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Rupee slips on dollar buys by importers
The rupee fell, reversing earlier gains, on speculation importers used the currency’s rise to a week’s high today to buy cheaper foreign exchange.

UPDATE: Inflation jumps to 7.31% in Dec
Wholesale prices-based inflation leaped to 7.31 per cent in December, shooting past RBI"s forecast of 6.5 per cent-level by this fiscal end, as food items such as sugar, potatoes and pulses turned costlier. Overall inflation in November was 4.78 per cent.

News of the day

Saudi Haj tourism loss highest in 50 years
Saudi Arabia’s Haj and Umrah industry may suffer a loss of more than 3 billion Saudi riyals ($799 million) this year, the biggest in the last 50 years, owing to swine flu.
Corporate

Philips plans buyback at Rs 242 a share

Consumer electronics major Philips Electronics India has decided to float an buyback offer of Rs 242 per share, to enable minority shareholders make an exit. - Loud and clear - Samsung eyes $2 bn sales in India this year - Let there be light - Philips Electronics to take Experience Zone to 400 outlets - Philips' new 'space age' - Consumer durable firms bank big on small size The company is understood to have set aside Rs 146 crore for the buyback offer for a maximum of 60,23,070 equity shares with a face value of Rs 10 each. The buyback offer was approved by the shareholders of the company at the annual general meeting. Last year, the company had offered buyback of shares at Rs 260 per share. But it did not elicit much response from minority shareholders. Philips had delisted itself from the stock exchanges following which the holding of the parent company, Philips Electronics NV of the Netherlands, reached nearly 96.4 per cent, while the balance 3.6 per cent was held by individual shareholders, FIIs, banks and mutual funds.


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