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Important News

One killed, 25 injured in Varanasi blast | Now land scam surfaces in Tamil Nadu | 2G scam: CBI raids residences of A Raja, his aides | Varanasi blast: MHA issues nationwide alert | Indian Mujahideen attributes blast to Babri, Modi & Kashmir | EU agrees to back Russia's WTO entry | Taxi Driver Claims British Husband Paid Him to Kill Wife on Honeymoon | British Judge Denies WikiLeaks Founder Assange Bail | US, allies urge China to rein in N Korea | Yusuf's blazing ton flattens New Zealand | Dhoni, Tendulkar and co leaves for South Africa | Swann bowls England to innings victory | ICC record statements of Waqar, Afridi, Najam in fixing case | Pak players stopped from flying to Malaysia

Business

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ErodeLive » Business

Wipro Chairman pledges $ 2 bn to education trust

Wipro Chairman Azim Premji will transfer company shares worth Rs 8,846 crore to his endowment trust later this month, with a view to fund philanthropic activities taken up by the body.

Once the share transfer is complete, the promoters' stake in Wipro would come down to 72 per cent from 79.36 per cent at present, according to a company official.

"Azim Premji will transfer 213 million equity shares (valued at approximately at Rs 8,846 crore at the current market price) of Wipro, held by certain entities controlled by him, to an irrevocable trust," Wipro said in a statement today.

Crude oil imports decline 23%

India's crude oil import fell by over 23 percent in October even though domestic fuel sales snapped a two-month declining trend to rise by one percent.

The nation's 19 public and private sector refineries imported 10.1 million tons of crude oil in October as compared to 13.23 million tons crude imported in the same month a year ago, according to the latest data from the Oil Ministry.

Domestic oil product sales were up by 1 percent at 11.647 million tons as opposed to 11.538 million tons in October 2009.

Food inflation falls to 4-month low at 8.6%

Food inflation fell to four months' low at 8.60 percent for the week ended November 20, as prices of vegetables, wheat and pulses declined on increased output and arrival of kharif crop in the market.

Food inflation in the previous week was 10.15 percent.

This is the seventh consecutive week of decline in the food inflation as availability of food commodities improved after the end of the monsoon season.

Sensex rises on growth outlook; ONGC gains

The BSE Sensex climbed 0.7 percent on Thursday as investors were upbeat about corporate earnings in a fast-expanding economy, while firmer Asian peers also boosted sentiment.

Explorer Oil and Natural Gas Corp rallied as much as 5.1 percent after the Indian cabinet approved the state-run firm's proposal for a stock split and a one-for-one bonus issue.

Financials rose after the cabinet decided to pump an additional 60 billion rupees (USD 1.3 billion) into state-run banks to improve their capital adequacy and to lift the government's stake in them.

Gold touches new high at Rs 21,000 per gm

Gold price surges to all-time high of Rs 21,000 per ten grams; silver rate sets a new record of Rs 43,950 per kg in the Delhi bullion market.

Earlier, India's gold benchmark futures on Wednesday struck a record high of Rs 20,625 per 10 grams, tracking firm global markets.

Analysts expect the rally to continue and breach Rs 21,000 in coming sessions.

Money

Markets

Dewan Housing Finance soars by 15 pc on Deutsche's unit buy

Dewan Housing Finance Ltd (DHFL) today witnessed a handsome jump of over 15 per cent in the early trade on the BSE, a day after the company agreed to acquire Deutsche Postbank Home Finance for Rs 1,079 crore.

The announcement boosted the share of Mumbai-based housing finance firm by 15.4 per cent to an early high of Rs 321 on the Bombay Stock Exchange.

In a similar fashion, the scrip soared to Rs 321.05 in the morning trade, reflecting a gain of 15.27 per cent on the National Stock Exchange.

Dewan Housing Finance soars by 15 pc on Deutsche's unit buy

The announcement boosted the share of Mumbai-based housing finance firm by 15.4 per cent to an early high of Rs 321 on the Bombay Stock Exchange.

In a similar fashion, the scrip soared to Rs 321.05 in the morning trade, reflecting a gain of 15.27 per cent on the National Stock Exchange.

Dewan Housing Finance soars by 15 pc on Deutsche's unit buy

The announcement boosted the share of Mumbai-based housing finance firm by 15.4 per cent to an early high of Rs 321 on the Bombay Stock Exchange.

In a similar fashion, the scrip soared to Rs 321.05 in the morning trade, reflecting a gain of 15.27 per cent on the National Stock Exchange.

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