Markets saw its biggest weekly fall of 2011, down by 6.2% (as on 12:30pm). Nifty fell by more than 200 Points today, trading at 5120, breaking major support in Intraday. Nifty also touched its 52-week low today. Heavyweights Reliance Industries, ITC, ICICI Bank, Bharti Airtel and SBI were…

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NEW YORK (AP) — A sell-off is erasing all of the year’s gains in the stock market. The Standard & Poor’s 500 lost 2.6 percent Tuesday as investors grew increasingly concerned about the economy. The benchmark index is now at its lowest point of the year. A report t…

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By Rachelle Younglai and Kim Dixon WASHINGTON (Reuters) – Congressional leaders scrambled for enough support from skeptical lawmakers on Monday to push through an 11th-hour deal to raise the U.S. borrowing limit and avert a potentially devastating debt default. Just one day before…

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Ending a three-day standoff with BJP central leadership, Karnataka Chief Minister BS Yeddyurappa today submitted his resignation to the Governor following his indictment in illegal mining scam by the Lokayukta, saying that he has been accused unfairly. Amid high-voltage drama, Yeddyurapp…

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The Supreme Court on Friday dealt a blow to illegal mining by ordering suspension of all mining activities in Karnataka’s Bellary district with immediate effect. The order will affect about 100 iron ore mining leases covering 10,686 hectares. It follows a ban on mining iron ore a few m…

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Shares of GTL Infrastructure rose as much as 12% in early trade after a report said telecom tower firm Viom Networks has made a Rs 7,500 crore ($1.69 billion) offer to buy it out. Shares opened up 5.45% and at 9.22 am, they were up 10.91% at Rs 15.25 per share in a weak Mumbai market. …

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The markets started the day in the negative tracking weak global cues but soon changed course due to the positive developments on the Lokpal front and the SEBI takeover codes which was cheered by the markets. At the start, the Nifty had slipped below 5,460 but clawed back to pass the 5,50…

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Mumbai: India’s central bank Tuesday sharply hiked key rates by 50 basis points in the 11th such exercise since January 2010 to tame stubborn inflation, setting the stage for auto, housing and commercial loans to become dearer once again. The repurchase rate, the interest the centr…

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What is a CRR rate? Cash reserve Ratio (CRR) is the amount of funds that the banks have to keep with RBI. If RBI decides to increase the percent of this, the available amount with the banks comes down. RBI is using this method (increase of CRR rate), to drain out the excessive money from…

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Higher gross refining margins helped Reliance Industries (RIL) offset lower oil and gas production and post its highest net profit in over three years. Meeting forecast, RIL reported a 16.6 per cent increase in net profit at Rs 5,661 crore for the June quarter. Its net profit for the cor…

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