Basu holds out hope

New Delhi, July 16: Ahead of the RBI monetary policy review later this month, chief economic adviser Kaushik Basu today said he favoured a gradual exit from stimulus. Basu expects food inflation to come down in the next two weeks from the current level of 12.81 per cent. He projected the economy to grow faster than 8.5 per cent this fiscal and around 9 per cent in the first quarter.

TCS value

New Delhi, July 16: Tata Consultancy Services (TCS) has toppled its main rival Infosys as the country’s most valued IT firm. TCS shares rallied over 6 per cent on the BSE, taking its market capitalisation to Rs 1.62 lakh crore, Rs 3,470 crore higher than Infosys’ Rs 1.59-lakh-crore valuation.

Citi net dips

New York, July 16: Citigroup has reported a 37 per cent decline in profit at $2.7 billion for the three months ended June against a profit of $4.3 billion a year ago because of a fall in revenues from one of its business segments.

Diesel price

New Delhi, July 16: The Delhi government today rolled back value- added tax on diesel from 20 per cent to 12.5 per cent, following which the fuel will cost Rs 37.60 against the current price of Rs 40.10 from July 20.

Telecom posts

New Delhi, July 16: The new chairmen and managing directors of BSNL and MTNL will be hired on a contract basis with a fixed term of three years, according to the terms and conditions of their appointment, and they will be eligible for the same salary and perks as the head honchos of schedule-A PSUs.

Google profit

New York, July 16: Google has posted a 24 per cent rise in its second-quarter profit at $1.84 billion against $1.48 billion in the year-ago period on the back of an overall recovery in demand for online advertising.

GM launch

Mumbai, July 16: GM India has launched the CNG variant of its midsized sedan Chevrolet Aveo. The car is priced at Rs 6,31,261 in Mumbai.