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March 2014

April-Feb fiscal deficit at $100 bln, stays above budgeted estimates

March 31, 2014 by sknlakshmi

India's fiscal deficit in the first eleven months of the 2013/14 financial year touched 5.99 trillion rupees, or 114.3 percent of the full year target, government data showed on Monday.

The deficit was 97.4 percent during April-February a year ago.

In the interim budget in February, the Congress-led government had revised the full-year fiscal deficit target to 5.25 trillion rupees, or 4.6 percent of gross domestic product (GDP), from 5.42 trillion rupees, or 4.8 percent, earlier.

NTPC to start up three new solar power plants

March 31, 2014 by sknlakshmi

State-run NTPC (NTPC.NS), the biggest power producer in India, said it was preparing to start commercial operations at three new solar power plants, doubling its capacity from solar energy sources.

NTPC has vowed to raise the amount of energy it generates from renewable resources as it aims to diversify away from conventional fuels including coal because of insufficient domestic supplies, which have forced it to buy costly imports.

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Nikkei hits three-week high on soft yen, but posts worst quarter in seven

March 31, 2014 by sknlakshmi

Japan's Nikkei share average hit a three-week closing high on Monday, with exporters leading the way on a weaker yen, but The index posted its worst quarterly performance in nearly two years.

Traders also suspect the market also got a lift from window dressing by fund managers as books close for the fiscal year-end on Monday.

NBFCs fall on reports of bank license meet postponement

March 31, 2014 by sknlakshmi

Shares in non-banking finance companies which have applied for bank licenses fall on media reports the Election Commission would not be holding a meeting on Monday regarding the issuance of new licenses, citing unnamed officials.

The Reserve Bank of India has sought the Election Commission's approval to announce new bank licenses ahead of the polls due to conclude by May and media reports had said the commission could meet on Monday.

A spokesman for the commission reiterated no decision on bank licenses had been made.

Asia takes more Iran crude in Feb than nuclear deal allows

March 31, 2014 by sknlakshmi

Iran's top four crude oil buyers lifted their purchases 17.2 percent in February from a year ago, as the OPEC member continues to ship more oil than allowed under a deal that eases some of the sanctions aimed at its disputed nuclear programme.

Under the interim agreement reached in November between Iran and six major powers and that took effect in January, the Islamic nation is supposed to hold its exports at an average of 1 million barrels per day (bpd) for the six months to July 20.

GSK to invest in new factories and drug R&D in Africa

March 31, 2014 by sknlakshmi

 GlaxoSmithKline (GSK.L) plans to make new investments in additional factories and drug research in Africa, its chief executive said on Sunday, as the pharmaceuticals group broadens its bet on promising emerging markets.

Andrew Witty said the continent was important for the British company's long-term growth, adding that the investment would create jobs and build up healthcare capacity in a key region.

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