Business

Gold prices are heading towards a weak demand as the wedding season is likely to get over.

The rupee which closed at 55.65 to a dollar on Thursday, improved 27 paise at 55.37 on Friday.

The downgrades come in a tough month for Indian markets, after global risk aversion surged, exposing the country's economic vulnerabilities.

The central bank has also asked the government to take action to reduce the fiscal deficit.

IOC Chairperson RS Butola said oil companies were losing Rs 50 crore daily for keeping the prices low.

The rupee fell to a new record low in early trade on Wednesday, approaching the key psychological level of 56.

The airline suffered a loss of Rs 1,027 crore in 2010-11 and has a debt of Rs 7,057.08 crore.

Kingfisher Airlines was found to have deducted TDS on salary payments but had not deposited it in Government account.

The rupee was at 54.30/32 to the dollar in early trade versus its Wednesday close of 54.51.

Worried over deteriorating global economic situation, the government said it would resort to "unpopular" austerity measures.

Auto, metal, capital goods and banking shares were the worst performing sectors.

The company's exposure relating to Kingfisher Airlines is under various accounts including corporate guarantees to banks.

In his email message Vijya Mallya also said that a "significant" portion of the February salaries would be paid by the month-end.

Bharti Airtel , India's biggest mobile phone carrier by subscribers, reported its ninth straight quarterly profit decline as intense price competition and losses on foreign exchange eroded earnings.

A multi-year campaign featuring the tagline 'Live For Now' will roll out globally for the cola brand this year.

The net profit of ICICI bank rose to Rs 19.02 billion in the fiscal fourth quarter ended March from Rs 14.5 billion reported a year earlier.