Rupee gains 8 paise against dollar in early trade

MUMBAI: The rupee strengthened by 8 paise to Rs 45.76 against the US dollar at the Interbank Foreign Exchange market in the morning trade today, tracking gains in other Asian currencies.

Dealers said that Euro losses against the dollar and firm opening at Indian stock markets led to the buoyancy of the rupee.

The rupee had lost 32 paise to close at Rs 45.84/85 against the US dollar in the previous session on strong demand for the American currency from importers amid sharp fall in stock markets.

Meanwhile, the Bombay Stock Exchange index Sensex recovered by 133.48 points or 0.69 per cent to 19,270.09 level in the opening trade today.


Read more: Rupee gains 8 paise against dollar in early trade - The Times of India http://timesofindia.indiatimes.com/business/india-business/Rupee-gains-8-paise-against-dollar-in-early-trade/articleshow/7008697.cms#ixzz16fskVivt

Sensex rebounds after 4-day fall, up 268 pts led by RIL

MUMBAI: Snapping its 4-day weak trend, the Bombay Stock Exchange benchmark Sensex today shot up over 268 points as investors judged the recent fall excessive in view of the sound economic growth outlook and a firm global trend.

The Sensex, which had lost over 820 points in the last four trading sessions following housing scam racket last week, bounced back 268.49 points to 19,405.10 on the back of a steep rise in blue-chip stocks led by Reliance Industries and Ranbaxy lab.

The Sensex has lost 7.6 per cent since reaching all-time high on November 5, on account of 2G spectrum allocation scam and the CBI arrest of eight senior officials of public banks and a private brokering firm on charges of bribery.

The broad-based National Stock Exchange index Nifty also picked up and posted a gain of 78.05 points at 5,830.00.

The upsurge in the market on expectations of better GDP data to be released tomorrow, further supported by a firming trend in the Asian region and higher opening in Europe this afternoon.

Reliance Industries, the most valuable company and heaviest weighted on the benchmark, surged the most since May by adding 3.70 per cent to 998.20. Ranbaxy gained the most in a month, rising 3.84 per cent to Rs 565.75, on reports that it has got US approval to sell Aricept, Alzheimer's treatment drug.

The recently bashed banking and realty stocks were seen recovering on fresh buying by funds in fundamentally strong scrips available at cheaper rates.

The oil and gas sector index was the best performer followed by banking sector, as stocks led by ICICI Bank, State Bank of India and Bank of India ended with gains.

LIC Housing Finance, which had lost significant ground after the break of the lending scam, recovered by 1.72 per cent to Rs 948.10 on renewed interest in buying.

Meanwhile, Money Matters, a company at the centre of the controversy remained under pressure and hit its daily lower limit by losing 10 per cent at Rs 344.30. It has recorded a loss of 50 per cent since the outbreak of the finance racket.

Another firm in trouble after the CBI probe, D B Realty dropped 6.49 per cent to Rs 198 on panic selling.

Read more: Sensex rebounds after 4-day fall, up 268 pts led by RIL - The Times of India http://timesofindia.indiatimes.com/business/india-business/Sensex-rebounds-after-4-day-fall-up-268-pts-led-by-RIL/articleshow/7010481.cms#ixzz16fsaeiXF

DIN: New number must to file returns

NEW DELHI: Taxpayers will now have to procure a 'new number' for filing returns and making any communication with the Income Tax department. The unique Document identification number (DIN), on the lines of numbers like PAN and TAN, will be quoted on "every" income tax-related communication, including returns to be filed next year for the financial year 2010-11. According to the new guidelines brought out by the Central Board of Direct Taxes (CBDT), the DIN will be mandatory "in respect of every notice, order, letter or any correspondence" with the department, by the taxpayers.

"The DIN will be generated by the I-T department and will be useful, essentially, for error-free filing of tax returns, claiming refunds and other communication with the department by the assesses," a senior Finance Ministry official said.

The 'Aykar Sampark Kendras' will hand out the DIN from this month, the official said. Assesses will not be put to any trouble, as the numbers will be generated and allotted by the department itself.

I-T officials will also be allotted the numbers in order to streamline the process, the official said, adding, the number has to be produced thereon for every activity with the department. Taxpayers and tax collectors are currently required to quote Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN) among others when returns are filed with the department.

Read more: DIN: New number must to file returns - The Times of India http://timesofindia.indiatimes.com/business/india-business/DIN-New-number-must-to-file-returns/articleshow/7008065.cms#ixzz16frda85j