Indian equities crash on US recession fears
By IANS,
Mumbai : A key Indian equities index was precariously close to the psychologically-important 10,000-point mark Thursday noon on growing fears of a recession in the US, largely ignoring some key measures by India's central bank to infuse additional liquidity.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened on a weak note at 10,284.90 points, over the previous close at 10,809.12 points, and soon fell further to 10,150.54 points.
Insurance company to pay Rs.4 mn for jewellery theft
By IANS,
New Delhi : A consumer court here has asked the New India Insurance Company to pay Rs.4 million as compensation to a customer whose jewellery was stolen from her car.
The Delhi State Disputes Consumer Redressal Commission, presided over by Justice J.D. Kapoor, Wednesday directed the insurance company to pay Rs.4 million as assessed by the surveyor towards the cost of the stolen jewellery besides interest and Rs.10,000 as cost of litigation.
Key Indian market index dips below 10,000
By IANS,
Mumbai : The mayhem in Indian stock markets continued Friday with a key index dropping below the psychologically important 10,000-point mark after having crossed an all-time high of 21,206.77 points in January.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE), the oft-quoted market barometer, was languishing at 9,912.01 points minutes before the closing bell, with a loss of 669.48 points or 6.33 percent over the previous close.
Russia to offer $26 bn rescue package for beleaguered banks
By RIA Novosti,
Moscow : Russia's central bank will place a financial rescue package of up to $26.6 billion in unsecured loans Monday to bail out banks from the ongoing liquidity crisis.
Only banks rated by the international agencies Fitch Ratings, Standard & Poor's and Moody's Investors Service will be able to apply for the six-month loans.
The relief package and the eligibility criteria were approved by the Russian parliament and signed into a law Friday by President Dmitry Medvedev.
A government source said around 120 banks would be able to apply for the bailout.
AIG halts lobbying after government takeover
By DPA,
Washington : Insurance giant American International Group Inc, which was bailed out of a cash-flow crisis last month by a loan that temporarily made the US government its majority shareholder, said Monday that it would stop lobbying in Washington.
A spokesman said that the company's Washington office would continue to monitor federal lawmaking to assess impacts on AIG, but that routine work to influence congressional legislation would stop.
Mahindra launches micro-hybrid technology equipped cars
By IANS,
New Delhi : Indian auto major Mahindra and Mahindra Tuesday unveiled new micro-hybrid equipped variants of its Bolero and Scorpio line-up.
Micro-hybrid is a stop/start technology, which enables the car's engine automatically switch off when the vehicle comes to a complete halt in the neutral mode. The engine restarts when the driver steps on the clutch to shift the gear.
The technology is aimed towards fuel savings at stoppages at intersections and traffic jams.
India’s central bank leaves key rates untouched
By IANS,
Mumbai : The Reserve Bank of India (RBI) left key interest rates unchanged and projected an economic growth of 7.5-8 percent during the current fiscal in its mid-term review of the monetary policy here Friday.
"Aggregate supply conditions in the Indian economy have shown resilience in the second quarter of 2008-09 in the face of a deteriorating global macroeconomic and financial environment," RBI Governor D. Subbarao said.
British firm to invest Rs 40 crore to set up Freight Station
By NNN-PTI,
Chennai, India : UK-based Eredene Capital has proposed to invest around Rs 40 crore for setting up a Container Freight Station (CFS) near the Ennore port, partnering with the city-based Sattva Business Group.
"We would be investing around 85 per cent of the stake through (FDI) and the remaining 15 per cent would be shared by Sattva Business Group for setting up the CFS at Ennore port," Nikhil Naik, Chairman, Eredene Infrastructure Pvt Ltd, told PTI here.
India sees huge jump in FDI inflows despite global woes
By NNN-PTI,
New Delhi : India received foreign direct investment of 2.56 billion dollars in September this year, showing an increase of 259 per cent over the FDI inflows in the same month in 2007-08, despite the global credit squeeze.
The cumulative FDI of 17.21 billion dollars during the April-September period also showed an impressive growth rate of 137 per cent against 7.25 billion dollars in the first half of the previous fiscal.
India opens air space for ASEAN countries
By IANS,
New Delhi : India has opened its air space for the Association of Southeast Asian Nations (ASEAN) member-states under an open-sky regime, the government said Friday.
With this, designated airlines from ASEAN members can now to fly into any Indian city, while Indian carriers too can fly to these countries after modalities are worked out. As of now, airlines from these countries can operate only on approved routes within India.
Equities end second successive week in the green
By IANS,
Mumbai : For the second successive week, Indian equities finished in the green Friday with a key index gaining 1.8 percent during the week.
The gains came following a slew of measures announced by the central bank, the Reserve Bank of India, last Saturday, Prime Minister Manmohan Singh's assurance to industry leaders Monday and lending rate cuts by banks Thursday, two days after being asked to do so by Finance Minister P. Chidambaram.
National Spot Exchange launches pulses contracts
By IANS,
Mumbai : National Spot Exchange Ltd (NSEL), a national level electronic spot exchange, launched Saturday pulses contracts for spot trading based on compulsory delivery, a NSEL statement released here said.
“These contracts have been developed to provide an efficient spot delivery platform,” Anjani Sinha, the managing director and chief executive officer of NSEL said at the launch function here Saturday.
Europe’s finance reforms could face resistance
By Andrew McCathie, DPA,
Brussels : After leading the way in responding to the world financial crisis, Europe could be facing headwinds as it attempts to press on with a rapid and comprehensive overhaul of the global finance sector.
Gone are the high-minded calls for sweeping changes to the international financial system as proposed only a few weeks ago by French President Nicolas Sarkozy when panic selling engulfed share markets and sent shock waves across the world economy.
Russia to raise oil output by 20 percent
By RIA Novosti,
Moscow : Oil production in Russia will grow by up to 20 percent, and natural gas by 42 percent by 2030 in line with Russia's draft energy strategy, business daily Vedomosti reported Tuesday.
The draft, prepared by several research institutes and the energy ministry, will be submitted to the government in January after discussions and approvals.
In August the economics ministry set a task of ending the economy's dependence on raw material exports by 2020.
‘India could benefit from global economic meltdown’
By Lalit K Jha, IANS,
New York : Even though India is feeling the pinch of the financial crisis, a leading US expert has said India could benefit the most from this economic meltdown as this offers new opportunities to it.
"There is a sense that the international institutions will be remade to reflect the current balance of power, and that India may be able to turn this crisis into a permanent place at a new high table," said Adam Segal, Maurice R. Greenberg Senior Fellow for China Studies at the Council on Foreign Relations, a New York-based think tank.
Americans spend big on Obama souvenirs
By Andy Goldberg, DPA,
San Francisco/Los Angeles : The US economy may be deep in the doldrums, but there's one sector where enterprising entrepreneurs are still making a fortune.
Since last week's victory by Barack Obama, souvenirs of the president-elect are selling like the crash never happened, as his supporters and foreign tourists rush to get their hands on almost anything that commemorates the election of the first African-American president.
There are some limits, of course.
US automakers plead for bail-out with skeptical Congress
By DPA,
Washington : Chiefs of the three US automakers went before Congress Tuesday seeking an emergency injection of government money to stave off bankruptcies that could cost the US economy millions of jobs.
The so-called Big Three - General Motors Corp, Ford Motor Co and Chrysler LLC - are asking for $25 billion from the $700-billion financial rescue package passed in October, arguing that the ongoing credit crisis has pushed their already struggling industry to the brink of collapse.
Equities in green, key index testing 9,000 mark
By IANS,
Mumbai : After opening strong on positive global cues, Indian equities markets were still in the green mid-afternoon despite selling pressure at the higher levels with a key index breaching the psychologically important 9,000 mark only to go below it again as trading progressed.
There is selling pressure at the higher levels, analysts said while explaining the market movements.
Mid-afternoon, the sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was at 8,947.72, up 44.60 points or 0.50 percent from its previous close Monday at 8,903.12 points.
Equities end in red, key index down 200 points
By IANS,
Mumbai : Bears once again had the last laugh Tuesday as Indian equities markets slipped into the red again late afternoon after being in positive territory for most of the day with a key index closing more than 200 points lower than its previous close Monday.
Unrelenting selling pressure at the higher levels led to the markets finally going into the red, analysts said while explaining the market movements.
China hails Obama’s economic team, pledges cooperation
By Xinhua,
Beijing : China Tuesday congratulated Obama's economic team, saying the country would like to work with the new administration to promote bilateral ties.
"We noticed that US President-elect Barack Obama had nominated some members of his government, and we express congratulations to them," foreign ministry spokesman Qin Gang said at a regular press briefing here.
"We would like to strengthen cooperation with them so as to further promote the Sino-US friendly and constructive cooperation in a wide range of fields," he said.
Citigroup ‘went wrong’ on realty: Vikram Pandit
By Lalit K. Jha, IANS,
New York : Virtually blaming the previous management for the mess within Citigroup Inc, its Indian-American chief executive Vikram Pandit said its unchecked exposure to the US realty industry led to the present crisis.
"We got here by lending money, and putting money to work in the US real estate market in a size that was probably larger than what we ought to have done on a diversification basis,” Pandit told the popular “Charlie Rose Show”.
Bourses closed but flights, trains resume from Mumbai
By IANS,
Mumbai : Trading was suspended on all major bourses and security tightened at the airport and railway stations after one of the fiercest terror attacks here, India's commercial capital, since late Wednesday.
"Considering the prevailing abnormal situation and the government's advice to people to stay at home, it has been decided to keep the market closed for the day," said a notice issued by the Bombay Stock Exchange.
Minister Chidambaram confident of good growth despite slowdown
By NNN-PTI,
New Delhi : Home Minister P Chidambaram today expressed confidence that the economy would register a very satisfactory growth, although there may be a temporary slowdown.
"We will have a reasonable growth rate... Inflation will moderate and growth rate would be very satisfactory," he told reporters as he wound up work in the Finance Ministry before moving to the other part of North Block as Home Minister.
Kenya urges UN to tackle food crisis, Nigerian piracy
By Xinhua,
Nairobi : Kenyan President Mwai Kibaki has asked the United Nations to mobilise resources to tackle global problems, including high food prices and rampant piracy along the coast of Somalia.
A statement from the presidential press service said Kibaki called on the UN to help in coordinating efforts to stabilise global food prices and ensure an efficient movement of food from surplus to deficit nations.
Equities erase gains, key index sheds 252 points
By IANS,
Mumbai : Indian equities markets opened strong Monday and despite staying in the green throughout the morning went into a tailspin late afternoon to erase all gains and end in the red with a key index shedding more than 250 points to again go below the psychologically important 9,000 mark.
There was profit booking at the higher levels and those wanting to exit did so as the underlying sentiment is still weak, analysts said.
Google resorting to austerity measures: WSJ
By IANS,
New York : Feeling the pinch of the global economic slowdown and the US recession in particular, Google, the internet search engine giant, is resorting to austerity measures, The Wall Street Journal has reported.
Prominent among them include cutting new projects, ratcheting back spending, chipping away at perks and reducing employee strength. Such measure from Google, which is known for its generous perks, has come as a surprise to many industry watchers.
ArcelorMittal to shut down two US steel plants
By Lalit K Jha, IANS,
New York : ArcelorMittal has announced it would shut down two of its steel plants in the US, rendering more than 550 people jobless.
The two plants are in Lackawana in New York and at Hennepin in Illinois.
While the Lackawana facility has 260 full-time employee, the Hennepin steel plant has 285 people. A company spokesperson said the Lackawana steel plant would be closed by April 30. The exact date of closing down the Hennepin plant has not been announced yet.
Bharat Heavy Electricals to focus on 800-MW super-critical boilers
By Venkatachari Jagannathan, IANS,
Tiruchirappalli (Tamil Nadu) : State-owned power equipment producer Bharat Heavy Electricals Ltd (BHEL) will train its focus on manufacturing and selling 800-MW super-critical boilers, a top official said here Thursday.
"We can make 660-MW, 800-MW and 1,000-MW super-critical boilers. The 800-MW boilers are good for burning Indian coal," BHEL chairman and managing director K. Ravi Kumar said here Thursday.
Markets continue last week’s rally (Second Lead)
By IANS,
Mumbai : Indian equities markets closed higher Monday as news of state-run banks cutting interest rates on fresh home loans spurred a rally in many housing and infrastructure stocks in a key index.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) closed at 9,832.39 points, a rise of 1.47 percent or 142.32 points over its weekend close at 9,690.07 points.
Inflation rate falls further to 6.84 percent
By IANS,
New Delhi : India's annual rate of inflation dropped further to 6.84 percent for the week ended Dec 6 from 8 percent the week before, government data showed Thursday.
The sharp drop was triggered largely by the drop in petrol and diesel prices, analysts said.
The inflation rate was 3.84 percent during the corresponding week last year.
The official wholesale price index (WPI) for all commodities during the week declined by 1.1 percent to 231.1 points from 233.6 points the week before.
British pound falls to new record low against euro
By DPA,
London : Britain's pound sterling Thursday hit a fresh record low against the euro amid speculation of further interest rate cuts by the Bank of England to help stimulate the economy.
The pound fell to 1.059 euros on the foreign exchange market, but strengthened slightly against the dollar, rising to $1.55 .
The dollar also weakened against the euro, two days after the US Federal Reserve cut its key interest rate to a range of between zero and 0.25 percent.
US stocks tumble amid economic worries
By Xinhua,
New York : Wall Street ended lower Thursday as investors weighed a series of mixed economic news.
Energy, material sectors lost most as the oil prices plunged to a four-and-half-year low of $36 a barrel. Chevron Corp. fell $3.94 to $72.88, and Exxon Mobil Corp. dropped $4.13 to $76.93.
Stimulus package needed next fiscal also: Plan panel
By IANS,
New Delhi : India will need a stimulus economic package in the next fiscal also as the country would continue to face the impact of global slowdown, Planning Commission Deputy Chairman Montek Singh Ahluwalia here said Friday.
"The global slowdown will continue even in the next year and the stimulus package should be extended to the next fiscal also," he told reporters on the sidelines of a function here.
Indian leather industry feels heat of global meltdown
By Aparajita Gupta, IANS,
Kolkata : The Indian leather industry is shrinking due to the global economic meltdown. Leading players fear a 25-30 percent drop in exports and job losses in the long run.
"As footfall in global stores like Wal-Mart, Marks and Spencer have declined, it is impacting sales badly and in turn export is suffering," S.S. Kumar, chairman of the city-based Government College of Engineering and Leather Technology, told IANS.
Job losses will continue, says chief economic adviser
By IANS,
New Delhi : Job losses in India will continue into the next year due to the global slowdown, but it will be at "minimum" levels, a top government economist said here Tuesday.
Soon after the government tabled the mid-year review of the Indian economy in parliament, Arvind Virmani, the chief economic adviser in the finance ministry, told reporters that most of the job cuts would be in the export sector as industry was hit hard by the slowdown.
"The economic slowdown has not affected the manufacturing sector much, while the service sector is the least affected," Virmani said.
Christmas elves elude markets, key index loses 118 points
By IANS,
Mumbai : Christmas eve failed to bring any cheer to Indian equities markets Wednesday as stocks continued their losing streak and a key sensitive index fell for the third consecutive day this week to end trade 1.22 percent lower than its previous close.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) slid 118.03 points or 1.22 percent from 9,686.75 points to close at 9,568.72 points.
Japan’s stock market ends worst year in trading history
By DPA,
Tokyo : For Tokyo's traders, it was the worst year on record for Asia's leading stock market - dragged down by the global financial crisis and the yen strengthening against the dollar. The benchmark Nikkei 225 Industrial Average index lost 42 percent in 2008.
"It was an unprecedented year, in which we were hit by harsh headwinds," Atsushi Saito, the head of Japan's stock exchange, said Tuesday as the market was winding down for the year.
Sleeplessness costing Canada billions
By IANS,
Toronto : A new study has found that sleeplessness is taking a heavy economic toll on Canada where the public health bill has outpaced the economic growth rate.
Though nationwide figures are yet to be established, the study in Quebec province has found that insomnia alone costs it $6.5 billion a year.
Nationwide figures would be mind-boggling once the whole study is completed.
India’s central bank cuts key rates to spur economy
By IANS,
Mumbai : In a bid to lower the cost of borrowings for commercial banks, the Reserve Bank of India (RBI) Friday cut the both the repurchase and reverse-repurchase rates by 100 basis points each, while reducing the cash reserve ratio (CRR) by 0.5 percent points.
“The reduction in the CRR will inject additional liquidity of around Rs.20,000 crore (Rs.200 billion/$4 billion),” the central bank said in a statement, while announcing a further monetary stimulus to prop the economy.
Markets close in green, Sensex gains 317 points
By IANS,
Mumbai : Buoyed by the government's second stimulus package announced Friday, Indian equities markets closed in the green Monday. A key index ended trade 3.36 percent higher than its previous close.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) closed at 10,275.6 points (provisional), up 3.19 percent or 317.38 points from its previous close of 9,958.22 points.
The broader S&P CNX Nifty index of the National Stock Exchange (NSE) gained 2.69 percent to close at 3,128.6 points.
Oil sector employees to go ahead with their strike
By IANS,
New Delhi : Oil sector employees will go ahead with their strike as planned from Wednesday despite oil companies moving to initiate legal action against agitating officers, the Oil Sector Officers Association (OSOA) said here Tuesday.
"The strike is going ahead from tomorrow (Wednesday) starting at 0600 hours," OSOA president Amit Kumar told reporters here.
OSOA, representing around 45,000 employees in 14 public sector oil firms, has called the indefinite strike demanding higher wages.
States highlight diversity in investment at diaspora meet
By Fakir Hassen, IANS,
Chennai : The huge diversity of opportunities for foreign nationals of Indian origin to participate in development and investment were highlighted by senior government ministers of several states to 1,500 delegates on the second and final day of the Pravasi Bharatiya Divas here Friday.
Army might be called to tackle oil strike: Chidambaram
By IANS,
New Delhi : Home Minister P. Chidambaram said Friday that the army would be called if necessary to tackle the escalating crisis arising out of the strike by officers of public sector oil firms.
"I can't go into the details but if someone from the army has to be called they will be called," Chidambaram said.
Addressing reporters after the cabinet meeting, he said he was willing to meet the striking officers "but they must come to meet me".
Iran to pay for Indian tea in euro now
By Aparajita Gupta, IANS,
Kolkata : Iran has decided to pay India in euros instead of US dollars for the tea it imports from this country, Tea Board of India chief Basudeb Banerjee said after returning from a three-day visit to Iran.
India exports 11-12 million kg of tea to Iran every year at an average price of Rs.107 ($2.22 or 1.64 euro) per kg. Its total 189 mn kg tea export in 2007-08 was worth Rs.18.89 billion (Rs.1,889 crore or $381 million/ 289 million euro) .
Markets remain dull, trading range-bound
By IANS,
Mumbai : Trading at the Indian equities markets remained dull and operated in a tight range Monday, with a key index closing only 0.06 percent up over its previous close.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened Monday at 9,381.78 points, against the previous close at 9,323.59, shut shop at 9,329.57 points, 0.06 percent or 5.98 points above its previous close.
The broader S&P CNX Nifty index of the National Stock Exchange also ended trade higher at 2,837.6, points, a rise of 0.32 percent over its previous close at 2,828.45.
United Breweries net rises 67 percent
By IANS,
Mumbai : United Breweries' net profit soared 67 percent to Rs.69.3 million for the quarter ended Dec 31 as compared to Rs.41.5 million in the corresponding period of the previous year, the company said Tuesday.
Its total income, however, declined 11 percent to Rs.917.5 million for the quarter under review from Rs.1,029.10 million in the corresponding period last year.
The company's total expenditure in the quarter decreased 8 percent to Rs.510 million as compared to Rs.552 million in the corresponding quarter last year.
Wipro projects $1.05 billion from IT services in Q4
By IANS,
Bangalore : Wipro Ltd Wednesday projected $1.05 billion (Rs.51.73 billion) revenue from its global IT services for the fourth quarter (January-March) of this fiscal (2008-09).
In regulatory filing to the stock exchanges, the IT bellwether said the outlook for this quarter (Q4) was based on revenue from its IT services in the third quarter (October-December) of this fiscal at $1.13 billion under the American accounting system (US GAAP).
The IT revenue is marginally higher from the outlook of $1.2 billion given at the beginning of the third quarter in October 2008.
Turner International enters Hindi entertainment TV segment
By IANS,
New Delhi : Reality shows, dramas and much more - US-based production major Turner International promises to entertain Indian viewers with the launch of their Hindi general entertainment channel REAL.
The channel - REAL - will go on air in March 2009 with four varied shows. While "Sarkaar Ki Duniya" and "Poker Face" are reality shows, "Vicky Ki Taxi" and "Hindi Hai Hum" are dramas.
Two Pricewaterhouse officials arrested in Satyam fraud
By IANS,
Hyderabad : Two officials of PricewaterhouseCoopers, the firm that audited fraud-hit Satyam Computer Services' books, were arrested Saturday for their alleged role in the irregularities.
The Crime Investigation Department (CID) of the Andhra Pradesh police, probing the Rs.70 billion (Rs.7,000 crore/$1.43 billion) fraud in the IT bellwether, arrested chief relationship partner S. Gopalakrishnan and engagement leader Srinivas Taluri.
CID sources said the two had allegedly suppressed information about the inflated revenues and profits of Satyam.
Economy will grow by 7 percent: Pranab
By IANS,
New Delhi : The Indian economy will grow by 7 percent this fiscal even as recent projections by global agencies like the International Monetary Fund (IMF) say that advanced countries' economies would shrink by 2 percent, Minister for External Affairs Pranab Mukherjee said here Thursday.
"I am proud to say that in 2008-09 India will still grow by 7 percent," said Mukherjee while addressing the 81st annual general meeting of the Federation of Indian Chambers of Commerce and Industry (FICCI).
Cisco to help develop roadmap for sustainable Bangalore
By IANS,
Bangalore : The Karnataka government and the US-based networking technologies major Cisco Systems will jointly develop a roadmap for a sustainable Bangalore city, it was announced here Thursday.
The state government and the company Thursday signed a memorandum of understanding (MoU) on the subject in the presence of Chief Minister B.S. Yeddyurappa and Cisco chief executive John Chambers.
Markets pick up pace, Sensex up 1.68 percent
By IANS,
Mumbai : Indian equities markets rose Friday morning on positive cues from other Asian markets and on expectations that the interim railway budget could cut some freight rates. By a little before noon, a key index had risen 1.68 percent over its previous close.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was at 9,624.74 points at this time, 1.68 percent or 158.91 points higher than Thursday's close. It had opened at 9,540.6 points, higher than its last close of 9,465.83 points.
Interim railway budget disappointing for Madhya Pradesh: Chouhan
By IANS,
Bhopal : The interim railway budget presented Friday is disappointing for Madhya Pradesh, Chief Minister Shivraj Singh Chouhan said.
"The proposals like plying a daily Habibganj-Kurla train, running daily train between Bhopal and Lucknow, making the Puri-Jaipur Express bi-weekly, extending the Shatabdi to Indore, starting a third Bina-Itarsi line and adding a coach from Bhopal to the Jabalpur Mumbai-Garib Rath have not been implemented," he said in a statement.
Indian markets plummet as global cues weaken
By IANS,
Mumbai : Indian equities markets were south-bound around noon Monday as global markets weakened further and investor confidence dampened, with a key index 2.11 percent below its last closing figure.
The 30-scrip Bombay Stock Exchange (BSE) Sensitive Index (Sensex), which opened at 8,762.88 points, was at 8,704.18 points, 2.11 percent or 187.43 points lower than its previous close.
Similarly, the S&P CNX Nifty index of the National Stock Exchange (NSE) was at 2,700.05 points, 2.3 percent down from its last close of 2,763.65.
Birla Tyres resumes production at Orissa plant
By IANS,
Bhubaneswar : Birla Tyres, a unit of the BK Birla Group company Kesoram Industries, resumed production at its Orissa plant Monday, a company official said.
The factory at Balasore town, some 200 km from here, was closed down temporarily Feb 16 for the third time on account of poor market conditions.
"We resumed full production today (Monday) even though the market condition has not yet improved. We will review the situation after 10 days," a senior plant official told IANS on condition that his name should not be disclosed because he is not authorised to speak to the media.
Markets rise at opening bell
By IANS,
Mumbai : Indian equities markets opened in the green Thursday, with a key index ruling 0.87 percent higher than its last closing figure.
The Bombay Stock Exchange (BSE) Sensitive Index (Sensex) opened at 9,023.04 points, higher than its 8,976.68 point close Wednesday. About 10 minutes into trade, it was at 9,064.92 points, 0.87 percent or 78.05 points above its previous close.
Similarly, the S&P CNX Nifty index of the National Stock Exchange (NSE) was at 2,810.75 points, 0.57 percent up from its last close of 2,794.7.
Benchmark indices down at equities markets
By IANS,
Mumbai : Benchmark indices were down at Indian equities markets even as shares of smaller companies picked up steam. A key index slipped into the red - by over 167 points - about 75 minutes before the closing bell Wednesday.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 14,230.73 points, was ruling 167.31 points or 1.17 percent lower than its previous close Tuesday at 14,134.72 points.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) lost 0.68 percent from the last close to trade at 4,289.15 points.
Markets slip, Sensex down 100 points
By IANS,
Mumbai : Indian equity markets slipped into the red with a key index dipping 100 points by late Tuesday morning, after having risen more than a percent at the opening bell.
Around 11.30 a.m., the benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened at 14,892.93 points, gave up its morning's gains to rule at 14,730.34 points, 110.29 points or 0.74 percent lower than its previous close.
It had risen more than 133 points soon after trading opened Tuesday.
India’s inflation rate slips to 0.13 percent
By IANS,
Mumbai: India's annual rate of inflation fell to 0.13 percent for the week ended May 30 from 0.48 percent in the previous week, official data showed Thursday.
The wholesale price index for all commodities rose 0.1 percent primarily due to a rise in the indices for primary articles and various manufacturing products, as per data released by the commerce and industry ministry.
While the index for primary articles rose 0.4 percent, that for fuel and power and manufactured products remained unchanged.
Bharat Sanchar Nigam awaiting state nod for divestment
By IANS,
New Delhi : State-run telecom operator Bharat Sanchar Nigam Ltd (BSNL) Tuesday said it was awaiting approval from the government for its maiden initial public offering (IPO).
BSNL chairman and managing director Kuldeep Goyal told reporters here that the company would initiate its valuation process and start talks with labour unions after getting the government's go-ahead.
"If the government decides we have to go for IPO, then we will talk to the unions and evaluate the company," Goyal said.
Kumar Mangalam to head Kesoram after B.K. Birla
By IANS,
Kolkata : Kumar Mangalam Birla will succeed his grandfather Basant Kumar Birla as chairman of Kesoram Industries.
The 88-year old B.K. Birla made the disclosure while addressing shareholders at the 90th Annual General Meeting of the company here Friday.
However, he did not mention any time frame.
"After me, Kumar Mangalam will take charge of this company," the senior Birla said..
"I had been asking Kumar to take charge of the companies (B.K. Birla group) in the next two to three years, but he is not listening to me."
India’s Economic Survey calls for sweeping reforms
By IANS,
New Delhi : Suggesting some sweeping reforms in areas like foreign direct investment, divestment, taxation and the subsidy regime, India's Economic Survey says the country can achieve 7.75 percent growth this year despite the difficult global circumstances.
The economy can even expand much higher than last year's growth if the monsoon rains were normal, said the country's annual economic report card for 2008-09 tabled in parliament Thursday by Finance Minister Pranab Mukherjee.
Funds hiked 144 percent for ambitious rural job scheme
By IANS,
New Delhi : Finance Minister Pranab Mukherjee has allocated a whopping Rs.39,100 crore for the Congress-led government's flagship scheme under the National Rural Employment Guarantee Act (NREGA), a hefty 144 percent hike over the previous budget estimates.
Reiterating the government's commitment to the scheme that promises 100 days of employment to rural youth, the finance minister said in his budget speech Monday that 4.47 crore households were covered under NREGA last year as against 3.39 crore earlier.
Satyam Raju’s judicial remand extended till July 22
By IANS,
Hyderabad : A city court Wednesday extended by two weeks the judicial remand of disgraced founder and former chairman of Satyam Computer Services B. Ramalinga Raju and other accused in the Rs.78 billion accounting fraud case.
The XIV Additional Chief Metropolitan Magistrate extended the remand of Raju, his brother B. Rama Raju, former chief financial officer Vadlamani Srinivas and five other accused till July 22.
The Central Bureau of Investigation (CBI), which is probing the massive fraud, produced all eight accused in the court as their remand ended Wednesday.
Mid-term review of 11th Plan before next budget
By IANS,
New Delhi : A mid-term review of the 11th Five-Year Plan (2007-12) will be conducted before the presentation of the budget for fiscal 2010-11, Planning Commission Deputy Chairman Montek Singh Ahluwalia said here Wednesday.
"I am hopeful that the next budget will address the shortcomings of the mid-term review," Ahluwalia told reporters after the commission's first meeting since the United Progressive Alliance (UPA) government assumed power for a second term.
Sensex opens in the green
By IANS,
Mumbai : A key index of the Indian equities markets opened higher Thursday, ruling 75 points above its last closing figure, about five minutes into trading.
The 30-scrip index of the Bombay Stock Exchange (BSE), the Sensex, which opened higher at 13,796.19 points, was at 13,844.96 -- 75.81 points or 0.55 percent higher than Wednesday's closing figure.
Around the same time, the S&P CNX Nifty of the National Stock Exchange (NSE), too, was ruling in the green at 4,107.95 points, up 0.71 percent.
Infrastructure growth will drive industrial activity: Moody’s
By IANS,
New Delhi : India's infrastructure development is likely to be one of the key drivers of industrial activity, which will see an upturn in a few months, the research arm of Moody's said Friday.
India's industrial performance thus far in the financial year has been stronger than expected.
"A rise in domestic activity has likely helped to offset external weakness and arrested the downward trend in industrial production," said Sherman Chan, an economist with Moody's Economy.com.
Indian equities ruling higher after strong opening
By IANS,
Mumbai : Indian equities were ruling higher Friday after a strong opening on the back some positive signals from the government on the continuity of reforms and strong overnight rally in the US markets.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 14,325.58 points against Thursday's close at 14,250.25 points, and soon soared to a high of 14,607.11.
Some two hours into trading, the key 30-share index was ruling at 14,568.09 points, with a gain of 317.84 points, or 2.23 percent, over the previous day's close, data with the exchange showed.
Kingfisher fined Rs.26 crore for delaying tax payments
By IANS,
New Delhi: The government Friday said it has fined private carrier Kingfisher Airlines Rs.26.46 crore for delay in remittance of tax deducted at source (TDS).
Minister of State for Finance S.S. Palanimanickam, in response to a question, told the Lok Sabha that besides Kingfisher, Spicejet and MDLR Airlines also have not remitted TDS collected on time.
But, he said, it was not clear if any fine had been imposed on Spicejet and MDLR.
Despite slowdown, consumer goods sector grew 15 percent
By IANS,
New Delhi : Despite the economic slowdown, the country's fast moving consumer goods (FMCG) sector grew by almost 15 percent in 2008-09, thanks to high demand for such goods in rural India, says a report released Thursday.
"At times of economic slowdown, for instance, consumers may be cutting down on durable and other capital expenditure but cannot avoid spends on daily necessities," said the report jointly prepared by the Federation of Indian Chambers of Commerce and Industry (FICCI) and industry tracker Technopak Consultants.
Indefinite transport strike in West Bengal from Friday
By IANS,
Kolkata : At least 17 associations of commercial vehicle operators in West Bengal will go on indefinite strike from Friday, to protest the state government's decision to ban all commercial vehicles that are over 15 years old.
"We're sticking to our stand to call the strike if the state government does not pay any attention to our interests," said Sarnakamal Saha of Kolkata Metropolitian Bus and Minibus Owners' Association.
TED comes to India with its ideas for future
By Madhusree Chatterjee, IANS,
New Delhi : The world's biggest conference of ideas, TED (technology, entertainment and design) is coming to India this November.
TED will hold the first India edition of its conference at the Infosys campus in Mysore Nov 4-7. It will also mark the Asian debut of this landmark annual event.
"TED, which has acquired a cult status with the cream of the world's intellectuals, will attract the best of talent from the technology, entertainment and design sectors from across the world," Lakshmi Pratury, who is bringing TED to India, told IANS.
No more roadblocks, Kamal Nath tells auto sector
By IANS,
New Delhi : Road Transport and Highways Minister Kamal Nath Friday assured the automobile industry he would build roads if it manufactured vehicles.
"You build vehicles, I will build roads," Kamal Nath said in his keynote address at the annual convention of the Society of Indian Automobile Manufacturers (SIAM).
Charting out the path ahead, the minister said the government has approved 10 new road projects, stretching from 11,000 km to 100,000 km.
Amway to invest Rs.550 mn in its Himachal plant
By IANS,
Shimla : Amway India Enterprises will invest Rs.55 crore (Rs.550 million) to treble capacity at its Himachal Pradesh manufacturing unit by the end of this year, a senior company official said here Friday.
"We have plans to treble the capacity of our Baddi manufacturing plant by December-end," Amway India Managing Director and Chief Executive Officer William S. Pinckney told IANS.
"We are adding four new product lines to the existing five lines at Sarvotham Care's plant (at Baddi). This will involve an outlay of around Rs.55 crore," he said.
Selling pressure pulls down sensex by 200 points
By IANS,
Mumbai: A key Indian equities index closed 1.19 percent lower Friday after falling sharply in the late afternoon session.
The 30-scrip benchmark index of the Bombay Stock Exchange, Sensex, which opened at 16,915.96 points, shut shop at 16,642.66 points, down 200.88 points or 1.19 percent from Thursday's closing figure of 16,843.54 points.
The S&P CNX Nifty of the National Stock Exchange (NSE) too ended in the red at 4,945.2 points, down 1.14 percent.
Vijay Bank net up 36 percent in second quarter
By IANS,
Bangalore : State-run Vijaya Bank posted a net profit of Rs.108 crore for the second quarter this fiscal as against Rs.79 crore earned in the like period last fiscal, registering a 36 percent growth year-on-year (YoY).
In a regulatory filing, the Bangalore-based bank Thursday said its total income for the quarter under review increased Rs.1,457 crore YoY.
Other income increased to Rs.120 crore from Rs.75 crore, largely due to a steep jump in trading profit during the quarter to Rs.32 crore from Rs.3 crore a year ago.
Infosys BPO planning acquisitions, hiring
By IANS,
New Delhi : Infosys BPO Ltd, the business processing outsourcing (BPO) subsidiary of software major Infosys Technologies, is looking at fresh acquisitions and hiring people.
Speaking to reporters here Monday, Infosys BPO managing director and chief executive Amitabh Chaudhary said his company was "looking at acquisitions in the range of $80-200 million".
"We will hire 2,000-2,500 people in four months," he said on the sidelines of the World Economic Forum's India Economic Summit.
Reliance Industries finds oil in Gujarat
By IANS,
New Delhi : Mukesh Ambani-led Reliance Industries Tuesday said it has discovered oil in an onland block in Gujarat's Cambay basin.
The oil discovery in the block CB-ONN-2003/1 (CB 10 A&B) was the first one in hydrocarbon blocks auctioned in the fifth round of government auction, the company said in a statement.
Reliance Industries holds 100 percent participating interest in the block with an area of 635 square km, located some 130 km away from Ahmedabad.
Sensex ends volatile session flat
By IANS,
Mumbai : A key index of Indian equities markets closed flat Wednesday after volatile trading.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened higher at 17,226.49 points, closed at 17,169.91 points, 28.36 points or 0.16 percent down from Tuesday's close at 17,198.27 points.
The benchmark index had hit an intra-day high of 17,329.68 points and a low 17,142.36 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty closed at 5,118.7 points, down 0.06 percent.
Bolivian revenues from gas exports fall over $1 bn
By EFE,
La Paz : The revenues that Bolivia receives from natural gas exports will come in at roughly $2 billion for all of 2009, down from $3.16 billion last year, the Bolivian Hydrocarbons Chamber, or CBH, said.
The CBH, which comprises all the natural gas and oil companies that operate in the country, said Thursday in a special report that the "price factor" was the primary cause of the drop.
The main markets for landlocked Bolivia's natural gas are Brazil and to a lesser extent Argentina.
Rich nations should make deeper cuts, support others financially: CII
By IANS,
New Delhi : Rich countries must agree to greater emission cuts while helping developing nations cope financially in their efforts to transform into a low carbon economy, a leading industry body has said.
"Developed countries must take deeper reduction commitments, both in medium and long term, such as 25 percent reduction by 2020 and 80 percent reduction by 2050 from 1990 level," the Confederation of Indian Industry (CII) said in a statement Sunday.
Sensex closes 155 points lower, RIL, Infosys drag
By IANS,
Mumbai : A benchmark index of Indian equities shut shop 155 points lower Tuesday amid weak global cues and selling pressure on heavyweights Reliance Industries and Infosys.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,650.82 points, closed at 17,486.06 points, down 155.02 points or 0.88 percent from its previous close at 17,641.08 points.
Reliance Industries, Infosys and HDFC added to the drag on the Sensex.
India’s central bank hikes cash ratio for banks
By IANS,
Mumbai : The Reserve Bank of India (RBI) Friday hiked the cash reserve ratio (CRR) for commercial banks by an unexpected 75 basis points, in a clear bid to curb inflationary expectations in the economy.
All other policy rates were left unchanged.
The CRR, presently at 5 percent, will be hiked in two stages -- 50 basis points from Feb 13 and another 25 basis from Feb 27, RBI Governor D. Subbarao told the chief executives of commercial banks here.
PC sales flat in first half, industry expects revival
By IANS,
New Delhi : Personal computer (PC) sales were almost flat during the first half of the fiscal at 3.71 million units, a meagre rise of one percent compared to the same period a year ago, primarily due to fewer orders from businesses, said a report released Thursday.
The statistics were presented by the Manufacturers' Association for Information Technology (MAIT) -- an apex body representing India's IT hardware sector -- in its bi-annual report.
Inflation rate to be moderate in next 2 months: Mukherjee
By IANS,
New Delhi : Measures taken by the government to tame inflation will take some time to have their effect but the country would have a "moderate rate of inflation" in the next two months, Finance Minister Pranab Mukherjee said Wednesday.
"High inflation is a matter of concern. Measures taken to tame inflation will take some time. I think in next two months we would have moderate rate of inflation," Mukherjee told reporters on the sidelines of an event here.
Global warming to hurt poor, push up food prices
By IANS,
Washington : The impact of global warming on food prices and hunger could be significant in the next 20 years as a new study reveals that higher temperatures could reduce yields of wheat, rice and maize - dietary staple for millions of poor people who subsist on less than a $1 a day.
Stanford University researchers say that the resulting crop shortages would likely cause food prices to rise and drive many into poverty.
But even as some people are hurt, others would be helped out of poverty, says Stanford agricultural scientist David Lobell.
22 coal blocks allotted in Chhattisgarh
By IANS,
Raipur : As many as 22 coal blocks have been allotted to private companies in mineral-rich Chhattisgarh in the last 10 years.
"Twenty-eight coal blocks have been identified for private firms. Till date 22 have been allotted," a mining department official told IANS here. Of the 22 blocks, mining has begun in just six.
The state government has signed 71 agreements with power companies in the last 10 years to set up thermal plants. Tw companies - Jindal Steel and Power Ltd (JSPL) and Lanco Amarkantak Power Pvt Ltd - have commissioned their plants, the official said.
US stocks gain on financial firms
By DPA,
New York : Major stock indices closed higher Wednesday amid gathering optimism about the US economy, with shares of financial firms leading the stock market.
US wholesalers reported a drop of 0.2 percent in inventories in January, which was widely interpreted as a sign of rising demand.
Coal India to hit capital markets in July
By IANS,
New Delhi : India's largest coal producer, Coal India Ltd (CIL), expects to hit the capital markets by July, company chairman Partha S. Bhattacharyya said here Friday.
The government, which holds 100 percent stake in CIL, will divest 10 percent through an initial public offer (IPO) of 63.1 crore shares, Bhattacharyya told reporters on the sidelines of the 20th Asian Corporate Conference organised by industry lobby CII.
The company will reserve 6.3 crore shares for its employees.
Essel Group to develop 800 acre entertainment zone near Mumbai
By IANS,
Chennai : Media and entertainment group Essel is planning to develop an 800 acre entertainment and tourism zone near Mumbai, a senior company official said Thursday.
"We are setting up an entertainment and tourism development zone near Mumbai. It will be an 800 acre theme park. The details of the project are yet to be finalised," Essel group chairman Subhash Chandra told reporters here.
According to him, the project will be implemented by a new company which will be incorporated over a period of time and the outlay is also yet to be finalised.
Sensex closes 1.3 percent lower on eventful day
By IANS,
Mumbai : A benchmark index for Indian equities closed 1.3 percent lower Friday at 16,769.11 points, dragged down by investor worries over the sovereign debt crisis in the Euro zone threatening the world economic recovery.
In what was a volatile but eventful trading day, the 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,939.58 points, shut shop at 16,769.11 points -- 218.42 points or 1.29 percent lower than its previous close at 16,987.5 points.
Sensex ends 74 points up
By IANS,
Mumbai : A benchmark index of Indian equities Thursday tapered in the last hour of trade and ended 74 points higher than its previous close.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,323.63 points, closed at 17,270.66 points (provisional), 74.85 points or 0.44 percent up from its previous close at 17,195.81 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty ended 5,179.25 points with a gain of 0.44 percent from its previous close at 5,156.65 points.
Tata Tea net profit up by 146.11 percent for 2009-10
By IANS,
Kolkata : Tata Tea posted a profit after tax of Rs.391.47 crore (Rs.3.91 billion) for the year ended March 31, 2010, as compared to Rs.159.06 crore (Rs.1.59 billion) for the year ended March 31, 2009, the company said in a filing in the Bombay Stock Exchange.
The net profit of the company has increased by 146.11 percent.
Total income has increased from Rs.1,524.64 crore (Rs.15.24 billion) for the year ended March 31, 2009 to Rs.1,836.84 crore (Rs.18.36 billion) for the year ended March 31, 2010, the company filing said.
Sensex ends lower, oil companies, ADAG stocks gain
By IANS,
Mumbai : A benchmark index for Indian equities Friday closed 155 points lower, even as the markets cheered the new gas supply agreement between the Ambani brothers and the government's approval for market-determined petrol prices.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,705.11 points, closed at 17,574.53 points, 155.71 points or 0.88 percent down from its previous close at 17,730.24 points.
Expert panel suggests sweeping changes in takeover norms
By IANS,
Mumbai : An expert panel Monday asked the markets regulator to hike the minimum bid for corporate takeovers from 15 percent to 25 percent, which experts say will change the game for acquisitions in the country with far-reaching implications.
The recommendations by the Takeover Regulations Advisory Committee headed by noted tax and corporate law expert C. Achuthan was submitted to Securities and Exchange Board of India (SEBI) Chairman C.B. Bhave here Monday.
GAIL’s Q1 net profit up 35 percent
By IANS,
New Delhi : State-run Gas Authority of India Limited (GAIL) Monday reported a 35 percent increase in net profit for the first quarter of this fiscal at Rs.88,688 lakh as against Rs.65,584 lakh in the like period of 2009-2010.
The total income increased to Rs.7,16,350 lakh as compared to Rs.6,11,907 lakh in the corresponding period, according to the statement released by the company.
Shares of the company closed at Rs.447.20 up 2.5 percent on the Bombay Stock Exchange.
R-COM revenues up, profit down on forex adjustments
By IANS,
Mumbai : Reliance Communications (R-COM) Friday reported a marginal rise in its revenues for the first quarter of 2010-11 at Rs.5,109 crore, against Rs.5,093 crore for the quarter ended March 31 but said its profits declined due to exchange variations.
The company, part of the Reliance Anil Dhirubhai Ambai Group (R-ADAG), said in a filing with stock exchanges that its profit after tax stood at Rs.251 crore for the quarter in review, against Rs.1,220 crore in the previous sequential quarter.
China’s machinery, electronics exports up 30 percent
By IANS,
Beijing : China's machinery and electronic exports were up 30 percent year-on-year, and is on course to become the world's largest exporter of such goods in 2010, reports Xinhua.
Karnataka plans farm loans at one percent interest rate
By IANS,
Bangalore: The Karnataka government plans to extend farm loans at one percent interest under the cooperative sector to help farmers increase output, Governor H.R. Bhardwaj said Thursday.
Foreign investment in China plunges in January
By Xinhua,
Beijing : China's actual use of foreign investment plunged 32.67 percent year on year to $7.54 billion in January, an official said Monday.
Foreign investment use has seen consecutive falls in China since October, when a 2.02 percent annual drop was recorded, Yao Jian, spokesman for the Ministry of Commerce (MOC), said at a press conference.
Tata Motors posts Rs.2,505 crore loss
By IANS,
Mumbai : Leading vehicle maker Tata Motors has posted a huge loss of Rs.2,505.25 crore ($520 million) in 2008-09 as against a profit of Rs.2,167.7 crore recorded the year before, thanks to the global slowdown and losses made by its British unit.
Its turnover, however, almost doubled to Rs.70,938.85 crore last year from Rs.35,660.07 crore in 2007-08, the company said in a statement.
Profit booking pulls Sensex down 203 points
By IANS,
Mumbai : Profit booking and a crash at the Chinese bourses pulled down a key index of Indian equities markets 203 points and into the red Wednesday.
The 30-scrip benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened lower at 15,293.19 points, shut shop at 15,128.06 points -- 203.88 points or 1.33 percent lower than Tuesday's closing figure.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) closed in negative terrain, 1.4 percent down at 4,500.2 points.
Farm waste can produce 18,000 MW a year
By IANS,
New Delhi : Use of farm waste can lead to generation of 18,000 MW of electricity every year, the Bangalore-based Indian Institute of Science has estimated.
The National Biomass Resource Atlas recently prepared by the institute estimates that there are 120-150 million tonnes farm waste that can be used for this purpose every year, Minister for New and Renewable Energy Farooq Abdullah informed the Rajya Sabha Monday.
Style quotient low in Indian automobile designs: Official
By IANS,
New Delhi : Dilip Chhabria may have made a mark as a noted car designer but the style quotient is low in the country's automobile sector, a top Indian official said here Friday.
"We have a deficiency in automobile designing in India. We need people to go abroad," said Ministry of Heavy Industries and Public Enterprises Secretary Satyanarayana Dash.
"The trend is for small and compact cars and these require both good styling and should be environment-friendly," Dash said at the annual convention of the Society of Indian Automobile Manufacturers (SIAM).
Asian women’s wealth comes mainly from entrepreneurship: report
By DPA
Singapore : Asian women generate more wealth from entrepreneurship than their counterparts in Europe and North America, a report said Tuesday.
Now transfer money through your mobile phone!
By IANS
New Delhi : Mobile phone subscribers of Reliance Communications' (RCOM) will be able to transfer money from one account to another without having to go to any bank, the Anil Ambani- led company said Thursday.
The initiative was launched by RCOM in partnership with the ICICI Bank, India's largest private sector bank. Customers of the bank, who are subscribers of RCOM, will also be able to use the facility.
Spectrum allocation guidelines on Oct 30
By IANS
New Delhi : The government Wednesday said it would not allocate spectrum to any telecom player until the technical panel of Department of Telecommunications (DoT) issues guidelines on Oct 30.
"Till the report from the TEC (Telecom Engineering Centre) arrives, no spectrum would be allocated," Communications and Information Technology Minister A. Raja told reporters here, adding that TEC guidelines are expected on Oct 30.
Darjeeling tea unique, India tells EU
By IANS
Brussels : The Tea Board of India filed an application here Monday to register Darjeeling as a Geographical Indication (GI) in the European Union (EU).
GI is a sign used on products, which have a specific geographical origin. The use of a GI often acts as a certification that the product possesses certain qualities, or enjoys a certain reputation, due to its geographical origin.
Darjeeling was the first GI to be registered in India and is the first application for registration of a tea in Europe.
China Announces 186-mph Bullet Train
By Prensa Latina
Beijing : China announced on Saturday its first 186-mph bullet train, wholly designed and built in this Asian country.
China thus joins Japan, France and Germany as the fourth country worldwide in position to build state-of-the-art high-speed trains, a spokesman for the Railway Ministry said.
Beijing : China announced on Saturday its first 186-mph bullet train, wholly designed and built in this Asian country.
China thus joins Japan, France and Germany as the fourth country worldwide in position to build state-of-the-art high-speed trains, a spokesman for the Railway Ministry said.
Indian company wins gas exploration bid in Trinidad
By Paras Ramoutar, IANS
Port of Spain : ONGC Mittal Energy Ltd (OMEL), a joint venture between Oil and Natural Gas Corp (ONGC) and Lakshmi Mittal-promoted Mittal Energy Ltd, has won natural gas exploration rights here at a cost of $204 million.
OMEL has won a bid to explore two areas off Trinidad and Tobago's (T&T) southeastern coast with projected gas reserves of two trillion cubic feet (tcf).
The company beat Britain's Cenrica Plc to bag the offshore block, a company official said.
Ambassador car gets $1-million makeover
By IANS
New Delhi : Car design guru Dilip Chhabria has moved beyond tweaking Aston Martins. The DC Designs chief Thursday unveiled his super luxury concept car "Ambierod" here at the Auto Expo 2008. Inspired by the "Ambassador" car, the Rs.40-million ($1 million) Amberioid was unveiled by Bollywood actor Sanjay Dutt.
"The Ambassador reminds us of everything that was good and bad about India in those days. Amberoid is an attempt to evolve a legend. I want Amberoid to connect with India's future," Chhabria said.
India’s power generation growth slows: Economic Survey
By IANS
New Delhi : Electricity production in India grew at just 6.6 percent during April-Dec 2007 compared to 7.5 percent growth recorded during the same period the previous year, the Economic Survey for 2007-08 has reported.
Finance Minister P. Chidambram tabled the annual report card on the Indian economy in the Lok Sabha Thursday.
The amount of electricity generated by nuclear plants was 5.7 percent lower compared to the same period of the preceding financial year, the report said.
Italian investments in India not significant: envoy
By IANS
Kolkata : Despite improving economic ties between Italy and India, Italian foreign direct investment (FDI) to India is not so encouraging, Ambassador of Italy to India Antonio Armellini said.
"Unfortunately, the increase of FDI between India and Italy has not been as significant as the development of trade," Antonio Armellini told reporters in an interaction here Monday.
He said that according to figures, India has attracted about $65 billion FDI between August 1991 and November 2007. Of this, only $560 million of equity inflow came from Italy.
Indian equities register second biggest fall
By IANS
Mumbai : In its second biggest fall in history, the Indian stock market tumbled Monday and a benchmark index lost over 950 points or more than six percent with heavy selling in equities of key sectors in tune with global markets bloodbath.
The markets, which opened in the red following international cues, went flat and did not manage to pick up in the later half. The chief cause was said to be the sale of the ailing US bank, Bear Stearns, and the Federal Reserves' emergency cut in its discount rates.
US stocks down on Fed outlook, oil prices
By DPA,
New York : Major US stock indices plunged Wednesday as the price of oil climbed, financial shares plummeted and the Federal Reserve warned the economy has remained sluggish over the last two months.
The US central bank said economic activity had "remained generally weak" in late April and May, according to its survey compiled from the reports of 12 district branches around the country.
The so-called Beige Book report said consumer spending had slowed in the past months due to rising energy and food prices.
Proposed SEZs in Kerala hit roadblock
By IANS,
Thiruvananthapuram : The Kerala Industries Department's efforts to attract as much as Rs.250 billion ($5.8 billion) fresh investment in different sectors appear to have hit a roadblock Thursday as Chief Minister V.S. Achuthanandan postponed decision on the proposed 21 special economic zone (SEZ) proposals.
"A decision can be taken only after discussing the issue with the party leadership in Delhi. The Left has its own reservations on SEZs," Achuthanandan told reporters here after the weekly cabinet meeting.
US emergency finance rescue plan clears final hurdle
By DPA,
Washington : The US House of Representatives approved a revised financial rescue plan Friday that paved the way for the largest government intervention in capital markets in the history of the country.
The bill allows the government to acquire up to $700 billion in soured mortgage assets that are at the heart of the credit crisis.
The House voted by a resounding 263-171 in favour after rejecting an earlier version of the bill by 228-205 Monday. The Senate approved the same package Wednesday and President George W. Bush was expected to sign the bill later Friday.
Axis Bank plans asset management company in joint venture
By IANS,
Mumbai : Private lender Axis Bank Monday said it may enter into a joint venture agreement with the Geneva-based private banking group LCF Rothschild to form an asset management company.
The new company will provide investment advisory services for private banking and wealth management in India.
Axis Bank announced a net profit of Rs.4.02 billion ($85.5 million) for the quarter ended Sep 30, compared to Rs.2.27 billion for the corresponding quarter last year.
India calls global food crisis man made; seeks check on biofuels
By Arun Kumar, IANS,
Washington : Calling the global food crisis man made, India has demanded a rationalisation of the biofuels policy and a quick agreement on removing agricultural subsidies to make food trade more efficient and fair.
"The global food crisis is not a natural catastrophe. It is man made," Indian Finance Minister P. Chidambaram Monday told an annual meeting of world financial leaders here while seeking concerted action to deal with the unfolding financial crisis.
Allahabad Bank profit dips 83 percent
By IANS,
Kolkata : Allahabad Bank's net profit dipped 83 percent in the second quarter this fiscal to Rs.416.8 million as against Rs.2.39 billion in the same period last year.
According to a company statement: "Decrease in profit is mainly attributable to increased depreciation on investment by Rs.448.9 crore (Rs.4.49 billion) due to general market scenario and interest and other charges reversal on agriculture debt relief and debt waiver by Rs.71.23 crore (Rs.712 million)."
Housing demand falls 35 percent in smaller cities: Assocham
By IANS,
New Delhi : The demand in the housing sector fell by 35 percent in tier-II and tier-III cities in the first half of this fiscal due to the high cost of borrowings, says an assessment by an industry lobby.
According to the assessment of the Associated Chambers of Commerce and Industry of India (Assocham), over 20 million people in about 25 tier-II and tier-III cities, who want to purchase dwelling units, but had to back out on account of rising borrowing costs.