Business news

Gold Slips on Economic Optimism; Platinum Adds to Gains

Gold extended losses to a third straight session on Monday as U.S. data pointed to strong economic growth, while platinum group metals continued to add to gains on supply worries from South African labour strikes.

May 19, 2014

U.S. Prosecutors Drop two more Charges Against Rajaratnam's Brother

U.S. prosecutors have dropped two insider trading-related charges against former Galleon Group hedge fund portfolio manager Rengan Rajaratnam, the second time in two weeks the government has whittled down its case against him.

May 17, 2014

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BSE closes points 216.14 up on May 16

New Delhi, May 16 (ANI): Trading at the Bombay Stock Exchange today closed 216.14 points up to stand at 24,102.52. At the National Stock Exchange the Nifty closed 79.85 points up to stand at 7,198.05. Indiabulls Real Estate and Sobha Dev were among the top gainers of Group A with an increase of 19.00% and 11.99% along with Punjab National Bank and Reliance Capital with an increase of 11.77% and 11.05% respectively, while the top losers of Group A include Financial Technology and Tata Steel with a decrease of 5.00% and 4.68% along with Dabur India and Cadila Health with a decrease of 3.83% and 3.64% at the close of the markets. The Auto sector is up 124.26 points at 14,230.62 while the banking sector is up 714.62 points at 16,994.36 and the realty sector is up 90.41 points at 1,605.57. The Indian currency is down 0.31% at Rs 58.98 per dollar.

May 16, 2014

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Sensex crosses 25,000-mark, up 4.64% in early trade

Mumbai, May 16 (ANI): The BSE Sensex on Friday touched a life high of 25,033.36 in trade while the Nifty hit a new record high of 7,459.40, as early vote counts in the general elections showed the BJP led NDA leading. The partially convertible rupee was trading at 58.80 per dollar by 9:39am after hitting as much as 58.71. With billions of dollars at stake the outcome of the high-octane elections are critical to decide on investment decisions.

May 16, 2014

MSCI Reclassifies Stock Indexes, adds Twitter to World Index

Equity index provider MSCI reclassified equities across a broad spectrum of markets on Wednesday as part of its semi-annual review, adding among others U.S. social networking company Twitter Inc TWTR.N to its world index.

May 15, 2014

HSBC says Bonus for Chairman Capped at 1 Million Pounds

Banking group HSBC Holdings Plc (HSBA.L) has attempted to head off investor criticism over a new pay plan, capping any share bonus for its Chairman Douglas Flint this year at 1 million pounds ($1.7 million) and saying it would be a one off.

May 15, 2014

AstraZeneca Leaves Door Ajar to Pfizer, Despite Hurdles

AstraZeneca's boss said on Wednesday he would engage with Pfizer if the price was right and the risks posed from forcing the British drugmaker's operations into the U.S. company's new three-unit model were addressed.

May 15, 2014

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BSE closes points 56.11 down on May 14

New Delhi, May 14 (ANI): Trading at the Bombay Stock Exchange today closed 56.11 points down to stand at 23,815.12. At the National Stock Exchange the Nifty closed 1.60 points down to stand at7,108.75. Indian Bank and Canara Bank were among the top gainers of Group A with an increase of 11.73% and 11.05% along with TV18 Broadcast and Central Bank with an increase of 10.68% and 10.37% respectively, while the top losers of Group A include Bajaj Finance Limited and Future Retail with a decrease of 4.35% and 3.85% along with Mahindra & Mahindra and Dr Reddys Lab with a decrease of 3.51% and 3.17% at the close of the markets. The Auto sector is down 3.60 points at 14,172.20 while the banking sector is up 49.94 points at 16,256.42 and the realty sector is up 63.44 points at 1,532.10. The Indian currency is up 0.00% at Rs 59.68 per dollar.

May 14, 2014

Oracle Faces Scrutiny over $1.3 Billion Verdict Against SAP

A U.S. appeals court appeared skeptical on Tuesday about reinstating a $1.3 billion jury verdict won by Oracle Corp against SAP, in a case where the European software company admitted massive copyright infringement.

May 14, 2014

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Gold Edges up on Ukraine; Platinum, Palladium hold Gains

Platinum and palladium on Wednesday retained sharp gains made overnight on worries that increasing labour tensions in major producer South Africa could hurt supply, while gold edged up on escalating violence in Ukraine.

May 14, 2014

People walk past the Bombay Stock Exchange (BSE) building in Mumbai (Reuters)

BSE Sensex Hits Life High above 24,000 after Exit Polls

The BSE Sensex rose on Tuesday to a third consecutive record high, surpassing the key psychological level of 24,000 points as stocks tied to the domestic economy surged after exit polls showed the Bharatiya Janata Party (BJP) and its allies winning a majority in the elections.

May 13, 2014

Pfizer Boss Enters Lion's Den of UK Politics to Sell AstraZeneca Deal

The boss of U.S. drugmaker Pfizer (PFE.N) faces UK lawmakers on Tuesday with a promise and a threat - to protect British jobs in his proposed joint creation with AstraZeneca (AZN.L) of a global powerhouse upon which he says the latter's future depends.

May 13, 2014