Business

MUMBAI: Brokerage firm India Infoline today said its consolidated net profit after tax and minority interests grew 12.70 per cent to Rs 67.06 crore for the third quarter ended December 31, 2010, over the corresponding period a year ago. The group had a consolidated net profit from ordinary activities after tax and minority interests at Rs 10.77 crore for the same quarter last fiscal, India Infoline Limited said in a filing with the National Stock Exchange. Total income of the group increased to Rs 459.58 crore for the quarter under review from Rs 289.58 crore for the same period previous fiscal. For the nine-month period ended December 31, 2010, consolidated net profit from ordinary activities after tax and minority interests declined to Rs 164.34 crore from Rs 169.21 crore in the same period previous year. Consolidated total income ros

MUMBAI: Bhushan Steel today reported a 23.26 per cent increase in net profit at Rs 280.35 crore for the third quarter ended December 31, 2010. The company had a net profit of Rs 227.43 crore in the October-December quarter last year, Bhushan Steel said in a filing to the Bombay Stock Exchange . Net sales of the company also grew to Rs 1,942.74 crore in the December quarter of 2010 from Rs 1,429 crore in the same period last fiscal, it added. For the nine-month period ended December 31, 2010 the net profit of the company rose to Rs 745.11 crore from Rs 588.46 crore in the corresponding period a year-ago.

WASHINGTON: China did not manipulate its currency to gain an unfair advantage in international trade in 2010, the US Treasury said Friday in a long-delayed report to Congress. The Treasury said that China, eight other countries and the eurozone were all cleared of accusations that they manipulated exchange rates to their own benefit. "Based on the resumption of exchange rate flexibility last June and the acceleration of the pace of real bilateral appreciation over the past few months," China's behavior did not qualify under the official definition of manipulation, it said. "Treasury's view, however, is that progress thus far is insufficient and that more rapid progress is needed," it added in the report.

LONDON: Brent crude surged above $100 this week, while copper and tin futures struck record highs as a cocktail of violent unrest in Egypt and strong Chinese demand for raw materials fuelled investor appetite . Commodities were also bolstered by upbeat manufacturing data from Germany and the United States that sparked hope of a strengthening global economic recovery. Sugar futures soared as cyclone Yasi bore down on Australia. OIL: Prices stood above the key $100 mark in London on Monday for the first time in more than two years and went on to surpass $103 a barrel as the market was hit by concerns over the impact of Egypt unrest on global energy supplies. Brent oil blazed a trail to $103.37 on Thursday -- reaching the highest level since September 26, 2008. However, the market remains far below record highs of above $147 that we

NEW DELHI: World's third largest maker of wind turbines, Suzlon Energy, has reported a net loss of Rs 252.31 crore in the third quarter ending December 2010 due to foreign exchange fluctuation and interest burden. The group had reported a net profit of 22.70 crore in the same quarter of last fiscal. Suzlon Energy chief financial officer Robin Banerjee said: "Notional forex losses have impacted our reported bottom line due to the significant volatility in the euro-rupee exchange rates. We are very clearly headed in the right direction." Suzlon's total income during the quarter slipped 19.86% during the third quarter of the present financial year to 4,454.83 crore from 5,501.06 crore in the corresponding three-month period last fiscal. The company's interest burden grew to 294.41 crore compared with Rs 289.51 crore in the same period last year. However, the group said its order book

LONDON: Crude oil futures rose on Friday as Egypts volatile situation kept markets on edge, and ahead of US employment data due later in the day. US crude was 16 cents up at $90.70 a barrel by 1109 GMT. Brent crude for March rose by 20 cents to $101.95 a barrel. Brent touched $103.37 on Thursday, the highest intraday price since Sept. 26, 2008. Everybody is watching what is happening in Egypt, it seems to be a crucial day, Credit Agricole CIB analyst Christophe Barret said. Analysts said prices were likely to remain strong while the protests continue. Egyptians fighting to oust president Hosni Mubarak hoped to rally a million people on Friday while the United States worked to convince the 82-year-old leader to begin handing over power. The OPEC president has said that oil above $100 is not desirable, but while Middle-East unrest continues prices will probably hold around here,

NEW DELHI: Hit by notional forex losses, Wind power equipment maker Suzlon today reported a loss of Rs 253.57 for the quarter ended on December 31, 2010. The company had a profit of Rs 14.10 crore in the same quarter last year, a statement said. "... notional forex losses have impacted our reported bottomline due to the significant volatility in the euro- rupee exchange rates," Suzlon Energy Chief Financial Officer Robin Banerjee said. The company's total income came down to Rs 4,494.37 crore for the December quarter compared to Rs 5,608.41 crore in the same period a year ago. Suzlon, for nine months to December, 2010, reported a loss of Rs 1,535.02 crore against a loss of Rs 794.25 crore in the same period last year. Banerjee added, "There has been progress on all financial parameters and we have delivered s

MUMBAI: Gold and silver prices bounced back smartly at the bullion market here on Friday on fresh buying support from speculators and stockists triggered by sharp rebound in global markets. The yellow metal settled on a two-week high in New York in its overnight trade with escalating Egypt crises and a weakening Euro pulling up the metal again to the safe haven destination. In domestic trade, standard gold (99.5 per cent purity) recouped by Rs 240 per 10 grams to end at Rs 20,065 from Thursday's closing level of Rs 19,825. Pure gold (99.9 per cent purity) also surged by a similar margin of Rs 240 per 10 grams to finish at Rs 20,165 from Rs 19,925 over its previous close. Silver ready (.999 fineness) jumped by Rs 705 per kg to close at Rs 44,690 from Rs 43,985 yesterday. Gold futures for

NEW DELHI: Travel and tours operator Cox & Kings today said its consolidated net profit rose by 19.39 per cent to Rs 23.02 crore for the third quarter ended December 31, 2010, over the same period previous fiscal. The company had a net profit of Rs 19.28 crore for the same period last fiscal, Cox & Kings said in a filing to the Bombay Stock Exchange (BSE). The company's income from operations rose to Rs 108.31 crore for the third quarter ended December 31, 2010, compared to Rs 78.89 crore in the same period last fiscal. "We have witnessed growth in all the segments of business that we currently operate in and this is reflected in a 37 per cent increase in our revenues this quarter.The travel industry has been growing quite significantly and we believe that we are poised to capitalise on this growth," Cox & Kings Director Peter Kerkar s

NEW DELHI: Copper maintained its rising streak for the fourth straight day today by gaining another Rs 2 per kg on the local non-ferrous metal market today largely on firming trend at London Metal Exchange (LME). Sentiment in copper remained firm as copper rose in London before the monthly payrolls and unemployment report for the US, the second-biggest buyer of the metal. Meanwhile,copper rose 0.3 per cent to USD 9,958 a tonne on the LME. In the national capital, copper wire scrap, copper wire bar and copper mixed scrap were remained in demand and added another Rs 2 each to Rs 508, Rs 531 and Rs 492 per kg, respectively. Following were today's quotations in Rs per kg: Tin ingot 840, zinc ingot 133.50, nickel plate (4x4) 1,052-1,054, gun metal scrap 226 bell metal scrap 228, copper wire scrap 508, copper wire bar 53

MUMBAI: Indian cash rates were largely steady on Friday, as liquidity conditions improved significantly, reflecting a pick-up in government spending, traders said. At 1.15 p.m., the interbank cash rate, was at 6.55/60 percent, compared with 6.60/65 percent at the previous close. "Liquidity has improved as government spending has eased up the situation. You can see the collateralised borrowing and lending obligation (CBLO) rates are also low. This fortnight I see call rates ranging from between 6.50 and 6.80," said a trader with a large state-owned bank. The improvement in liquidity is evident from the decline in banks' borrowing from the Reserve Bank of India's repo window. Banks borrowed 257.7 billion rupees at the central bank's three day morning repo auction on Friday, against a total of 446.25 billion rupees via tw

MUMBAI: The Indian rupee weakened on Friday tracking choppy domestic shares and the euro's drop against the dollar, and is expected to move in a narrow band with most Asian markets closed for the Lunar New Year holiday. At 11:10 a.m. (0540 GMT), the partially convertible rupee was at 45.6425/6500 per dollar, weaker than its 45.60/61 close on Thursday. It is likely to move in 45.60-45.80 band intraday, dealers said, adding dollar sales from foreign funds would also weigh. "Inflows have dried up as foreign investors are taking away money from India and other Asian markets to the U.S. and Europe as the developed countries have started to recover," said a dealer at a foreign bank. Euro will be the key driver for the rupee in the day as most Asian markets are closed.

SINGAPORE: Oil prices rose to near $91 a barrel Friday in Asia as traders eyed violent street clashes in Egypt and a key U.S. jobs report. Benchmark crude for March delivery was up 42 cents at $90.96 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange . The contract lost 32 cents to settle at $90.54 on Thursday. In London, Brent crude gained 40 cents to $102.16 a barrel ICE Futures exchange. Oil investors have been closely watching clashes between supporters and opponents of President Hosni Mubarak in Cairo this week after the 82-year-old leader resisted protesters' calls for his immediate resignation. Shipping through Egypt's Suez Canal has not been disrupted, but investors are also concerned political instability could spread to oil rich countries in the Middle East.

MUMBAI: L&T Infrastructure Finance Company is the latest to hit the market with its second public issue of tax-saving long-term infrastructure bond , after Infrastructure development Finance Company ( IDFC )) and Indian Infrastructure Finance (IIFCL). Rural Electrification Corporation , or REC, sold bonds through private placement. L&T Infrastructure Finance Company has entered the market with a Rs 100-crore issue of non-convertible debentures, offering a coupon of 8.20% per annum in the first series or series I. The coupon for its second series, or series II, is 8.30%. The bonds issued in the first series redeem after five years whereas the buyback of bonds in the second series is after seven years. The issue also has a greenshoe option of another Rs 200 crore on oversubscription. At this time, when all the companies coming out with a l

Life Insurance Corporation of India, the state-run company facing competition from nimble private rivals, will soon have a pension plan for its half a million strong agents to keep the flock together amid large scale poaching. The special pension plan for its agents who earn commissions of more than 1 lakh per year may benefit about five lakh-odd agents who could be the main target of private companies, many of whom are struggling to profit. The proposed scheme is expected to be introduced in the next few days. "Currently, there is a scheme for agents who earn less than 1 lakh of commission per year, but there are no schemes for agents who earn more than a lakh. This scheme will be on the line of the central government's new pension scheme and will be contributory in nature," said managing director, AK Dasgupta . At times,

MUMBAI: Ambuja Cements, India's third largest cement maker, managed to report 7% growth in net profit at 258 crore for the quarter ended December despite lower cement prices, rising cost pressure, and logistics-related issues at two of its units in north India. The Holcim Group company on Thursday reported a 2.2% growth in net sales for the quarter at 1,827 crore. For the year ended December 2010, the 25-million-tonne cement maker reported net profit of 1,264 crore, up 3.8%. Net sales rose 4.4% to 7,390 crore. During the year, the company's cement sales volume rose 6.4% to 20 million tonnes but net realisation fell, putting pressure on operating margins, analysts said. For the year, earnings before interest, tax, depreciation and amortisation fell 1.1% to 1,951 crore. In 2010, Ambuja's net realisation fell 2% to Rs 3,695 per tonne, while realisation during October-December fell 1% to 3,54

SAIL has resolved the knotty issue of investment bankers for its Rs 8,000-crore FPO as it decided to retain SBI Caps, Kotak Mahindra, Deutsche Bank and HSBC for managing the issue.

MUMBAI: L&T Infrastructure Finance, a fully owned unit of Indian engineering conglomerate Larsen & Toubro , said on Thursday its retail bond issue will open on Feb. 7 and close March 7. L&T Infrastructure Finance had priced the issue at 8.2 percent annually, and 8.3 percent for the cumulative option, its chief executive told Reuters on Wednesday. The company will raise a maximum of 4 billion rupees ($88 million) through the sale. The proceeds will be used for ongoing lending to infrastructure projects in the country. It raised 2.6 billion rupees through a similar offering in November.

Power Ministry would send a note to the Cabinet next week to receive approval for raising about Rs 7,000 crore through PFC FPO.

NEW DELHI: Consumer durable major Whirlpool on Thursday said its net profit rose by 49.13 per cent to Rs 24.10 crore for the quarter ended December 31, 2010 from the same period last fiscal. The company had posted a net profit of Rs 16.16 crore in the corresponding period previous fiscal, Whirlpool India said in a filing to the Bombay Stock Exchange (BSE). The company's net sales for the third quarter ended December 2010 rose to Rs 600.27 crore from Rs 504.15 crore in the same period last fiscal. Shares of Whirlpool India were today trading at Rs 242 in the afternoon trade at BSE , up 11.65 per cent from its previous close.

JOHANNESBURG: South Africa's rand steadied against the dollar on Thursday in what was expected to be a range-bound session for the currency pair in the absence of any scheduled news or data. The JSE's blue-chip March stock futures contract edged up to 0.10 percent, pointing to a flat open on the bourse at 0700 GMT. Analysts say investor risk aversion driven by political instability in Egypt has eased and the South African Reserve Bank seems to have stepped down its dollar-buying activities this week, suggesting a bias to a strengthening rand. At 0633 GMT the rand was trading at 7.1535, slightly firmer than its New York close of 7.1620 on Wednesday. The currency has strengthened gradually during the week, making small gains away from four-month lows of Monday. In Thursday's session dealers say dollar/rand should stay in a 10 cent

MUMBAI: Indian federal bonds yields were steady on Thursday amid caution ahead of weekly food and fuel inflation data, due around 0600 GMT, and Friday's bond auction. Food inflation, which has remained mostly in double digits for the past one year, has been the main driver of headline inflation in Asia's third-largest economy. India's central bank last month raised interest rates by 25 basis points to clamp down on resurgent inflation, which stood at 8.43 percent in December, and warned of persistently high food prices unless steps are taken to boost supplies. "How can we expect any big action (price movement) in bonds a day before the auction and food inflation numbers?" said a senior fixed income dealer at a primary dealership. The government is scheduled to auction 100 billion rupees ($2.2 billion) of bonds on Friday.

SINGAPORE: World oil prices broke extended their gains in Asian trade on Thursday after the political crisis in Egypt erupted into violence. At least two people were killed and many were wounded overnight in gunfire aimed at protesters in central Cairo demanding the ouster of President Hosni Mubarak , according to witnesses. The market has been jittery following more than a week of anti-government protests in Egypt due to fears the crisis could spill over to other countries in the crude-rich but politically volatile Middle East. Brent North Sea crude for March soared 88 cents to 103.22 in afternoon Asian trade. New York's main futures contract, light sweet crude for March, climbed 65 cents to $91.51. Ken Hasegawa, energy desk manager at Newedge brokerage in Tokyo, said the violent clashes in Egyp

For a house-hunter, next to zeroing in on the dream home, obtaining a home loan is the toughest hurdle that he or she has to cross. How would you like it if you have the loan in your pocket even before you approach the developer to negotiate? Banks and housing finance companies are now offering home-seekers pre-approved home loans or loans for property that have not been identified. While it sounds like an inviting proposition, there may be some not-so-exciting features that you should need to be aware of. The working The procedure for a pre-approved loan is largely similar to a regular home loan application you need to submit the documents asked for to the bank along with the processing fee. These will include depending on whether the applicant is a salaried individual , self-employed professional or entrepreneur identity and residence proofs, the latest salary slip, Form 16, past six mont

MUMBAI: Mutual funds are doling out generous commissions to distributors to push their tax-saving equity product to investors, who are scurrying to save taxes towards the end of the current financial year. The possibility of this product , called equity-linked savings scheme (ELSS), losing its status as a tax saver once a new tax regime comes to effect next year has fund houses going all out to promote it, even at the cost of taking a hit on their financials. Most mutual funds are paying distributors anywhere between 2.5% and 5.5% of the amount collected for ELSS, according to asset management officials and distributors. ELSS is similar to any diversified equity scheme, but money invested in this product is locked in for three years. Distributors usually get 0.5-1 % for selling other equity schemes. Mutual funds

NEW DELHI: Bharti Airtel, Indias largest mobile phone operator, reported a bigger than-expected 41% drop in quarterly profit weighed down by its Africa operations and foreign exchange losses, even as its management was upbeat about future prospects. Despite being involved in a price war in several African countries, the telco said its revenues from the continent increased nearly 9% in the three months ended December 2010 compared with the previous quarter ended September 10, proof that its turnaround strategy is yielding results. Bharti also said it had increased revenue market share in Africa by 1% in the December quarter, without divulging details. The Sunil Mittal-promoted telco, which is 32% owned by SingTel, had acquired the African assets of Kuwaits Zain in a $9-billion deal last year, making it the fifth-biggest mobile operator globally in terms of customers. This marks the f

NEW YORK: Gold prices dropped 0.5 percent on Wednesday after an encouraging US private-sector jobs report and relative stability in the Middle East -- despite protests in Egypt -- diverted interest to higher-risk assets and away from bullion. Gold extended initial losses after data showed US private employers added more jobs than expected in January, the 12th consecutive month that companies took on staff. The news dented safe-haven demand. Economic optimism in the United States and Europe boosted riskier investments such as equities at the expense of gold. On Tuesday, the Dow Jones industrial average closed above 12,000, hitting its highest level since June 2008. US stocks, however, eased on Wednesday. "The sell-off seemed to illustrate that people had lost faith in gold and could see much better places to invest," said Peter Hillyard ,

NEW DELHI: Private airline Jet Airways Wednesday reported a net profit of Rs.118.23 crore for the third quarter of the current fiscal as against Rs.105.80 crore in the like period of last fiscal, thereby registering an increase of 11 percent, the company said in a regulatory filing. "The company has posted a net profit of Rs.1,182.3 million for the quarter ended Dec 31, 2010, as compared to Rs.1,058 million for the quarter ended Dec 31, 2009," it said. The total income of the airline major increased by 19.70 percent at Rs.3,515.17 crore as against Rs.2,936.42 crore in the third quarter of the fiscal 2009-10. Segment wise, the company's income from the domestic operations grew by 24.2 percent at Rs.1,540.65 crore as compared to Rs.1,240.38 crore in the corresponding period of last fiscal. The income from international opera

NEW DELHI: Hospitality firm TajGVK Hotels and Resorts today posted a marginal increase in net profit at Rs 12.91 crore for the third quarter ended December 2010. In the same period last year, the company had posted net profit of Rs 12.19 crore, it said in a filing to the Bombay Stock Exchange. The company's sales grew 9.15 per cent at Rs 70.10 crore during the month, as against 64.22 crore in January 2009. TajGVK Hotels and Resorts is a joint venture company between Indian Hotels, a Tata group company and Hyderabad-based GVK Group. The company currently has operations in Hyderabad, Chandigarh and Chennai.

Oil prices hovered below $91 a barrel Wednesday as markets kept an eye on developments in Egypt and a report showed U.S. gasoline and crude supplies rose more than expected last week, suggesting the recovery in demand remains uneven. By early afternoon in Europe, benchmark crude for March delivery was down 19 cents at $90.58 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell $1.42 to settle at $90.77 a barrel on Tuesday. In London, Brent crude was unchanged at $101.65 a barrel on the ICE Futures exchange. It rose as high as $102.04 earlier in the session. The large difference between the Nymex and Brent contracts ``is attributable mainly to declining European inventory levels ... as well as reports of sporadic field outages and trader accumulation of some North Sea cargoes that took place in late January,'' said Edward Meir, senior commodity analyst

MUMBAI: India Infrastructure Finance Company Ltd (IIFCL), a wholly-owned government company, plans to raise up to Rs 1,200 crore through public issue of tax-free bonds for funding infrastructure projects . The issue opens on February 4 and closes on March 4. The company will issue 10-year bonds with 8.15 per cent interest compounded annually and 15-year bond with 8.30 per cent. "The funds raised through the public issue will be utilised for company's infrastructure lending activities," IIFCL Chairman and Managing Director, S K Goel told reporters here. The company will not utilise the proceeds of the issue for providing loans and acquisitions, Goel said. Bonds with a maturity of 10 years will be issued in series I and II whereas series III and IV will have a maturity of 15 years each. Ea

NEW DELHI: ICRA Limited today reported a 20.46 per cent decline in its net profit to Rs 9.21 crore for the quarter ended December 31, 2010. The company posted a profit of Rs 11.58 crore during the same period of 2009-10. "ICRA's rating business growth was impacted by sluggish debt market issuance and decline in structured finance volumes during this quarter," the company said in a statement. However, its operating income increased to Rs 30.15 crore in the third quarter of 2010-11 from Rs 26.99 crore in the previous year. Group ICRA's consolidated net profit too, declined by 22.65 per cent to Rs 11.27 crore in Q3 of 2010-11 from Rs 14.57 crore in the same period of the previous year. Its consolidated operating income for the quarter under review was Rs 47.21 crore, up from Rs 42.09 crore in

MUMBAI: Housing Development Finance Corp is raising at least 2 billion rupee via three-year bonds at 9.75 percent, the sole arranger to the deal told Reuters. The issue opens and closes on Feb. 4. Axis Bank is the arranger for the deal.

MUMBAI: The Indian rupee was off highs, but remained strong in afternoon trade on Wednesday, as firm domestic stocks and gains in the euro offset dollar demand from oil importing companies. At 1:23 p.m., the partially convertible rupee was at 45.63/64 per dollar, off day's high of 45.54 touched so far in trade and 0.3 percent stronger than its previous close of 45.755/765. The unit had weakened to 46.01 on Monday, its lowest since Nov. 30. * Dealers expect the rupee to move in the 45.40-45.70 range intraday. * Indian shares climbed more than 1 percent on Wednesday as stronger Asian markets spurred investors to grab bargains, a day after the main index had slid to its lowest close in five months. * The dollar marked its lowest level in nearly three months on Wednesday as a string of robust economic data and easing c

MUMBAI: Indian cash rates eased on Wednesday on the back of lower demand as banks borrowed less with their liquidity position comfortable, dealers said. At 12:32 p.m., the interbank cash rate was at 6.65/75 percent, lower than Tuesday's close of 6.90/7.00 percent. "Demand is definitely less. Banks have some money now," said a trader with a large private bank. "On Monday, banks over-covered their positions, and also being the month-end, government spending happened," the trader said. Banks' cash improves during month-end due to government spending by way of salaries that are deposited in the savings bank accounts. Banks borrowed 539.20 billion rupees at the central bank's morning repo auction on Wednesday, against a total of 795.4 billion rupees at the RBI's twin repo auctions

NEW DELHI: India's commodities exchanges are not ready for rice futures launch, the commodities market regulator said on Wednesday. Chairman of Forward Markets Commission B.C. Khatua also said 2010/11 futures turnover was seen at 110 trillion rupees ($2.41 trillion) versus 77.64 trillion rupees a year ago.

Embassy Property Development may defer its $500 million IPO to some time later this year deviating from its earlier plan.

2011 seemed the best time to get the heads of our Top 3 advertising agencies and Top 3 media agencies to reflect on the decade that was and point to what lies ahead for the marketing communications industry. On a balmy Sunday afternoon though, our fellowship was missing a representative from JWT. Colvyn Harris was vacationing and none of his deputies were able to make it to Mumbai on time. However the rest of our panel comprising Piyush Pandey , chairman, Ogilvy; R Balakrishnan , chairman, Lowe Lintas; R Gowthaman , MD, MindShare; Sam Balsara , CMD, Madison World and Lynn de Souza , chairman and CEO, Lintas Media Group were all in a fine mood to debate, argue and throw down the gauntlet. It isnt too much to say that if these fine gentlemen and lady walk the talk on what they discussed, the industry is going to be a very different plac

In line with the recent spate of insurance plan launches, Max New York Life has introduced a new Ulip (unit-linked insurance plan) Flexi Fortune in the market. Premium Paying Term: The limitedpay plan offers three choices in terms of premium paying tenure one can opt for either a 5-pay-10-year term, 10-pay-15-year-term or 15-pay-20-year term. In simple words, what this means is that you can choose to pay premiums for five years while the policy continues till 10 years (in the first option). Protection Cover: The sum assured (or the protection cover) will, depending on your choice and age, range from 10 to 30 times your annual premium. There is also a provision to increase the sum assured by 10% every year, but additional mortality charges as applicable will be levied. Systematic Transfer Plan:

The rupee strengthened, snapping a two-day loss, after a report showed US consumer spending rose faster than economists estimated, fueling optimism the global economic recovery is on track. The Indian currency climbed as a gauge that tracks the dollar sank to the lowest level since November 9, signaling fewer investors favoured the relative safety of the greenback over emerging-market assets. Spending in the world's biggest economy rose 0.7% in December, beating November's 0.3% gain, data released on Monday showed. "The rupee is mildly stronger as the dollar has weakened broadly on positive economic data," said Naveen Raghuvanshi , a Mumbai-based currency trader at Development Credit Bank . "It may remain in a small range around current levels for now." The Indian currency advanced 0.3% to 45.7675 per dollar on Tuesday.

NEW DELHI: India could soon see a national medical insurance policy for people living with HIV (PLHIV). In a meeting with insurance companies and the Insurance Regulatory Development Agency on February 3, the National Aids Control Organisation (NACO) will press them to make insurance "inclusive and universal for PLHIV". Currently, HIV is excluded from all insurance policies available in the country "violating the national mandate of providing stigma free care and support services". Union health ministry officials said that HIV/AIDS which was earlier regarded as a "incurable disease" has now become a "manageable health problem" and, therefore, should be included in medical insurance policies. "Right now, there are individual health schemes in some states which cover certain healthcare related

NEW YORK: The euro rose on Tuesday to its highest level against the dollar in more than two months after solid euro zone economic data , though the rally could start to fade given lingering worries over the region's debt problems. Easing concern over political unrest in Egypt also helped boost the euro zone single currency. Analysts cautioned, however, that it's premature to conclude that the global fallout would be contained. The euro climbed above key resistance around $1.3740, the 38.2 percent Fibonacci retracement of its November-January fall. Traders said the move opened the way to a run toward $1.40, a level that likely will attract selling interest. "To me euro anywhere near $1.40 is probably a sell if we get up there," said Firas Askari, head of FX trading at BMO Capital Markets in Toronto. "I still think there are some core

LONDON: Oil edged down on Tuesday, but remained above $100 a barrel as the market assessed the risk of Egypt's social unrest spreading to neighbouring OPEC members. Analysts and traders agreed the uprising against the Egyptian government was unlikely to disrupt tanker movement and oil flows along the strategic Suez canal and Sumed pipeline, but said that the restive mood in the region would support prices. "The dangers of possible insecurity pushed it to break $101, but that has been pretty much discounted now, it's been priced in. For another push, the market is looking for an indication that demand is growing," said Simon Wardell, oil analyst at Global Insight. "In the absence of another sign of demand growth or a weaker dollar, you could probably expect the price to come down a little. Then seasonality in demand will kick in and there could be another push for the $100 range

MUMBAI: The country's largest lender, State Bank of India (SBI), will raise Rs 10,000 crore through bonds to augment its capital base to meet the growing business requirements. SBI has filed a draft shelf prospectus with the Securities and Exchange Board of India (SEBI) seeking the nod of the regulator for raising funds through bonds in one or more tranches. "The bank intends to deploy the issue proceeds to augment its capital base in line with its growth strategy," SBI said in the prospectus filed yesterday. The funds raised from the bonds will constitute SBI's Lower Tier II capital, which include subordinated debt and convertible securities. The bonds, according to the prospectus, have been assigned AAA ratings by the CARE and CRISIL, indicating highest safety with regard to timely payment of intere

A planned share sale in Oil & Natural Gas Corp may open on March 15, said A.K. Hazarika, who took charge as the state-run explorer's chairman on Tuesday.