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Sensex rises 1.5%

  • Sensex rises 1.5%

    Sensex rises 1.5%

  • Tata to replace starter motor in Nano

    A Tata Motors Nano car is loaded onto a goods train for shipment at Sanand railway station in Gujarat.

    Tata Motors is upgrading the starter motor of all old Nano models to the one installed in its new 2012 edition, launched in November, a spokesman said.

    The replacement being offered to all customers, free of cost, was not due to any safety concerns, he said.

    A starter motor is an electric motor which helps in rotating an internal combustion engine to initiate the engine's operation under its own power.

  • India, Japan preparing currency swap deal

    A picture illustration shows Japanese 10,000 yen notes featuring a portrait of Yukichi Fukuzawa, the founding father of modern Japan, taken in Tokyo

    India and Japan are negotiating a new currency swap agreement ahead of a visit to New Delhi by Japanese Prime Minister Yoshihiko Noda this week, a foreign ministry official said.

    Japan's foreign reserves hit an all time high of $1.3 trillion in November, and a swap arrangement could help India support the rupee, Asia's worst performing currency this year.

    Details of the arrangement are with the finance ministries and prime ministers of the two countries, India's joint secretary for East Asia, Guatam Bambawatle, said on Monday.

    An earlier $3 billion arrangement came into force in 2008 but expired in June. The Nikkei business newspaper reported on Sunday that the new one would be set at $10 billion.

  • Gold demand weak

    A saleswoman displays a gold necklace at a jewellery shop in Agartala

    Gold demand in India remained sluggish on Monday as people held off buying during year-end holidays and an inauspicious month for purchases provided a further deterrent, dealers said.

    Khar Mass is a month in the Hindu calendar from December 16 to January 14 which is considered inauspicious for gold buying and starting new ventures.

    "Traditionally the current period remains a lean season. In rural areas people avoid buying due to Khar Mass, while in urban areas people spend the vacation with family," said Daman Prakash Rathod, director with Chennai-based wholesaler MNC Bullion. "Even jewellers go on vacation.

  • Sony to sell LCD venture stake to Samsung

    A man rides an escalator past an advertisement of Sony Corp at an electronics store in Tokyo

    Sony Corp has agreed to sell its nearly 50% stake in an LCD joint venture with Samsung Electronics to the South Korean company for $940 million, as it struggles to reduce huge losses at its TV business.

    The seven-year-old venture cut its capital by 15% in July and industry sources had said Sony was negotiating an exit, aiming to switch to cheaper outsourcing for flat screens for its TVs while Samsung pushes ahead with next-generation displays.

    Shares in Sony ended 1.6% higher, compared with a 1% gain in Tokyo's benchmark Nikkei average, while Samsung Electronics shares fell 0.2%.