PM to seek ideas to revive growth from India Inc at meet
Prime Minister Manmohan Singh will explain the recent measures taken by his government on gold and oil imports. Faced with persisting economic gloom, Singh will brainstorm with industry leaders today on key problems relating to subdued growth, volatile exchange rate and widening current account deficit.
India needs to relax rules to attract more foreign investments, Finance Minister P Chidambaram said on Monday. New Delhi is seeking higher foreign investments to fund the current account deficit, which hit 4.8 percent of the GDP in the fiscal year that ended in March.
Allahabad Bank Q1 net fall 20% on surge of bad loans
State-owned Allahabad Bank 's first quarter (April-June) net profit dropped nearly 20 percent year-on-year to Rs 413 crore, dented by a spike in bad loans. Net interest income (NII) or the difference between interest earned and paid out, was little changed at Rs 1,312 crore compared with Rs 1,306 crore a year ago.
Goldman adds Tata Motors to 'conviction buy list'
Goldman Sachs adds Tata Motors to its Asia-Pacific "conviction buy list" and raises its sum-of-the-parts target price on the stock to Rs 368 from Rs 361.
UBS upgrades Ranbaxy Laboratories to "buy" from "sell", saying valuations have turned "attractive" after a recent sharp decline in shares on regulatory concerns. Ranbaxy shares have fallen more than 30 percent since May when the company pled guilty to felony charges related to manufacturing practices and for falsifying data in a USD 500 million settlement with the US Department of Justice.
CWC to meet tomorrow on Telangana issue
Veering towards conceding the demand for a separate Telangana, the Congress has convened a meeting of its working committee, the party's highest policy making body, tomorrow after deliberations on the issue in the UPA Coordination Committee.
The Supreme Court today refused to entertain a PIL challenging the food security ordinance promulgated by the government three weeks ago. A bench comprising justices T S Thakur and Vikramajit Sen declined to hear the PIL and asked the petitioner to approach the high court for redressal of his grievances.
By: Team Moneycontrol
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