Business News

Gold futures steadied near record highs on Friday as pressure from profit-taking was offset by the yellow metal's safe-haven appeal on cautious global economic outlook, analysts said.

The Bombay Stock Exchange 30-share index fell by 22 points at 1015 hours on Friday in sustained volatility caused by approaching expiry of futures & options contract.

Oil rose in Asian trade on Friday as investors bought the commodity at more attractive prices, but concerns over the strength of the global economic recovery has injected caution into the market.

Continuing its slide for the third straight session, the Bombay Stock Exchange benchmark index Sensex lost nearly 118 points in opening trade on Friday on increased capital inflows by funds and retail investors, triggered by weak global markets.

US Treasury Secretary Timothy Geithner has said he was confident China would allow its tightly controlled currency to be more flexible and reflect market expectations.

After the initial joy expressed over the move by the Securities & Exchange Board of India (Sebi) to allow the Indian stock exchanges to extend trading timings, the stakeholders are facing the reality of the situation and the verve has now faded.

By listing 31 profit-making public sector undertakings (PSUs) with 10% public floats, the exchequer will be richer by a handsome Rs 30,000 crore, according to FE analysis.

Private equity firms will need to become more like asset managers, offering buyouts as just part of their portfolio, or else focus tightly on specific sectors in order to prosper, industry participants said.

Pune-based Indus Biotech would be starting clinical trials for its HIV botanical drug molecule in the US soon.

JSW Steel Ltd on Thursday announced that the company has entered into a strategic collaboration with Japan's JFE Steel Corporation to build and operate an integrated steel plant in West Bengal and in the area of automotive steel.

Food inflation rose to 14.55 per cent in the first week of November fuelled by higher prices of staple items like potatoes, onions and pulses.

The government on Thursday ruled out auctioning the rights to borrow money from overseas market (ECB) to corporates to check capital inflows and said that the surge in foreign money is not a matter of concern at present.

The Indian rupee fell sharply by 35 paisa to 46.55 against the greenback in early trade on Thursday on strong dollar demand amid sluggish equity market.

The Bombay Stock Exchange benchmark Sensex on Thursday fell by around 70 points as funds and retail investors indulged in booking profits amid weak Asian markets.

India gold futures edged higher on Thursday to hover near their all-time high boosted by a weaker rupee and stronger-than-expected US consumer prices stoking inflationary concerns, analysts said.

The rupee on Thursday depreciated by 18 paise to 46.38 against the US currency in early trade on expectations of capital outflows by foreign funds and dollar demand from importers.

Italy's Ferrero and US-based Hershey Co are considering a bid for chocolatier Cadbury Plc, but Kraft Foods Inc is still seen as the front-runner with its $16.8 billion hostile offer.

US Treasury Secretary Timothy Geithner on Wednesday said tight credit for small business would hinder the economic recovery and called on banks to boost lending to smaller firms.

Despite equity support from the government, the financial mess at Air India is unlikely to abate soon, as the cash-strapped carrier would not be able to bring in funds through disinvestment or an IPO for a period of at least five more years.

The Chinese government is planning to "form one or two super-scale steel complexes with individual production capacity in excess of 100 million tonne by 2015, as well as a certain number of 50-mt steel enterprises," according to a government statement.