Business News

KOLKATA (Reuters) - McNally Bharat Engineering Co Ltd said on Friday its board approved acquiring 68.3 percent in the Gujarat-based Sayaji Iron & Engineering Co.

By Margaret Orgill
LONDON (Reuters) - Oil shot to a record high near $128 on Friday after Goldman Sachs, the most active investment bank in energy markets, raised sharply its forecast for prices.

NEW DELHI (Reuters) - State-run Steel Authority of India Ltd said on Friday its March quarter net profit grew by 25 percent on higher sales, although it lagged forecasts due to rising employee costs.

By Anurag Joshi
MUMBAI (Reuters) - The Indian rupee hit a 13-month low near 43 per dollar on Friday after data showed inflation at a 3-½ year high, but recovered smartly to end stronger as exporters decided it was good time to cash in dollar holdings.

By Natsuko Waki
LONDON (Reuters) - 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.

MUMBAI (Reuters) - Indian mutual fund firm Kotak Mahindra Asset Management on Friday filed initial papers with the market regulator to launch an exchange traded fund (ETF) tracking the 50-share S&P CNX Nifty index.

By Hiral Vora
MUMBAI (Reuters) - Indian shares rose 0.47 percent on Friday to their highest close in nearly two weeks, led by banks and second-ranked mobile firm Reliance Communications and showing little discomfort at inflation nearing 8 percent.

MUMBAI (Reuters) - The Indian rupee may fall by 5-7 percent against the U.S. dollar by end-2008 dragged by a slew of factors such as a widening trade deficit, and soaring oil and commodity prices, Morgan Stanley said in a note on Friday.

By C.J. Kuncheria
NEW DELHI (Reuters) - Software services firm Zylog Systems will buy a Dubai-based peer in one week's time, and is close to acquiring a Singapore-based firm as it seeks to reduce dependence on North American revenue, top officials said.

MUMBAI (Reuters) - India's fiscal and monetary measures to contain inflation will show results in the next two to three weeks, Commerce and Industry Minister Kamal Nath said on Friday.

By Surojit Gupta
NEW DELHI (Reuters) - India warned on Friday global trade talks will not have much chance of success if they fail to deliver on a development promise and end up converted into a market-access round for rich nations.

By Anurag Joshi
MUMBAI (Reuters) - 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.

MUMBAI (Reuters) - Indian shares provisionally ended up 0.34 percent on Friday, led by gains in ICICI Bank Ltd and Reliance Industries Ltd.

By Mayank Bhardwaj
NEW DELHI (Reuters) - India's winter harvest of rice could shrink 5 percent this year if some farmers switch to oilseeds on worries that export curbs could lead to lower prices, a leading trader said on Friday.

By Ruchira Singh
MUMBAI (Reuters) - Sluggish gold sales during the Akshaya Tritiya festival, normally seen as an auspicious time to buy the metal, provide the latest evidence of high prices hurting demand from the world's top consumer.

NEW DELHI (Reuters) - Research in Motion has said it expects to resolve in a month Indian security concerns about its BlackBerry wireless e-mail device, India's telecoms minister said on Friday.

TOKYO (Reuters) - Kawasaki Heavy Industries Ltd said on Friday it would start selling Kawasaki brand sports motor bikes in India through carmaker Bajaj Auto by the summer of 2009 to tap growing demand for luxury bikes there.

MUMBAI (Reuters) - India's gold prices hardened on Friday as overseas markets held on to robust gains a day ago on a weaker dollar overseas, while demand remained low with the busy season coming near its close, dealers said.

By Elaine Lies
TOKYO (Reuters) - Japan's Nikkei stock average snapped a four-day winning streak on Friday to end down 0.2 percent as investors locked in profits and exporters such as Canon Inc were sold on a slightly stronger yen, but the benchmark still saw its strongest week in 3 months.