Rupee bounces back
MUMBAI, 4 JUNE: Snapping its five-day losing run, the rupee today rebounded from 11-month lows to close with a hefty 32 paise gain at 56.44 against the US dollar on heavy selling of the American currency by exporters amid signs of FII inflows. The rupee derived strength from speculation that the government is likely to raise soon the cap on foreign institutional investors in government securities (G-secs) by $5 billion, which will lead to more inflows. The local currency had lost 119 paise in the past five sessions on rising worries over current account deficit and fears that withdrawal of US stimulus will hit inflows from overseas. pti
GDP growth
MUMBAI, 4 JUNE: Global brokerage Morgan Stanley today said the economy has come out of the trough and will grow at six per cent in the current fiscal. Sounding bullish on the stock markets, it pegged the Sensex target at 23,000 by December. “We are confident that the economy has come out of the furrow, though the recovery will be gradual,” Morgan Stanley Asia Pacific economist Mr Chetan Ahya told reporters at the 15th MS India summit here. pti
BoB home loan
MUMBAI, 4 JUNE: State-run Bank of Baroda today announced a single rate of interest ~ 10.25 per cent ~ for all its home loans. The rate revision, which will be effective from 1 June, will be available to borrowers irrespective of tenor or quantum of the loan, a bank statement issued here said. Banks typically charge lower interest rate for an amount of up to Rs 30 lakh, after which it goes up. They also differentiate the interest rate offering according to the tenor of the loan. Both new as well as existing borrowers can avail the loans under the revised scheme, the statement said, adding that there are no conversion charges for existing customers  to get the benefit of reduced rate of interest. pti
TTK Prestige stake
NEW DELHI, 4 JUNE: Home appliances manufacturer TTK Prestige today said global fund manager Cartica will acquire 5.6 per cent stake in the company for around Rs 230 crore. The company will issue on a preferential basis three lakh shares of Rs 10 each, amounting to about 2.6 per cent stake, at a premium of Rs 3,540 to Mauritius-based Cartica Capital, it said in a filing to the Bombay Stock Exchange. pti
Soyameal exports down
NEW DELHI, 4 JUNE: Soyameal exports declined by 30 per cent to 97,546 tons during last month on lower demand from overseas markets except Iran, according to industry data. Sanction-hit Iran has imported the maximum soyameal from India at 83,239 tons. pti