Snapshot of Domestic News
Snapshot of Domestic News
A trader displays a fish to customers at a wholesale fish market in Kolkata
Annual headline inflation slowed more sharply than expected to single digits after five months, which could ease pressure on the Reserve Bank of India to rapidly tighten monetary policy.
The wholesale price index rose 9.97 per cent from a year earlier, data released on Monday showed, below the median forecast for a 10.39 per cent rise and compared with June's pace of 10.55 per cent.
The annual reading for May was revised up to 11.14 per cent from 10.16 per cent.
A worker cleans a Tata Motors logo outside its showroom in Hyderabad
Tata Motors Ltd said on August 16 its global vehicle sales in July rose 36 per cent from a year earlier to 90,646 units.
Jaguar and Land Rover sales in the month rose 30 per cent to 19,386 units, it said in a statement.
The company, India's biggest truck maker, also makes utility vehicles and cars, including the world's cheapest car Nano.
Labourers unload coal from a truck at a roadside coal store on a highway on the outskirts of Kolkata
The cabinet on August 16 has ordered a probe into alleged illegal mining in the country, Mines Minister B K Handique told reporters.
Several mineral-rich Indian states say several mining firms operate without necessary licences and approvals.
Karnataka, India's second-largest iron ore producer, has banned export of the steel-making raw material, citing illegal mining as a provocation.
Orissa in the east has been engaged in a year-long drive against offenders closing several mines, while Goa has said it will clamp down on exports of illegally mined iron ore.
A Cairn India employee works at a storage facility for crude oil at Mangala oil field at Barmer in Rajasthan
India-focused miner Vedanta Resources said it will buy 51-60 per cent of Cairn India for about $8.5-9.6 billion to be funded with debt and cash.
Edinburgh-based Cairn Energy, which holds 62.4 per cent of Cairn India, said in a separate statement it will sell between 40-51 per cent of its stake to Vedanta. The rest will be made up through an open offer to buy up to 20 per cent of Cairn India from shareholders.
Cairn India\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\'s main asset is a 70 per cent stake in the Rajasthan oil development project that holds an estimated 6.5 billion barrels of oil and gas.
The Mumbai-listed company produces 125,000 barrels of oil per day (bpd) and Vendanta said Cairn India has the potential to produce more than 240,000 bpd, around 25 per cent of India\\\\\\\\\\\\\\\'s production.
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A customer of a micro finance institution strings beads into necklaces at a workshop in a slum area in Mumbai
A strong market debut for Indian lender SKS Microfinance, which counts US billionaire George Soros as one of its investors, has boosted prospects of more such offers in the world's largest market for small loans.
SKS, India's largest microlender, rose nearly 18 per cent on August 16, the best debut performance among major issues since March, after raising about $358 million to become the country's first micro finance institution to tap the market.
Founded by Vikram Akula, a former McKinsey consultant, SKS has nearly seven million clients and has disbursed close to $3 billion in total. It claims a 99 per cent repayment record.
SKS had received bids for 13.7 times the 16.8 million shares on offer in its IPO and had priced the shares at Rs 985 each, at the top end of the indicative price band.
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