Latest Updates On Finance & Business News of India |
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| Taj Hotel insured for more than Rs. 1,000 crore |
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 After the Mumbai terror attack, one of the symbols of the city the worst affected Taj Hotel had to suffer a big loss. Everybody is willing to know how much would be amount for which Taj is insured and here is the answer.
General Insurance Company (GIC) manages a pool of fund for terror insurance of Rs. 1,200 crore as mandated by the Insurance Regulatory and Development Authority (IRDA). Terror insurance not only covers loss of or damage to property, but also business interruption l... |
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| Balaji Distilleries merges with United Spirits |
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 United Spirits Ltd (USL), the largest spirits company and a group firm of Vijay Mallya`s UB Group has announced on Monday that it has tied with the Tamil Nadu-based Rs 500-crore Balaji Distilleries Ltd (BDL) in an all-stock deal. The merger valued around Rs 420 crore is effective from April 1, 2009.
The swap ratio fixed by the company is 2:55, i.e. every two shares of United Spirits for 55 shares held in Balaji Distilleries. Earlier this year, Balaji was under the Board for Industr... |
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| India gets new Finance Minister, Chidambaram gets Home Affairs |
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 After the resignation of Union Home Minister Shivraj Patil, former Indian Finance Minister Palaniappan Chidambaram has been given the charge of Home Ministry. Now, Prime Minister Manmohan Singh has taken over the finance portfolio for now, the government informed on Sunday.
The government statement said, "As advised by the prime minister, the president has accepted the resignation of Shivraj Patil from the Ministry of Home Affairs. Further as advised by the prime minister the MHA ha... |
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| PNB to cut BPL rate by 100 BPS from December 1 |
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 The Punjab National Bank (PNB) has decided to cut the Benchmark Prime Lending Rate by 100 BPS from 13.50 per cent to 12.50 per cent with effect from 1 December. The decision was taken as per its board meeting decision on 26 November.
The step has been taken in response to monetary measures taken by the Reserve Bank of India (RBI) such as reduction of repo-rate from 8 per cent to 7.50 per cent, CRR from 6 per cent to 5.5 per cent and SLR from 25 per cent to 24 per cent.
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| Markets situation grave after the terror attack in Mumbai |
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 The ongoing grave situation in Mumbai after the terror attack has affected the stock market in a very large way. But the market analyst on Thursday opined that Indian investors have always fought back and pushed up markets every time terror has struck Mumbai, India`s financial capital.
On Thursday, the Indian equities markets were kept closed. Jagannadham Thunuguntla, Director of India`s fourth largest share brokerage house, the Delhi-based SMC Group, stated, "Of course, this only a... |
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| Markets shut after terror attacks in Mumbai |
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 The serial terror attacks in Mumbai has made India`s trading centre Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) markets to keep shut on Thursday, a spokesman for India`s capital markets regulator said.
The series of attacks killed at least 101 people in the financial capital Mumbai while injuring more than 900 people.
The spokesman for the regulator said, "It has been decided there will not be any trading today in the two exchanges."
A g... |
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| Petroleum Minister proposes price cut in petrol and LPG |
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 Union Minister of Petroleum and Natural Gas Murli Deora has written to Congress President Sonia Gandhi informing that petrol prices can be slashed by Rs 5 and domestic LPG cylinders by Rs 20.
So, the Congress-led United Progressive Alliance (UPA) Government is all set to reduce the prices of petrol and domestic LPG cylinders. But, there is no proposal to reduce the price of diesel.
In his two-page message to Sonia, Deora Murli said that oil companies would be comfortab... |
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| Realty prices need to drop by 30%: Goldman Sachs reports |
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 Goldman Sachs, a full-service global investment banking and securities firm has reported that Real estate prices in India requires to drop by 30% to prompt demand.
However, the report further maintained that the sharp fall in the prices will have a negative impact on the economy.
Goldman Sachs said, "Our India Real Estate Team believes that prices need to fall by up to 30% in some geographies for affordability to catch up."
According to the report, prices ... |
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| Govt. against lowering cotton support price |
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 The Indian Government has discarded the option of lowering revision of minimum support price (MSP) for cotton.
The textile industry, led by the Cotton Corporation of India and the Confederation of Indian Textile Industry, along with the All Gujarat Ginners Association, has made a representation to the Government for reducing cotton MSP, which was hiked 40-45 per cent.
Addressing on the sidelines of the seventh National Conference of Commodity Exchanges, the Union Minis... |
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| Real Estate price to fall by 5-10% |
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 There is good news for the property buyers as the price of the new houses are supposed to fall soon by 5 to 10%.
With this, the buyers can expect to buy a house at their budget soon. Real estate developers have decided to cut prices on the houses they sell by 5 to 10%. Two major bodies of builders announced the proposed cuts on Thursday.
Developers feel that the announcement of cutting the price will help to satisfy the general perception in the market place that real ... |
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