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July 2014

Rupee slumps to three-month low on dollar buying by state-run banks

July 31, 2014 by sknlakshmi

The rupee slumped to a three-month low on Thursday, hurt by a rally in the dollar in global markets that helped spur state-run banks into buying greenbacks for corporate and defence-related payments.

The partially convertible rupee fell to as low as 60.56 per dollar, its lowest since April 29. It was trading at 60.5150/52 by 4:30 p.m.

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Maruti Suzuki Q1 profit up 21 percent on strong car sales

July 31, 2014 by sknlakshmi

Maruti Suzuki India Ltd (MRTI.NS), India's biggest carmaker, reported a 21 percent rise in first-quarter net profit, beating estimates, as early signs of an economic revival boosted sales.

Prospects of a pick-up in the economy, spearheaded by the newly elected government of Prime Minister Narendra Modi, could spur a marginal rise in car sales in the fiscal year that started April 1, according to an industry body.

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Monsoon rains turn below average in past week

July 31, 2014 by sknlakshmi

Monsoon rains were 9 percent below average in the week ended July 30, the weather office said on Thursday, reflecting a patchy phase after the previous week's surplus downpours.

The rains were 24 percent above average in the previous week as the monsoon revived over soybean and cotton-growing areas of central and western India.

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Nifty falls the most in 2-1/2 weeks on foreign sales, derivatives expiry

July 31, 2014 by sknlakshmi

The Nifty fell nearly 1 percent on Thursday, marking its biggest single-day fall in nearly 2-1/2 weeks as foreign investors sales and expiry of July derivatives weighed on blue-chips such as Housing Development Finance Corp(HDFC.NS).

HDFC provisionally fell 2.1 percent while ITC (ITC.NS) ended down 0.6 percent.

The broader Nifty provisionally lost 0.9 percent, marking its biggest single-day fall since July 11.

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