Student loans rate rise halted by Congress bill

In a rare outbreak of bipartisan voting, the US Congress has passed a measure preventing student loan interest rates from doubling. With a deadline looming, lawmakers passed the measure as part of a larger transportation bill. The legislative amity comes amid an election year that has been riven by rancour between party lines. Four months from elections, no party wanted blame for students facing higher loan repayments, correspondents say. White House spokesman Jay Carney said President Barack Obama looked forward to signing the bill. Interest rates on federally backed student loans for about seven million people were set to double on 1 July from 3.4% to 6.8%. It would have added $1,000 (£637) to the average cost of a loan. The Democratic-led Senate passed the measure by a 74-19 vote, just minutes after the Republican-run House approved it 373-52. The bill also extended funding for highway projects, which had been due to expire on 30 June. The measure cost $105bn (£67bn), funded partially through extending existing fees and taxes on petrol. Sponsors of the bill said it had created or saved 2.8 million jobs. Republicans dropped demands that the bill require approval of the Keystone XL oil pipeline as well as a block on federal regulation of toxic waste by coal-fired power plants. Among Democratic concessions on the bill were some environmental protections and biking, safety and pedestrian programmes.
Soucre :BBC

India PM Singh: Revive economy's animal spirit

Indian PM Manmohan Singh has urged his officials to come up with measures to revive the economy's "animal spirit".
His remarks came days after he took over the finance portfolio from Pranab Mukherjee who resigned in order to run for president.
Mr Mukherjee left at a time when the economy has been in serious decline.
Reforms have stalled, investments have been deferred and the rupee has seen one of the biggest declines among Asian currencies.
India's economy expanded at an annual rate of 5.3% in the first quarter, the slowest pace of growth for nine years.
Mr Singh told finance minister officials at a meeting on Wednesday to "get the economy going again and restart the India growth story".
"The growth rate has taken a dip; the industrial performance is not satisfactory; things are not rosy on the investment front; inflation continues to be a problem," he said in remarks released by his office.
"On the external front, I am concerned about the way the exchange rate is going. Investor sentiment is down and capital flows are drying up."
Mr Singh said there were "problems on the tax front" and the insurance sector was slowing down "which is not normal in a country with large unmet insurance needs".
"In the short run we need to revive investor sentiment, both domestic and international," he added.
Earlier this week India announced a number of measures to prop up the rupee, which has been falling against the US dollar.
Source : BBC

Global shares rise on eurozone bank bailout deal

European and US stock markets surged on Friday after eurozone leaders agreed a bailout deal for the region's debt-laden banks.
In Greece, the Athex index of leading shares rose 5.63%, led by its banking stocks.
In France the Cac 40 index rose 4.75%, while the German Dax index rose 4.33%.
In London, the FTSE 100 ended the day 1.42% higher, while the US's Dow Jones rose 2.2%.
Spain and Italy, the two countries likely to benefit most from the EU banking agreement, also saw shares gain. Madrid's IBEX index rose 5.66% to its highest level for two years, while Milan's FTSE MIB added 6.59%.
Source :BBC

Merkel defends compromise deal on eurozone banks

Germany's Chancellor Angela Merkel says she is satisfied with a deal to help finance debt-laden eurozone countries.
"I think we found a good compromise," she said after all-night talks which saw her come under heavy pressure from Italy and Spain.
A new supervisory body will enable the European Central Bank (ECB) to "keep a very close eye on the banks", she said.
Spain is awaiting a 100bn-euro (£80bn; $125bn) recapitalisation of its troubled banks by the eurozone.
Mrs Merkel said the deal on lending would provide sufficient safeguards for the taxpayers' money used by the EU bailout funds.
The German Bundestag, the lower house of parliament, later approved the deal by a huge margin, with 491 votes for and 111 against. The upper house is expected to follow suit.
The EU's existing bailout fund - the European Financial Stability Facility - will provide aid under the current rules until the new permanent fund, the European Stability Mechanism (ESM), is ready to take over. The ESM is due to be launched next month.
The funds will not only be able to lend directly to banks. They will also be used to buy bonds of countries like Italy and Spain whose borrowing costs have soared - with the intention that those countries will not have to apply for a formal Greek-style bailout.
Eurozone leaders agreed to begin implementing the decisions by 9 July. However, it could take until the end of the year before the new money becomes available.
Germany, the biggest economic power in the eurozone, is reluctant to continue bailing out debt-laden countries. Its position is supported by the Netherlands, Austria and Finland.

Source :BBC

Crompton plans to axe a third of Belgium workforce

Crompton Greaves (CG) today said it is planning to cut 260 jobs at its Belgium operations out of total 730 and has initiated consultation process with the Belgian Works Council for the proposed reduction.
In a BSE filing, the company said the transformer market in Western Europe is facing both, over capacity and price pressure and in this scenario, the downsizing is required to remain competitive and sustainable.
"... it is proposed that CG's Belgium operations be optimised for cost advantages, through administrative cost reduction measures and a right-sizing of its blue collar and white collar workforce.
"Approximately 260 employees are contemplated to be covered under the right-sizing exercise, out of a total of approximately 730 employees," the company said in the filing.
It further said that to carry the exercise, the company has commenced an information and consultation process with the Belgian Works Council as required by the Belgium Labour Regulations.
source : PTI

Gazprom targets Asian liquefied gas market

Russian energy giant Gazprom plans to become a dominant presence on the liquefied natural gas market by targeting booming demand in Asia, chief executive Alexei Miller told an annual meeting on Friday.

Mixed trend prevails at wholesale foodgrains market

Prices of thoor dal, urad dal and gram dal went up, moong dal moved down and all other commodities traded at their previous week''s close in the wholesale foodgrains market during the week ended today.

German Parliament approves fiscal discipline pact

The German Parliament''s lower house has voted to approve the new European budget-discipline pact, a cherished project of Chancellor Angela Merkel.

Stock Pivot : 27 June 2012

SrNo	R3	R2	R1	SYMBOL	S1	S2	S3
1	1248	1238	1229	ACC	1210	1200	1191
2	1033.6	1025.3	1013.3	AXISBANK	993	984.7	972.7
3	1593	1580	1568	BAJAJ-AUTO	1543	1530	1518
4	770.65	762.65	755	BPCL	739.35	731.35	723.7
5	40.05	40.6	39.45	DCB	38.85	39.4	38.25
6	97.4	96.95	95.45	DENABANK	93.5	93.05	91.55
7	53.85	53.45	52.4	DHANBANK	50.95	50.55	49.5
8	195	193.85	191.15	DLF	187.3	186.15	183.45
9	1628.5	1618.75	1609.75	DRREDDY	1591	1581.25	1572.25
10	2640.2	2593.1	2564.1	GRASIM	2488	2440.9	2411.9
11	650.65	648.45	645.2	HDFC	639.75	637.55	634.3
12	559.4	553.7	547.7	HDFCBANK	536	530.3	524.3
13	2120	2090	2070	HEROMOTOCO	2020	1990	1970
14	353.3	346.65	341.65	HINDPETRO	330	323.35	318.35
15	466.5	462.6	455.9	HINDUNILVR	445.3	441.4	434.7
16	862	856.35	849.65	ICICIBANK	837.3	831.65	824.95
17	2486.8	2473.35	2456.45	INFY	2426.1	2412.65	2395.75
18	264.9	263.4	260.5	IOC	256.1	254.6	251.7
19	251.25	250.55	247.7	ITC	244.15	243.45	240.6
20	53.25	52.85	51.4	IVRCLINFRA	49.55	49.15	47.7
21	1393.3	1380.75	1363.55	LT	1333.8	1321.25	1304.05
22	708.6	702.8	697.8	M&M	687	681.2	676.2
23	1136.85	1128.9	1120.95	MARUTI	1105.05	1097.1	1089.15
24	288.7	284.35	280.35	ONGC	272	267.65	263.65
25	802	793	787	PNB	772	763	757
26	501.45	495.45	490	RANBAXY	478.55	472.55	467.1
27	738.6	732.05	727.55	RELIANCE	716.5	709.95	705.45
28	2165.6	2148.7	2129.9	SBIN	2094.2	2077.3	2058.5
29	733.9	723.95	715.95	SIEMENS	698	688.05	680.05
30	632.95	625.95	620	SUNPHARMA	607.05	600.05	594.1
31	252.6	250.7	247.9	TATAMOTORS	243.2	241.3	238.5
32	419.5	416	412.5	TATASTEEL	405.5	402	398.5
33	1260.9	1248.95	1240.95	TCS	1221	1209.05	1201.05
34	227	224.65	221.35	TITAN	215.7	213.35	210.05
35	103.9	103.05	101.85	VOLTAS	99.8	98.95	97.75
36	349.9	346.9	344	YESBANK	338.1	335.1	332.2

US house prices rose in April, Case Shiller index finds

US house prices rose in almost all major cities in April, a closely-watched survey has indicated. The Case Shiller housing index, which is compiled by Standard & Poor's, showed prices rose 0.7% in April from March, on a seasonally-adjusted basis. Nineteen of the 20 cities tracked by the survey showed price rises, marking the third consecutive monthly gain. The survey follows a separate report on Monday that showed new home sales hit a two-year high in May.

Japan's lower house passes sales tax bill

Japan's lower house of parliament has approved Prime Minister Yoshihiko Noda's controversial plan to double sales tax, but the vote laid bare a deep rift in the ruling party. Japanese broadcaster NHK reported that 57 ruling party lawmakers failed to back the bill. These included party founder Ichiro Ozawa, who has indicated he could form a new political party. If others were to follow him, Mr Noda could be forced to call an election. Mr Noda says doubling the tax from 5% to 10% by 2015 is key to cutting Japan's high public debt and funding rising welfare costs. The two main opposition parties supported the bill. It must pass in the upper house to become law but is expected to do so because of the deal with the opposition.

EU unveils its vision for the future of monetary union

European authorities have unveiled their vision for the future, which gives them much greater powers. It includes the creation of a European treasury, which would have powers over national budgets. European Commission President Jose Manuel Barroso said it was "a defining moment for European integration". The 10-year plan is designed to strengthen the eurozone and prevent future crises, but critics say it will not address current debt problems. This week, some markets fell sharply on fears that leaders at the EU summit on Thursday and Friday would fail to agree immediate measures to try to stem the current crisis, which has now engulfed five eurozone members. Spain is negotiating the terms of loans worth up to 100bn euros for its banks, and the new Greek government wants to ease the terms of its huge bailout. The governor of the Bank of England, Sir Mervyn King, expressed concern about the recent response of European authorities. "I am pessimistic. I am particularly concerned because over two years now we have seen the situation in the euro area get worse and the problem being pushed down the road," he said, while appearing at a parliamentary hearing.

Qatar seeks $5bn investment in China's capital market

Qatar has said it is applying for a licence under China's Qualified Foreign Institutional Investor (QFII) programme to invest in its capital market. It is seeking an investment quota of $5bn (£3.2bn), five times the current cap of $1bn, according to the Xinhua news agency. This comes just days after China said it was looking to ease the entry rules for foreign investors. Qatar said it will invest the funds mostly in China's equity market. China's securities regulator, the China Securities Regulatory Commission (CSRC), said it will help complete the application process as soon as possible and also assist the Qatari authorities in applying for the investment quota.

India plans infrastructure push to boost economy

India's government has pledged to move ahead with major infrastructure projects to give a boost to the country's slowing economy. India plans to build new highways, airports and ports, among other things during the ongoing fiscal year. The economy grew at the slowest rate since 2003 in the first three months of 2012, because of a widening trade gap and poor investment. India is the third-largest economy in Asia. But it has been struggling with inflation and currency weakness. Domestic demand, which India's economy is largely reliant on, has also slowed in part due to the political upheaval in the country. During a meeting with his ministers on Wednesday, Prime Minister Manmohan Singh said after years of high growth India is "now running into more turbulent weather". "In these difficult times, we must do everything possible to revive investment and business sentiment, both public and private," he said. Mr Singh unveiled a series of projects to kickstart investment. Among them are: Contracts to build 9,500km of roads Three new airports at Navi Mumbai, Goa and Kannur. At least "three or four" of five airports - Lucknow, Varanasi, Coimbatore, Trichy and Gaya - are to be upgraded to international standard Two new aviation hubs to make India a major transit point Two new ports in Andhra Pradesh and West Bengal Mr Singh said building infrastructure needed about $1tr in the next five years, and the government alone would be unable to invest the amount. "Therefore, importance is being given to public-private partnership. Achieving targets in key infrastructure sectors is key to success and will inspire confidence about the overall economic growth rate," he said.

India unveils steps to boost rupee

India has announced a number of measures to prop up the rupee, which has been falling against the US dollar. The limit on foreign investment in government bonds has been increased, among other steps. The Indian currency, which has fallen almost 25% in the past year, dropped to 56.80 to the US dollar after the announcement. Analysts say the fall was down to disappointment over the lack of major reforms to boost growth. India's central bank also announced measures such as allowing sovereign wealth funds, endowment funds, pension funds and foreign central banks to invest in government bonds to boost the rupee. The prime minister's top economic advisor C Rangarajan said Monday's measures will have limited impact on the currency in the short term. "I think the correction will happen over time, because it will happen only when the capital flows come in. The avenues have been opened," he told a news channel.

Stock Tips : 26 June 2012

SrNo	R3	R2	R1	SYMBOL	S1	S2	S3
1	1254.85	1243.85	1226	ACC	1197.15	1186.15	1168.3
2	1054.95	1044.6	1027.35	AXISBANK	999.75	989.4	972.15
3	1579.65	1569.75	1557.9	BAJAJ-AUTO	1536.15	1526.25	1514.4
4	787.3	777.9	762.4	BPCL	737.5	728.1	712.6
5	43	42.65	41.35	DCB	39.7	39.35	38.05
6	101.1	99.9	97.2	DENABANK	93.3	92.1	89.4
7	55	54.5	53.5	DHANBANK	52	51.5	50.5
8	201.5	199.5	194	DLF	186.5	184.5	179
9	1616.9	1605.9	1597	DRREDDY	1577.1	1566.1	1557.2
10	2598.3	2569.15	2519.15	GRASIM	2440	2410.85	2360.85
11	651.15	649	646.15	HDFC	641.15	639	636.15
12	558.5	553.5	545	HDFCBANK	531.5	526.5	518
13	2172.15	2140.45	2084.7	HEROMOTOCO	1997.25	1965.55	1909.8
14	342.8	340.3	333.5	HINDPETRO	324.2	321.7	314.9
15	467.4	465.6	462.8	HINDUNILVR	458.2	456.4	453.6
16	890.7	880.7	863	ICICIBANK	835.3	825.3	807.6
17	2513.5	2500.75	2483.75	INFY	2454	2441.25	2424.25
18	269.85	267.55	263.3	IOC	256.75	254.45	250.2
19	257.7	255.8	252.9	ITC	248.1	246.2	243.3
20	54.3	53.9	52.4	IVRCLINFRA	50.5	50.1	48.6
21	1406.75	1394.75	1375	LT	1343.25	1331.25	1311.5
22	723.1	715.3	701.8	M&M	680.5	672.7	659.2
23	1156.7	1145.3	1129.4	MARUTI	1102.1	1090.7	1074.8
24	289.4	285.7	277.7	ONGC	266	262.3	254.3
25	818.1	807.1	790	PNB	761.9	750.9	733.8
26	502.4	498.4	490	RANBAXY	477.6	473.6	465.2
27	732.95	727.95	722	RELIANCE	711.05	706.05	700.1
28	2272.8	2236.4	2174.4	SBIN	2076	2039.6	1977.6
29	748.9	736.9	718	SIEMENS	687.1	675.1	656.2
30	623.5	620.5	614	SUNPHARMA	604.5	601.5	595
31	255.9	253.9	249	TATAMOTORS	242.1	240.1	235.2
32	433.6	429.15	420.45	TATASTEEL	407.3	402.85	394.15
33	1260.5	1249.5	1233	TCS	1205.5	1194.5	1178
34	228.45	226.95	223.5	TITAN	218.55	217.05	213.6
35	106.8	105.8	102	VOLTAS	97.2	96.2	92.4
36	359.6	354.7	346.9	YESBANK	334.2	329.3	321.5

Tax relief on ECB borrowings on anvil

As a key measure to promote foreign inflows, the government today said it will soon reduce tax on interest payments on overseas borrowings to 5 per cent from the present 20 per cent.

Kailash Chandra Purohit takes over as NPCIL CMD

Kailash Chandra Purohit, who played a key role in the setting up all of India''s new atomic power plants, today assumed charge as Chairman and Managing Director (CMD) of Nuclear Power Corporation of India Limited.

Indonesia exploring opportunities with India

The Indonesian Ambassador to India on Monday said his country is exploring more opportunities for potential tie ups with stakeholders in infrastructure development, IT and education among other sectors in India.

With this view, Indonesian Ambassador Lt Gen (retd) Andi M Ghalib began his two-day visit to the desert state with the meeting with state governor Margaret Alvi on Monday.

10 EU nations for market transaction tax

The finance ministers of the 27-nation EU, who met in Luxembourg on Friday, came to the conclusion that an agreement to impose the tax across the bloc will not be possible in the foreseeable future, German Finance Minister Wolfgang Schaeuble told the media after the meeting.

Gold recovers Rs 50, silver loses Rs 925 in bullion

After falling for 3 days in a row, gold recovered by Rs 50 to Rs 30,450 per 10 gm in bullion market here , while silver fell for the fourth day by losing Rs 925 to Rs 52,975 per kg.

Virgin to deploy redesigned Airbus A330 on Delhi-London route

Buoyed by 15 pc growth in its business class passengers on New Delhi-London sector last year, British carrier Virgin Atlantic plans to deploy a redesigned Airbus A330.

Eurozone four leaders agree economic growth package

Leaders of the eurozone's four biggest nations have agreed in principle to measures to boost growth equal to 1% of the currency area's economic output.
Germany, France, Italy and Spain outlined plans to push for a 130bn-euros (£104bn; $163bn) package.
But analysts suggest that with little or no new money involved, the significance of the agreement between the four was more symbolic than actual.
There is also still no consensus on issues such as common eurobonds.
"We want there to be a significant European growth package," said Italian PM Mario Monti.
He appeared at the press conference alongside Spanish PM Mariano Rajoy, German Chancellor Angela Merkel and French President Francois Hollande.
The four met in Rome ahead of an EU summit on the euro crisis next week.
The growth package is expected to comprise several measures already in the works to boost spending on infrastructure and other investments, backed by European taxpayer money:

Spanish banks need up to 62bn euros

An independent audit of Spain's banks has found that they will need up to 62bn euros (£50bn) in extra funding. European authorities had already agreed to provide up to 100bn euros ahead of assessments of the banks' needs. Jean-Claude Juncker, the head of the eurogroup, said that Spain would make a formal request for financial assistance before next Monday. He was speaking at a eurozone finance ministers meeting in Luxembourg which will discuss the bailout. The head of the International Monetary Fund (IMF), Christine Lagarde, who was also at the meeting, said eurozone countries must tie their economies together much more closely, if they wanted to tackle the crisis. Ms Lagarde said: "The IMF believes that a determined and forceful move towards a complete European monetary union should be reaffirmed in order to restore faith in the system. Because as we see it at the moment, the viability of the European monetary system is questioned." She also said that the IMF, the European Union and the ECB - the so-called "troika" overseeing Greece's bailout - will send representatives to Greece on Monday to review the country's progress in reforming its budget.

Moody's downgrades 15 major banks

Credit ratings agency Moody's has downgraded 15 global banks and financial institutions. The UK banks downgraded were Royal Bank of Scotland, Barclays and HSBC. Lloyds also had its rating cut by Moody's in a separate announcement. In the US, Bank of America and Citigroup were among those marked down.

Chile's Lan and Brazil's Tam merge to create huge airline

Chile's Lan airline has completed a takeover of Brazil's Tam, creating the world's second biggest airline, to be known as Latam. After two years of negotiations, Tam shareholders agreed to the takeover. The new company will have its headquarters in the Chilean capital, Santiago. Brazil and Chile have enjoyed years of economic growth, which has brought about a massive increase in air travel but also recently tougher competition. Tam, once Brazil's leading airline, has seen its profits drop as rivals began to offer cheaper tickets and better deals. Lan - a much bigger company flying to more than 20 countries - has the financial resources to make Latam Airlines Group a serious competitor in Brazil's huge internal market as well as overseas. Latam's chief executive, Enrique Cueto, told the Reuters news agency that the new carrier "will focus on Brazil and will introduce important changes in the local airline market". The combined revenues of Lan and Tam last year exceeded $13bn (£8.3bn). Their combined market value is second among the world's airlines to Air China. Analysts say both companies gain from the deal. The takeover is expected to save $700m in operating costs in the next four years.

GM recalls 475,000 cars over engine fire risk

General Motors will recall more than 475,000 Chevrolet Cruzes in the United States, Canada and Israel to fix a defect that could lead to engine fires, the automaker said today.

Gujarat delegation explores business ops in HK

A business delegation from Gujarat explored trade and investment possibilities with leading Hong Kong based companies in power, construction, and urban transport.

Govt to announce steps on Monday to improve economy: Pranab

FM Pranab Mukherjee said the government is set to announce certain measures to improve market conditions in consultations with the Reserve Bank.

Stock Tip : 22 June 2012

SrNo	R3	R2	R1	SYMBOL	S1	S2	S3
1	1410.5	1346.6	1307.9	ACC	1205.3	1141.4	1102.7
2	1032.4	1023.7	1011.7	AXISBANK	991	982.3	970.3
3	1551.7	1546.35	1539.35	BAJAJ-AUTO	1527	1521.65	1514.65
4	770.9	766.95	761.95	BPCL	753	749.05	744.05
5	47.1	45.85	42.25	DCB	37.4	36.15	32.55
6	98.75	98.05	96.7	DENABANK	94.65	93.95	92.6
7	54.9	54.5	53.4	DHANBANK	51.9	51.5	50.4
8	190.9	189.9	187	DLF	183.1	182.1	179.2
9	1674.3	1639.1	1615.2	DRREDDY	1556.1	1520.9	1497
10	2621.9	2572.95	2534.95	GRASIM	2448	2399.05	2361.05
11	649.85	647.85	644	HDFC	638.15	636.15	632.3
12	551.4	545.95	539.45	HDFCBANK	527.5	522.05	515.55
13	2109.7	2082.35	2058.35	HEROMOTOCO	2007	1979.65	1955.65
14	333.25	328.9	325.35	HINDPETRO	317.45	313.1	309.55
15	467.6	462.8	457.8	HINDUNILVR	448	443.2	438.2
16	851.8	845.6	839.2	ICICIBANK	826.6	820.4	814
17	2517.1	2501.05	2485.05	INFY	2453	2436.95	2420.95
18	260.65	258	255.65	IOC	250.65	248	245.65
19	251.95	250.8	247.15	ITC	242.35	241.2	237.55
20	51	50.2	48.8	IVRCLINFRA	46.6	45.8	44.4
21	1372.1	1362.05	1352.05	LT	1332	1321.95	1311.95
22	709.35	705.85	699.5	M&M	689.65	686.15	679.8
23	1106.55	1099.55	1087	MARUTI	1067.45	1060.45	1047.9
24	280.25	277.3	273.95	ONGC	267.65	264.7	261.35
25	770.3	766.4	758.9	PNB	747.5	743.6	736.1
26	497.85	494.4	490.45	RANBAXY	483.05	479.6	475.65
27	750.95	746.95	741	RELIANCE	731.05	727.05	721.1
28	2159.7	2143.3	2129.4	SBIN	2099.1	2082.7	2068.8
29	748.7	731.7	719	SIEMENS	689.3	672.3	659.6
30	614.95	610.95	607	SUNPHARMA	599.05	595.05	591.1
31	255.4	251.4	248	TATAMOTORS	240.6	236.6	233.2
32	437.2	433.3	428.9	TATASTEEL	420.6	416.7	412.3
33	1299.4	1286.7	1268.7	TCS	1238	1225.3	1207.3
34	227.45	225.45	222	TITAN	216.55	214.55	211.1
35	104.8	103.8	102	VOLTAS	99.2	98.2	96.4
36	347.5	341.15	336.35	YESBANK	325.2	318.85	314.05

UK retail sales rise 1.4% in May

UK retail sales volumes rose 1.4% in May from April, slightly ahead of analysts' forecasts. Sales had slumped 2.3% in April, thanks to the wet weather and consumers panic-buying petrol in March. The Office for National Statistics (ONS) said sales of clothes and shoes had boosted volumes in May. A monthly rise of 1.2% had been expected. Analysts said the ONS data tied in with sales figures reported by retailers in recent weeks. On a year-on-year basis, sales volumes were up 2.4% in May, the latest figures showed. Sales by value rose 1% on the month and 3.3% on the year.

Spanish banks need up to 62bn euros

An independent audit of Spain's banks has found that they will need up to 62bn euros (£50bn) in extra funding. European authorities had already agreed to provide up to 100bn euros ahead of assessments of the banks' needs. Earlier, Spanish finance minister Luis De Guindos said his country would officially ask for the aid for its stricken banks "in the coming days". He was speaking at a eurozone finance ministers meeting in Luxembourg which will discuss the bailout. That meeting was one of a number of developments on Thursday: Eurozone finance ministers are discussing ways to help Spain and Greece in the short term and possible measures to secure the eurozone long-term It will consider whether to ease Greece's austerity terms, on the day its new cabinet was announced Spain had to pay a record amount to borrow on the open markets, a sign of greater concerns about its finances And an economic survey showed that the debt crisis was continuing to depress economic activity, even in Germany

Govt flays Fitch rating action, banks fully capitalised

Hitting out at global rating agencies for lowering credit outlook of Indian banks, govt said these entities are fully capitalised and there is no cause of "worry."

Moody's reviews Tata Power rating for possible downgrade

Moody''s today said it was reviewing the corporate rating of Tata Power for possible downgrade, primarily due to bank debt related to the company''s Mundra ultra mega power project in Gujarat.

Rupee hits all-time low of 56.57; RBI intervenes

Rupee hit all-time low of 56.57 on sustained dollar demand from oil importers, before RBI intervened to help local currency to recover some ground.

CCI imposes about Rs 6,200 crore penalty on 11 cement companies for price cartelisation

Competition watchdog CCI imposes about Rs 6,200 crore penalty on 11 cement companies for price cartelisation
Denying any involvement on price cartel, Ultratech Cement and India Cements today said it will challenge the CCI order imposing hefty penalty before tribunal while others such as ACC and Ambuja Cements are mulling to make a similar move.

DEBEL develops life support system for fighter aircraft

Defence Bioengineering and Electromedical Laboratory (DEBEL) has almost completed the development of onboard oxygen generation system centric integrated life support system (ILSS) for India''s Light Combat Aircraft (Tejas).

Sensex gains 37 pts; healthcare, metal stocks shine

In choppy trade, the BSE Sensex today ended 37 points higher, led by metal, capital goods and healthcare stocks, with investors tracking firm global trends amid renewed hopes that Federal Reserve would come out with fresh steps to boost the US economy.

Reliance Life Insurance launches online life cover plan

Reliance Life Insurance today said it has launched an online plan - Reliance Life Insurance eTerm - with a maximum life cover of Rs 1 crore for policyholders in the age bracket of 18-60 years, which will simplify the process of buying an insurance cover.

Gold retreats from historic highs, silver also slips

Gold took a break from its record- breaking spree and slipped at the bullion market here today on fresh selling from stockists and investors at higher levels amid subdued global cues.

Stock Tips : 21 June 2012

SrNo	R3	R2	R1	SYMBOL	S1	S2	S3
1	1410.5	1346.6	1307.9	ACC	1205.3	1141.4	1102.7
2	1032.4	1023.7	1011.7	AXISBANK	991	982.3	970.3
3	1551.7	1546.35	1539.35	BAJAJ-AUTO	1527	1521.65	1514.65
4	770.9	766.95	761.95	BPCL	753	749.05	744.05
5	47.1	45.85	42.25	DCB	37.4	36.15	32.55
6	98.75	98.05	96.7	DENABANK	94.65	93.95	92.6
7	54.9	54.5	53.4	DHANBANK	51.9	51.5	50.4
8	190.9	189.9	187	DLF	183.1	182.1	179.2
9	1674.3	1639.1	1615.2	DRREDDY	1556.1	1520.9	1497
10	2621.9	2572.95	2534.95	GRASIM	2448	2399.05	2361.05
11	649.85	647.85	644	HDFC	638.15	636.15	632.3
12	551.4	545.95	539.45	HDFCBANK	527.5	522.05	515.55
13	2109.7	2082.35	2058.35	HEROMOTOCO	2007	1979.65	1955.65
14	333.25	328.9	325.35	HINDPETRO	317.45	313.1	309.55
15	467.6	462.8	457.8	HINDUNILVR	448	443.2	438.2
16	851.8	845.6	839.2	ICICIBANK	826.6	820.4	814
17	2517.1	2501.05	2485.05	INFY	2453	2436.95	2420.95
18	260.65	258	255.65	IOC	250.65	248	245.65
19	251.95	250.8	247.15	ITC	242.35	241.2	237.55
20	51	50.2	48.8	IVRCLINFRA	46.6	45.8	44.4
21	1372.1	1362.05	1352.05	LT	1332	1321.95	1311.95
22	709.35	705.85	699.5	M&M	689.65	686.15	679.8
23	1106.55	1099.55	1087	MARUTI	1067.45	1060.45	1047.9
24	280.25	277.3	273.95	ONGC	267.65	264.7	261.35
25	770.3	766.4	758.9	PNB	747.5	743.6	736.1
26	497.85	494.4	490.45	RANBAXY	483.05	479.6	475.65
27	750.95	746.95	741	RELIANCE	731.05	727.05	721.1
28	2159.7	2143.3	2129.4	SBIN	2099.1	2082.7	2068.8
29	748.7	731.7	719	SIEMENS	689.3	672.3	659.6
30	614.95	610.95	607	SUNPHARMA	599.05	595.05	591.1
31	255.4	251.4	248	TATAMOTORS	240.6	236.6	233.2
32	437.2	433.3	428.9	TATASTEEL	420.6	416.7	412.3
33	1299.4	1286.7	1268.7	TCS	1238	1225.3	1207.3
34	227.45	225.45	222	TITAN	216.55	214.55	211.1
35	104.8	103.8	102	VOLTAS	99.2	98.2	96.4
36	347.5	341.15	336.35	YESBANK	325.2	318.85	314.05

Eyes on RBI Governor as rate cut expectations rise

RBI Governor Duvvuri Subbarao is expected to go slow on his over two-year-old anti-inflationary posture and unveil a softer interest rate regime on Monday as more dark clouds gather over the economy, although inflation still remains above the Reserve Bank''s comfort zone.

FinMin asks LIC to attract you

The Finance Ministry has asked LIC to devise a strategy with a view to focus on young people so that the average age of policy holders can be brought down leading to improvement in bottom line.nger customers

RBI policy, Greek polls likely to keep stocks volatile

Stock markets are likely to see high volatility this ''action-packed'' week in view of RBI''s monetary policy review and the impact of Greek elections on global investor sentiment.

India rejects S&P's warning of downgrading its credit rating

India has rejected the Standard & Poor''s warning of downgrading its credit rating, saying country remains a robust & a growing economy.