Tata Consultancy Profit Rises 23%; Cost Cuts, Weaker Dollar Boost Earnings Tata Consultancy Services Ltd., India’s largest software exporter, beat analysts’ estimates as profit climbed 23 percent on pared costs and a weaker dollar that boosted the value of overseas earnings.
Sensex Index Rises, Completes Best Week Since May; ICICI, State Bank Jump Indian stocks rose, completing the benchmark index’s best week since May, as the government said it will sponsor new laws to overhaul the banking and pension fund industries and allow greater foreign investment in insurance.
Air India Nears State Bailout on Salary Delay, Cash Crunch, Minister Says Air India, the state-run carrier that has $1.5 billion in accumulated losses, is set to get its first government bailout after a slump in air travel left it unable to pay salaries and buy planes.
Tata Motors Delivers First Nano, World's Cheapest Car, to Mumbai Resident Tata Motors Ltd. delivered today the first Nano, the world’s cheapest car.
Ten-Year Bonds Drop as Government Debt Auctions Boost Supply, Cut Demand India’s 10-year bonds fell on speculation demand for existing securities will decline as government debt sales boost supply.
Reliance Industries Tells Supreme Court It Has No Unfettered Rights to Gas Reliance Industries Ltd. told India’s Supreme Court that selling natural gas to Reliance Natural Resources Ltd. would violate government policy and disrupt supplies of the fuel to power and fertilizer companies.
Rupee Completes Best Week Since May on Optimism Recovery Will Boost Demand India’s rupee had its best week in almost two months as increasing evidence of a global economic recovery stoked demand for emerging-market assets.
Adani Power May Raise $681 Million in First Share Sale, Chairman Says Indian billionaire Gautam Adani’s power company plans to raise as much as 33.2 billion rupees ($681 million) in the nation’s biggest initial public offering in 18 months as it taps the nation’s soaring demand for energy.
Oil Drops, Snapping Two Days of Gains, as Dollar Rises After Jakarta Bombs Crude oil rose more than $1 a barrel as construction of single-family dwellings jumped by the most since 2004, signaling the worst of the recession is over.
Indian Farmers Plant Soybean in Smaller Area as Monsoon Rains Falter Indian farmers, collectively the world’s fifth-biggest producer of soybean, sowed the oilseed in an area smaller than a year earlier as delayed rains slowed planting, the farm ministry said.
Bank of America Earnings Drop as More Money Is Set Aside for Credit Losses Bank of America Corp., the biggest U.S. lender, said second-quarter profit declined and the company set aside more money for losses as Chief Executive Officer Kenneth Lewis predicted the weak economy will persist into 2010.
Citigroup Posts $4.28 Billion Profit on Gain From Smith Barney Stake Sale Citigroup Inc. posted a $4.28 billion profit, less than analysts estimated, as surging loan losses cut into a gain from selling control of the Smith Barney brokerage unit.
Most Stocks in U.S. Drop as GE, Google Results Offset Housing-Market Data Most U.S. stocks fell, trimming the best weekly gain since March for the Standard & Poor’s 500 Index, as lower profit at General Electric Co. and slowing sales growth at Google Inc. offset a jump in housing starts.
Housing Starts in U.S. Unexpectedly Climb to Highest Level in Seven Months Housing starts in the U.S. unexpectedly rose in June as construction of single-family dwellings jumped by the most since 2004, signaling the market is stabilizing even as unemployment worsens.
GE Falls After Second-Quarter Sales Decline More Than Analysts Estimated General Electric Co. declined the most in seven weeks in New York trading after second-quarter sales dropped more than analysts predicted and the GE Capital finance arm pulled down earnings.
Pickens Said to Seek Investors for Energy Hedge Funds Following 79% Gain T. Boone Pickens, the billionaire energy investor hit by losses and client redemptions in 2008, is raising money after his hedge funds gained as much as 79 percent this year, according to two people familiar with the matter.
Dollar, Yen Head for Weekly Decline Against Euro on Housing Data, Earnings The dollar and the yen headed for the biggest weekly declines against the euro since May as U.S. housing starts rose and companies reported earnings that topped analysts’ estimates, boosting demand for higher-yielding assets.
source: Bloomberg
