| THE ECONOMIC TIMES |
Tue, 21 May 2013 |
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THE ECONOMIC TIMES
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Rupee hits 6-month low at 55.41, falls 2.9% in May
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Rupee hits 6-month low at 55.41, falls 2.9% in MayThe rupee resumed higher at 54.97 per dollar from previous close of 55.11 at the Interbank Foreign Exchange market.
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Phaneesh Murthy's sacking a right decision by iGate: NASSCOM
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Phaneesh Murthy's sacking a right decision by iGate: NASSCOM'. Murthy said that he is unaware of the 'exact charges'. "I have not received the letter, only company has received the complaint," he said.
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Bollywood connection exposed; Dara Singh's son Vindoo arrested
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Bollywood connection exposed; Dara Singh's son Vindoo arrestedWhether Vindoo roped in any other Bollywood personalities into deals with players and bookies is not known yet.
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Vindoo Dara Singh of Bigg Boss fame arrested for links with bookies
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Vindoo Dara Singh of Bigg Boss fame arrested for links with bookiesThe apex court directed the one-man inquiry committee appointed by BCCI to submit its report within 15 days on the spot-fixing scandal.
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Tumblr's David Karp: A school dropout who struck it rich before hitting 30
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Tumblr's David Karp: A school dropout who struck it rich before hitting 30Technically, he never graduated from high school, which he cracked in an interview is “hopefully not a condition of Yahoo employment.”
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Apple avoided billions in taxes by using firms outside US
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Apple avoided billions in taxes by using firms outside USEven as Apple became the nation’s most profitable technology company, it avoided billions in taxes in the United States and around the world through a web of subsidiaries so complex it spanned continents and went beyond anything most experts had ever seen.
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Just Dial IPO unreasonably valued; investors should avoid
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Just Dial IPO unreasonably valued; investors should avoidThe initial public offer is to provide part exits to the existing investors and not to raise capital for the business investment.
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CAG's new bombshell, says cartel killed spectrum auctions
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CAG's new bombshell, says cartel killed spectrum auctions The national auditor has alleged that telcos acted as a cartel in spectrum auctions & accused the government of wittingly or unwittingly aiding mobile phone companies by not acting against them.
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Mkts will be at all-time high: Anand Rathi Financial Services
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Mkts will be at all-time high: Anand Rathi Financial Services'We are aggressively recommending capital goods stocks and are also positive on the results of Havells,' said AK Prabhakar, Senior VP-Equity Research
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'Right time for investors to get back to markets'
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'Right time for investors to get back to markets'Leading fund managers of India are bullish about the equity markets and feel that it's the right time for retail investors to enter the fray.
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'Big Daddy' laps up Cipla after Q1 nos beat forecast
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Shares of Cipla inched up on heavy volumes on Friday, after the company’s first quarter earnings beat the consensus estimate.
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Old Fox has dream run on Dalal Street
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The Old Fox of Dalal Street has been on a dream run since the past couple of weeks. On Friday, most stocks that he had been steadily building up positions in figured among key gainers of the day.
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Cairn India hits record high on BSE amid stake sale talks
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The scrip, which was flat for most of the session, shot up in the final hour of trade on the Bombay Stock Exchange to settle with a net gain of 4.36 per cent at Rs 355.45.
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Vedanta plunges 5.59% on LSE amid talks to buy Cairn stake
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In the late afternoon session, the scrip was being traded at 20.61 pounds, down by 5.50 per cent on the LSE. Vedanta opened on a positive note, but soon swung into the red.
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SBI shares on gaining spree; hit record high
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In the past two days, the scrip recorded a gain of over 9 per cent on the BSE, making its investors richer by a whopping Rs 15,000 crore.
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Li Keqiang's outreach, wit wow Indian audience
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Li Keqiang on Tuesday left his audience in splits with his ready wit and lost no opportunity to woo Indians, lending at times personal touches.
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CBI approaches SC; seeks Dutt's removal from probe team
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CBI today approached the SC seeking permission to remove its SP Vivek Dutt out of the team probing the coal blocks allocation scam.
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Trouble for Modi's minister, court orders ACB probe
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A special court has ordered the Anti-Corruption Bureau to probe the Rs 400cr fisheries scam in which Purshottam Solanki is involved.
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'Modi misleading people regarding Kalpasar proj'
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Activists here today alleged that Modi was misleading people on the Gulf of Khambhat Development Project (Kalpasar).
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Mamata announces ban of 'online lotto'
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The West Bengal government on Tuesday banned "Online Lotto", an online lottery, in the state.
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UP Cabinet okays new sugar mill, cancer institute
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Uttar Pradesh cabinet gave its approval for setting up a sugar mill besides construction of a cancer institute in the state.
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Rate cut: Will banks lend more?
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The RBI recently cut interest rates by 50 bps, primarily looking at concerns over lingering global economic slowdown and worsening domestic economic situation.
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Will Slumdog benefit Bollywood?
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Slumdog Millionaire in a curious way, reproduces a similar paradigm of colonial (now neo-colonial) extraction and dismantling, this time not of agriculture, but of culture.
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Mandatory cost audit: Do we need it?
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Recent happenings have shown that a governance structure should also support an organisation’s efforts to improve performance.
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Ban the Big Four accounting firms?
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The multinational accounting firms (MAFs) signified by the Big Four entered through alternative route of consultancy under RBI permissions and gradually exploiting the loopholes in laws, started performing audit and accounting functions.
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Do we need more stimulus packages?
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Does India need another stimulus package, or should the focus be on implementation?
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Will the new FDI norms be onerous?
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Are there still areas left unexplained in the new FDI norms?
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Realty focussed PE fund raising skids 61% to $17 bn till May
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Fund raising by real estate sector focussed private equity funds have declined 61 per cent to USD 17 billion till May this year, as investors turned cautious while making new investment commitments.
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Prabhudas Lilladher has a reduce rating on Infosys
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Prabhudas Lilladher has a ‘reduce’ rating on Infosys Technologies as it feels that the outlook for the company and the software industry is quite weak in the near-term.
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Fin Crisis: Too late and too little done in US
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A crisis of $240 trillion cannot be stemmed with bailout packages of $1 to $10 trillion. 2008: Year of global financial crisis | Survive credit crisis | Ghosts of 1929
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Weak rupee takes its toll on cos with huge foreign debt
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The falling rupee will severely affect the small companies, whereas the big ones will be impacted moderately. Get rid of Debt | Adopt correct investment strategies
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Wait for more signals before turning positive
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At the recent low of 12514 points, the Sensex has tested the 12800-12000-pts support zone and has since then attempted a corrective rally.
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Six Indian cos among BusinessWeek's top 100 Infotech firms
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BusinessWeek's 'The Infotech 100', has ranked Bharti Airtel at the 21st position followed by Reddington India (55th) and RCom (66th). Successful business formula
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Omaxe's 50 lakh share sale via OFS under-subscribed
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Realty firm Omaxe Ltd's offer to sell promoters' 50 lakh equity shares, worth about Rs 74 crore.
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Infosys, TCS, HCL Tech gain; rupee falls seen helping sector
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Infosys was up 1.1 per cent, while Tata Consultancy Services Ltd was 1.6 per cent higher and HCL Technologies Ltd has gained 1.6 per cent.
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48 private companies likely to sell shares worth $1.8 bn by June
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These include Adani Ports, Adani Enterprise, Omaxe, Bajaj Corp, Sun TV, Fortis Healthcare, Essar Ports and JSW Energy.
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LIC India sells 2.53 pc stake in Maruti Suzuki
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Post-sale, LIC's stake in Maruti Suzuki has come down to 8.247 per cent currently from 10.777 per cent earlier, the auto maker said in a filing to the BSE.
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Top 20 trading ideas from experts in rangebound markets
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Ashwani Gujral has a sell call on Ultratech Cements and Tata Motors, while Mitesh Thacker recommends buying Infosys and BHEL.
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Coal India gains post dividend recommendation; JP Morgan raises target
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Brokerages are bullish on the stock. Nomura has maintained its ‘buy’ rating on the stock while JP Morgan has increased its target price.
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Luxembourg will meet US tax-law requirements
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Luxembourg announced on Tuesday that it will share information with the US tax authorities about bank accounts held in the country by US citizens.
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Iranians face internet curbs before prez election
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Experts and web users say they believe the Internet obstacles are related to the June 14 presidential vote, the first since 2009 polls.
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German central bank expects economy to improve 'markedly'
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The Bundesbank said that Germany should expand more robustly after a weak first three months of the year.
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Voda comfortable with Verizon Wireless status quo
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Vodafone's partner Verizon Communications has made little secret of its desire to buy out Vodafone in a multi-billion dollar deal .
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SkyWest says buying Embraer jets
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SkyWest, Inc. announced it has struck an agreement with Embraer for the purchase of 100 new E175 jet aircraft, with 40 considered firm deliveries.
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French car orders fall 0.5% in April: Survey
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The decline in French car orders slowed to 0.5%, showing signs of stabilisation in the auto market, helped by the launch of several new models.
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Karnataka plans Rs 1,000-crore mega textile park
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The proposal, which is expected to generate 5,000 jobs when implemented, would be placed before the Cabinet soon for approval, Chinchanasoor said.
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Karnataka govt has open mind on GM crops
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Karnataka government has an open mind on the issue of GM crops, and favours giving options for farmers to make informed choices, says Agriculture Minister.
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FIIs to pay only 5% withholding tax on interest income
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The government today said foreign investors will pay only 5 per cent withholding tax on interest earned from such investments till May 2015.
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MMTC cancels 100,000 T wheat export tender: Sources
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India's MMTC has cancelled a tender to export 100,000 tonnes of wheat from government warehouses, trade sources said on Tuesday.
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India leads Asian cuts in Iran oil imports
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Overall, December to April Iranian oil imports by China, India and South Korea were nearly unchanged at 833,000 barrels per day.
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Online RTI facility now extended to MHA, Agri Ministry
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In a step towards enhancing transparency, the Centre has extended facility of e-filing of RTI applications to ministries of Home Affairs.
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Now, robot accept objects from people naturally
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The robot can receive an object handed to it by a person in a natural way, researchers say.
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Can Tumblr make money for Yahoo?
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Snapchat, the messaging app, which lets people add text or draw cartoons on top of photos and videos, is processing upward of 150 mn images each day.
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How can Tumblr, with no profits, be worth $1.1 bn?
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Inside Yahoo, officials dismiss the comparison to GeoCities. Instead, they compare the Tumblr deal to Google’s purchase of YouTube.
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Microsoft readies new Xbox as entertainment hub
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Microsoft offers a glimpse Tuesday at a new-generation Xbox as videogame consoles evolve into home entertainment centers.
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Ex-executives may face off to buy MphasiS
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The past and the present leadership of MphasiS may face off in a takeover bid for the IT services company with revenues of over $1 billion.
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Yahoo's rise in Asia offsets risk from Tumblr bet
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Marissa Mayer's $1.1 billion acquisition of blogging service Tumblr will be a test of her ability to revive the aging Web portal.
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FM must rethink
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TT Ram Mohan has rightly suggested that the tax-GDP ratio measures structural improvement. The FM must rethink his medium-term debtto-GDP target.
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Amalgamate banks
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Financial inclusion and financial literacy will be the paramount objective while implementing reforms along with UID project to protect the interests of poor.
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Managing data
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This refers to your edit ‘A welcome quest’ (ET, Oct 8). It is imperative to have a strong database.
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Right technology
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Apropos of ‘The climate conundrum’ (ET, Oct 9), Mukul Sanwal rightly suggests that developing countries should lead in setting the agenda for global technological cooperation.
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After the Oscars, what's next for silent stars of The Artist?
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The team behind The Artist will have spent the first day of the rest of their lives conforming to the grandest, and most lucrative, of Hollywood traditions.
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Delhi World Book fair: A fair like no other
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It's the World Book fair, which comes around once every two years sprawling across the giant halls of Pragati Maidan. This is the fair's 20th edition.
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Indian gift makes its way to State Department exhibition
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An elephant figurine gifted by the then HM LK Advani to US Secretary of State Colin Powell in 2002, has made its way to the State Department hall.
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IMD to use dynamic models for forecasts
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Statistical models used by IMD will still be used for monsoon forecast, but the ministry of earth sciences is putting more emphasis on dynamic models.
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Docs reveal contents of first wire msg between India & Eng
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Newly discovered documents have revealed the first telegraph messages and joy when England was linked for the first time with India on 23 June, 1870.
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Worried Amitabh Bachchan fans pray to Lord Shiva for his recovery
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Hundreds of worried fans of ailing Bollywood megastar Amitabh Bachchan today performed a yagna here to pray for his speedy recovery.
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Hotel Leelaventure slumps over 4% post Q4 results
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Hotel Leelaventure's scrip fell by over 4 per cent today after the company reported a net loss of Rs 142.17 crore for the fourth quarter ended March 2013.
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Hot midcap stocks that can rally over 10-14 per cent
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Midcap stocks have shown signs of pick-up in momentum and are likely to be in focus if the rally continues.
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Rupee better suited to stand USD strength: HSBC
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HSBC has picked the rupee as one of two Asian currencies along with the yuan that can hold their own in a climate of sticky JPY (Japanese Yen) weakness.
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Gold declines as US stimulus outlook curbs demand
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Gold today declined as speculation the US Fed may taper its bond-buying plan curbed demand for the metal.
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Credit Suisse sees 30% upside in LIC Housing Finance
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The brokerage believes that the company will benefit from wholesale rates easing and overall interest rates likely going down.
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Wipro, Axis Bank and ITC in $10 bn m-cap club
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India's equity market houses 23 stocks which have a market cap equal to or more than $10 billion, Morgan Stanley said.
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Don’t see any reason for elections to be held in 2013: Bibek Debroy
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In an interview with ET Now, Bibek Debroy, Professor, Centre for Policy Research, shares his views on the possibility of elections to be held in 2013.
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Indian Patent Law will be emulated by many nations: S Chandrasekaran
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Section 3(d) is important because the government has a constitutional obligation to ensure that every citizen has access to healthcare.
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Hoping for a better FY14 vs FY13 for the auto industry: Dr Pawan Goenka, M&M
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For M&M during this year, we have not seen any pressure on discounts than what we will normally do in any given period of time, says Pawan Goenka.
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Relaxed norms will help EPF earn good returns even from debt investments: Anil Swarup
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Central Provident Fund Commissioner Anil Swarup explains how two recent decisions of the Central Board of Trustees of the EPFO could boost the Provident Fund returns significantly.
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India to gain from global appetite for risk assets: Jayesh Gandhi, Morgan Stanley
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Foreign funds will flow towards EMs in search of higher yields & returns, says Jayesh Gandhi Executive Director & Lead Portfolio Manager Morgan Stanley.
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2014 could be a positive year for telecom sector: R Chandrashekhar, Telecom Secretary
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There are very good times ahead where there are huge business opportunities and scope for viable investments, says R Chandrashekhar.
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Alfa raises delisting price to Rs 2,850 a share
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Alfa Laval (India) today said its parent firm has raised the delisting offer price to Rs 2,850 a share.
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DB Realty, Unitech stocks rose
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The stocks of DB Realty and Unitech rose after top executives of these companies were granted bail in the 2G scam case.
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Fitch withdraws Reliance Capital ratings
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Fitch on Friday said it has withdrawn the ratings on Reliance Capital as the company has decided to stop participating.
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'Discoms' poor fin health poses risks for traders'
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The poor financial health of state electricity boards could pose significant business risks for power traders in the country, says Fitch.
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Cigarette cos shares outperform benchmark Sensex
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Shares of cigarette companies have rallied over the past one month, with ITC, Godfrey Philips and VST Industries hitting record highs.
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Lovable Lingerie's dream run on as traders lap it up
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Lovable Lingerie is 3rd-best performing stock among companies listed this year, with it doubling in value, as traders bet it could repeat performance of Page Indus.
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Traders bet on calendar spread as Nifty moves in a tight range
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A trading combination involving Nifty options is gaining prominence among savvy trading desks of institutional investors.
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Nifty may find support at 5300 level
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As far as stock futures are concerned, we are very near to the highest-ever open interest with 195 crore shares in open interest.
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Seven out of top 10 Asian small-cap funds are Indian
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An analysis of 300 Asian small-cap schemes shows DSP BlackRock Micro Cap Fund leading the charge, delivering an 82% return over the past year.
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Inflation reflects growth dynamics in India: Christopher Wood
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India has inflation and it reflects the fundamental growth, Christopher Wood, equity strategist, CLSA, said at ET Now Mkt Summit-2010.
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Market may trade in a range, but FIIs seen sold on India
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Market may see range-bound trading this week in the absence of any major trigger.
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'Don't bank only on price-to-earning ratio'
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Many experts believe that looking at PE ratio in isolation won’t help investors grasp realities of the mkt and higher valuation may not be the only deciding factor driving mkt.
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