Indian fast moving consumer goods (FMCG) players are once again on the prowl to acquire companies, as the economy picks up.
Indian company has first right of refusal to buy partner’s stake.
Godrej Consumer Products Ltd (GCPL) plans to strengthen its hair colour offerings through new launches and variants, in a bid to arrest its dipping market share in this lucrative sgment.
The world"s largest chip maker Intel Corporation today withdrew its suit before the Delhi High Court against the government, trademark registry and the two small firms which have got registered its trademark till 2017.
Investors today pulled down the stock market benchmark Sensex below 17,000 points-level, as they sold banking, oil and gas and state-run companies’ shares to make profits.
Experts say problem easily avoidable, HRD ministry orders inquiry.
IT firm HCL Infosystems today said it has divided its channel partners to serve its small and medium enterprise (SME) customers in a better way.
Accountancy regulator Institute of Chartered Accountants of India (ICAI) today agreed to withdraw disciplinary proceedings against the Delhi branch of the audit firm Price Waterhouse (PW) in the multi-crore Satyam scam.
ElectraCard Services today launched an electra loyalty management system for Barclays Bank.
The government today sought to increase the representation of women in urban local bodies by providing 50 per cent reservation to them instead of the existing 33 per cent.
Mihir Mishra / New Delhi November 11, 2009, 0:30 IST
Tata Steel today said it has entered into a joint venture agreement with Canadian mining firm New Millennium Corp for development of an iron ore project in North America, in which the Indian firm would invest 300 million Canadian dollars.
FMCG major Godrej Consumer Products today said it has sought shareholders approval for acquiring 51 per cent stake of US-based Sara Lee in the joint venture, Godrej Sara Lee.
The country"s third-largest public sector lender Bank of Baroda (BoB) today said it is open to overseas acquisition if a good opportunity comes across.
Initial public offerings (IPOs) in emerging nations are returning about 15 times more than IPOs in developed countries even as companies from China to Brazil flood the market with more shares than ever.
Congress MPs from Telangana region today met senior party leader and Defence Minister A K Antony demanding disciplinary action against Y S Jaganmohan Reddy for joining a TDP protest in Lok Sabha against the decision to carve out a separate state from Andhra Pradesh.
The increase in credit flow till December 4 was 10.5% compared to a year ago.
Arvind Singhal / New Delhi December 17, 2009, 0:02 IST
The markets have rebounded into the positive zone owing to fresh buying. The Sensex is now up eight points at 16,927. The Nifty is up two points at 5,045.
Manipal Acunova, the Bangalore-based Rs 80 crore clinical research firm, has raised Rs 30 crore from US-based OrbiMed, a global healthcare-dedicated investment firm, with approximately $5 billion in assets under management.
Global investment firm Blackstone is planning to list up to eight of its firms and sell at least five others, a move that marks a shift in its pessimistic view about the world economy, media report says.
IndiaSkills, a joint venture between India"s leading higher learning organisation Manipal Education and UK-based City & Guilds, will invest Rs 200 crore over the next five years to offer vocational training courses across sectors like hospitality and retail.
It’s a comeback of sorts for Bollywood’s Big B, not just for his path-breaking performance as a 13-year old boy, Auro, but as a producer.
Gammon Infrastructure Projects today said it has entered into an agreement with the Spain-based Dragados for acquiring the firm"s stake in Indira Container Terminal Pvt Ltd (ICTPL) in phases.
The maiden attempt by the Indian Institutes of Management (IIMs) to make aspirants take the Common Admission Test (CAT) on computers ran into technical snags on the very first day when some servers in 11-odd centers crashed. While there was no official confirmation about the number of affected students, test-preparation institutes estimated that over 300 students could not sit for the examination.
Kingfisher Airlines, owned by the UB Group, is planning to raise up to Rs 500 crore through issue of further share capital.
Aiming for a larger play in the domestic skies, Paramount Airways plans to increase its fleet fourfold by 2011 to 20 aircraft by inducting mid-sized airplanes.
Indian Made Foreign Liquor (IMFL) manufacturer Tilaknagar Industries registered a consolidated net profit increase of 40 per cent for the quarter-ending March 31, 2009 to touch Rs 7 crore as compared to Rs 5 crore in the corresponding quarter last financial year.
Terror threat, swine flu scare and hike in air fares hit the tourism sector hard in 2009 with number of foreigners visiting the country dropping by over 6 per cent but the tourism ministry is now looking up to the Commonwealth Games to reverse the trend.
The state-of-the-art integrated terminal, called T3, of Indira Gandhi International Airport (IGIA) in New Delhi is poised to be the world’s second-largest, after Beijing in China, in terms of size. Once T3 starts operations before the 2010 Commonwealth Games in October, IGIA will become the world’s sixth-largest in terms of capacity. T3 would increase the capacity of IGIA to 60 million passengers annually, from 23 million after it starts commercial operation in July next year. The airport is expected to increase capacity to 100 million passengers by 2030 depending on traffic growth.
Aditi Technologies, an outsourced product and application development firm, is increasing its focus on intellectual property (IP)-led domain services for which it plans to double its headcount to over 2,000 people over the next 18 months. The company hopes this move will help it cross the $120 million mark in revenues during the same period.
Japanese two-wheeler company Yamaha today said it would introduce a new version of its super-bike YZF-R1 in the country next year, and a range of other models and variants from its stable to strengthen its position in India.
The country"s largest iron ore producer National Mineral Development Corporation (NMDC) is planning to file draft prospectus with the market regulator Sebi within a fortnight for its estimated Rs 14,000-crore disinvestment programme.
Domestic passenger car sales jumped 36.7 per cent to 1,13,687 units in November, the Society of Indian Automobile Manufacturers (SIAM) said today.
Auto component maker Rane Brake Lining today reported an over three-fold increase in its net profit at Rs 2.66 crore for the quarter ended June 30, 2009.
The government is changing some of the regulations in the road infrastructure sector to make it more attractive for investors, Minister for Road Transport and Highways Kamal Nath said today.
Brace for short-term correction.
Media company UTV Software Communications today reported a consolidated net loss of Rs 23.33 crore for the quarter ended June 30, 2009, against a net profit of Rs 19.88 crore in the same period last year.
A better product mix, easing of cost pressures and better procurement helped consumer electronics and lightings manufacturer, Bajaj Electricals register a consolidated net profit increase of 64 per cent per cent for the quarter ended June 30, 2009, to Rs 16.4 crore, compared with Rs 10 crore in the corresponding quarter of the previous financial year.
The move to acquire Brazil-based Vale Do Ivai and favourable business environment augur well for Shree Renuka Sugars.
The country"s largest sugar manufacturing firm, Bajaj Hindusthan, today said its shareholders will meet on December 16 to consider and approve raising of Rs 2,000 crore from domestic and international markets.
BS Reporter / Mumbai October 28, 2009, 0:17 IST
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.
Bajaj Electricals today said it has raised Rs 160.79 crore by issuing shares to qualified institutional buyers.
IL&FS Transportation Networks (ITNL) today said it would raise Rs 700 crore though an initial public offer (IPO) in Januray for repayment of loan and supporting its growth plans.
It’s simply impossible not to have heard about Facebook. For over five years, this highly successful social networking site has become the definitive place for young adults to upload details about their day-to-day life.
The new Foreign Direct Investment (FDI) norms, which stipulate changes in the way foreign investment in a domestic company is calculated, have put a roadblock in the path of credit information bureaus, which are eager to rope in private sector banks as investors.
"Saffronart", a leading art auction house in the city will host its annual summer online-art-auction of "Modern and Contemporary Indian Art" comprising works of 57 noted artists on June 10 and 11.
Amid the Maoist threat to take to the streets after resignation of Prime Minister Prachanda, the former rebels have attacked members of other political parties in some districts of Nepal. Prachanda resigned on May 4 after his Maoist government"s decision to sack the army chief Chief Rukmangad Katawal was scuttled by President Ram Baran Yadav, deepening the political crisis and raising the specter of renewed rebel unrest in the country.
Karnataka BJP dissidents today rebuffed Chief Minister B S Yeddyurappa"s efforts to reach out to them by refusing to meet him.
I have invested in an SIP of HDFC Top 200 since 2005. Do I need to stop and start afresh , so that it does not attract entry load. Kindly advise.
Business Standard / New Delhi October 13, 2009, 0:04 IST
Asian markets ended in the green today. The Hang Seng, dropped from its intra-day high to end with a gain of 115 points at 22,412.
Global commodities experienced a steep fall today, as investors and hedge funds across regions unwound their long positions after the news of Dubai’s debt crisis. Most commodities were down today between three and five per cent as the dollar strengthened. In late afternoon trade, however, prices recovered.
A consortium of Bharat PetroResources, Videocon Industries and the US-based Anadarko Petroleum Corp have discovered additional oil in their block in the Campos basin, off the Brazilian coast.
The water drawal by the industries from the Hirakud reservoir is much below the approved level, according to the state minister for industry and steel and mines, Raghunath Mohanty.
Rejecting the Opposition’s demand for a CBI probe into alleged illegal mining in the state, Chief Minister B S Yeddyurappa today claimed there was no such activity going on and that he had not granted any new mining licence.
Bollywood actor Aamir Khan and actress Katrina Kaif are the most downloaded celebrities by Indian mobiles users, a new survey says.
Closes in on Japan as second-largest economy.
The Sensex ended (provisional) at 17,533 - down seven points. The Nifty ended (provisional) up seven points at 5,252.
The Rs 130-crore Ganga Heritage River Cruise project in West Bengal may become a reality soon as the government has agreed to the demands of private investors and will issue new bids for it by mid-January.
The Nifty recovered sharply from its support of 4,820 to close at 4,900 on short-covering and positive global cues. It, however, faced strong upside resistance at 4,930 on profit-booking in key index heavyweights.
Asian markets surged to 17-month highs today. The Hang Seng jumped 456 points (2%) to 22,280. The Nikkei added 27 points to 10,682.
Move to be part of a global expansion plan
Beginning today, all letters posted by the Institute of Cost and Works Accountants of India (ICWAI) this week will carry a special sticker that ‘celebrates corporate week’ on its envelopes. Similarly, all hoardings that will come up on the premises of ICWAI’s 95 regional councils and chapters across the country will call for the celebration of the country’s first ‘corporate week’.
Vandana / Mumbai January 2, 2010, 0:54 IST
Bhupesh Bhandari / New Delhi December 18, 2009, 0:26 IST
- Parsvnath Q2 net up three fold to Rs 61.43 cr - Banco Products net up 99% at Rs 21-cr - Indusind Bank Q2 net zooms 131% at Rs 77.8 cr - HDFC Bank Q2 net jumps 30% at Rs 687.46 cr - Mid & small-cap firms to see single-digit growth - Geojit BNP Paribas Q2 net zooms 150%
Corporate India today warned the government that any regulation of CEOs" pay may lead to flight of talent and capital from the country and said salaries are best decided by the industry.
India Inc"s staff cost went up by 11.2 per cent during January-March last fiscal growing at a lesser pace than the previous three quarters of 2008-09, reflecting the economic slowdown, according to a Reserve Bank of India (RBI) study.
The court of the special judge, Ranchi, has allowed the Enforcement Directorate (ED) to visit Thailand, United Arab Emirates (UAE), Indonesia, Sweden and Liberia to conduct further investigations into money laundering and hawala case involving over Rs 2,000 crore against the former Jharkhand Chief Minister Madhu Koda and his aides.
Airtel, Vodafone-Essar favour delinking; Reliance, Tata oppose.
Communications Minister A Raja is pushing an innovative plan under which vendors which supply equipment for 3G mobile services to state-owned Bharat Sanchar Nigam Ltd (BSNL) will share the bill for advertising and marketing the services in the first six months of the launch.
The stock jumped 11 per cent to Rs 50.65, after the government approved a proposal under which the telecom equipment manufacturer will continue to get orders for 30 per cent of the product requirement of BSNL and MTNL.
As part of its expansion plan, IDBI Fortis Life Insurance Company Ltd, the joint venture between the IDBI Bank, Federal Bank and Fortis Insurance International, intends to increase the number of its agency branches in the country to 100 by March 2010.
Surajeet Das Gupta & Mansi Taneja / New Delhi December 15, 2009, 0:25 IST
The government today said the pledge to cut 20-25 per cent emissions intensity by 2020, which is equivalent to the 2005 level, is a voluntary domestic commitment and not globally binding, the Rajya Sabha was informed today.
Leading IT-based security solutions developer, Micro Technologies (India) Ltd, today announced the launch of Micro Jai-Kisan, an innovative device for farmers.
Telecom giant Bharti Airtel is set to buy the majority stake in Bangladesh"s fourth-largest mobile phone operator Warid from its Abu Dhabi-based owners.
Vandana Gombar & Joe C Mathew / New Delhi December 01, 2009, 19:57 IST
The Supreme Court today agreed to examine on December 15 the Centre"s Special Leave Petition (SLP) challenging the Delhi High Court"s order which held as arbitrary allocation of 2G spectrum to certain telecom operators by Telecommunication Ministry headed by A Raja.
After cutting steel prices in the past two months, state-run Steel Authority of India Ltd (SAIL) today said it was looking to raise the rates next month following a recovery in demand.
With a view to attract more investors, leading fund house, UTI Mutual Funds today said it plans to launch mobile transaction platform by January-end, a top official said.
Credit policy uncertainty adds to AUM fall of Rs 22,000 crore last month.
The authorities of Paradeep Port Trust (PPT) have finally transported 175 tonnes of furnace oil evacuated from Black Rose, the sunken vessel to Kolkata and Ranchi through lorries after getting the clearance from the Customs officials.
The Centre has initiated measures to increase the productivity of milch animals to increase the per capita availability of milk in the country, K V Thomas, Union Minister of State for Agriculture, said.
Work on the Rs 1,230-crore expansion project of Haldia Petrochemicals Ltd (HPL), among the country’s largest naptha-based petrochemical facilities, came to a grinding halt after a Centre of Indian Trade Union (CITU)-backed union called an indefinite strike over wage revision of contractual workers.
Five major coal unions today opposed the government"s move to sell its stake in Coal India (CIL) saying the firm is competent enough to meet its financing needs and demanded infrastructure status for the sector.
Markets exhibited range-bound movement last week before settling on a flat note. The Smart Portfolios benchmark, S&P CNX 500 index, was up marginally by 0.09 per cent to 4,243. An investment of Rs 10 lakh in the benchmark at the start of Smart Portfolios on September 1, 2009, is today valued at Rs 11.05 lakh - a healthy 10.48 per cent appreciation in the corpus. Ajay Parmar and Amar Ambani continue to outperform the benchmark with returns of around 14.22 per cent and 14.30 per cent, respectively. Last week, while Ajay Parmar"s net worth saw a marginal dip of 0.26 per cent, Amar Ambani"s portfolio value appreciated by 0.97 per cent. They were the two active managers and cumulatively bought stocks worth Rs 1.34 lakh at the net level.
Aditi Phadnis / New Delhi January 31, 2010, 0:21 IST
The country"s second largest public sector lender, Punjab National Bank, today said its Bhutan joint venture and Dubai branch would start operating from next month.
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A couple of decades ago, when more good people were leaving India Today magazine than joining it, Aroon Purie asked a departing colleague, who’d just given him the usual spiel you give while resigning, “If I’m the best boss around, why is everyone leaving?” Much the same question comes to mind while reading Connecting India — if BSNL and the Department of Telecommunications are indeed full of as many good people as the author will have us believe, how come the country’s top telecom PSU hasn’t made any profits from its operations in the last two-to-three years? Indeed, if you take the thousands of crore the PSU got by way of an Access-Deficit-Charge tax levied on rival telcos’ incoming calls, BSNL’s unprofitable years increase even more.
In what may become a revolution in entertainment, accessing television via cable, IPTV or interactive DTH services is soon going to be via wireless, on the lines of a wi-fi internet connectivity.
Shyamal Majumdar / Mumbai November 12, 2009, 0:24 IST
Tata Group company Tata Elxsi that is into product designing and animation today said it will increase its headcount by about 400 this year as the company looks to increase its services and businesses, specially in the US.
Union Minister for New and Renewable Energy Farooq Abdullah and Punjab Chief Minister Parkash Singh Badal laid the foundation stone of the 60 Mw biomass-based Green Energy Power Plant of Lakshmi Energy and Foods Limited (Lakshmi Group) at Khamanon village of Fatehgarh Sahib in Punjab.
The Government today said that it has approved the Jawaharlal Nehru National Solar Mission with an aim of setting up 20,000 MW grid solar power and 2,000 MW off-grid solar power by 2022.
Subir Roy / New Delhi October 14, 2009, 0:00 IST
Suzlon Energy, one of the leading wind turbine makers, has entered into an agreement with Australia"s Infigen Energy to provide 20 units of wind power generators aggregating to a capacity of 42 MW.
Suzlon Energy unit REpower today said it has bagged an order to supply up to 954 MW wind turbines for five projects in Canada.
The Indian mutual fund industry had negligible exposure in the Dubai financial market to cause any ripples back home, LIC Mutual Fund Chief Executive Officer Sushobhan Sarkar said.
Worldwide industry vertical market IT spending is projected to total $2.28 trillion in 2009, a 6.8 percent decline from 2008, according to Gartner, an information technology research and advisory company . Analysts predict the market will return to growth in 2010, when it will grow at 2.3 percent to reach $2.34 trillion.
Commending the role of Indian navy in fighting pirates at the Gulf of Aden, the world"s maritime controlling agency has awarded a special certificate to the forces.
Body blow for real estate developers as state switches off tap to high-rise projects
Reliance Industries (RIL), the country’s largest private sector company, has announced its third successive gas discovery in the exploration block KG-DWN-2003/1 (KG-V-D3), of NELP-V. The deepwater block KG-DWN-2003/1 is located in the Krishna basin, about 45 kilometers off the coast in the Bay of Bengal. The block covers an area of 3288 square kilometres. RIL holds a 90 per cent participating interest (PI) and Hardy Exploration and Production India Inc holds the rest.
The markets continue to trade firm. The Sensex is quoting at 16,709, up 107 points, and the Nifty is at 4987, up 34 points. The BSE mid-cap and small cap indices are up in the region of a percent each. Metals, realty and consumer durables have surged in morning trades, while the IT space is subdued.
It’s no-brainer that in a year like the present one, when the monsoon has played truant leaving the country rain deficient, fertiliser consumption will take a hit. The conventional wisdom is that the use of fertiliser is decided by simultaneous play of three factors – the weather, volume of land committed to farming and crop intensity of land.
Max India ended at Rs 204, higher by Rs 13 or 6.9%, on the BSE.
The Bombay High Court has asked Delhi-based businessman Sanjay Dalmia to appear before the Economic Offences Wing (EOW) in connection with a cheating case.
Sonata Software announced the appointment of N Venkatraman as Head-Strategic Finance and Risk Management.
Textile and apparel group SKNL today reported 74.6 per cent jump in its net profit to Rs 80.7 crore for the third quarter ended December 31, 2009, compared to the same period last fiscal on the back of robust growth in its domestic business.
India"s gems and jewellery exports lost sheen for the eighth month in a row with exports dropping by a sharp 24 per cent to $1.5 billion in May 2009 over the year ago month mainly on account of slump in demand in its major markets like the US and Europe.
The gem and jewellery industry has sought enhanced dollar liquidity, lower lending rates, a 2-year tax holiday and turnover tax and import duty reductions as part of budgetary relief, a top industry official said.
Business Standard / New Delhi October 07, 2009, 1:12 IST
The Indian Air Force (IAF) today said it had sought permission from the government to fire at Maoists if they attacked helicopters.
In the wake of the recent controversies over Chinese incursions, India and China have reaffirmed the need to maintain peace and tranquility on border pending resolution of the “complex” issue.
The Centre will initiate talks on Telangana after situation calms down in Andhra Pradesh as any move by it now will "ignite things further", Minister of state for Minority Affairs Salman Khurshid said today.
The Indian video games industry - minuscule compared to the evolved western markets - is poised to grow 49 per cent to touch $830 million by 2012, when the country"s overall animation market will scale $1 billion, says a report of software industry body Nasscom.
Marxist veteran Jyoti Basu"s son Chandan Basu today said he felt bad about the rumours being spread about the health of his father, who was critically ill in a hospital here with pneumonia.
Karen Anand, adding booze to dishes, whips up deliciously naughty delights in the kitchen.
Ruling out any bailout package for Maytas Properties, the government today assured the NRIs of working a solution to non-delivery of flats sold by the firm promoted by kins of disgraced Satyam founder B Ramalinga Raju.
After receiving a lukewarm response from non-resident Indians, in spite of its various investors’ meets in the US and UK, the state government will now try to find out reasons as to why NRIs have turned hostile towards making investment in the state. On January 9, 2010, the state government will hold a special session with NRIs in ‘Prawasi Bhartiya Diwas” in Delhi, not only to interact with them but also to know about their issues that hinder investment in Madhya Pradesh. Later it will organise a “Prawasi Bhartiya Sammelan” in Bhopal on January 12.
Business Standard / New Delhi October 7, 2009, 0:20 IST
With over one billion people going to bed hungry, the United Nations has warned that the hunger index is rising and appealed to governments and civil societies to "leverage every tool" to combat it.
Omkar Goswami / New Delhi December 31, 2009, 0:48 IST
The new Companies Bill, 2008, which lapsed after the 14th Lok Sabha was dissolved, is likely to be re-introduced in Parliament this week, official sources said.
Sunita Narain / New Delhi December 04, 2009, 0:50 IST
The 26/11 court has issued summons to Shashi Bhushan, Joint Secretary (Judicial) in the Ministry of Home Affairs, to appear as witness to throw light on sanction given to prosecute Pakistani gunman Ajmal Kasab and two others on charges of "waging war against the nation".
Abu Dhabi Commercial Bank PJSC may be owed $1.9 billion by Dubai World, making it the largest creditor outside the emirate to the state company seeking to reschedule debt, said two people familiar with the companies.
Five consortia led by Reliance Infrastructure, L&T, ITD Cementation India, Pioneer Infratech and Lanco Infratech have been shortlisted for the $2-billion (Rs 9,270 crore) High Speed Rail Link (HSRL) in Bangalore.
Indian cricketers are rarely a hit on the silver screen.
Nation’s defence units will showcase their defence capability at a week-long defence show, organised for the first time during the on-going Dasara celebrations here.
A ncient Indians discovered the Zero, but modern, cyber-savvy Indians everywhere are discovering the Zed. That’s Rajan Zed, a Nevada-based Indo-American statesman who modestly refers to himself as an “acclaimed Hindu spokesperson” in an endless series of press releases that are slowing down the Internet, or at least my home connection.
Self-deprecating humour isn’t something one sees too much of in this country (where making fun of others is held a nobler pursuit than laughing at one’s own foibles), so I’m always pleased to read Saad Akhtar’s webcomic Fly, You Fools! (People are Mindless Cattle), a good-natured, witty take on some of the things we read about in the newspapers every day. It isn’t brilliantly written or drawn (in fact, it mostly uses photos and mixed media rather than fresh illustrations) but it’s goofy and perceptive, casting fresh light on (among other things) security checks at mall entrances (http://tinyurl.com/5s25pe), rich kids mowing down pavement-dwellers in their Mercs (http://tinyurl.com/mhpwep), and loud honking at traffic signals as a substitute for sexual inadequacy (http://tinyurl.com/kl7knc).
The late Swedish journalist/author Stieg Larsson was the man behind Lisbeth Salander — the undeniably twisted and talented female protagonist of his “Millennium” trilogy. The second part in the series, The Girl Who Played With Fire, translated from Swedish by Reg Keeland, continues from where the first book left off — asocial heroine Salander once again back to her punch-throwing, expert computer hacking ways that she honed as a former security analyst in Stockholm, spinning yet another edge-of-the-seat crime thriller. Interestingly, Larsson’s father Erland Larsson, while receiving an award for his late son last year, revealed in an interview that the character of Salander seems to have been inspired by his son’s niece Terese, to whom the author had been very close.
The Bombay Stock Exchange today said Torrent Power will replace Reliance Petroleum on the BSE-100 index with effect from September 25.
Ranbaxy Laboratories has entered into a licensing agreement with South Korean firm Medy-Tox Inc for selling its cosmetic product, Neuronox, in India.
About 50 foreign universities, including Duke University from the US, have evinced interest in setting up campuses in India, as the government is set to introduce a Bill to allow entry of such institutions into the country.
The government has decided to compensate states for any revenue loss on account of the implementation of the Goods and Services Tax (GST), a move that will encourage states to go in for the new tax structure scheduled to be implemented from April 1, next year.
A joint venture led by NHPC, the country’s largest hydel power producer, will develop the 1,500-Mw Tipaimukh hydropower project in the north-eastern state of Manipur.
Bharati Shipyard has received 10.2 million shares in the open offer made for acquiring an additional stake of 20 per cent in Great Offshore at Rs 590 a piece. The shares are equivalent to a stake of 27.5 per cent. Bharati had made the offer against ABG Shipyard’s counter offer to buy a stake of 33.8 per cent at Rs 520 a share.
Gujarat Co-operative Milk Marketing Federation (GCMMF), marketing its products under the brand Amul, will hike milk prices for the second time this year by Rs 1 per litre in the city from tomorrow, a senior federation official said today.
The latest GST move is why the tax holiday notifications are being sought to be ended by March 2010.
Entrepreneurs in Mandi Gobindgarh blame the state government for not taking concerted steps to support industry.
It’s no longer just a war over prices. ‘Health’ appears to be the new proposition from snack makers. PepsiCo recently added a ‘health’ proposition to its bevy, with Aliva. Now Parle Products is performing a similar act with ‘Smart Chips’.
Anil Dhirubhai Ambani Group (ADAG) firm Reliance Natural Resources (RNRL) today welcomed the government"s move to protect NTPC"s interest on sourcing gas from Reliance Industries, saying effective legal steps will defeat the Mukesh Ambani firm"s "malafide attempts to dishonour" its commitment.
The government today fixed a price band of Rs 950-1,050 per share for the initial public offering (IPO) of Oil India (OIL), the second state-run firm to hit the market this year, and will raise up to Rs 4,982 crore.
The UK government has asked Indian conglomerate Tatas to accept a revised proposal to guarantee hundreds of millions of pounds of short-term funding for luxury brands Jaguar Land Rover (JLR) or risk the plan being taken off, says a media report.
WNS, the NYSE-listed business process outsourcing (BPO) player, continues to attract expressions of interest from its peers, as well as private equity players, to acquire the 50 per cent stake in it of investor firm, Warburg Pincus.
Global outsourcing and innovation company Aricent plans to increase its global headcount by 10-15 per cent in the current fiscal. Of this, around 70-80 per cent will be in India.
Telecom solutions and services provider Aricent today said its has earned an all-time high ever revenue of $460 million in FY09 and is looking at listing on Indian bourses in the next three years.
Eases regulatory hurdles for Bharti-MTN deal.
Clinton Foundation"s proposed "Solar Integrated City" project may come up in a special economic zone. The Central government has recently approached the state to consider setting up a solar SEZ in Gujarat.
Insurance regulator IRDA would soon announce disclosure norms for insurers wanting to raise money from the capital markets.
Hero Honda has decided to expand its Haridwar manufacturing facility after resolving issues with the State Infrastructure and Industrial Development Corporation of Uttarakhand Ltd (Sidcul) to retain its hold over the 94 acres of vacant land.
A few days back, if you were at Mumbai’s Dadar Railway Station or at Delhi’s Rajiv Gandhi Chowk Metro Station, you could not have missed a man sprawled on a sofa with a cushion that read: “Reserved for Abhishek Bachchan classes”. Is Bachchan Jr preparing for an alternate career? Not really. This is on-ground activation aimed to create a buzz for the newest reality show on Colors, National Bingo Night. It will of course be anchored by Bachchan Jr.
Poor quality mobile services of state-run BSNL today came under sharp attack in the Lok Sabha, even as the government said it was the only operator which has taken maximum load for providing connectivity to rural areas.
Equity derivatives volumes on NSE fall, but traders say it’s too early to see a trend.
On this day, one hundred and fifty years ago, the publishing house of John Murray brought out a condensed and abridged treatise on The Origin of Species by Means of Natural Selection, in a first printing of 1,250 copies.
After venturing into the private equity (PE) space earlier through a joint venture, financial services provider Religare is now planning to go solo.
Devendra Mukhia, an alleged aide of former Jharkhand Chief Minister Madhu Koda, today surrendered before the Income Tax department here which wants to probe his involvement in the alleged hawala and illegal investments case.
Tata Motors ended at Rs 827, higher by Rs 34 or 4.3%, on the BSE.
The Mayawati government’s decision to ban import of raw sugar into Uttar Pradesh has sent sugar prices soaring. Ex-mill sugar price in the state is at a record high of Rs 3,700 a quintal, up 7-8 per cent from a month ago, though crushing season is on.
Prices of sugar in Uttarakhand have reached an all-time high of Rs 42-44 per kg in the retail market, thanks largely to sugarcane shortfall.
The country"s largest steel maker, Steel Authority of India (SAIL), today said it has cut prices of its long products — used primarily in construction — by Rs 1,500-2,000 per tonne and may further lower the rates if the situation so warrants.
Keeping in mind the panic created by swine flu and its adverse impact on academic activities across the country, the Indian Institute of Management, Ahmedabad (IIM-A), is preparing recommendations to be issued to various schools and colleges in the country. Once ready, the management institute, which has witnessed four cases of swine flu on its campus, will submit the recommendations to the state and central governments for further dissemination to academic institutes.
The Supreme Court today decided to commence final hearing on the high-profile gas dispute between the group firms of Mukesh Ambani and his younger brother Anil from October 20.
Swiss pharmaceuticals company Novartis AG said today it has successfully produced a first batch of swine flu vaccine weeks ahead of expectations.
Government is mulling on raising its equity in the National Film Development Corporation (NFDC) in an attempt to revive the premier film making institution, Information and Broadcasting Minister Ambika Soni said today.
Chief minister K Rosaiah said steps were being be taken to ease the shortage of masks in Hyderabad. The government is making efforts to procure more ventilators and provide additional beds to treat swine flu.
The efforts of Posco India to generate public support for its integrated steel project near Paradeep have aroused the wrath of the anti-Posco activists.
The government has granted one year extension to Satyam Computer Services for completion of three special economic zones (SEZ) in Andhra Pradesh, giving elbow room to the new management of the IT firm.
French pharma major Sanofi-aventis today said its vaccine division Sanofi Pasteur has acquired majority stake in Hyderabad-based Shantha Biotechnics, which has been valued at euro 550 million (over Rs 3,770 crore).
The markets began with a bang, but ended with a whimper--this cliched expression encapsulates the day"s proceedings. The Sensex had surged by more than 250 points in early trades on the back of firm Asian stocks and strong trade data from China, but surrendered all its gains to close lower by 13 points at 17526 and the Nifty ended at 5249, up 4 points.
The Centre has expressed confidence that by 2020 the polluted river Ganga would be cleaned and Rs 15,000 crore will be spent on it. “The Union government is confident to clean the holy Ganga river by 2020 and Rs 15,000 crore will be spent for this purpose under the river development fund,” Environment Minister Jairam Ramesh said here.
GMR Energy, a subsidiary of the GMR group, has challenged in the Delhi High Court its disqualification from bidding for three power transmission projects worth Rs 6,800 crore and sought a stay on the tendering process.
The year 2009 was one of the most challenging years for the Indian information technology (IT) services sector. Even as IT spends went down by almost 6-8 per cent globally, Indian IT companies had to grapple with the confession by Ramalinga Raju regarding a nearly Rs 8,000-crore fraud at Satyam Computer Services.
For filmstar Bipasha Basu, the New Year festivities will be a hugely rewarding experience. As she spreads cheer among fellow Mumbaikars, Basu will get a whopping Rs 2.47 crore for a 15-minute song-and-dance appearance at Mumbai’s Sahara Star, a suburban hotel next to the airport.
Anil Ambani Group"s life insurance venture Reliance Life expects to tap the capital market with its initial public offer in the first quarter of next fiscal, a top company official said here.
Gold, which has been one of the bigger investment vehicles this year, would remain so as the demand for the metal is underpinned by inflation, economic uncertainty and investors" search for alternative assets, says an official of the World Gold Council.
Anil Ambani group firm Reliance Infrastructure today said its consortium has bagged a project worth Rs 1,725 crore for building roads in Maharashtra from the National Highway Authority of India.
Announces target a day after US offered 17% cut in emissions.
Carbon dioxide emissions, the main driver of global warming, could fall three per cent worldwide in 2009 due to the global economic crisis, the International Energy Agency said today.
Toshiba Corp has said it has started test operating a pilot plant to develop a commercially viable technology to separate and capture carbon dioxide from flue gas generated in the process of thermal power generation.
The Centre is likely to prepare a blueprint for its disinvestment process for the next two years by the end of this financial year. At present, there are 61 unlisted profit-making public sector undertakings (PSUs) and 10 listed PSUs where the government could look to dilute its stake.
Rajesh Bhayani / Mumbai September 18, 2009, 0:02 IST
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