Markets News

The government has 30 million tonnes of wheat at government warehouses against a target of 16.2 million tonnes, Farm Minister Sharad Pawar told parliament on Tuesday.

MUMBAI (Reuters) The BSE Sensex was down 0.2 percent on Tuesday as traders took profits in stocks such as ICICI Bank and Reliance Industries after the market had rallied more than 8 percent this month.

India gold futures traded near their record highs on Tuesday helped by a weaker rupee, making the dollar-quoted asset expensive, analysts said.

Private equity (PE) firm General Atlantic is in advanced talks to buy 30-40 percent stake in drug maker Strides Arcolab's injectables business for about $100 million, the Economic Times said on Tuesday citing banking and PE sources familiar with the deal.

Asia's speedy economic recovery relative to the rest of the world is not yet strong enough to withstand tighter monetary policy, Asian Development Bank President Haruhiko Kuroda said on Monday.

India gold futures may ease from their record highs on Tuesday, weighed by profit-taking after rising about 10 percent since the start of the month, analysts said.

The partially convertible Indian rupee weakened on Tuesday as lower Asian shares and a stronger dollar overseas soured sentiment.

MUMBAI (Reuters) The BSE Sensex is expected to open flat to lower on Tuesday, tracking weak Asian markets, but the losses are likely to be limited as cash-rich foreign funds look for investment.

Tata Motors, India's largest commercial vehicles maker, is looking at buying private equity firm Actis' stake in truck and bus maker Swaraj Mazda, the Economic Times reported on Tuesday.

The dollar stabilised in early trade on Tuesday after losing ground in New York, while Asian shares slipped as investors shrugged off upbeat U.S. home sale data and took a breather after recent gains.

Japanese stocks are likely to rise on Tuesday after better-than-expected U.S. home sales fuelled optimism about the strength of the economic recovery and a weaker dollar boosted commodity shares, sending Wall Street higher.

Sales of previously owned U.S. homes jumped last month to their highest level in more than 2-1/2 years, but a fall in an economic gauge was a reminder that recovery from recession would be patchy.

Congress next week will resume work on tightening bank and capital market regulation, with the House Financial Services Committee expected to vote on Wednesday on systemic risk legislation.

Reliance Industries' offer for LyondellBasell Industries is a serious one and should be closely considered by the bankrupt petrochemicals maker, a lawyer representing unsecured creditors said.

"Bonus" has become a dirty word on Wall Street, prompting image consultants to advise the biggest financial firms to use euphemisms that carry less stigma as the season of lavish payouts approaches.

Bonds of LyondellBasell surged on Monday after reports that India's Reliance Industries offered to buy a controlling stake in the bankrupt petrochemicals company.

Gold hit a fresh record high on dollar weakness and global stocks surged on Monday after upbeat economic news in the euro zone and better-than-expected U.S. home sales data bolstered appetite for riskier assets.

U.S. stocks advanced on Monday, with the S&P 500 on track to snap a three-day sell-off, as a weak U.S. dollar and better-than-expected home sales data encouraged investors.

The financial crisis saddled the world's 100 largest companies with a record 220 billion euro ($329 billion) pension shortfall at end-September, up from 20 billion at the end of 2007, a study released on Monday said.

Wall Street rallied on Monday, with the S&P set to reverse a three-day sell-off, as a weak U.S. dollar and better-than-expected home sales data encouraged investors.