China’s economy to slow down to 9.8 percent in 2008
By DPA,
Beijing : The global economic crisis is expected to slowdown China's economy from previous double-digit growth rates to 9.8 percent in 2008, Chinese officials said Friday.
After a significant slowdown in the third quarter, caused by the economic crisis, China's economy grew 9.9 percent in the first nine months of the year, less than expected, China's State Information Centre (SIC) was quoted as saying by the China Daily newspaper.
Nilekani takes over as chief of identity project Thursday
By IANS,
New Delhi : Infosys Technologies co-founder Nandan Mohan Nilekani formally takes over as the chairperson of the newly formed Unique Identity Authority at Yojana Bhavan, the headquarters of the Planning Commission, here Thursday.
Nilekani, 54, will enjoy the rank of a cabinet minister.
The authority will oversee the government's ambitious project to assign unique identity numbers and issue a card to each of India's 1.17 billion citizens that will serve as a permanent identifier from birth to death.
Nepalese labour shortage hits Himachal apple harvest
By Baldev S. Chauhan
Shimla, Aug 19 (IANS) With few Nepalese workers arriving in Himachal Pradesh this time, the apple harvest in the state has been badly hit.
For decades the highly labour-intensive harvesting of the apple crop has been heavily dependent on workers from Nepal who normally arrive in thousands every July for the three-month harvest season.
"For some reason, Gorkha labour arrival this time has been far less than last year, forcing farmers to look for workers from other parts of the state," Lekh Raj Chauhan, president of the state apple growers' association, told IANS.
Fake currency scam: Cashier admits to exchanging fake notes with real
By IANS,
Lucknow : Sudhakar Tripathi, a cashier of the State Bank of India (SBI) branch at Domariyaganj in Uttar Pradesh, has admitted to the police that he had exchanged fake currency notes worth Rs.15 million with the original ones, sources said Thursday.
The police probing the recovery of fake currency notes in the SBI branch had taken Tripathi into remand for further questioning.
A team of the Crime Branch of the Criminal Investigation Department (CBCID) has already visited the branch, sources said.
Private oil firms in Ecuador to double investment this year
By IANS/EFE,
Quito : Private oil companies operating in Ecuador plan to invest more than $417 million in 2010, nearly double of last year's outlay, the non-renewable natural resources ministry said.
Reports from the National Hydrocarbons Directorate, which oversees oil and gas operations in Ecuador, say that figure corresponds to the 2010 exploration and production budget of six private companies - including Spain's Repsol YPF - that operate in the Amazon region.
Bengaluru garment workers protest change in PF law
Bengaluru : About 15,000 women garment workers on Monday staged a massive demonstration on the outskirts of Bengaluru, protesting change in the Provident Fund...
TAPI pipeline will take five years: Afghan president
New Delhi : The construction of the $10-billion four-nation TAPI (Turkmenistan-Afghanistan-Pakistan-India) gas pipeline project will be completed in the next five years, Afghanistan President...
Gujarat tops in cotton output in India
By IANS
Ahmedabad : With a total output of 11 million bales of cotton during the season 2007-08, Gujarat has accounted for 35.48 percent of the national output in the commodity, according to Cotton Advisory Board (CAB) data.
The latest CAB balance sheet shows that the state produced 900,000 bales more than what it did during the 2006-07 cotton season. Cotton season commences from September every year and ends on last date of August the following year.
Rudrapur to have first five-star hotel in 2009
By IANS
New Delhi : Realty companies Assotech and Supertech have formed a 50:50 joint venture to build a five-star hotel in the industrial town of Rudrapur in Uttarakhand, which would be managed by US-based Carlson Group as Radisson Hotel Metropolis.
More Highlights of Indian budget (Part 13)
By IANS
Rs.80 billion for accelerated power development programmes
PAN requirement extended to all securities transactions
Rs.129.66 billion for National Highway development programme
100,000 broadband-enabled common service centres to be set up in villages
Rashtriya Krishi Vikas Yojana to get Rs.2.8 trillion
Andhra rice reaches Tripura first time via Bangladesh
Agartala : Rice from Andhra Pradesh reached Tripura via Bangladesh for the first time Thursday, an official said.
Three rice-loaded Bangladeshi trucks entered India through...
Agartala to be India’s first green city
By IANS,
Agartala : Tripura Sunday announced plans to make all public and private vehicles in Agartala run on compressed natural gas (CNG) by 2013, thus making the capital "India's first green city".
Tripura Natural Gas Co Ltd (TNGCL), a joint venture of the Gas Authority of India Ltd (GAIL) and the Tripura and Assam governments, has undertaken a project to supply CNG to all private and government vehicles.
CNG will also be available to those now using electricity, petrol and diesel to run various machineries.
Biofuels under fire as food crisis looms
By Reino Gevers, DPA,
Hamburg : The increased use of biofuels has been partially responsible for a hefty increase in food prices worldwide with Western governments now having second thoughts on "green fuels" such as ethanol.
Once praised as the answer to global warming, several nations rushed into subsidising biofuels, failing to heed warnings from experts that it leads to more clearing of rainforests and in fact a further increase of carbon dioxide (CO2) in the atmosphere.
Etihad records 25 percent growth in its load factor
By IANS,
Mumbai : Abu Dhabi based Etihad Airways Friday said it has recorded a 25 percent year on year growth in the load factor to its four Indian destinations.
On the Indian sector, the load factor to Mumbai grew to 84 percent, followed by New Delhi at 79 percent.
In south India, Thiruvananthapuram notched a growth of 77 percent and Kochi 72 percent.
"The first quarter of 2008 has shown strong loads at an average of 78 percent from the four existing routes," said Etihad Airways country manager Neerja Bhatia.
Power Grid profit jumps 41.61 percent in Q2
By IANS,
Mumbai : State-owned Power Grid Corporation of India Wednesday announced a 41.61 percent increase in its net profit to Rs.651.40 crore for the second quarter of fiscal 2010-11.
Shifting of Nano project a sad experience, says PM
By Murali Krishnan, IANS,
On Board Air India One : Lamenting the circumstances in which Tata Motors had to shift its ambitious Nano car project from West Bengal to Gujarat, Prime Minister Manmohan Singh Saturday underlined the need for industrialisation as well as for remunerative land compensation to farmers.
Chennai Petroleum net up 800 percent
By IANS
New Delhi : The Chennai Petroleum Corp Ltd (CPCL), a subsidiary of the state-owned refining major Indian Oil Corp, posted a net profit of Rs.2.2 billion ($56 million) for the Oct-Dec quarter of the fiscal 2007-08. This was over 800 percent higher than the profit the same period past year, the company said Wednesday.
The CPCL's total income rose by 20 percent to Rs.71 billion ($1.8 billion) in this quarter compared with same period last year.
Cutchsoft launches Cheque Management Software
By IANS,
Kochi : Chennai-based Cutchsoft Private Limited unveiled its new Windows-based cheque management application, Cheque Strategic Office Software (Cheque SOS), here Wednesday.
Cutchsoft Managing Director Yasser Rahman said Cheque SOS is a simple to use software that will help the user print cheques directly from one's home or office printer.
Russia Paves Way to Caspian Sea Gas Pipe
By Prensa Latina
Moscow : The Russian government approved a cooperation agreement with Kazakhstan and Turkmenistan to build a gas pipe to supply hydrocarbons to Europe from Central Asia through Russia, government sources said on Tuesday.
The gas pipe, which will hug the coast of the Caspian Sea, has been approved by the cabinet of ministers, Cabinet Vice President Sergei Narishkin pointed out.
For his part, Russian President Vladimir Putin asked the members of the executive to boost the project during Kazakh President Nursultan Nazarbayev's upcoming working visit.
Jet Airways to set up hub in Milan, expand network
By IANS
Mumbai : Jet Airways, India's leading private airline, is currently setting its sights over the European skies. The airline will establish its second European hub at Milan Airport, after Brussels, chairman Naresh Goyal announced here Thursday.
Jet anticipates operating its flights to the US routes via this hub. Goyal said Jet would closely work with European carriers like Air-France-KLM-Alitalia to offer travellers seamless connections between Europe, the US, Canada, Africa and India.
Iran to boost oil production
By Xinhua,
Tehran : Iran's deputy oil minister said that Iran will boost its oil output to 4.3 million barrels per day by the end of March 2009, local daily Kayhan International reported on Sunday.
Such a rise of oil production owes to some major projects implemented by the oil ministry this year, said Seifollah Jashnsaz at a press conference.
Iran's current oil output is 4.207 million barrels per day, and the increased output will be supplied from Darkhovein, Shademargan and Hengam oil fields in southwestern Khuzestan province, Jashnsaz said.
Petroleum minister seeks increase in oil bond allocation
By IANS,
New Delhi : With oil marketing companies expected to post losses in the second quarter, Petroleum Minister Murli Deora met Finance Minister P. Chidambaram to ask for an increase in the allocation of oil bonds to compensate for the sale of fuel at subsidised rates.
“I am seeking a higher quantum of oil bonds, as under the present compensation package some oil companies have reported losses in their quarterly earnings,” Deora told reporters outside the North Block, seat of the finance ministry, after meeting Chidambaram.
Kargil’s cold desert gets big irrigation project
By IANS
Jammu : Kargil, the cold desert region of Jammu and Kashmir where Indian and Pakistani armies fought a war in the summer of 1999, will now have a major irrigation project.
India's Ministry of Water Resources has approved the Parkachick Khawas Canal Project in Kargil district to provide irrigation facilities at a cost of Rs.350 million in one of the biggest initiatives to transform the economy of the backward region, which remains closed for almost six months a year.
Alembic completes centenary celebrations
By IANS
Vadodara : City-based Alembic Ltd, one of the leading pharma entities in India, completed its year-long centenary celebrations Monday with a resolve to become a Rs.20-billion ($500 million) company in the next four years.
Unfolding the promise, Alembic chairman Chirayu Amin said the company was on the threshold of crossing the Rs.10-billion mark during the current fiscal ending March 31, 2008. Every effort will be made to double this turnover by 2011-12.
Spencer’s Retail likely to break even by this fiscal-end
By IANS,
Kolkata : Loss-making Spencer's Retail is likely to break even towards the end of the 2010-11 fiscal, a company official said Thursday.
"We are looking at Rs.1,150 crore revenue in 2010-11, up from Rs.900 crore last year. We expect to start breaking even by the end of 2010-11," Sanjeev Goenka, vice-chairman of CESC Ltd, told reporters here.
Spencer's is the retail arm of power utility CESC.
Goenka said 200,000 square feet area would be added to Spencer's this fiscal. It now has one million square feet space.
Mallya gets on board Air Deccan, finally
By IANSBangalore : In another grand alliance in Indian aviation, liquor baron Vijay Mallya's UB group that runs Kingfisher Airlines has picked up 26-percent...
Demonetisation a make-or-break venture for Modi
By Amulya Ganguli
There is an element of spasmodic jerkiness about some of Prime Minister Narendra Modi's policies.
In foreign affairs, this unevenness was seen...
Markets fall after early gains
By IANS,
Mumbai : Indian equities markets slackened in afternoon trade Thursday, with a key index trading 0.47 percent lower than its previous close about an hour before the closing bell.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was at 9,214.12 points, 0.47 percent or 43.35 points lower than its last close. It had opened at 9,334.47 points, higher than its Wednesday close of 9,257.47 points.
At the same time, the S&P CNX Nifty index of the National Stock Exchange (NSE) was at 2,812.9 points, 1.28 percent lower than its previous close of 2,849.5 points.
US stocks plunge as Fed moves fail to calm investors
By DPA,
Washington : US stocks fell sharply again Tuesday as investors remained unconvinced that new lending avenues created by the Federal Reserve would unblock credit to the struggling US economy.
The three major stock indices each fell more than 5 percent. The Dow Jones Industrial Average fell more than 500 points and the broader S&P 500 dropped below 1,000 points for the first time in five years.
India, Africa should maximise trade potential: experts
By IANS
New Delhi : India and Africa need to "shed inhibitions" and start exploring opportunities to realise maximum bilateral business and trade potential, experts said here Thursday.
"For trade to improve, both Africa and India need to explore each other's potentialities that will enable the entrepreneurs of both sides to identify the major thrust areas," D. Subbarao, secretary of the Indian finance ministry, said while delivering his keynote address at the Fourth India-Africa Project Partnership 2008 here.
Regulator looking at tightening buyback norms
By IANS,
Kolkata : India's market regulator is looking at tightening norms for buyback of shares by companies, its top official said here Thursday.
"In the recent past, many companies have announced they would buy back shares and after that did not act accordingly," said Securities and Exchange Board of India (SEBI) chairman C.B. Bhave here.
US stocks rise amid inflation report, drop in oil price
By DPA,
New York : US stocks ended the week higher Friday after an inflation report suggested surging petrol costs were not leading to a wider rise in consumer prices.
Inflation came in at a seasonally-adjusted 0.6 percent in May, largely on the back of a 5.8-percent increase in the price of petroleum-based products, the US Labour Department said.
Core prices - which exclude volatile food and energy - rose only 0.2 percent on the month, easing speculation that the Federal Reserve will raise interest rates when it meets later this month.
IJM starts welded wire mesh plant in Hyderabad
By P.Vijian, NNN-Bernama,
New Delhi : IJM Corporation commissioned a RM16 million (Rs21 crore) welded wire mesh (WWW) manufacturing facility in Hyderabad on Sunday.
The project undertaken through IJM's subsidiary IJM Steel Products Private Ltd is located in Isnapur near Hyderabad, capital of Andhra Pradesh.
The Hindu Business Line reported that the facility would operate with one production line initially, with a production capacity of supplying 12,000 tonnes of WWW per annum.
Indian Oil, Kolkata firm tie up for five kg gas cylinders
Kolkata : Rural IT services enabler Sahaj e-Village (SEVL) on Monday said it has signed an agreement with the IOC for selling five kilogramme...
Gujarat is new home for Tatas’ small car Nano
By IANS,
Ahmedabad : Nano, the small car of Tata Motors, will now roll out of Gujarat. Group chairman Ratan Tata made the announcement in state capital Gandhinagar Tuesday along with Chief Minister Narendra Modi, on the day he completed seven years in office.
The site chosen is Sanand, 30 km from the state's commercial capital Ahmedabad, on an area of some 1,100 acres.
A memorandum of understanding to this effect was signed between Tata Motors and the Gujarat government Tuesday. "Welcome Nano," read a poster behind the podium where the two sides signed the agreement.
Coal bed found below Videocon project area in West Bengal
By IANS,
Kolkata : The Videocon Group, which has proposed to set up a Rs.21,000-crore steel and power project in West Bengal's Burdwan district, Tuesday said Coal India has opposed the plant, saying there was a coal bed below the project area.
"We have already done the project details and design for the plants. But now Coal India is objecting saying there is a coal bed below the project area," group chairman Venugopal Dhoot told reporters here after a meeting with Chief Minister Buddhadeb Bhattacharjee.
DMK to launch two new TV channels
By IANS
Chennai : Tamil Nadu may soon get two new television channels sponsored by the ruling DMK and its leader M. Karunanidhi, with one being launched on June 3 - his 84th birthday.
Anand Automotive to invest Rs.6 bn, set up 13 plants
By Pupul Dutta, IANS,
New Delhi : Despite the slowdown in the automobile sector, automotive components and systems manufacturer Anand Automotive Systems plans to invest Rs.6 billion (Rs.600 crore) to set up 13 plants across India by 2010. It is confident that its order book will help it tide over the current crisis.
The Anand Group, which started operations with the establishment of Gabriel India, the group's flagship company, comprises 18 companies with 44 manufacturing locations currently.
Equity markets go further in the red early afternoon
By IANS,
Mumbai : Indian equity markets went further in the red early Tuesday afternoon. There was heavy selling pressure on metal, power, FMCG and capital goods stocks. All the sectoral indices were losing ground.
At noon, the 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, was at 14,516.10, down 129.56 points or 0.88 percent from its closing figure Monday. It had touched a low of 14,481.13 points earlier Tuesday.
At the same time the broader based S&P CNX Nifty index of the National Stock Exchange was down by 35.70 points or 0.81 percent at 4,357.35.
Uttar Pradesh bans import of raw sugar
By IANS,
Lucknow : The Uttar Pradesh government Wednesday banned import of raw sugar into the state as well as its movement in the wake of protests by farmers against the government fixing "non-lucrative" prices for sugarcane.
"The government has decided to ban all import of raw sugar into the state as well as its movement inside the state," Cabinet Secretary Shashank Shekhar Singh told reporters here.
Ranbaxy subsidiary wins fraud case in UK
By IANS,
New Delhi : The UK subsidiary of generic drug manufacturer Ranbaxy Laboratory has been acquitted in a fraud case against it, the pharma major said here Tuesday.
In a regulatory statement, Ranbaxy said a case filed by the UK Serious Fraud Office (SFO) against its subsidiary Ranbaxy UK was quashed by the English Crown Court.
The statement said the court also declined an application by SFO seeking permission to appeal to the English Court of Appeal, even though SFO had the right to appeal to the court directly, Ranbaxy said in the release.
December exports up at $14.6 billion
By IANS,
Mumbai : India's exports were $14.6 billion (Rs.73,000 crore) in December, up from $13.2 billion (Rs.66,000 crore) the month before, union Minister for Commerce and Industry Anand Sharma said Monday.
"We have just got the December figures, they are positive, again there is growth," Sharma said at a Bankers summit.
"But we cannot be complacent. It is against a low base. We have to look at the broader scenario," he pointed out.
The minister further stated that the government would spend $1.5 trillion (Rs.1.5 lakh crore) on infrastructure over the next 10 years.
Deputy PM expects Russia to become world’s sixth economy in 2008
By RIA Novosti,
St. Petersburg : First Deputy Prime Minister Igor Shuvalov told an economic forum on Sunday that the Russian economy is likely to become the world's sixth largest by the end of this year.
Addressing the 12th International Economic Forum in St. Petersburg, now in its third day, the official also outlined the government's future role in the economy, saying that while new state companies will be set up, the government aims to limit its 'excessive interference' in the economy.
Shares run out of steam as recession fears resurface
By DPA,
Frankfurt : A downbeat end to share trading in Wall Street and across Asia resulted in a weak start to stocks in Europe Wednesday as recession fears resurfaced.
After beginning the trading day down 0.7 percent, Europe's blue-chip Stoxx50 continued the downward momentum falling by 2.1 percent to 2358 points by mid morning.
Indeed, shares pulled back across national European bourses with stocks falling by 2.10 per cent in Frankfurt and by 1.84 percent in Paris.
New guar seed, turmeric contracts to be launched
By IANS,
Ahmedabad : The National Multi-Commodity Exchange (NMCE) will launch a new series for futures contract in guar seed and turmeric Thursday.
The new series in guar seed and turmeric - called November 2008 contracts - will expire November 20, while the delivery period for both commodities will begin November 17.
The basis delivery centre for guar seed is at Deesa (Gujarat) and that for turmeric is at Central Warehousing Corporation (CWC) warehouse at Erode (Tamil Nadu) and additional delivery centre at Nizamabad (Andhra Pradesh).
Nortel to shut down, sells wireless business to Nokia
By IANS,
Toronto : Toronto-headquartered Nortel, which is under bankruptcy protection in both the US and Canada, has announced that it will liquidate itself.
In a statement issued Friday, the 127-year-old Canadian telecom equipment giant said it has entered into a deal with Nokia Siemens to sell its wireless business for $650 million.
Flying academies tie up with Canadian firm
By IANS
New Delhi : A Canada-based aviation firm, CAE, Thursday signed contracts with Indira Gandhi Rashtriya Udaan Academy (IGRUA) and Rajiv Gandhi National Flying Training Institute (RGNFTI) to train pilots expeditiously to steer the burgeoning air traffic.
The Canadian firm has promised to churn out 100 pilots per annum to begin with. The training capacity would be enhanced to 200 pilots every year in three years' time at the government-run flying school. IGRUA presently trains only 40 pilots a year.
Bharti Airtel posts 30 percent increase in Q3 profit
By IANS,
New Delhi : Telecom major Bharti Airtel Thursday reported a 30 percent increase in its cash profits to Rs.37.55 billion ($767 million) in the third quarter ended Dec 31 as against Rs.28.82 billion a year ago.
The consolidated total revenue for the quarter under review grew 38 percent to Rs.96.33 billion. The net income was reported at Rs.21.59 billion, a growth of 25 percent over last year.
“It's our belief that this growth is sustainable, and is not by accident,” Bharti Group deputy chief executive Akhil Gupta told reporters here.
M&M acquires Italian motorcycle designing firm
By IANS,
Mumbai : Automotive major Mahindra and Mahindra (M&M) has acquired "a controlling stake" in a leading two-wheeler designing firm, Engines Engineering SpA of Italy, it said in a regulatory intimation to the Bombay Stock Exchange Thursday.
Under the agreement between 100 percent M&M subsidiary Mahindra Systech and the European firm, a new entity called Engines Engineering S.r.L has been formed, with M&M holding a 100 percent stake in it.
Alongside, the $12 million Engines Engineering SpA will also transfer all its business to S.r.L after the necessary approvals come through.
70,000 contracts traded on first day of currency futures
By IANS,
Mumbai : Nearly 70,000 contracts were traded on the first day of trading in currency futures on the National Stock Exchange (NSE) here Friday, with banks accounting for bulk of the trade.
The bid-ask spread remained very tight throughout the day at 0.25 paise (one tick - representing the smallest possible movement, up or down, in the price of a security).
This was tighter than usual higher spreads of around one paisa or higher seen in the forward market.
The first trade on the exchange was by East India Securities Ltd. Among the banks, HDFC carried out the first trade.
Uttar Pradesh faces revenue loss of $364 million
By IANS
Lucknow : Uttar Pradesh, the last state in the country to switch over to the value-added tax (VAT) regime, is likely to lose some Rs.30 billion ($364 million) in revenues for being late, said a top official.
The state has decided to launch the VAT regime from Jan 1 to replace the existing trade tax system.
Sensex rises 154 points, crosses 16,000-mark
By IANS,
Mumbai : A benchmark index of Indian equities shot up Tuesday afternoon to rule 154 points higher than its last close, after trading sluggishly during the morning session.
At 1.54 p.m., the 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 15,940.73 points, was ruling at 16,089.86 points, up 154.25 points or 0.96 percent from its previous close at 15,935.61 points.
Special entity to acquire overseas coal assets
By IANS
New Delhi : The cabinet Thursday cleared the establishment of a special entity to buy coal assets overseas to meet the burgeoning demands of domestic power plants.
"Once the special purpose vehicle (SPV) is set up it will acquire metallurgical and thermal coal assets overseas," Finance Minister P. Chidambaram told reporters after a cabinet meeting chaired by Prime Minister Manmohan Singh.
UTI woos overseas Indians with new gold, equity-based fund
By IANS,
Dubai : Even as the world grapples with a financial crisis, India's UTI Mutual Fund has launched a new product that will offer overseas Indians a chance to invest in equities and gold.
The UTI Wealth Builder Fund Series II, launched here, offers overseas Indian investors an opportunity to gain from combined strengths of equities and gold to build a long-term diversified portfolio, according to a UTI statement.
There are around 4.8 million expatriate Indians in the Gulf and 1.5 million of them are in the United Arab Emirates.
Railway budget highlights
New Delhi : Highlights of the railway budget presented by Railway Minister D.V. Sadananda Gowda in the Lok Sabha Tuesday:
* Would require Rs.5 lakh...
Analjit Singh to be non-executive chairman of Vodafone India
By IANS,
New Delhi : The Vodafone Group Friday named Analjit Singh as the non-executive chairman of its India operations.
More organised sector workers to get bonus
By IANS
New Delhi : The central government has paved the way for more bonuses for workers in organised sectors, including those in construction, on the eve of Mahatma Gandhi's birth anniversary.
The union cabinet presided over by Prime Minister Manmohan Singh approved Monday a proposal of labour ministry to amend the Payment of Bonus Act, 1965, said Labour Minister Oscar Fernandes.
"The proposed amendment makes construction workers and others working in the building industry and construction sites eligible to payment of bonus by their employers," said Fernandes.
Debt-ridden Chinese man had 25 credit cards
By IANS,
Beijing: A Chinese man who earned just over $300 a month had 25 credit cards. His parents were forced to sell their house to repay their son's debts.
Indian aviation marketing company in trouble in Nepal
By IANS,
Kathmandu : Vectra Aviation, an Indian company that markets helicopter services in Nepal, is in trouble here with the foreign ministry likely to ask Indian authorities to take action against the company for violating the civil aviation act.
Vectra is the sole marketing agency in India for Eurocopter and poised to provide dedicated on-shore chartered helicopter service through its separate division Heliair. It landed in trouble last week after one of its choppers came to Kathmandu without seeking the permission of the Civil Aviation Authority of Nepal (Caan).
India’s industrial growth in February at 8.6 percent
By IANS
New Delhi : India's industrial production grew by 8.6 percent in February 2008, compared to 11 percent in the same month the previous year. But the fall in output of consumer durables was reversed.
The cumulative growth of the Index of Industrial Production (IIP) amounted to 8.7 percent for the first 11 months of the previous fiscal against 11.2 percent for the like period of the previous year, official date showed Friday.
The statistics also showed that the overall growth of industrial production in February was the highest in four months,
Sensex slips from 14-month high, ends 109 points lower
By IANS,
Mumbai : A day after key market indices across the world touched levels not seen in many months, investors chose to go slow Tuesday, forcing a key index of the Indian equities markets to close 109 points lower, after touching its 14-month high Monday.
The 30-scrip benchmark sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened higher at 15,940.1 points, ended trade on a low, moving down 93.25 points or 0.59 percent to 15,830.98 points.
The Nifty of the Indian National Stock Exchange (NSE), too, shut shop in the red at 4,680.5 points, down 0.66 percent.
Spot exchange starts mock trading, to go live Aug 8
By IANS,
Mumbai : National Spot Exchange Ltd (NSEL), India’s first online spot trading platform that is scheduled to go live Aug 8, commenced mock trading on a pan-India basis in agriculture commodities here Wednesday.
According to an announcement, NSEL has received license to commence online trading from the governments of Maharashtra, Gujarat and Karnataka.
It has also signed Memoranda of Understanding (MoUs) with the governments of Rajasthan and Madhya Pradesh.
Madhya Pradesh to cover villages under Nirmal Gram scheme
By IANS
Bhopal : The Madhya Pradesh government Monday said it plans to cover all villages under Nirmal Gram scheme by the year 2011.
The first phase of the total sanitation scheme will be completed in 10 percent of the state's village by the end of current the financial year, an official communiqué said.
Thirty percent villages will be covered during 2008-09, 35 percent during 2009-10, and 25 percent during 2010-11.
This will ensure that the entire state is made "nirmal" (clean) by year 2011, said the official statement.
Markets extend lead in afternoon trade
By IANS,
Mumbai : The Indian equities markets extended their gains during afternoon trade with a key index rising 1.24 percent up Friday from its previous close, and crossing the psychologically important 10,000-mark an hour before shutting shop for the day.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was up 1.24 percent or 122.57 points and was at 10,026.03 points after opening higher than its previous close of 9,903.46 points.
The broader S&P CNX Nifty index of the National Stock Exchange (NSE) was trading at 3,070.75 points.
Ashok Leyland first quarter net profit dips 84 percent
By IANS,
Mumbai : The net profit of Hinduja group's flagship company and commercial vehicle manufacturer Ashok Leyland declined 84 percent to Rs.7.77 crore (Rs.77.7 million) in the first quarter this fiscal compared to Rs.50.5 crore it netted in the year-ago period.
The total income decreased 48 percent to Rs.973 crore from Rs.1,895.3 crore, the company said in a regulatory statement Monday.
Earlier in the month, in its annual report, Ashok Leyland had said it was reworking its manufacturing plans.
Sensex plummets 169 points
By IANS,
Mumbai : A benchmark index for Indian equities Tuesday extended its losses in afternoon trade and was ruling 169 points lower than its previous close.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,942.82 points, was ruling at 16,774.65 points, 169.98 points or 1 percent down from its previous close at 16,944.63 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling at 5,031.45 points, down 1.08 percent from its previous close.
Anil Ambani group gets land for Madhya Pradesh cement unit
By IANS
Bhopal : The Reliance Anil Dhirubhai Ambani group is setting up a cement unit in Madhya Pradesh for which 1,306 acres of land has been allotted by the state government in Satna, some 375 km from here.
Madhya Pradesh Industry Minister Jayant Malaiya informed the state assembly Tuesday that apart from providing land at Raghuraj Nagar in Satna district, the group has also been given the prospecting license for the unit.
High Court stays RBI ban on Sahara accepting deposits
By IANS,
Lucknow : The Lucknow bench of the Allahabad High Court Thursday evening stayed a directive by the Reserve Bank of India (RBI) to Sahara India Financial Corp Ltd (SIFCI) not to accept any deposit.
A division bench comprising Justice Shabihul Hasnain and Justice V.K. Dhawan in response to a petition by the Lucknow-based company stayed the ban and fixed the next hearing for July-end. The company is owned by industrialist Subrata Roy.
Videocon’s Dhoot confident of Motorola handset unit takeover
By IANS
New Delhi : Indian electronics major Videocon Group's chief Venugopal N. Dhoot has expressed confidence about acquiring Motorola Inc.'s handset business.
"I have thrown my hat in the ring. And they will say it is a good hat as it is an Indian hat," Dhoot said in his usual euphemism on the sidelines of a conference here Saturday. He refused to divulge any financial details.
Indian property developers woo Gulf expats amid financial crisis
By Aroonim Bhuyan, IANS,
Dubai : With property prices and rents spiralling in the Gulf and the rupee depreciating, Indian real estate developers are actively promoting their products among expatriate Indians in the Gulf.
"Because of spiralling rentals in Dubai and elsewhere in the region, Indians working here prefer to keep their families back home," Haseeb Ahamed, chairman of the Calicut chapter of the Kerala Builders' Forum (KBF), told IANS here Wednesday.
Sensex closes 570 points down
By IANS,
Mumbai : Indian equity markets closed with deep cuts Thursday, a day after making a partial recovery.
The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened at 13,530.68 points and touched an intra-day low of 12,934.92 before closing at 13,094.11 points. It went down by 570.15 points or 4.18 percent compared to its closing figure Wednesday.
The S&P CNX Nifty index of the National Stock Exchange, which opened at 4,094.60 points, closed at 3,925.75. It went down by 167.60 points or 4.09 percent from its previous close.
Wipro projects higher IT revenue on strong growth
By IANS,
Bangalore : Wipro Ltd Friday projected higher revenue growth from its global IT services business for the first quarter (April-June) of fiscal 2010-11 following a strong growth in the fourth quarter (January-March) of fiscal 2009-10.
"With the business environment returning to normal, we expect revenue from our IT services business to be around $1.2 billion in the first quarter (Q1) of this fiscal (FY 2011)," Wipro chairman Azim Premji said in a statement here.
India will make banking system world class: Chidambaram
By IANS,
Chennai : Finance Minister P. Chidambaram said here Sunday that one of top five banks in the world would be from india by 2018.
Speaking at the 13th triennial conference of UCO Bank, he said: "Our plan is to make six public sector banks reach the top 100 banks in the world."
According to him the government will make the Indian banking system world class in ten years to achieve the two targets.
Reiterating the government's commitment in retaining majority ownership in its banks, the minister said additional capital would be infused for this purpose.
EU imposes heavy fine on Microsoft
By KUNA
Brussels : The European Union imposed Wednesday a record fine of 899 million euro on Mixrosoft for failure to abide by a 2004 antitrust order.
The US software giant had charged "unreasonable prices" for patent licenses rivals to connect products to the Windows, noted a European Commission statement.
Eaton Power on an acquisition prowl
By IANS,
Chennai : The Pune-based Eaton Power Quality Pvt. Ltd, the country arm of the $13 billion Eaton Corp of the US, wants to expand in India through acquisition, a top company official said here Wednesday.
"If there is a strong business case, we are even open for a joint venture with an Indian company, with us owning the controlling stake," Deepak Sharma, managing director and general manager for SAARC and South East Asia region, told IANS.
Sensex opens in the green, up 42 points
By IANS,
Mumbai : A key index of the Indian equities markets started trade in the green Wednesday, rising more than 42 points within five minutes of the opening bell.
The benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened higher at 14,376.82 points was ruling at 14,366.98 points, 42.97 points or 0.3 percent above Tuesday's close.
The S&P CNX Nifty of the National Stock Exchange (NSE) too moved up from the opening bell, rising 0.45 percent to rule at 4,266.3 points around the same time.
India not to ease foreign stake norms in retail
By IANS,
New Delhi : India has no plan to ease the norms for foreign equity in the burgeoning retail trade industry, Commerce Minister Kamal Nath said Thursday.
"There is no plan now to ease (foreign direct investment) norms in retail," Kamal Nath told reporters here.
At present single-brand foreign retailers in India are allowed to take up to 51 percent in a venture with a local firm.
G7 ministers agree on new wave of financial regulations
By DPA
Washington : Finance ministers and central bank heads from the world's seven leading industrial nations Friday agreed to a series of new measures to combat a now "entrenched" crisis in the financial sector and to more closely monitor the practices of investment banks.
The G7 ministers' proposals included an "international college of supervisors" that would keep an eye on each of the world's largest financial institutions, and promised to boost cooperation among central banks and government agencies to catch threats earlier in the future.
World Bank lends Haryana $330 mn to improve power
By IANS,
New Delhi : The World Bank has approved a loan of $330 million to strengthen power transmission and distribution system in Haryana.
The World Bank has allocated the money under the Haryana Power System Improvement Project that aims to improve the availability, efficiency, and accountability of power electricity supply in the state by strengthening of transmission and distribution systems.
India to raise 26 percent cap in defence FDI
By IANS,
New Delhi : India will raise the 26 percent cap on foreign direct investment (FDI) in the defence manufacturing sector to enable the co-development with Russia of a multi-role transport aircraft (MRTA), parliament was informed Wednesday.
"There is a proposal to relax foreign direct investment cap of 26 percent to facilitate co-development of a multi-role transport aircraft," Minister of State for Defence Rao Inderjit Singh said in a written reply in the Rajya Sabha.
"The matter is under process to get approval of the competent authority," he added.
Air India considering fare cut, Jet to slash salaries
By IANS,
New Delhi : State-owned carrier Air India is considering a fare cut and is likely to make an announcement soon, but private airlines Jet Airways and Kingfisher are in no mood to follow suit, with Jet even working out on a salary cut of its pilots.
With recession eating into its bottomline, Jet Airways is likely to announce a 20 percent cut in the salaries of its pilots, engineers and some other staff. An announcement to this effect is expected soon.
Tata Steel posts rise in hot metal, crude steel production
By IANS,
Kolkata : Tata Steel Tuesday reported an increase in hot metal and crude steel production but near flat sales from its domestic operations in the April-June quarter compared with the same period last fiscal.
The company posted an 8.24 percent rise in hot metal production at 1.824 million tonne and 8.25 percent increase in crude steel production at 1.627 million tonne for the first quarter of 2010-11, the company said in a statement here.
The saleable steel production at 1.591 million tonne registered an increase of 3.17 percent.
Jaitley criticises Congress over GST
New Delhi : Finance Minister Arun Jaitley on Wednesday criticised the Congress over the GST bill, saying the party was not in a mood...
Jet Airways to lay off 600 employees
By IANS,
Mumbai : A day after striking an alliance with Kingfisher Airlines, Jet Airways decided Tuesday to lay off 600 of its employees.
The airline would lay off employees from the cabin crew, pilots, ground staff, airport services and management departments, a source said.
"Most of them have been in the company for less than six months. The airline has couriered these letters late Tuesday night," it said.
Gasoline must be blended with ethanol, oil firms told
By IANS,
New Delhi : The Cabinet Committee on Economic Affairs (CCEA) Thursday reiterated that oil marketing companies had to ensure gasoline was blended with 5 percent ethanol.
"The cabinet decided to reiterate its earlier decision. We want to make sure that oil marketing companies are implementing it," Home Minister P. Chidambaram told reporters here after the meeting.
He said oil marketing companies had brought up some difficulties, but the cabinet stuck to its earlier decision.
"There is enough ethanol in the country," asserted Chidambaram.
Indefinite strike in Bengal jute sector from Dec 14
By IANS,
Kolkata : Over two lakh jute mill workers across West Bengal will go on an indefinite strike Dec 14 to press for payment of arrears and implementation of an wage agreement.
"Altogether 19 trade unions are going on strike. A total of 55 jute mills will be affected," said Indian Jute Mills Association (IJMA) chairman Sanjay Kajaria.
However, Kajaria told IANS, IJMA has not received any notice from the trade unions yet.
Gujarat NRE Coke’s Australian subsidiary raises Rs.320 crore
By IANS,
Mumbai : Gujarat NRE Coke Ltd Thursday said its Australian subsidiary has raised over Rs.320 crore through an institutional placement done by book building mechanism.
BSNL to float fresh GSM tender: Raja
By IANS
New Delhi : With the size of its first tender cut to half, state-run Bharat Sanchar Nigam Ltd (BSNL) will be floating a fresh tender of 40-50 million GSM lines within the next eight to nine months, it was announced here Tuesday.
"I am told that they (BSNL) are ready to go for a larger tender," Communications and IT Minister A. Raja told reporters on the sidelines of ICT event eIndia2007.
"It would be for about 40-50 million GSM lines," he said indicating that it may be introduced within the next eight-nine months.
Iran stops accepting US dollars for its oil
By Ria Novosti
Tehran : Iran has stopped selling its oil for US dollars, the Iranian ISNA news agency reported, citing the country's Oil Minister Gholamhossein Nozari.
"In line with a policy of selling crude oil in currencies other than the US dollar, the sale of our country's oil in US dollars has been completely eliminated," ISNA reported Saturday.
He also said, "The dollar is no longer a reliable currency."
Iran is the world's fourth-largest crude oil producer.
BJP demands urgent cut in oil and diesel prices
By NNN-PTI,
New Delhi : BJP demanded urgent cut in the prices of petrol and diesel following the lowering of the international crude oil prices.
"Our party demands a cut in the prices of petrol and deisal by five Rupee and three rupee respectively. While the government is prompt in increasing the prices burdening the common man, it seems less interested in passing the profit of lowered crude oil prices to public," party spokesperson Prakash Javadekar told reporters here on Saturday.
India-US trade to touch $60 bn: diplomat
By IANS,
Kolkata : Bilateral India-US trade will touch $60 billion in the coming years, a senior American diplomat said here Wednesday.
"Just a couple of years back, the volume of bilateral trade was only $20 billion. But we are expecting to increase this to $60 billion in next few years," US Consul General Henry V. Jardine told reporters during an interactive session organised by the Indian Chamber of Commerce (ICC).
New UK rules for money transfer to India
By NNN-PTI
London : The British government has introduced new rules for money transfer companies to ensure that the money, which is transferred from Britain overseas including India, are delivered safely and to the right person.
Annually, about 2.3 billion pounds are transferred from Britain overseas, most of it to 50 developing countries.
A large chunk of it, about 300 million pounds, is transferred to India every year, followed by Pakistan (200 million pounds).
Chanda Kochar is ICICI Bank’s new chief executive
By IANS,
Mumbai : ICICI Bank joint managing director Chanda Kochar was Friday named the bank's next chief executive. She will assume charge May 1 from K.V. Kamath, who will take over as the non-executive chairman from N. Vaghul.
Kochar, a veteran with ICICI Bank - India's largest private sector bank - has been serving on the board of directors since 2001. Having worked in every department of the bank, her appointment came as no surprise given her administrative capabilities.
British government to become major stakeholder in RBS bank
By DPA,
London : The British government is to become a majority stakeholder in the Royal Bank of Scotland (RBS) after shareholders failed to respond effectively to a cash-raising call.
RBS, which is Britain's second largest bank, based in Edinburgh, has been hard-hit by the credit crunch, reporting write-downs of nearly 6 million pounds ($9 million) and losses of 692 million pounds for the first half of this year.
GCC economic growth expected to slow down
By IANS
Abu Dhabi : The Gulf Cooperation Council (GCC) countries will experience a slower economic growth compared to the past years, the central bank of the United Arab Emirates (UAE) has said, WAM reported Tuesday.
"The GCC region will not witness the past years' boom, fuelled by the increase in oil and gas demand," Sultan bin Nasser Al Suwaidi, the banks' governor, told the Abu Dhabi Corporate Leadership Forum Monday.
The six-nation grouping is a loose political and economic alliance comprising Saudi Arabia, Kuwait, the UAE, Oman, Qatar and the Bahrain.
Bharti is world’s 5th largest telecom firm after Africa deal
By IANS,
New Delhi : India's top telecom player Bharti Airtel Tuesday said it has successfully concluded a $10.7-billion deal to acquire the African assets of Kuwait's Zain, making it the world's fifth largest mobile phone services company.
This is also the largest overseas acquisition of assets in Africa by an Indian company, even though it does not cover the Kuwaiti company's operations in Sudan and Morocco, the company said in a statement.
Egypt, Syria discuss economy, commerce, investment cooperation
By NNN-KUNA
Damascus : Egyptian Minister of Investment Mahmoud Mohyeddin held talks here with Syrian Minister of Economy and Trade Amir Hosni Lutfi concerning bilateral relations and economy, commerce and investment cooperation.
The Syrian Ministry of Economy said in a statement Sunday that talks between both sides focused on roles of businessmen, commercial exchange and establishing investment projects that contribute to bilateral developments in both countries.
BALCO to have world’s single largest aluminium plant
By IANS
Raipur : Vedanta Resources plc, a London-based mining and metal major, will set up a 650,000 tonnes per annum (tpa) smelter plant in its Bharat Aluminium Company Limited (BALCO) facility located in Korba district of Chhattisgarh, an official said Tuesday.
The company will sign a memorandum of understanding (MoU) with the state government Wednesday to set up another smelter plant in the BALCO complex in Korba, about 200 km from here, the official said.
Globalisation’s twist: M&S to deliver curry to India
By IANS
London : In a bold new twist to globalised trade, the British retailer Marks & Spencer is to deliver curry to India.
Ten days after announcing major investment plans in India, Marks & Spencer said it will sell its 'Made in Britain' curry sauces and a canned curry at the M&S food hall in Delhi - one of 12 stores the company runs in India.
M&S curry sauces are popular in Britain where Chicken Tikka Masala is often described as the national dish.
India-ASEAN trade negotiation meet ends in Bhopal on positive note despite deadlock
By Pervez Bari, TwoCircles.net
Bhopal: The deadlock on the revised tariff rates continued between India and the Association of South East Asian Nations, (ASEAN), members at the end of the three-day 18th negotiation round trade meeting which concluded here in Bhopal on Wednesday.
Indian markets open on positive note
By IANS
Mumbai : The Indian equities market opened on a positive note Tuesday.
The 30-share benchmark sensitive index of the Bombay Stock Exchange (BSE) opened with a gap of 127 points at 15,771.72 points.
With 15 minutes into the trade, the Sensex was trading at 15,765.46 points, a gain of 121.02 points compared to its previous close.
At the same time, the S&P Nifty of the National Stock Exchange (NSE) was up by 41.25 points at 4,775.75 points from its previous close.
Modi’s One Year : Jan-Dhan Yojna amidst various hurdles
The Pradhan Mantri Jan Dhan Yojana (PMJDY) announced by the BJP-led NDA government at the Centre, which has promised almost a moon to a...
India is too complex to be measured: Kamal Nath
By IANS
New Delhi : India is a country with complex paradoxes where prosperity and poverty coexist, hence it is not possible to evaluate it under any yardstick, Commerce and Industry Minister Kamal Nath said Tuesday.
"India is a complex country with far reaching paradoxes. It is a country which on the one hand is growing at 9 percent, and on the other hand there are about 300 million people who are surviving on less than a dollar a day," Kamal Nath told a conference while releasing the 'Economic Freedom of the World Report 2007'.
Vodafone loses $1.7 bn tax appeal in Mumbai court
By IANS,
Mumbai : The Bombay High Court Wednesday dismissed a petition by the Britain-based global mobile giant Vodafone, challenging a $1.7-billion tax notice served on the company related with the acquisition of majority stake in an Indian company last year for $11.1 billion.
The division bench of Justice S. Radhakrishnan and Justice Anand Nirgude, however, restrained the Income Tax Department from executing its tax notice for eight weeks to enable Vodafone to file an appeal, if it so intended.
Sensex ruling moderately higher in morning session
By IANS,
Mumbai : A benchmark index for Indian equities markets Friday was ruling moderately higher in the morning session, having lost a whopping 546 points the previous day.
World Bank rural finance scheme to help Indian farmers
By Arun Kumar, IANS,
Washington : With a $20 million Bill & Melinda Gates Foundation contribution, the World Bank will establish an Agriculture Finance Support Facility to support the expansion of rural finance in the developing world including India.
In a time of tight credit, the Facility will support grants to bank and non-bank institutions for activities to increase access to financial services, such as savings, credit, payments and insurance, in rural areas in developing countries as profitable business lines, the bank announced Monday.
R-Ifra bags Rs.3,000-crore Delhi-Agra road project
By IANS,
New Delhi : Anil Dhirubhai Ambani Group firm Reliance Infrastructure has signed an agreement with the National Highways Authority of India for developing the Rs.3,000 crore Delhi-Agra highway project.
"R-Infra has signed a concession agreement for six-laning of the 180-km stretch of the Delhi-Agra road project," the company said in a statement.
The total cost of the project is estimated to be around Rs.3,000 crore and is expected to be completed in 36 months.
Economic slowdown changing travel trends, say experts
By IANS,
New Delhi : The economic downturn is unlikely to affect the Indian tourism industry but only trigger a change of travel trends and preferences in the market, according to industry experts.
"Now travellers lay more emphasis on the location choice as compared to the brand," ITC hotels division chief executive Nakul Anand said at a tourism conclave held Thursday ahead of India's oldest travel and tourism mart, SATTE 2009.
UAE launches social welfare fund campaign
By IANS,
Dubai : The United Arab Emirates (UAE) has launched a novel campaign encouraging contributions of as little as one dirham ($0.27) to raise funds for social care and development projects.
Called 'Dirham Wa Bas' (One dirham only), the campaign was launched Wednesday under the Social Responsibility Fund of the Ministry of Social Affairs and is supported by the Dubai International Financial Centre (DIFC), the official Emirates news agency WAM said.
Bajaj Allianz first life insurer to get ISO 27001 mark
By IANS
Mumbai : Bajaj Allianz Life Insurance Company has become the first in its category to be awarded the ISO 27001 security certification for complying with the new standards for data and information security set by the certifier.
"We are proud to be the first insurance company in India to get ISO 27001. This demonstrates our stringent security measures that secure the data and information of our customers," Bajaj Allianz's Ishita Mukherjee said.
The certification has been awarded to its IT systems and infrastructure set up at its Pune head office.
Madhya Pradesh coop banks top in disbursing agro loans
By IANS
Bhopal : Cooperative banks in Madhya Pradesh have outstripped commercial and rural banks in the state in disbursing agricultural loans and mobilising deposits, state's cooperative minister Gopal Bhargava said here Monday.
Quoting a state-level bankers' committee report, Bhargava in an official release said all banks - commercial, regional rural and cooperative - in Madhya Pradesh were given a target to distribute Rs.89.05 billion in agricultural loans during fiscal 2007-08.
Chidambaram’s wife, son hail budget
By IANS
New Delhi : Finance Minister P. Chidambaram got full support from his wife and son, who hailed the national budget for 2008-09 as "a complete budget" that took care of all sections of society.
"It is a good budget. There is something for all sections of society," said Nalini Chidambaram, eminent lawyer and wife of the finance minister.
When asked about the sops for women in the budget, she said: "I am not a feminist but it is good for all sections".
Nalco net sales jumps 22 percent to Rs.59.4 bn
By IANS
Bhubaneswar : State-owned National Aluminium Company Ltd (Nalco) has achieved its highest-ever net sales of Rs.59.40 billion, an increase of 22 percent over last year's Rs.48.88 billion, company officials said Tuesday.
Indian equities market opens in the green
By IANS,
Mumbai : The Indian equities market opened in the green Tuesday ahead of the announcement of the monetary policy by Reserve Bank of India, the country's central bank.
The 30-share benchmark index of the Bombay Stock Exchange, the Sensex, opened with a gain of 29.70 points at 17,050.87.
The S&P Nifty of the National Stock Exchange opened at 5,092.40 points with a marginal gain of 3.00, compared to its previous close.
Other Asian markets were trading mixed.
Fertiliser units get top priority for Reliance gas
By IANS,
New Delhi : In a decision that impacts the supply of natural gas by Reliance Industries, the government Wednesday issued new guidelines for the commodity's sale, giving top priority to the demands made by fertiliser units.
Anticipating the fields in the Krishna-Godavari basin, off the Andhra Pradesh coast, to yield 25 million standard cubic metres (mmscmd) of natural gas a day from September, the new norms want all gas-based urea plants to be supplied the natural gas first.
Jet Airways second quarter net profit at Rs.12.4 crore
By IANS,
New Delhi : Jet Airways Friday reported a net profit of Rs.12.4 crore for the second quarter of the current fiscal as against a net loss of Rs.406.69 crore in the year-ago period.
Bajaj hits out at France as it takes over EU presidency
By Dipankar De Sarkar, IANS,
London : Bajaj Group Chairman Rahul Bajaj mounted a scathing criticism of France over its protectionist position in world trade talks just as the country took over the presidency of the European Union.
In an address to an influential forum of British business, Bajaj also held the position of France - and the US - responsible for India’s reluctance to introduce any further liberalisation of its economy, particularly in the financial services sector.
Emerging nations spark world economy: G7
By DPA
Washington : The world economy remains strong despite turmoil in financial markets, high oil prices and a weak US housing market that are holding back growth, finance officials from the seven leading industrial nations said.
After a day of talks, Group of Seven (G7) finance ministers and central bankers credited powerful growth in emerging economies with offsetting weakness in rich countries, especially the US.
Focus on roads, water, health will give masses feel of robust economy
By Rajeev Ranjan Roy, IANS,
New Delhi : In these times of uncertainty, improved access to basic infrastructure like roads, potable water, health and education will give India's poor masses the feel of a robust and expanding economy, a top economic advisor has said.
"Roads, drinking water and sanitation facilities, schools, colleges and health centres are some of the basic public goods where improvement will benefit the masses in general," said Arvind Virmani, chief economic advisor in the finance ministry .
Jump Games wins two Ficci BAF awards
By IANS
Mumbai : Video games Hanuman Returns and Tiger of Mysore by Jump Games, a part of Reliance BIG Entertainment, have won two prizes at the Federation of Indian Chambers of Commerce and Industry's (Ficci) Best Animated Frames (BAF) 2008 awards.
The two games won in the outstanding Indian content on mobile and online categories of the Ficci BAF 2008 awards announced March 27 during the Ficci-FRAMES convention on the entertainment business.
Telecom regulator starts discussion on permitting virtual networks
By IANS,
New Delhi : The Telecom Regulatory Authority of India (TRAI) Monday initiated a discussion among all stakeholders of the industry on allowing mobile virtual network operators (MVNOs) in India.
MVNOs buy airtime from mobile network operators (MNO) and sell it under their own brand name. While it is the operator who builds and runs the network, the MVNO looks after marketing, branding and customer care.
India’s retail inflation in November record low at 4.38 percent
New Delhi: India's consumer price index-based inflation eased to a record low of 4.38 percent during November -- from 11.16 percent during the corresponding...
Bourses allowed to set derivative contract expiry date
By IANS,
Mumbai : India's equities markets regulator Friday decided to allow stock exchanges the flexibility to set the expiry date for equity derivatives.
"Based on recommendations of the Secondary Market Advisory Committee, it has been decided to allow flexibility to the stock exchanges to set the expiry date for equity derivative contracts," the Securities and Exchange Board of India (SEBI) said in a release.
Punjab paddy purchase hits a high
By Jaideep Sarin, IANS
Chandigarh : Paddy purchase in Punjab has hit a high this year, beating last year's figure well before the end of the procurement season and leaving farmers happier with record payments made within 72 hours of purchase.
Last year's procurement of 12.47 million metric tonnes was crossed Wednesday with government agencies and private millers lifting stocks of over 12.4 million metric tonnes from grain markets spread across the state.
The procurement season will officially continue till the end of December.
Sensex dull in morning trade
By IANS,
Mumbai : A benchmark index for Indian equities Thursday was ruling on a quiet note, up 31 points from its previous close.
Joblessness in Spain will rise to 19.4 percent in 2010
By IANS/EFE,
Madrid : The unemployment rate in Spain will rise to 19.4 percent this year and 19.7 percent in 2011, the country's central bank has said.
Job creation will not start until the "final quarters" of 2011, the Banco de Espana said Tuesday in a report on the economic outlook for the country.
The central bank's job creation forecast, however, differs from the one issued by the government, which expects news jobs to be created between late 2010 and early 2011.
Government will continue to fix gas price
By IANS,
New Delhi : Petroleum Secretary R.S. Pandey Thursday ruled out a review of the administered price mechanism for gas in the near future, saying improving its supply was a more important priority for the government.
“The first thing is to improve supply, then once it becomes a supplier's market, price can find its own balance,” Pandey said on the sidelines of an industry conference on the gas scenario in India.
Tata Steel inks deal with Al Bahja Group
By IANS
Kolkata : Tata Steel Ltd and Al Bahja Group, a leading business house in Oman, Wednesday entered into a joint venture agreement (JVA) to develop Uyun Limestone deposits at Salalah in the Sultanate of Oman.
The JVA was signed by Ajit Hamlai, chairman, Al Bhaja Group and B. Muthuraman, managing director, Tata Steel in the presence of Ambassador of India to the Sultanate of Oman Anil Wadhwa, A.D. Baijal, group director, global minerals, Tata Steel, and other officials of the Al Bahja Group, a company release here said.
Oracle India banks on small, medium firms for growth
By IANS,
Chennai : Enterprise information technology solution major Oracle India is banking on small enterprises to drive growth in the country, a top company official said here Tuesday.
"We are focusing on marketing solutions to small and medium sized businesses (SMB), companies with 500 employees and below," Oracle India managing director Krishan Dhawan told reporters.
"Our efforts are bearing fruit. Since 2006 we have added 1,200 SMBs across the country," he said.
Indian equities end flat after strong opening
By IANS
Mumbai : After opening on a strong note, the Indian equities market Wednesday closed flat, dampened by disappointing index of industrial production (IIP) figures.
With strong cues emerging from global peers, Indian equities started on a very positive note with a gain of more than 300 points in a benchmark index. But the market was unable to maintain the lead and shifted to the reverse gear by early afternoon. The metal and IT indexes closed the day with a marginal cut.
India to grow 8.5 percent next fiscal: Manmohan Singh
By IANS,
New Delhi : The Indian economy will grow at 8.5 percent during the next fiscal, even as the government will do everything possible to ensure a mid-term target of 10 percent annual expansion, Prime Minister Manmohan Singh said Tuesday.
"Despite adverse global situation, the Indian economy grew by 6.7 percent during fiscal 2008-09, which will accelerate to 7.2 percent this fiscal that ends in a few days time," the prime minister told a conference organised by the Planning Commission.
Finance minister warns parties not to focus on populism
By IRNA-TNA
Bangkok : Finance Minister Chalongphob Sussangkarn on Monday warned political parties not to emphasize adoption of a populist economic policy for short term political gains. He said the previous government had counted on its populist policy to reap political gains in the past. It had changed Thai society and gave people the hope that they would continue to receive benefits from the policy.
Billionaire lists are like maya: Mukesh Ambani
By IANS
New Delhi : Soon after Forbes named him India's richest resident, Reliance Industries chairman Mukesh Ambani Friday warned that such billionaires' lists were deceptive, while drawing a parallel with maya of Indian philosophy.
Addressing the India Today conclave here, Ambani said there was "much hype" and talk about the number of Indians figuring in the various lists of billionaires and cautioned that they served little purpose.
Sanjay Aggarwal new SpiceJet chief executive
By IANS,
New Delhi : Virtually without a chief executive officer (CEO) for over three months, low-cost carrier SpiceJet Monday appointed Sanjay Aggarwal as its CEO with immediate effect.
Aggarwal takes over the position from Siddhanth Sharma, who quit the airline July 12 to join rival carrier Indigo Airlines when SpiceJet was undergoing severe financial crisis and needed cash infusion of Rs.3.45 billion from US investor Wilbur Ross.
Till now, Aggarwal was SpiceJet's chief operating officer. He had earlier worked with the US Airways.
As India, China take hit, Asia to see sharp slowdown: IMF
By Arun Kumar, IANS,
Washington : With the effects of the financial crisis now engulfing emerging markets of India and China too, growth in Asia is expected to slow sharply in 2009, the International Monetary Fund (IMF) says in its latest forecast.
"Growth in Asia is expected to slow substantially along with the rest of the world, as exports weaken and spillovers from the global financial turmoil weigh on domestic activity," according to the IMF's Regional Economic Outlook for Asia and Pacific released here Monday.
IOC, HP to have bio-fuel plantations in Chhattisgarh
By IANS
Raipur : Public sector petroleum majors - Indian Oil Corporation (IOC) and Hindustan Petroleum (HP) - are slated to have large-scale bio-fuel plantations and production units in Chhattisgarh, a senior official said Thursday.
"IOC and HP have moved separate proposals for setting up joint ventures with the Chhattisgarh Renewable Energy Development Agency (CREDA) for massive plantations of jatropha - a source of bio-fuel - across the state on fallow land," S.K. Shukla, CREDA director, told IANS.
EU-India trade shows renewed growth
By EuAsiaNews,
Brussels : After having more than doubled in value between 2000 and 2008, EU trade in goods with India fell in 2009.
New technology to nail cheap textile imitations
By IANS,
Sydney : Cheaper imitations of high-value fabrics have spelt ruin for many established textile brands. Imitations are so good that it is difficult to tell the genuine from the fake.
Not any longer, thanks to a new technology, Verifi TT, developed jointly by AgResearch and DatatraceDNA. It is set to nail copycat manufacturers who pass off imitations as the real thing.
AgResearch manager Peter Ingham spoke of countless incidents where high-end brand garments or fabric were replaced by cheaper imitations, leading to damaged reputations and, in some cases, lawsuits.
Tata Motors launches eco-friendly Indica model
By IANS,
Mumbai : Tata Motors Friday launched a new dual fuel, eco-friendly model of its Indica range of vehicles.
The new model, Indica V2 Xeta LPG, is equipped with a dual fuel (petrol and LPG) engine that will reduce carbon dioxide emissions by about 10 percent and has high fuel efficiency both in the city and on highways.
Certified for BS III emission norms, it can be upgraded to comply with Euro-IV norms, the company announced here.
UCO Bank’s third quarter net profit up 43 percent
By IANS,
Kolkata : State-owned UCO Bank's net profit rose 43.22 percent to Rs.245.8 crore in the third quarter, compared to Rs.171.6 crore registered in the corresponding period last fiscal, the company said in a statement Friday.
Total income increased from Rs.2,433.52 crore in the quarter ended Dec 31, 2008 to Rs.2,608.76 crore in the period under review.
Indian shares close marginally higher
By IANS
Mumbai : Indian shares Monday staged a smart rally in early trade before taking a beating in the last hour with a key index closing up 0.14 percent.
India to sign gas pipeline deal with Iran
By SPA,
New Delhi : India is all set to sign an agreement on a 7.5-billion-dollar gas pipeline with Iran and Pakistan in the coming weeks, DPA quoted media reports as saying on Monday.
In an interview with the NDTV network, India's Petroleum Minister Murli Deora said an agreement on the Iran-Pakistan-India (IPI) gas pipeline was likely within the next four to five weeks.
"There were some minor problems which have been sorted out... Very soon we should be able to sign the agreement with Iran and Pakistan," he told the news channel on the margins of the Jeddah Energy Meeting (JEM).
World Economic Forum-CII’s India Economic Summit from Wednesday
New Delhi : The World Economic Forum jointly with the Confederation of Indian Industry (CII) will host the two-day India Economic Summit here from...