Business News

The Bombay Stock Exchange benchmark Sensex on Friday discounted the rise in inflation and gained 81 points as buyers outnumbered sellers, influenced by firming global trend.

Homegrown major Tata Motors on Friday announced it has launched a new variant of its hatchback 'Indica', equipped with a dual fuel engine for petrol and LPG, priced Rs 3.27-Rs 3.42 lakh (ex-showroom, Delhi).

The World Bank has approved a USD 600 million credit to support the India's ongoing Sarva Shiksha Abhiyan, a nationwide centrally sponsored education programme designed to provide children aged 6 to 14 with quality education.

Botswana's consumer price inflation rate quickened to 11.1 percent year-on-year in April from 9.8 percent in March, the highest monthly increase since October, official figures showed on Friday.

The Indian rupee fell to a 13-month low on Friday after data showing inflation at a new 3-½ year high heightened worries about slowing growth, record oil prices and the risk of foreign investors withdrawing funds.

As inflation continued its upward trend, the BJP on Friday charged the Government with "failure" in arresting price rise and demanded that essential food items be supplied to all sections of society through ration shops at reasonable prices.

In a surprise move, telecom tribunal TDSAT on Friday asked the Department of Telecom whether spectrum allocation to new players can be halted till the first week of July, when the final hearing on Spice's petition starts.

Britain's biggest bookmaker, Ladbrokes, said profits excluding bets placed by "high rollers" rose 13 percent in the four months to April 30, boosted by growth in soccer betting.

World stocks powered to a fresh four-month peak on Friday, driven by technology and oil shares, while diverging growth outlooks between the United States and elsewhere weighed on the dollar.

India's annual inflation rate, which neared 8 percent in early May, is expected to moderate once the impact of lower steel and cement prices is felt, Finance Minister Palaniappan Chidambaram said on Friday.

UTV motion pictures has begun work on its first solo Hollywood film "Ex-Terminators" last month.
It has tied up with Michaelson Films for this project. Ronnie Screwvala will produce the film along with Jay Michaelson, Lawren Sunderland and scriptwriter Suzanne Weinert.

Rising demand for barley from the leading beer companies like SABMiller, United Breweries and Barmalt India has pushed up its prices by 20 per cent in the last five months, hitting the upper circuit of 2 per cent on Friday.

India's winter harvest of rice could shrink 5 per cent in 2008 if some farmers switch to oilseeds on worries that export curbs could lead to lower prices, a leading trader said on Friday.

India's annual inflation rate headed towards 8 percent in early May, clocking a fresh 3-½ year high, but analysts said it was unlikely to provoke more monetary steps for now as growth was showing signs of a slowdown.

Pantaloon Retail (India) Limited, a future group venture, will make an investment of more than Rs 1500 crore for opening more than 110 big bazar hypermarkets in various cities across the country, Anand Adukia, Zonal Chief of the company said on Friday.

Warning that the world economy is now 'teetering on the brink of a severe global downturn', the United Nations said it expects growth in 2008 to be sharply lower at 1.8 per cent - nearly half of the 3.4 per cent growth estimated only three months ago.

The rupee fell to a fresh 13-month low on Friday as record high oil prices and worries about muted capital flows into a slowing economy increased demand for US dollars.

Global trade talks will not have much chance of success if they fail to deliver on a development promise and get converted into a market access round for rich nations, Commerce and Industry Minister Kamal Nath said on Friday.

Amid differences between DoT and TRAI over entry of foreign players in the 3G telecom services, Communication and IT Minister A Raja will meet Prime Minister Manmohan Singh before taking a final decision.