Sreeja VN

Indian markets fell Monday after the Reserve Bank of India (RBI) announced that the key rates would remain unchanged.

The Reserve Bank of India disappointed the industry as it left the repo rate and cash reserve ratio unchanged at 8 percent and 4.75 percent, respectively, in its mid-quarter policy review Monday. The reverse repo rate, at which banks lend money to the RBI, also remains unchanged at 7 percent.

India despite its slowing economic growth is poised to emerge as the top sixth wealth market in the world, according to Datamonitor's 2012 global wealth market report.

Indian Finance Minister Pranab Mukherjee Saturday expressed confidence that the Reserve Bank of India would adjust the monetary policy on its mid-quarter monetary policy review June 18.

Lack of infrastructural facilities in Indian ports is negatively affecting exports as the ports are struggling to cope with commodity traffic. Ports are unable to handle the container and vessel traffic despite a decline in economy and exports.

The top after-market NASDAQ gainers Friday were Obagi Medical Products Inc, SLM Corporation, Microvision Inc, Canadian Solar Inc and Exide Technologies. The top after-market NASDAQ losers were: Santarus Inc, United Therapeutics Corporation, ATP Oil & Gas Corporation, 21Vianet Group, Inc and American Superconductor Corporation.

The ruling Congress-led United Progressive Alliance (UPA) in India Friday announced that Finance Minister Pranab Mukherjee would be its candidate for the presidential elections slated for July 19.

The Reserve Bank of India will hold its mid-quarter monetary policy review June 18 amid strong demands from the industry and economists for a cut in interest rates. However, the central bank is still weighing the options on rate cuts as curtailing inflation remains top priority.

The Bangalore bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has asked Indian telecom company Bharati Airtel to pay over Rs 70 billion fine for evading customs duty by undervaluing hardware imports.

India's wholesale price index (WPI) rose to 7.55 percent in May, mounting pressure on the Reserve Bank of India ahead of its highly anticipated rate cuts.

The United States and India Wednesday agreed to further strengthen bilateral relations and cooperation on global issues and said that their ties had entered a new and more mature phase defined by constant consultations of strategic importance.

The Delhi High Court Wednesday issued notices to the Indian government and Air India management on the striking pilots' plea for their salaries for March.

India's external affairs minister S M Krishna Tuesday sought to assuage the foreign investors' concerns over the country's economic growth.

The Indian economy will grow by 6.9 percent in the current financial year despite government's inaction in policy reforms and the fiscal and current deficits that slackened economic growth, says the World Bank.

Indian retail sector, which is one of the fastest growing in the world, is under immense pressure to allow the Foreign Direct Investment. With multi-national retail giants like Wal-Mart and CarreFour and foreign investors lobbying the government to throw open the retail sector, the government has made several futile attempts in the past two years to allow FDI in retail.

The Index of Industrial Production for April rose just 0.1 percent, corroborating fears that economic slowdown will persist in the current quarter.

Credit rating agency Standard and Poor's (S&P) Monday said that India could lose its investment grade rating due to its weak GDP growth rate and political roadblocks to economic policymaking.

Stressing on the strengths of the Indian economy, Finance Minister Pranab Mukherjee said that the economy would bounce back in the current financial year as there was strong growth in the mining sector.

With Air India considering a tough stand against the striking pilots, India's Aviation Minister Ajit Singh said Monday that the state carrier's management would have to come to a decision on the issue soon.

Bombay Stock Exchange's benchmark Sensex and NSE's Nifty opened on a negative note and continued in the red in the morning session Monday, weighed down by a slump in the FMCG and consumer durable shares.

Petrol price woes in India are not going to end anytime soon. Oil companies, which had raised Rs 7.5 per liter over a week ago, announced a rollback of Rs 2 Saturday after wide protests against the hike. However, the companies Monday said that the prices would be reviewed June 15.

Egyptian ex-president Hosni Mubarak was sentenced to life term imprisonment, Saturday, for complicity in the killing of protestors. Deposed Egyptian president was wheeled into the court room to hear the verdict, state television showed.

In an attempt to speed up economic recovery and to fast track investments, the government of India has approved setting up of an investment tracking system.

In a major step towards resolving the Air India crisis, the government of India Friday announced uniform pay scale and uniform working hours for both Air India and erstwhile Indian Airlines employees.

The Indian Pilots Guild, which is spearheading the agitation, has been holding informal talks with Aviation Minister Ajit Singh and the minister has reportedly gave them verbal assurance that the sacked pilots will be taken back.

Corroborating the fears of an economic slowdown, India's economic growth slumped to 5.3 percent, a nine-year-low in the fourth quarter ending March 31, according to a Thomson Reuters data. The growth rate was 9.2 percent in the same period a year earlier.

The Q4 GDP data for India plunged the volatile rupee further in the morning trade Thursday, as the Indian currency hovered near an all-time low of 56.52 against the dollar. The rupee was trading at 56.38/39 at 10 am IST, after testing the 56.52 level in early trade.

The top after-market NASDAQ gainers Wednesday were: CE Franklin Ltd Inc, Envivio Inc, Zumiez Inc, Datalink Corporation and 21Vianet Group Inc. The top after-market NASDAQ losers were: F5 Networks Inc, BioMarin Pharmaceutical Inc, Tivo Inc, Pacific Biosciences of California Inc and American Superconductor Corporation.

In a big blow to the striking pilots of Air India, the Delhi High Court Wednesday said that they have no right to get training to fly advanced aircraft like Boeing 777.