Business

SINGAPORE: Oil retreated on Tuesday as China's factory growth slowed to a five-month low, signalling demand may not rise as quickly in the world's second-largest oil user, while Egypt's social upheaval kept Brent crude firmly above $100. Monetary tightening to contain inflation caused China's purchasing managers' index (PMI), a manufacturing indicator, to fall to a lower-than-expected 52.9 in January from 53.9 in December, official data showed. Brent crude for March slid 45 cents to $100.56 a barrel at 0435 GMT, after topping $100 for the first time since October 2008 on Monday, when prices touched an intraday high of $101.73. U.S. crude shed 6 cents to $92.13. "$100 is not a final target" for Brent, said Tetsu Emori, a fund manager at Tokyo-based Astmax Co Ltd. "$110 and $115 could be reached by the e

Sectoral schemes are in the limelight these days. No wonder, considering they have beaten the broad market by a handsome margin lately. Consider this: according to Value Research, an independent mutual fund industry tracking firm, sectoral funds have outperformed the BSE Sensex by a huge margin. The pharma fund, the top performer, returned 32.26% in the past one year, while the Sensex gained just 11.47%. Other sectoral schemes such as FMCG (31.20%), banking (25.40%) and technology (19.55%) also posted impressive returns in the same period. These are exactly the kind of returns that catch the attention of individuals scouting for investing avenues. Blinded by the numbers, many of them consider investing in one of the sectoral schemes. However, this could prove a costly mistake. This is because sectoral schemes tend to move in cycles. For example, the top performers of the season phar

KOLKATA: Insurance regulators revised norms on unit-linked products did not have a major effect on the life insurance industry's first premium income growth. At least, thats what the data for new premium income during April-December 2010 period shows. Data released by the regulator show that the life insurance industry registered a 28% growth in first premium income during April-December 2010, against an achieved growth of 29% during the previous corresponding period a marginal 1% fall. Average premium paid during the period per policy has, in fact, increased to Rs 2,825 from Rs 1,996 in the previous period a 41% rise in average premium paid. For private players, the average premium per policy was Rs 3,139 during April-December 2010, against Rs 2,342 in the previous period a 34% jump. LIC managed to increase its average premium per policy by almost 47%. Prem

NEW YORK: Gold fell on Monday, notching its first monthly decline in six months, as strong US factory and spending data coupled with fading worries about the euro zone debt crisis put a damper on the metal's rally. But the prospect of unrest in Egypt spreading across the Middle East should fuel safe-haven buying in the near term, traders said. Mass protests in Cairo powered bullion nearly $40 an ounce higher on Friday to its biggest gain in eight weeks. Investors fled the gold market on Monday on signs of a receding euro zone debt crisis and a firmer footing for the US economy. "Today's decline (in gold) is just a blip on the radar. The de-risking trade that we saw on Friday is going to reassert itself," said James Dailey, portfolio manager of the TEAM Asset Strategy Fund. The unfolding events in Egyp

A good show in the third quarter aside, a district court ruling in the US has now come as a shot in the arm for Dr Reddy's Labs , or DRL. The ruling allows the company to sell the generic version of Allegra, a leading drug of Sanofi Aventis , France's biggest drugmaker. According to Bloomberg data, Allegra in all forms accounted for about $619 million (2,785 crore) of Sanofi's revenue for the first nine months of 2010. DRL was earlier barred from selling the generic version of the drug in the US. The court has told Sanofi to pay an indemnity of $40 million or 180 crore, which DRL will be able to net if it wins the case in appeal too. This development is quite positive for the company, which is recovering from a history of poor performance. The patent of the drug expires in 2014, which leaves DRL with two years to make the most of the s

LONDON: Oil topped $100 per barrel on Monday for the first time since 2008, as traders fretted over violent unrest in Egypt that could disrupt the flow of oil through the Suez Canal on its way to the West. London's Brent North Sea crude for delivery in March surged as high as $100.25 per barrel in late afternoon deals -- which marked the highest level since October 1, 2008. "Brent oil surged above $100 ... following concerns that ongoing protests in Egypt might cause further political and economic uncertainty in Middle East with potential disruption in oil supplies -- as the possible closure of the Suez Canal seems to be on the horizon," Sucden analyst Myrto Sokou told AFP. Brent crude oil later stood at $100.01 per barrel, up 59 cents from Friday's closing level. New York's main contract, light sweet crude for Mar

John A. Paulson made $4 billion betting against newfangled mortgage investments. But he made even more betting on an old-fashioned investment: gold. Paulson, a hedge fund manager who sprang to fame when the housing market collapsed, personally made about $5 billion in 2010, according to two investors in his company. How? Paulson bought gold lots of it. His firm, Paulson & Co., owns securities that represent the rough equivalent of 96 metric tons of the metal. It is an outsize wager by almost any standard. Paulsons firm does not actually own all that gold. But if it did, it would be sitting atop more gold than the Australian government. Paulson himself would be holding more gold than Bulgaria. Paulson is known for betting big. His payday for last year exceeds the $4 billion he made for 2007. He be

MUMBAI: Life Insurance Corporation today said it has crossed the landmark 2.5 crore policies in the current year as of January 29. "LIC has completed 2,52,44,846 policies and received Rs 34,137.12 crore in First Premium Income in the current financial year," the country's largest insurer said in a statement here. The ULIP Plans under the new IRDA guidelines helped boost the figures substantially, it said adding that the new business under the new ULIP Plans as of January 29 stood at 1,098,663 policies generating a premium of Rs 5136.25 crore. The Corporation's Endowment Plus, launched on September 20, 2010, has garnered 1,017,560 policies with a First Premium Income of Rs 4,804.12 crore, in just over 4 months, it said. Pension Plus, the only regular premium pension plan available in the market after introduction of new rules has brought in 81,103 policie

NEW DELHI: Force Motors reported 93.03 per cent increase in its net profit for the quarter ended December 31, 2010, at Rs 13.57 crore on account of robust demand. The company had posted a net profit of Rs 7.03 crore in the corresponding period previous fiscal, Force Motors said in a statement. The net sales during the quarter also jumped by 67.32 per cent to Rs 362.36 crore from Rs 216.57 crore in the year-ago period, it added. "Sales of all vehicle categories, such as small commercial vehicles, utility vehicles and light commercial vehicles continue to show healthy growth. The sales of Traveller and the new SCV 'Trump 40' have been especially strong," Force Motors Managing Director Prasan Firodia said. The company is likely to launch a new sports utility vehicle in the mid-premium segment during the first quarter of t

India's largest paper maker Ballarpur Industries Ltd plans to raise about $300-400 million through an initial public offering of its Netherland-based unit on London Stock Exchange, its finance chief said.

MUMBAI: India gold rose a tad on Monday afternoon, recovering partly from their lowest level in 13 weeks, prompting physical buyers to retreat as traders awaited more falls ahead ahead of the wedding season next month, dealers said. "It's steady today, I covered for only 40-50 kgs at $1,332-1,337 (an ounce)," said a dealer with a state-run bullion importing bank in Mumbai. The most-active gold for February delivery was trading 0.13 percent higher at 19,953 rupees per 10 grams, recovering from a low of 19,515 rupees struck on Friday, a level last seen in early November. Bank officials said supply remained tight, which could push premiums higher. "We are not getting metal on time. We could have had a much better January in terms of sales, had it been not for supply issues," s

TOKYO: Risk averse investors kept away from the euro in Asia on Monday as deepening turmoil in Egypt spurred demand for safe-haven currencies, dealers said. The unit stayed at $1.3610 in Tokyo afternoon trade after slumping to a low of $1.3569 in early trade, compared with $1.3609 in New York late Friday, when it plunged due to escalating tension in Egypt. The single European currency dropped to 111.58 yen from 111.72 yen. The dollar fetched 82.05 yen, flat from 82.09 yen in New York Friday. Risk-aversion rose as chaotic anti-government protests aimed at ousting the regime in Egypt continued to escalate, dealers said. "Investors sold the euro to close their positions while safe-haven currencies such as the Swiss franc temporarily attracted purchases," said Ge

The selloff in equities threatens to derail government's plans to raise Rs 40,000 crore this fiscal through share sales in state-owned companies.

The selloff in Indian equities threatens to derail the government?s plans to raise Rs 40,000 crore this fiscal through share sales in state-owned companies.

If petrol at Rs 58 a litre and onions at Rs 45 a kg are breaking your back, heres some cold comfort. The high prices could actually help bring down the tax on your long-term capital gains. The taxman understands that inflation is not only burning a hole in your wallet but also destroying the value of your investments over time. So he allows taxpayers to adjust for inflation by opting for indexation in case of long-term capital gains. If you sell an assetproperty, gold funds and debt-oriented fundsat a profit, your gains are taxable. If they are short-term capital gains, they are clubbed with your income for the year and taxed at normal rates. But if the holding period is longer, the gains are treated as long-term capital gains and taxed at a lower r

Indias cotton market is in a race against time. There is an urgency to buy. There is an urgency to ship out cotton. And there is an equal rush within government to increase the quantity that can be exported. Prices crossed a record Rs 50,000 for a candy this week. At the bottom is greater panic in New York. Traders in New York are willing to pay $1.68 for a pound of cotton in March. But they wish to pay $1.54 for it in July. Thats a 14-cent difference. Converted into rupees, in March, cotton is worth Rs 59,964 per candy on the world market. By July, it fetches Rs 54,970. Goodbye to almost Rs 5,000. Clearly, bales shipped in March will be more valuable than those shipped later. Exporters allowed to sell 1.9 million bales in January immediately benefit. And the bonanza will become part of folklore if government fattens the goose further. The commerce ministry is ever keen to play fairy godmother. Unfazed by oppos

MUMBAI: Indian Commodity Exchange (ICEX), which launched world's first iron ore futures (IOF) contract on Saturday, expects more physical market participants using its platform for effective risk management and hedging activities. The city-based ICEX has established strong connect with the physical market participants such as miners, manufacturers, importers and exporters and they have participated actively in trading, as well as taken lead to develop iron ore contract, officials said. "In coming days we shall see more physical market participants using ICEX platform for effective risk management and hedging activities. This is possible due to our contract meeting international standards and transparency in price discovery, which is reflective of the present trade in India," ICEX Chief Executive Officer Sanjay Chandel said. "We are sure the

MUMBAI: Multiplex chain Inox Leisure today said its net profit has dipped 39.93 per cent to Rs 5.25 crore for the quarter ended December 31, 2010. This is against a net profit of Rs 8.74 crore during the same period last year. Total income for the company, however, increased 19.76 per cent to Rs 100.94 crore for the reported quarter from Rs 84.28 crore during Q3 FY10.

NEW DELHI: Both the precious metals, silver and gold spurted on the bullion market today on fresh buying support by stockists and jewellers for the ongoing marriage season, triggered by a rally in their prices overseas. While silver jumped up by Rs 1,600 to Rs 43,300 per kg and gold by Rs 360 to Rs 20,320 per 10 grams. Trading sentiments turned bullish as metal rebounded in global markets as a steep fall in last two sessions attracted investors to park their funds. The gold in overseas markets, which normally sets a price trend on the domestic front here, rallied by USD 23.50 to USD 1,338.40 an ounce. Some local buying support at existing lower levels for the ongoing marriage season also enthused the trading sentiment. On the domestic front, gold of 99.9 and 99.5 per cent purity surged by Rs 360 each to Rs 2

NEW DELHI: Dragged down by rising input costs, adverse foreign exchange movement and higher royalty payout, the country's largest carmaker Maruti Suzuki India (MSI) on Saturday reported 17.80 per cent decline in its net profit for the third quarter ended December 31, 2010 at Rs 565.17 crore. The company had posted a net profit of Rs 687.53 crore in the same period a year ago, MSI said in a statement. Net sales during the third quarter this fiscal, however, rose by 26.49 per cent at Rs 9,276.73 crore as against Rs 7,333.77 crore. "The third quarter this year compared to the same period last year was marked by pressure on margins primarily due to adverse foreign exchange movement and higher royalty payout," the company said. Increase in commodity costs during the quarter also impacted the margins, it added.

IOB Q3 net soars two-fold to Rs 232 cr MUMBAI: State-run Indian Overseas Bank on Friday reported an over two-fold growth in net profit at Rs 231.7 crore for the third quarter ended December 31, 2010. The bank had a net profit of Rs 101.7 crore in the October-December period of previous fiscal , IOB said in a filing to the Bombay Stock Exchange. Total income of the bank rose to Rs 3,452.9 crore in the third quarter, from Rs 2,828.7 crore in the same period last fiscal. Total business of the bank grew to Rs 2,25,191 crore at the end of December 2010, from Rs 1,85,656 crore in the year ago period. Interest income during the third quarter of current fiscal increased by 21% to Rs 3,101 crore, from Rs 2,570 crore in the corresponding period last year. Bank of Baroda Q3 profit grows 28% to Rs 1,069 cr MUMBAI: State-run Bank of Baroda on Friday reported 28.4

NEW DELHI: The area under wheat, oil seeds and pulses increased substantially from a year ago, giving the hope that these essential items of consumption will not add to inflation pressures. The government is battling a high food inflation, triggered largely by expensive fruits and vegetable prices. The inflation in cereals and vegetables has been subdued even as overall food inflation is in excess of 15%. However, the increase in the wheat acreage by almost 9 lakh hectares from a year ago has triggered apprehensions among analysts that a bumber crop is likely to create a huge storage problem for the government. The wheat yield is also expected to be higher because of the good weather conditions. "Storage is going to be a killer. Wheat production will be around 82 million tonnes or even higher this winter. Where will they store the new crop?" a

New Delhi: The party time seems suddenly over. Not only did food minister Sharad Pawar rule out implementing sugar sector decontrol anytime soon, but persistently nosediving prices over the last month have sharpened apprehensions within the sugar industry over Saturday's meeting oft the expert panel on ethanol headed by Plan panel member Dr Saumtira Chaudhury. The panel is authorised to come up with a long term formula for fixing the price of ethanol and to periodically review the formula but indications are that the price for ethanol will be lower than the interim price of Rs 27/litre fixed by the government. Current indications from officials are that ethanol price could be lower by upto Rs 2/litre comapred to the interim price. Panel head Dr Chaudhury is expected to circulate the final draft of his report to the stakeholders, including OMCs, the sugar, alcohol and chemcial industries, farmers groups and represent

KOLKATA: Public sector UCO Bank Friday declared a 22.35 percent year-on-year (YoY) growth in its net profit to Rs.301 crore in the third quarter of the current fiscal compared to Rs.246 crore in the corresponding period the previous year. Declaring the third quarter results, UCO Bank chairman and managing director Arun Kaul said: "Operating profit for the quarter posted a growth of 65.58 percent to Rs.765 crore." "Bank deposit registered 16.05 percent YoY growth to Rs.1.21 lakh crore for the quarter, while advances of the bank stood at Rs.0.89 lakh crore registering 20.43 percent YoY growth," he added. Net interest income grew by 89.94 percent in nine months of FY11 to Rs.3,001 crore backed by an impressive 20.43 percent growth in advances, Kaul added. CASA (current and saving account) deposits increased to Rs.27,888 crore in December

SBI has asked for capital infusion of 250 billion rupees for the next two fiscal years from the government, a source added.

MUMBAI: State-run Indian Overseas bank today reported a over two-fold growth in net profit at Rs 231.66 crore for the third quarter ended December 31, 2010. The bank had a net profit of Rs 101.70 crore in the October-December period of previous fiscal, IOB said in a filing to the Bombay Stock Exchange . Total income of the bank rose to Rs 3,452.86 crore in the third quarter, from Rs 2,828.65 crore in the same period last fiscal. Total business of the bank grew to Rs 2,25,191 crore at the end of December 2010, from Rs 1,85,656 crore in the year ago period. Interest income during the third quarter of current fiscal increased by 21 per cent to Rs 3,101 crore, from Rs 2,570 crore in the corresponding period last year. For the nine months ended December 31, the net profit of IOB rose 10.13 per c

MUMBAI: Indian overnight indexed swaps (OIS) were largely steady on Friday as traders sought fresh triggers for further direction. At 1:35 p.m., the one-year OIS rate was at 7.35 percent compared with 7.37 percent at close on Thursday. The benchmark five-year swap was at 7.95 percent, from 7.98 percent on Thursday. Volumes were at 7.75 billion on the central bank's trading platform. "There are no fresh cues currently and there will be concerns on the next fiscal year's borrowing which will keep the pressure on the back end of the curve," said a senior trader at a foreign bank. Traders said they see the one-year OIS rate supported at 7.30 percent and five-year at 7.90 percent levels. The OIS curve has flattened this month with the one-year OIS rising 26 basis poi

MUMBAI: The rupee hovered near its day's lows due to weak stocks and dwindling dollar inflows in afternoon trades on Friday. At 1:05 p.m., the partially convertible rupee was at 45.76/77 per dollar, 0.4 percent weaker than Thursday's close of 45.57/58. So far, the unit has moved in the 45.65-45.77 band. In the absence of any positive trigger, dealers expect the rupee to move with a weakening bias in rest of the trade. Oil importers' dollar demand and strong dollar overseas added to the fall in the Indian unit. Oil is India's biggest import and refiners are the largest buyers of dollars in the domestic currency market. Indian shares declined more than 1 percent to their lowest level in four-and-a-half months on Friday, and were set to post their third weekly fall in four, with little respite seen to a reversal in foreign fund outflows.

MUMBAI: State-run Bank of Baroda today reported 28.39 per cent growth at Rs 1,068.88 crore in stand- alone profit for the third quarter ended December 31, 2010. The bank had posted a profit of Rs 832.49 crore in the same period last fiscal. The total income grew to Rs 6,342.30 in the period under review from Rs 4,836.62 crore in the year-ago period, the lender said in a filing to the Bombay Stock Exchange . Shares of Bank of Baroda were trading at Rs 836 a piece, down 0.98 per cent from its last closing, at 1145 hours on the Bombay Stock Exchange.

Paris: France-based airplane manufacturer Airbus has said it delivered a record number of 15 jets, worth more than $1.5 billion, to its corporate clients in 2010. The company said the deliveries were both for customers and operators in Aisa, Europe and the Middle East, including private users and government clients, Xinhua reported. The sales list included A318 Elites, Airbus Corporate Jetliners (ACJs) and A320 Prestiges, the company said in a statement on Thursday. In 2010, Airbus also won new orders for seven aircraft from the A318 Elite/Airbus ACJ/A320 Prestige family, plus one widebody A330/ A340. 'Like our airliner business, the market for our corporate jets is worldwide and growin,' Airbus Chief Operating Officer John Leahy was quoted as saying.

Mid-sixties was a period of severe economic and political stress. The monsoon had failed in 1965 and 1966 but revived well in 1967. Food grains production declined from 89 million tonnes in 196465 to 72 million tonnes in 196566. Industrial production was also down. Money supply was increasing at unprecedented rates. The budget deficit was high and the current account deficit was higher still. All these weak macro-economic indicators led to the devaluation of the rupee in 1966. The rupee was devalued by 36.5%. IG Patel, then economic advisor to the government, has an interesting narration of certain developments in relation to this major policy decision in his book Glimpses of Indian Economic Policy: An Insiders View , excerpts of which are reproduced in one of the volumes of RBIs history. He says how the war of 1965 with Pakistan had somewhat forced policy m

Have you still been dreaming about the pair of Nike sneakers that you saw last week in the mall, or is it the Reebok bag, the one that your friend carries that you have set your eyes on? And every time a sneak peak into your not-so-bulging wallet tells you that you still need to wait for the sale season. But what if you discover that you dont need to wait for a mega discount offer to get all the items that you covet? The good news is that you can still splurge and get all that you want and not feel guilty about it! The key is that you just need to know where to shop till you drop. If you are walking down Parel in Mumbai or you are in Gurgaon, with the number of brand outlets vying for your attention, you may think its Mumbais Colaba or Delhis Khan Market. But that, of course, is not the case. The stream of shops that line up Parel in Mu

MUMBAI: The price-conscious Indian consumer did not shy away from splurging on gold jewellery despite a 24% increase in the metals price in 2010 from a year ago, tipping the country to exhibit the strongest consumption recovery from the low levels of 2009, an industry body has said. At the country level, India, the largest gold market, is poised to exhibit the strongest recovery during 2010, said the World Gold Council in its Gold Investment Demand digest for 2010. During the first nine months of 2010, gold jewellery consumption in India rose to 513.5 tonne, 73% higher than the same period during 2009, as consumers benefited from continued economic growth and periods of rupee appreciation against the US dollar. The price of gold at the end of December was around Rs 1,960 a gm, up 23.9% from a year ago, while annualised volatility based on daily returns was 15.5%. The average

Omkar Speciality Chemicals' initial public offer received a smart response from investors and was oversubscribed 4.67 times, garnering total demand for over Rs 370 crore on the the final day of the issue today.

NEW DELHI: The government is considering to expand the list of food-commodities currently monitored by it, a top official from ministry of consumer affairs said today. "We are exploring the possibilities of monitoring the prices of more commodities. At present, we are monitoring the prices of 21 commodities such as rice, wheat, pulses, edible oils and some vegetables," Department of Consumer Affairs Secretary Rajesh Agarwal told reporters on the sideline of an event here. Prices of certain vegetables such as tomato and onions have skyrocketed in past few weeks, pushing food inflation to an uncomfortable level of 15. 57 per cent for the week ended on Januart 15, 2011. The government has announced various measures to check the growing food prices in the country which includes banning the export of onions and allowing its duty free imports. Beside

MUMBAI: Indian markets ended near crucial support levels Thursday on the settlement day of January F&O series. Inflation and profit booking in European markets kept the bulls under check. India's food inflation rose 15.57 per cent and the fuel price index climbed 10.87 per cent in the year to January 15. In the prior week, annual food and fuel inflation stood at 15.52 per cent and 11.53 per cent. Indices opened on a positive note but slipped in the red due to lack of buying support. The selling pressure aggravated in the afternoon as traders booked profits in rate sensitive sectors on concerns of rate hikes. According to analysts the market is expected to slip lower in coming sessions. Theres no more trigger left in the market. But looking at the correction, we expect the Nifty to see a decline of 100-150 points, said Dharmesh Desai, Vice President, Asian Market Securities.

NEW DELHI: Presenting an optimistic hiring scenario, majority of the recruiters expect creation of more jobs as well as good pay hikes for existing employees in the coming months, according to a survey. Leading job portal Naukri.com's survey showed that 80% respondents anticipate addition of new jobs in the first half of 2011. During the first six months of this year, about 36% expect replacement hiring while just two% expect anticipate layoffs, according to the report released today. The findings are based on a survey of more than 1,000 recruiters. As per the survey, 34% opined that the range of increments would be between 10 to 15%. "Twenty-nine% said that the range will be between 15-20% and 14% said increments to be 20% and more," the report said. Info Edge's chief financial officer Ambarish Raghuvanshi said that employers have begun recruiting at a steady pace in the first half of 2011 as indicated by high confidence levels. "The survey findings also

IPOs and rights issues by India Inc went down by over 85 per cent to Rs 1,556.7 crore during December, 2010, as against the previous month.

NEW DELHI: Pharmaceutical firm Lupin today reported a 39.50 per cent rise in its consolidated net profit at Rs 224.03 crore for the quarter ended December 31, 2010. The company had posted a net profit of Rs 160.60 crore in the corresponding period previous fiscal, Lupin said in a filing to the Bombay Stock Exchange (BSE). The consolidated total income during the third quarter of this fiscal also increased by 18.86 per cent to Rs 1,510.21 crore from Rs 1,270.58 crore in the year-ago period, it added. However, the shares of the company were trading 3.81 per cent down at Rs 449.60 apiece on the BSE.

NEW DELHI: Hair oil major Marico today said it will increase the prices of its products by up to nine per cent in a bid to offset high input costs. The company is also planning to invest about Rs 60 crore during 2011-12 financial year in its capital assets. The rates of copra, the raw material for coconut oil, were higher by 62 per cent during October-December tenure compared to the year-ago three months period and the company has increased the prices of its Parachute and Nihar brands several times in this fiscal. "There has been continued upward pressure on input costs through January 2011. The company is thus in the process of taking another round of price hikes to the tune of 8-9 per cent," the company said in a filing to the Bombay Stock Exchange (BSE). The company has last hiked the prices of the two brands in December an

MUMBAI: Taurus Mutual Fund today announced the launch of - Taurus Dynamic Income Fund - an open-ended income scheme. The new fund offering, which opened January 25, will close on February 8, Taurus Mutual Fund said in a statement here. "Looking at the ongoing market volatility and in absence of a clear trigger for stability in near future, both institutional and retail investors are looking for an investment option to park their funds, which can reduce their investment risk and glide them through this volatility," Taurus Mutual Fund CEO Waqar Naqvi said. The Fund will reduce investment risk and optimise returns by designing a portfolio, which will dynamically track interest rate movements and play on the shift or shape of yield curve to generate superior returns, he said.

NEW DELHI: The turnover of 23 commodity exchanges has increased by over 50 per cent to Rs 88.62 lakh crore till January 15 of this fiscal, against Rs 58.91 lakh crore in a year-ago, according to the Forward Markets Commission (FMC). The maximum business was generated in the futures trading of bullion, metals and energy commodities, the commodity markets regulator FMC said in a statement. It said that the turnover from bullion jumped by over 70 per cent to Rs 40.27 lakh crore during April-Janaury 15 of the 2010-11 fiscal, against Rs 23.66 lakh crore in the same period last year. The turnover from metals like copper and zinc zoomed by 63 per cent to Rs 20.61 lakh crore from Rs 12.66 lakh crore, while trade in farm commodities rose by only eight per cent to Rs 10.37 lakh crore from Rs 9.61 lakh crore in the review period, it said. While bu

MUMBAI: Indian cash rates were higher on Thursday as demand for funds was strong and liquidity in the banking system short. At 12:40 p.m., the one-day interbank cash rate was at 6.70/80 percent against 6.25/30 percent on Tuesday for two-day loans. Financial markets were closed on Wednesday for a national holiday. "The deficit liquidity situation continues to be as it is. Demand was also pretty robust early on (Thursday), so we should see cash rate around the current level for the day," said a dealer with a large state-run bank. The interbank cash rates had eased sharply on Tuesday as demand had ebbed at the fag end of trade. Most banks had met reserve needs before the Reserve Bank of India (RBI) announced its quarterly monetary policy review on fear of sharp increase in borrowing costs if the RBI r

MUMBAI: The rupee strengthened on Thursday on the back of a strong euro and gains in Asian currencies, dealers said. At 10:20 a.m. (0450 GMT), the partially convertible rupee was at 45.5625/5700 per dollar, firmer than the previous close close of 45.69/71. The euro clung near a two-month high in Asian trade after the U.S. Federal Reserve showed no haste to scale back its easy policy, disappointing some dollar bulls who had expected slightly more hawkish language. The dollar index, a measure of the greenback's performance against six major currencies, was down 0.19 percent at 77.751 points. "The euro's gain against the dollar could also add to the rupee's strength," said a dealer, who forecast the rupee to move in a range of 45.50/75. Some dollar buying by importers around 45.60 may be seen, dealers said.

TOYOTAMOTOR Corp said it would recall more than 1.7 million vehicles worldwide, bringing its total for recalls to nearly 16 million since late 2009 and dealing a blow to its efforts to restore its reputation for quality. The recalls are for various issues, the biggest of which is to fix potentially faulty fuel pumps and connecting pipes in 1.34 million vehicles, Toyota said. Although the situation is different from last year, when Toyota attracted intense scrutiny from U.S. safety regulators over unintended acceleration problems that were blamed for dozens of fatalities, the latest recall may make it harder for Toyota to convince investors it has put its quality problems behind it. Shares of Toyota, the world's top automaker, extended early declines and closed down nearly 2 percent on the Tokyo Stock Exchange after the announcement. Toyota's U.S. shares were down 1.5 percent at $82.60 in morning trading in New York, compared with a rise of 0.6 percent in the S&P 500 index.