Financial Express - India's leading business newspaper from the Indian Express Group

Sensex shivers as panic selling shaves 275 pts

Panic selling in the market resulted into a whopping 275-point fall in the Sensex on Monday. Political uncertainty, persistent FII selling, fall in the tech-heavy Nasdaq market in the US and the RBI's decision on Friday to hike key interest rates played havoc resulting into all round selling.

Current uncertainty is temporary: UTI chief

UTI chairman PS Subramanyam is of the view that the current uncertainty in the market is a temporary one. The UTI chairman said, ``I see the uncertainty in the market lasting till the end of this month. Institutional investors will come back and the markets will stabilise.''

Tata Steel draws up plan to find Irani's successor

Tata Steel has put in place a plan to find a successor to managing director JJ Irani, who is due to retire on July 22 next year.

FIIs, MFs holdings not to come under 26% ceiling: IRDA

The Insurance Regulatory and Development Authority (IRDA) has clarified that equity holdings by foreign institutional investors (FIIs) and domestic mutual funds (MFs) in an Indian company will not be under the ceiling of 26 per cent foreign equity in the insurance business.

Bajaj Auto plans to foray into insurance sector

Two-wheeler giant Bajaj Auto is planning to enter the insurance business. In a major diversification initiative, the cash-rich Bajaj Auto, is entering the non-life insurance category. Rahul Bajaj is himself spearheading this diversification at the company.