Reliance Energy buys back 951,500 shares till Monday
By IANS
Mumbai : The Anil Ambani-promoted Reliance Energy Ltd has bought back 951,500 equity shares of the company since the start of the offer March 25, aggregating Rs.1.22 billion ($30.4 million).
The company announced that it bought back 121,500 equity shares Monday alone.
The board of directors of Reliance Energy had approved buy-back of equity shares of the Company up to an aggregate amount of Rs.8 billion, amounting to 10 percent of its equity and free reserves.
Airline losses could double if aviation fuel price not reduced
By IANS,
New Delhi : Air operators in India have reported a cumulative loss of Rs.40 billion in 2007-08 and this figure is likely to double in the current fiscal with aviation fuel prices going north, Civil Aviation Secretary Ashok Chawla said Wednesday.
Chawla, who met airline operators here, later told reporters that the airlines have reported huge losses especially due to high fuel costs.
Insurance firms to pay for pillion riders too
By IANS,
New Delhi : Families of pillion riders of two-wheelers and car passengers who die in road accidents will now be eligible for monetary compensation from insurance companies, thanks to the Delhi High Court.
There is only one caveat: the vehicle must be insured.
Formulating a new comprehensive insurance policy for vehicles, Justice J.R. Midha asked the insurance companies to strictly follow the guidelines to cover pillion riders and passengers of cars and other vehicles.
Oil price hike unlikely this week
By IANS,
New Delhi : While countries across Asia have hiked their domestic fuel prices in tune with the record global oil surge, the Indian government is unlikely to take the politically sensitive decision this week.
A senior oil ministry official Monday indicated that there was "no political consensus" on raising fuel prices.
"Ministries are ready but politicians are not (prepared to raise prices)," he added.
The oil companies have been clamouring for a price increase, as they have to face the brunt of the subsidized rate at which the government sells transport fuel.
SAIL net down 18.1 percent
By IANS,
Mumbai : State-run Steel Authority of India Ltd (SAIL) Thursday reported an 18.1 percent drop in its net profit for 2008-09 at Rs.6,174.9 crore, down from Rs.7,536.7 crore recorded the year before.
The turnover during the period slipped 9.9 percent to Rs.41,518.7 crore from Rs.46,110.7 crore in 2007-08.
The steel major's fourth quarter net profit fell 37.4 percent to Rs.14,86.6 crore despite the turnover increasing 10.1 percent during the period.
‘Monetary policy measures cannot check inflation’
By IANS,
New Delhi : Monetary policy measures cannot check inflation, say a majority of Indian companies, which expect inflation to remain above seven percent till the end of 2008.
This is brought by a survey on inflationary expectations, carried out by the Federation of Indian Chambers of Commerce and Industry (FICCI) among 317 companies.
It said a majority of them were of the view that the current rate of inflation is largely due to factors that cannot be influenced by the monetary policy measures.
Ban on multi-brand foreign retailers likely to stay
By IANS,
New Delhi : The ban on foreign investment in multi-brand retailing, which has kept global players like Wal-Mart and Carrefour from committing some big-ticket investment in India, is likely to continue, despite the emergence of a fresh political dispensation, experts said Tuesday.
The Left parties, which withdrew support to the Manmohan Singh government Tuesday, have been the most stringent opponent to foreign investment in the retail sector, saying it would have a negative impact on small trade and mom-and-pop stores.
Tata Motors, Bank of India tie up for Fiat car finance
By IANS,
Chennai : Tata Motors has entered into an understanding with Bank of India for financing Fiat cars that are sold through the Tata-Fiat dealer network, the auto major said Monday.
As per the agreement, customers can avail of special interest rates ranging from 9.75 percent to 10.25 percent on loans up to Rs.10 lakh for all Fiat models, including the forthcoming Grande Punto, Tata Motors said in a statement.
Bank of India offers loans for car purchase up to 90 percent of invoice, up to Rs.10 lakh for tenures up to six years.
Average private equity deal size to increase in 2010: Survey
By IANS,
New Delhi: Private equity firms will invest more and the average deal size in 2010 will see a rise in sectors such as infrastructure, pharmaceuticals and financial services, according to a survey released Monday.
"The deals that will be completed in the coming years are likely to continue to be growth focused, although average deal sizes are expected to rise due to the volume of capital pushing up entry multiples," according to the Private Equity Survey conducted by consulting major Deloitte.
HDFC’s first quarter net profit up 33.9 percent
By IANS,
New Delhi: India's second largest private lender HDFC Bank Monday reported a 33.9 percent rise in net profit at Rs. 811.7 crore for the first quarter of this fiscal as against 606.1 crore in the like period of 2009-10.
The bank's total income increased by 4.34 percent to Rs. 5,360 crore compared to Rs. 5,136 crore in the previous corresponding period.
Interest income of the bank grew by 29.4 percent to 2,401.1 crore and non-interest income also grew to Rs.939.9 crore.
Wipro declares 300 percent dividend
By IANS,
Bangalore : Global software major Wipro Ltd has declared a 300 percent total dividend at Rs.6 per share of Rs.2 par value per share for the last fiscal 2007-08.
In a notification to the stock exchanges Friday, the IT bellwether said the board of directors had recommended a final cash dividend of Rs.4 per share (200 percent) for the fiscal (FY 2008) under review.
Six Indians on Forbes’ self-made billionaires list
By IANS
New York : Six Indians, led by Sunil B. Mittal of Bharti group and Ramesh Chandra of Unitech, are among 20 self-made billionaires of Asia featured by Forbes magazine. The list also includes a Malaysian-Indian, Anand Krishnan.
Mittal is ranked third with a personal fortune worth $12.5 billion, followed by Chandra (4th, $11.6 billion) and Tulsi Tanti of Suzlon (5th, $10 billion).
Vijay Mallya in talks with European firm for business jets
By Neelam Mathews, IANS,
Berlin : Vijay Mallya's UB Group, the spirits-to-airline major, has initiated talks with France-based EADS Socata, a leading aircraft manufacturer, to invest some $200 million to co-develop business jets for which India has now emerged as a hot market.
"We want to look at a global organisation that has service centres in place with tools to market in the country," EADS Socata spokesman Phillipe de Segovia told IANS, confirming that the group was in talks with the UB Group and other Indian companies.
India’s longest elevated road opens to traffic
By IANS,
Panipat : The longest flyover on India's national highway network has been opened to traffic in the industrial city of Panipat in Haryana, 100 km from the national capital.
The 10-km long overpass on the National Highway (NH)-1 (earlier called Grand Trunk road), one of the busiest highway stretches in the country, was inaugurated Wednesday by Union Minister for Road Transport, Highways and Shipping T.R. Baalu and Haryana Chief Minister Bhupinder Singh Hooda.
Banking sector reforms and India’s competitiveness
By Amit Kapoor,
A globally competitive economy requires a robust and competitive banking system. The present banking system is a result of reforms and policy changes that have taken place in the past.
‘India can innovate on cost reduction of cars’
By IANS,
Chennai : India enjoys the major manufacturing advantage over European and American vehicle manufacturers when it comes to cost innovativeness, a top automobile industry official Monday said.
"We can demonstrate to the world that we can innovate. I saw three years of conceptualisation of Tata Nano while at Tata Motors. How do you take the extra rupee out of a vehicle is a major challenge," Hinduja Automotive's executive vice chairman V.Sumantran said.
World leaders for larger grouping to tackle economic crisis
By Xinhua,
Washington : World leaders have called for a new global financial architecture to tackle the current financial crisis, the most serious since the Great Depression of the 1930s.
"The G7 (the Group of Seven industrialized nations) is not working. We need a better group for a different time," said World Bank President Robert B. Zoellick in a recent speech.
He said that the way the world tries to solve its economic problems needs to be rethought amid today's global crisis, including turning the Group of Seven into a steering group that empowers rising economic states.
NTPC to borrow $100 million from European bank
By IANS
New Delhi : State-owned power generator NTPC Ltd said Thursday it will borrow 68.56 million euro ($100 million or Rs.4 billion) from multilateral financial institution Nordic Investment Bank (NIB) to meet its capital expenses.
"The company has signed a loan agreement of 68.56 million euro with the Nordic Investment Bank (NIB) on Feb 15, 2008, a multilateral financial institution owned by the Nordic and Baltic countries, to part finance the capital expenditure of its projects," NTPC informed the Bombay Stock Exchange.
India mulls duty cut on several items to check inflation
By IANS
New Delhi : With inflationary pressure mounting, India is looking at further import duty cuts on essential commodities and to bring down tariffs on food products to zero, Commerce Minister Kamal Nath said Monday.
This is among the issues slated to be discussed by the Cabinet Committee on Prices later in the day. The meet is to be chaired by Prime Minister Manmohan Singh.
"There is an increase in international prices. This has to be met with import duty calibration, which we are considering," Kamal Nath told reporters on the margins of a meeting here.
Hit by inflation, labourers turn their backs on capital
By Khaled Akhtar, IANS,
New Delhi : As prices soar and insecurity grows, those at the bottom of the social ladder are finding it difficult to make two ends meet. So, leaving behind their dreams of a better life in the city, they are beginning to migrate back to their native villages.
In the national capital, it is the daily wage labourer who is finding the going most difficult. Many of them have already returned home where the prices of basic commodities are lower.
Tata Tea signs joint venture pact with Chinese firm
By IANS
New Delhi : Tata Tea Tuesday said it has signed a joint venture agreement with a Chinese company to manufacture tea and allied value-added products in China at a project cost of $16 million in the first phase.
Kerala IT firm eyes airports, airlines
By IANS,
Thiruvananthapuram : IBS Software Services, which provides IT solutions to the travel, transportation and logistics sectors, is trying to emerge as a total provider to all major airports and airlines in India.
"Since we are the only major provider of IT solutions in this domain in the country, we will certainly be providing IT solutions to all major airports and airlines in the next two years," IBS chairman V.K. Mathews told reporters here Friday.
Global Vectra plans rights issue, fleet expansion
By IANS
Mumbai : Helicopter service firm Global Vectra Helicorp Ltd (GVHL), part of the UK-based $700 million Vectra Group, plans a rights issue of shares by December to fund its expansion, a top official said Thursday.
The company also plans to invest $65 million to augment its fleet from 24 to 29 aircraft by March 2009.
"The rights issue will be used mainly to fund acquisition of new aircraft next year," GVHL CEO Allan Brown told IANS.
Canadian government, media bat for BlackBerry
By IANS,
Toronto : The Canadian government and the media Thursday came out in support of embattled BlackBerry maker Research In Motion (RIM), which is facing a ban in the United Arab Emirates (UAE), Saudi Arabia, Indonesia and possible restrictions in India.
International Trade Minister Peter Van Loan said Thursday that his government will stand by RIM in its fight against foreign governments seeking access to its secure technology.
’86 percent rural Indians use dung cakes, firewood’
By IANS,
Kolkata : About 86 percent of India's rural households still use dung cakes and firewood as fuel, a senior government official has said here.
"More than 85 million households in India spend 30 billion hours gathering firewood. The country also consumes 131 tonnes of crude oil products in 2007-08," Planning Commission member Kirit S. Parikh said at an interactive session here Friday evening, explaining the necessity of nuclear power in today's world.
Will Tata Motor’s Nano overtake Maruti 800?
By IANS
New Delhi : When Maruti 800 hit Indian roads over two decades ago, few could have visualised the manner in which it revolutionised the way we travel by car. The question today is: will it now give way to the Tata Nano launched Thursday?
Never mind the fact that what was touted as a Rs.100,000 car will cost at least a fifth more - and that's for the standard non-air conditioned version.
Brazil’s economy will grow five percent in 2010: Minister
By IANS/EFE,
Brasilia : The Brazilian finance minister has said that his country's economy will grow by five percent this year and "pull away" from wealthy nations incapable of matching that pace.
Only Brazil, India, China and "a few more countries" will enjoy "meaningful growth" in 2010, Guido Mantega said, while the European Union is expected to grow by only 1 percent and Japan, 1.7 percent.
Rail budget: recruitment drive for minorities, student concession to be extended to madrasas
By Mumtaz Alam Falahi, TwoCircles.net,
New Delhi: Union Railway Minister Mamata Banerjee today presented her ministry’s budget for the current fiscal while urging economists to replace their mindset of economic viability of the railways with social viability and upliftment.
In her first populist budget in the UPA government she increased neither passenger fare nor freight charges.
“People all over the country have high expectations from the railway budget,” Banerjee told the Lok Sabha, while presenting the budget.
Cuban growth rate falls short of forecast
By IANS
Havana : Cuba registered a growth rate of 7.5 percent against an official forecast of 10 percent with both agriculture and construction sectors badly hit by weather, Economy Minister Jose Luis Rodriguez has said, Spain's EFE agency reported Saturday.
Rodriguez, tabling the economic survey report and budgetary policy at the plenary session of the country's parliament Thursday, said the economy performed well in 2007 despite a nearly 24 percent hike in the cost of imported food and an increase of more than seven percent in oil prices.
Indian markets maintain positive streak
By IANS
Mumbai : Riding piggyback on a good show of international markets and ample liquidity in the equity market, Indian stock markets maintained their gaining streak for the second consecutive trading session Monday with IT, metal stocks leading the rally.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) closed the day gaining 417.53 points or 2.43 percent at 18,660.32 points.
Petrol, diesel rates cut by over Rs.2 per litre
New Delhi : Petrol and diesel prices were cut Friday by over Rs.2 per litre each, effective minight, IndianOil Corp announced.
While petrol will be...
Dow Corning reports strong profit in second quarter
By Xinhua
New York : Dow Corning Corp., a U.S. leading company on silicon-based technology, reported Friday strong profit in the second quarter.
It reported consolidated adjusted net income of 176.7 million dollars for the second quarter of 2007, an increase of 26 percent from adjusted net income of 140.7 million dollars reported in the same quarter of 2006.
Duty free baggage allowance hiked
New Delhi : To encourage tourism, Finance Minister Arun Jaitley Thursday proposed an increase in duty free baggage allowance limit from Rs.35,000 to Rs.45,000.
Earlier,...
Russia not opposed to Imperial Energy acquisition
By IANS,
New Delhi : Russian Energy Minister Sergey Shmatko Tuesday said his government was not opposed to the acquisition of Imperial Energy by ONGC Videsh Ltd, the overseas arm of Oil and Natural Gas Corp (ONGC).
The UK-based Imperial holds some key oil and gas assets in Russia.
“Our approach to the deal is liberal. If the Indian government would like to acquire Imperial, we are not going to put forward any demands,” Said Shmatko.
Murugappa to buy out DBS stake in Chola DBS Finance
By IANS,
Chennai : City-based Murugappa group has decided to buy out DBS Bank's 37.48 percent stake in Cholamandalam DBS Finance Ltd (Chola DBS), a non-banking finance company (NBFC).
Two Murugappa group companies - Tube Investments of India Ltd (TI) and New Ambadi Estates Pvt Ltd - have entered into a share purchase agreement (SPA) with DBS Bank, Singapore, for the purchase of 2,48,88,473 equity shares of Rs.10 each of Chola DBS at Rs.91 per share.
The purchase price is 1.2 percent premium to Monday's closing price of Chola DBS share in the Bombay Stock Exchange.
Nawabi sevian – at a royal price of Rs.10,000 per kg!
By IANS,
Lucknow : Eid is round the corner, so sevian can't be far behind! A shop in this erstwhile city of the nawabs has come up with mouthwatering varieties of the sweet vermicelli dish, the most elaborate being priced at Rs.10,000 per kg.
Naushijaan, one of the prominent Mughlai food restaurants in Lucknow, has opened its sweet shop that is offering delightful vermicelli dishes - days ahead of Eid which falls on Sep 21.
Nikkei rises to 8,000 after Wall Street’s rally
By DPA,
Tokyo : Tokyo stocks opened sharply higher Wednesday on the back of Wall Street's overnight rally and the US dollar's advance against the yen, sending the benchmark Nikkei 225 Stock Average above the 8,000 mark.
The Nikkei index surged 487.42 points, or 6.4 percent, to 8,109.34.
The broader Topix index of all first-section issues was up 41.36 points, or 5.28 percent, at 825.39.
On currency markets at 9 a.m., the dollar was quoted at 98.20-25 yen, up from Tuesday's 5 p.m. quote of 94.54-56 yen.
Amul crosses Rs.50 bn mark
By IANS,
Ahmedabad : The Gujarat Co-operative Milk Marketing Federation Ltd (Amul) has registered 22.9 percent growth to reach a record turnover of Rs.52.55 billion, an increase of nearly Rs.10 billion over the previous year.
Announcing this at the 34th Annual General Meeting at Anand Tuesday, the GCMMF Chairman Parthibhai Bhatol said this was an extremely impressive growth when viewed from the perspective of 13.4 percent growth during 2006-07 and 29 percent in 2005-06. In global terms, the turnover is $1.3 billion at existing currency exchange rate.
Tata Communications launches security services applications
By IANS,
Mumbai : Leading wireless communications provider Tata Communications Wednesday announced the launch of its security services applications for critical business infrastructure.
Tata Communications will provide a full range of monitored and managed security solutions, backed by aggressive, performance based service level agreements (SLAs).
The services will be overseen by a globally distributed support team using state-of-the-art systems, processes and tools.
Sensex subdued, Asian cues negative
By IANS,
Mumbai : A benchmark index for Indian equities Friday afternoon was trading quiet, tracking negative other Asian markets.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,981.06 points, was trading at 17,942.41 points, 49.59 points or 0.28 percent down from its previous close at 17,992 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling a meagre 0.06 percent up at 5,401.05 points.
New minister hopes to turn sick industries around
By IANS
Ranchi : The newly inducted union Minister of State for Heavy Industries and Public Enterprises Raghunath Jha, on a two-day visit to Jharkhand, said Saturday that no political interference would be allowed in the functioning of public sector companies.
Talking to reporters here, the minister said: "Under the heavy industries ministry, there are a total of 48 industries. Half of the total industries are either sick or in a very poor condition.
Medical tourism to grow to $2 bn by 2012
By IANS
New Delhi : India's medical tourism market is growing by 25 percent annually and is expected to become a $2 billion-a-year business opportunity by 2012, the tourism ministry said Monday.
"Medical tourism has gained momentum in India over the past few years, a trend underpinned by India's low-cost advantage and the emergence of new high-quality healthcare service providers," a ministry statement said.
New airline to fly on Birmingham-Amritsar sector
By IANS,
London : A new airline, Bilga Air, will operate between Birmingham and Amritsar from Oct 9, when Air India temporarily suspends its flights on this sector.
The announcement follows Air India's shock decision last week to pull the plug on its Amritsar-Birmingham-Toronto route in order to protect its valuable slots at London's Heathrow Airport.
Air India said it would now fly on the Amritsar-London-Toronto sector.
Named after a village in Punjab, Bilga Air's flights will be operated by Britain-based charter airline Monarch.
Ministry approves Essar pipeline interconnection proposal
By Noor Mohd, IANS
New Delhi : The petroleum ministry has approved Essar Oil's proposal seeking interconnection with the Indian Oil Corp's (IOC) Salaya-Mathura trunk crude oil pipeline at Vadinar in Gujarat, said a ministry official.
Essar Oil had argued that the proposed interconnection would help to avoid possible disruption in crude supplies to their refineries at Vadinar, Panipat and Mathura through these pipelines in case any offshore tanker-mooring buoy had to be shut down.
Upswing in India’s direct tax mop up: Chidambaram
By IANS,
New Delhi : Following a major increase in direct tax collection last fiscal, the Indian government expects to substantially revise upward the estimate for the current fiscal.
"The Central Board of Direct Taxes (CBDT) will meet over the next couple of days and increase the estimate upward," Finance Minister P. Chidambaram said Monday after a meeting with the top officials in the direct tax administration.
China to raise interest rates yet again
By Xinhua
Beijing : China will raise the one-year deposit interest rate by 27 basis points to 4.14 percent and the lending rate by 18 basis points to 7.47 percent as of Dec 21, the central bank said Thursday.
This is the sixth time China has raised the benchmark interest rates this year.
The move is to "prevent the economy from overheating and the structural price rises from evolving into evident inflation", the central bank said in a statement on its website.
Yahoo! reports loss but beats expectations
By DPA
San Francisco : Troubled Internet pioneer Yahoo! swung to a quarterly loss Tuesday because of severance pay and write downs on its European properties.
Despite recording a $303 million loss in the fourth quarter, the company's results beat expectations as its revenues and operating profit held up well in the dire economic climate.
Tax targets revised upwards: Pranab
By IANS,
Chennai: The government has decided to increase the targets for direct and indirect tax collections for this financial year (2010-11), Finance Minister Pranab Mukherjee said Sunday.
Kotak Mahindra Bank stand-alone net profit up 14 percent
By IANS,
Mumbai : Kotak Mahindra Bank has reported a 14 percent rise in its net profit to Rs.550 million in the first quarter this fiscal on a stand-alone basis, up from Rs.480 million in the comparable period of last fiscal, a bank regulatory statement said Monday.
According to the statement, the bank's consolidated results, however, show that profit after tax for the first quarter of the current fiscal at Rs.1.5 billion was up only 3 percent from Rs.1.46 billion that the bank had earned in the comparable period of last year.
Stage set for Internet Governance Forum meet in Hyderabad
By IANS,
Hyderabad : The stage is set for the third edition of Internet Governance Forum (IGF), the world's largest Internet congregation formed by the Union Nations Secretary General.
About 1,500 participants from 100 countries will participate in the four-day meet beginning at Hyderabad International Convention Centre (HICC) Wednesday.
With the theme 'Internet for all', the conclave will deliberate on key issues like reaching out to the next billion, promoting cyber security and trust, managing critical Internet resources and the Internet of tomorrow.
Kesoram Industries posts net profit of Rs.36.83 crore
By IANS,
Kolkata: B.K. Birla group company Kesoram Industries Ltd has posted net profit of Rs.36.83 crore for the quarter ended Dec 31, 2009, against Rs.39.15 crore for the corresponding quarter of 2008-09, a company statement said here Thursday.
It is a diversified B.K. Birla flagship conglomerate having interest in tyres, cement, rayon yarn and transparent paper with a focus on two core business segments - tyres, which accounted for 57 percent, and cement 38 percent of the turnover in nine months ended Dec 31, 2009.
Brand Bangalore survives terror link, instability
By V.S. Karnick, IANS
Bangalore : People in Karnataka and India's IT hub Bangalore are only too happy to see the back of 2007. They have good reasons.
Silly controversies, suspected link to international terror, bizarre rituals and politics of opportunism made people eagerly look for better times.
Bangalore was rattled half way through the year when three of its highly educated young men, two medical doctors and a PhD student in fluid engineering, were linked to a failed terror plot in Britain, raising fears that the Brand Bangalore sheen will wear off.
OPEC crude prices up
By DPA
Vienna : The price of crude produced by the Organization of the Petroleum Exporting Countries (OPEC) was up at the beginning of the week but the cartel said it had no plan to hike output.
One barrel (159 litres) of crude from OPEC's 13-brand reference basket stood at 101.16 dollars Monday, up 2.53 dollars compared with Friday's price, OPEC said.
The latest hike came as OPEC Secretary General Abdullah al-Badri indicated that there was more than enough oil on the market.
Lakshmi Mittal tops South Africa billionaire list
By Fakir Hassen, IANS
Johannesburg : London-based steel magnate Lakshmi Mittal has topped the South African billionaires' list for the third consecutive year.
Mittal's 27.3 billion rand ($4 billion) listing in the annual Rich List, released here by the weekly Sunday Times, takes into consideration his South African investments only.
The Indian-born businessman has much more interest in steel plants across the world, especially after the recent merger of Mittal Steel and Arcelor.
Myanmar signs oil exploration agreement with Indian firm
By NNN-MNA
Nay Pyi Taw : The Myanmar Oil and Gas Enterprise (MOGE) of the Ministry of Energy and ONGC Videsh Limited of India have signed production sharing contracts at the ministry here for off-shore exploration of oil and natural gas in Rakhine State.
Under the agreements signed here on Sept 23, they will drill oil and natural gas wells in blocks AD-2, AD-3 and AD-9 off the Rakhine coast.
Tension over Posco steel plant mounts in Orissa
By Jatindra Dash, IANS
Bhubaneswar : The ongoing tussle between supporters and protestors of the proposed steel plant in Orissa by Posco-India, a subsidiary of South Korea's Pohang Iron and Steel Co, has taken a serious turn with the state government announcing that the project will be set up with police assistance.
The world's fourth largest steel maker had signed a deal with the state government in June 2005 to build a $12-billion plant near Paradeep port in the coastal district of Jagatsinghpur, some 100 km from here, by 2016.
US finance rescue plan clears final hurdle
By DPA,
Washington : The $700-billion emergency finance rescue plan cleared the final hurdle Friday when the US House of Representatives voted 263 to 171 to adopt a second version of the proposal.
The Senate approved the measure on Wednesday, adding sweeteners to sway disenchanted Republicans and Democrats in the lower House who killed an earlier version on Monday.
Markets trading with loss at early trade
By IANS,
Mumbai : The Indian equities market, which opened with a sharp cut following weak cues from Asian markets, was trading with loss at early trade. Selling pressure was witnessed in capital goods, metals and realty stocks.
The 30-share benchmark sensitive index of Bombay Stock Exchange opened with a loss of 148.24 points at 14,423.05 points. Ten minutes into trade, the sensex was trading at 14,391.12 with a loss of 180.17 points or 1.24 percent.
Indian equities open strong on global cues
By IANS
Mumbai : Indian equity markets opened with a sizeable gain of over 300 points Thursday on the back of strong cues from Asian peers, with stocks of power, realty and metal companies leading the rally in initial trades.
The 30-share sensitive index (Sensex) of Bombay Stock Exchange (BSE) opened at 17,265.19 points with a gain of 316.05 over Wednesday's day's close and the broader 50-share Nifty of the National Stock Exchange (NSE) started some 15 points higher at 4,944.65.
Electricity from Bhutan to cost more
By IANS
New Delhi : Indian state electricity boards (SEBs) getting power from Bhutan at subsidised rates might have to pay market rates from Jan 1 if the Ministry of External Affairs (MEA) has its way on phasing out the subsidy.
States like Sikkim and Bihar as well as the central utility Damodar Valley Corp (DVC) are drawing power from the Chukkha and Kurichu hydro power plants in Bhutan at subsidised rates.
The MEA is coughing up Rs.1 billion ($25 million) a year on subsidised power from these two plants. It currently provides a subsidy of 50 paisa per unit.
Slowdown to last 15 months: Nasscom chief
By IANS,
Ahmedabad : The economic slowdown resulting from the global financial crisis is expected to last not more than 15 months. However, additional jobs will get created in India during the period, a senior official said.
"This slowdown will last for another 12 to 15 months and yet we will add jobs," chairman of India's apex IT body Nasscom Ganesh Natarajan said.
He said only 200,000 jobs were created this year against the expected 270,000 jobs due to the slowdown.
Biotech opportunity for public-private partnerships
By IANS
New Delhi : Biotechnology presents a good opportunity for public and private sector institutions to work together and bring about a major change in India's agriculture, said Mangala Rai, director general of Indian Council of Agricultural Research (ICAR) here Monday.
"Currently, public sector institutions are working on 16 varieties of genetically modified (GM) crops in India," said Rai, who is also secretary of the department of agriculture research and education, ministry of agriculture.
These crops include brinjal, paddy and okra.
Jet to become 37th airline to operate from Abu Dhabi
By IANS,
Abu Dhabi : When its inaugural flights to the United Arab Emirates (UAE) land at Abu Dhabi International Airport late Wednesday night, India's Jet Airways will become the 37th airline to operate from the UAE capital.
"We are happy that Abu Dhabi has been selected by Jet Airways as its first destination into the UAE, and we are certain that these services will benefit both UAE and Indian businesses, expatriate residents and tourists alike," Mohammed Al Bulooki, Abu Dhabi Airports Company's director of marketing and communications, said in a statement here Wednesday.
OPEC summit opens with Venezuela’s call for political role for third world interests
By Xinhua
Riyadh : The third OPEC summit in the organization's 47-year history opened in Saudi Arabia's capital Riyadh on Saturday afternoon with a Venezuelan call for political role to serve the third world interests.
Saudi King Abdullah Bin Abdul Aziz al-Saud, the host of the summit, presided over the opening ceremony while Venezuelan President Hugo Chavez, the host of the previous summit in 2000,gave the opening speech.
Triple crises could reverse gains in Africa: IMF
By DPA,
Washington : Sub-Saharan Africa is facing a spike in inflation and a slowdown in growth over this year and the next as it deals with the triple threats of food and fuel price surges and some spill-over from the financial turmoil, the International Monetary Fund warned Friday.
The region is still showing stronger growth than much of the world. Growth will fall to 6 percent in 2008 and 2009, down from 6.5 percent in 2007, according to the IMF's semi-annual economic report on the region.
L&T bags Rs.5.76 billion contract from HPCL
By IANS
Mumbai : Engineering and construction major Larsen & Toubro Ltd (L&T) has bagged a Rs.5.76 billion order from Hindustan Petroleum Corporation Ltd (HPCL).
HPCL, which operates one of its biggest refineries at Mahul here, intends to set up a lubricating oil base stock (LOBS) plant as a part of its quality upgrading project.
HPCL said in a statement the contract has been awarded to L&T on a lump sum turnkey (LSTK) basis.
Infosys BPO certified by Carnegie Mellon
By IANS
Bangalore : Infosys BPO Ltd, a subsidiary of the IT bellwether, Monday announced that it was certified for e-Sourcing Capability Model for service providers (eSCM-SP v2.0) at level 4 by the reputed Carnegie Mellon University's IT services qualification centre.
Japan’s Nikkei plummets 5 percent on credit crunch fears
By DPA
Tokyo : Japan's benchmark Nikkei 225 Stock Average plunged more than 700 points or 5 percent Tuesday on fears of a global credit crunch caused by the US subprime home-loan crisis.
The Nikkei index lost 752.89 points or 5.65 percent to end at 12,573.05, the lowest closing since September 2005.
The broader Topix index of all first-section issues also fell 73.79 points or 5.7 percent to 1,219.95, which is the lowest closing figure since August 2005.
UAE reiterates commitment to keep food prices stable
By IANS,
Dubai : The United Arab Emirates (UAE) government has reiterated its commitment to keep food prices in the country stable amid reports that stocks of Indian non-basmati rice would not last beyond 10 days.
"Through a multi-faceted strategy, we shall ensure that food prices are stable, particularly prices of basic commodities," the state-run Emirates News Agency (WAM) quoted Minister for Economy Sultan Bin Saeed Al Mansouri as saying.
The minister's comments came close on the heels of rumours that there was scope for a black market for Indian non-basmati rice.
Russia resumes gas flow to Europe
By DPA,
Moscow : Russia resumed supplies of gas to Europe Tuesday as observer teams began measuring gas flows through Ukraine in an effort to mediate the ongoing standoff between Moscow and Kiev.
Ukraine's Naftogaz said it had received a fax from Gazprom informing it 76 million cubic metres of gas had been sent through the pipelines "at 10 a.m. Moscow time" (0700 GMT), news agency Itar-Tass reported.
Railways to get Rs.200 bn loan from Japan
By IANS,
New Delhi : Indian Railways will likely get Rs.200 billion (Rs.20,000 crore/$4 billion) from Japan for their rail freight corridor project, Railways Minister Lalu Prasad said here Friday.
The Japan International Cooperation Agency (JICA) will release the funds by the end of 2009, Lalu Prasad told reporters after presenting the interim railway budget.
The minister had last month visited Japan to smoothen out the formalities for receiving the soft loan for the dedicated freight corridor project.
The first phase of the corridor will link New Delhi and Mumbai.
CPI warns of gas price hike
By IANS,
Mumbai : The Communist Party of India (CPI) Tuesday warned that close on the heels of the recent petrol price hike, people may soon be hit by an increase in the cooking gas price.
Markets pick up after shaky start
By IANS,
Mumbai : Indian equities markets shook off morning losses in afternoon trade Monday, with a key index trading 0.75 percent higher around 90 minutes before the closing bell.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was trading at 9,398.765 points, a rise of 69.84 points or 0.75 percent from its Friday close of 9,328.92 points.
The broader S&P CNX Nifty index of the National Stock Exchange (NSE) also gained and was trading at 2,884.4 points, about 26.45 points or 0.95 percent higher than the previous close.
World Trade Center insurance dispute settled for $2 bn
By DPA
New York : A group of seven major insurance companies has agreed to a $2 billion payment to settle a long-running dispute over insurance claims for New York's destroyed World Trade Center, clearing the way for the redevelopment of the iconic site, reports said Thursday.
LIC launches health insurance scheme
By IANS
Mumbai : State-owned insurer Life Insurance Corp of India (LIC) Monday jumped onto the health insurance bandwagon by introducing its first long-term health insurance product.
Inaugurating the scheme called LIC's Health Plus here, LIC's western region zonal manager R.R. Rai said: "Under this plan, health insurance will cover the entire family - husband, wife and children, hospital cash benefits, and major surgical benefits."
Rai said that LIC intends to target at least one million policy buyers across the country during the first phase of the launch.
State-run banks can enter insurance business
By IANS,
New Delhi: The government will not prevent public sector banks from entering new businesses like insurance and mutual funds, a senior finance ministry official said Wednesday.
"There is no issue at all. We have never asked banks not to take up insurance or mutual funds businesses," Financial Services Secretary R. Gopalan said on the sidelines of a function organised by the Federation of Indian Chambers of Commerce and Industry (Ficci).
SMS services restored in Jammu and Kashmir
By IANS,
Srinagar/Jammu : SMS services on mobile telephones were restored in Jammu and Kashmir Saturday after a five-month ban, according to Bharat Sanchar Nigam Limited (BSNL) officials.
The services were suspended Aug 1 when the Amarnath land allotment agitation was at its peak. Authorities had banned SMSes saying agitators were spreading provocative messages and rumours to fuel communal tensions over the land dispute.
In the Kashmir Valley, one of the first SMSes making rounds Saturday was "Khul ja SIM, SIM", congratulating mobile subscribers for the restoration of the services.
Ushdev International announces rights issue
By IANS
Mumbai : Ushdev International Ltd, part of the Ushdev group that deals in imported pig iron, steel scrap and non-ferrous metals, said Tuesday that it has recommended a rights issue in the ratio of one equity share for two already held.
The shares will be issued at a premium of Rs.90 per share, subject to approval by shareholders.
In its communication to the Bombay Stock Exchange, the company said its board of directors took the decision in a meeting held Feb 18.
Big Karnataka farmers call loan waiver discriminatory
By IANS
Bangalore : Farmers in Karnataka Saturday termed the union government's decision to waive loans of small and marginal farmers as "discriminatory".
Reacting to Finance Minister P. Chidambaram's announcement to waive loans of small and marginal farmers overdue till Dec 31, 2007 and which remained unpaid till Feb 29, representatives of farmers' organisations in the state told IANS that the waiver should have been extended to big farmers, as the latter were also facing the same crisis.
Sensex ends flat as world markets tumble
By IANS,
Mumbai : A benchmark index for Indian equities Thursday ended flat as world stocks took a tumble following the US Federal Reserve's outlook of a softening economic recovery.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) Sensex, which opened at 17,874.71 points, closed at 17,909.46 points, 28.7 points or 0.16 percent down from its previous close at 17,938.16 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty also ended flat at 5,388.45 points.
Sensex gains 146 points, auto banking stocks up
By IANS,
Mumbai: A benchmark index of Indian equities markets Tuesday rose 146 points in afternoon trade with more buying in automobile, consumer durable and banking stocks.
Lula invites Bush to go fishing in Brazil
By DPA,
Brasilia : Outgoing US President George W. Bush called Brazilian President Luiz Inacio Lula da Silva to say goodbye Monday, Brazil's presidential spokesman Marcelo Baumbach said.
The conversation was said to have lasted 10 minutes. Bush - who is set to hand over power to Barack Obama Tuesday - invited Lula to visit him in his home state, Texas, while Lula invited Bush to go fishing in Brazil.
NTPC inks Rs.10,000 crore loan agreement with SBI
By IANS,
New Delhi : State-run power utility major NTPC Friday entered into an agreement with the State Bank of India (SBI) for a loan of Rs.10,000 crore for its capacity expansion plans.
Gujarati-origin entrepreneurs in Uganda, Kenya seek Gujarat’s help
By IANS,
Ahmedabad : A group of entrepreneurs of Gujarati origin settled in Uganda wants to set up an industrial development park in Gujarat, a senior state government official said here Friday.
The representation was made to a high-powered business delegation led by Chief Minister Narendra Modi that visited Uganda and Kenya this week, state chief secretary D. Rajagopalan told reporters.
Modi visited the two countries to invite government leaders and business houses there to participate in the Gujarat Global Investors Summit in January. The delegation returned early Friday.
Expert group’s report on fuel pricing by month-end
By IANS,
New Delhi : An expert committee on fuel pricing, headed by eminent economist and former Planning Commission member Kirit Parikh, will submit its recommendations Jan 31.
"I will give my report on January 31 concerning petroleum product pricing," Parikh told reporters Wednesday after a meeting of an expert group on low carbon economy, of which he is the chairman.
Sensex up 251 points in noon trade, Asian cues help
By IANS,
Mumbai: A benchmark index for Indian equities rebounded Thursday and was ruling 251 points higher than its previous close on expectations of strong results from India Inc and positive Asian cues.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,536.48 points, was ruling at 17,722.34 points, 251.31 points or 1.44 percent up from its previous close at 17,471.03 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling at 5,318.1 points, up 1.47 percent from its previous close at 5,241.1 points.
Tax revenues to cross Rs.5 trillion by 2010: Assocahm
By IANS
New Delhi : India's revenues from corporate tax, income tax, custom and excise duties, and service taxes will touch Rs.580,816 crore (Rs.5.80 trillion or $143 billion) by 2009-10, according to a study.
Late sell-off pulls down Sensex 227 points
By IANS,
Mumbai : A late sell off pulled a benchmark index of Indian equities down 227 points Thursday. The big profit booking hit broader markets as well.
Exide picks up controlling stake in Leadage Alloys India
By IANS,
Kolkata : Battery manufacturing major Exide Industries Ltd has acquired 51 percent stake in Leadage Alloys India Ltd, a lead smelting company near Bangalore, Karnataka, for Rs.340 million.
"Our own lead smelting units will not only give us better self-sufficiency in this critical raw material in the long run. It will also help us have better control over recycling of used batteries that we buy back from the market as part of regulatory framework for storage battery manufacture," T.V. Ramanathan, managing director and CEO of Exide Industries, said here Wednesday.
Markets swing back following Infosys results
By IANS,
Mumbai : The Indian equity markets ended Tuesday in green after a lacklustre start. IT major Infosys' positive results triggered a broad-based rally in IT stocks. The gaining rally was led by healthcare, oil, gas and IT stocks.
With mixed cues from emerging markets, Indian equity started the day with a sharp cut but by afternoon moved into the positive zone and surged in late trade.
Government mulls committee to reopen Bengal tea gardens
By IANS
Kolkata : The central government is keen to constitute a high-level committee for reopening closed tea gardens in Jalpaiguri district of north Bengal.
"The suggestion of forming this committee was given by West Bengal Industry Minister Nirupam Sen in a meeting with me Friday. The committee will be headed by the additional secretary of union commerce ministry," Minister of State for Commerce and Industries Jairam Ramesh told reporters here Saturday after attending the annual general meeting of the Tea Board of India.
Kolkata : The central government is keen to constitute a high-level committee for reopening closed tea gardens in Jalpaiguri district of north Bengal.
"The suggestion of forming this committee was given by West Bengal Industry Minister Nirupam Sen in a meeting with me Friday. The committee will be headed by the additional secretary of union commerce ministry," Minister of State for Commerce and Industries Jairam Ramesh told reporters here Saturday after attending the annual general meeting of the Tea Board of India.
Equity markets stay in the red early afternoon
By IANS,
Mumbai : Indian equity markets stayed in the red early Monday afternoon. Banking, metal and capital goods stocks were under selling pressure.
At 1:00 p.m., the 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, at 14,343.55 points, down 220.98 points or 1.52 percent from its closing figure Friday. It had touched a low of 14,281.10 points earlier Monday.
At the same time the broader based S&P CNX Nifty index of the National Stock Exchange was down 63.35 points or 1.45 percent at 4,296.65.
Four economic zones of Ambani brothers approved
By IANS
New Delhi : Three applications from the Mukesh Ambani-led Reliance Industries and another from his brother Anil's group for special economic zones have been given formal approvals, commerce ministry officials said Friday.
Directions09 to discuss IT industry themes
By IANS,
New Delhi : Leaders of the communications and IT industry are set to brainstorm on ways to take India to the next level of technological development at Directions09, a business conclave, to be held in Delhi and Bangalore.
The event, organised by IDC, is held annually to identify and address issues pertaining to the industry in the backdrop of larger economical issues.
Hyundai to produce more cars for Indian market, cut exports
By IANS,
New Delhi : Hyundai Motors India Limited (HMIL) Friday said it will produce 0.7 lakh more cars this year to meet the growing domestic demand.
"We will increase our production capacity by 0.7 lakh units at our factories to meet the rising demand," said H.W. Park, chief executive, HMIL.
Currently, HMIL produces six lakh units per annum at its two plants in Sriperumbudur, Tamil Nadu.
It will make minor investments to raise the production capacity. "We will make minor investments for the increase in production capacity."
Politicians in Kerala town join hands against Reliance
By Jeevan Mathew Kurian, IANS
Mukkom (Kerala) : The cacophony of discord is often a hallmark of politics, but if you travel to Mukkom you will be struck by an unusual show of harmony by various political outfits in Kerala in opposing a Reliance retail outlet.
In the heart of this small town, about 600 km from state capital Thiruvananthapuram in Kozhikode district, one can see a thatched shed in front of a building where Reliance plans to open the outlet.
Indian auto sector to log 12 percent growth in 2010: Fitch
By IANS,
Chennai : Credit rating agency Fitch expects the Indian automobile sector to log around 10-12 percent growth rate during 2010.
In its latest research report on the Indian auto sector, Fitch Ratings expects faster recovery in the passenger vehicle segment, which it predicts will grow 12-14 percent, as against 5-6 percent growth in the commercial vehicle segment.
Hyundai seeking tax concessions in Tamil Nadu
By IANS
Chennai : India's second largest car manufacturer Hyundai Motor India Ltd. is in talks with the Tamil Nadu government for getting investment concessions.
Earlier this year, the state government announced its Ultra Mega Integrated Automobile Projects policy.
Under the policy, vehicle manufacturers investing over Rs.40 billion over a period of seven years from the date they sign a Memorandum of Understanding (MOU) with the Tamil Nadu government or any other date specified by the government are eligible for incentives.
Indian firms outperform US counterparts: Mckinsey
By IANS
Bangalore : A recent study by global consulting firm McKinsey has found top 25 percent of Indian companies perform better than the average US firms in management practices.
"Our study shows top 25 percent of Indian companies outperform many US firms in management practices due to the advantage of highly educated workforce and labour arbitrage," McKinsey principal partner Stephen Dorgan said here Friday at the 15th Quality Summit, organised by the Confederation of Indian Industry (CII).
Geojit to focus on portfolio management services
By IANS,
Chennai : Kochi-based financial services company Geojit BNP Paribas Wednesday said it will focus on its portfolio management services (PMS), double the non-resident Indian (NRI) client base and expand the branch network within the country and outside.
"The assets under management (AUM) under our PMS portfolio is around Rs.100 crore ($22 million) now. This we want to increase further. We have 75,000 NRI customers and we plan to double that soon," Managing Director C.J. George told reporters here.
High oil prices help Iraq repay IMF debt early
By DPA
Washington : High oil prices allowed Iraq to repay its debt to the International Monetary Fund (IMF) more than a year early as it prepares to negotiate a fresh loan, the IMF said.
Iraq paid back some $471 million in post-war aid approved by the IMF in September 2004, 18 months after the US-led invasion that toppled Saddam Hussein. Iraq's government had until 2009 to repay.
Iraq made the final payment Wednesday, a week before Iraqi officials were slated to open talks with the IMF on the next aid injection.
US stocks drop on disappointing earnings
By DPA,
New York: US stocks fell Wednesday, the result of worse-than-expected company earnings and an earlier drop in European shares.
The decline came after two straight days of strong gains. Pharmaceutical giant Pfizer, insurer Metlife, and truck-leasing company Ryder all posted disappointing results.
The Dow Jones Industrial Average fell 26.3 points, or 0.26 percent, closing at 10,270.55. The broader Standard & Poor's 500 Index dropped 6.04 points, or 0.55 percent, to 1,097.28.
Hyundai seeking tax concessions in Tamil Nadu
By IANS
Chennai : India's second largest car manufacturer Hyundai Motor India Ltd. is in talks with the Tamil Nadu government for getting investment concessions.
Earlier this year, the state government announced its Ultra Mega Integrated Automobile Projects policy.
Under the policy, vehicle manufacturers investing over Rs.40 billion over a period of seven years from the date they sign a Memorandum of Understanding (MOU) with the Tamil Nadu government or any other date specified by the government are eligible for incentives.
Sensex slips almost 5 percent, global markets in red
By IANS,
Mumbai : Indian equities markets turned southwards Monday, aping their global peers, and marked an end to last week's rally that saw a key index breach the psychologically important 10,000-mark and gain over 12 percent.
The 30-scrip Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 10,036.8 points Monday, ended at 9,568.14 - a fall of 480.35 points or 4.78 percent from its previous close Friday.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) lost 4.2 percent from its last close to rule at 2,978.15 points.
ICICI Prudential hires ex-servicemen to sell policies
By IANS
Chennai : Mumbai-based private life insurer ICICI Prudential Life Insurance Co Ltd has started hiring former Servicemen as unit managers in rural areas, said a top company official here.
Finding it difficult to get the required manpower, the company decided to tap the retired non-commissioned officers' segment, N.S. Kannan, executive director of the company, told the media here Thursday.
Dubai-based firm to launch $400 mn equity fund in India
By IANS/WAM,
Dubai: Dubai-based investment firm Evolvence Capital Wednesday announced its plan to launch a private equity fund in India, targeting a corpus of $400 million from institutional and high net worth clients from across the globe.
The Evolvence India Fund II is its third India-focused fund.
The fund aims to make select investments in mid-market growth capital segment in the Indian private equity market, through investments, co-investments and direct investments.
Vaghela calls for withdrawal of import duty on cotton
By IANS,
Bangalore : Union Textiles Minister Shankarsinh Vaghela Monday said he favours the withdrawal of import duty on cotton to enable the textile industry source cheaper cotton from other countries at affordable prices.
“I have written to the prime minister for withdrawing the import duty of 14.7 percent, including 10.7 percent customs duty and four percent import tax, on cotton to benefit the local industry and exporters,” Vaghela told reporters here.
MTN bid speculation incorrect, says Bharti Airtel
By IANS,
New Delhi : India's Bharti Airtel Tuesday denied any move for takeover of South African mobile network company MTN, terming media speculation on the matter as "incorrect and misleading".
"Bharti would like to clarify that it has not made any offer to acquire the whole or part of MTN. Therefore, the speculation around a bid by Bharti in a section of the media is incorrect and misleading," Airtel said in a statement here Tuesday.
Equity markets end in the red
By IANS,
Mumbai : Indian equity markets closed in the red Thursday ahead of the release of weekly inflation data. In extremely volatile trade, realty, IT and healthcare stocks dragged the markets down.
The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened at 14,895.85 points, touched a low of 14,766.01 before closing at 14,899.10. It went down by 150.76 points or 1.00 percent compared to its closing figure Wednesday.
Seoul considers importing N. Korean nuclear fuel rods: official
By IRNA-Yonhap
Seoul : The South Korean government is considering bringing nuclear fuel rods stored at North Korea's key nuclear facilities at Yongbyon to South Korea for possible domestic use, a government source said Sunday.
"When the process for scrapping North Korea's nuclear program reaches the dismantlement phase, a critical decision over how to dispose of the North's nuclear fuel rods as well as spent fuel rods has to be made," said the source.
"Bringing the North Korean fuel rods into the South is one of the options now under consideration," the source said.
Asia-Pacific stocks nosedive after Fed cut
By DPA
Tokyo : Stocks across the Asia-Pacific nosedived Monday along with the US dollar as investors worried that the credit crisis is worsening after JP Morgan Chase and Co agreed to buy US investment firm Bear Stearns and the US Federal Reserve cut its lending rate to banks.
The biggest losses were seen in India and Hong Kong, but Tokyo was close behind as an upsurge in the yen added to the downward pressure, sending the Nikkei 225 Stock Average below 12,000 and to its lowest level since August 2005.
US economy shows signs of further weakening
By IANS/EFE,
Washington: US gross domestic product grew at an annualised rate of 1.3 percent in the second quarter, the Commerce Department said Friday.
European lawmaker says South Korea-EU trade deal in 2008
By Tejinder Singh, IANS,
Brussels : South Korea and the European Union (EU) are ready to sign their free trade agreement (FTA) this year, according to a European lawmaker leading a delegation to the Asian country.
Huber Pirker, chairman of a European parliament delegation visiting South Korea, said in a statement from Seoul: "The trade agreement between the European Union and South Korea is practically ready for signing."
NRIs eager to set up hospitals, hotels in India: Soni
By IANS
New Delhi : Foreign investors, especially non resident Indians, are keen to set up hospitals and budget hotels in India to give a fillip to medical tourism in the country, Tourism and Culture Minister Ambika Soni said Tuesday.
"Foreign investors, mainly NRIs, are interested in setting up hospitals with at least 500 beds across the country. They have also expressed eagerness to set up budget hotels," Soni said.
"Three international parties have evinced interest in setting up 1,000-bed facilities in the national capital region (NCR)."
Union Bank targets 23 percent deposit growth
By IANS,
Kolkata : Union Bank of India has targeted a deposit growth of 23 percent and credit growth of 22 percent this fiscal, a top bank official said here Tuesday.
"We expect a credit growth of 22 percent and a deposit growth of 23 percent this fiscal," bank chairman and managing director M.V. Nair told reporters on the sidelines of an ongoing banking conclave.
Union Bank has headroom to raise Rs.25 billion this fiscal, which will be done through issuing perpetual and tier-II bonds, he said.
BSNL to float $9 bn mobile lines tender Sep 10
By IANS,
New Delhi : The state-owned telecommunication operator Bharat Sanchar Nigam Ltd (BSNL) Friday said that it will float a mega tender for 93 million GSM lines Sep 10.
"We will float a mega tender for 93 million lines worth $9 billion (Rs.405 billion)," BSNL chief managing director Kuldeep Goyal told reporters.
GSM stands for global system for mobile communications and is the most popular standard for mobile phones around the world.
Idea makes open offer to Spice shareholders
By IANS,
Mumbai : Aditya Birla group telecom company Idea Cellular has made an open offer to shareholders of Spice Communications, in which it had bought a controlling interest last week. The offer will open on August 22 and will close on September 1.
In a regulatory intimation Monday, Idea Cellular said Lazard India on its behalf, along with TMI India Ltd, TMI Mauritius Ltd, TM International Berhad, and Green Acre Agro Services - persons acting in concert or PACs, has issued a public announcement to Spice shareholders.
17 percent rise in software exports from Haryana in 2008-09
By IANS,
Gurgaon : Software exports from Haryana were to the tune of Rs.21,000 crore (Rs. 210 billion/$4.5 billion) in 2008-09, a rise of about 17 percent against last year's figure of Rs 18,500 crore (Rs.185 billion/$3.95 billion), despite recession in the developed world.
Gurgaon has contributed the most to the output of the Information Technology and Information Technology Enabled Services (IT &ITES) industry in the state as more than 90 percent of the units are located there.
Markets start in positive zone
By IANS,
Mumbai : Trading at Indian equities markets started on a positive note Monday with a key index 83 points above its last closing figure after opening higher in the morning.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened the day at 11,997.37 points, higher than its previous close. About 25 minutes into trade, it was at 11,960.25 points, 83.82 points or 0.71 percent higher than its previous close.
MoUs worth Rs.1064.17 bn signed on 1st day of Global Investors’ Summit
By Pervez Bari, TwoCircles.net,
Neyveli Lignite workers call off strike after wage accord
By IANS,
Chennai : Two major unions of the Neyveli Lignite Corporation Ltd (NLC) called off their six-day strike Tuesday after hammering out a wage agreement.
The two unions - DMK-backed NLC Workers Progressive Union (NLCWPU) and PMK affiliated Pattali Thozil Sangam (PTS) - had the majority of the 14,000 permanent workers and the support of other worker unions and contract labourers.
Business interests, caste behind anti-Telangana protests
By Mohammed Shafeeq, IANS,
Hyderabad: If Hyderabad had not been the bone of contention, perhaps Andhra Pradesh would not have seen the kind of protests it is now witnessing over the move to grant statehood to the backward Telangana region.
With huge business interests at stake in Hyderabad, geographically and historically a part of Telangana, politician-industrialists from the prosperous coastal Andhra are not ready to let go this technology and economic hub.
Re-feel Cartridge Eng to open 100 stores by 2008
Kolkata, Sep 27 (IANS) Re-feel Cartridge Engineering, a Kolkata-based printer cartridge refilling and remanufacturing company, plans to open 100 stores across the country by 2008.
To tap the emerging market in recycled printer cartridges, the company will open eight exclusive stores and 50 collection centres across West Bengal in the next one year.
CII welcomes RBI measures to improve liquidity
By IANS,
New Delhi : Leading industry lobby Confederation of Indian Industry (CII) Sunday welcomed the Reserve Bank of India's (RBI) measures to ease credit in the financial system.
“The CII had suggested that the interest rate cap on FCNR (foreign currency accounts) and NRE deposits be removed and the banks be allowed to decide these rates. Therefore, the raising of the interest rates by 75 basis points is very welcome,” CII president K.V. Kamath said in a statement.
Swiss firm unhappy as US calls it “terrorist state” sponsor
By Xinhua
Geneva : A Swiss agrochemical company has felt "disappointed" with the US Securities and Exchange Commission (SEC) suspecting it of sponsoring terrorist states.
US lawmakers want RIL assistance stopped on Iran ties
By Lalit K. Jha, IANS,
New York : Eight American lawmakers have demanded that the Export-Import Bank of the US immediately suspend all financial assistance to Reliance Industries Ltd (RIL) until it agrees to stop selling gasoline to Iran.
The Export Import Bank, or Ex-Im as it is popularly known, has provided two separate loan guarantees worth $900 million, including a $400-million loan by JP Morgan in August. The loan will fund RIL's expansion programmes.
Wipro IT services revenue to be flat in second quarter
By IANS,
Bangalore : Wipro Ltd projected revenue of $1.03-1.05 billion from its global IT services for the second quarter (July-September) of this fiscal (2009-10).
In a regulatory filing Wednesday, the IT bellwether said the guidance was based on its performance in the first quarter (April-June) when its flagship business division revenue at $1.03 billion showed decline of 1.3 percent sequentially and 3.3 percent year-on-year (YoY).
Indian business will weather Mumbai storm: IT giants, others
By IANS,
Bangalore : Indian IT bellwethers and other corporate giants do not believe the terror attack in Mumbai will disrupt business for long or affect foreign direct investment (FDI), even though trade and commerce has been temporarily suspended in the country's financial capital.
Markets rise with opening bell
By IANS,
Mumbai : Indian equities markets opened higher Wednesday and rose firmly in the opening minutes, with a key index gaining 1.92 percent over its close Tuesday.
About 15 minutes into trading, the sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was at 9,245.16 points, a rise of 173.8 points or 1.92 percent from its previous close of 9,071.36 points. It had opened at 9,207.52.
The broader S&P CNX Nifty index of the National Stock Exchange (NSE) was at 2,790.45 points at the same time, 1.66 percent higher than Tuesday's close of 2,744.95.
CMC to offer Toonz courses in animation, multimedia
By IANS,
Thiruvananthapuram : Toonz Academy, the training arm of city-based animation company, Toonz Animation India, Tuesday entered into a strategic alliance with CMC Limited, the education consulting division of Tata Consultancy Services.
According to the agreement signed by the two firms, CMC will offer courses designed by Toonz in the fields of animation, digital arts and multimedia in 15 select centres initially.
CMC will offer the industry-relevant courses later in all its centres in the eastern and southern regions of the country.
Petrol, diesel prices hiked in Delhi
By IANS
New Delhi : The Delhi government Wednesday increased petrol prices by 67 paise and diesel by 22 paise a litre to "stop recurring revenue loss".
Markets close on a high, Sensex up 151 points
By IANS,
Mumbai : A key index of the Indian equities markets ended trade Wednesday 151 points above its last closing figure on hectic buying of realty, energy and banking stocks.
The benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened at 14,506.43 points, closed at 14,645.47 points - 151.63 points or 1.05 percent higher than Tuesday's close.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) ended the day 1.16 percent up at 4,340.9 points.
Indian Bank seeks partners for merchant banking and MF business
By IANS,
Chennai: Indian Bank is in the process of inducting partners for its merchant banking and mutual fund arms and merging the housing finance outfit with itself, a top official of the public sector lender said.
"We are talking to both- foreign and domestic- parties to join hands with us for the merchant banking and mutual fund business. By September we will be signing the joint venture deal for the mutual fund business," T.M. Bhasin, chairman and managing director, told reporters here.
He declined to name the companies with which the bank is talking to for partnership.
Life insurers disappointed with budget
By IANS,
Chennai : The union budget for 2009-10 presented by Finance Minister Pranab Mukherjee Monday has disappointed the domestic life insurance sector.
"There is no major announcement on tax sops. It is also disappointing to note the government's silence on Exempt Exempt Tax (EET) committee's report," a top official of a private life insurance company told IANS, requesting anonymity.
EET is imposed on tax-free savings when they are finally withdrawn.
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."
West Bengal government to sell potatoes
By IANS,
Kolkata : Following a steep rise in prices of potatoes, the West Bengal government Thursday announced that it will now sell the tubers at Rs.13 per kg in the markets in and around Kolkata.
"The government will directly buy potatoes from the cold storages in the state and will sell them at Rs.13 per kilogram in 12 different vegetable markets in and around Kolkata," Finance Minister Asim Dasgupta said.
He said the service will be introduced from July 11 keeping in mind the growing potato crisis and rise in its prices.
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