Business

"What we are aiming at is an infusion of about $3 billion in the current year and perhaps twice as much in the next year. So, that is the broad time schedule- whether it will happen in August or January I can’t say"

"This is significant as a vote of confidence in Make in India, the 'first tika' in this broad vision, as well as a vote of confidence in Mahindra," Anand Mahindra, chairman and managing director of Mahindra and Mahindra Ltd said.

Shareholders in Cairn India, India's top private sector oil producer, will get one share in Vedanta Ltd for every share held, the companies said in a joint statement after their boards approved the transaction on Sunday.

Consumer inflation in May rose to 5.01 per cent from 4.87 per cent in the previous month on higher energy costs.

Fresh selling of dollars by banks and exporters in view of lower dollar in the overseas market mainly boosted the rupee value against the dollar, a forex dealer said.

RBI Governor Raghuram Rajan on Friday said the central bank has not shut its door on rate cut and will take a view depending upon the evolving situation with regard to monsoon and external environment.

Foreign direct investment (FDI) in India declined by 40% year-on-year to $2.11 billion in March 2015, the lowest in the last four months of 2014-15 fiscal. Previously, in November 2014 the FDI was the lowest at $ 1.53 billion.

Extremely cautious comments from the Reserve Bank Governor Raghuram Rajan over the economic recovery and follow-up rate cuts alongside capital outflows by foreign funds too weighed on sentiments, forex dealers said.

CSO (Central Statistics Office) has come out with GVA to measure economic growth.

The NSE Nifty was trading higher by 15.40 points, or 0.18 per cent, at 8,449.05.

The government hopes to sell shares in ONGC and India Oil Corporation. to raise about a third of its budget target for asset sales of $11 billion and reduce its fiscal deficit to 3.9 per cent of GDP in the 2015/16 fiscal year.

Forex dealers said besides selling of the American currency by exporters and banks, the dollar's weakness against other currencies overseas supported the rupee.

The government has said while the tax will not apply from April 1, 2015 onwards, past incomes will face the levy, a stand challenged by foreign investors.

Foreign investors have been hit by bills for several years of taxes on previously untaxed gains, triggering a sell-off in financial markets.

The market was on fire fueled strongly by oil, FMCG and pharma stocks. The Sensex ended up 479.28 points or 1.8 per cent at 27490.59 and the Nifty scaled the 8300-level.