Business News

Indian edible oil and oilseeds fell on Wednesday on profit-taking for the second consecutive day, tracking sell-offs in major vegetable oils markets in the world.

Finance Minister Palaniappan Chidambaram said on Wednesday he expects the economy to grow 8.8 percent plus in the 2008/09 fiscal year.

Construction firm Pratibha Industries Ltd said on Wednesday a joint venture with Kirloskar Brothers Ltd has secured a contract to set up a water pumping station in Mumbai, worth 538.1 million rupees.

Indian engineering and construction firm Larsen & Toubro Ltd said on Wednesday it had won orders worth 4.6 billion rupees ($114 mln) for transmission lines.

Indian shares opened down 0.1 percent on Wednesday and then bounced between losses and gains, with No. 2 bank ICICI Bank falling more than 3 percent.

JSW Steel Ltd said on Wednesday its crude steel production rose by eight percent in February.
No other details were immediately available.

Finance Minister Palaniappan Chidambaram said on Wednesday an investment boom in India was continuing but a sluggish farm sector was hurting overall growth.

Indian shares could extend their losses into fifth consecutive day on Wednesday due to growing worries about problems in global credit markets, with subdued Asian markets seen providing little support.

The rupee eased on Wednesday, as traders awaited cues from the stock market to see whether foreigners would continue selling their holdings in local equities and repatriate the funds.

Tata Motors Ltd, India's top vehicle maker, would seek to nurture the Jaguar and Land Rover brands it was close to acquiring from Ford Motor Co, Chairman Ratan Tata said.

Asian shares made cautious gains on Wednesday while oil and metals found some support after slipping back from record highs, as investors stayed focused on the threat of a U.S. recession hitting the global economy.

Oil edged up from an almost 3 percent tumble to below $100 a day earlier, as growing signs that OPEC would not raise output when it meets later on Wednesday balanced expectations of bearish U.S. oil stocks data.

The Weather Channel's sale is moving forward with bids due next week and interest is already coming from top media companies including NBC Universal, Time Warner Inc, CBS Corp and Comcast Corp, according to sources familiar with the matter.

Many nations are turning to export restrictions to ease soaring food prices, but such interventions may aggravate turmoil on world commodity markets, a leading research center has warned.

The Dow and S&P 500 fell on Tuesday as bank stocks slid on a broker warning about more losses at Citigroup and the Federal Reserve chairman said mortgage delinquencies and foreclosures were likely to rise.

U.S. President George W. Bush warned on Tuesday it would be a "mistake" for OPEC ministers meeting in Vienna to ignore the pain record-high oil prices are inflicting on the United States, the world's top energy consumer.

Citigroup Inc shares sank to their lowest level in more than nine years on Tuesday after a prominent Middle East investor said the largest U.S. bank needs to raise more capital and an analyst projected a $15 billion mortgage write-down.

Oil tumbled more than 3 percent on Tuesday as a global stock market slide prompted profit-taking ahead of OPEC's meeting in Vienna and dragged prices further from a record near $104 a barrel.

Citigroup Inc shares sank to their lowest level in more than nine years on Tuesday after a prominent Middle East investor said the largest U.S. bank needs to raise more capital and an analyst projected a $15 billion mortgage write-down.

India's silver demand is expected to remain slack this month, with prices seen firm and targeting new highs as more funds in Western markets move to precious metals boosting prices, analysts and traders said.