The notional value of investments in the domestic stock market through participatory notes (PNs), the off-shore derivatives issued by foreign institutional investors (FIIs), rose from 15.5 per cent in August to 16.4 per cent and 16.5 per cent in September and October, respectively.
Power Secretary H S Brahma today said the Ministry would soon approach the Finance Ministry for abolition of service tax on power transmission that could benefit end consumers by way of lower tariff.
Advertisements featuring Tiger Woods have disappeared from prime-time broadcast television and many cable channels following reports of his extramarital affairs, according to data from Nielsen Co.
Banks’ association says the process needs a huge effort.
Axis Private Equity (Axis PE) and IL&FS Financial Services have announced an investment of Rs 90 crore in Shalivahana Green Energy Ltd (SGEL).
Pantaloon Retail, the country"s largest retailer, today said it plans to raise as much as Rs 1,000 crore by selling shares to investors. The company board gave its approval for the fund raising plans today.
The sales of luxury car maker Mercedes Benz have dwindled in Punjab and Chandigarh this year, primarily due to short supply.
Continuing its agenda to simplify the foreign exchange regime, the Reserve bank of India (RBI) today said it intended to allow exporters and importers to “write” contracts giving them the right, but no obligation, to sell an specified amount of foreign currency for a specific price at specific time to banks. They will also be able to earn premium income from these transactions.
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Abheek Barua / New Delhi January 6, 2010, 0:09 IST
US national of Pakistan-origin David Coleman Headley was today charged in a court here with criminal conspiracy in the Mumbai terror attacks and having links with a retired Pakistani army Major who liaised between him and terror groups, including LeT and HuJI.
Airline passengers now have the choice to upgrade from the economy class to a higher one at a fraction of the normal cost.
Government today said that in the next four to six weeks, investigations into David Headley and Tahawwur Rana"s links with 26/11 attacks will be completed by the National Investigation Agency (NIA).
Finance ministry begins internal discussions.
The World Bank chief meets top policy makers.
Creditors of Dubai World are likely to reject a standstill agreement proposed by the company, a move which might lead to further "wrangling", media report says.
Online platforms for mutual funds (MFs) could soon become a reality. With the Securities and Exchange Board of India (Sebi) nudging the exchanges – the Bombay Stock Exchange and the National Stock Exchange – to launch such platforms, investors could soon find that buying or selling of mutual funds could be much easier.
Japanese investors who lived through a decade of deflation and recessions say US Treasuries are a bargain even with yields at about the lowest levels since at least the 1960s.
The BSE Sensex climbed 0.6 per cent on Friday, posting its first weekly rise in the past three weeks, with banks leading the rebound as investors picked bargains after last month’s fall. Gains in global stocks after the US labour department said initial claims for state unemployment benefit had dropped to their lowest level since early January also underpinned the market.
Anil Ambani group firm Reliance Capital today reported 32 per cent decline in consolidated net profit for the second quarter ended September 30, while its total income rose by 11 per cent.
Aurobindo Pharma, Hyderabad-based manufacturer of generic and active pharmaceutical ingredients reported a net profit of Rs 103.2 crore for the quarter ended September 30, 2009, as against a net loss of Rs 38.4 crore during the corresponding period last year. Revenues were up 24.42 per cent to Rs 882.64 crore as compared with Rs 709.4 crore last year.
Markets continue to languish in red. However, they have recovered from the day"s low.
The Sensex opened with a marginal positive gap of 23 points at 17,031. However, the index quickly slipped to a low of 16,907- down 102 points. The index has recovered somewhat and is now down 76 points at 16,932.
FII attitude may be key.
The stock slipped further into the red to touch a low of Rs 131, down 8% from the days high. It rebounded to end with a gain of 3.5% at Rs 136. The counter clocked relatively hefty trade volume of 1.18 million shares, as compared to its two-week daily traded average of 820,391 shares.
Hinting at a buoyant economy in 2010, Uday Kotak, vice chairman and managing director, Kotak Mahindra Bank Ltd said that the total inflow of funds in India, comprising of insurance, FIIs and mutual funds may touch $ 40 billion.
Hindustan Petroleum Corporation Limited’s Visakha refinery is all set to supply Euro-IV-compliant petrol from April 2010. HPCL has invested Rs 2,600 crore in Visakha Refinery to meet Euro norms.
Asian stocks rose, pushing the MSCI Asia Pacific Index to its biggest gain in almost three weeks, as the weaker yen boosted the earnings outlook for Japanese makers of electronics and cars and as Hong Kong-listed banks advanced.
Asian stocks fell, led by banks and developers, as UBS reported a wider-than-estimated loss amid investor concern that the withdrawal of stimulus measures will cause the global recovery to falter.
Oil rose to near $82 a barrel today in Asia after a jump in US stock markets boosted investor confidence and helped extend a four-week rally in crude prices.
Kolkata is one place where domestic water supply isn’t billed. The Hooghly river is the primary source and there’s no supply crisis looming, unlike some other cities. That apart, there are no charges for supplying, for the most part.
Strides Arcolab announced a collaboration with Pfizer, USA on Thursday where Pfizer will commercialise the later"s off-patent sterile injectables and oral products in the US.
Novartis has ended the day at Rs 572, stronger by Rs 14 or 2.6%, on the BSE.
Strong non-core income growth pushes revenues.
The state health and family welfare department is looking to forge partnerships with the healthcare institutions in the private sector.
Government today said it will not compromise on India"s interests at the Copenhagen climate change summit, but a dissatisfied opposition walked out in the Rajya Sabha.
Five more persons, including an AIDS patient, died of swine flu in the city, taking the countrywide death toll in the pandemic to 23.
After Pune, the swine flu scare is affecting footfalls and sales in malls and retail stores here. Sales in these places have fallen by up to half in the past two days.
Software companies continued to constitute the fastest growing firms in the Deloitte Technology Fast 50 India 2009 programme. This year, the composition of software companies amounted to as much as 80 per cent.
IT giant Wipro Limited, as part of its energy efficiency initiatives, is planning to reduce the carbon footprints from the present 3.96 tonne per employee to 2.5 tonne in the next five to seven years, said Laxman K Badiga, chief information officer of the company.
The world"s largest software maker Microsoft, today launched the much-awaited "Windows 7" operating system (OS) with a host of tools for multimedia applications for business and retail customers.
Biocon Limited, India"s second largest bio-technology firm, has announced the launch of Basalog, a human insulin analogue, which attempts to relieve diabetic patients of frequent insulin shots in a day.
As many as six among the top 10 firms added over Rs 28,415 crore to their market capitalisation in the past week, while companies like NTPC, NMDC and IT bellwether Infosys Technologies saw their valuations dipping.
Madhya Pradesh"s biggest Birsinghpur based 1340 Mega Watt (Mw) thermal power generation station is facing fuel crisis with a coal stock of just 10,000 metric tonnes (MT) to generate power against its daily need of around 15,000-16,000 MT if plant functions at its full capacity.
Coal & Oil Group is planning to invest around $300 million (around Rs 1,500 crore) to buy new ships and to acquire coal mines. The company is planning to invest the money to support its customer coal requirements in India and to meet its captive requirement for the upcoming project Rs 4,300 crore power at Tuticorin.
Gas Turbine Research Establishment is looking to develop a marine version of Kaveri engine, originally intended to power India"s indigenous fighter jet Tejas Light Combat Aircraft, in partnership with the Navy.
When director Roland Emerich was looking for a image that would sum up the apocalyptic tone of his blockbuster 2012, he could only conjure up one picture, the Himalayas being flooded.
On Thursday morning the first prototype twin-seater, trainer version of the Tejas Light Combat Aircraft (LCA) taxied out to the runway in Bangalore.
Even as the order inflow was healthy, analysts feel the company may fall a tad short of its new revenue growth guidance.
News Corp, Time Warner Inc, and Qualia Capital LLC are interested in buying the Metro-Goldwyn-Mayer Inc film studio, owner of the ‘James Bond’ franchise, according to people with knowledge of the situation.
Leading Indian drug majors, such as Ranbaxy Laboratories, Dr Reddy’s Laboratories, Piramal Healthcare and Wockhardt, are in-licensing popular products from overseas drug makers to boost their domestic sales. They introduce the in-licensed drugs — which are mostly in the premium skin care segment — on payment of an upfront fee to the brand owners, who also get a share of the sales revenue.
While 2009 was an exceptional year for investors in equities and gold, 2010 could be much subdued. Returns from debt instruments, though, are likely to improve.
Congress MP L Rajagopal, who had fled from a Vijayawada hospital, resurfaced at the Nizam Institute of Medical Sciences (NIMS) here today.
Andhra Pradesh government today said it had no objection to Congress MP L Rajagopal, who escaped from the Government Hospital here, being admitted to the Nizam"s Institute of Medical Sciences (NIMS) in Hyderabad as desired by him.
Reliance Industries (RIL), which raised Rs 2,675 crore through the sale of treasury shares on Monday, is looking to generate a similar amount over the next few weeks by selling more stock to institutional investors.
FMCG and healthcare company GlaxoSmithKline Consumer Healthcare (GSKCH) is planning to undertake a special campaign this summer to drive growth in the health food drinks category, consisting of the "Boost" and "Chocolate Horlicks" brands.
, Jan 26 (PTI) Amid a tight security net in view of the Maoist call for boycott and an e-mail threatening Chief Minister Naveen Patnaik, Republic Day was celebrated across Orissa with enthusiasm showcasing state"s rich culture and economic progress.
The Rehabilitation and Peripheral Development Advisory Committee (RPDAC) meeting for three Angul based industries including the Rs 15000 crore steel project of Jindal Steel and Power Limited today failed to resolve issues related to land rate for the Jindal India Power’s 1200 Mw project in the area.
The Orissa government is yet to form the Rehabilitation and Periphery Development Advisory Committees (RPDAC) for 13 large projects in the state.
Industrial tool to optimise operations
Renu Modi celebrates twenty years of life as a gallerist with an ambitious show, a glimpse of what lies ahead, and a wish to return to the hearth.
Higher prices in India since the last seven months led to a rise of 42 per cent in the imports of black pepper during the April-October period. The country imported 11,500 tonnes of pepper compared with 8,100 tonnes in the same period last year. Interestingly, the exports during the period were also 11,500 tonnes.
The Centre may be eager to introduce the proposed Goods and Service Tax (GST) from April 1, 2010, but the Orissa government has cast doubts on the timely launch of the new tax regime.
Infrastructure company C&C Construction Ltd today said it is developing a four-star hotel near Mohali entailing a total investment of Rs 60 crore and is in talks with international and domestic hospitality groups for its management.
Finance Minister Pranab Mukherjee will meet leading industry chambers here on October 9 to discuss issues arising out of the proposed new direct tax regime.
Will Madhya Pradesh be isolated on goods and service tax (GST) issue? If highly placed government sources, working the new tax system, are to be believed, the state government will have to follow the trend. “Eventually the state will have to implement the system, we cannot linger on. Other states like Chhattisgarh have also agreed to implement it, Gujarat government has welcomed it, Haryana has accepted it ‘in principle’ except for few points. How Madhya Pradesh can stand out?” asked an official. But the state finance minister has a long list to point out flaws in the new tax system, the main being, “The GST will bring even dal-chawal (rice and pulses) under tax net, which are exempted from VAT.”
Plans majority stake in JV; to offer NLD, ILD, ISP services.
The US, which foiled a major terror plot by LeT to target India, has said it would be forthcoming with details of the case but cited legal limitations in allowing Indian investigators to quiz the two arrested operatives David Coleman Headley and Tahawwur Rana.
S Kalyanasundaram, former managing director of GlaxoSmithKline Pharmaceuticals, will join Sun Pharmaceutical Industries, the country’s largest drug manufacturer in terms of market capitalisation, as one of its top three executives.
Despite the economic slowdown, Nestle India, the food and beverages major, registered net sales of Rs 3,780 crore for January-September 2009, a 17 per cent jump as compared to the same period a year earlier.
Oil & Natural Gas Corporation (ONGC) posted an increase of 23.38 per cent in net profit at Rs 3,053.58 crore for the quarter ended December 31, 2009, as compared to Rs 2,474.81 crore in the corresponding quarter last year. The state-owned company reported the highest net profit growth in the last six quarters.
Bangalore-based ASM Technologies, dealing in enterprise applications and enterprise product development for manufacturing, retail, oil and gas verticals, has reported a consolidated net profit of Rs 94 lakh for quarter-ended December 31, 2009, up 23.43 per cent compared to the previous quarter of the current fiscal.
DB Realty today said it plans to raise as much as Rs 1,500 crore through an initial public offer (IPO) and will sell each share at a minimum of Rs 468 and a maximum of Rs 486.
Powergrid Corporation of India Ltd (PGCIL), India’s largest power transmission utility, is set to float its overseas subsidiary by early next year. The move is aimed at opportunities outside the country.
May look at local manufacturing
The consolidated net profit of fast moving consumer goods company Dabur India increased 27.04 per cent in the quarter ending December 31, 2009. It stood at Rs 137.77 crore in the third quarter against Rs 108.45 crore in the corresponding period a year ago. Net sales, on the other hand, saw a slower pace of growth, moving up 18.25 per cent only, to touch Rs 926.18 crore in the third quarter against Rs 778.65 crore in the corresponding period last year.
Small and Medium Enterprises (SMEs) in Orissa have expressed their resentment over the functioning of the State Level Bankers’ Committee (SLBC), which meets at regular intervals to monitor the flow of credit to the Micro, Small and Medium Enterprises (MSME) sector.
Professional forecasters have added to Reserve Bank of India (RBI) Governor Duvvurri Subbarao’s dilemma on timing the exit from an accommodative monetary policy stance.
China: Chinese Premier Wen Jiabao once said 2009 would be China’s toughest economic period in fifty years. He wasn’t thinking ahead. In 2010, policymakers face a seemingly impossible mission — continuing 2009’s growth of 8.7 per cent while curbing resurgent inflation. December’s figures show the government is already behind the curve.
Tata Communications today said its net profit surged over three fold to Rs 281.80 crore for the third quarter ended December 31, over the same period previous fiscal.
The shareholding pattern of all credit rating agencies should be made public so that their relationship, if any, with rated companies, could be known, a body constituted by market regulator Sebi has recommended.
Ii can give high profits, but the sugar industry is volatile and influenced by many factors
Exuding confidence that India"s space programme will soar fresh heights under new ISRO chief K Radhakrishnan, its outgoing chairman G Madhavan Nair today said his successor will be able to carry forward the agency"s plans, including the most challenging manned moon mission to space.
Despite adverse market conditions prevailing in the state, Jammu and Kashmir Bank has registered a business turnover of Rs 51,975.56 crore during the quarter ended June and operating profit of Rs.256 crore, recording a 41 per cent increase over the same period last year.
After Reid & Taylor, S Kumars Nationwide wants to try its luck in all segments.
Domestic institutional investors (DIIs) were net buyers of Rs 2,330.25 crore (provisional) today, according to data released by BSE.
Bangalore-based public sector lender, Canara Bank, is aiming to double its home loan portfolio to around Rs 17,500 crore by December 2010. The bank’s home loan portfolio stands at Rs 8,464 crore, little over 5 per cent of the total advances, as of December 2009, the bank’s executive director K L Jagadish Pai said.
DLF Ltd has exited its asset management joint venture with US based Prudential Financial Inc (PFI), the real-estate firm said in a filing with the Bombay Stick Exchange on January 23.
Between 2005 and 2008, Jharkhand govt signed MoUs for various mega projects.
Many entrepreneurs wanting to sell a stake have unrealistic valuations of their companies. This is a major block for private equity (PE) players to close a deal. Also, many do not have a second plan if talks fall apart, according to speakers at the Private Equity Conference at the Indian School of Business.
President Barack Obama is proposing a tax package aimed at appealing to middle-income Americans, including an increased tax credit for child care and an expansion of tax credits to match retirement savings.
President Barack Obama received assurances from Senate leaders that Ben S Bernanke will be confirmed for a second term as Federal Reserve chairman, an administration official said.
VE Commercial Vehicles (VECV), a subsidiary company of Delhi-based Eicher Motors (EML) has signed a non-binding memorandum of understanding (MoU) with the Vinn Group of Sweden to explore business opportunities in the field of engineering design services.
After successive debacles in the Lok Sabha and state assembly elections in Maharashtra, the beleagured Shiv Sena on Saturday received a much-needed boost when it won the politically-sensitive Bhiwandi seat, defeating the Samajwadi Party and Congress candiates.
Indian Premier League (IPL) Chairman Lalit Modi today brushed aside concerns that the Twenty20 League"s franchise team owners are miffed at not being compensated for extra expenditure incurred during the 2009 event held in South Africa.
Evading taxes for long by calling itself a charitable organisation, the the Board of Control for Cricket in India (BCCI) may now have to shell out more than Rs 100 crore as the Income Tax department is set to penalise the Indian Cricket Board for hiding details of its commercial activities.
The Department of Telecommunications (DoT) has again put the onus of deciding the number of slots to be auctioned for 3G spectrum on Finance Minister Pranab Mukherjee.
What you need to flaunt this season are touchscreen phones that are smart and sassy.
Nokia, the world"s biggest mobile phone maker, said today it would cut around 220 jobs in Japan as part of its plans to streamline its vast research and development operations.
2009’s movers and shakers share with us the gadgets that set their hearts racing.
Mobile phone major Nokia today indicated that multi-sim mobile handsets were on the anvil for the Indian consumers with expansion in demand.
US markets slumped on Thursday.
On the back of the faster recovery and strong credentials, the domestic bourses are heading towards a multi-decade bull market, billionaire investor Rakesh Jhunjhunwala today said.
Big bull Rakesh Jhunjhunwala today said the current bull run might “go bust” in the next one or two months. “If you see the formation of the indices, all stocks are going up, all indices are going up. There are minor corrections at every point. You cannot have this kind of rise — a peak without a burst. I think the burst will come within one or two months,” said Jhunjhunwala, partner, Rare Enterprises.
The Department of Telecom (DoT) has sought legal opinion from the Law Ministry on the schedule and guidelines for auction of 3G spectrum.
Whether it is the blunder over the glaciers or the linking of natural disasters to global warming, the IPCC’s credibility has been badly hit. If this encourages laxity over global warming, that will be tragic.
The Asian markets ended on a mixed note. The Hang Seng advanced 218 points or 1% to 21,678. The Nikkei declined 91 points or 1% to 10,764.
Swimming in the Yangtze is not easy, or so web-giant Google is discovering. Bitten by the censorship shark, Google is threatening to withdraw from China over orchestrated cyber-attacks targeting e-mail accounts of human rights activists and dissidents, users of google.cn and systematic hacking of valuable corporate secrets of major financial, defence and technology companies based in the United States from its computer systems. Google discussed and aligned with the US government before making this dramatic announcement. The US government has made a formal protest to Beijing.
Looking at India as a high-beta subset of global equity markets.
Cadila Healthcare ended at Rs 695, higher by Rs 46 or 7%, on the BSE.
Education and placement company Edserv Softsystems today said it has bagged an order worth Rs 100 crore from the government for providing training to unemployed and under-employed youth across India.
Power equipment supplier Bharat Heavy Electricals today reported a growth of 35.67 per cent in its net profit at Rs 1,072.50 crore for third quarter ended December 31, 2009, over the same period last year.
Sun Pharmaceutical Industries today said it has got the approval for its Abbreviated New Drug Application (ANDA) for the generic version of Quinapril Hydrochloride tablets used in the treatment of hypertension and congested heart failure.
The markets have been virtually unchanged in the past one hour. The Sensex is down 21 points at 17,619 and the Nifty is lower by five points at 5269.
The indications of economic recovery notwithstanding, the revival in the job market still have a long way to go, as a latest study says that it may take more than seven years for the US to wipe off the job deficit.
India’s largest IT services provider, Tata Consultancy Services, beat market expectations to post a 33.9 per cent jump in its net profit at Rs 1,824 crore for the quarter ended December 31, 2009 as compared to the same period a year ago. Its revenue, too, jumped 5.1 per cent on strong volumes of 6.6 per cent to touch Rs 7,649 crore year-on-year.
The Copenhagen accord on climate change was a partial success for India but it has certain "inbuilt hazards" of which the developing countries have to be wary, Environment Minister Jairam Ramesh said here.
Admitting that there were communication gaps in the recently concluded climate talks in Copenhagen, Environment and Forests Minister Jairam Ramesh today said that the Danish Presidency could have handled the larger consultation process in a better way.
Bharti Airtel"s proposed acquisition of 70 per cent stake in Warid Telecom of Bangladesh may marginally lower the Indian company"s liquidity and increase its business risk, leading rating agency Standard & Poor"s (S&P) said today.
The Union government has decided not to make any change in the listing rules for insurance companies till a parliamentary panel on the subject has completed its job.
Multinational drug firms Novartis, GlaxoSmithKline and Baxter are likely to initiate discussions with the Union health ministry next week on conducting clinical trials for H1N1 (swine flu) medicine.
Maruti Suzuki, India"s largest manufacturer of passenger cars, launched Eeco, a multipurpose vehicle (MPV) in Ahmedabad today.
Clarifying on the issue Nalin Mehta, CEO, Mahindra Renault has said.
With government’s flagship Sarva Siksha Abhiyan (SSA) scheme showing encouraging results in expansion of elementary education, the World Bank has come forward with an offer to provide additional funding of $ 500 million (Rs 2,325 cr approx) for the programme.
The country"s largest lender, State Bank of India, has said that there will be no hike in lending rates in the next six months as there is surplus liquidity in the market.
Eyes Rs 700 cr premium income this fiscal.
India Infrastructure Finance Co was likely to finalise the takeout financing scheme within a month and might implement it by the first week of March, Chairman and Managing Director SS Kohli said today.
IPO guidelines next month; derivatives products on cards.
After putting a cap on charges on unit- linked insurance plans (ULIPs) products, the insurance-sector regulator, Insurance Regulatory and Development Authority (IRDA) is mulling a similar move for traditional insurance products, a top official said.
FMCG firm Jyothy Laboratories today reported a 24.92 per cent increase in net profit at Rs 16.84 crore for the quarter ended December 31, 2009, as compared to the same quarter year ago.
The stock dropped to a low of Rs 89 and has finally ended with a loss of 2% at Rs 90. The counter clocked a volume of 15.6 lakh shares, as against the two-week daily average trade of 6.9 lakh shares on the BSE.
A 20-member delegation from Karnataka today met Union mome minister P Chidambaram and demanded special incentives for its five districts.
Naveen Jindal-led Jindal Power today said it will invest Rs 65,000 crore in new power projects and part of the financing for these would be done through its up to Rs 10,000-crore Initial Public Offer.
Anil Ambani’s Reliance Power today started power generation at its Rs 6,000-crore Rosa Power Project in Shahjahanpur district of Uttar Pradesh.
GMR Hyderabad International Airport Limited (GHIAL) has signed an agreement with aircraft engine manufacturer, CFM International (CFM), to establish a new CFM56 maintenance training centre to support its customers in the South Asian region.
Land in Navi Mumbai to be used for building Bollywood theme park.
KPIT Cummins today reported a marginal increase in its net profit at Rs 21.37 crore for the third quarter ended December 31, 2009.
If India Inc’s big boys have come up with sterling numbers in the third quarter ended December 2009, their small and medium (SME) counterparts are not far behind.
Country"s largest power producer NTPC today filed the draft prospectus for its follow-on public offer with market regulator Sebi.
AIM-listed integrated studio operator Eros International plc is planning to list its wholly-owned Indian subsidiary on the Bombay Stock Exchange in the current financial year.
The Securities and Exchange Board of India (Sebi) today dismissed the adverse comments made against it by a two-member committee in the initial public offer (IPO) scam and the irregularities noticed in case of DSQ Software in 2002.
The Delhi High Court today dismissed an application by ITC Ltd for grant of an injunction against the use of a device mark by Philip Morris in relation to its Marlboro brand of cigarettes in India.
A Union finance ministry notification has extended the basic customs duty concession applicable on equipment for entirely new (‘greenfield’) power projects to expansion (‘brownfield’) of existing units, too.
The foreign institutional investors (FIIs) were net sellers of Rs 272.90 crore in futures and options segments on Wednesday.
Paint manufacturer Asian Paints today said its consolidated net profit surged over threefold to Rs 211.84 crore for the third quarter ended December 31, over the same period last fiscal.
Steel Exchange India has plans to increase the authorised capital of the company. The decision, in this regard, is expected to be taken in company"s board meeting on January 22.
The world’s biggest carmaker by sales, Toyota Motor Corp, is developing 10 per cent more fuel-efficient small car for launch in India by early 2011 to beat market leaders Maruti Suzuki and Hyundai.
State-owned Oil and Natural Gas Corp"s Rs 13,000 crore Dahej complex will be the anchor tenant at the proposed special area for chemical and petrochemicals industry in the Gujarat city that may attract a total of Rs 50,000 crore of investment.
India"s largest wind turbine manufacturer Suzlon Energy has said it completed the worldwide programme for strengthening and reinforcing a certain set of blades, which suffered cracks.
Venezuelan President Hugo Chavez ordered an investigation of Toyota Motor Corp, saying the world’s largest carmaker “can leave” should it fail to meet production quotas and technology-transfer laws.
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.
Ford Motor Co said it will spend 4 billion reais ($2.3 billion) to expand in the growing Brazilian market, the largest investment it has made in the country.
Ford Motor Co hourly employees have rejected contract concessions the automaker said it needed to remain competitive with its US rivals, said two people familiar with the outcome of the voting.
In the first three-and-a-half weeks of trading in the new year, the Bombay Stock Exchange’s Sensitive Index, or the Sensex, has been range bound – a phase that many market experts would call a consolidation phase. And there are expectations that after the Union Budget, the market could enter a correction phase as well.
The foreign institutional investors (FIIs) were net buyers of Rs 14.90 crore in futures and options segments on Monday.
The Foreign Institutional Investors (FIIs) were net sellers of Rs 692.18 crore in futures and options segments on Tuesday.
Samajwadi Party General Secretary Amar Singh spent the New Year in Dubai. Singh, who is reinventing himself, writes in his blog: “Off (sic) late, my level of sensibility and sense of political responsibility have taken a back seat. I have learnt to take personal criticism in my stride and for the first time in my political career I am giving more preference to my family. I have chosen to ignore the council elections in Uttar Pradesh. No one is indispensable. I am desperate to create my political dispensability to avoid unnecessary tension and a lot of hard work which is detrimental to my present health and against my doctor’s advice. I am an eternal optimist ... I want to reinvent myself as family oriented person…”
Exports of spices fell 1.3 per cent in volume and 1.6 per cent in value during the April-October period of the current financial year.
Hypermarket Trent will hire over 4,000 people at its Star Bazaar stores over the next 14 months, a top company official today said.
Monsanto India posted 19.4 per cent increase in net profit at Rs 14.76 crore for the third quarter ended December 31, 2009 as against Rs 12.36 crore in the corresponding period last year.
If you think your money in savings bank account will be automatically converted into fixed deposits (FDs), think again. It may just happen that while you are thinking the idle cash may earn 6-6.5 per cent a year, the prevailing fixed-deposit rate for one-year funds, it may actually continue to fetch only 3.5 per cent.
Public and private sector banks in the Navi Mumbai municipal area which have done gold transactions, will have to pay 1 per cent account-based cess on the total turnover. The Navi Mumbai Municipal Corporation (NMMC) could be the first civic body in the country to recover such a cess on gold transaction.
Sterlite Industries (India) Ltd, the country’s largest zinc producer, posted its first increase in quarterly profits in more than a year on higher zinc and aluminum prices. Consolidated net profits after exceptional items rose 42.35 per cent to Rs 731.3 crore on the back of a 49 per cent spike in gross sales for the quarter ended December 2009, the Mumbai-based company said in a statement.
Hardware and systems integrator company HCL Infosystems posted a 1.5 per cent increase in net profit for the second quarter ended December 31, 2009. Net profit stood at Rs 56.09 crore compared with Rs 55.25 crore in the year-ago period.
Tractor and utility vehicle (UV) manufacturer, Mahindra & Mahindra (M&M), today posted a net profit of Rs 413 crore for the quarter ended December 31, 2009. This was an increase of 849 per cent, aided by the low profit base of Rs 43 crore in the same quarter of the previous financial year.
The volume of merger and acquisition (M&A) deals by India Inc slumped by 41 per cent to $3.3 billion in the June quarter over the previous three-month period due to the impact of the global economic slowdown, a report by consultancy firm Ernst & Young has said.
Nitin Desai / New Delhi January 21, 2010, 0:25 IST
India"s conduct after the Mumbai-terrorist attack by Pakistan-based Lashkar-e-Taiba (LeT) has been statesmanlike, US Defense Secretary Robert Gates said today, praising the restrain shown by the Indian leadership after 26/11.
There is unanimity in thinking among the intelligentsia that if India is to become an economic power, growth has to be inclusive and touch the lives of millions of people living in rural India. It is heartening to note that the Government is conscious of the fact and has taken unique steps to which will go a long way in alleviating the sufferings of poor people.
With virtually no rain in Himachal Pradesh for the past four months, farmers are deeply worried over the drought-like conditions in the hill state.
Economists call it the “U without Q” (utilisation without quality) factor. The expression is now being increasingly used to describe the progress made by Bharat Nirman, considered by many as the jewel in the crown of the United Progressive Alliance (UPA) government.
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.
Arvind Subramanian / January 27, 2010, 0:53 IST
State-run Coal India (CIL) today said the government may divest only 10 per cent stake in the PSU in the next fiscal, against the desired 15 per cent, as regulatory provisions bars it from reserving some shares for employees.
The government is mulling whether the 2G spectrum can be offered to stand-alone winners of 3G bidders at the price of Rs 1,658 crore for pan India operations -- the amount charged from new players last year.
Bangladesh Prime Minister Sheikh Hasina, Congress president Sonia Gandhi, Finance minister Pranab Mukherjee and BJP leader L K Advani will pay homage tomorrow to Jyoti Basu who would be given a state funeral.
India has agreed to provide an additional 30 MW of electricity to Nepal, which is facing an acute power shortage.
The telecom industry added a massive 44.21 million new subscribers in the quarter ended September 2009, while the gross revenue of the operators has slipped marginally by 0.65 per cent during the same period, the Telecom Regulatory Authority of India (Trai) said here today.
Bharti Airtel Chief Sunil Mittal today said the company has not initiated any tariff war with the launch of per-second billing and is merely responding to the market needs.
Tata Communications has signed an agreement with the Qatar-based Qtel for a new undersea cable network that will connect a number of regional operators in the Gulf region with the country.
State-run Bharat Sanchar Nigam Ltd (BSNL) has floated a tender for building an exclusive optical fibre cable network for the armed forces in lieu of their vacating radio waves. The network would be auctioned to mobile services’ operators for offering third-generation (3G) services. The tender, which was in the works for a long time, will set in motion the process of vacating spectrum by the defence forces.
Keen to expand its operations abroad, state-owned telecom operator MTNL today said it is keen on entering Africa either by getting a new licence or buying out an existing operator.
State owned Bharat Sanchar Nigam Limited (BSNL) has achieved a subscriber base of over 20 lakh for its mobile services in the Orissa circle.
State-run Bharat Sanchar Nigam Ltd (BSNL) has finalised Teracom, Take Solutions, Adishwar and Ampules as partners for rolling out Wimax (Worldwide Interoperability for Microwave Access)-based broadband services, on a franchisee model. The company will offer these services in 16 circles on this model.
Australia’s Deputy Prime Minister Julia Gillard has said the country is committed to the education revolution involving international students.
Malaysia-based Scomi International is scouting for partners to tap the monorail market in India, which is estimated to be around $15 billion (Rs 72,000 crore) in the next five years.
IT services provider, L&T Infotech, today announced a strategic partnership with Savvion to provide Business Process Management (BPM) solutions. These will be in the areas of business process modeling, implementation and integration solutions and services to its clientele, a press release issued here stated.
PricewaterhouseCoopers (PwC) has suggested strengthening of connectivity framework in North-East to provide an impetus for economic development of the region. In its survey report, PwC has suggested that North-East empowers people through inclusive governance. Grassroots plans that are prepared and implemented at the grassroots levels and are consolidated at the district level, could help in the provision of public services according to the needs of people.
Construction major Hindustan Construction Company (HCC) reported a 36 per cent drop in net profit for the quarter ended December 31, 2001 at Rs 14.75 crore as against Rs 23.20 crore in the previous corresponding quarter.
Australian police today stepped up efforts to nab the killer of a 21-year-old Indian and launched a "search and seize" operation to curb street crimes amid a spate of assaults on the community which has led to a whopping 46 per cent slump in student visa applicants from India.
Hit by international student attack crisis, Australia has experienced a huge decline by 46 per cent of Indians applying for student visas in the country last year, country"s Immigration Department has said.
Auto component maker Sona Koyo Steering Systems today reported a profit after tax (PAT) of Rs 6.89 crore for the quarter ended December 31, 2009, on account of improved efficiencies and stable foreign exchange rates.