Bussines News

New Delhi, May 16 (IANS) India and China Friday took another step to expand their economic ties by agreeing to cooperate in the financial sector through government agencies, private institutions and banks.

New Delhi, May 16 (IANS) Advising against cartelisation, Finance Minister P. Chidambaram Friday called upon the industry players to contribute towards sustaining the country's inclusive growth.

New Delhi, May 16 (IANS) India's annual inflation rate rose to a three-and-a-half-year high of 7.83 percent for the week ended May 3, up from 7.61 percent in the week before. Finance Minister P. Chidambaram admitted the development was 'worrying' but counselled patience.

New Delhi , May 16 (IANS) Public sector major Steel Authority of India Ltd (SAIL) made a net profit of Rs.75.37 billion in financial year 2007-08, marking an increase of 21.52 percent from the previous fiscal, the company said here after the release of its annual financial results Friday.

New Delhi, May 16 (IANS) Public sector major Steel Authority Of India Ltd (SAIL) has ruled out any increase in the prices of its products in the next three months, its chairman said Friday.

New Delhi, May 16 (IANS) Finance Minister P. Chidambaram has expressed concern as India's wholesale inflation hit a whopping 7.83 percent for the week ended May 3 compared to 7.61 percent in the week preceding it.

Mumbai, May 16 (IANS) After a day of ups and downs, Indian equities markets managed to close the week in the green Friday. The good news of a depreciating rupee outweighed the bad news of record inflation.

Mumbai, May 16 (IANS) Tata Motors Friday launched a new dual fuel, eco-friendly model of its Indica range of vehicles.

New Delhi, May 16 (IANS) Success of the Doha Round of world trade talks depends on both developed and developing nations and cannot be achieved if the livelihood of the poor is not secured, Commerce and Industry Minister Kamal Nath said Friday.

London, May 16 (IANS) Britain's largest workers' union says a decision by Lloyds TSB (LTSB) bank to transfer work from cities across Britain to India will result in the loss of up to 445 jobs by the end of 2008.

New York, May 16 (IANS) Revenues of IT companies have been growing at a healthy rate but US-based firms witnessed higher revenue growth than their Indian counterparts.

Mumbai, May 16 (IANS) Bank of India Friday announced a consolidated net profit of Rs.19.59 billion ($489.96 million) during the fiscal year 2008 compared to Rs.11.08 billion ($277 million) for the year ended March 31, 2007.

London, May 16 (IANS) British construction and maintenance giant John Laing is to open its first India office in order to beef up its presence in Asia.

United Nations, May 16 (Xinhua) The world economic growth will drop steeply to 1.8 percent this year, from 3.8 percent in 2007, the UN said in a mid-year economic report.

New Delhi, May 16 (IANS) The profit after tax (PAT) of public sector giant Steel Authority of India Limited (SAIL) was Rs.23.77 billion in the last quarter of fiscal 2007-08, a rise of 24.97 percent from the corresponding quarter in the previous fiscal.

Mumbai, May 16 (IANS) Engineering and construction major Larsen & Toubro (L&T) Friday said it will explore the potential of the Indian power generation market along with Atlanta headquartered GE Energy.

Vienna, May 16 (DPA) The price for crude oil produced by the Organisation of the Petroleum Exporting Countries (OPEC) climbed 18 cents Thursday, OPEC said Friday.

New Delhi, May 16 (IANS) India's wholesale inflation, the weekly measure of price trends, rose to a three-and-a-half-year high of 7.83 percent for the week ended May 3, up from 7.61 percent in the week preceding it.

Mumbai May 16 (IANS) Domestic investment banking company Edelweiss Capital Ltd Friday reported a high net profit both for the last quarter and full year 2007-08, thanks to a strong growth of fee and commission revenues in the last quarter.