Briefly Business: HDFC loses Rs 2,456 cr in market cap

HDFC loses Rs 2,456 cr in market cap

MUMBAi: Shares of HDFC Ltd settled with losses of 3.71 per cent, eroding Rs 2,456 crore from its market capitalisation. The decline was largely because of weightage reduction by MSCI, from 6.2 per cent to 3.2 per cent in the MSCI index, effective May 31.

Axis, Airtel join hands for mobile banking

New DelhI: Axis Bank on Wednesday tied up with Bharti Airtel to offer a no-frills account operated through mobile telephony.

Unitech Q4 net profit dips 98%

New DelhI: Unitech reported 97.79 per cent dip in consolidated net profit at Rs 2.26 crore for the quarter ended March 31, 2012 on lower sales.

Videocon Q1 net down 70% at R50.32 cr

MUMBAI: Videocon Industries on Wednesday reported 69.81 per cent dip in standalone net profit at Rs 50.32 crore for the quarter ended March 31, 2012.

RBI to offer $2 billion swap facility to SAARC

MUMBAI: The RBI said it will offer a currency swap arrangement of $2 billion entirely funded by India, to all SAARC member countries to strengthen regional financial and economic ties.

Net direct tax mop up rises 7-fold in April

NEW DELHI: The net direct tax collections rose to Rs 14,812 crore in April 2012, a seven fold increase compared to last fiscal.

Orissa, Posco agree to set up 8 mtpa steel plant

Bhubaneswar: Orissa government and Posco-India today agreed to set up an 8 mtpa greenfield steel plant near Paradip, downsizing the earlier plan of establishing a 12 mtpa facility. This was stated by the state's Chief Minister Naveen Patnaik and Posco-India CMD YW Yoon after a 90-minute discussion over the future of the proposed mega steel project which had been hanging in balance for last seven years.

"We will start the project work as soon as the state government hands over 2,700 acres of land for setting up of 8 mtpa steel plant," Yoon said. The company had so far been given only 500 acres of land for the purpose though the government claimed to have acquired about 2,000 acres, he said.

ALSO READ

After lull, highway projects see aggressive bid offers

PM: Govt initiating more measures to attract investments

Cautious RBI cuts repo by 25 bps, says little space for more easing

‘Govt mulling stronger laws to block Ponzi schemes’