As per latest Business sector news, Steel Authority of India Limited [SAIL] has announced a marginal fall in net profit in the first quarter of this fiscal year on the back of forex losses.
However, the first quarter sales were flat at Rs 10,640 crore over Rs 10,811 crore as compared to last year, quarterly net profit slipped 17 percent year-on-year at Rs 696 crore against Rs 838 crore, largely on account of forex loss Rs 257 crore. Read more
In Indian domestic market the effect of international exchange ratio has put forcefully as Gold prices hit Rs 30,000-mark today for the first time in India in wake of global prices towards the yellow metal.
On Saturday, effect was started to be see as Gold prices both pure and standard in Delhi hiked by Rs 960/ 10 gram, touching the line of Rs 30,300, while huge hit was likely to seen in Chennai with record of Rs 1,100 per 10 gram to reach Rs 30,380. Read more
In yet Indian Govt. Political climate waving in ups and downs windfalls and recent downgrading the Indian’s sovereign outlook via Standard and Poor’s (S&P) rating agency has totally blasted govt. economic system having policy paralysis.
As per S& P agency warning, unimproved fiscal system with lack of several disciplines, diminishing growth prospects and a worse political reforms climate are the prime reasons for the outlook revision to negative from stable. Read more
As per the breaking news, the Wall Street Journal has reported that the central government of India has announced that it investigating whether the Indian units of U.S. Internet companies Google Inc and Yahoo Inc may have violated the country’s foreign exchange laws.
The newspaper further reveals that notice have been sent to the Indian units that they are being investigated for potential violations.
The reports have been said from a senior official at a division of India’s central finance ministry, which monitors foreign exchange transactions as well as money-laundering activities. Read more
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