Rupee rises tracking gains

The rupee rose in money market on Tuesday, a day after posting its biggest one-day drop in five-and-a-half months, as stocks pulled back from a slide.
At 10:57 a.m. (0527 GMT), the partially convertible rupee was at 48.80/81 per dollar, 0.3 percent higher than the previous close of 48.955/965.

Dealers said gains made by euro and pound sterling against the dollar underpinned sentiment.

"The rupee has risen because the euro and pound are up from where we left them yesterday," a dealer with a private sector bank said.

Read more: http://in.reuters.com/article/businessNews/idINIndia-41811120090818

Satyam gains in choppy market

Shares of Mahindra Satyam rose in an otherwise lacklustre market today, ending 5.41 percent higher at 112.95 rupees.

During market hours on Wednesday, Larsen & Toubro Ltd sought permission from market regulators to sell its stake in outsourcer Mahindra Satyam Ltd, according to a company spokesman.

L&T which lost out in the race for a controlling race in Satyam is considering the exit route, but under current conditions of sale, bidders for the company are barred from selling their stake. SATYAM/

L&T’s stake in Satyam dropped from 12 percent to 6.9 percent (valued at nearly 9 billion rupees or $190 million) post sale of the outsourcer to Mahindra, according to Thomson Reuters data. Institutional investors hold 10.39 percent, insiders or stakeholders 50.18 percent and mutual funds about 8.45 percent.

Read more: http://blogs.reuters.com/moneyonthemarkets

Govt stake sales to please market; no deficit cure

Power firm NHPC Ltd will kick off a $1.25 billion IPO next week in the first share sale by a state company since the Congress party's unexpectedly strong re-election in May spurred investor hopes for pro-market reforms.

Despite opposition from labour groups and leftist parties, the government is forecast by some watchers to offload roughly $5 billion a year in state shares, which could hearten a bond market worried about fiscal responsibility but do little to address a yawning deficit and $90 billion borrowing plan.

Uncertainty over how stake sale proceeds can be used also clouds the outlook for any benefit to government finances.

Source url: http://in.reuters.com/article/businessNews/idINIndia-41415320090730

Indian rupee up for 3rd day

The Indian rupee inched higher on Monday, extending its gains into a third session as a stronger start in Asian shares prompted some dollar selling as traders positioned for foreign buying of local stocks.

At 10:30 a.m. (0500 GMT), the partially convertible rupee INR=IN was at 48.16/17 per dollar, 0.1 percent stronger than Friday's close of 48.22/23. The rupee gained 1.1 percent last week.

"Rupee opened stronger tracking regional cues, but stocks would be the key. We are likely to hold in a 48.10-48.25 range initially, which if broken could take the rupee to 48 and then 47.80," a senior dealer with a private bank said.

"Oil refiners are likely to come in at lower levels to meet month-end demand which will cap the gains," he added.

Source url :http://in.reuters.com/article/inRupeRpt/idINBOM31388420090727

EPFO to pay 8.5 percent interest to its subscribers

The Employees' Provident Fund Organisation (EPFO), India's biggest pension fund, aims to pay 8.5 percent interest to its 40 million-plus subscribers for 2009/10, as new fund managers have helped it earn better returns, a top labour ministry official said on Thursday.

Rising inflation prompted the central bank to raise interest rates until September, pushing up returns on fixed income investments, including government bonds, which form a bulk of the fund's investments.

The global slump that followed the financial crisis in the second half of the fiscal trimmed India's factory output and exports, forcing firms to slash jobs for cutting losses.

Pillai ruled out the possibility of investing a portion of 2.9-trillion-rupee corpus of the pension fund in equity market in near future. "Equity market, see, they (EPFO) will not go for it because of large.

Source url : http://in.reuters.com/article/businessNews/idINIndia-39940820090529

Rupee fell to its lowest in a week

The Rupee fell for the lowest in this week on 25th-Mar-09 Wednesday it’s the latest news update. The fall has been noticed by gains in the dollar against the Euro and Asian units and demands from the oil refiners and importers. The fall has been huge for most of the Asian currencies. A rise in local share market could support the rupee later quoted by the dealers.

According to an Indian News Paper Rupee rise 1.7 percent last week it was the biggest weekly rise since the week to Mid of December and has gained 2.9 percent from the record low of 52.20 hit in March starting.The Chinese currency inched up against the euro and the Australian dollar on Wednesday, leaving behind Euro this week after five months low versus the euro, as falls in Tokyo shares tempered buying of higher-yielding currencies.

News Source Url : http://in.reuters.com/article/businessNews/idINIndia-38688720090325

New on India News

Have you listened to the India business news for the last one week? Well, it seems the money market is moving forward at a snail's pace….also sleeping in between! We are relying on India business news to start our business all anew on a new sector.

Just a month back, though who opted for realty, the downslide in the said market made me think of some other option. Now the realty is gaining including other sectors like oil & gas. As per india news, IT was gaining grounds but see, the Satyam forgery as well as Nortel bankruptcy has decelerated its growth. You never know tomorrow, the realty market may again go down. Though we are completely dependent on the bank for starting our businesses, as business news has aired, that banks are going to go strict…

Breaking news related to the Upward Economic Trend

Do you watch business news everyday? Have you come across the latest news on the money market? Obviously if you are an investor in the money market, you will listen and view the breaking news aired everyday, more so in the current economic recession period. Myself an avid blogger, always glued to the Internet during free time, also watching the television for breaking news, I post articles in blog forums on issue related to money market.

I keep browsing through the business news displayed so that I keep myself updated on the money market. I have invested near to a lakh in this current upward market after the great recession, for I believe the sensex will go up now. I am very happy that the government is coming up with innovative measures to fight the recession. Reducing overall cost of funds and making credit available to industries that need a financial boost is the matter that is taken into consideration by the RBI. This is the breaking news! As per the latest news aired, the RBI is all set to cut repo rate and reverse repo rate respectively by 100 bps to 6.5% and 5.0%.