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Business Highlights on May 12


Business Highlights on May 12

New Delhi: Costlier vegetables, fruits and milk pushed up retail inflation to three-month high of 8.59 per cent in April, squeezing the space for the Reserve Bank to ease interest rates in the monetary policy review in June.

New Delhi: Diesel prices may be hiked by up to one rupee a litre after Election Commission rejected the Oil Ministry’s proposal made on the eve of elections to shelve the monthly increases in rates.

Mumbai: Stock markets continued their record-breaking show as BSE benchmark Sensex ended at new closing high of 23,551 and NSE Nifty at 7,014.25 in anticipation that exit polls later today will show formation of a stable government at the Centre.

New Delhi: Showing no signs of recovery, factory production remained in negative territory for the second month in a row, contracting 0.5 per cent in March due to declining output in manufacturing, especially capital goods.

New Delhi: Drug firm Cipla Ltd today said it will invest USD 1.5 million to acquire 14.6 per cent stake in US-based Chase Pharmaceuticals engaged in developing novel approaches to improve treatments for Alzheimer’s disease.

New Delhi: India and scores of other countries, including Switzerland, have adopted a global declaration for automatic exchange of tax information, Finance Minister P Chidambaram said today.

New Delhi: ONGC directors Shashi Shanker and Narendra Kumar Verma are among 15 candidates in race to head the state-owned firm’s overseas investment arm.

Mumbai: In a volatile session, the rupee today rose to nearly ten-month high of 59.51 against US dollar but frittered away all the gains to end one paise down at 60.05 per dollar on late demand of the American currency.

New Delhi: Intensifying its fight to wrest control of Vijay Mallya’s Mangalore Chemicals & Fertilizer Ltd (MCFL), Zuari group is likely to offer a higher price to the firm’s shareholders in a bid to defeat a rival offer by Deepak Fertilisers.

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