Business News

The Petroleum Ministry has sought oil bonds worth Rs 11,853 crore for state-run fuel retailers to make up for the losses they incurred on selling domestic LPG and kerosene below cost during the first half of the current fiscal.

BPO services firm ExlService Holdings today reported an upswing in net profit at about USD 4 million for the quarter ended September 30, and improved its revenue guidance for this calendar year.

South Korea's parliament on Friday ratified a free trade deal with India, opening the way to the elimination or lowering of tariffs on more than $15 billion in annual bilateral trade with Asia's third largest economy.

US business productivity grew at its fastest clip in six years in the third quarter and new claims for jobless aid fell to a 10-month low last week, suggesting the labour market may be starting to bottom out.

After a ban was imposed by the Centre on prepaid mobile phone connections, Bharat Sanchar Nigam Limited (BSNL), JK circle, has started conversion of its pre-paid cell phone connections into post-paid.

Domestic private air-carriers, Jet Airways and Kingfisher Airlines, on Friday raised their fuel surcharges by up to Rs 200 on domestic flights.

Aluminium futures prices on Friday recovered by 0.45 per cent on speculative activity, sparked by firming trend in Asian trading after the positive US data.

Oil prices rose above $80 a barrel on Friday in Asia as crude investors eyed a surge in global stock markets.

Shares of Lenovo, the world's No. 4 PC brand, rose by more than 3 per cent to a one-week intraday high after reporting second-quarter earnings on Thursday that blew past expectations.

Shares rose more than 1 percent on Friday morning, with banks leading the gains as markets around Asia rose on expectations that U.S. jobs data would reinforce signs of economic recovery.

Wipro Consumer Care & Lighting has signed an agreement with UK's Lornamead group to acquire the Yardley business in Asia, Middle East, Australasia and certain African markets for $45.5 million (about Rs 214 crore).

The FBI has charged 14 people, out of which five have already pleaded guilty, in a case related to the USD 20 million hedge fund insider-trading scam, the largest ever such case in the US.

G20 policymakers are agreed that it is too early to pull the plug on economic life-support packages as the global recovery is still fragile, British finance minister Alistair Darling said.

Guarseed futures prices on Friday recovered marginally by 0.24 per cent, after yesterday's losses, in futures trading largely on the back of short covering by traders.

The Indian rupee on Friday appreciated by 20 paise to touch a week-high of 46.80 against the US dollar in early trade on dollar selling by exporters.

Barley futures prices extended gains and prices moved up further by 1.50 per cent on Friday on speculative buying, supported by firm trend in the spot markets.

In what could breathe life into the domestic aviation industry grappling with huge losses, the government will shortly consider a proposal to allow foreign airlines pick up to 49 per cent equity in Indian carriers.

Rupee appreciation is a positive sign for the Indian economy, and should be allowed without much of an intervention.

PNB slashes interest rates on term deposits by 25-50 bps In view of surplus liquidity, state-run Punjab National Bank will reduce interest rates on fixed deposits by 25-50 basis points for select categories from November 9. The revised rates would be applicable from November 9, PNB said in a statement.