Fri, Nov 28 2014
NEW DELHI - A slowdown in India's economy in the last quarter will increase calls for Prime Minister Narendra Modi to step up reforms but was less severe than feared, giving the Reserve Bank ammunition to resist government pressure to cut interest rates.
NEW DELHI - A Supreme Court order scrapping most coal extraction permits given to companies would have a likely impact of 964.84 billion rupees ($15.6 billion) on state-run lenders, the junior finance minister told parliament on Friday.
MUMBAI - India is set for more banking acquisitions after a record $2.4 billion takeover last week ended four years of a deals drought, as lenders fight for market share and wider reach amid looming competition from a new breed of players.
NEW YORK - U.S. crude tumbled 10 percent in its biggest one-day drop in more than five years on Friday, and benchmark Brent broke below $70 a barrel, as OPEC's decision not to cut output sent oil traders and analysts scurrying to find a new trading floor.
MUMBAI - India has scrapped a rule mandating traders to export 20 percent of all gold imported into the country, in a surprise move that could cut smuggling and raise legal shipments into the world's second-biggest consumer of the metal after China.
MUMBAI - India's Sahara conglomerate said on Friday it aimed to raise $650 million in loans to secure the release of its chief, in jail for nearly nine months over the group's failure to refund billions of dollars to investors in outlawed bonds.
NEW DELHI - The government plans to raise about 891.2 billion rupees ($14.4 billion) by reducing its stakes in state-run banks to 52 percent, the junior finance minister said on Friday, sending shares of state lenders higher.
MUMBAI - The BSE Sensex and Nifty shares hit a record high on Friday, rising for the third straight session, led by gains in lenders such as State Bank of India after the government said it would cut its stake in state-run banks.
NEW YORK - Crude oil tumbled on Friday, knocking down both energy-related shares and currencies after OPEC's decision a day earlier not to cut output reinforced prospects of a worldwide oil supply glut.
NEW DELHI - Essar Group, a $39 billion conglomerate, is looking to tap frozen Iranian oil revenues to pay for its steel exports to Tehran, in a novel attempt to work around Western financial sanctions against the OPEC member state.