Kingfisher still indebted
Kingfisher still indebted
Employee walks between parked Hyundai cars ready for shipment at port in Chennai
Car sales in India rose an annual 8.5% in December, an industry body said on Tuesday, the second consecutive monthly rise as the industry continued to rebound from record falls in sales in late 2011.
But it said a cut in rates could spur a rebound next year.
Rising finance costs, higher prices of fuel and increased input costs for manufacturers have deterred buyers in Asia's third-largest economy in recent quarters and hurt carmakers in one of the world's biggest automobile growth markets.
A customer is served at a counter at a foreign exchange store in Hong Kong
The Finance Ministry today said that ratings agency Moody's Investor Services has, in addition to the three upgrades on December 20 last year, has also upgraded India's short-term country ceiling on foreign currency bank deposits.
It said that Moody's has upgraded the short-term ceiling on foreign currency bank deposits to P-3 from NP.
Thomas Mathew, joint secretary in the finance ministry, said the latest rating upgrade is just a clarification and is part of Moody's rating action in December.
A customer tries Samsung Electronics' Galaxy smartphone at a store in Seoul
Samsung Electronics Co, the world's biggest technology firm by revenue and the world's No.2 handset maker, is confident of its handset shipments overtaking that of Nokia this year, its chief executive said on Monday.
Samsung, which surged past Apple as the world's biggest smartphone maker in the third quarter, is quickly building on its supremacy with sleek designs and a rich product lineup, while the latest models from the likes of HTC, Nokia and BlackBerry maker Research in Motion struggle to interest consumers.
A man looks at an electronic board at a brokerage house in Shanghai
The Nikkei share average edged up on Tuesday after revenue at US aluminium giant Alcoa beat expectations, while Olympus jumped 20% on reports it would remain listed, but the benchmark remained stuck below key resistance ahead of events in Europe.
Benchmark share indices gained over 2% on Tuesday to end at 1-month highs, on the back of positive cues from Asia and Europe, led by index heavyweight Reliance Industries and financial shares.
The 30-share Sensex provisionally ended up 2.3% or 356 points at 16,171 and the 50-share Nifty ended up 2.3% or 108 points at 4,851.
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