August 31: The lensman`s view
August 31: The lensman`s view
Pranab Mukherjee addressing a press conference in Delhi
India's economy is on track to grow 8.5 per cent in the current fiscal year to end-March, Finance Minister Pranab Mukherjee said on Tuesday.
The economy grew 8.8 per cent in the quarter through June, its fastest pace since December 2007, on strong manufacturing growth and better farm output that may keep the Reserve Bank on its policy tightening path.
A worker cleans a Hero Honda logo inside its showroom in Hyderabad
Hero Group said on Tuesday a television report that Japan's Honda Motors was selling its stake in motorcycle joint venture Hero Honda was incorrect.
\"The news report is incorrect and speculative,\" the group said in a statement.
\"We have already conveyed earlier that the Hero Group and Honda Motor have for years enjoyed a very cordial and fruitful relations ... and there has been no change in the relationship in any manner,\" it added.
Shares in Hero Honda recouped some losses after falling more than 6 per cent on Tuesday after ET NOW reported that Hero and KKR were in talks to buy out Honda Motor's stake.
Women admire a gold necklace at a jewellery shop in Chandigarh
Indian gold buying continued to be muted on Tuesday afternoon as traders waited for a price dip while the flow of scrap in the domestic market caught pace, increasing supply of the locally-made yellow metal, dealers said.
\"There was minor buying at $1,236-1,237 (an ounce), there are a few orders lying at $1,220,\" said a dealer with a state-run bank in Mumbai, which deals in bullion.
International gold, which guides the domestic market, was trading $1,234.50/1,234.70 an ounce as against the previous close of $1,236.66/1,237.66.
Indian households are said to own 20,000 tonnes of the yellow metal, mainly in the form of jewellery, which they prefer selling in bouts in case of a price rise.
Shoppers walk past a Dell booth at the COMEX information technology and consumers technology exhibition in Singapore
Dell Inc is widely expected to bow out of a bidding war with Hewlett-Packard Co for data storage company 3PAR Inc
because of the increased price tag.
A survey of eight technology investors and analysts by Reuters on Monday found most expect Dell to soon give up its pursuit of 3PAR, either ceding to HP's last offer of $30 per share or giving up at a few dollars higher at most.
Dell has until Wednesday to match HP's $2 billion offer for the company, which analysts say would help speed up its expansion from personal computers into more profitable enterprise technology services.
\"Clearly both companies really want 3PAR as part of their product mix, and they've both recognized the importance of storage in these cloud computing architectures. But I think it's hard to compete with HP. They've got the
Laborers work in a railway coal yard on the outskirts of Ahmedabad
State-run Coal India Ltd's initial public offering will begin on October 18 and close on October 21, the firm's chairman Partha Bhattacharya told reporters on Tuesday.
People walk near the BSE building in Mumbai
Shares of Reliance Industries today tanked over 3 per cent on the Bombay Stock Exchange, amid the company's entry into the hospitality sector by buying stake in EIH Ltd, the promoter of Oberoi Group of Hotels.
Extending the losses for the seventh consecutive session, RIL opened lower and soon declined by 3.13 per cent to hit a low of Rs 918 on BSE.
It was quoting at Rs 920.95, down 2.83 per cent, in afternoon trade.
Analysts said that the stock was underperforming in recent sessions and is unlikely to come out in the near term.
\"The EIH deal failed to enthuse the investors and selling pressure is mounting on RIL,\" Geojit BNP Paribas Research Head Alex Mathews said.
Mukesh Ambani-led energy giant yesterday joined the hands with Oberoi group promoters to thwart a possible takeover of EIH by rival hospitality player ITC, by buying 14.12 per cent stake for Rs 1,021 crore
A man walks out of the head office of BHP Billiton in central Melbourne
BHP Billiton denied speculation on Monday that it planned to sell any of Potash Corp's assets if it succeeds with its $38.6 billion hostile bid for the world's largest fertilizer producer.
Even so, analysts believe that BHP, the world's largest miner, would offload assets that are not part of its core strategy of dominating the global potash industry.
If it decided to do so, BHP may find a ready buyer in Agrium Inc, the Canadian fertilizer maker and farm products retailer. Agrium indicated it would consider buying Potash Corp's nitrogen and phosphate assets, which are worth an estimated $12 billion.
BHP's denial came in response to a note from Mark Gulley, a Soleil Securities analyst who listened in on a BHP briefing in Toronto last week. He wrote that the Anglo-Australian miner was considering a sale of Potash Corp's nitrogen and phosphate a
An investor looks at an electronic board showing stock information at a brokerage house in Wuhan, Hubei province
Japan led Asian stocks lower on Tuesday as worries about the flagging US economy triggered profit taking across the region and fed a five-month rally in US and Japanese government bonds.
With policymakers around the world cautious about adding new stimulus measures to support their recoveries, safety has been the name of the game in August.
Gold prices have risen around 5 per cent this month, on track for the largest monthly gain since April, while the benchmark yield on the 10-year US Treasury note dropped 38 basis points in August, its biggest drop since December 2008.
Investors ignored slightly stronger-than-expected US consumption data and focused on the August US payrolls report due on Friday to see if private sector hiring held up despite expected layoffs in the public sector.
A disappointing payrolls figure f
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