Muslim clerics launch Islamic investment advisory board, pitch for Islamic banking
By Mumtaz Alam Falahi, TwoCircles.net,
New Delhi: India’s eminent Islamic clerics today pitched for introduction of Islamic banking and financial system in the country while opening to the public the Islamic Investment & Finance Board, an advisory committee headed by clerics to assist both corporations and markets as well as common people regarding Shariat-compliant investment and finance.
Others can learn from Indian reforms: Trinidad banking head
By Paras Ramoutar, IANS,
Port-of-Spain : Countries of the world can learn a lot from India's economic reforms which have been tailored to its unique conditions, Governor of the Central Bank of Trinidad and Tobago Ewart Williams said Saturday.
"We in T&T have a lot to learn from India which has become one of the success stories in global economic development," Williams told a seminar, "Business Opportunities--India and Trinidad and Tobago" here.
Economy may grow close to 8 percent in fourth quarter: Assocham
By IANS,
New Delhi : The Indian economy could grow close to 8 percent in the last quarter of the current fiscal, while the overall growth for the year could be between 7.2-7.4 percent, according to an industry lobby.
"The gross domestic product growth figure could be close to 8 percent for the fourth quarter in view of sustained economic activities in manufacturing, exports showing recoveries and industry intensifying capacity utilization," said the Associated Chambers of Commerce and Industry of India (Assocham).
Africa is destination next for India Inc
By Sushma Ramachandran, IANS,
The move by India's top telecom player Bharti Airtel to acquire the African assets of Kuwait's Zain marks the biggest foray of a domestic company into the continent. The landmark deal, estimated at $10.7 billion, raises the level of Indian investments in Africa to $16.7 billion.
Is Islamic banking the boiled ice-cream?
By Dr. Shariq Nisar
On January 5, 2010, in response to a PIL filed by Dr. Subramanium Swamy, the High Court of Kerala put a stay on the activities of the proposed Islamic Non-Banking Finance Company, Albarakah Financial Services Ltd. The Non-Banking Financial Company (NBFC) in question has been co-promoted by the state owned business entity Kerala State Industrial Corporation (KSIDC) and some business men belonging to different religious communities including Hindus and Christians.
UAE, China discuss rail transport cooperation
By IANS,
Dubai: Officials of the United Arab Emirates (UAE) and China met here to discuss cooperation in the railway sector, WAM news agency reported Saturday.
UAE Roads and Transport Authority (RTA) board's executive director Mattar Al Tayer and China Railway Company's chairman Kuwang Young led the discussions.
Al Tayer praised the Chinese company for its successful projects in various countries and briefed the delegation about the Dubai Metro Project.
He said the RTA is looking for a public-private partnership in the transportation sector.
Alliance Air to operate flights between Delhi, Himachal
By IANS,
Shimla: Private airline Alliance Air will operate flights to Himachal Pradesh from Delhi and Punjab, an official said here Saturday.
"Alliance Air will operate four flights per week from March 28 at the Bhuntar airport near Kullu to provide air connectivity with Delhi and
Pathankot in Punjab," State Principal Secretary Tourism and Civil Aviation Manisha Nanda told IANS.
She said the schedule of flights on the Delhi-Kullu-Delhi sector had been approved by the Director General Civil Aviation.
India to have 28 percent of world’s workforce by 2020
By IANS,
Mumbai: India will add about 120 million people to its working population by 2020, constituting 28 percent of the world's workforce, according to deputy governor of the Reserve Bank of India (RBI).
"In the decade of 2010-20, India will add 120 million people in the working age-group looking for employment which will make India's working population 28 percent of the global force," said Subir Gokarn.
Three new power projects in Mizoram
By IANS,
Aizawl: The state-owned North Eastern Electric Power Corp (NEEPCO) has signed an agreement with the Mizoram government to commission three hydro-electric power projects having a capacity of 1,526 MW, officials said here Saturday.
"The power corporation would soon carry out field investigations and then study on the techno-commercial viability about the three proposed projects," NEEPCO chairman and managing director I.P. Barooah told reporters.
Barooah and Mizoram Chief Secretary Vanhela Pachuau signed the memorandum of agreement (MoA) late Friday.
Seventh straight week of gains for Sensex
By IANS,
Mumbai: Benchmark indices for Indian equities gained for the seventh straight week although the rally showed signs of slackening in what was a truncated week of trade.
The markets were closed Wednesday on account of Ram Navmi.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) moved up a modest 66.53 points or 0.38 percent to end at 17,644.76 points Friday.
The broader S&P CNX Nifty of the National Stock Exchange (NSE) too posted gains to end the week at 5,282 points, up 19.2 points or 0.36 percent.
Indian business delegation to visit Bangladesh
By IANS,
Kolkata: A high level Indian business delegation would visit Bangladesh early next month, Bangladesh's Industry Minister Dilip Barua said here Friday.
"A 50-member team will be visiting Bangladesh on April 10," he told reporters on the sidelines of a seminar organised by Indian Chamber of Commerce.
Barua, however, declined to name the companies that would visit.
He said the Bangladeshi government is willing to revive investment talks with Tata Group for investment but no special invitation would be extended to them.
Short circuit creates panic at WIFW
By IANS,
New Delhi: A minor short circuit in a plastic installation at the Wills Lifestyle India Fashion Week (WIFW) around 9:15 p.m. created panic among visitors Friday night, but was soon taken care of by security officials and show organisers, the Fashion Design Council of India (FDCI).
The installation - a tall, modern piece made of plastic - was among other such in the foyer area that leads to the main show areas at the event. The foyer usually has the maximum number of guests, but since a designer show was taking place, it was relatively empty.
Emirates to launch inaugural flight to Tokyo Sunday
By IANS,
Dubai : Emirates Airline will launch its inaugural nonstop flight between Dubai and Tokyo Sunday, WAM news agency reported.
Tokyo will be Emirates' 102nd destination.
A high level Emirates delegation, guests from Tokyo and Dubai, as well as members of the media will be on board the first flight to Narita International Airport in Tokyo.
Vodafone sells Apple Inc’s iPhone 3GS in India
By IANS,
New Delhi : Cellular services provider Vodafone Essar Friday began selling third generation-enabled Apple iPhones in India, priced in the range of Rs.29,500-Rs.47,500.
iPhone 3GS, available in three memory sizes, is equipped with a three megapixel autofocus camera, video recording and hands free voice control features.
"We are delighted to offer iPhone 3GS in India. We are confident our customers will enjoy the revolutionary iPhone and the flexibility of our tailored tariff plans," the company's Chief Marketing Officer Kumar Ramanathan said in a statement.
Slower growth in six core industries in February
By IANS,
New Delhi : Six key sectors of the economy grew 4.5 percent in February, slower than the 9.4 percent in the previous month, official data showed Friday.
Electricity production increased 7.3 percent in February, crude oil 4 percent, petroleum refinery products 0.8 percent, coal 6.8 percent, cement 5.8 percent and finished carbon steel 0.9 percent, according to data released by the commerce and industry ministry.
Delhi traders to shut shops over rising prices
By IANS,
New Delhi : Traders will shut shops in Delhi Saturday to protest the rise in prices of diesel and other items.
The Confederation of All India Traders (CAIT) Friday called for shutdown, saying traders were unhappy with the Delhi government's decision to increase in Value Added Tax (VAT) slabs.
"Traders will hold protest marches and shops will remain shut across the capital," CAIT secretary general Praveen Khandelwal said.
Kerala to build urban entertainment centre
By IANS,
Thiruvananthapuram : State-owned Tourist Resorts Kerala Limited (TRKL) will set up an urban recreation-cum-commercial centre in the city through public-private partnership to boost tourism in the state further.
TRKL head T.K. Manzoor told IANS that the centre would come up at a cost of Rs.1,500 million on a 20-acre plot overlooking the Veli Lake.
"The project is being implemented by TRKL. Twenty-one major players, including experienced groups such as Tata Infrastructure Limited, Oberoi Constructions, Chalet Hotels (Raheja Group), have shown interest," said Manzoor.
Air India increases flights in summer schedule
By IANS,
Kolkata : Air India would offer more flights in its summer schedule from March 28 in order to meet the heavy rush of passengers.
"To meet heavy passenger rush, Air India will offer more flights in its summer schedule from 28th March, 2010, on the Kolkata/Hyderabad/Kolkata sector from the earlier four days a week schedule to a daily operation," a communique by the airline company said here Friday.
Sensex closes 85 points up
By IANS,
Mumbai : Like its Asian peers, a benchmark index for Indian equities closed higher Friday. The rise -- by 85 points -- was due to gains in auto, consumer durables and financial stocks.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,558.85 points, closed at 17,644.76 points, 85.91 points or 0.49 percent higher than its previous close.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling at 5,282 points, a gain of 0.41 percent or 21.6 points from its previous close.
Polaris picks up 51 percent stake in Indigo TX
By IANS,
Chennai : City-based Polaris Software Lab has acquired 51 percent stake in financial and back office services company Indigo TX Software for an undisclosed sum.
"We found Indigo's brokerage software product an apt fit in our mutual fund product suite. Coupled with last year's acquisition of Laser Soft Infosystems, Polaris will be in a better position to target the domestic financial services market in a major way," R. Srikanth, executive vice president and chief financial officer, told IANS.
Polaris is a banking, financial services and insurance (BFSI) solutions company.
SAIL funds road project in Chhattisgarh
By IANS,
Raipur : India's largest steel maker in the public sector, Steel Authority of India Ltd (SAIL), has contributed more than Rs.7 crore for building a road in Chhattisgarh's naxalite insurgency-hit Kanker district, an official said Friday.
"SAIL has donated Rs.7.26 crore to Chhattisgarh government for construction of a 22.60 km concrete road in Kanker district's extreme interior," the official told IANS.
Bhilai steel plant Managing Director R. Ramaraju handed over the cheque to Chief Minister Raman Singh here Thursday.
Sensex further up in afternoon trade
By IANS,
Mumbai : A benchmark index for Indian equities Friday built on its morning gains and was ruling 112 points higher than its previous close, about 90 minutes before the end of trade.
Auto stocks were among the chief gainers. Buying interest in these stocks has been fuelled by hopes of better-than-expected sales for the quarter ending March.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,558.85 points, was ruling at 17,670.58 points, 111.73 points or 0.64 percent higher than its previous close.
Japan’s consumer price index drops in February
By DPA,
Tokyo : Japan's key consumer price index (CPI) fell 1.2 percent in February year on year, making it the 12th consecutive month of decline, the ministry of internal affairs and communications said Friday.
The CPI, which excludes volatile fresh food prices, stood at 99.2 against the base of 100 for 2005, the ministry said in a preliminary report.
The falling prices have been a major concern for the world's second largest economy, suggesting persistent deflationary pressure in Japan.
Sensex opens firm, breadth positive
By IANS,
Mumbai : A benchmark index for Indian equities Friday made a steady start and was ruling 78 points higher than its previous close, about half an hour into trade.
The market breadth too looked positive with buying interest visible across mid-to-small sized scrips.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,558.85 points, was ruling at 17,637.74 points, 78.89 points or 0.45 percent higher than its previous close.
Goa asks mining industry to pitch in Rs.500 crore
By IANS,
Panaji: After failing to implement a green cess on mining rejects proposed in the last budget, the Goa government Thursday proposed a mineral development fund (MDF), underwritten and developed by the state mining industry, which is worth approximately Rs.6,000 crore.
BSES joins hands with WWF to observe Earth Hour
By IANS,
New Delhi: Private power company BSES Thursday said it has joined hands with the World Wide Fund for Nature (WWF) to observe Earth Hour Saturday when all lights in its offices will be turned out in an attempt to battle climate change.
A huge success last year, the observance of Earth Hour in 2009 saw Delhi save 750 megawatts of power.
Dubai firm asks Kerala goverment to abide by agreement
By IANS,
Kochi: Smart City Dubai, which is to build an IT park in Kochi, Thursday said it had not asked for anything outside the framework agreement signed with the Kerala government.
The Dubai-based builder was responding to Chief Minister V.S. Achuthanandan's statement earlier this month blaming the firm for the delay in the proposed Rs.1,500-crore Smart City Kochi project.
Dubai stocks jump on $9.5 bn bail-out for Dubai World
By DPA,
Dubai: Dubai's main stock market index jumped nearly 3.5 percent Thursday morning, following the government's announcement it would extend $9.5 billion in new aid to troubled giant Dubai World.
The upward movement came in the first hour of trading following the government's announcement.
The new aid will bring to $20 billion the amount of money the governments of Abu Dhabi and Dubai have offered Dubai World and its real estate subsidiary Nakheel since Dubai World announced in November that it would seek to restructure its debts.
Intensified inflationary pressures need cautious checks: RBI
By IANS,
New Delhi : Despite recent easing of food prices, inflationary pressures remain high in India calling for more steps from policy-makers but with due caution such that economic recovery is not harmed, the central bank said Thursday.
"Inflationary pressures have intensified beyond the baseline projections of the Reserve Bank of India and there is risk of supply-side pressures translating into a generalised inflationary process," the apex bank said in a report.
Strong Indian star cast for SAIL Open
By IANS,
New Delhi : A strong Indian contingent will try and stop world record holder Chapchai Nirat of Thailand from extending his lease over the SAIL Open 2010 golf next week.
The Steel Authority of India Limited (SAIL) along with Asian Tour and Professional Golf Tour of India (PGTI) Thursday announced a strong line-up for the event, now in its third year.
The SAIL Open this year will be held at the Delhi Golf Club March 30-April 2 and carry a total prize money purse of $300,000 and will boast of 156 world-class players from across the globe.
L&T bags orders worth Rs.1,181 crore
By IANS,
Mumbai : Engineering and construction major Larsen and Toubro (L&T) Thursday said it has bagged six orders worth Rs.1,181 crore for power transmission and distribution works.
The company's construction division has bagged three orders worth Rs.741 crore from the Gulf market and another worth Rs.440 crore for domestic projects, L&T said in a regulatory filing.
Telecom VAS to touch Rs.200 billion by 2015
By IANS,
Gandhinagar : Value Added Services (VAS) of the telecom sector are expected to touch Rs.200 billion by 2015 from the current Rs.650 million after the introduction of 3G services, an Airtel official said Thursday quoting industry estimates.
Shivan Bhargava, Airtel Gujarat circle chief, said: "VAS revenues contributed 10 percent of total revenues for any operator and this was expected to touch 20 percent in the near future led by growth of the youth segment and internet-based applications."
Late rally pushes Sensex 107 points up
By IANS,
Mumbai : Helped by a late surge in buying, a benchmark index for Indian equities Thursday closed 107 points higher than its previous close.
The rally came as it was the closing of the March series of futures and options contracts.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,458.51 points, closed at 17,558.85 points, 107.83 points or 0.62 percent higher than its previous close at 17,451.02 points.
Wipro unveils global delivery centre in Brazil
By IANS,
Bangalore : Wipro unveiled a global delivery centre at Curitiba in Brazil to serve its global and near-shore clients, the Indian software major said Thursday.
Though Wipro's global IT services business division has been operating in Brazil since 2006, the new centre will enable it to diversify its footprint globally.
"The Curitiba centre will serve as the regional headquarters for our offices located across the Latin American region at Sao Paulo in Brazil and Buenos Aires in Argentina," the company said in a statement here.
Videocon Telecom hopes to make profit in two years
By IANS,
Chennai : Aiming at the third slot in the Indian mobile telephony services sector with a subscriber base of 100 million and investing Rs.14,000 crore, Videocon Telecommunications hopes to make profits in two years time.
"As we add subscribers and roll out value added services (VAS), the company will make profits. By 2013, the company revenue will be $3.4 billion (Rs.1,420 crore)," Videocon Group Chairman Venugopal N. Dhoot told reporters here Thursday.
Break away from orthodox economic models: South Africa minister
By IANS,
Cape Town : Countries like China, Malaysia and Japan have come out of recession by following unorthodox methods which South Africa needs to emulate besides breaking away from classical economic models for development, an Indian-origin Cabinet minister has said.
"South Africa needs to break away from orthodox economic models and start focusing on policies that will respond to the country's development needs," Economic Development Minister Ebrahim Patel was quoted as saying by BuaNews.
Intel Capital invests Rs.115 crore in 3 Indian tech firms
By IANS,
Bangalore : Computer chip maker Intel's investment arm, Intel Capital has invested $23 million (Rs.115 crore) in three technology firms to foster innovation in India, the company said Thursday.
The three firms are July Systems, KLG Systel and MCX.
Intel Capital, however, did not disclose the investment in each of the firms, claiming confidentiality.
The company issued a statement here that funding would be drawn from the Intel Capital India Technology Fund floated in 2005.
Late rally pushes Sensex 113 points up
By IANS,
Mumbai : Helped by a late buying surge, a benchmark index for Indian equities Thursday closed 110 points higher than its previous close.
The late rally came as it was the closing of the March series of futures and options contracts.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,458.51 points, closed at 17,561.48 points (provisonal), 110.46 points or 0.6 percent higher than its previous close at 17,451.02 points.
Jaguar Land Rover eyes 250 units sale in current fiscal
By IANS,
New Delhi : Jaguar Land Rover (JLR), the premium luxury car brand of the Tata group, Thursday hoped to reach a sale-figure of about 250 units by this month-end as it opened its second showroom in the country here.
"We hope to end up selling close to 250 vehicles, both Jaguar and Land Rover. In the 9 months since we opened our first store in Mumbai, we have seen an encouraging response from customers," said Rajiv Dube, president, passenger car business unit, Tata Motors.
Sensex sluggish in afternoon trade, Bharti outperforms
By IANS,
Mumbai : A benchmark index for Indian equities Thursday was trading on a sluggish note in afternoon trade, ruling 18 points higher than its previous close, even as Bharti Airtel's scrip rose on news that its overseas acquisition was almost complete.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,458.51 points, was ruling at 17,469.46 points, 18.44 points or 0.11 percent higher than its previous close at 17,451.02 points.
Kuwait’s Zain approves Bharti’s bid to connect with Africa
By IANS,
New Delhi : India's top telecom company Bharti Airtel was set to become the 7th largest global player in this business, with an approval from Kuwait's Zain to buy its African assets, other than those in Morocco and Sudan, for $10.7 billion.
"The company confirms that the board of directors of Zain met in Kuwait on Wednesday, March 24 to review the latest developments and negotiations related to this matter," the Kuwaiti company said in a statement Thursday.
Google’s exit a plot, says China Daily
By IANS,
Beijing : Google's exit from China is a "deliberate plot", a Chinese daily said Thursday, adding that Google's services in India and some other countries were also "under scrutiny".
An article in China Daily stressed that the US company's withdrawal "from the Chinese mainland is a deliberate plot".
"Google's withdrawal is not a purely commercial act. The incident has from the beginning been implicated in Washington's political games with China."
Abhishek seeks 15 percent copier paper market share
By IANS,
Gandhinagar : Abhishek Industries, the flagship company of the Trident group, is targeting a 15 percent share in the Rs.1,800-crore copier paper market, a company official said Thursday.
Abhishek is the world's largest producer of wheat straw based paper.
Rajinder Gupta, chief executive officer, said the company would increase its revenue by 116 percent over the next year by introducing eco-friendly branded copier paper products across middle and premium segments.
Abhishek has lined up resources to take the copier paper sales to
India’s food inflation falls even as index moves up a tad
By IANS,
New Delhi : India's annual food inflation fell marginally once again to 16.22 percent for the week ended March 13 from 16.3 percent for the week before even as prices of lentils, fruits and vegetables moved up over the past week.
According to data on wholesale price index released by the commerce and industry ministry Thursday, the index for food articles rose 0.1 percent during the week under review, while that for non-food articles fell 0.2 percent.
Zain confirms nod to Bharti’s offer for African telecom assets
By IANS,
New Delhi : Kuwait's Zain Telecom Thursday confirmed that its board of directors has approved the offer from India's top telecom operator Bharti Airtel to acquire its African assets, other than those in Morocco and Sudan.
"The company confirms that the board of directors of Zain met in Kuwait on Wed, March 24 to review the latest developments and negotiations related to this matter," the Kuwaiti company said in a statement Thursday.
Sensex weak in early trade
By IANS,
Mumbai : A benchmark index for Indian equities Thursday was trading weak during morning trade, and was ruling 28 points lower than its previous close, about half an hour since opening bell.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,458.51, points, was ruling at 17,422.77 points, 28.25 points or 0.16 percent lower than its previous close at 17,451.02 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling at 5,210.5 points, a loss of 0.28 percent or 14.8 points from its previous close.
Kuwait’s Zain accepts Bharti’s offer for African assets
By IANS,
New Delhi: It has proved to be third time lucky for India's leading telecom operator Bharti Airtel in clinching a major overseas acquisition.
With barely 24 hours left for its exclusive talks with Kuwait's Zain Telecom to acquire their African unit, sources close to the development Wednesday said the boards of both the companies have now given their consent to the $10.7 billion deal.
"The deal will be signed in a day or two," said a source, adding that it does not include Zain's assets in Sudan and Morocco.
Mahindra FirstChoice mulls listing in 2013
By IANS,
Chennai : Multi-brand, pre-owned car seller Mahindra FirstChoice Wheels may go public in 2013 when its turnover reaches around Rs.2,000 crore, a top company official said.
"Our plan is to go public in five years from the time we got the private equity funding. We got the private equity fund in 2008. We will start planning about public issue in 2013," Rajeev Dubey, president (Human Resource, After Market and Corporate Services), told reporters here Wednesday.
Cleaner petrol, diesel to cost more from April 1
By IANS,
New Delhi : Cleaner -- but costlier -- Euro-IV standard petrol and diesel will be available from April 1 in 13 cities across the country, Petroleum Secretary S. Sundareshan said here Wednesday.
At a function to mark the launch of the cleaner fuel, he said: "From April 1, Euro-IV standard fuel will be available in 13 cities in India". These cities will include Delhi, Mumbai, Kolkata, Chennai, Hyderabad and Bangalore.
Chhattisgarh needs over 52,000 acres for industries
By IANS,
Raipur: The mineral-rich Chhattisgarh needs 52,800 acres of land for 102 industrial projects, Chief Minister Raman Singh said Tuesday.
"Chhattisgarh had signed 118 memorandum of understanding (MoUs) with various companies between a period of 2004-09 for setting up industries in the state. 102 MoUs are presently existing after the government had scrapped 16 of them," he informed the state assembly in a written reply to a question of Leader of Opposition Ravindra Choubey.
India will return to high growth in medium-term: PM
By IANS,
New Delhi: India will log double-digit economic expansion in the medium term, spending $1 trillion on infrastructure from 2012-17, Prime Minister Manmohan Singh said Tuesday, even as the plan panel lowered the growth target for the 11th Five Year plan to 8 percent.
Presiding over a meeting of the full Planning Commission here, the prime minister said the past two fiscal years were difficult for the Indian economy due to the sharp global slowdown and lower food output last year due to the failure of monsoon.
Hero Honda plans unit in Himachal at Rs.2,000 crore
By IANS,
Shimla: Two-wheeler auto major Hero Honda is keen to set up a manufacturing unit in Himachal Pradesh with an outlay of Rs.2,000 crore, an official said Tuesday.
"Hero Honda has shown keen interest in establishing its manufacturing unit in Sirmaur district. It has plans to invest about Rs.2,000 crore," Industries Commissioner Manoj Kumar told IANS.
India lowers growth target for 11th plan to 8 percent
By IANS,
New Delhi:A meeting of the full Planning Commission conducted a mid-term review of the 11th Five Year Plan (2007-12) here Tuesday, and lowered India's targeted growth of 9 percent per annum because of the two trying past years.
"The average rate of growth in the plan period could be a little over 8 percent," said the appraisal document that was placed before the high-level meeting, chaired by Prime Minister Manmohan Singh, while assuring a return to high growth in the medium term.
Cairn now puts Rajasthan oil field at 6.5 bn barrels
By IANS,
New Delhi: Energy major Cairn India Tuesday announced an increase in the total potential resource of its Rajasthan block to 6.5 billion barrels of oil equivalent (boe), which will make it possible to reach a production of 240,000 barrels of oil per day (bopd).
"We have done a comprehensive internal review of the block. We had also asked a US firm, DeGolyer and MacNaughton, to conduct an independent estimate and it was in line with our own estimates," said Cairn India managing director and chief executive officer Rahul Dhir at a press conference here.
Sensex ends with modest gains, healthcare stocks gain
By IANS,
Mumbai: A benchmark index for Indian equities ended with modest gains Tuesday, 40 points higher, with healthcare stocks seeing the bulk of the buying interest.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,422.51 points, closed at 17,451.02 points, 40.45 points or 0.23 percent higher than its previous close at 17,410.57 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty ended at 5,225.3 points against the previous close at 5,205.2 points, a gain of 0.39 percent or 20.1 points.
Maruti Suzuki rolls out first millionth car in a year
By IANS,
New Delhi: The country's largest car manufacturer, Maruti Suzuki, Tuesday became the first automobile company in India to produce one million cars in a year.
"The millionth car manufactured in 2009-10, a glistening red Maruti Suzuki Swift, rolled out from the company's Manesar plant," said the company.
Maruti has now joined the elite club of automobile manufacturers like Toytota, General Motors, Volkswagen, Ford, Honda, Renuault, Nissan and its parent company Suzuki, in producing one million cars in a year.
Private players can also issue infrastructure bonds: Mukherjee
By IANS,
New Delhi : With the funds needed for India's infrastructure development pegged at $1 trillion during the 12th Five Year Plan (2012-17), Finance Minister Pranab Mukherjee Tuesday said private players will also be allowed to issue tax-savings bonds.
The announcement came during a conference organised by the Planning Commission here on the challenges and opportunities ahead in building India's infrastructure, which was presided over by Prime Minister Manmohan Singh.
Prices of sugar, pulses have declined, says government
By IANS,
New Delhi : Prices of sugar and pulses declined in most places across the country in the week ending March 17, the Ministry of Consumer Affairs, Food and Public Distribution said here Tuesday.
"In the week ending March 17, the prices of sugar and pulses have declined in most of the centres where prices are monitored by the Department of Consumer Affairs. Prices of other commodities have generally remained steady at most of the reporting centres," the ministry statement said.
Sensex closes 30 points up
By IANS,
Mumbai : A benchmark index for Indian equities Tuesday shut shop 30 points higher, crawling up from the red in the last session.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,422.51 points, closed at 17,440.71 points (provisional), 30.14 points or 0.17 percent higher than its previous close at 17,410.57 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty ended at 5,223.6 points against the previous close at 5,205.2 points, a gain of 0.35 percent or 18.4 points.
Toshiba, Bill Gates to develop advanced nuclear reactor
By DPA,
Tokyo : Toshiba Corp and Microsoft Corp chairman Bill Gates are to work to develop an advanced nuclear reactor, the Japanese company said Tuesday.
Its statement confirmed a report earlier Tuesday from Japan's Nikkei business daily, which said Toshiba would provide Gates' company TerraPower with the expertise to manufacture nuclear power equipment.
Per capita availability of food grains, cereals down
By IANS,
New Delhi : Per capita availability of food grains and cereals has been decreasing in India -- at a time when the government is planning to enact a law to ensure food security.
Latest data from the agriculture ministry show that the per capita availability of food grains had fallen to 436 grams per day in 2008 from 442.8 grams in 2007. In 2006, it was 445.3 grams.
Similarly, the per capita availability of cereals had slid to 394.2 grams a day in 2008 from 407.4 grams in 2007. In 2006, it was 412.8 grams.
Wholesale trade strike against VAT in Maharashtra
By IANS,
Mumbai : Wholesale trade in all commodities in Maharashtra halted Tuesday following a strike against the proposed hike in Value Added Tax (VAT), the Federation of Associations of Maharashtra (FAM) said.
"We have received reports from all over Maharashtra and there is total response to the strike. Around 750 different associations of wholesalers and their 600,000-plus members have participated," Mohan Gurnani, president of FAM that called the strike, told IANS.
Toshiba, Bill Gates to develop advanced nuclear reactor
By DPA,
Tokyo : Toshiba Corp and Microsoft Corp chairman Bill Gates are to work together to develop an advanced nuclear reactor, the Nikkei business daily reported Tuesday without citing sources.
The joint project would develop a next generation "travelling-wave reactor", which could operate for up to 100 years without refuelling, the paper said. At present, light-water nuclear reactors require refuelling every few years.
Sensex pares early morning gains
By IANS,
Mumbai : A benchmark index for Indian equities Tuesday pared its early morning gains and was ruling just 28 points higher, a couple of hours into trade.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,422.51 points, was ruling at 17,438.54 points, 27.97 points or 0.16 percent higher than its previous close at 17,410.57 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling at 5,216.6 points against the previous close at 5,205.2 points, a gain of 0.22 percent or 11.4 points.
Double-digit growth within India’s reach: Manmohan Singh
By IANS,
New Delhi : Promising a renewed focus on infrastructure that will need $1 trillion in investment during 2012-17, Prime Minister Manmohan Singh Tuesday said India will grow at 8.5 percent next fiscal, accelerating to 10 percent in the medium term.
"Despite adverse global situation, the Indian economy grew by 6.7 percent during fiscal 2008-09, which will accelerate to 7.2 percent this fiscal that ends in a few days time," the prime minister told a conference organised by the Planning Commission.
Jindal to invest $10 bn in Orissa project
By IANS,
Bhubaneswar : Jindal Steel and Power will invest $10 billion to set up a coal-to-liquid plant and a 2,000 MW thermal power plant in the state, the company's Managing Director Naveen Jindal said here.
He said an agreement with the Orissa government will be signed in the next two to three months for setting up the coal-to-liquid project. In the plant, different processes and technology will be used to convert coal into liquid fuels such as gasoline or diesel.
$1 trillion required for infrastructure development
By IANS,
New Delhi : An investment of over $1 trillion is required in the infrastructure sector during the 12th Five Year Plan (2012-2017), Planning Commission Deputy Chairman Montek Singh Ahluwalia said Tuesday.
"A preliminary assessment suggests that investment in infrastructure during the 12th plan would need to be of the order of about Rs.40.99 lakh crore ($1,025 billion) to achieve a share of 9.95 percent as a proportion of GDP," he said in a report on the sector.
India to grow 8.5 percent next fiscal: Manmohan Singh
By IANS,
New Delhi : The Indian economy will grow at 8.5 percent during the next fiscal, even as the government will do everything possible to ensure a mid-term target of 10 percent annual expansion, Prime Minister Manmohan Singh said Tuesday.
"Despite adverse global situation, the Indian economy grew by 6.7 percent during fiscal 2008-09, which will accelerate to 7.2 percent this fiscal that ends in a few days time," the prime minister told a conference organised by the Planning Commission.
India is a fast-growing market for consumer goods: Amway
By Arun Kumar, IANS,
Washington : A rapidly expanding middle class with high aspirations and a growing appetite for quality goods make India an attractive investment destination for consumer goods companies, says Amway chairman Steve Van Andel.
"The sheer size of the market, its relatively young population and economic and social stability all work in India's favour," Andel, who has been running America's leading $8.2 billion direct selling company since 1995, told IANS in an e-mail interview.
India to produce currency paper at Mysore
By IANS,
Mysore (Karnataka) : India is setting up a mega currency paper mill here in Karnataka to become self-reliant in printing currency notes and check circulation of fake ones, Finance Minister Pranab Mukherjee said here Monday.
"For a vast and growing country like India, self-reliance in the manufacturing of currency notes is of strategic importance," Mukherjee said after laying the foundation stone for the Rs.1,500-crore paper plant at the Bharatiya Reserve Bank Note Mudran Pvt Ltd, a subsidiary of the central bank.
Mysore is 150 km from state capital Bangalore.
Hike in bank rates to hit growth in near-term: RBI
By IANS,
Bangalore: India's central bank late Monday admitted that the recent hike in its policy rates would affect growth in the near-term but maintained it would consolidate in the medium-term.
"We have to sacrifice a little bit of growth in the near-term in order to consolidate the medium-term growth," Reserve Bank of India (RBI) Governor D. Subba Rao told reporters here.
West Bengal announces Rs.250-cr urban job scheme
By IANS,
Kolkata: In a move to win over the urban youth ahead of next year's assembly elections, West Bengal Finance Minister Asim Dasgupta Monday proposed an urban employment scheme with an initial outlay of Rs.250 crore as he presented a Rs.4 crore deficit budget for 2010-11.
"To begin with, I propose to allocate an amount of Rs.250 crore for this project in the next year," Dasgupta said.
Dasgupta, quoting the national sample survey data in his last year's budget speech, had said that there were 33.37 lakh unemployed in the state.
GAIL plans LNG terminal in Papua New Guinea
By IANS,
New Delhi: State-run Gas Authority India Limited is venturing into Papua New Guinea with a possible stake in a new Liquefied Natural Gas (LNG) terminal, a company official said Monday.
"We are examining the possibility of having a stake in the LNG terminal in Papua New Guinea," chairman and managing director, GAIL, B.C. Tripathi told reporters here.
He was speaking on the sidelines of the two-day sixth Asia Gas Partnership Summit jointly organized by GAIL and Federation of Indian Chambers of Commerce and Industry.
Bank rates hiked to rein inflation, says RBI governor
By IANS,
Bangalore: The bank rates were raised March 19 by 25 basis points to contain the wholesale price index (WPI) inflation rate, which shot up to 9.9 percent in February, Reserve Bank of India (RBI) governor D. Subba Rao said late Monday.
"Given the inflation pressures and given the growth is consolidating, some normalisation was required. Both the repo rate and reverse repo rates were increased by 25 basis points to contain the inflationary pressures," Rao told reporters here.
Only banks should finance autorickshaws, suggests government
By IANS,
New Delhi: The Delhi transport commissioner Monday submitted before the Delhi High Court that checks on illegal permits can be done when only banks are allowed to finance the three-wheelers operating in the capital.
Appearing before the division bench of acting Chief Justice Madan B. Lokur and Justice Mukta Gupta, Transport Commissioner R.K. Verma said that because a number of private financers were operating in the city, illegal trading in permits was going on.
Tata engineering firm acquires British company
By IANS,
Mumbai: Engineering solutions firm TRF Ltd, a Tata group company, announced Monday it was acquiring UK-based firm Hewitt Robins International for approximately $4.5 million.
"The board of directors of the company at its meeting held on March 22 approved the acquisition of Hewitt Robins International Ltd of United Kingdom at a total consideration of 3 million pounds," said the company in a regulatory filing.
Hewitt Robins is engaged in design, manufacturing of screens, mobile crushing and related products in the quarrying, mining, recycling, iron and steel industries.
Wholesalers in Maharashtra to shut shop against VAT hike
By IANS,
Mumbai : Wholesale trade in all commodities in Maharashtra will grind to a halt Tuesday following a strike against a proposed hike in Value Added Tax (VAT).
The strike has been called by the Federation of Associations of Maharashtra (FAM).
All the major wholesale markets in Mumbai, Navi Mumbai, Nashik and other district headquarters would remain shut for the day, a FAM officie bearer said here Monday.
"The strike has the support of over 700 different associations across the state and their 600,000-plus members," FAM General Secretary Arun Doshi told IANS.
Decision on milk prices taken by state federations: Pawar
By IANS,
New Delhi : Asserting that his ministry had nothing to do with hiking milk prices, Agriculture Minister Sharad Pawar Monday said it was the state milk federations that had decided to raise the prices.
"It is the decision of state (milk) federations," Pawar told reporters when asked about the milk price hike particularly in major cities like Delhi.
Pawar did not say whether his ministry was planning to control the rise in price of milk.
Sensex slips 1 percent
By IANS,
Mumbai : A benchmark index for Indian equities Monday closed almost a percent lower, ending four consecutive sessions of gains.
The markets had begun the day with a negative bias after the Reserve Bank of India Friday hiked key policy rates by 25 basis points. Interest-sensitive sectors such as realty and auto suffered the most.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,481.96 points, shut shop at 17,410.57 points, 167.66 points or 0.95 percent lower than its previous close at 17,578.23 points.
LPG cylinder gets dearer by Rs. 40 in Delhi
By IANS,
New Delhi : The Delhi government Monday announced increase in the price of LPG cylinders by Rs.40 each, a move that many Delhiites will find hard to digest in the face of soaring inflation in food prices.
While presenting the annual budget for the national capital in the assembly, Finance Minister A.K. Walia proposed withdrawing the subsidy on LPG (Liquefied Petroleum Gas) in the state.
Chief Minister Sheila Dikshit said the subsidy was given for LPG when the inflation rate was very high.
‘Natural gas prices may be revised soon’
By IANS,
New Delhi : Prices of natural gas from fields of state-run ONGC and Oil India may be revised soon, Petroleum Secretary S. Sundereshan said here Monday.
"The minister (for petroleum and natural gas, Murli Deora) just now told me that it is in the final stages of decision making in the government. So the decision could be there very soon," he told reporters at the sixth Asia Gas Partnership Summit.
The petroleum ministry had proposed the hiking of price of the gas under administered pricing mechanism from $1.79 per million British thermal unit to $2.32 per mmBtu.
‘Coke caused loss of Rs.216.26 crore in Kerala’
By IANS,
Thiruvananthapuram : Soft drink giant Coca Cola has caused socio-economic damage amounting to Rs.216.26 crore in Plachimada village of Kerala's Palakkad district, said a report submitted to state Water Resources Minister N.K. Premachandran here.
A nine-member panel headed by Additional Chief Secretary K. Jayakumar presented the report Monday to the minister. Jayakumar said the government should set up a tribunal and compensate the loss suffered by the villagers of Plachimada.
RBI seeks banking services in all villages by March 2012
By IANS,
Bangalore : The Reserve Bank of India (RBI) Monday asked banks to draw a roadmap to provide financial services to all villages with a population of over 2,000 by March 2012.
"The lead bank in each district has been asked to draw a roadmap by this month (March 2010) for ensuring that all villages with a population of over 2,000 will have access to financial services through a banking outlet, not necessarily a bank branch, by March 2012," RBI Governor D. Subbarao said here.
PC sales up 42 percent in third quarter
By IANS,
New Delhi : Buoyed by increased demand from the corporate sector, sales of personal computers (PC), including netbooks, rose 42 percent in the third quarter of the current fiscal at two million units, an industry forum said Monday.
Desktop sales increased 27 percent at 1.35 million units. Netbooks and notebooks together recorded a sale of 6.6 lakh units, growing 90 percent respectively, compared to the like period in the previous fiscal, the Manufacturers' Association for Information Technology (MAIT) said in its quarterly report.
Sensex ends 1 percent lower
By IANS,
Mumbai : A benchmark index for Indian equities Monday closed a percent lower as selling pressure spread through the breadth of the markets.
The markets had begun the day with a negative bias after the Reserve Bank of India Friday hiked key policy rates by 25 basis points. Interest sensitive sectors such as realty and auto suffered the most.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,481.96 points, shut shop at 17,393.11 points, 185.12 points or 1.05 percent lower than its previous close at 17,578.23 points.
Don’t politicise issue, Chinese daily tells Google
By IANS,
Beijing : Google should not "politicise" the row with the Chinese government, an editorial in a Chinese daily said, adding that the US internet giant has "suddenly announced it no longer wants to follow the rules it had no trouble following earlier".
China Daily editorial Monday said: "Business is business. But when it involves political tricks, business will come to an end soon. The more Google politicises the issue, the less room it leaves for itself for further negotiations."
Canon to launch 40 new products in India by June
By Sakshi Gulati, IANS,
New Delhi : Japanese office automation and imaging giant Canon would launch 40 new products, including a wide range of digital cameras and printers, in the Indian market over the next three months, a company official said.
"We are launching 40 new products by June. These include digital cameras, video cameras, printers and copiers. At present, we have 148 products. These new launches will replace older ones," Canon India senior vice president Alok Bhardwaj said.
Jay Shree Tea to acquire M.P. Chini Industries
By IANS,
Kolkata : City-based Jay Shree Tea and Industries, a B.K. Birla group company, Monday said it will acquire an unlisted sugar firm M.P. Chini Industries for Rs.112.50 crore by the next month.
Jay Shree Tea informed this to the Bombay Stock Exchange (BSE).
M.P. Chini, with a capacity of 4,600 TCD (tonnes of cane per day) at Majhaulia in Bihar, is having a cogeneration capacity of six megawatt for captive use.
The acquisition cost is being funded through a mix of internal accruals and debts.
Tata Motors to set up heavy truck plant in Myanmar
By IANS,
Kolkata : Tata Motors Monday signed a turnkey contract with Myanmar Automobile & Diesel Industries Limited, a government enterprise, to set up a heavy truck plant at Magwe, around 480 km from Yangon.
The project has been funded by a line of credit from the Indian government.
The facilities planned at the plant include a flexible chassis and frame assembly line along with a cab manufacturing, painting and trimming setup, a company statement here said.
Pranab sticks to 7.2 percent growth in 2009-10
By IANS,
Bangalore : Finance Minister Pranab Mukherjee Monday said the government was sticking to an estimated 7.2 percent growth rate for this fiscal (2009-10) and 8.5 percent for 2010-11.
"I have given some indication in the budget speech and the economic survey. So far as this year is concerned, we are sticking to 7.2 percent GDP (Gross Domestic Product)growth and 8.5 percent for 2010-11," Mukherjee said.
The finance minister was talking to reporters on the margins of a workshop on financial
Sensex crawls up after weak start
By IANS,
Mumbai : A benchmark index for Indian equities Monday was trying to pare its early morning losses and was ruling 28 points lower a couple of hours into trade.
The markets had begun the day with a negative bias after the Reserve Bank of India's Friday evening decision to hike key policy rates by 25 basis points each.
At 11 a.m. the 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,481.96 points, was ruling at 17,549.40 points, 28.83 points or 0.16 percent lower than its previous close at 17,578.23 points.
L&T to build 36 high speed boats for coast guard
By IANS,
Mumbai : Infrastructure construction major Larsen & Toubro (L&T) will design and construct 36 high speed interceptor boats worth Rs.970 crore for the Indian Coast Guard, the company announced here Monday.
The contract, awarded by the defence ministry, is one of the initiatives of the government to strengthen coastal security.
The interceptor boats will have aluminium-alloy hull construction with water jet propulsion to enable quick response, necessary for the intended applications, and shall be also crucial for near shore action.
Organic veggies to make good business for Himachal hotels
By Vishal Gulati, IANS,
Shimla : Guests at two top hotels run by Himachal Pradesh Tourism can soon savour fresh, organically-cultivated vegetables on the menu. What's more, these will be grown in kitchen gardens on the premises, making for good business.
"We are developing kitchen gardens at Chail Palace hotel at Chail and Hotel Pinewood at Barog to grow vegetables and other off-seasonal crops. For this, special polyhouses would be constructed there," Himachal Pradesh Tourism Development Corporation (HPTDC) managing director Subhashish Panda told IANS.
Bharti ties up $8.3 bn deal with Kuwait’s Zain Telecom
By IANS,
New Delhi: India's leading telecom operator Bharti Airtel Sunday announced it has tied up the whole financing requirement of $8.3 billion (Rs.37,350 crore) debt for its planned acquisition of Kuwait-based Zain Telecom's African unit.
"The financing was over-subscribed with major international banks committing to underwrite the total amount," the company said in a statement.
Bharti would pay $9 billion (Rs.40,500 crore) to acquire Zain's assets spread across 15 African countries. It will adopt $1.7 billion (Rs.7,650 crore) of Zain's debt.
Agartala to be India’s first green city
By IANS,
Agartala : Tripura Sunday announced plans to make all public and private vehicles in Agartala run on compressed natural gas (CNG) by 2013, thus making the capital "India's first green city".
Tripura Natural Gas Co Ltd (TNGCL), a joint venture of the Gas Authority of India Ltd (GAIL) and the Tripura and Assam governments, has undertaken a project to supply CNG to all private and government vehicles.
CNG will also be available to those now using electricity, petrol and diesel to run various machineries.
Pharma majors locked in legal battle over trademark
By IANS,
Ahmedabad : A legal battle is afoot among the pharma majors and local companies of Gujarat over ownership of a trademark.
The issue came to the fore when multinationals Pfizer and Ranbaxy knocked the doors of the Gujarat High Court after two local pharma companies, Parth and Pearl, filed a complaint alleging illegal use of their trademark, Capsola.
The police moved against the local company personnel under provisions of the IPC besides the trademark laws.
Philips sees healthcare, lighting pushing India growth
By Rahul Das, IANS,
Panaji : The Indian arm of Dutch consumer electronics giant Philips sees a vast potential in healthcare business and has launched its first cardiovascular X-ray system developed here, with plans for exports.
The company, which reported revenues of Rs.32 billion (over $700 million) in 2008, sees the growing healthcare market in India, along with lighting and lifestyle segments, spurring the group's growth in the coming years.
India is the place where the world has to invest: Purnendu Chatterjee
By James Jose and Sakshi Gulati, IANS,
New Delhi : Global investor Purnendu Chatterjee has identified life science as an area where he foresees great potential for investment in India, but with a totally different model on new drug discovery from what has been adopted by the developed world.
"India and China have 2.5 billion people. If we figure out how to design drugs that are not using the model of the US drug discovery system, then we can even solve the world's problems," said the founder of The Chatterjee Group, based in Mumbai and New York.
Malaysian Indian enterprises need 100,000 foreign workers
By IANS,
Kuala Lumpur : Projecting a requirement of 100,000 foreign workers, a Malaysian Indian trade body wants a dialogue with Prime Minister Najib Tun Razak over the prevailing shortage of foreign labour in the country.
Malaysian Associated Indian Chamber of Commerce of Industry (Maicci) president K.K. Eswaran said various trade associations had sought the chamber's help to resolve their labour shortage.
"We have compiled a memorandum detailing the needs of the various associations to present to Najib," Eswaran said.
Dubai records pearl trade worth over $27 mn in 2009
By IANS,
Dubai : Pearls trade in Dubai has crossed the record $27 million mark last year, registering 30 percent increase in the import of the precious gem from several countries including India and Australia.
The total transaction of pearls was worth AED 99.6 million ($27.11 million) in 2009, the Dubai Pearl Exchange, a subsidiary of Dubai Multi Commodities Centre Authority (DMCCA), said Saturday.
Singapore to import fruits, vegetables from Andhra
By IANS,
Hyderabad: Singapore President S.R. Nathan Saturday agreed in principle to import fruits and vegetables from Andhra Pradesh, the chief minister's office said.
During the meeting with Chief Minister K. Rosaiah here, the visiting president assured him that he would convince the industrialists and investors in his country to invest in Andhra Pradesh. He also invited Rosaiah to visit Singapore.
"Mr. Nathan agreed in principle to import fruits and vegetables from Andhra Pradesh through societies in large scale," said a statement from the chief minister's office.
Haryana to plant 50 million trees in 2010-11
By IANS,
Chandigarh: Announcing the launch of its 'Mission Green Haryana', the state government Saturday said 5 crore (50 million) saplings would be planted across the state during 2010-11.
Chief Minister Bhupinder Singh Hooda said plants would be made available in the nurseries of the forest department for plantation and free distribution to farmers, public and institutions during the next financial year.
West Bengal received Rs.7,000 crore investment in 2009
By IANS,
Kolkata: West Bengal received Rs.7,000 crore of investment in 2009, Chief Minister Buddhadeb Bhattacharjee said here Saturday.
Addressing a State Summit organised by Bengali news channel Chobbis Ghanta, he said the figure was a vast improvement over 2008, when only Rs.4,000 crore had come in to the state.
Industries Minister Nirupam Sen said the state had received expressions of interest of Rs.44,390 crore for 206 units in 2009.
Bhattacharjee said the state registered an agricultural growth rate of four percent last year.
ONGC-Videsh favours joint exploration with Russian firms
By IANS,
Chennai: State-run overseas oil and gas exploration company ONGC Videsh Ltd (OVL) wants to bid jointly with Russian companies for hydro-carbon projects in that country, a top government official said Saturday.
"We have strongly put forth to the Russian government for OVL to bid jointly with Russian companies - Rosnet Oil Company and Gazprom - for oil and gas exploration projects in Russia," Petroleum and Natural Gas Secretary S. Sundareshan told reporters here.
Lafarge denies mining in Meghalaya despite court ban
By IANS,
Shillong: Lafarge Umiam Mining Private Limited (LUMPL), a subsidiary of French firm Lafarge, Saturday dismissed a civil society group's allegations that the company was ignoring the Supreme Court's stay on mining in Meghalaya.
On Thursday, Shella Action Committee (SAC), a Meghalaya-based civil society group, accused Lafarge of carrying on with quarrying activities in Shella, bordering Bangladesh, some 100 km South from here.
UN chief in West Bank to push for peace talks
By IANS,
Ramallah: UN Secretary General Ban Ki-moon arrived in the West Bank city of Ramallah Saturday to push for talks that would eventually lead to direct negotiations between Israel and Palestine.
Upon arrival, Palestinian Prime Minister Salam Fayyad took Ban on a tour of the concrete barrier Israel is building in the occupied territory to secure its settlements, Xinhua reported.
Ban said the Jewish settlements made the situation difficult and called on Israel to take more steps to ease the life of Palestinians, especially in the blockaded Gaza Strip.
Sensex outperforms global indices, gains 2.4 percent
By IANS,
Mumbai: Benchmark indices of Indian equities outperformed their global peers over the week, even though the rally ran out of steam in the last two days.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) moved up 411.61 points or 2.4 percent to end at 17,578.23 points Friday.
The broader S&P CNX Nifty of the National Stock Exchange (NSE) too posted gains to end the week at 5,262.8 points, up 124 points or 2.5 percent.
Serious implications of strike at Haldia: Tata Chemicals
By IANS,
Kolkata: Issuing a veiled threat, Tata Chemicals Friday said the ongoing strike of contractors' workers at its factory in West Bengal's Haldia will have "serious implications" on the unit's future and the industrial township may not be seen as a preferred business location.
India’s central bank hikes rates to ease prices
By IANS,
Mumbai: In a bid to tame the price rise by sucking excess money out of the system, India's central bank Friday hiked two major policy rates by 25 basis points each, a move that industry said could impact growth.
The repo rate now stands revised to 5 percent and the reverse repo rate to 3.5 percent, marking an end to the easy monetary policy regime of the Reserve Bank of India (RBI).
The repo rate is the interest charged by the RBI on borrowings by commercial banks. A hike in the rates makes cost of borrowing costlier for the commercial banks.
Nine companies apply for 3G
By IANS,
New Delhi : Nine telecom operators, including market leaders Bharti Airtel and Reliance Communications, have applied for radio frequency spectrum to provide third generation (3G) telephony.
"Nine companies have applied for 3G," a department of telecommunications (DoT) official said here Friday, the last day for submitting applications.
For broadband services, the department has received applications from 11 companies, including Bharti Airtel, Qualcomm, Tata Communications, Tikona and Vodafone.
California seeks more Indian tourists
By IANS,
New Delhi : Aiming to increase the number of Indian tourists coming to California, the California Travel and Tourism Commission (CTTC) Friday launched their local office in the national capital.
"India is an important international travel market that has shown significant growth to the US in recent years. It is one of the top 10 international markets for California," said Caroline Beteta, CTTC president and national chair of the US Travel Association.
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.
Sensex gains 59 points
By IANS,
Mumbai : A benchmark index for Indian equities closed on a flat note Friday with a gain of 59 points.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,531.47 points, shut shop at 17,578.23 points, up 58.97 points or 0.34 percent from its previous close.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty ended at 5,255.2 points against the previous close at 5,245.9 points, a gain of 0.18 percent or 9.3 points.
Cabinet approves $2.18 bn investment in Venezuela oil block
By IANS,
New Delhi : The cabinet Friday approved an investment of $2.18 billion (Rs.10,900 crore) by three state-run companies - ONGC Videsh, Indian Oil Corporation and Oil India - in Venezuela's Carbobo oil block.
"The three companies, which together have an 18 percent equity interest in the project were awarded the block in consortium with Spain's Repsol YPF SA (REP) and Malaysia's Petroliam Nasional Bhd," Home Minister P Chidambaram told reporters after a meeting of the Cabinet Committee on Economic Affairs (CCEA).
India wants US help to become a world-class manufacturing hub
By Arun Kumar, IANS,
Washington : India has invited US companies to take advantage of its rapid growth and help shape the country into a world-class manufacturing hub with greater investment in its infrastructure.
"Just as our strategic partnership has matured and grown, Indo-US trade and investment has increased dramatically over the past 20 years," India's Commerce and Industry Minister Anand Sharma said at a gathering Thursday of top US and Indian business executives hosted by the US-India Business Council (USIBC.
US stocks mixed on hopes of economic recovery, low inflation
By DPA,
New York : Major US stock indices were mixed Thursday as government figures showed consumer prices were flat in February and a private research group's gauge of the economy signalled a slow but continuing recovery.
The Dow Jones Industrial Average rose for the eighth straight day and is trading at its highest level in 17 months.
Obama signs $18-bn jobs bill
By DPA,
Washington: US President Barack Obama Thursday signed a nearly $18-billion jobs bill into law, hoping the measure will be the first of many to bring the labour market out of a long slump.
The HIRE act contains about $13 billion worth of tax incentives for small businesses to hire new workers and another $5 billion in extensions of infrastructure spending.
Obama, who signed the bill at the White House, said the jobs stimulus would "promote a strong dynamic private sector" to help reduce unemployment, which remained at 9.7 percent in February.
POSCO seeks Orissa government help in land acquisition
By IANS,
Bhubaneswar: South Korean steel major POSCO, which proposes to set up a $12 billion steel plant in Orissa, has sought the state government's help in acquiring land for its proposed project.
A POSCO delegation met officials Thursday to help it in acquiring 4,004 acres of land after villagers rejected a rehabilitation package announced by the company.
Five companies apply for 3G spectrum
By IANS,
New Delhi: Five telecom service operators, led by market leaders Bharti Airtel and Reliance Communications, have submitted their applications for the radio frequency spectrum for third generation telephony, officials said Thursday.
The government has also received applications for broadband services from QuLCOMM, Tata Communications, Tikona and Vodafone. The other three firms that have applied for 3G spectrum are Tata Teleservices, Britain-based Vodafone and Etisalat from the Gulf.
Omar says extend LoC Trade to 4 days per week
By Chaman Koul, AIP
Jammu: The Jammu and Kashmir government is seeking permission for extending the trans-LoC trade between India and Pakistan from two to four days a week, besides increasing the number of items enlisted for trade.
Given the massive increase in the volume of barter, the government has already submitted detailed projects worth Rs 75 crore for infrastructure up gradation at the twin border windows; the state legislature was informed on Wednesday.
Daimler to set up plant near Chennai to produce trucks
By IANS,
Chennai : Daimler India Commercial Vehicle Pvt Ltd, the 100 percent Indian subsidiary of German automobile giant Daimler AG, Thursday said it is setting up a plant near here to roll out 36,000 trucks by 2012.
"We will start with making 25-49-tonne trucks followed by 9-12 tonnes trucks. We have developed prototypes of the trucks for the Indian market which will be tested on the test tracks built here," Marc Llistosella, the company's chief executive, told reporters after inaugurating a test track at its Oragadam plant complex near here.
World’s oldest brokerage vanishes under globalising Indian umbrella
By Dipankar De Sarkar, IANS,
London : The world's oldest brokerage firm has faded into history after its famous name was scratched out by its Indian owners as part of ambitious plans to establish a global financial services umbrella.
Indian financial services giant Religare, which acquired the 200-year-old British firm Hichens Harrison in 2008 to be known as Religare Hichens Harrison in London, renamed itself Religare Capital Markets at an event Wednesday.
Microsoft to launch Office 2010 for Indian users in June
By IANS,
New Delhi : Global software giant Microsoft Corp will launch the latest version of its popular application suite MS Office 2010 for Indian users in June, a top official said here Thursday.
"The Office 2010 will be available for both businesses and consumers in June," Microsoft Corp's India chairman Ravi Venkatesan told reporters here on the sidelines of an seminar on social inclusion here.
Drug firm Strides to buy out Aspen stake in JVs
By IANS,
Bangalore : Leading Indian generic drug maker Strides Arcolab will buy out 50 percent of the stake Aspen Pharmacare Holdings Ltd of South Africa has in their two oncology joint ventures (JVs) for $117 million (Rs.532 million), the company said Thursday.
Post-acquisition, the two JVs-Onco Therapies Ltd India and Onco Laboratories Ltd Cyprus-will become subsidiaries of the Bangalore-based Strides.
Thuraya to develop high-speed satellite broadband solution
By IANS,
Abu Dhabi : Thuraya is to develop a high-speed broadband terminal for the maritime industry in partnership with Comtech, WAM news agency reported Thursday.
The new terminal, which is designed and built incorporating leading market technology, is set for launch in September.
Sensex closes flat on a dull trading day
By IANS,
Mumbai : A benchmark index for Indian equities closed a modest 29 points up Thursday on what was a rather dull day of trade.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,492.81 points, shut shop at 17,519.26 points, up 29.18 points or 0.17 percent from its previous close.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty ended at 5,245.9 points against the previous close at 5,231.9 points, a gain of 0.27 percent or 14 points.
Chhattisgarh asks telecom firms to get towers legalised
By IANS,
Raipur : The Chhattisgarh government has asked telecom companies to get their illegal mobile towers in the state capital legalised within a month.
Official sources said Raipur had just 182 mobile towers till Feb 2009, but in the past one year their number has risen to 383 and most of these had been installed illegally.
Sensex closes flat on dull trading day
By IANS,
Mumbai : A benchmark index for Indian equities closed a modest 44 points up Thursday on what was a rather dull day of trade.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,492.81 points, shut shop at 17,534.54 points (provisional), up 44.46 points or 0.25 percent from its previous close.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty ended at 5,250.9 points against the previous close at 5,231.9 points, a gain of 0.36 percent or 19 points.
Daimler to set up plant near Chennai to produce trucks
By IANS,
Chennai : Daimler Commercial Vehicle India Ltd Thursday said it will set up a plant near here to produce commercial vehicles.
The company would invest Rs.4,400 crore over the next five years to manufacture light, medium and heavy commercial vehicles, said Marc Llistosella, chief executive of the company, after inaugurating a truck testing facility of the firm.
The plant will have an initial production capacity of 36,000 units in the first phase, which will be raised to 75,000 units, he said.
ArcelorMittal may shift plant to another site in Jharkhand
By IANS,
Ranchi : ArcelorMittal, the world's largest steel maker, may shift its 12 million tonne project in Jharkhand from the previously selected site near Khunti to Bokaro district due to land acquisition problems.
The company has written to the state industries department seeking basic infrastructure in the new site.
"If we get the water and other necessary infrastructure clearance then we will shift the project," T.S. Prasad, general manager and in-charge of the project, told IANS.
India has pricing, security concerns over Iran pipeline: Krishna
By IANS,
New Delhi : A day after Iran and Pakistan sealed pacts to launch a long-discussed gas pipeline, India Thursday said it was in touch with Tehran to resolve issues relating to pricing and security on what had started off as a tri-nation project.
"We are in consultation with the government of Iran. We have certain issues about pricing and security of the pipeline," External Affairs Minister S.M. Krishna told reporters when asked about the exclusion of India from the pipeline project.
"They (issues) have been taken up with the government of Iran," Krishna said.
Prices of essential commodities reducing: Pawar
By IANS,
New Delhi : Agriculture Minister Sharad Pawar Thursday said prices of essential commodities, including sugar, were coming down.
"The situation is definitely changing and it is a good sign," Pawar told reporters here after inaugurating the National Conference for Kharif Campaign that is aimed at improving productivity during the upcoming sowing season.
Drop in lentils, cereal prices lowers food inflation
By IANS,
New Delhi : India's annual food inflation fell to 16.30 percent for the week ended March 6 from 17.81 percent a week before largely due to a drop in prices of lentils, cereals and vegetables.
According to the data on wholesale price index released by the industry ministry Thursday, the indices for both food articles and non-food articles fell 1.09 percent and 0.6 percent respectively during the week.
Prices of essential commodities coming down: Pawar
By IANS,
New Delhi : Union Agriculture Minister Sharad Pawar Thursday said the prices of essential commodities, including sugar, were coming down.
"The situation on rising prices of sugar, potato and other essential commodities have improved. The situation is definitely changing and it is a good sign," Pawar told reporters after inaugurating a conference on the Kharif Campaign.
Driven by increasing food prices, India's annual rate of inflation, based on the wholesale price index, rose to 9.89 percent in February from 8.56 percent the previous month.
India a terrific example for Africa: Togo PM
By Manish Chand, IANS,
New Delhi : Togo's Prime Minister Gilbert Fossoun Houngbo says Africa is increasingly looking at India as a knowledge power and believes Indian enterprises should scale up investment in the West African country.
"Africa's expectation is to benefit from other countries in the South. India is a terrific example," Houngbo, enthused by the success of the India-Africa business conclave here this week, told IANS in an interview.
Insurance regulator warns against Aetna Healthcare
By IANS,
Chennai: The Insurance Regulatory and Development Authority (IRDA) Wednesday warned the public not to subscribe to any healthcare plans sold by the Bangalore-based Aetna Healthcare Networks (India) as it is not licensed to sell insurance plans.
The insurance regulator has said Aetna Healthcare operating from Vittal Malya Road in Bangalore is selling health insurance and collecting money from the applicants subscribing to the same.
India, US to work for balanced Doha outcome
By Arun Kumar, IANS,
Washington: India and the US have agreed to work in six key areas including trying to reach "a balanced and ambitious outcome in the Doha Development Agenda" under a new set of rules of commercial engagement.
Signed here Wednesday by Commerce and Industry Minister Anand Sharma and US Trade Representative (USTR) Ron Kirk, the "Framework for Cooperation on Trade and Investment" is aimed at facilitating trade and investment flows between the two countries.
Manthan Systems eyes acquisitions overseas for growth
By IANS,
Bangalore: Business intelligence and analytics product firm Manthan Systems is scouting for strategic acquisitions overseas to expand into new geographies and maintain growth, a top company official said Wednesday.
"We are looking at collaborating and acquiring organisations in the retail business intelligence (BI) space to help us leverage our abilities to create better products and reach a wider audience worldwide," Manthan founder and chief executive Atul Jalan told reporters here.
Hyderabad is a free zone for job-seekers, rules apex court
By IANS,
New Delhi: Amid the ongoing stir to bifurcate Andhra Pradesh for creating a separate state of Telangana, the Supreme Court has reiterated that the state capital Hyderabad would continue to be a "free zone" entitling people from other parts of the state to compete for government jobs.
A bench of Justice G.S. Singhvi and Justice Mukundakam Sharma reiterated the court's old stand while dismissing a lawsuit by the Andhra Pradesh government seeking review of its October 9, 2009, ruling.
Upbeat on India, IMF forecasts 8 percent growth
By Arun Kumar, IANS,
Washington: In an upbeat assessment of India's growth outlook, the International Monetary Fund (IMF) forecasts India's economic growth to accelerate to 8.0 percent in 2010-11 from 6.75 percent in 2009-10.
However IMF in its latest Article IV consultation paper issued Wednesday also cautioned India on the need to rein in high inflation and rising fiscal deficit.
"With India's long-term prospects remaining strong and private sector balance sheets sound, we expect growth to be back at potential in 2010-11 even if advance economies grow below trend," it said.
IMF forecasts 8 percent growth for India
By IANS,
Washington: In an upbeat assessment of India's growth outlook, the International Monetary Fund (IMF) forecast India's economic growth to accelerate to 8 percent in 2010-11 from 6.75 percent in 2009-10.
However, IMF in its latest Article IV consultation paper issued Wednesday also cautioned India on the need to rein in high inflation and rising fiscal deficit.
"With India's long-term prospects remaining strong and private sector balance sheets sound, we expect growth to be back at potential in 2010-11 even if advance economies grow below trend," it said.
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).
South Indian Bank offers customers health insurance
By IANS,
Trissur (Kerala) : The South Indian Bank (SIB) Wednesday offered an insurance policy providing comprehensive health cover to its 3.50 million current and savings account holders across the country.
Launched in partnership with Cholamandalam MS General Insurance Company, this family floater policy is available for Rs.two lakh.
"We are sure that this initiative will address the healthcare needs of our customers," said V.A. Joseph, managing director and CEO of the Kerala-based bank.
Power Grid to invest $1.25 billion in various projects
By IANS,
New Delhi : State-run Power Grid Corp Wednesday said it will invest Rs.5,777 crore ($1.27 billion) in various projects, covering Uttar Pradesh and Tamil Nadu.
The company is investing Rs.4672.99 crore ($1.03 billion) in the transmission system of 1,000 MW Rihand super thermal power project in Sonbhadra district of Uttar Pradesh and another project at Vindhyachal in the same state, according to a statement.
Antony harks back to self-reliance in defence production
By IANS,
Panaji : Defence Minister A.K. Antony Wednesday said that India should have its own public and private firms engaged in defence equipment production as it cannot indefinitely depend on foreign weapons.
Speaking during the commissioning of Indian Coast Guard's offshore patrol vessel (OPV) Vishwast at Goa Shipyard Limited (GSL) in the port town of Vasco, 30 km from here, Antony said that currently, India was far from being self-reliant as far as manufacture of defence equipment was concerned.
Qualcomm submits bid for broadband wireless spectrum
By IANS,
New Delhi : US-based telecom service provider Qualcomm Inc Wednesday said it has submitted an application with the Indian government to bid for broadband wireless access spectrum.
The US-based company is interested in the 2.3 GHz band which facilitates the deployment of broadband wireless technology offering high-speed data and voice connectivity, apart from high-end multimedia services similar to wimax, it said in a statement.
Sensex closes 106 points up
By IANS,
Mumbai : A benchmark index for Indian equities closed 106 points higher, giving up some of its intra-day gains, Wednesday -- a day when most global bourses were in the positive terrain.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,389.47 points, shut shop at 17,490.08 points, up 106.9 points or 0.61 percent from its previous close.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty ended at 5,231.9 points against the previous close at 5,198.1 points, a gain of 0.65 percent or 33.8 points.
Sensex closes 106 points up
By IANS,
Mumbai : A benchmark index for Indian equities closed 106 point higher Wednesday, giving up some of its intra-day gains, on a day when most global bourses were in the positive terrain.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,389.47 points, shut shop at 17,489.57 points, up 106.39 points or 0.61 percent from its previous close.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty ended at 5,233.2 points against the previous close at 5,198.1 points, a gain of 0.68 percent or 35.1 points.
Reliance MediaWorks to help restore Japanese classics
By IANS,
Tokyo : Reliance MediaWorks has signed a deal with Imagica Corp, one of Japan's largest lab and post-production companies, to restore Japanese classics.
According to the pact signed recently, Reliance MediaWorks will offer restoration of Japanese movies, image processing and enhancement and HD conversion services to Japanese broadcasters and studios.
Godrej Sara Lee to set up insecticides plant in Nepal
By IANS,
Kathmandu : Godrej Sara Lee (GSLL), a joint venture between India's Godrej Group and the US' Sara Lee Corporation, is setting up a plant in Nepal to meet the growing demand for insecticides in the Himalayan republic.
Known for its household mosquito repellent Good Knight, GSLL is planning to invest Rs.1 crore to set up the plant, according to the company's deputy chief for international operations, Mohan Sapre.
The plant could generate about 45 percent of GSLL's products, Sapre said at the Good Knight Dealers' Meet here Tuesday.