MUMBAI - Shares in Sun Pharmaceutical Industries Ltd slumped as much as 10.9 percent on Tuesday, heading towards their biggest daily fall since June 2009 after Japan's Daiichi Sankyo Co Ltd started selling its stake in the Indian drugmaker.
NEW DELHI - India will soon auction 69 marginal oil and gas fields owned by state explorers Oil and Natural Gas Corp and Oil India Ltd, the country's oil secretary said on Tuesday.
The Reserve Bank of India's intervention to temper the rupee's rise is inflating foreign exchange hedging costs, impeding its own efforts to bolster Corporate India's defences against potential currency turbulence. The rush of foreign money coming into Asia's third-biggest economy is putting the central bank in a tight spot, forcing it to buy dollars in the spot market and sell them in the forward market. Read
The New York Times won two Pulitzer prizes on Monday for coverage of the Ebola outbreak in West Africa, described by the Pulitzer board as courageous and vivid journalism that engaged the public and held authorities accountable. The Pulitzer for Public Service, announced at Columbia University, went to Charleston, South Carolina's Post and Courier for its series on domestic violence. Full Article
Radhika Apte came under the spotlight after playing a protective wife in “Badlapur” and a city girl in “Hunterrr”. She speaks to Reuters about her films, Ekta Kapoor, and why she doesn’t mind vegetating without work once in a while. Full Article
India’s tax shockers are coming thick and fast. The government wants 400 billion rupees ($6.4 billion) in what it says are unpaid taxes from foreign funds. Top lawyers expect overseas private equity investors could be next. The latest surprise change to the country’s tax policy suggests investors will need to factor in higher risk premiums to protect themselves against future fickleness. Full Article
Bloomberg’s global outage on Friday highlights yet another banking sector weakness. The financial data network’s downtime may have been a problem only for the richest fraction of the top 1 percent. But it prompted enough worry for the Bank of England to remind banks that it’s there as a lender of last resort, raising questions about traders’ heavy reliance on a few fallible systems. Full Article
PM Narendra Modi’s plan to build 100 "smart cities" by 2022 to decongest existing urban centres probably will take longer to achieve. Reuters visited the foundations of one of these cities in Gujarat, a finance centre called Gujarat International Finance Tec-City (GIFT), and interviewed the CEO of the company executing the project. Full Article | India builds first 'smart' city
Twice French Open champion Serena Williams said her struggle to beat Sara Errani in the Fed Cup on Sunday had been a real "eye-opener" as the claycourt season gets into full swing. Full Article