Thomas Cook India partners Manya Abroad .

Thomas Cook India has signed a pan-India partnership with Manya Abroad- The Princeton review.

Thomas Cook (India) Ltd has informed BSE regarding a Press Release dated July 03, 2014, titled "Thomas Cook India partners Manya Abroad - The Princeton Review to provide comprehensive solutions for students travelling abroad" Thomas Cook India has signed a pan-India partnership with Manya Abroad- The Princeton review.

IndiGo launches another round of promotional fares.

The Group CEO of the carrier said they are looking at places where no other airline has gone. He finds northeast to be an “appealing destination”. On Japan business, Fernandes said the “Japan JV did not do well as we did not have right partnership.” The Malaysian budget carrier ended a partnership with the parent of Japan’s All Nippon Airways in June last year. However on Tuesday the company said that it will return to Japan with new local partners. Emphasising the importance of air travel and its connectivity, Ratan Tata, the airline’s India JV partner, said that AirAsia is here to stay and to serve people of India. He sees huge potential for budget & full-fledged carriers in the country.

Brent falls to $111 as Libya PM declares oil crisis over

Brent futures dipped towards USD 111 a barrel on Thursday as supply fears eased after Libya declared an end to an oil crisis that has cut exports from the OPEC member to a trickle, although declines will be capped by concerns over Iraq.

Libya's acting prime minister, Abdullah al-Thinni, said the government had reached a deal with a rebel leader controlling oil ports to hand over the last two terminals and end a blockade, making around 500,000 more barrels a day of crude available for export. Brent crude extended the previous session's losses to fall to a three-week low, dropping 19 cents to USD 111.05 a barrel by 0505 GMT. US. oil declined 40 cents to USD 104.08, also sliding to a three-week trough..3

Demand outlook is improving in the United States and China, the world's top two oil consumers. U.S. crude stocks fell more than expected last week as refineries hiked output ahead of the holiday July 4 weekend, data from the Energy Information Administration showed. Crude stocks dropped 3.2 million barrels compared with expectations for a decrease of 2.2 million barrels. Gasoline stocks fell 1.2 million barrels versus forecast of a 400,000-barrel gain,

Employment growth in the country is expected to have continued at a solid clip in June further dispelling fears about the economy's health. Earlier in the week, data from China showed factory activity hit multi-month highs in June, reinforcing signs that the world's second-largest economy is steadying.

 Broader financial markets also gained on hopes of an improved economic outlook. Asian stocks hovered at a three-year high and the dollar rose early as a series of strong economic numbers point to momentum building in the economy. The improving demand outlook and lingering supply worries may push the U.S. benchmark towards USD 115 a barrel and Brent towards USD 120-USD 125 by the end of September.

Lavasa Corporation files DRHP for Rs 750 crore IPO.

Lavasa Corporation has filed its draft red herring prospectus with SEBI on July 01, 2014 in order to undertake an initial public offering of its equity shares of Rs 10 each aggregating to Rs 750 crore.

Lavasa Corporation, the real estate subsidiary of Hindustan Construction Company  , has filed draft red herring prospectus with capital markets regulator Sebi for its public issue. "Lavasa Corporation has filed its draft red herring prospectus with Sebi on July 01, 2014 in order to undertake an initial public offering of its equity shares of Rs 10 each aggregating to Rs 750 crore," says HCC in its filing.

The promoters of the company are Hindustan Construction Company and HCC Real Estate. HCC holds a 65 percent stake in Lavasa. Gautam Thapar-controlled Avantha Group is the second-largest shareholder with a 16 percent stake. Other shareholders are Venkatesh Hatcharies (13 percent) and Pune-based investor Vinay Maniar (6 percent). Retail investors may get some discount in this offer.

 The equity shares offered through the issue are proposed to be listed on BSE and National Stock Exchange of India. The book running lead managers to the issue are Axis Capital, Kotak Mahindra Capital Company and ICICI Securities. In 2010, Lavasa had planned to raise Rs 2,000 crore by selling 10 percent of promoter's stake but that was abandoned due to the weakness in market. Hindustan Construction Company stock closed at Rs 48.45, up 3.75 percent after hitting a 3.5-year high of Rs 49 on the BSE.

Demand for the hybrid finger turmeric increased due to quality produce at the Erode market

Demand for the hybrid finger turmeric increased due to quality produce at the Erode market. The traders quoted higher price for the hybrid finger variety.

Demand for the hybrid finger turmeric increased due to quality produce at the Erode market. The traders quoted higher price for the hybrid finger variety. The hybrid finger was up by Rs 300 per quintal. At the Erode spot market, the finger turmeric was sold at Rs 4299-6377 per quintal; the root variety fetched Rs 4099-6199/quintal.

China frees retail yuan exchange rate in a move towards convertibility .

China has permitted banks to freely set their own exchange rates for the yuan against the dollar in over-the-counter transactions, another step toward freeing the exchange rate from government control. 

Banks were previously required to price the yuan/dollar rate they offered retail clients within 3 per cent in either direction of the Chinese central bank's midpoint on a given day. 

The new rules do not apply to the yuan/dollar's main rate in the interbank market, which is subject to controls including the central bank setting a daily midpoint from which the spot rate has been allowed to fluctuate in either direction by 2 per cent since March. 

Under the new policy, effective immediately, banks can price OTC yuan/dollar exchange rates "in line with market supply and demand and without any restrictions", the People's Bank of China (PBOC) said in a statement published late on Wednesday. 

The move "is aimed at further perfecting the mechanisms to establish market-oriented exchange rate for the yuan," the central bank said in the statement. 

However, the wholesale market that the banks trade in must still abide by the midpoint guidance rate. Because that primary market is an enormous source of forex supply and demand, posting around $15 billion in transactions every day, it will continue to exercise a strong influence on the retail market. 

The world's second-largest economy is seeking to increase the use of the yuan in global trade and investment to diminish China's dependence on the US dollar, and by extension its exposure to economic policy decisions made in Washington outside of its control. 

Allowing the market to price the yuan against the dollar is a pre-requisite for wider liberalisation, and at the same time decreases the need for Beijing to accrue dollar reserves in the name of managing the exchange rate. 

The PBOC has purposefully guided the yuan to stage more two-way trading over the past couple of years, letting the yuan appreciate 2.9 per cent versus the dollar in 2013, only to push it down as much as 3.4 per cent this year to convince the market not to consider the currency a one-way bet on appreciation. 

BSE shuts trading in all segments due to connectivity issue.

The BSE Thursday suspended trading in all its segments, citing network connectivity issues. Prices on BSE's equity platform were not updating since morning. The bourse said a team from its network vendor  HCL was working to resolve the issue. This is the second time in less than three weeks that the exchange has been hit by a connectivity issue. Bombay Stock Exchange CEO and MD Ashish Chauhan assured investors that trading will be resume in a “few minutes”. BSE says there will be a fresh restart to trade with a pre-opening session.

 The previous orders in order book before outage will be cancelled, reports Reuters quoting BSE sources. 

Rupee near 3-week high as foreign banks buy dollars.

Rupee was trading at 59.57/58 after hitting 59.52, its highest level since June 13 and higher than the previous close of 59.6875/6975 as foreign banks continue to buy dollars on behalf of overseas investors. 

Foreign institutional investors bought shares worth $216.13 million on Wednesday, provisional exchange data shows. Local shares were up 0.3 per cent in early trade. 

Most Asian currencies strong against the dollar. 


Asian stocks hovered at a three-year high and the dollar slipped early on Thursday after robust jobs data fuelled hopes that the US nonfarm payrolls report would point to momentum building in the economy.