A consumer court’s order to stop banks from charging more than 30% on credit card dues was overruled by the Supreme Court. The latter said that Banks can raise the interest rates till 49%. The decision was taken by a three-membered bench that had Justice BN Agrawal as the head, after pleas from various Banks [...]
The sluggish Global economic conditions, together with the stretching in the time for transfer of land from the Government are having adverse effects on RIL’s ambitions. The plans of building up the country’s biggest port at Rewas seem to be suffering the slow pace of Maharashtra Government. The Maharashtra Government is to discuss the issue [...]
In a move which many believe as an attempt to spare his legacy of the ignominy of having the largest two automobile giants going bankrupt, US President George W Bush has offered a rescue package exceeding over 17 billion dollars. While this news has lead to surge in stock prices of GM, Ford which has [...]
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Bombay Stock Exchange benchmark index, which was showing up some momentum in the past few days, fails to hold the 10000 level and fell in the afternoon trade. Other global markets are also traded lower despite of a $17.4 billion loan offered by US to the troubled automakers. Auto and stocks of oil and gas [...]
ICICI bank, the private lender went for both an increase and decrease in deposit rates on few maturities up to 0.25 percentage points. Similarly, IDBI which is the state owned banking institution brought its deposit rates down by 50-100 basis points. The deposit rates on fixed deposits for 91 to 180 days have been put [...]
The government has asked drug manufacturing companies to adopt a uniform code of conduct for marketing of medicines. An official from the department of pharmaceutical informed that such organizations are involved in pampering of doctors to make them prescribe their drugs. He also said that the companies have been asked to bring down their marketing [...]
As informed by IOC (Indian Oil Corporation) Director Refineries, BN Bankapur on Wednesday, the company might decide to buy about 1.5 million tonnes of crude oil from Cairn India, on daily basis. This will be from Cairn’s Rajasthan fields. The Koyali Refinery of IOC, based in Gujarat can have up to 0.5-0.6 million tonnes and [...]
Government is weighing the option of presenting a stimulus package for the housing industry. This will be in the form of lower input costs and low cost of money. Kumari selja, the minister of State for Housing and Urban Poverty Alleviation informed that the cost of money will be lesser than what has been declared [...]
Oil rates moved beyond $41 per barrel after OPEC (Organization of Petroleum Exporting Countries) hinted at a further decrease in fuel cuts. This is OPEC’s attempt to give fuel prices a thrust. OPEC’s President informed that addition to the pre-planned cut of ’4.2 million barrels a day’ can result after the meeting of officials on [...]
The amount that was gathered via the IPO (Initial Public Offering) in India in 2008 saw its three-year low. The absolute value stood at $4509 million, as per a report. This is 18.34% decline when compared to what was in 2005. Both the volume and value witnessed a drop, as the number of transactions too [...]