Profit Top 10: Reserve Bank cuts cash reserve ratio by 0.75%; MCX listing a big hit
India is a developing country but a huge economic divide poses a major challenge to its growth. The gap between the have's and the have's not is widening continously but solution to the problem can't be seen in the near future.
If you missed our coverage, here are our top ten stories of the day.
1) RBI cuts Cash Reserve Ratio by 0.75%; industry wants Repo Rate cut
RBI has cut its Cash Reserve Ratio (CRR) by 0.75 per cent to 4.75 per cent. This will inject around Rs 48,000 crore into the banking system. (Read More)
However, the industry now wants a cut in repo rate, or the rate at which banks borrow from RBI, and which determines their lending rates. (Read More)
2) Sensex rises 357 points; MCX gains 26% on debut; L&T rises on succession plan
India's benchmark indices made a strong comeback Friday to snap a three day losing streak. The BSE Sensex surged 357.72 points or 2.1 per cent to close at 17,503 today on the back of positive global cues. The Nifty ended 113 points higher at 5,333. (Read More)
The Multi Commodity Exchange (MCX) saw a blockbuster listing with a premium of 34 per cent over its issue price of Rs 1,032. The stock rose 38 per cent to an intraday high of Rs 1,426 before profit booking set in. (Read More)
3) Trade deficit widens in February; India revises its full-year estimates as exports struggle
Indian imports continued to outpace exports in February as demand remained weak in major markets like the United States and Europe. The trade deficit widened to $15.2 billion during the month, from $14.8 billion in January. (Read More)
This nudged the government to revise the full-year trade deficit projections upwards. On Friday, Trade Secretary Rahul Khullar pegged trade deficit projection for the fiscal year ending on March 31 at $175 billion to $180 billion from an earlier estimate of $160 billion. (Read More)
4) Panel report on direct tax code bill submitted ahead of Budget
The Standing Committee on Finance, headed by Yashwant Sinha, has submitted its report on the Direct Tax Code or DTC Bill to Parliament on Friday. The report recommends, among other things, an increase in the personal income tax limit to Rs 3 lakh from the current Rs 1.8 lakh. (Read More)
5) L&T announces succession plan, splits role of Chairman and CEO-Managing Director
Larsen & Toubro, the engineering giant, has decided to take away executive powers from the chairman of the company. A M Naik, the chairman, announced on Friday that the company will appoint K Venkataramanan as the CEO and MD, a L&T veteran who has been with the company since 1969. (Read More)
L&T shares rose sharply after the company appointed K Venkataraman as its CEO and MD and said that A M Naik would remain Chairman for the next five years. (Read More)
6) After Kingfisher's morning reassurance, IATA suspends the debt-ridden airline from two more platforms
Embattled Kingfisher Airlines was on Friday suspended for non-payment of dues from two more IATA platforms that would affect its passenger and cargo bookings through agents. (Read More)
The cash-strapped carrier had said earlier on Friday that it has made alternative arrangements for customers to book their travel on the carrier in the wake of global airlines' body IATA suspending it from its ICH platform for non-clearance of dues. (Read More)
7) Adani Ports denies money laundering report; shares slide 7%
Adani Ports and Special Economic Zone Ltd on Friday denied a media report that said it was being investigated for possible money laundering. Shares in Adani Port fell after a report, citing three unnamed people familiar with the matter, said the ports unit had failed to win security clearances to expand because it was being probed by the Indian government for possible money laundering. (Read More)
8) Mahindra cuts tractor production at three factories
Leading Indian tractor maker Mahindra and Mahindra Farm Equipment Sector has cut production at its tractor plants in Rudrapur, Nagpur and Jaipur following declining demand. (Read More)
9) Citi CEO Vikram Pandit pay soars to $ 14.9m in 2011
Citigroup Chief Executive Vikram Pandit finally got his payday. The third biggest US bank company paid Pandit $14.86 million in 2011, compared with a salary of $1 and no bonus in 2010, according to a filing with the Securities and Exchange Committee. (Read More)
10) Greek bond swap success lifts rescue hopes
Greece successfully closed a bond swap offer aimed at reducing its colossal debt pile and averting a chaotic default that would pitch the euro zone into a fresh crisis. Officials said take-up had clearly surpassed the minimum threshold required for the deal to go through, despite early fears that it could fall apart and derail a broader rescue package that Athens desperately needs to stave off bankruptcy. (Read More)