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June 16: Images of the day
June 16: Images of the day
Water drops are pictured on an umbrella with Airbus logo in Varel
Airbus has received an order worth $7.2 billion for 72 planes from GoAir, the latest in a series of Indian airlines scrambling to meet growing demand in India.
The order for A320 planes brings GoAir's total order book with Airbus to $9.6 billion, Managing Director Jeh Wadia told reporters on Thursday.
Indian carriers are growing their fleets as demand booms in India, where an economy growing at nearly 9% is spurring business travel and a burgeoning middle class long accustomed to traveling by rail is now increasingly opting for air.
India's largest private carrier Jet Airways is also expected to place aircraft orders with Airbus at the Paris Air Show later this month, according to media reports.
A Cairn India employee works at a storage facility for crude oil at Mangala oil field at Barmer in Rajasthan
The cabinet on Thursday did not discuss the proposed sale of a stake of British oil explorer Cairn Energy's India unit to Vedanta Resources, Oil Minister S Jaipal Reddy said.
Reddy had earlier said the cabinet could take up the matter this week.
Cairn agreed in August to sell up to 51% of Cairn India for up to $9.6 billion to Vedanta, in a deal which originally had a cut-off date of May 20.
The deal has been delayed due to a dispute over royalty payments with Cairn India's partner in the Rajasthan project, state-run Oil and Natural Gas Corp.
"It did not come up today," Reddy told reporters after the weekely cabinet meeting in New Delhi.
Laborers work in a railway coal yard on the outskirts of Ahmedabad. GVK Power and Infrastructure will buy two of Hancock Prospecting's thermal coal mines in Australia for around $2.4 billion
GVK Power and Infrastructure will buy two of Hancock Prospecting's thermal coal mines in Australia for around $2.4 billion, a newspaper reported on Thursday.
It will take around a month for the complete paperwork to be completed and a formal announcement is expected shortly after that, an unnamed GVK executive told the paper.
Last month, two sources familiar with the deal had told Reuters that Australia's Hancock Prospecting had extended a deadline for exclusive negotiations with GVK Power over the sale of the mines until June.
A cook prepares a plate of idly sambar, a traditional breakfast dish, at Mani's Lunch Home in Mumbai
India's food price index rose 8.96% and the fuel price index climbed 12.84% in the year to June 4, government data showed on Thursday.
In the previous week, annual food and fuel inflation stood at 9.01% and 12.46% respectively.
The primary articles price index was up 12.86%, compared with an annual rise of 11.52% a week earlier.
The weekly food inflation has eased after staying in double digits for much of 2010, but headline inflation at 9.06% in May remains considerably above the central bank's comfort level.
Engineers of Oil and Natural Gas Corp (ONGC) stand inside the Kalol oil field in GujaratState explorer Oil and Natural Gas Corp is in talks with the Indian unit of BG Group and Italian oil major ENI to sell up to a 30% stake in an east coast block.
Citing two board members of ONGC, the newspaper said the company was in discussions with BG Exploration and Production India and ENI for technological assistance.
ONGC could not immediately be reached for comment.
Last year, ONGC had asked foreign firms including Exxon Mobil and BP to submit proposals to buy a stake in the east coast block.
A man talks on his mobile phone as he walks past the logo of the Reserve Bank of India (RBI) inside its head office in Mumbai
The RBI raised interest rates on Thursday for the 10th time since March 2010, keeping up its fight against inflation even as growth slows in India.
The RBI raised the repo rate at which it lends to banks by 25 basis points to 7.5%, in line with expectations in a recent Reuters poll.
India's latest rate increase follows on the heels of recent monetary policy tightening in China and Brazil, other big emerging economies that are battling high prices even as growth slows from last year's heady levels.
Last month, the RBI made the repo rate its sole independently moving policy rate and pegged the reverse repo rate, at which it absorbs excess liquidity, 100 basis points below the repo rate, which means the reverse repo rate was raised on Thursday by 25 basis points to 6.5%.
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