Business news

(L-R) Sachin Bansal, Co founder & CEO, Flipkart, Mukesh Bansal, Co founder & CEO, Myntra, Binny Bansal, Co founder & COO,Flipkart at the press conference to announce the deal.

Flipkart Acquires Myntra: ₹2,000 Crore Deal Will Profit Employees

Flipkart's acquisition of Myntra has finally become official, and several employees of the latter - a company worth over ₹2,000 crore - are in a jubilant mood as they are bound to get a good slice from the deal.

May 22, 2014

As Amazon Tightens Market Grip, Flipkart and Snapdeal Prepare for Tougher Competition

With Amazon.com Inc (AMZN.O) ramping up its presence in India, two local online retailers are preparing for tougher competition with separate deals worth a combined $400 million set to be finalised this week.

May 22, 2014

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RBI Eases Tough Gold Import Rules, Allows Private Agencies to Import

The RBI eased tough gold import rules on Wednesday by allowing seven more private agencies to ship the precious metal, a move that industry officials say could augment supplies and reduce premiums in the peak wedding season.

May 22, 2014

Jewellery Firms Surge after RBI Eases Gold Import Norms

Shares in Titan Co Ltd(TITN.NS) surged on Thursday after the Reserve Bank of India (RBI) eased gold import rules by allowing seven more private agencies to ship the precious metal. The stock was trading up 10.2 percent as of 9:25 a.m.

May 22, 2014

Gold Demand to Rise in India as Curbs on Bullion Exports Likely to Ease

India's gold demand is likely to pick up in the second half of the year as curbs on bullion imports are expected to be eased by the country's new government, the World Gold Council (WGC) and other industry officials said on Tuesday.

May 21, 2014

Vodafone Challenges India's New Government to Resolve Telecom's Tax Dispute

Vodafone (VOD.L) boss Vittorio Colao has challenged India's new government to back up its pro-business credentials by resolving the telecoms group's long-running tax dispute in the country.

May 21, 2014

BSE closes points 13.83 up on May 20

New Delhi, May 20 (ANI): Trading at the Bombay Stock Exchange today closed 13.83 points up to stand at 24,376.88. At the National Stock Exchange the Nifty closed 11.95 points up to stand at 7,275.50. Gitanjali Gems and Unitech were among the top gainers of Group A with an increase of 19.97% and 14.85% along with MMTC and Suzlon Energy with an increase of 11.27% and 10.71% respectively, while the top losers of Group A include JPPOWER and Coal India with a decrease of 7.71% and 5.89% along with Power Finance and ONGC with a decrease of 4.78% and 3.96% at the close of the markets. The Auto sector is up 3.72 points at 14,250.49 while the banking sector is down 133.82 points at 17,304.26 and the realty sector is up 84.21 points at 1,800.68. The Indian currency is down 0.14% at Rs 58.67 per dollar.

May 20, 2014

AstraZeneca Rejects Pfizer's 'Final' Offer for Merger, British Brand's Shares Slump 11%

Britain's AstraZeneca (AZN.L) on Monday rejected a sweetened and "final" offer from Pfizer (PFE.N), puncturing the U.S. drugmaker's plan for a merger to create the world's biggest pharmaceuticals group.

May 20, 2014

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Gold Demand in India and China Falls in Q1, Says World Gold Council

Gold demand in major consumers China and India fell in the first quarter from the previous year's record levels, the World Gold Council said on Tuesday, though a drop in sales from bullion-backed investment funds kept overall demand steady.

May 20, 2014

Stocks soar on continued optimism after Modi win

Mumbai/ New Delhi, May 19 (ANI): Bombay Stock Exchange and Nifty were trading higher on Monday as optimism continued after Narendra Modi-led BJP won a majority in the country's elections. Although both indexes are well below the record highs hit on Friday, when the Nifty gained as much as 1.2 percent before pulling back, brokers continue to raise their targets for the year. Overseas investors bought Indian shares of worth 36.34 billion rupees ($615.6 million) on Friday, marking their biggest single-day purchase since March, provisional exchange data shows. In financial capital Mumbai, stock market expert Sunil Shah said the upcoming new government was fuelling the stock value to new highs.

May 19, 2014

BSE closes points 193.74 up on May 19

New Delhi, May 19 (ANI): Trading at the Bombay Stock Exchange today closed 193.74 points up to stand at 24,315.48. At the National Stock Exchange the Nifty closed 50.80 points up to stand at 7,253.05. JP POWER and MMTC were among the top gainers of Group A with an increase of 31.45% and 19.97% along with Suzlon Energy and JP INFRATEC with an increase of 19.95% and 19.90% respectively, while the top losers of Group A include Wockhardt and IPCA Lab with a decrease of 7.72% and 6.75% along with TCS and Dr Reddys Lab with a decrease of 6.38% and 5.77% at the close of the markets. The Auto sector is up 5.38 points at 14,236.00 while the banking sector is up 443.72 points at 17,438.08 and the realty sector is up 110.90 points at 1,716.47. The Indian currency is down 0.34% at Rs 58.59 per dollar.

May 19, 2014

Pfizer Raises Bid for AstraZeneca to $117 Billion

U.S. drugmaker Pfizer said on Sunday it had raised its offer for British rival AstraZeneca to 69.3 billion pounds ($116.6 billion), or 55 pounds a share, and would walk away if AstraZeneca did not accept it.

May 19, 2014

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