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Tata Mutual Fund today said it has announced a 30 per cent dividend for one of its schemes - Tata Tax Saving Fund.
Thirteenth Finance commission Chairman Vijay Kelkar today said the price of energy should be the same for everybody and subsidy should be directly given to the targeted beneficiary.
The Thirteenth Finance Commission has suggested the path of fiscal consolidation and sharing of tax revenues between the Centre and the states, in its report submitted to President Pratibha Patil today.
The hearing in the gas dispute between the Ambani brothers today commenced afresh in the Supreme Court after a change of judge and the two sides indulged in a verbal battle with the one side accusing the other of deviating from its earlier stand.
When Reserve Bank of India Governor D Subbarao meets top bankers in the customary pre-policy meeting on October 12, he can draw comfort from the fact that a majority of the bankers think interest rates may not be hiked till the end of the financial year.
Global Software Solutions company Zylog Systems is planning to invest Rs 210 crore on Wi-Fi infrastructure for providing wireless broadband and Voice over Internet Protocol (VoIP) services and aims to garner Rs 550-crore revenue from this over the next 5 years.
State-run power producer NHPC today reported a net profit of Rs 581 crore for the quarter ended December 31, 2009.
The stock touched a low of Rs 274 - down over 13% and finally ended at Rs 276 - down 12.5%. Over 5.59 million shares were traded on the BSE today.
Kerala Chief Minister VS Achuthanandan today firmly told the Dubai-based promoters of the proposed SmartCity IT project that his government would not hand over even “an inch of land” to them with the right to sell.
IT and BPO service provider, Patni Computer Systems, today appointed Vijay Mehra as Executive Vice President and Head of Business Verticals.
The government today said record invesments in the equities market by foreign investors was not a matter of concern, but it would act if it finds any distortions.
Jindal Steel & Power today reported a two-fold increase in consolidated net profit at Rs 988.47 crore during the first quarter ended June 30, 2009.
Leads prime-time band with GRP of 113
The government today cleared 10 foreign direct investment (FDI) proposals worth over Rs 1,123 crore, a major share of which is expected to be brought in by the Essel Group promoted direct-to-home service provider, Dish TV India.
Tata Steel Global Mineral Holdings, a unit of Tata Steel, today said it has increased its stake in Australia-based Riverdale Mining Ltd to 19.38 per cent through market purchases.
When East first met West, was it the start of the battle between brand vs local craftsmanship?
Deutsche Bank, a relatively new entrant in retail banking, is expecting a 25 per cent growth in retail loan portfolio this financial year as it increases focus on mortgage lending.
Auto index finally closed at 5,070, up 5%.
Sudeep Jain & Sidhartha / Mumbai November 17, 2009, 0:19 IST
*This fictional character is a $5-billion cash cow for its company. But its popularity seems to be waning and the company has plans to rebrand its personality by moving away from its clean image. The first project for this exercise has been code named Super Secret. Name the character.
Bhupesh Bhandari / New Delhi December 03, 2009, 0:30 IST
Gold prices fell by Rs 250 to Rs 17,110 per ten gram in the bullion market today as investors resorted to heavy selling amid a weakening global trend.
A K Bhattacharya / New Delhi January 27, 2010, 0:56 IST
Natco Pharma net up 13%
A fresh tussle on sharing revenues from a movie is brewing. The fight is between Vidhu Vinod Chopra, the producer of 3Idiots, and multiplexes. The Aamir Khan-starrer is slated for release on December 25.
American aviation giant Boeing today rolled out its first "P-8A Poseidon", claiming it to be the world"s most advanced multi-mission maritime patrol and reconnaissance aircraft, with the Company saying that India would be its first buyer country.
JSW Energy ended Day 1 at Rs 101, a premium of Rs 1 to the issue price.
TVS Motor Company’s net profit during the quarter ended June 30, 2009 rose by over 150 per cent to Rs 18.11 crore from Rs 7.02 crore, a year ago. Total income rose to Rs 988 crore from Rs 924 crore, an increase of 6 per cent during the same period.
Indusind Bank has clocked a 131 per cent jump in net profit at Rs 77.82-crore in Q2 FY10 as against Rs 33.66-crore in year-ago period.
In a major relief for jobseekers, India Inc"s hiring activities are picking up once again as economic conditions are looking up considerably, experts say.
Brewberrys Hospitality Pvt Ltd (BbH), which operates the Brewberrys chain of cafes in India, plans to increase its footprint by over 200 per cent in the coming months. The Vadodara-based cafe chain is banking on the franchisee model to gain further scale and depth in its operations, according to Reji Thomas of JenJon Retail & Services Private Limited, the master franchiser for Brewberrys.
Edge for hedgies: You can’t take the edge out of hedge funds. Along with other investors, most of them are looking for that extra insight. There’s no excuse for illegally trading on inside information, as Galleon Group founder Raj Rajaratnam is alleged to have done. That aside, getting an edge is their job – and their clients check up on them the same way.
The Cast and crew reminisce about working on the sets of Vishal Bharadwaj"s latest film, Kaminey, which opened this week to positive reviews.
Priyanka Chopra has had a successful 2009 so far. Will her reign continue?
More doctors and healthcare professionals are joining management schools, turned away by the limited number of seats for a post-graduate course in medicine and the prospects of a better pay package after graduating from a B-school.
In a bid to popularise Duronto trains, the Railways have showcased the non-stop super fast train in the trade fair.
Business Standard / New Delhi November 18, 2009, 0:21 IST
While pay-per-second tariff plans seem attractive, there’s a lot you need to know before switching over.
The Foreign Investment Promotion Board (FIPB) has again deferred its recommendation on the revised Rs 2,500-crore proposal of Swiss telecom company ByCell to start telecom services in India.
Private equity fund Pi Capital is often described as “the investment club of the wealthy”. Its CEO David Giampaolo has his eye firmly trained on India, he tells Archana Jahagirdar
Busness Standard / New Delhi May 28, 2009, 0:24 IST
Facebook Inc plans to expand its staff by as much as 50 per cent this year as it benefits from a surplus of engineers amid the recession, Chief Executive Officer Mark Zuckerberg said.
Indian skipper Mahendra Singh Dhoni has topped the list of world"s 10 top earning cricketers compiled by Forbes, which also features four other players from the sub-continent, Sachin Tendulkar, Yuvraj Singh, Rahul Dravid and Sourav Ganguly.
United Bank of India (UBI) is likely to file a red herring prospectus with the Securities and Exchange Board of India for their initial public offer (IPO) next week, Chairman Satish C Gupta has said. “We hope to come out with the IPO by end January or early February,” Gupta said.
Andhra Pradesh today sought Rs 6,000 crore as an advance fund for the rehabilitation and restoration works in the state after heavy floods, which it wanted to be declared as a "national calamity with rare severity".
BS Reporter / New Delhi November 22, 2009, 0:37 IST
Shyamal Majumdar / Mumbai December 22, 2009, 0:04 IST
The Nifty is likely to move around 5,200 in a day or two on the back of long build-up in December futures and key stock futures. The December futures rose 100 points and closed at 5,132, the highest since October 16, but on thin volumes, indicating absence of bears.
Hyderabad-based drug maker Natco Pharma reported an 8.5 per cent rise in its consolidated net profit at Rs 43.98 crore for the year ended March 2009, compared with Rs 40.52 crore posted in the previous year.
Mobile handset maker Sony Ericsson today said it will cut 2,000 jobs globally as it phases out activities at some of its locations.
Reliance Industries, which had declared an intention to seek inorganic growth opportunities, confirmed a preliminary offer for a controlling interest in global petrochem major, LyondellBassel. The timing is prime for acquisitions in the space as there has been a steep decline in replacement cost and asset value given the plummeting of margins in the petrochemical space.
Taking the disinvestment process in iron ore producer NMDC forward, the government today invited applications for appointment of lead managers to advise it on the timing of the public issue, among other aspects.
Public sector Bharat Heavy Electrical (BHEL) would recruit about 4,000 people, including executive engineers, annually at least for the next three years as the company is embarking on new joint ventures, a top company official said today.
The Hindi news genre, too, saw a 21% rise in its GRPs.
Telecom operators in the country added around 1.2 crore subscribers in the wireless segment in June taking the total user base to 46.48 crore, sectoral regulator Telecom Regulatory Authority of India (Trai) said today.
With entry load on all mutual funds banned from August 1, fund houses are finding different ways to pay distributors for promoting their schemes.
Charts out ambitious growth plan for the company over the next five-six years.
Indian automobile majors Tata Motors and Mahindra & Mahindra (M&M) have shown interest in taking over the Termini Imerese plant owned by Italy’s largest car maker Fiat.
Domestic realty companies, which are planning to tap the primary market, may not see smooth sailing, as the Dubai debt crisis is likely to undermine investor confidence in the sector. As many as nine realty companies, including Emaar MGF, have filed their draft red herring prospectus (DRHP) with the market regulator, Sebi, aiming to raise about Rs 15,000 crore.
The ongoing fare war and the launch of wireless services by new players will only worsen the profitability of mobile service providers.
Jet Airways restructuring exercised started last year resulted in a 33 per cent increase in its domestic passenger traffic last month as compared to November 2008. The airlines international passenger traffic also registered a 19 per cent growth on a seat factor of 81.9 per cent.
Leading telecom company Bharti Airtel today announced the launch of its comic portal, where subscribers can access comic strips from mobile phones.
The government has said that the Securities and Exchange Board of India (Sebi) was empowered to take action against Reliance Industries (RIL) if a probe established irregularities in share allotment by the company in 2000, and wanted to know what exactly the market regulator expected from it.
The Hang Seng slipped 174 points to 22,324. The Nikkei advanced 145 points or 1.5% to 10,167.
Business Standard / New Delhi November 03, 2009, 0:43 IST
Latha Jishnu / New Delhi November 20, 2009, 0:40 IST
One of the domestic financial houses plans to sell 450,000 equity shares of the National Stock Exchange (NSE), amounting to 1 per cent stake in the largest exchange in India. Sources said that one of the banks might be offloading a part of its stake. The process has already started with SBI Caps Securities, the investment banker for this transaction, asking for bids from institutions. Sources indicated that Rs 3,600-3,650 per share is being sought by the offloading entity.
Tardy and lengthy documentation process, costly power and under-developed infrastructure plague the state’s industrial scenario, but the Madhya Pradesh government will perform its ritual of attracting investment this year too, although the focus has now been shifted from core sectors to only agri-processing sector.
Slamming the government for what they called siding with sugar mill owners on the cane pricing issue, the Opposition in the Lok Sabha today urged the government to protect the interest of growers.
To promote transport of goods along the coastline of the country and on national waterways, the Ministry of Shipping has written to the Ministry of Finance to exempt goods transported through such routes from service tax.
Reliance Industries (RIL), today said the bonus shares allotted by the company last month have been listed on stock exchanges and will be traded from tomorrow.
The mumbai-based Blue FRog is more than just a club with live music acts. it’s in fact an experience, a record label and to its fans, a way of life.
Janta Roadways, a Chennai-based logistics services provider in the car transportation segment, launched its luxury taxi service in the city on Tuesday. The service will cover Greater Chennai, which includes Sriperumbudur.
India does not plan to move the World Bank for getting aid for conservation of tigers in the country. “Personally, I was very keen that the World Bank should help us in providing funds, at least for ensuring livelihood for villagers living on the fringes of the tiger reserves, so that they do not try to return to their original habitat (reserves).
Oil has started leaking from MV Black Rose, the ill-fated vessel which sank near Paradip port two weeks back, raising serious concerns of sea pollution among the fishermen communities and the environmentalists.
The German luxury carmaker Mercedes-Benz India today showcased two new cars--SLS AMG Desert Gold and the hatchback coupe Concept Fascination--at the ongoing 10th Auto Expo here.
India"s forex reserves declined by $144 million to $283.499 billion in the week ended December 25 as compared to $283.643 billion in the previous week, the Reserve Bank of India (RBI) said in its weekly report.
India"s foreign exchange reserves rose by $0.962 million to $286.376 billion for the week ended November 13 from $285.414 billion in the previous week, the Reserve Bank of India (RBI) said today.
Three contract workers died in a mishap at a unit of the Haldia Petrochemicals (HPL) in East Midnapore district of West Bengal.
Business Standard / New Delhi July 3, 2009, 0:54 IST
The pre-Diwali rally fizzled out last week as markets players opted to book gains. However, in Smart Portfolios only Amar Ambani got into profit-taking mode. Ajay Parmar was the only other active fund manager with one trade on each side (buy & sell). On the other hand, Amar Ambani executed 12 trades, out of which 10 were on the sell side. He was a net seller of stocks worth Rs 3.65 lakh. Phani Sekhar and Praveen Panjwani continued to remain on the sidelines.
Andhra Pradesh chief minister K Rosaiah on Sunday said that the ruling Congress government would abide by the apex court’s verdict on the alleged irregularities by mining firm Obulapuram Mining Company (OMC) in the Bellary reserve forest of Anantapur district.
CPI-M today expressed serious concern over Indian investigating agencies not being allowed to interrogate LeT operative David Coleman Headley and sought to know what steps the government is taking into the matter.
There were marginal changes in networth for the four fund managers in the first week of Smart Portfolios II. The managers have invested around 28-35 per cent of their individual starting corpus.
Home Minister P Chidambaram today said he has invited TRS chief K Chandrasekhar Rao here to discuss the next step for formation of a separate Telangana state.
All processes regarding formation of a separate Telangana state will be "fully followed", Government told the Lok Sabha today.
The decision to carve out a separate state of Telangana, which will take the total number of states in the Union to 29, comes at the end of a 40-year-old struggle for a distinct identity.
Y S Jaganmohan Reddy, son of late Y S Rajashekhara Reddy, today met Congress President Sonia Gandhi at her residence here, amid demands by his supporters to make him chief minister of Andhra Pradesh.
Aditi Phadnis / New Delhi August 8, 2009, 0:48 IST
About 200,000 Indians will be affected due to the Dubai crisis wherein real estate and construction sectors have taken a major hit, according to Associated Chambers of Commerce and Industry of India (Assocham) past president Anil K Agarwal.
Walmart has selected three IT vendors in India — Infosys Technologies, Cognizant Technology Solutions and UST Global — for multi-year contracts worth over $600 million (around Rs 2,750 crore).
Nasdaq listed IT company Cognizant Technology Solutions Corp today announced the acquisition of Pepperweed Advisors, the IT consulting services division of US-based Pepperweed Consulting, for an undisclosed sum.
While ticket distribution for Jharkhand elections was on, hundreds of aspirants thronged the Congress headquarters. The Congress managers, desperate to avoid this crowd, met at various undisclosed locations. But this could not save all the leaders. One day, K Kesava Rao, the general secretary in charge of Jharkhand, came to his office at 24, Akbar Road, to take some documents when an irate crowd gheraoed him. Rao was almost physically assaulted amid a heated exchange of words as the aspirants accused him of taking bribes. Congress workers in the office had to rush in to rescue Rao.
The government today asked investigating agency Serious Fraud Investigation Office (SFIO) to initiate prosecution proceedings against persons involved in Satyam accounting fraud and partners of Price Waterhouse, the auditors of the IT company.
It’s a sign of the changing power equations in the telecom ministry after the CBI raids on it and the investigations into the allotment of spectrum to a handful of firms — Communications Minister A Raja’s Private Secretary R K Chandolia’s name no longer figures in the list on the ministry’s website. Till a few weeks ago, if you logged on to the ministry’s website and clicked on ‘contacts’, you’d find Chandolia’s name against the designation ‘PS’. Of late, however, there are no names/numbers in this slot.
The Finance Ministry today said the surge in foreign capital inflow in the country, powered by initial recovery in the global economy, is not a cause for concern at present and no specific action is required to arrest it.
Was tipped as a probable to occupy the top seat in Infosys after Kris.
Former chief minister YS Rajasekhara Reddy, who died in a helicopter crash two days ago, was laid to rest on Friday by the side of his parents at his private estate at Idupulapaya in Pudivendula, his hometown. The embalmed body, which was kept in a wooden coffin, was buried at 5.30 pm.
The International Air Transport Association (IATA) has put India on the "Wall of Shame" for hiking airport user charges by over 200 per cent, but hopes that the Airports Economic Regulatory Authority (AERA) would play a role to rationalise these charges paid by airlines and passengers.
As I write this, both the teaching and the non-teaching staff are on strike at Tagore’s Visva Bharati University. This not only extends the long Puja holidays that the teachers and students have already had, but makes it clear to those with any interest in academia that syllabi will not be completed in time for the November semester exams.
Mumbai-based IRB Infrastructure Developers today reported an 80 per cent jump in profit after tax (PAT) at Rs 74.31 crore in the second quarter ended September 30, 2009.
State-owned Oriental Bank of Commerce today said it is looking at credit and deposit growth of up to 24 per cent each in the current fiscal.
The rapid conversion of agricultural land for non-agricultural uses is not the best way to food security. That is what the government-appointed panel on land reforms and agrarian relations says in its report, currently under the consideration of Prime Minister Manmohan Singh. It blames the conversion both on absence of land use policies, “opening up of economy’’ and also on the non-remunerative nature of farming.
Devangshu Datta / New Delhi September 26, 2009, 0:55 IST
Devangshu Datta / New Delhi August 1, 2009, 0:50 IST
In talks with leading telcos for minority stake.
Leslie D"Monte / New Delhi October 20, 2009, 0:49 IST
Deutsche Postbank Home Finance, a 100 per cent MNC housing finance company, has posted 28.77 per cent rise in net profit at Rs 30.16 crore during the first half year ended September 30, 2009 as compared to Rs 23.42 crore in the corresponding period last year.
Anil Ambani Group company Reliance Power (R-Power) today said it plans to become over 3,300-Mw company by the end of the Eleventh Five-year Plan (2007-2012).
The prevailing situation in West Bengal does not warrant invoking of Article 355 as demanded by the opposition, Chief Minister Buddhadeb Bhattacharjee told the assembly today which witnessed noisy scenes over law and order situation in the state.
Sensex has finally ended (provisionally) at 17,336 - up 104 points.
Disapproving the grant of parole to Jessica Lall murder convict Manu Sharma, Congress leader Sachin Pilot has said that he might not have recommended parole to the lifer had he been the chief minister of Delhi.
Sterlite Technologies, a leading global provider of transmission solutions for the telecom and power industries, has received over Rs 600 crore in new contracts in November for its telecom and power products, from prominent incumbents in India and Africa based on the delivery schedules required by its clients, over 30 per cent of the cumulative contract value would be executed within financial year 2010 and the balance within the first quarter of the next financial year.
IT firm Sterlite Technologies today said its net profit jumped nearly nine-fold to Rs 54.67 crore for the second quarter ended September 30, 2009, over the same period last year.
Narayana Murthy, Rajeev Chandrasekhar role questioned in airport project
Hinting at Pakistani link to the Kabul Embassy attack, India today said Afghanistan faced threat from terrorists and their "patrons residing across the border" and that the blast was the handiwork of those who wanted to undermine Indo-Afghan friendship.
Shyamal Majumdar / Mumbai September 17, 2009, 0:39 IST
Italian auto maker Fiat today said it is taking help from its partner the Tatas in developing the small car, which it plans to launch in India by 2012.
The Asian markets have ended in the green.
The West Bengal government today said it has not rejected proposals of IT majors Wipro and Infosys for setting up units near the state capital.
Oil prices touched $80 a barrel today in Asia on optimism a gradual US economic recovery in 2010 will boost demand for crude.
A group of Muslim MLAs of the Samajwadi Party today demanded expulsion of senior leader Amar Singh from the party, accusing him of damaging the interests of the organisation.
Subir Roy / New Delhi July 22, 2009, 0:51 IST
Asian markets are mixed today.
Wind energy major Suzlon Energy has officially opened Infigen Energy’s Capital wind farm, the largest wind farm in Australia at Bungendore in New South Wales.
REpower, the German subsidiary of Suzlon Energy, has posted a 21.5 per cent increase in net profit at ¤17.5 million (Rs 121.9 crore) for the first half of 2009-10, from ¤14.4 million (Rs 100.3 crore) in the previous year, thanks to its healthy order book position.
The stock slipped to a low of Rs 233 and ended at Rs 234, down 5% today. Heavy volumes of 658,518 shares were clocked on the BSE as compared to the two-week daily average traded volumes of 248,533 shares.
The markets are likely to open on a positive note owing to strong cues from the global markets. Reliance is likely to be in focus today ahead of its Q1 numbers.
Quant funds should be used only for portfolio diversification, and are suited for high net worth investors.
The Sensex has ended at 17,589, down 111 points and the Nifty has closed at 5,257, down 24 points.
Driven by mobile PC shipments, global computer market is expected to grow 2.8 per cent in 2009, a research firm said today.
Indian and Russian scientists are close to final development and testing of the air-launched version of the BrahMos supersonic cruise missile.
First unbundled state power utility to tap market.