Rupee takes a dip

Mumbai, Aug. 18: After breaching the psychological 43-mark in the previous day’s trade, the rupee nosedived by another 58 paise against the dollar today to close at nearly one-and-a half-year low of 43.60 on sustained demand for the dollar from oil companies.

Sugar price

Allahabad, Aug. 18: Quashing the decision taken by its Lucknow bench over the price for sugarcane advised by the Uttar Pradesh government, the Allahabad High Court has ordered sugar mill owners to pay farmers as per the statutory minimum price fixed by the Centre.

CMIE forecast

Mumbai, Aug. 18: Amidst projections of lower economic growth, the Centre for Monitoring Indian Economy (CMIE) said the country would grow at a robust rate of 9.4 per cent in the current fiscal.

BoI rate hike

Mumbai, Aug. 18: The Bank of India (BoI) has hiked its deposit rates across various maturities by up to 0.5 per cent from Wednesday. Deposits having a maturity of six months to one year will now carry a rate of 8 per cent.

Tata rights

New Delhi, Aug. 18: Tata Investment Corporation has sought Foreign Investment Promotion Board’s approval for a proposed rights issue of Rs 448 crore. The company is seeking to raise Rs 447.98 crore through the issue of zero-coupon convertible bonds on a rights basis to its existing shareholders.

Service tax

New Delhi, Aug. 18: The Centre has sought the Supreme Court’s intervention in deciding the constitutional validity of the Finance Act 2007 that empowers the government to impose a service tax on rental income from commercial properties.

Inflation worry

New Delhi, Aug. 18: UK banking giant Barclays has said inflation in India could increase further as it expects another round of retail fuel price hike among other developments.