Morgan Stanley downgrades RIL
Morgan Stanley downgrades RIL
An employee arranges currency notes at a cash counter inside a bank in New Delhi
The rupee held its ground on Friday and looked set for a second consecutive weekly gain on improved global risk appetite and strong dollar flows into the local debt and equities.
The rupee has strengthened by nearly 2.6% so far this week helped by easing concerns over euro zone debt crisis and a rise in foreign funds' investment interest in local debt. The currency had gained 0.7% last week
People walk outside the Mumbai Stock Exchange building
The BSE Sensex rose to its highest weekly close in five weeks on Friday, on hopes renewed policy reforms by the government and easing inflation will give a much needed boost to the country's slowing economy.
Banks were among the gainers with the country's top lender State Bank of India and rival ICICI Bank rising 0.66% and 1.03% respectively, on expectations of an easing interest rate cycle. The banking index rose 0.5%.
The main 30-share BSE index ended up 0.73%, or 117.11 points, at 16,154.62, with 20 of its components in the green. The benchmark was one of the world's worst performers in 2011, falling almost a quarter.
The 50-share NSE index was up 0.72% at 4,866 points.
A man walks past signboards of Olympus Corp outside its showroom in Tokyo
Private equity firm TPG Capital is willing to invest about $1 billion in Japan's Olympus Corp in a joint deal with Sony Corp or another suitor circling the scandal-hit firm, a person familiar with TPG's thinking said.
TPG has informed executives at Sony, Canon Inc, Fujifilm Holdings and Panasonic Corp of its interest in providing capital and expertise to help revive the maker of medical equipment and cameras, the person said.
Olympus has been seeking a friendly investor to make a minority investment and help its business recover from a $1.7 billion accounting scandal that has crushed its stock price and left a big dent in its balance sheet.
A shopkeeper takes a gold ring on display to show a customer inside a jewellery shop in Taipei
Goldman Sachs said it expected upside in prices of oil, gold and copper this year, citing greater supply risks and stronger fundamentals.
"We view gold and copper as providing the best value opportunities relative to our view of fundamentals in 2012," the investment bank said on Friday, citing remaining risks of substantial supply shortfalls.
Goldman said it continued to expect a rise in oil demand in excess of production capacity gain, despite the slowdown in global economic growth.
"In our view, it is only a matter of time before inventories and OPEC spare capacity become effectively exhausted, requiring higher oil prices to restrain demand, keeping it in line with available supply," it said.
The bank said it expected gold prices to continue to rise through 2012, reaching $1,940 per ounce in 12 months, due to the current low leve
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