in the financial year ending March 31, 2017. "The results of latest round of Ficci's Economic Outlook Survey puts across a median GDP growth forecast … More »

    IANS - 22 hours ago
  • Noble Group CEO quits unexpectedly, raising doubts over strategy

    Noble Group CEO quits unexpectedly, raising doubts over strategy

    Noble Group's CEO Yusuf Alireza quit on Monday, a surprise move that comes just weeks after he secured crucial financing for Asia's biggest commodity trader and raises questions about its future strategy. The embattled company named its president William Randall, and Jeff Frase, global head of oil … More »

    Reuters - 23 hours ago
  • Sensex rises for fifth straight session

    Sensex rises for fifth straight session

    Indian shares rose for a fifth straight session on Monday after earnings of blue chips such as Hindalco Industries Ltd beat street estimates, boosting hopes that the economy was recovering. The broader ... … More »

    Reuters - 23 hours ago
  • Maruti Suzuki suspends production over component supplies

    New Delhi, May 30 (IANS) Automobile major Maruti Suzuki on Monday said that it has suspended production of cars at its Manesar and Gurgaon facilities, due to component supply constraints. According to the company, a fire incident at its component manufacturer Subros' production facility on Sunday … More »

    IANS - 23 hours ago
  • Freecharge fastest growing digital payments app: Nielsen

    Bengaluru, May 30 (IANS) The reach of the digital payments platform Freecharge has grown from 17 percent to 30 percent in the period from October 2015 to April 2016 in India -- the highest growth in app usage for any payments app in the country, a Nielsen study revealed on Monday. Freecharge also … More »

    IANS - 23 hours ago
  • Euro zone economic sentiment rises more than expected in May

    Euro zone economic sentiment improved more than expected in May and inflation expectations among companies and consumers rose, data from the European Commission showed on Monday. Economic sentiment in the 19 countries sharing the euro rose to 104.7 this month from an upwardly revised 104.0 in … More »

    Reuters - 23 hours ago
  • Short covering lifts equity markets

    Mumbai, May 30 (IANS) Short covering, along with expectations of healthy quarterly results, nudged the Indian equity markets higher on Monday. The key indices oscillated in a narrow range after three days ... … More »

    IANS - 23 hours ago
  • Gold slides to over three-month low as dollar soars after Yellen comments

    Gold slides to over three-month low as dollar soars after Yellen comments

    Gold fell below $1,200 for the first time in more than three months on Monday, as the dollar hit its highest since end-April against the yen after U.S. Federal Reserve chief Janet Yellen said the central bank should raise interest rates. The Fed should increase interest rates "in the coming … More »

    Reuters - Mon 30 May, 2016 3:17 PM IST

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