Newsmakers: FM Jaitley woos sovereign funds, rupee rises 52 paise and more

Key business news events for the day

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FM Arun Jaitley woos sovereign funds to invest in infraInviting foreign capital in sectors like roads, railways and energy, Finance Minister Arun Jaitley on February 4 met sovereign wealth funds from Singapore and the UAE and pitched a stable policy regime and resilience of Indian economy amid a global slowdown.

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Govt seeks $2.2 bn to build second phase of strategic oil reservesThe petroleum ministry has sought Rs 15,000 crore ($2.2 billion) from the finance ministry to build the second phase of the country's strategic petroleum reserves, Oil Minister Dharmendra Pradhan said. Strategic storage reserves are underground rock caverns used to store crude oil that can be used in case of a supply cut-off to a country.

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Rupee logs best single day gain this year, rises 52 paiseSnapping its three-day losing run, the rupee on Thursday jumped 52 paise to log its biggest single day gain this year and ended at 67.55 on fresh selling of dollars by banks and exporters, helped by a recovery in equities. Weakness of dollar in the overseas market also boosted the value of rupee against the dollar, a forex dealer said.

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Tata Steel posts loss of Rs 2,127 crore in Dec quarter Tata Steel reported a consolidated net loss of Rs 2,127.23 crore for the quarter ended December 31, 2015 hit by subdued demand in India as well as higher regulatory costs and a strong British pound. Mumbai-based firm had a net profit of Rs 157.11 crore in the year-ago period.

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Volkswagen doesn't comply with emission norms in India: GovtA day after Volkswagen claimed that it met emission norms in India, the government stated it will propose further action on the German automaker as it does not comply with the country's pollution control norms. Union Heavy Industries Minister Anant Geete, after the Volkswagen stall at the Auto Expo, said Volkswagen does not comply with India's emission norms and the government is awaiting reply from the German firm on the same.