Abhay Kumar Srivastava, the chairman and managing director of Cement Corporation of India (CCIL) today took over as CMD of navratna public sector unit, National Aluminium Company Ltd (Nalco).
National Aluminium Company (Nalco) aims to scale up its annual business turnover from Rs 6000 crore at present to Rs 10,000 crore in the next five years despite the prevailing recession in the global economy.
With a spurt in demand from overseas for Indian cuisines like saag, rajmah and kurhi pakora, Punjab government-owned Markfed aims to achieve Rs 10-12 crore export turnover from canned food this fiscal.
The Sensex has ended (provisional) at 17,458, down 28 points.
Construction firm Ahluwalia Contracts India today said it has bagged four orders worth Rs 242 crore from various vendors for construction-related works.
Domestic passenger car sales have recorded 33.88 per cent increase at 1,32,615 units in October from 99,052 units in the same month last year.
Hinduja Group company, Gulf Oil Corporation today said its subsidiary has entered into an agreement with Biocon to sell its Active Pharmaceuticals Ingredients (API) undertaking, for an undisclosed amount.
Sreelatha Menon / New Delhi December 06, 2009, 0:25 IST
Hyundai Motor India Ltd, the country’s second largest car manufacturer and the largest passenger car exporter ended the year on a high note with domestic sales growing by 42.6 per cent while exports grew by 9 per cent, said a company press release. Cumulative growth stood at 22.6 per cent for the month ending December, 2009.
Maruti Suzuki zoomed to a high of Rs 1,397, and finally settled at Rs 1,378, up 6.5% from the previous close. The counter witnessed trades of 482,292 shares, four times its two-week daily average traded volumes of 143,563 shares.
Anticipating an investment of Rs 3,240 crore in dairy and live stock sectors in Kerala in the next three years, an experts" committee has recommended the government to set up a live stock development finance corporation to ensure better credit flow in this high potential area.
Continuing with its low interest rate regime to boost the nation"s recession-hit economy, the Bank of England today left the key interest rates unchanged at 0.5 per cent.
Chennai-based healthcare major Apollo Hospitals Group has opened Apollo Bramwell in Mauritius with an investment of $70 million (around Rs 350 crore).
Hyderabad-based vaccines and biotherapeutics manufacturer Bharat Biotech, which is getting ready with an indigenous H1N1 swine flu candidate vaccine, would go for clinical trials in two months, according to its chairman and managing director Krishna M Ella.
A day after the path-breaking revelation by the international scientific community that India"s maiden mission to the moon, Chandrayaan-I has succeeded in tracking presence of water on the lunar surface, ISRO chairman G Madhavan Nair today said that the mission was 110 per cent success.
UN chief Ban Ki-moon has pressed world leaders to publicly commit here next week to reaching a global climate change deal in Copenhagen in December.
Leading bankers do not foresee any rise in the interest rates at least for the next six months and want the Reserve Bank of India (RBI) to keep the monetary stance unchanged in its policy review due later in the month.
The city-based Centre for Cellular and Molecular Biology (CCMB) is setting up a BSL-3 (bio-safety level) facility on its campus for testing swine flu virus.
Will Hindustan Unilever"s sales pitch for Lifebuoy around swine flu prevention work?
Reserve Bank of India today said bank loans whose repayment is done from future rental generated from properties like shopping malls and office premises will be treated as commercial real estate exposure (CRE).
Union law minister M Veerappa Moily today said a road map for judicial reforms would be ready by September 30.
The Delhi High Court today sought an explanation from the Centre as to why it was not appointing chairman of National Human Rights Commission, a post lying vacant since June.
Telecom regulator Trai today said it could not give its fresh views on the crucial issue of capping of licences by September 5 as licensing policy needed a closer look for the growth of the industry.
Punjab National Bank (PNB) on Wednesday reported a marginal rise in its net profit for the third quarter of the current financial year at Rs 1,011 crore, up 0.54 per cent from Rs 1,005 crore in the corresponding period of 2008-09. Total income also remained flat at Rs 6,236.55 crore in the quarter. In the year ago period, it stood at Rs 6,236.16 crore led by treasury gains.
Swiss drug maker Novartis AG has hiked its stake to 76.42 per cent in its Indian subsidiary Novartis India pursuant to the completion of open offer.
Markets extend losses in noon trades
Wipro finally shed marginally to close at Rs 506. The stock touched an intra-day low of Rs 487 and a high of Rs 509. The counter clocked a volume of 197,129 shares as against two-week average trades of 282,838 shares.
The Sensex finally ended (provisional) at 15,043 - down just 31 points.
Tata Steel tops the combined value chart on both the BSE and the NSE with a turnover of Rs 661.83 crore. It is followed by Sesa Goa (Rs 658.33 crore), Reliance (Rs 619.07 crore), ICICI Bank (Rs 432.18 crore) and Unitech (Rs 411.14 crore).
The Tamil Nadu government will set up swine flu test centres in major towns of the state. The move comes after a four-year-old boy died in Chennai due to the flu on Monday.
Cox & Kings (Australia), the wholly-owned subsidiary of Cox and Kings (India), a travel and tour company, has bought MyPlanet Australia and Bentours International through a share sale agreement from First Choice Holdings Australia. The acquisition is being done through an ‘earn-out mechanism’ and is not being paid for from funds raised for acquisition from the company’s recent initial public offering (IPO).
Bajaj Auto today said it expects an increase in the company"s sales volume on account of better demand during the festive season.
Travel and tour company Cox & Kings (India) made an impressive debut on bourses today. The stock closed 30 per cent up at Rs 426.05 on the Bombay Stock Exchange (BSE) as against the initial public offer (IPO) price of Rs 330. On the National Stock Exchange (NSE), the stock closed at Rs 430.
Just over a week after the Madras High Court granted the Chennai-based two-wheeler company TVS Motor the permission to use twin-spark plugs in its motorcycles, Bajaj Auto has decided to move the Supreme Court against the ruling.
The Supreme Court today sent the Ambani brothers’ cross appeals against the Bombay high court judgment to a three-judge bench to be constituted by September 1, which indicates that there would be no early decision on the myriad questions raided by the parties.
Spencer’s, the retail arm of the Rs 13,500-crore RPG Enterprises, will be focusing more on large format stores this fiscal and prune down investments per store in order to beat recession blues and turn the company profitable.
The Supreme Court today allowed TVS Motor Co to manufacture ‘Flame’, the 125 cc bike which was caught in a patent row with Bajaj Auto Ltd. But the finished two-wheelers would not leave the company’s warehouse. Both parties were also restrained from using the order for any purpose, including publicity.
The country’s largest special economic zone (SEZ), promoted jointly by Reliance Industries Chairman Mukesh Ambani and his confidant Anand Jain, is in danger of being scrapped. The zone was being set up by a company called Mumbai SEZ Ltd in the Raigad district of Maharashtra.
The third Software Technology Park of India (STPI), being set up in Orissa at Ambapua on the outskirts of Berhampur, has failed to attract major IT companies even though the construction work on the STPI centre is nearing completion.
Japan today termed as "unfortunate" the failure of the Copenhagen climate talks to deliver a legally binding agreement to tackle global warming.
Even though the Copenhagen accord is not legally binding, the United States would not only "review" its implementation by India and China, but also would "challenge" them if they do not meet the goals set by the agreement, the White House said.
Andhra Pradesh chief minister K Rosaiah said a meeting of the state Legislative Assembly and Council would specifically be convened to condole the death of former chief minister, Y S Rajasekhara Reddy.
Novartis India, a subsidiary of Switzerland-based Novartis AG, is all set to grow its business revenues by four times in the next five years. The company"s over-the-counter business unit is looking at introducing more products in the consumer healthcare segment.
Goldman Sachs says it is ready to repay a $10 billion government investment today.
With iron ore allotment to steel industries becoming a major concern, the Centre is all set to amend the Mines Minerals (Development & Regulation) Act to incorporate aspects like value addition to boost steel production in the country.
The country"s largest steel maker Steel Authority of India (SAIL) today said it is open to partnering NMDC in setting up a steel plant in Karnataka, primarily catering to sectors like the automobile and consumer durables.
Tata Realty and Infrastructure, which hopes to develop projects worth Rs 20,000 crore over the next three years, today said that the $1 billion infrastructure fund, sponsored by its parent company Tata Sons, is expected to close by 2009-end.
Global steel major ArcelorMittal, which has lined up Rs 1 lakh crore investments for India, said today it is in race for a chunk of the mineral-rich Chiria mines in Jharkhand.
In the same way that you should get massages and take naps or meditate, you should, everyone should, make a point to eat out by yourself from time to time,” wrote Amanda Hesser in her wonderful Cooking for Mr Latte. “You should be kind enough to yourself to lavish your appetite with good food without the interruptions of company.”
The government today said economic growth rate could decline to 6 to 6.5 per cent in the third quarter (October-December 2009) on account of the impact of drought and floods on agriculture production.
Dubai World Group has confirmed that its debt restructuring process of $26 billion would apply only to the Dubai World and the Nakheel and Limitless.
Sunil Jain / New Delhi January 04, 2010, 0:20 IST
Hitting hard at global warming sceptics, powerful US lawmakers have accused them of "engaging in a policy of distraction" by promoting hacked e-mails, which claimed that scientists had exaggerated the crisis and asserted that the world is getting hotter faster.
Aditya Birla Capital Advisers, the private equity arm of Aditya Birla Financial Services Group, today announced closure of its first fund with the investment commitment of about Rs 675 crore.
State-run Bharat Petroleum Corporation (BPCL) has posted a 62-fold increase in net profit of Rs 3,628 crore during the quarter ended March 2009 against Rs 58.4 crore in the year-ago period. The rise came on the back of higher oil bonds received and over-recovery on sale of fuel products.
Global rating agency Moody"s today expressed concern on India"s high fiscal deficit projected at 6.8 per cent for 2009-10 and cautioned that the situation may become complicated in the absence of measures like clear road map for disinvestment and structural reforms.
Despite the global economic downturn, medical tourism has emerged as the fastest growing sector of the Indian tourism industry as it provides first world treatment to patients at an affordable rates.
The Orissa Electricity Regulatory Commission (OERC) has stayed the operation of the load restriction order issued by the Orissa Power Transmission Corporation Ltd (OPTCL) to restrict the drawal of industrial load up to 10 Mw. It has issued notice to the State Load Despatch Centre (SLDC), OPTCL, Grid Corporation of Orissa (Gridco) and the Orissa government to file their replies before OERC within 7 days.
Areva T&D India, an arm of French firm Areva, today said it has bagged a Rs 150-crore order from central transmission utility PowerGrid for executing a 765 KV substation.
The small car being developed by Bajaj Auto that will be marketed by Renault-Nissan alliance in India will be smaller than Maruti Suzuki"s Alto, according to the French car maker.
The setting is very playful with a fit Mahendra Singh Dhoni asking an even fitter Bipasha Basu out on a date. She agrees, only if he can beat her in a race. The next morning, the two set out to race. Basu creates hurdles for Dhoni by distracting people on the way. Thus, when he finally makes it to the finish line, she’s already waiting for him, but is willing to give him a second chance.
The power situation is expected to see a dramatic change once the Kudagi thermal power plant goes operational. The foundation stone for the thermal plant near Basavana Bagewadi in Bijapur district will be laid in January next. The National Thermal Power Corporation has approved the proposal for setting up the coal-based 4,000 Mw plant at its meeting held in New Delhi on November 27.
Japanese auto maker Nissan Motor Company, which plans to launch a compact car in India after six months, today showcased a sedan. The car is to be built on the same platform as the compact car, but will not serve the low-cost concept.
Ford Motor has said it will invest $400 million (around Rs 1,850 crore) in its manufacturing facilities here to produce next version of Explorer SUV by 2010-end and the move will create 1,200 jobs.
Automaker Tata Motors today reported 77.30 per cent jump in its total sales during January at 65,478 units.
The Nifty closed in a Doji pattern on the last day of this month’s expiry today, indicating continuation of indecisiveness in the next series. Global cues are strong and hence the Nifty is likely to trade above 4,800 with strong support at 4,820.
The country paid over 7 per cent higher amount in repaying its external debt at $7.67 billion during the first six months of this fiscal over the year-ago period, despite a soft interest rate regime globally.
The country’s largest power generator, NTPC Ltd, will be officially powering the Commonwealth Games being held next year. It has got marketing rights for the games that will held in New Delhi next year, in return for a Rs 50-crore sponsorship.
Spices exports from India will cross the $1-billion mark in the current financial year, according to VJ Kurien, chairman of the Spices Board.
Ajit Ranade / January 26, 2010, 0:35 IST
State-owned IDBI Bank is believed to have zeroed in on Kerala-based private sector lender Federal Bank for acquisition.
Delphi, a leading global supplier of electronics to the automobile sector, today said it has introduced CNG kits for vehicles that have been sold to consumers.
The Reserve Bank today raised by 75 basis points the cash reserve ratio -- the amount lenders need to keep with the central bank-- to suck Rs 36,000 crore out of the system and cool down the surging inflation.
UK Chancellor of the Exchequer Alistair Darling said bankers should stop complaining and get to work.
After a brief lull, mobile operators have begun clashing over the fee paid for spectrum (air-waves), with Vodafone claiming Tata Teleservices and RCom were underpaying the government — a charge denied by the two companies.
Reliance Communications (RCom) has asked the department of telecommunications (DoT) to take action against its special auditor, Parakh & Co, for alleged breach of confidentiality and misconduct. It has also asked DoT to scrap Parakh’s report, saying the conclusions are incorrect, unilateral and biased.
Telecom giant Bharti Airtel has managed to declare a profit but its results show a real problem in even the top line. This underscores the need for these market leaders to find other ways to monetise customers. The plain vanilla voice market is no longer profitable, but these companies haven’t done much by way of value added services apart from the caller tunes, which is now an old story.
Karur Vysya Bank has reported a net profit of Rs 75.87 crore for the quarter ended December 2009, registering an increase of 28 per cent over the corresponding period previous year. The bank had reported a net profit of Rs 59.25 crore in the same period last year, Karur Vysya Bank said in a filing to the Bombay Stock Exchange.
Borrowing can be an easy process if financial records are well-maintained
Financial services major Bank of America today said its consumer banking chief Brian T Moynihan will replace Kenneth D Lewis as President and Chief Executive Officer of the company on January 1, 2010.
UBS AG said it aims to reach 15 billion Swiss francs ($14.9 billion) in annual pretax earnings in three to five years, as Chief Executive Officer Oswald Gruebel rebuilds Switzerland’s largest bank after record losses.
Chief minister B S Yeddyurappa will lead an all-party delegation to meet Prime Minister Manmohan Singh on January 13 seeking his intervention to withdraw the revocation order on the Kalasa-Bandori Nala drinking water project.
Majority of HR managers in financial institutions across London expect hiring in the city to rise significantly in 2010, a survey by global professional recruiter Morgan McKinley says.
Business Standard / New Delhi January 15, 2010, 0:19 IST
India, Latin America and Africa must be taken on board while framing the rules for globalisation in the post-economic crisis scenario, French President Nicolas Sarkozy said at world economic forum"s (WEF) annual meeting here.
The Anil Dhirubhai Ambani Group’s Reliance Power today reported a 26.45 per cent rise in its third quarter consolidated net profit at Rs 133.64 crore, against Rs 105.68 crore in the year-ago period.
The farmers of Dadri in Ghaziabad district, where Anil Ambani-controlled Anil Dhirubhai Ambani Group (ADAG) has proposed a gas-based power plant, today urged the Uttar Pradesh government to grant more time for returning the land acquisition compensation paid by the company.
As the world tries to get over the economic slump, commercial vehicle (CV) manufacturers like Tata Motors, Ashok Leyland, Eicher, Volvo, Daimler and Mahindra-Navistar are preparing for a flurry of launches to cash in on the increased economic activity in the country.
Internet giant Yahoo! has posted a profit of $153 million (Rs 693 crore) in the quarter ended December 2009 on the back of improving advertising market.
India will on Sunday hold a meeting with its BASIC group partners comprising China, Brazil and South Africa in the capital to firm up a common position on the climate front post-Copenhagen.
Notwithstanding the high voltage overseas road shows and Incredible India campaign, the decline in foreign tourist arrivals in the country continues.
South Korean consumer durables major LG today said it plans to give a push to its LED TV sales by launching more advanced versions of it in 2010 and expects to sell up to 3 lakh units by the end of next year.
Mono-brand stores, or single-brand retail outlets, have become the new growth mantra for consumer durables companies. What was a trickle initially is fast turning into a deluge, with leading companies drawing up aggressive plans to scale up their presence through mono-brand stores.
Kanika Datta / New Delhi December 1, 2009, 20:41 IST
A cartoon in a Delhi newspaper, which allegedly depicted a Victoria policeman as a member of hate group Ku Klux Klan in the wake of attacks on Indians, has sparked an outrage in Australia with acting Prime Minister Julia Gillard condemning it as "deeply offensive".
Tata Group firm, Voltas today said its non-executive independent director S D Kulkarni has retired from the board of the company.
Bharat Sanchar Nigam Limited (BSNL) today launched its new service delivery platform "BSNL Live" - a web portal that would offer videos on demand and movie streaming for its 3G customers for the first time in the country.
The Sensex is exhibiting firmness and is now at 17,708, up 149 points. The NSE Nifty is at 5,280, up 48 points.
The metal may see a correction soon on persistent selling by institutional investors.
India would set up five energy parks by 2032 to raise the generation of nuclear energy.
Jindal Power, a subsidiary of Jindal Steel & Power (JSPL), has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for a public issue of equity shares through 100 per cent book building method.
Builders feel move may hinder development.
The liquidity crunch in the real estate sector has hit Indian Railways’ efforts to lease out surplus land for commercial development on public-private partnership.
The life insurance industry logged a 21 per cent increase in premium collections during the first seven months of the current financial year compared to the same period last year, indicating recovery in the sector.
Beware of investment products that promise the moon.
ICICI Bank on Friday said its consolidated net profit rose 75.7 per cent to Rs 1,144.6 crore in the quarter ended September on the back of a good show by its subsidiaries.
Business Sandard / New Delhi October 29, 2009, 0:50 IST
Mutual fund houses are aiming to raise money at a time when the existing equity funds are finding it tough to cope with low inflows and redemption pressure. Should you subscribe?
Unlike his predecessor Y S Rajasekhara Reddy, who took a tough line against separate Telangana, Andhra Pradesh Chief Minister K Rosaiah has no no personal view on the bifurcation of his state and would like the Centre to find a lasting solution not not a "temporary truce".
JMM chief Shibu Soren was today sworn in as chief minister of Jharkhand for the third time at a ceremony which was skipped by top leaders of coalition partner BJP, and will take a floor test in the Assembly on January 7.
Delhi-based businessman Sanjay Dalmia and Indiabulls Financial Services (IFS) have arrived at an out-of-the-court settlement to their legal dispute, the Bombay High Court was informed today.
The Shipping Minister said today that the ministry is taking all possible measures to encourage private sector investment in the shipping sector as major ports alone require over Rs 36,000 crore private investment by March 2012.
Essar Oil Ltd (EOL) is on track to complete expansion of its facility at Vadinar refinery in Gujarat to 16 million tonnes by December 2010, brokerage company IDFC-SSKI said in its report on the company while putting a price target of Rs 194 on its stock.
The RBI clarification, issued on December 1, 2009, has allowed banks to include technical or prudential write-offs for calculating provision coverage for non-performing assets (NPAs) - mandated to be at a minimum of 70% by September 10. This has triggered a relief rally in bank stocks with reasonably higher NPAs or low provisioning which were underperforming the BSE Bankex (see Prodigal returns).
2009 was a bumper year for bullion investors as both gold and silver reached record highs in domestic and international markets.
Aviva Life Insurance Company Limited, one of India"s leading life insurance companies, plans to come out with 3-4 new insurance products including a new Children"s insurance plan before the end of the current financial year.
The state-owned copper miner Hindustan Copper will soon appoint merchant bankers to advise it on the proposed share sale aimed at part-financing its Rs 3,500-crore expansion plan.
The stock gained 10 per cent at Rs 233.05, has frozen the upper limit of circuit filter on reports that the government is considering divesting its stake in copper producer. The Government of India holds a sizable 99.59 per cent stake in the company.
National carrier to get lion’s share of the Rs 1,978-crore budgetary support demanded by the ministry for 2010-11.
The Bank of America (BofA) has repaid the US government the entire bailout money of $45 billion. The Department of the Treasury announced yesterday that it has received full repayment on its Troubled Asset Relief Programme (TARP) investments in Bank of America in the sum of $45 billion.
While the results of the clinical trials on the company’s new molecule, Balaglitazone, are positive, a lot needs to be done.
The FIIs long build-up in the Nifty futures and short covering in stocks futures during the week ended November 13 augur well for the market. The Nifty expected to hit a new high in the coming week if it crosses a crucial resistance at 5,060. On the down side the 4,940 is healthy support and below that 4,860 is the crucial support level. The Nifty rose over four per cent during the week largely due to short covering from the foreign investors in Nifty futures and stocks futures.
The Sensex finally ended (provisional) at 17,032, up 247 points. The NSE Nifty ended (provisional) at 5,060, up 71 points.
Hatoyama is the first Japanese PM to visit Mumbai in 25 years.
The Centre has earmarked Rs 1,000 crore under the National Manufacturing Competition Programme in the 11th Five-Year Plan to help micro, small and medium enterprises face global competition, Minister of State for MSMEs Dinsha J Patel said.
Deepak Fertilisers & Petrochemicals Corporation today said it has raised Rs 100 crore by issuance of debentures.
The Supreme Court today issued notice to the Central Bureau of Investigation (CBI) on a petition filed by Price Waterhouse (PW) auditor Srinivas Talluri, who was arrested in Satyam fraud case for allegedly conniving with its founder B Ramalinga Raju and other aides.
British confectionery group Cadbury today rejected a takeover bid from US giant Kraft Foods, describing the offer as insufficient.
US markets were mixed on Wednesday. The Dow slipped 19 points to 10.452 on weak energy shares. The Nasdaq, however, added nine points to 2,185.
Oil prices continued a weeklong rally today in Asia, jumping above $78 a barrel, after US gasoline inventories unexpectedly fell.
The sale of paints and colouring items for households is witnessing almost 25 per cent fall compared with last year despite the ongoing festive season.
Oil prices rose above $72 a barrel today in Asia as investors looked to a slew of US corporate earnings reports this week for signs of economic recovery.
Education and placement company EdServ Softsystems today said it plans to raise $25 million through Global Depository Receipts or Foreign Currency Convertible Bonds to fund its expansion in the school and online tuition services markets.
Upstream oil and gas regulator DGH today attributed the poor interest in auction of exploration blocks to the Ambani brothers" gas dispute.
The Prime Minister’s Office (PMO) has asked for comments from the petroleum ministry on Anil Ambani’s letter, wherein he accused the ministry of siding with estranged brother Mukesh Ambani’s Reliance Industries Ltd (RIL) in an ongoing gas dispute.
Pinched by rising raw material prices, fast moving consumer goods (FMCG) companies, especially manufacturers of packaged foods and soaps, may raise prices or reduce grammage per pack over the next one or two quarters.
The Department of Telecom (DoT) is understood to have decided to slap a total penalty of Rs 132 crore on some major telecom operators for not rolling out services on time after the award of licence and spectrum.
- Malegaon accused wants to contest LS polls
The government today said it has shown "no favour" to Mahindra Satyam by extending the deadline for restating of accounts by six months to June 2010.