Forex reserves fall by USD 1.12 million

The forex reserves have fallen by $1.12 million to $284.39 billion in the week ended on October 30. The rupee rose for a third day, the longest stretch of gains in a month, assigns of the global economy is recovering from a recession buoyed demand for then ation's assets.

India's 10-year bonds fell for a third day, the longest losing streak in almost four weeks, as some investors sold their holdings to buy securities at an auction on Friday . The yield on the 6.90 % note due July 2019 climbed two basis points,or 0.02%,to7.31%.

The yield on the benchmark note maturing in 2019 rose to the highest in more than a week as the government sold $1.92 billion of debt.

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Demand up but Genpact net falls 2 percent

The country's largest business process outsourcing (BPO) company , Genpact, on Thursday reported a 1.7% drop in its net profit at $33.1 million for the quarter ended September, compared to the same period last year.

However, on back of a slightly better demand situation, the company's revenues were up 5% to $284.4millionagainstthesameperiod last year and up 4% sequentially .

In line with the other top IT companies, Genpact said it is seeing less of volume contraction and more ramp-ups. The company has maintained its revenue guidance of a growth of 6-9% in the current financial year over 2008.

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Gold crosses USD 1,095 as dollar wilts

Gold hit record highs above $1,095 an ounce on Wednesday as dollar weakness added to momentum lent to the market by India's purchase of 200 tonne of gold from the IMF to push prices through key technical resistance levels.

Gold is now poised to target the psychological $1,100 an ounce level, dealers said. Spot gold struck a high of $1,095.05 an ounce and was bid at $1,093.55 an ounce at 1055 GMT, against $1,084.50 late in New York on Tuesday .US gold futures on the Comex division of the New York Mercantile Exchange also hit record highs at $1,096.20 anounce.

At the moment, there is technical buying on the back of Tuesday's rally in the aftermath of the IMF India transaction, said Alexander Zumpfe, a trader at Heraeus

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Sell-off, telecom meltdown continue

The stock market saw the steepest fall after August on Tuesday as benchmark indices fell for the sixth straight trading session on huge sell-off in heavy weight stocks and weak cues from global markets.

The pressure on telecom stocks continued as Reliance Communications fell 5.7% to close at Rs 165.8, in it seventh straight day of losses. Though its rival Bharti Airtel closed on the positive zone, the pressure on telecom stocks persisted. In the current year, RComm slid by 27% and Bharti by 16% when the benchmark Sensex jumped 64%.

Analysts like Arup Misra of Elara Captial said RComm could face more selling pressure if the first 3G auction is held only for the GSM players,which the company is not. This will delay its entry into the new field.

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Car-makers ride the festive spirit: Maruti sales up 21 percent

Car-makers have reported healthy numbers for the festive month of October, courtesy new launches and discounts. Domestic sales of Maruti Suzuki India, the country’s largest passenger car producer, jumped by 21% to 71,551 units compared with 59,127 units in October last year the month that followed the Lehman Brothers’ collapse.

Sales of Hyundai Motor India, the second largest carmaker, surged 41.4% in the domestic market in October this year at 28,301 units vis-à-vis 20,009 units.

Tata Motors, the third largest player, reported a 17.6% increase in its October sales at 20,011 unit vis-à-vis 17,014 units in October

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Uttar Pradesh cane farmers burn raw sugar import from Brazil

Hundreds of farmers from the Bharatiya Kisan Union, the Rashtiya Kisan Mazdoor Sangathan and Kisan Mazdoor Sangathan on Sunday set fire to a consignment of raw sugar at Shamli railway station in Muzzafar nagar.Hundreds of agitating cane farmers, who had laid seige to Shamli railway station in Muzaffar nagar on Saturday night and set fire to a raw sugar consignment imported from Brazil, allowed the goods train they had blocked to leave the station on Sunday evening after the authorities agreed to send back the imported sugar.

The farmers, belonging to the Bharatiya Kisan Union, Rashtiya Kisan Mazdoor Sangathan and Kisan Mazdoor Sangathan, were protesting against the sugarcane purchase policy of the Centre and Uttar Pradesh government.

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Air India pilots to get Sep pay in two days

With an impending stir threat by its pilots, Air India is likely to pay the September salaries of its employees in two days and incentives and allowances by November 10, airline sources said on Thursday.

Talks were held with banks and financial institutions for working capital loans to arrange the amount for payment of salaries, productivity-linked incentives (PLIs) and flying allowances to the employees,including the pilots,they said.

Sources also said the management of the cash-strapped airline was making all efforts to pay the dues of the employees very soon, including the salaries by October 31 and PLI and allowances by November10.

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