Government discloses names of 3 black money holder; one of them donated 9 times...
By TCN News,
New Delhi: The Central government on Monday has filed an affidavit before the Supreme Court naming three persons who are black...
Air India Express expands Gulf operations
By NNN-PTI
Dubai : Air India Express, the budget airline operated by national carrier Air India, is expanding its operations in Gulf by connecting more Indian destinations with the Middle East.
Close on the heels of introducing a direct flight from Dubai to Nagpur on September 24, Air India Express is adding two more Indian destinations to its schedule, Jaipur and Lucknow, said Freddie Vaz, regional Director of Air India.
The airline may soon add Goa by the year-end or next year, he added.
International Financial Corp gives $15 mn loan to WaterHealth
By IANS,
New Delhi : International Financial Corp (IFC), a member of the World Bank group, has given a loan of $15 million to WaterHealth India to set up water purification facilities in Indian villages, it was announced Tuesday.
WaterHealth India is a wholly-owned subsidiary of WaterHealth International, a leader in providing access to clean water to people around the world.
With the loan, WaterHealth will set up water purification facilities in Uttar Pradesh, Madhya Pradesh, Chhattisgarh, Andhra Pradesh, Gujarat and Maharashtra.
World Bank offers $3.75 bn loan to South Africa
By IANS,
Pretoria : The World Bank has sanctioned $3.75 billion loan to South Africa for the development of wind and solar power plants to meet the country's energy requirements.
The bank's board of executive directors approved the loan that will go towards energy supply and financing of solar and wind power plants.
"Without an increased energy supply, South Africans will face hardship for the poor and limited economic growth," said Obiageli K. Ezekwesili, World Bank vice president for the Africa Region.
Axon investors approve buyout by HCL Technologies
By IANS,
Bangalore : Shareholders of the British-based Axon Group plc at an extraordinary general meeting (EGM) held in London Monday approved the acquisition of their SAP consulting firm by India's fifth largest IT bellwether HCL Technologies Ltd.
The Delhi-based HCL informed the Bombay Stock Exchange (BSE) that a London court had also cleared the scheme of arrangement to implement the acquisition by its subsidiary HCL EAS Ltd at a meeting held prior to the EGM.
Lending rate cut hint bolsters Indian equities
By IANS,
Mumbai : Despite opening weak Tuesday on profit booking, Indian equities markets surged late afternoon and finished in the green after Finance Minister P. Chidambaram announced that state-owned banks had agreed to cut lending rates.
The 30-share benchmark sensitive index (Sensex) of the Bombay Stock Exchange (BSE) closed at 10,631.12, up 293.44 points or 2.84 percent from its previous close Monday at 10,337.68 points.
IMF asks out of woods India to go for financial sector reforms
By Arun Kumar, IANS,
Washington: Noting that India's rapid recovery from the global financial crisis has brought fiscal and monetary policy trade-offs to a head earlier than in other countries, IMF has suggested that India set financial sector reforms as its longer-term priorities.
"Longer-term priorities are financial sector reforms to facilitate infrastructure investment, and fiscal consolidation," the International Monetary Fund said Wednesday after its Executive Board's Article IV consultation with India last month.
Cuba’s celebrated Havana Club rum to enter India
By IANS,
New Delhi : Havana Club, the celebrated Cuban rum, is entering the Indian market. Its white rum is being launched by Havana Club International, a 50:50 joint venture between the French alcoholic beverages giant Pernod Ricard and the Cuban government.
"We find the market in India very good for white rum," a senior official with the Cuban company said, adding that over the next two weeks Havana Club will be showcased in Gurgaon on the outskirts of the Indian capital, Bangalore, Goa and Kolkata.
Budget 2015-16 – Short on real(ty) expectations
By Vinod Behl,
The progressive and forward looking budget for 2015-16 demonstrating pro-growth and pro-investment themes scores high on revitalizing the economy but is low on realty revival, with the real estate sector being only an indirect beneficiary.
Patnaik demands rollback of diesel price hike
By IANS,
Bhubaneswar : Odisha Chief Minister Naveen Patnaik Friday demanded a rollback of the diesel price hike saying it will hit everyone.
India wants oil price band, Saudi Arabia moots pro-poor initiative
By IANS,
Jeddah : The world's top oil producing and consuming nations have embarked on a new dialogue to bring under control the spiralling prices that have pushed inflation levels to historic highs.
At an emergency meeting convened by Saudi Arabia here Sunday, they suggested and discussed various means to tackle the global oil price rise.
Saudi Arabia's King Abdullah Bin Abdulaziz proposed a five-pronged strategy even as India suggested an oil price band.
Bharti Telesoft signs deal with Telecom Italia
By IANS,
New Delhi : Bharti Telesoft, part of the Bharati group, has tied up with Telecom Italia Sparkle (TIS) to offer a new service that will enable prepaid users to recharge their accounts while roaming on a third party operator's network.
The prepaid roaming hub value-added solution also provides an international airtime transfer service, which enables migrant workers to top up the talk time of friends and family back home, a company statement said here Tuesday.
The airtime transfer service would be helpful for around 200 million migrant workers worldwide.
Tata Communications net profit down to $2.5 mn
By IANS,
Mumbai : Tata Communications net profit dipped to $2.5 million (Rs.100 million) during the fiscal 2008 compared to $3.75 million (Rs.150 million) for the previous year.
The consolidated revenue clocked $2.05 billion (Rs.82.63 billion) for the year ended March 31, 2008.
Unperturbed by ultimatum, Yahoo! again rejects Microsoft offer
By IANS
New York : In what is turning out to be a titanic battle of wits, Yahoo! responded Monday to Microsoft's ultimatum on takeover, again rejecting the buyout offer as too low, but saying the internet portal is open to the software giant's deal if it "is superior to our other alternatives".
Yahoo! was responding to a letter Saturday from Microsoft's chief executive Steven Ballmer threatening to take the offer directly to Yahoo! shareholders and to lower the offer price if the two companies failed to reach a negotiated deal in the next three weeks.
Haryana wheat arrival exceeds 5 mn tonnes
By IANS,
Chandigarh : Wheat arrivals in Haryana food grain markets have crossed the 5 million tonne mark this season.
Chief Minister Bhupinder Singh Hooda said Wednesday that over 5.10 million tonnes of wheat had arrived in the state's grain markets so far.
He said the wheat arrival this year was much higher than the 3.73 million tonnes of wheat arrival last year in the entire season.
"The wheat arrival has already beaten the record of the last three years. The hard-working farmers of the state deserve credit for this," Hooda said.
Contempt notice issued to Central Bank managing director
By IANS,
New Delhi : The Delhi High Court Monday issued a contempt notice against the managing director of the Central Bank of India for taking action against an official despite its stay order.
Justice S.N. Agrawal passed the order after the bank's general manager, Abhijit Ghosh, told the court that a fresh chargesheet was filed against him in an alleged misconduct matter despite the court staying all proceeding against him.
Ghosh was suspended from his job on Sep 24 after a chargesheet was filed against him on a charge of misconduct.
Magma HDI General Insurance kick-starts operation
By IANS,
Kolkata : Magma HDI General Insurance Company (MHDI), a joint venture between non-banking finance company Magma Fincorp and German insurer HDI Gerling launched its operations Thursday.
Faster money orders between UAE and India soon
By IANS
Dubai : An International Express Money Orders service between India and the United Arab Emirates (UAE) will start soon, following an agreement between the two countries, WAM news agency reported Monday.
The agreement has been signed recently by I.M.G. Khan, director general of India Post and Ibrahim Karam Ali Bin Karam, chief executive officer of Emirates Post, a press release by the UAE government said.
Ashiana to build retirement resort in Jaipur
Jaipur(IANS) : Real estate company Ashiana group is building a retirement resort called "Ashiana Utsav" here, expected to cost Rs.1 billion, said a company official.
The company is developing the project in association with Jaipur-based real estate developers Manglam Builders. Besides the retirement resort, it also plans houses and flats for the general category of buyers.
Vishal Gupta, joint managing director of the company, told IANS the primary intention of the project was to enable senior citizens a life of comfort and dignity during their post-retirement years.
Geojit launches online trading in currency derivatives
By IANS,
Kochi : City-based Geojit Financial Services Ltd Friday launched internet trading in currency derivatives.
BNP Paribas Personal Investors deputy chief executive Vincent Lecomte opened the trading at a function here.
"We are very happy that Geojit is extending its range of online products. BNP Paribas will bring its global expertise and best practices for further strengthening Geojit's products and services," Lecomte said.
McLeod Russel posts net loss of Rs.88.61 crore
By IANS,
Kolkata : Tea plantation company McLeod Russel Wednesday said its net loss has come down to Rs.88.61 crore for the fourth quarter of 2008-09.
The company had posted a loss of Rs.97.34 crore in the January-March quarter of 2007-08, an official statement said.
McLeod Russel's total income during the period, however, went up about 13 percent to Rs.217 crore from Rs.193 crore in last quarter of 2007-08.
For the 2008-09 fiscal, the company recorded a consolidated profit of Rs.83.47 crore, about 80 percent higher than Rs.46.41 crore reported the year before.
Highlights of interim railway budget
By IANS,
New Delhi : Following are the highlights of the interim rail budget for next fiscal presented by Railway Minister Lalu Prasad in Lok Sabha Friday:
* Two percent reduction in fares for virtually all classes
* Feasibility studies progressing well to start 'bullet trains' in India
* Plan outlay for 2009-10 kept at Rs.379.05 billion (Rs.37,905 crore)
* Railways will create record surplus of Rs.900 billion (Rs.90,000 crore) this fiscal
* Rs.700 billion (Rs.70,000 crore) surplus ploughed back to improve efficiency
Fragrance in rice originated in Japan, not India
By K.S. Jayaraman, IANS,
Bangalore : Basmati literally means 'mother of all aroma' and Basmati rice has been synonymous with India. But now the results of a study by a team of scientists from Cornell University in the US and International Rice Research Institute (IRRI) in the Philippines may dent this national pride.
The scientists say their research has reconfirmed the finding by previous workers that genetically, Basmati rice does not fall under Indica subgroup of rice varieties grown in southern Asia. It belongs to the Japonica subgroup, grown mostly in Japan.
Hyundai Construction to focus on Uttar Pradesh
By IANS,
Lucknow : Hyundai Construction Equipment India has said it will focus on the Uttar Pradesh market to boost the sales of its construction equipment.
"We are aware of the potential requirement of construction equipment in Lucknow and other parts of this fast-developing state," J.S. Kim, managing director of the company, told reporters here Monday night.
The company, a wholly owned subsidiary of Hyundai Heavy Industries, has already appointed a local dealer, AB Equipment, to increase operations in Uttar Pradesh.
‘Tata-backed air-power car within a year’
By IANS
London : A car running on compressed air and backed by the Tata Group will hit the Indian market within a year, says the French engineer who is working on the invention.
Guy Negre's OneCAT will be a five-seater with a glass fibre body, weigh just 350 kg and cost just over 2,500 pounds (about Rs.200,000), the BBC reported.
The project is backed for an undisclosed sum by Tata, which says it may also use the technology for power generation.
Dhaka to set up tourism authority
By IANS
Dhaka : Bangladesh is set to enact a law to establish a National Tourism Authority to monitor the industry and ensure the safety of domestic and foreign travellers.
All tourist organisations will need to register with the body and take licences for tourism-related business, the New Age newspaper said Sunday.
Tour operators will be responsible for providing security to visitors.
Talks with ONGC on refinery positive: Rajasthan
By IANS
Jaipur : The first round of talks between the Oil & Natural Gas Corporation (ONGC) and the Rajasthan government on setting up of a refinery in Barmer district have ended on a positive note, the state government said Wednesday.
CPI-M turns the heat on government over inflation
By IANS,
New Delhi : The Communist Party of India-Marxist (CPI-M) Friday accused the government of failing to curb rising prices, saying the Manmohan Singh government was to blame for the "dismal situation".
A day after renewing its threat to end its support to the government over the India-US nuclear deal, the CPI-M turned the heat over inflation, which has touched a 13-year high at 11.05 percent.
According to the CPI-M, the inflation was a "direct result of the steep increase effected by the government in the prices of petrol, diesel and cooking gas".
India’s foreign reserves down $1.32 billion
Mumbai: India's foreign exchange reserves fell by $1.32 billion to $317.31 billion for the week ended Sep 5, Reserve Bank of India (RBI) data...
Sensex ruling 1.16 percent higher
By IANS,
Mumbai : A key Indian equities index managed to maintain its gains Wednesday afternoon and was ruling 1.16 percent higher than Monday's closing figure.
Around 2 p.m., the sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened higher at 17,117.9 points, was ruling at 17,224.34 points - 197.67 points or 1.16 percent higher than Monday's close of 17,026.67 points.
Around the same time, the S&P CNX Nifty of the National Stock Exchange (NSE), too was trading in the positive at 5,112.3 points, up 1.15 percent.
Deposit blankets, earn blessings at this unique bank
By IANS,
Lucknow : Here comes a bank that allows you to earn blessings as interest on every deposit made. Set up by a non-profit organisation Tornos Foundation, the "Blanket Bank" is an innovative effort to serve the needy during winter.
"People can deposit old blankets, woollen clothes and other items at this bank and collect blessing points as interest in return," CEO of Tornos foundation Prateek Hira told IANS.
Articles deposited, rather donated, in the bank carry different "reward blessing points".
Jayalalithaa criticizes rail budget
Chennai : Tamil Nadu Chief Minister J. Jayalalithaa on Thursday said the 2016-17 railway budget had failed to meet the state's expectations but welcomed...
Kerala capital to get Rs.8.05 billion convention centre
By IANS,
Thiruvananthapuram : An international convention centre will be set up here by the Kerala government in collaboration with Mumbai-based Chalet Hotels at a cost of Rs.8.05 billion, an official said Monday.
The foundation stone for the centre, in which the government will have a 26 percent share, would be laid Wednesday by Chief Minister V.S. Achuthanandan.
Medical tourism is waste of resources if poor not treated: Health Secretary
By Prashant K. Nanda, IANS
New Delhi : Medical tourism might be the new buzzword for the burgeoning healthcare industry in India but one of the country's top health officials calls it a "waste of resources" if the money earned by private hospitals is not used to treat the poor.
"I am not very keen on medical tourism. It's a wastage of resources that I think should be utilised to better the health condition of our own people," Health Secretary Naresh Dayal told IANS on the sidelines of an event organised by the Public Health Foundation of India.
Government may set up two international-size shipyards
By IANS
New Delhi : The government is proposing to set up two internationa-size shipyards, one on the east coast and the other on the west coast of India, Minister of Shipping, Road Transport and Highways T.R. Baalu, informed the Rajya Sabha Thursday.
"The nodal agencies, Ennore Port Ltd and Mumbai Port Trust, have been authorized to appoint consultants to identify three or four alternative sites at west coast and east coast each," the minister said.
India, South Korea talks on opening markets through FTA
By NNN-PTI
New Delhi : India and South Korea Tuesday commenced talks by discussing their initial offers in the Comprehensive Economic Partnership Agreement (CEPA) aimed at opening their markets to each other through reduction as well as elimination of duties.
The official level discussions will take up a host of issues including how a particular item would qualify for duty reduction through the process known as 'rules of origin,' covering substantial items of trade.
Late selling pulls Sensex down 345 points
By IANS,
Mumbai : A benchmark index of Indian equities markets Friday plunged sharply in late selling, ending trade 345 points lower and touching a two-month low.
Oman welcomes Indian investment, joint ventures
By IANS,
New Delhi : With the easing global oil prices, Gulf countries like Oman look forward to investment from India and joint ventures with Indian firms.
“We welcome investment from Indian companies and also an arrangement where Indian companies can form join ventures with our companies,” Oman Oil and Gas Minister Mohammed Bin Hamad Al-Rumhy told reporters on the sidelines of the Petrotech 2009 conference here Monday.
Referring to the gloomy global economic outlook, he said, “it is important that in this time oil companies do not lose focus on investment".
Wipro net up 25 percent, cautious in the near-term
By IANS,
Bangalore : Wipro Ltd remains cautious in the near-term on revenue guidance from its combined IT services despite a healthy topline and bottomline growth in the first quarter (April-June) of this fiscal (2008-09) over the same period last fiscal.
"Given the environment, we remain cautious in the near-term. Looking ahead, we expect revenue from IT services business to be about $1.09 billion by the end of second quarter (July-September) of this fiscal," Wipro chairman Azim H. Premji told reporters here Friday.
Idea Cellular’s Q1 profit zooms to Rs.3.08 bn
By IANS
New Delhi : Idea Cellular Ltd, one of India's leading private mobile service operators, registered net profit of Rs.3.08 billion in the first quarter of the current fiscal (2007-08) against last year's Rs.1.93 billion in the same period, the company announced Tuesday.
Idea Cellular, which is a part of the $24 billion Aditya Birla Group, posted revenues of Rs.14.77 billion, which grew by 64 percent, compared to the first quarter of 2006-07 when its revenue was Rs.13.19 billion.
Equities markets head south once more
By IANS,
Mumbai : The Indian equities markets, which oscillated between positive and negative zones through much of Thursday, went down steeply in the last hour of trade and ended a long way down.
The market started on a firm note tracking strong markets elsewhere in Asia. Trading was volatile throughout before the last hour slump.
The 30-share benchmark uindex of the Bombay Stock Exchange (BSE), the Sensex, opened at 16,666.03 points and touched a low of 16,666.03 before closing at 16,316.26, going down by 209.11 points or 1.27 percent compared to the closing figure Wednesday.
Cartel forming of defence suppliers being prevented: minister
By IANS
New Delhi : The government is taking steps to prevent cartelisation of ordinance factories' suppliers, who had garnered orders worth Rs.4.72 billion last year, parliament was informed Wednesday.
"Measures to break cartel formation are reviewed and fine-tuned on regular basis," Minister of State for Defence Production Rao Inderjit Singh said in a written reply in the Rajya Sabha.
Tokyo stocks rebound on Wall Street rally
By Xinhua,
Tokyo : Tokyo stocks rebounded Wednesday morning on Wall Street rally overnight as well as bargain hunting.
The benchmark 225-issue Nikkei Stock Average gained 77.29 points, or 0.98 percent, from Tuesday to 7,940.98.
The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 5.88 points, or 0.75 percent, to 793.00.
Gainers included pulp and paper, and retail issues. Decliners were led by transport equipment issues such as auto shares and sea transport issues.
Maruti manager taken for ride in name of ‘friendship’
By IANS,
Gurgaon : An official of automobile giant Maruti Udyog Ltd has been literally taken for a ride in the name of assured 'friendship' by a conman and his accomplice in this Haryana city adjoining national capital New Delhi.
The Haryana police have arrested a Delhi-based youth, Rajinder, for conning the Maruti executive in the name of offering friendship with high-profile girls, a police spokesman said here Tuesday.
Leading oil giants see profits rise on back of oil price
By DPA,
London : Rising oil prices have boosted the profits of Britain's two leading oil giants, Shell and BP, in the first quarter of this year, figures showed Tuesday.
Shell reported record profits of 3.9 billion pounds ($7.8 billion), while rival BP saw profits rise by 48 percent to 3.31 billion pounds.
The figures come after Anglo-Dutch firm Shell reported annual profits in January of a record 13.9 billion pounds.
Shell shares are listed in Britain and the Netherlands, while the company's headquarters are in The Hague.
Reserve Bank will act swiftly if necessary: Chidambaram
By IANS,
New Delhi : Faced with a highly volatile capital market, Finance Minister P. Chidambaram Friday said the Reserve Bank of India (RBI) will act swiftly if necessary to maintain financial stability.
Stressing that India's economic fundamentals were strong, Chidambaram said: “RBI will act swiftly as and when necessary to maintain financial stability."
He had Thursday advised investors against panic selling.
No proposal for fuel price hike, says petroleum secretary
By IANS,
New Delhi : The government Wednesday said it had no proposal to increase prices of petroleum-based fuels, though it was wary about rising crude oil prices in international markets.
"We are not comfortable with the current prices," Petroleum Secretary R.S. Pandey told reporters on the sidelines of a global hydrogen technologies convention here.
"But there is no proposal to increase fuel prices," he said on the margins of the event organised by Indian Oil Corp and the Society of Indian Automobile Manufacturers (SIAM).
Market trading with a loss after fuel price hike
By IANS,
Mumbai : The Indian equities market traded flat and extended its loss in the afternoon session after the Cabinet Committee on Political Affairs (CCPA) approved a hike in fuel prices. Oil stocks reacted positively, but the overall impact on the market was negative.
At 1:30 IST, the 30-share benchmark sensitive index of Bombay Stock Exchange was trading at 15,740.11 with a loss of 222.45 points. It touched a high of 15,992.90 and a low of 15,679.53 points.
At the same time, the S&P Nifty of National Stock Exchange was trading at 4653.05 points with a loss of 62.85 points.
Petrol pumps go dry in Chandigarh
By IANS,
Chandigarh : The panic button was pressed Friday when many petrol pumps of Chandigarh and its neighbouring states of Punjab and Haryana went dry on the third day of the indefinite strike by officers of public sector oil companies.
Long queues of harried customers carrying additional containers could be seen during the early hours of Friday at various filling stations even before the petrol pumps opened.
Antidumping duty sought on imported ceramic tiles
Bangalore (IANS) : The Indian Council of Ceramic Tiles and Sanitaryware (ICCTS) has sought antidumping duty on import of glazed wall and floor tiles to protect domestic manufacturers from losing market share and incurring heavy losses.
ICCTS chairman Nancy Shah told IANS from New Delhi late Saturday that the government should levy anti-dumping duty on glazed wall and floor tiles, imported largely from China and the United Arab Emirates, as it did in the case of imported vitrified tiles in 2003.
Now check your stocks on the mobile
By IANS
New Delhi : Want to know the status of your stocks? You can check it through your mobile phone if you are a Reliance Money customer with the help of "Mobile Financial Portal" launched by the company here Friday.
Anil Ambani-promoted Reliance Money, one of India's leading financial services firms, launched "Mobile Financial Portal", a first-of-its-kind portal offering a range of financial services and information to its investors on their mobile phones across all telecom operators in the country.
US carbon trading market to be $1 trillion by 2020
By Xinhua
Washington : The US carbon trading market will be $1 trillion by 2020 if its federal and state policymakers continue on their current path towards a comprehensive "cap-and-trade" programme, according to a new study.
The study was released Thursday by New Carbon Finance, a division of New Energy Finance, the world's leading provider of information and analysis in the renewable energy and low-carbon sectors.
Limited upside left for Indian rupee against dollar
By Vatsal Srivastava,
The Indian equity market party is showing no signs of losing steam with the benchmark indices closing at an all time high yet again Monday. However, the Indian Rupee will not be a guest at this party for long. This column believes that there is very limited upside left for the Rupee to appreciate against the US Dollar.
Abu Dhabi oil company to cut oil production in July
By IANS/WAM,
Abu Dhabi : Abu Dhabi National Oil Company (ADNOC) has announced plans to cut oil production in July.
The cuts from ADNOC's four major oil fields included: Murban three percent, Lower Zakum five percent, Umm Shaif five percent and Upper Zakum 10 percent, the company said in a statement Thursday.
ADNOC said the move is in line with the decision by the Organisation of the Petroleum Exporting Countries (OPEC) to reduce production.
Market breaches 17,000 mark; shrugs off CRR, inflation hike
By IANS,
Mumbai : Buoyed by good corporate results by frontline companies, the Indian equities market breached the 17,000 mark this week and continued its gaining rally.
The market also shrugged off a steep 50 basis points hike in the cash reserve ratio (CRR) by the Reserve Bank of India (RBI) and rise in inflation.
The Bombay Stock Exchange (BSE) sensitive index (Sensex) surged 644.78 points or 3.91 percent to 17,125.98 in the week. The S&P CNX Nifty rose 153.3 points or 3.09 percent to 5,111.70.
India’s forex reserves down by $950.3 million
By IANS,
Mumbai: India's foreign exchange (forex) reserves went down by $950.3 million to $294.34 billion for the week ended Nov 2, Reserve Bank of India (RBI) data showed Saturday.
OIL inks MoU with Gazprom for joint explorations globally
New Delhi : State-run explorer Oil India Ltd (OIL) signed a memorandum of understanding (MoU) Thursday with Russian gas giant Gazprom for jointly pursuing...
Tokyo stocks open almost unchanged ahead of earnings reports
By DPA,
Tokyo : Tokyo stocks opened with little action Monday as cautious investors retreated to the sidelines ahead of upcoming corporate earnings reports by major Japanese companies.
The Nikkei 225 Stock Average inched up 11.72 points, or 0.15 percent, to 7,756.97.
But the broader Topix index of all first section issues dipped 1.13 points, or 0.15 percent, to 772.42.
On currency markets at 9 a.m. (0000 GMT), the dollar traded at 88.40-45 yen, up from Friday's 5 p.m. quote of 88.32-35 yen.
Stakeholders urge steel industry against price hike
By IANS
Chennai : Representatives of the forging and construction industries and small and medium sized units Wednesday urged steel manufacturers not to resort to steep price hikes.
"All the steel manufacturers are increasing their product prices in tandem despite their production cost remaining the same. It is time the central government brings in a regulator for the steel sector," Vidyashankar Krishnan, president of the Association of Indian Forging Industry (AIFI) and managing director of M.M. Forgings Ltd, told reporters.
India’s debt level on the rise; still behind China, Hong Kong
By NNN-PTI
New Delhi : The country's economy is on a strong wicket going by the debt level while other Asian countries such as China, Hong Kong and Malaysia have witnessed a sharp rise in their domestic credit, a latest report says.
According to a Citigroup analysis, the ratio of domestic credit levels in the gross domestic products in six out of the 10 economies of Asia, excluding Japan, has risen. Major economies -- China, Hong Kong, Korea, Malaysia, Taiwan and Thailand -- have recorded the credit levels higher than their gross domestic product in 2006.
‘Urban manifesto’ ahead of Maharashtra elections highlights issues of the marginalised
By Amit Kumar, TwoCircles.net
With elections in Maharashtra just a week away, members of the civil society have prepared a manifesto with urban livelihood issues...
Maruti hikes prices on select models by up to Rs 6,000
By NNN-PTI,
New Delhi : Car market leader Maruti Suzuki India on Friday increased prices of select models by up to Rs 6,000 just ahead of Diwali.
The price hike on select models would range between Rs 2,000 and Rs 6,000, a company official said.
Post the price hike M800 would be costlier by Rs 2,000 while Alto would cost Rs 2,500 more.
The company has also raised the price of its compact cars Zen Estilo and WagonR by Rs 3,000 and that of Omni van by Rs 2,200.
Sikkim to lose Rs.87.3 mn daily due to Darjeeling shutdown
By IANS,
Gangtok : Snaking queues were seen at petrol stations here Tuesday as Sikkim got cut off from the outside world due to the Gorkha Janamukti Morcha (GJM) sponsored indefinite shutdown in West Bengal's Darjeeling district and stood to lose an estimated Rs.87.3 million daily.
BGR Energy posts Rs.15.04 bn revenue
By IANS,
Chennai : Energy equipment supplier, BGR Energy Systems Ltd, announced Thursday that it had posted a revenue of Rs.15.04 billion ($358 million) for 2007-08 against Rs.7.75 billion the previous fiscal.
The net profit of the company for the year under review is Rs.840 million as compared to Rs.391 million of 2006-07. The company's board has recommended a dividend of 20 percent (Rs.2 per share).
Markets rise further, Sensex up 3.8 percent
By IANS,
Mumbai : Indian equities markets moved up further Monday afternoon, with a key index ruling 3.8 percent higher about 90 minutes before the closing bell.
The 30-scrip Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 9,040.3 points, was trading at 9,307.38 points - a rise of 340.7 points or 3.8 percent from its previous close.
Similarly, the S&P CNX Nifty index of the National Stock Exchange (NSE) gained 3.71 percent from its last close to rule at 2,911.1 points.
Revathi Equipment enters ready mix concrete equipment segment
By IANS,
Chennai : The Coimbatore-based Rs.114 crore drilling equipment major Revathi Equipment Ltd ventured into concreting business in a major way Friday with a Rs.30 crore plant and is targeting a 20 percent market share, a top company official said.
"We have the entire range of batching plants, concrete boom pumps and transit mixers. We are confident of garnering 20 percent market share in five years time," the firm's managing director and CEO K.Sunil Kumar told reporters here.
WTO asked to review EU’s banana import regime
By Xinhua
Washington : The US has requested the World Trade Organisation (WTO) panel to review whether the European Union's (EU) banana import regime breaches the obligations of the international trade body.
China to sign new economic agreement with Nepal
By IANS,
Kathmandu : Close on the heels of Indian External Affairs Minister Pranab Mukherjee's visit to Nepal, China is sending its Foreign Minister Yang Jiechi to Kathmandu Tuesday to bolster ties by signing a new agreement.
During his three-day visit, the Chinese minister will pay a courtesy call on Nepal republic's first President Ram Baran Yadav and hold formal talks with the nation's first Maoist Prime Minister Pushpa Kamal Dahal 'Prachanda' as well as Nepali foreign minister Upendra Yadav.
‘Venture capital funding hit by slowdown’
By IANS,
New Delhi : Venture capital (VC) funding has fallen nearly 25 percent in recent months on account of the global slowdown, industry officials said here Tuesday.
"There have been an overall dip of 25 percent in venture capital funding since last year," Rahul Chandra, director of venture capital firm Helion Advisors, told IANS.
Venture capital firms are private equity capital companies that invest in early-stage, high-potential growth companies. Investments are made in cash in exchange for shares in the invested company.
Kerala wants tariff hike to overcome power crisis
By IANS
New Delhi : Foreseeing an acute power crisis in Kerala, the state government has sought more powers to frame its electricity policy even as it plans a drastic change in its power tariff for industry.
African countries seek investment, business in central China
By Xinhua
Wuhan (China) : Industry and commerce delegates from 21 African countries have forged cooperation agreements Wednesday with Chinese enterprises in construction, mine development and other sectors during a promotion fair in central China.
Citigroup to support Eros International’s business plans
By IANS
Mumbai : Leading media and entertainment content firm Eros International Tuesday said that Citigroup Global Markets Ltd has committed $100 million to support Eros's strategy of consolidating its Indian entertainment content segment.
Commenting on the development, Eros International's chairman and chief executive officer Kishore Lulla said: "This will increase Eros' firepower to create significant value for our shareholders and partners through the acquisition and production of Indian entertainment content."
Business leader warns Russian companies may quit LSE
By RIA Novosti
Moscow : A leading spokesman for Russia's business community has warned that the diplomatic row with Britain could force many Russian companies to leave the London Stock Exchange and British companies in Russia could also face difficulties.
Haryana clears industrial investments worth $578 mn
By IANS
Chandigarh : A high-level allotment committee of the Haryana government Wednesday cleared 51 industrial projects involving an investment of Rs.23 billion ($578 million), an official spokesman said here.
The projects, for which nearly 230 acres have been allotted, will come up in industrial estates at Bawal in Gurgaon district, Barhi in Sonepat district and Saha in Ambala district.
Over 5,000 people will get employment in the new projects, Haryana State Industrial and Infrastructure Development Corp (HSIIDC) Managing Director Rajeev Arora said here.
Micro Technologies marks foray in Sri Lanka
By IANS
Mumbai : Micro Technologies India Ltd (MTIL) has signed a strategic agreement with Colombo-based real estate and construction company I-systems to market its security products and licences in Sri Lanka.
The inking of the agreement has been informed to the Bombay Stock Exchange (BSE) Friday.
Kavinda Jayasooriya, managing director of I-systems, said the Sri Lankan market at present offers good opportunities for MTIL's security products and licences.
The two firms would focus on the absence of GSM (global system for mobile) and security systems in Sri Lanka.
LPG prices fall in Pakistan
By IANS,
Islamabad : The prices of liquefied petroleum gas (LPG) fell by about Rs.3 to about Rs.128 per kilogram in the country.
Central bank to keep interest rates unchanged: Experts
By IANS,
New Delhi : Leading industry lobbies and think-tanks believe the country's central bank would leave the key interest rates unchanged when it reviews monetary policy for the current fiscal Tuesday.
"We expect the Reserve Bank of India (RBI) to keep all rates unchanged on October 27, in line with consensus," global investment banker Goldman sachs said in a statement.
British economy falls into deflation, first since 1960
By IANS,
London : The British economy has entered deflation for the first time in almost half a century, heralding a fall in wages and freeze in pensions, a media report said Tuesday.
The Retail Prices Index (RPI) measure of inflation fell to -0.4 percent in March, indicating that prices paid by consumers last month were lower than a year ago - a trend not seen since March 1960, The Telegraph reported.
The figure, published by the Office for National Statistics Tuesday, was roughly in line with economists' predictions of a fall to -0.5 percent.
Indian tourists boost Singapore’s visitor arrivals
By DPA,
Singapore : A boost in the number of Indian tourists pushed visitor arrivals to a new record in May, according to tourism data released Saturday.
A total of 828,000 tourists visited Singapore last month, the 63rd consecutive month of record numbers and up 0.8 percent from the same period in 2007.
More than 4.25 million travellers visited the city-state during the first five months.
The breakdown showed 103,000 from India, a 60-percent increase over April's 63,000. The surge propelled Indians into the No. 2 spot on the list of arrivals.
Mittal bats for overall growth, affirmative action
By IANS
New Delhi : Sunil Bharti Mittal, who took over as president of the Confederation of Indian Industry (CII), Friday reiterated the need to adhere to Prime Minister Manmohan Singh's 10-point social charter for Indian industry, and focus on overall growth and affirmative action.
Dubai Airport Freezone posts 30 percent rise in revenue
By IANS,
Dubai : Dubai Airport Freezone has recorded sharp growth in 2009 with revenue rising by 30 percent compared to the previous year, WAM news agency reported.
Part of the increase was due to the considerable expansion in office space by major European and American companies based at the airport.
Sheikh Ahmed Bin Saeed Al Maktoum, chairman of Dubai Airport Freezone, said Sunday the airport's contribution to GDP has exceeded 2.2 percent in 2007.
Pakistan-India border saw $154,000 trade on single day
By IANS,
Islamabad : Goods worth more than $154,000 (Rs.14 million) were traded through the Pakistan-India border in Rawalakot on a single day Thursday, officials said.
Construction firm fined Rs.1.75 mn for false claims
By IANS,
New Delhi : The Delhi High Court Thursday slapped a fine of Rs. 1.75 million (17.5 lakh) on a construction company for misleading the court by making wrong statements against Delhi Jal Board in a tender allotment case.
A division Bench of Justices Madan B. Lokur and Justice Sidharth Mridul dismissed a petition filed by Nagarjuna Construction Company Ltd (NCCL) seeking cancellation of Delhi Jal Board tenders issued last year.
The tender was for construction of raw water pumping stations.
Tata move unfortunate for West Bengal: business community
By IANS,
Kolkata : Industrialists and leading business bodies in West Bengal Tuesday termed as unfortunate Tata Motors' decision to look at site options to manufacture the world's cheapest car Nano, indicating a pull-out from Singur.
"It will be very unfortunate if the auto major pulls out of the state. It will be a big setback for the image of the state," said Indian Chamber of Commerce president and Patton Group managing director Sanjay Budhia.
Markets surge into green at opening bell
By IANS,
Mumbai : Indian equities markets surged at the opening bell Wednesday, with a key index ruling 1.8 percent higher than its last losing figure.
The Bombay Stock Exchange (BSE) Sensitive Index (Sensex) opened at 8,956.3 points, higher than its 8,863.82 point close Tuesday. About 15 minutes into trade, it was above the psychologically important 9,000 mark, at 9,022.98 points, 1.8 percent or 159.16 points higher than its previous close.
Hyundai Motor workers union defers strike
By IANS,
Chennai : The Hyundai Motor India Employees Union, which served a strike notice last week over a contentious labour union election issue, has decided to defer the agitation till the management declared elections for the Worker's Committee.
The union Nov 19 served the notice demanding recognition after the management of Hyundai Motor India, the country's second largest car manufacturer, decided to hold elections for the Workers Committee.
"Though we have given a strike notice effective from Dec 5, we have decided to wait," union general secretary Y.S. Chinnaraja told IANS.
Housing loan interest deduction raised by Rs.50,000
New Delhi : The government will raise the housing loan interest deduction limit from Rs.150,000 to Rs.200,000 to revive the housing sector, Finance Minister...
Mumbai port to have offshore container terminal
By IANS
New Delhi : The union cabinet Thursday approved the development of an offshore container terminal at Mumbai port by Gammon India and Spanish Dragados SPL.
The total cost of the project is Rs.12.28 billion, of which a consortium of Gammon India, Gammon Infrastructure Ltd and Dragados will invest Rs.8.62 billion and Mumbai Port Trust the rest, Finance Minister P. Chidambaram told reporters after the cabinet meeting.
The terminal will facilitate handling of large size container vessels at the port. The project is also expected to enhance trade and employment.
CBI files charge sheet in Satyam fraud case
By IANS,
Hyderabad : The Central Bureau of Investigation (CBI) Tuesday filed a charge sheet in the Rs.78 billion ($1.56 billion) accounting fraud in Satyam Computer Services Ltd, three months after the company's disgraced founder and former chairman B. Ramalinga Raju admitted to India's biggest corporate scam.
The CBI officials led by Deputy Inspector General Lakshmi Narayana presented the charge sheet against all the nine accused in a special court for CBI cases here.
Anil Ambani firm wants gas on same terms as NTPC
By IANS,
Mumbai : Anil Ambani-promoted Reliance Natural Resources Ltd (RNRL) Wednesday told the Bombay High Court that under the memorandum of understanding (MoU) signed with Reliance Industries Ltd (RIL), gas from the Krishna-Godavari (KG) basin has to be given to it on the same terms as the National Thermal Power Corporation (NTPC).
The MoU records the arrangement between Anil Ambani and RIL chief Mukesh Ambani as part of the demerger scheme of the Reliance group founded by their father Dhirubhai Ambani, and also notes what needed to be done in future.
Goa tweets to refurbish image, market itself
By IANS,
Panaji : The Goa Tourism Development Corportaion (GTDC) has begun using the social networking and micro-blogging site Twitter to market Goa as a safe tourism destination.
"We are the first state government-run tourism organization to be on Twitter. We have already tweeted out details of our summer packages," GTDC public relations officer Deepak Narvekar told IANS.
Sensex opens over 450 points in the red
By IANS,
Mumbai : The Sensex opened with a loss of 456.21 points here Monday.
The Sensex, the 30-share benchmark index of the Bombay Stock Exchange, opened at 15,115.97 points, 456.21 points below its closing figure last Friday.
The S&P Nifty index of the National Stock Exchange opened at 4,626.45 points with a marginal loss of 1.35 points from its previous close.
India expresses serious concern over global oil prices
By DPA,
Aomori (Japan) : Energy ministers from Japan, the US, China, India and South Korea expressed "serious concern" Saturday at record-high oil prices, saying they were not in the best interests of consumers or producers.
Speaking at the close of a one-day meeting in Aomori, the ministers said oil producing countries had to invest more in the development of oil and gas.
India will keep growth high and inflation low: Chidambaram
Davos, Jan 25 (IANS) India's Finance Minister P. Chidambaram told business leaders at the World Economic Forum (WEF) here Friday that India would guard against the "double whammy" of high prices and economic slowdown as a possible fallout of the current US financial crisis.
But if the choice were between maintaining high growth and keeping prices down, he would choose the latter in the interests of India's poor, Chidambaram told a forum that has been keenly watching India's response to the US economic slowdown amid speculation of a recession.
China’s first joint-venture financial leasing company established
By Xinhua
Beijing : China's biggest financial leasing company, a joint venture between China Construction Bank (CCB) and Bank of America, was officially established here Friday.
CCB, one of the four big state-owned commercial banks, has 75.1 percent stake in the $616-million (4.5 billion yuan) venture, while Bank of America owns 24.9 percent.
"In addition to airplanes and ships, the new company will lease facilities for rail transport and power generation," a CCB official said. The venture will also issue bonds and provide inter-bank loans.
Philips sees healthcare, lighting pushing India growth
By Rahul Das, IANS,
Panaji : The Indian arm of Dutch consumer electronics giant Philips sees a vast potential in healthcare business and has launched its first cardiovascular X-ray system developed here, with plans for exports.
The company, which reported revenues of Rs.32 billion (over $700 million) in 2008, sees the growing healthcare market in India, along with lighting and lifestyle segments, spurring the group's growth in the coming years.
Weak rupee set to benefit seafood exporters in Kerala
By IANS,
Thiruvananthapuram : Primary commodity exporters in the state are set to benefit with the rupee Friday crashing to its lowest level against the dollar in the last six years - to Rs.49 to a dollar.
The last time the rupee fell to this low was in July 2002.
Kerala's exports in the primary commodity sector include seafood and cashew.
Indian govt to raise Rs 39,000 crore from bonds in Q3
By NNN-PTI,
New Delhi : Government plans to raise Rs 39,000 crore from the market through bonds in the third quarter of the current fiscal to meet its financing needs.
An indicative calendar for government borrowing was issued today for the second half of this fiscal, but only details of the figures for the third quarter is given in it. (One Crore: ten million)
As per the Budget estimates, the gross borrowing plan of the government is pegged at Rs 1,45,000 crore for 2008-09.
Hit by unrest, apple exports from Kashmir down to trickle
By Rajeev Ranjan Roy, IANS,
New Delhi : The supply of apples from Jammu and Kashmir, that accounts for 60 percent of the country's apples and 50 percent of its exports, will slow down if normalcy is not restored immediately, say worried industry officials.
"Apple production starts in August and peaks by September. The fruit growers and exporters equip themselves accordingly, which is unlikely in view of the current impasse," said a senior official in the Ministry of Agriculture.
MTNL agrees to be transparent in its financial deals
By IANS
New Delhi : State-run telecom utility Mahanagar Telephone Nigam Ltd (MTNL) Wednesday signed an integrity pact for all its financial transactions by concluding an accord with Transparency International India (TII).
The pact seeks to bring in more transparency and clarity in all contracts and financial deals that MTNL would undertake. The company is listed in six Indian stock exchanges and also in New York Stock Exchange since 2001.
Agricultural education gets Rs.22.76 bn boost
By IANS,
New Delhi : A cabinet panel Thursday sanctioned Rs.22.76 billion ($460 million) for strengthening and developing higher agricultural education in the country.
Of this, Rs.11.25 billion will be spent on development and strengthening of agricultural universities and Rs.4.21 billion on modernization of agricultural university farms, Minister of State in the Prime Minister's Office (PMO) Prithviraj Chavan said.
He was briefing reporters after a meeting of the Cabinet Committee on Economic Affairs presided over by Prime Minister Manmohan Singh.
Sensex slips 75 points, Infosys, ICICI bank drag
By IANS,
Mumbai : A benchmark index of the Indian equities markets closed 75 points down with bluechip stocks such as Infosys, HDFC and ICICI bank acting as drag.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,603.87 points and ended at 17,540.29 points, closed 75.43 points or 0.43 percent down from its previous close at 17,615.72 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty closed at 5,244.75 points, against the previous close at 5,263.1 points, a loss of 0.35 percent.
India’s inflation falls again, to 0.26 percent
By IANS,
New Delhi : India's annual rate of inflation fell marginally to 0.26 percent for the week ended March 28, from 0.31 percent the week before, official data showed Thursday.
The inflation had declined for eight consecutive weeks to 0.27 percent for the week ended March 14, but marginally rose to 0.31 percent for the week ended March 21.
Between March 21-28, the index remained unchanged at its previous week's level of 227.3 (provisional), data released by the commerce and industry ministry showed.
Markets pull down shutters in the green
By IANS,
Mumbai : A key index of the Indian equities markets soared into the green Thursday, with a key index ending trade about 317.45 point higher than its last closing figure.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 10,841.57 points, rose 317.45 points or 2.93 percent from the previous close to end trade at 11,134.99 points.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) shed 0.9 percent to close at 3,334.95 points.
Bata switching on to large format stores
By IANS,
Kolkata : Footwear major Bata India Wednesday said it was completely switching on to large format stores for the purpose of economic viability.
Euro zone democracy: Market forces over people’s power?
By Rajiv Dogra, IANS,
Democracy may be an unfinished project, but can its imperfections be an excuse for Euro zone oligarchs to dismiss two elected governments?
Leading firms eye railways’ $4 bn logistics parks
By Anuradha Shukla, IANS,
New Delhi : Indian Railways' ambitious $4 billion (Rs.20,000 crore) programme inviting the private sector to build and develop multi-modal logistics parks along the proposed eastern and western dedicated freight corridors has evoked interest from leading players in the field.
State-run Container Corp of India, DHL Logistics, Transport Corp of India, GATI, Adani Logistics, Sical Logistics, World Windows Infrastructure and Mahindra Logistics are some of the companies in the fray, a railways ministry official said.
Ghaziabad doubles budget for infrastructure
By IANS,
Ghaziabad : The Ghaziabad Development Authority (GDA) Wednesday hiked the infrastructure budget for this township near the national capital from Rs.1,173 crore (Rs.11.73 billion) to Rs.2,249 crore (Rs.22.49 billion) for the current fiscal.
A GDA board meeting, chaired by Uttar Pradesh principal housing secretary Harjinder Singh, passed the budget for infrastructure development.
Out of 48 proposals on the meeting agenda, 34 were taken up for consideration and 28 proposals were passed.
Greater Noida CEO changed after farmers’ deaths
By IANS,
Greater Noida (Uttar Pradesh) : Chairman and CEO of the Greater Noida Industrial Development Authority Lalit Srivastava was Thursday removed from the CEO's post Thursday following the death of five people in violence over the acquisition of farmers' land by the government, officials said.
Srivastava, an Indian Administrative Service (IAS) officer, will continue to be chairman, while Pankaj Agarwal, another IAS officer who was principal secretary (planning) at the state capital Lucknow, will take over as CEO of the region's governing body.
Blue-chip stocks lead rally in Indian stocks
By IANS
Mumbai : Buoyed by leading pharmaceutical stocks and market heavyweights, a key index of the Indian stock market gained 0.76 percent Tuesday, keeping the upward trend for the second consecutive day.
Adani Group seeks removal of Supreme Court bar on Mundra SEZ
By IANS,
Ahmedabad : The Mundra Port and Special Economic Zone Ltd, promoted by the city-based Adani Group, will seek from the Supreme Court vacation of its bar against construction at the proposed SEZ, the group said Wednesday.
In a regulatory communication to the Bombay Stock Exchange, the group said: "We understand from media reports that an ex-parte stay has been granted by the Supreme Court against carrying out construction activities in the SEZ at Mundra. We are awaiting the papers."
Karnataka clears big-ticket investments worth $27.5 bn
By IANS,
New Delhi : Karnataka has cleared 38 big-ticket projects worth Rs.138,000 crore ($27.5 billion), and hopes soon to finalise the mega investment proposals from global steel makers ArcelorMittal and South Korea's Posco.
Speaking to reporters after a meeting with the London-based chairman of Arcelor Mittal, L.N. Mittal, Karnataka Chief Minister B.S. Yeddyurappa said these projects collectively have the potential to generate employment for 92,000 people in the state.
Indian businessmen unfazed by recent developments in Malaysia
By P. Vijian, NNN-Bernama
New Delhi : Unperturbed by recent developments in Kuala Lumpur, the Indian business fraternity has expressed confidence in doing business with Malaysia.
They described the racial discrimination issue, raised by certain quarters, as a domestic problem that is unlikely to have any impact on the two-way trade between the two traditional trading partners.
"Trade between India and Malaysia will not be affected because of an internal problem," Federation of Indian Export Organisation vice-president A. Sakthivel told Bernama Saturday.
Government hikes entry fee to historical monuments
New Delhi : The government has increased the entry fee at 116 centrally-protected monuments under the Archaeological Survey of India (ASI). The revised rates...
Budget highlights
By IANS,
New Delhi : More budget highlights for 2011-12:
* Revenue gain of Rs.11,000 crore from increase in indirect taxes.
Kolkata airport upgrade to be completed by May 2011
By IANS,
Kolkata : The modernisation work of the Netaji Subhash Chandra Bose International Airport here will be completed by May 2011, a senior official familiar with the projectsaid.
Civil aviation minister Praful Patel will lay the foundation stone for the modernisation work Dec 29.
"The preparatory work of the project has already been started, four to five rigs have been brought for the work. It is scheduled to get completed within 30 months from the date of start," the official told IANS from New Delhi.
India is way down 124th in economic freedom
By Arun Kumar, IANS,
Washington : With an economic freedom score of 53.8, India has been rated the 124th freest economy in the world, according to the 16th annual Index of Economic Freedom, released by The Heritage Foundation and The Wall Street Journal.
India's score is 0.6 point lower than last year as a result of declines in freedom from corruption, business freedom, and monetary freedom. India is ranked 24th out of 41 countries in the Asia-Pacific region, and its overall score is below the world average of 59.4 on a scale of 100.
India Inc worried, equities fall as blasts rock Bangalore
By IANS,
New Delhi : A series of bomb blasts in India's software hub Bangalore Friday sent equity markets crashing, even as the corporate sector expressed worries over its impact on the country's $65 billion IT industry that houses companies like Infosys, Wipro, Intel, Microsoft and Yahoo!.
"The blasts may be the strategy of unscrupulous forces to undermine the primacy of Bangalore as a global knowledge centre," said Amit Mitra, secretary general of the Federation of Indian Chambers of Commerce and Industry (Ficci).
Inflation in India rises to 4.11 % due to hike in food prices
NEW DELHI, Feb 8 APP: Inflation increased to its six-month high of 4.11 per cent in India for the week ended January 26 as against 3.93 per cent in the previous week, due to hike in prices of food items.
Prices of food items including maize, moong, wheat, condiments and spices, and bajra went up during the week. Prices of salt, black tea leaf, bread and buns, and mustard oil also registered upward trend, according to official figure released on Friday.
Toilet soaps, caustic soda, synthetic rubber, and truck and bus chassis became dearer in the week end.
Japanese keen on $1.6 tn highways funding: Nitin Gadkari
By Rohit Vaid,
New Delhi : India is firming up plans for a $1.6-trillion financing institution that will fund highway projects across the country with...
President-elect Droupadi Murmu revives new hope in her nondescript village
101 years after the first tribal leader was elected to the legislature in pre-independent India, Odisha-born Droupadi Murmu from the Santhal community has been...
Market opens on positive note
By IANS
Mumbai : The Indian stock market Monday opened on a positive note, boosted by Reliance Power's offer of a bonus issue for shareholders but it was not able to sustain the lead and soon dropped to a lower level.
The 30-share benchmark sensitive index (Sensex) opened with a gain of 112.96 points at 18,228.21. Nearly 20 minutes into the trade, it was trading at 18,139.79.
The S&P Nifty opened at 5,304.45, up by 1.55 points.
The cues from Asian markets were mixed, with Hang Seng and Strait Times in red and Shanghai in green.
Magma Fincorp posts Rs.26.46 crore Q4 net profit
By IANS,
Kolkata : Asset finance company Magma Fincorp posted net profit of Rs.26.46 crore for the fourth quarter of 2009-10 against Rs.7.43 crore in the corresponding period a year ago.
For the financial year ended March 31, 2010, the net profit stood at Rs.71.32 crore, compared to Rs.39.8 crore a year ago.
"Increase in share of high-yield products, improvement is net interest margin helped the company achieve this profit level," Sanjay Chamria, vice chairman and managing director, told reporters here Monday.
Surya Pharma’s arm acquires US’s ActivOn for $22 mn
By IANS,
Mumbai : Surya Pharmaceuticals Tuesday said its subsidiary has acquired US-based ActivOn, a leading over-the-counter (OTC) analgesic drug brand, for $22 million.
Tata Steel commissions 120 MW gas-based plant
By IANS,
Jamshedpur : Industrial Energy Ltd (IEL), a joint venture between Tata Steel and Tata Power, Wednesday commissioned a 120-MW power plant that will run on waste gas produced by the steel major.
The plant, built at an investment of Rs.490 crore, will supply the entire generated power to Tata Steel to help the company meet its growing power requirements in its Jamshedpur unit, an official statement said.
SingTel posts 24 percent rise in quarterly profit
By DPA,
Singapore : Singapore Telecommunications Ltd (SingTel), South-East Asia's biggest phone company, said Tuesday that net profit for its third quarter rose 24 percent from a year ago on the back of steady growth in its home market and Australia.
Net profit for the three months through Dec 31 reached 991 million Singapore dollars ($697 million), up from 799 million Singapore dollars a year earlier, SingTel said.
Group revenue grew 20.2 percent from the third quarter of 2008 to 4.45 billion Singapore dollars.
Etisalat acquires stake in Indonesian mobile major
By IANS
Abu Dhabi : United Arab Emirates (UAE)-based telecommunications services company, Etisalat has announced the acquisition of a 15.97 percent stake in the third largest mobile operator in Indonesia, Excelcomindo, WAM news agency reported Wednesday.
The $438 million deal values Excelcomindo at $2.742 billion.
This investment represents an important step for Etisalat's expansion strategy in Asia, the company's chairman Mohammad Hassan Omran said.
BSNL to install over 600 towers in rural Uttar Pradesh
By IANS,
Lucknow : Indian telecom major Bharat Sanchar Nagar Limited (BSNL) will expand and improve its mobile connectivity in rural Uttar Pradesh by installing over 600 new base transmitting station towers (BTS) in the state, a top company official said Friday.
"The exercise of setting up BTS towers will be undertaken within a month," BSNL's general manager (establishment and development), UP, G.C. Srivastava told IANS.
Sensex plummets, closes flat
By IANS,
Mumbai : A key index of the Indian equities markets plummeted towards closing bell Monday, falling after rising 191 points to close just 8.22 points above its last closing figure.
The benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened at 14,815.9 points, ended trade at 14,772.86 points (provisional) - 8.22 points or 0.06 percent higher than Friday's close.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) ended the day 0.26 percent up at 4,386.9 points.
Japan to introduce $107 bn recovery package
By DPA,
Tokyo : The Japanese government Friday unveiled an economic stimulus package totalling 11.7 trillion yen ($107.03 billion) to lift the financial burden caused by rising oil prices and shore up the economy.
The government was to install the package to help small- and medium-size firms raise funds, financially support business sectors hit hard by rising oil prices such as truckers or bus and taxi operators, and reduce income and residential taxes.
India’s iGATE opens Australian facility, creating 40 jobs.
By Neena Bhandari, IANS,
Sydney : India based global integrated technology and operations company iGATE Global Solutions Limited's new US$ 2 million information and technology facility began its operations Friday in the picturesque and affluent Australian gold mining city of Ballarat.
Ballarat, only 70 minutes drive from Melbourne, has not only been seeking Indian students and migrants, but also investment from Indian companies.
Government ramping up investments in agriculture: Pawar
By IANS
New Delhi : The government is taking necessary steps to ramp up investments in the agricultural sector with various incentives, Agriculture Minister Sharad Pawar said here Saturday.