Mumbai, Dec 30 () Stocks: Market rose for the fourth successive week, as the benchmark Sensex scaled new milestone of 34K to register new closing highs 34,056.70 and gaining 116.53 points, while the broader Nifty ended at 10,530.70.

The truncated, last trading week of the calender year started positive and ended in a cheerful note, though the market did face sluggish momentum due to year-end holiday- mood and F&O derivative expiry day, still witnessing all time record highs on intra-day basis during the week.

NEW DELHI: Ruling out income tax exemption for cooperative banks, Finance Minister Arun Jaitley on Friday said they were no different from commercial banks and were, therefore, required to be treated at par with them.

"Most of these banks are providing standard banking facilities like opening of letters of credit, bill discounting and collection, lockers and safe deposit vaults, bank guarantees.

New Delhi, Dec 30 () Gold regained its sheen by surging Rs 175 to a one-month high of Rs 30,400 per 10 grams on the last trading day of 2017 at the bullion market today, driven by a firm trend overseas and increased buying by local jewellers.

Silver maintained its upward march and added another Rs 280 to reach Rs 39,980 per kg backed by increased offtake by industrial units and coin makers.

BENGALURU: Infosys has divested its stake in ANSR Consulting Holdings for $1 million. Bengaluru-based ANSR, led by Lalit Ahuja, helps global companies set up captive centres in the country. Among the companies it has brought in are L Brands, Lowe's, Target and Swiss Re.

Infosys invested $1.4 million for less than 5% stake in ANSR two years back, when the company was headed by Vishal Sikka. This was the company's first investment in an Indian firm after setting up a $500 million Innovation Fund.

Government-run telecom operator BSNL is planning to launch 4G services in all the 22 circles in the country, and has sent a detailed project report (DPR) to the Department of Telecom (DoT) regarding the same. The country’s fifth-largest telecom operator has consistently been improving its financial and operational metrics, and to continue the momentum, it plans to launch 4G services, sources said. It already has 20 MHz spectrum in 2,500-MHz band in 14 circles, besides 5 Mhz in 2100 Mhz band in 22 circles.

A month since its launch, the Hyderabad Metro Rail project is still stabilising in its first phase of operation, but the management is already readying funds for further development. The management is close to a deal with the German development bank KfW for a loan of Rs 1,000 crore for urban rejuvenation alongside the metro rail project. “We are in talks with the German Development Bank KfW to raise about Rs 1,000 crore for the urban rejuvenation project, without a high interest burden, say less than 2%, and a long repayment period,” said NVS Reddy, MD, Hyderabad Metro Rail (HMRL).

The US dollar declined against other major currencies as investors feared the dollar might face headwinds next year. In late New York trading on Friday, the euro was up to $1.2010 from $1.1953 dollars in the previous session, and the British pound rose to $1.3519 from $1.3443 in the previous session, Xinhua news agency reported.

The Australian dollar increased to $0.7813 from $0.7793. The US dollar bought 112.62 Japanese yen, lower than 112.87 Japanese yen of the previous session.

Though it was during the UPA tenure—early 2011—that the government got into a spat with UTI’s board over trying to appoint its nominee as the head despite him having no financial background, the BJP government has not made any major headway in resolving the tangle. While the government had brought in US investor T Rowe Price—when US-64 had collapsed—in an attempt to professionalise it, that didn’t really happen and the government remained in control of the fund with SBI, Punjab National Bank, LIC and Bank of Baroda holding an 18.5% stake each in it.

KOLKATA: Power companies have been topping their supplies from Coal India in the four months to end of November with purchases through eauctions, imports and captive mines, data from the Central Electricity Authority shows.

This assumes significance because power companies have complained of less-than-adequate coal availability during these months.

The Reserve Bank of India (RBI) on Friday refused to accept bids for Rs 11,000 crore worth of bonds in the final auction of this calendar year.

In all, four bonds for Rs 15,000 crore were on offer. Bids for two bonds--one maturing in 2022 (Rs 3,000 crore on offer) and another in 2031 (Rs 8,000 crore)—were rejected by the central bank. It sold the remaining two bonds worth Rs 2,000 crore each and maturing in 2033 and 2046.

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