Briefly Business: Manufacturing PMI rises,but demand weakens

Suggesting that the manufacturing sector remains in an expansion zone,HSBC manufacturing Purchasing Managers Index for India rose to 55 in June from 54.8 in May

Manufacturing PMI rises,but demand weakens

Mumbai: Suggesting that the manufacturing sector remains in an expansion zone,HSBC manufacturing Purchasing Managers Index for India rose to 55 in June from 54.8 in May,led by a higher output index. However,the details were not very encouraging. Both the new export orders 54.3 in June against 56.2 in May and domestic new orders 58.5 against 59.6 indices fell,suggesting that domestic and external demand remains subdued.

State Bank of Patiala launches agri gold loan

New Delhi: State Bank of Patiala has launched Agriculture Gold Loan Campaign Swarn Shakti from July 1 to September 30 for granting loans to farmers against a pledge of gold ornaments.

Essar Energy sells stake in Vietnam gas block to ENI

GANDHINAGAR: Essar Energy on Monday announced that its subsidiary Essar Exploration amp; Production Limited has agreed to sell a 50 per cent stake in Vietnams offshore gas exploration block 114 to ENI International BV.

Exports dip 4.16 in May on global slowdown

New Delhi: Global slowdown and deceleration in domestic manufacturing pulled down Indias exports by 4.16 per cent to 25.68 billion in May.

Macquarie downgrades IT stocks to underweight

Mumbai: Brokerage house Macquarie has downgraded the domestic information technology and financial sector stocks to underweight from overweight due to weaker growth prospects.

Story continues below this ad

State govt Q2 borrowings pegged at R36K-40K crore

Mumbai: The Reserve Bank of India on Monday announced that the indicative quantum of total market borrowings by the state governments and the Union Territory of Puducherry for the quarter July-September 2012 is expected to be in the range of Rs 36,000 crore to Rs 40,000 crore.

Barclays chairman quits over rate-fixing scandal

london: Barclays Plc chairman Marcus Agius quit on Monday,saying the buck stops with me after an interest rate rigging scandal that has dealt a devastating blow to the banks reputation.

Apple pays 60 million to settle China iPad dispute

SHANGHAI: Apple has paid 60 million to Proview Technology Shenzhen to end a dispute over the iPad trademark in China that saw the worlds most valuable technology company engaged in a protracted legal tussle with a near-bankrupt Chinese firm.

PMO has not distanced itself from GAAR: Montek

Story continues below this ad

New Delhi: The PMO has not distanced itself from the controversial GAAR proposal but due care will be taken while implementing it,the Planning Commission Deputy Chairman Montek Singh Ahluwalia said.