July 26: The day in images
July 26: The day in images
A worker cleans a parked car at the Maruti Suzuki's stockyard on the outskirts of Jammu
Maruti Suzuki, India's top car maker, smashed estimates with an 18% rise in June quarter profit, helped by higher other income, sending its shares up as much as 1.7% in a weak Mumbai market.
Maruti reported net profit of Rs 549 crore ($124 million) for the first quarter ended June 30, up from Rs 465 crore a year earlier. Sales climbed 3.3% to Rs 8,320 crore.
The firm reported other income of Rs 180 crore for the June quarter, compared with Rs 100 crore in the year-ago quarter.
A picture illustration shows US dollar bank notes, taken in Warsaw
The dollar fell across the board on Tuesday as a speech by US President Barack Obama gave no sign of a swift breakthrough in deadlocked talks to raise the US debt ceiling, while a run of strong earning reports supported world stocks.
Unless lawmakers reach a deal to raise the $14.3 trillion ceiling by August 2, the United States faces a technical default on some of its $9.6 trillion in outstanding government bonds.
Obama warned that would be a "reckless and irresponsible outcome" but gave no indication a compromise was imminent.
So far investors look to have done little to prepare for a default and a cut in the AAA credit rating.
On one hand they believe lawmakers will reach a last-minute deal. On the other, it is nearly impossible to insure themselves for what is considered a low-probability event especially given the lack of alternatives and the depth of the market.
US President Barack Obama speaks in a prime-time address to the nation from the East Room of the White House in Washington
President Barack Obama called on Republican and Democratic leaders on Monday night to reach a fair compromise on raising the debt ceiling to avert a "reckless and irresponsible" national default.
In an address to the nation, Obama spelled out the severe economic consequences of a default or even a credit ratings downgrade resulting from failure to strike a deal on raising the $14.3 trillion debt limit and reducing the budget deficit.
"Defaulting on our obligations is a reckless and irresponsible outcome to this debate. ... We would risk sparking a deep economic crisis - one caused almost entirely by Washington," Obama said.
He appealed for compromise to reduce the deficit by $4 trillion and share the burden of cuts evenly across society as the clock ticked toward an August 2 deadline to raise US borrowing authority so the nation ca
The main gate of entertainment giant Walt Disney Co. is pictured in Burbank
Walt Disney Co, the largest shareholder in UTV Software Communications Ltd, has proposed to buy most of the shares it does not already own in the company, which has a market value of $826 million, and delist them from all bourses.
The delisting will be at a price not exceeding Rs 1,000 ($22.5) a share, UTV Software said, representing a maximum premium of 11% to the stock's close on Monday.
Shares of Indian media company soared as much as 18% to Rs 1,065, their highest in about 3-1/2 years.
Entertainment conglomerate Walt Disney holds about 50.4% of the current paid-up equity share capital of the company.
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