Business Highlights

New Delhi, September 3 () The following are the main business stories at 1810 hours:

DEL45 BIZ-LD MARKETS The stock market collapses, the rupee falters as the economy falls into a Mumbai crisis: the benchmark stock indexes on Tuesday fell more than 2 percent and the rupee fell 97 rise to an unseen level in more than 9 months as unpleasant news continued to flow during the Indian economy.

DEL30 BIZ-LD CCEA-ETHANOL-PRICE The government increases the price of ethanol to reduce the oil import bill by USD 1 billion New Delhi: The government on Tuesday raised the price of ethanol extracted from the sugar cane used to mix gasoline up to Rs 1.84 per liter as it sought to reduce the oil import bill by USD 1 billion annually through its greater use in automobile fuels.

DEL28 BIZ-CAB-LD The IDBI cabinet approves a capital infusion of Rs 9,300 at IDBI Bank New Delhi: The government approved on Tuesday the infusion of Rs 9,300 crore funds at IDBI Bank to help improve the capital base of the Bank and make it profitable. DEL41 BIZ-JAVADEKAR-ECONOMY The government does not subscribe to Singh's views on the management of the economy: Javadekar New Delhi: The government on Tuesday rejected criticism by former Prime Minister Manmohan Singh about the management of the economy, saying he does not subscribe to his analysis as India has now become the fifth largest economy in the world since the eleventh during his time.

DEL27 BIZ-GOLD-CLOSE Gold prices gain Rs 538 to Rs 38,987 per 10 gm New Delhi: 24 karat gold prices increased Rs 538 to Rs 38,987 per 10 grams in the national capital on Tuesday, mainly in the back of global recovery rates, according to HDFC Securities.

DCM14 BIZ-FADA-AUTO The government takes measures to revive the automotive sector and still has an impact on the ground level: FADA New Delhi: Recent measures announced by the government to help the automotive industry overcome the ongoing slowdown not yet they will take effect at ground level and uncertainty about GST reduction is making customers postpone purchases, the car dealership agency FADA said Tuesday.

DCM9 BIZ-INDIANBANK-MERGER Indian Bank expects to complete the merger with Allahabad Bank before March 31. New Delhi: State-owned Indian Bank expects to complete the merger with Allahabad Bank at the end of the current fiscal year, a senior official said. DCM15 BIZ-STOCKS-LD BANK PSB shares fall to 10.6 pcs after the announcement of the New Delhi merger: shares of public sector banks, led by Canara Bank, Union Bank and Punjab National Bank, fell to 10 , 6 percent on Tuesday after the government announced the merger of 10 state lenders into four. RUJ MKJ