Max India Ltd plans to raise equity funds of about Rs 500 crore in the next six months to part finance its planned investments in its insurance subsidiary – Max New York Life (MNYL) – for the current fiscal. Analjit Singh, Chairman and Managing Director of Max India, stated this at a press conference to [...]

Even as the Union government expects banks to reduce interest rates, Reserve Bank of India (RBI) deputy governor Usha Thorat on Friday said a reduction in small savings interest rates –a demand from the country s top bankers as a prelude to soften general interest rates — is a complex issue involving the interests of [...]

The stock market rallied on Friday to its best close in two weeks on the back of institutional buying that emerged at lower levels. The BSE sensex, after a flat start of trading, gained through the session to close at 14,765, up 419 points on the day. The day’s upmove was also helped by trend [...]

Silver prices firmed up smartly on the bullion market here on Friday due to persistent demand from industrial users amidst higher global advices. The yellow metal also advanced further on strong domestic demand in view of firming trend in overseas markets. In London, gold hit a two-week high above USD 945.00 an ounce, continuing its [...]

The Indian rupee rose to its highest in a week on Friday, as gains in equities supported expectations of capital inflows into Asia’s Forex Converter Convert Rs.To third-biggest economy, and a weaker dollar overseas also bolstered sentiment. The partially convertible rupee ended at 48.10/11 per dollar, its highest close since May 19 according to Thomson [...]

Stocks capped a choppy week of trading with a mixed finish Friday after the Commerce Department reported that personal spending, incomes and savings all rose in May. What troubled investors was that the savings rate soared to 6.9 percent, a 15-year high, while spending rose by a modest 0.3 percent. The trend suggests consumers are [...]

National Stock Exchange said five companies will be included in Nifty Midcap 50 Index with effect from June 26. IDBI Bank, JSW Steel, United Phosphorous, Cummins India and Educomp Solutions would be included stocks in Nifty Midcap 50 Index from June 26, the exchange said in a notice. Besides, five others stocks Bombay Dyeing, Mahindra [...]

Brokerage house Citi has retained its ‘sell’ rating on Reliance Capital, with a price target of Rs 821, citing pressure on profitability and fair valuations as main reasons. We believe Reliance Capital’s profitability will be under pressure in the medium term due a likely higher cost distribution build-out and increasing competitive intensity, While parts of [...]

Real estate major Unitech raised $575 mn (Rs 2,800 crore) on Friday by placing shares with overseas private equity (PE) funds at Rs 81 a unit. This clearly indicates the rising interest of foreign investors in the Indian real estate market. The company planned to raise only $200 mn, but as demand was huge, it [...]

The three-and-a-half month long rally in the stock market has resulted in renewed activity in some of the stocks that had gone into hibernation during the downturn that began in January 2008. From a daily average of 2,510 in February, the number of traded stocks has increased to 2,800 in June. If shares of a [...]