Videocon Industries is reportedly set to enter financial services sector by forming a non-life insurance joint venture with Boston-based Liberty Mutual Group. Videocon will hold 74% stake in the venture.
Net profit of Punj Lloyd declined 97.02% to Rs 1.25 crore on 44.25% decline in net sales to Rs 1032.29 crore in the quarter ended September 2010 over the quarter ended September 2009.
The rupee edged higher on Tuesday as the dollar's losses versus major units offset demand related to Coal India's over-subscription refund.
D Subbarao governor of the Reserve Bank of India on Tuesday announced a hike of 25 basis points in the repo and reverse repo rates, respectively, in the mid-year review of its credit policy. The cash reserve ratio (CRR), as expected, has been left untouched at 6%.
The RBI had cautioned on Monday that inflation was still above its comfort level, adding to expectations that it will raise interest rates for the sixth time this year at the review.
The yen fell against its higher- yielding counterparts after Australia's central bank unexpectedly raised interest rates and a report showed wages in New Zealand increased.
Oil rose for a second day to trade near a two-week high before a government report forecast to show that U.S. supplies of diesel and heating oil are at their lowest level since July.
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