Business/Economy

  • Reserve Bank cuts interest rate cut by 0.25 percent
    4:45 AM

    New Delhi, Jan 15 (IANS) The Reserve Bank of India (RBI) Thursday cut the repo rate at which it lends to commercial banks by 25 basis point from 8 percent to 7.75 percent with immediate effect. The move came a day after wholesale inflation data for December showed it had

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  • Sensex surges 497 points; banking stocks surge
    4:22 AM

    Mumbai, Jan 15 (IANS) A benchmark index of Indian equities markets Thursday surged 496.65 points or 1.82 percent as banking stocks gained. All the sectors were trading in green. The rally was led by banking, auto, capital goods and oil and gas sectors. The 30-scrip Sensitive Index (Sensex) of the

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  • Jaitley bets on IT industry for ‘Digital India’ success
    5:40 PM

    New Delhi, Jan 14 (IANS) The government would rely on the IT industry for the success of its “Digital India” initiative and realisation of its “Make in India” campaign, Finance Minister Arun Jaitley said Wednesday. “Our ‘Digital India’ initiative will rely on the IT/BPM (business process management) sector for design,

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  • World Bank: India to be world’s fastest growing big economy by 2017
    5:30 PM

    United Nations, Jan 14 (IANS) Fuelled by economic reforms, India is projected to become the world’s fastest growing large economy by 2017 with a growth rate of seven percent, overtaking China along the way, a World Bank report said Tuesday. According to the Washington-based World Bank’s Global Economic Prospects (GEP)

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  • Make in India Lounge to replace India Adda at Davos
    4:03 PM

    New Delhi, Jan 14 (IANS) The India Adda networking hub organised by the government annually at the World Economic Forum meeting at Davos will be replaced by a Make In India Lounge to promote Prime Minister Narendra Modi’s pet project. Hospitality partners India Brand Equity Foundation (IBEF) Wednesday announced the

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  • Odisha approves industrial projects worth Rs.846 cr
    3:59 PM

    Bhubaneswar, Jan 14 (IANS) The Odisha government Wednesday accorded in-principle approval to four companies to set up projects in the state with an investment of Rs.846 crore. The companies would provide direct employment to more than 1,000 people. The State Level Single Window Clearance Committee (SLSWCC) headed by Chief Secretary

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  • Advani top seed in national billiards knockout
    3:46 PM

    Kolkata, Jan 14 (IANS) Pankaj Advani, Ashok Shandilya, Rupesh Shah and Sourav Kothari are the top four seeds respectively after re-seeding was done Wednesday at the end of league matches of the National Billiards Championship here. The top 16 will now battle it out for the title on a knockout

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  • Ferrari appoints two new dealers in India
    3:46 PM

    New Delhi, Jan 14 (IANS) Italian super sports car manufacturer Ferrari Wednesday announced two new dealerships in India. “Ferrari has announced the appointment of two new dealers to extend its official presence in India, a strategic market for the company,” the company said in a statement. The company said that

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  • Delhi HC notice to Novartis on Cipla plea
    3:34 PM

    New Delhi, Jan 14 (IANS) The Delhi High court Wednesday issued notice to Switzerland-based Novartis AG on a plea by pharmaceutical firm Cipla, challenging a single judge bench’s order that temporarily restrained it from manufacturing or selling any drug containing chemical Indacaterol, used for treating chronic respiratory disease. A bench

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  • India’s wholesale inflation at 0.11 in December 2014 (Roundup)
    2:49 PM

    New Delhi, Jan 14 (IANS) Giving fillip to the widespread calls for a rate cut by the Reserve Bank, India’s wholesale price index (WPI) based inflation fell to 0.11 percent in December 2014 from 6.40 percent in the corresponding month of 2013, government data showed Wednesday. The rate of inflation

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  • No fund diversion: SpiceJet
    2:37 PM

    Mumbai, Jan 14 (IANS) Budget carrier SpiceJet Wednesday refuted a report that it had diverted funds to other group companies of parent firm Sun Group. The company’s denial came after a media report claimed that SpiceJet had diverted Rs.875 crore to sister companies for SpiceJet’s advertisements. “The company has entered

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  • OPEC daily basket price closes lower
    1:54 PM

    Vienna, Jan 14 (IANS/WAM) The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) closed at $41.50 a barrel Tuesday, compared to $43.55 the previous day, the OPEC Secretariat said. The new OPEC reference basket comprises Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Iran),

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