Re snaps 4-day gaining string, ends 4p down vs dollar at 58.63
Ending a four-day upmove, the rupee on Tuesday retreated four paise from its 11-month high levels to close at 58.63 against the dollar on fresh demand for the US currency from importers, amid some profit-booking in stocks.
While a better dollar overseas too weighed on the rupee, continued capital inflows capped losses, a forex dealer said.At the Interbank Foreign Exchange (Forex) market, the local unit resumed slightly weak at 58.60 a dollar from last close or 58.59.
It moved in a range of 58.51 and 58.79, before settling at 58.63, a fall of four paise or 0.07 per cent.This marks an end to the rupee's rally from May 13 when in four sessions it spurted by 146 paise or 2.43 per cent.
Bank unions to stage nationwide demonstrations on May 23
Unhappy with the P J Nayak Committee report suggesting privatisation of public sector banks, five bank employees unions on Tuesday decided to stage nationwide demonstrations on May 23.
We oppose the Reserve Bank of India appointed Committee, with P J Nayak as its Chairman, which recommended privatisation of public sector banks and reduction of government's capital to less than 50 per cent," said C H Venkatachalam, General Secretary of All India Bank Employees Association (AIBEA), representing employees of public and private sector banks.
"We will take out countrywide demonstrations on May 23," he added, demanding the rejection of the report.
The report has also recommended merger of public sector banks, ownership of government banks to be transferred to investment companies and public sector banks to be kept out of the RTI Act.
Essar Oil Q4 profit rises fivefold on margins, forex gains
Essar Oil, India's second-largest private refiner,on Tuesday reported a five-fold jump in fourth-quarter net profit on higher refining margins and foreign exchange gains.Net profit soared to Rs 1,008 crore in January-March from Rs 200
crore a year earlier, Essar Oil Managing Director & CEO l K Gupta said on a conference call.The rise in profit was "supported by good gross refining margin of $10.12 per barrel and also supported by Rs 314 crore foreign exchange gain (from rupee appreciation)," he said.The company had earned $9.06 on converting every barrel of crude into fuel in January-March 2013. It had a foreign exchange gain of Rs 25 crore in that quarter.
Sun Pharma's Karkhadi unit gets warning letter from USFDA
The US health regulator has warned Sun Pharma it may withhold approval of new drug applications and extend an import ban at its Karkhadi unit in Gujarat if violations of manufacturing
norms at the facility are not corrected.The US Food and Drug Administration said there were reasons to suggest a general lack of reliability and accuracy of data, including missing fundamental raw data, unacceptable data handling practice and inadequate investigation into 'the pervasive practice of deleting (raw) files'."Until all corrections have been completed and FDA has confirmed corrections of the violations and deviations and your firm's compliance with CGMP (current good manufacturing practice), FDA may withhold