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Tata Steel sees Rs 2,700-cr loss, to cut some debt
Tata Steel, for a consecutive quarter, has posted a consolidated net loss, of Rs 2,719.8 crore for the quarter ended September, compared with a net profit of Rs 4,703.6 crore in the corresponding quarter last year. Consolidated net sales during the period plunged to Rs 25,269.8 crore from the previous year’s Rs 44,050 crore, down 42.6 per cent.

Gold makes new record; breaches 17K in futures trade
Gold breached the psychological Rs 17,000-per-ten-gram mark for all the running contracts in futures trading at the Multi Commodity Exchange on a firming trend in the global markets where it crossed $1,140 an ounce.

News of the day

Maruti exports 1 lakh A-Star in 11 months
The country"s largest carmaker Maruti Suzuki India (MSI) today said its flagship export model, A-Star, has crossed 1 lakh-mark of overseas shipments in less than a year of selling the car in the global markets.
Small Business

Govt okays 14 FDI proposals worth Rs 732 cr

The government today cleared 14 foreing direct investment (FDI) proposals, including a Rs 273-crore application from Asset Reconstruction Company, which could together bring in foreign investment worth Rs 732.5 crore. - New date for GST in April - India to get 145 US-built Howitzers - Bengal earmarks 100 acre for IT & electronic hardware - Orissa govt approves proposals for two more steel plants - Govt clears four port projects worth Rs 4,120 cr - Andhra Pradesh hikes VAT on jet fuel Asset Reconstruction Company is expected to get Rs 272.86 crore worth FDI resulting in foreign holding from the present 14.66 per cent to 16.01 per cent. The government has also cleared a proposal from Standard Chartered Bank to bring in Rs 205.95 crore FDI. The bank wants to increase FDI from 74.9 per cent to 100 per cent in its arm engaged in equity broking investment banking and portfolio management. The government has also cleared a Rs 251.75-crore proposal from television channel NDTV Lifestyle. The FDI proposals of Unitech Wireless (Tamil Nadu), NDTV Imagine, SaharaOne and KS Oils were also cleared. However, four proposals, including that of Telstra Communications of Mumbai was rejected by the government. The company wanted to issue fresh equity shares for increasing FDI from 49 per cent to 74 per cent. Besides, the government has deferred 10 proposals, while proposal of India Infrastructure Development was recommended to Cabinet Committee of Economic Affairs (CCEA). Walt Disney"s proposal to undertake additional activity of printing and publication of a speciality magazine, and the proposal from Telcordia Technologies were also deferred. The Rs 2,400-crore FDI proposal of India Infrastructure Development Fund of Mauritius was recommended to the CCEA as any investment above Rs 600 crore has to be referred to the committee. Two proposals including that of realty firm Unitech and Mercer Inc of New York was withdrawn by the companies. Unitech was supposed to bring in FDI investment worth Rs 2,400 crore.


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