May 14 in pictures
May 14 in pictures
A woman shops in a grocery store in Lucknow May 13, 2010.
Annual headline inflation in April eased in line with expectations, providing further evidence that the Reserve Bank of India (RBI) will hold off from raising interest rates at least until its next scheduled meeting in July.
Weaker manufacturing growth and concerns over Europe's debt crisis will keep policymakers on hold for now even though the RBI had said inflation was "worrisome" and it could raise rates for a third time this year between meetings.
Wholesale prices, the most closely watched inflation gauge in India, rose 9.59 per cent from a year earlier, data released on Friday showed.
That was weaker than 9.9 per cent in March's data and 10 per cent in February, which was the highest inflation since October 2008 and well above the RBI's target it hopes to reach by the end of the fiscal year next March of 5.5 per cent.
The sun rises behind a communications tower in New Delhi March 20, 2006.
The government will listen to mobile phone operators' concerns before finalising plans to slap new fees on second-generation spectrum, Telecom Minister A Raja said on May 14.
Trai earlier this week called for companies to pay a one-time fee for 2G radio-spectrum with high bandwidth they won several years ago, a move that will hit established operators and has seen their shares skidding.
India's leading mobile phone operator Bharti Airtel, which could face paying $1.4 billion if the new fees were adopted, has said the regulator's proposals were "shocking, arbitrary and retrograde" and urged government to reject them.
Bharti and others, including Vodafone Essar, are locked in a multi-billion dollar bidding war for 3G spectrum that has exceeded forecasts.
People walk in front of a signboard displayed at the head office of State Bank of India in Mumbai November 9, 2009.
SBI posted a worst-than-expected fourth quarter profit, falling 32 per cent as India's largest lender was hurt by a sharp rise in bad loan provisions.
January-March net profit fell to Rs 1,867 crore, compared with Rs 2,742 crore a year earlier, the bank said on May 14.
Shares traded 3 per cent lower at Rs 2,460, underperforming the Sensex in Mumbai.
A salesman arranges gold bangles in a stall at a jewellery exhibition in Kolkata May 10, 2010.
Gold traders turned their backs on the market on May 14 and refrained from taking fresh positions as prices touched a new record high, while flow of scrap increased, dealers and traders said.
"Nothing is selling... we are witnessing increasing arrival of scrap since yesterday, almost tripled from normal levels," said Daman Prakash Rathod, director with MNC Bullion.
Gold futures on the multi Commodity Exchange was trading 1.50 per cent higher at Rs 18,300 per 10 grams, after touching a record high of Rs 18,339 earlier.
"Buying could come in only if prices fall to Rs 17,000 or thereabouts," said a dealer with a state-run bank.
The Akshaya Tritiya festival, which falls on May 16, is one of the two most auspicious days of the year to buy the yellow metal in the world's largest gold market, as Hindus believe they can get lasting prosperit
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