Inflation rises to 11.63 percent
By IANS,
New Delhi : Maintaining an upward swing, India's annual rate of inflation rose to 11.63 percent for the week ended June 21 against 11.42 percent for the preceding week.
The index for primary food articles comprising tea, fruits and vegetables rose 0.6 percent while that of non-food articles like raw cotton rose 0.4 percent.
The index for fuel, power light and lubricants declined 0.1 percent, while the index for manufactured products like oilcakes rose 0.5 percent.
Key Indian share market index crashes by over 500 points
By IANS
Mumbai : Indian stock markets crashed Friday and led a key index to shed more than 500 points, taking cues from weak global markets and large-scale selling in heavyweight stocks.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) witnessed its sharpest fall since April 2, with the barometer index dropping 541.74 points, or 3.43 percent, to close the day at 15,234.57 points.
At this level, the index is at its lowest since July 12. It had shed 4.7 percent on April 2.
Mumbai : Indian stock markets crashed Friday and led a key index to shed more than 500 points, taking cues from weak global markets and large-scale selling in heavyweight stocks.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) witnessed its sharpest fall since April 2, with the barometer index dropping 541.74 points, or 3.43 percent, to close the day at 15,234.57 points.
At this level, the index is at its lowest since July 12. It had shed 4.7 percent on April 2.
Nigerian state oil firm, French group sign financial deal
By Xinhua,
Lagos : Nigeria's state-run oand French group Elf Petroleum Nigeria Limited (EPNL) have signed a 1 billion-U.S. dollar financial deal, the NNPC said Friday.
Under the deal, the EPNL will finance NNPC's upstream operations in the NNPC/EPNL joint venture projects in 2008 with repayment and compensation in cash, a NNPC statement said. The repayment was made with oil in the past.
The EPNL is the first partner to sign agreement with NNPC on financing arrangements.
National Investment Fund launched
By IANS
New Delhi : The government Saturday launched the National Investment Fund (NIF) that will get the proceeds from the divestment of stakes in state-run enterprises to meet their capital expenditure and finance social projects.
"All proceeds from divestment of public sector enterprises will be channelised into the NIF," an official statement said, after Finance Minister P. Chidambaram officially launched the project here.
No respite for Indian markets, Sensex remains southbound
By IANS,
Mumbai : Indian equities markets were in the red again a little before noon Tuesday, continuing last week's dismal run with a key index dipping 1.51 percent from its closing figure Friday.
Analysts described the downturn as a reaction to depressed global sentiments.
The 30-scrip Bombay Stock Exchange (BSE) Sensitive Index (Sensex), which opened at 8,707.35 points, was at 8,709.8 points around noon, a decrease of 133.41 points or 1.51 percent from its previous close.
India to host global conference on farm industries
By IANS
New Delhi : India will host the first global conference on farm industries being organised by various UN organisations here April 8-11, to promote the sector as the major means to end poverty and push development.
Some 500 senior experts from the agro-industry, governments, civil society, UN agencies and funding institutions will discuss the potential of agro-industries and the challenges they face in the future, the organisers said.
Chhattisgarh to build four industrial areas
By IANS
Raipur : Chhattisgarh will invest Rs.5 billion to set up four industrial areas on a total of 6,814 hectares to meet increasing demand of land for industry in the mineral-rich state, official sources said.
The industrial areas will come up in Raipur, Bilaspur, Raigarh and Rajnandgaon districts and will mainly house sponge iron and mini steel plants, ferro alloys units, power plants and captive power plants.
BSNL launches 3G services in 12 cities
By IANS,
New Delhi : State-run telecom operator Bharat Sanchar Nigam Ltd (BSNL) Friday simultaneously launched its much-awaited third generation (3G) mobile services in 12 cities.
The services have been rolled out on a commercial basis in Agra, Ambala, Jalandhar, Jaipur, Dehradoon, Shimla, Lucknow, Ranchi, Durgapur, Haldia and Patna and in Jammu as a soft-launch, a company statement said.
The telecom giant also announced the 3G tariffs for both pre-paid and post-paid services.
Tata Motors may build buses in South Africa
By Fakir Hassen, IANS,
Johannesburg : Tata Motors is investigating the possibility of manufacturing buses at a plant near Pretoria with kits brought in from its Indian operations, says Tata Africa managing director Raman Dhawan.
Dhawan Friday joined other Tata officials at the Johannesburg International Motor Show (JIMS) to unveil three new vehicles that will be available to the local market early next year.
Increased Indian play at global toy fair
By IANS
New Delhi : India sure is in a joyful mood with a steady increase in participation every year at the International Toy Fair, the biggest of its kind on earth, in Germany. From 21 Indian companies in 2005, the participation increased to 32 this year and 24 have already registered for next year.
Ernst Kick, CEO of Spielwarenmesse eG, which has been organising the fair since 1950, was in the capital Tuesday to promote the 2008 edition of the fair and said that he was happy with the positive response from Indian companies.
Global business leaders join hand to combat climate change
By DPA
Tokyo : Sony, Nokia and other international firms have joined with the World Wildlife Fund (WWF) to mobilise the business world to combat global warming.
Sony chief Sir Howard Stringer and top managers of 12 international companies Friday in Tokyo signed an appeal for a new industry wide effort.
They pledged in the Tokyo Declaration to encourage their respective business partners to reduce CO2 emissions and to promote low-carbon lifestyle.
Energy-saving lighting mandatory for Haryana industries
By IANS
Chandigarh : Conventional, power-guzzling light bulbs will have to be replaced with energy-efficient compact fluorescent lamps (CFLs) in all industrial units and their residential colonies in parts of Haryana.
A spokesman of the Dakshin Haryana Bijli Vitran Nigam (DHBVN) said Saturday that now it will be mandatory to use the CFLs, T-5 tube lights or induction bulbs in all low-tension and high-tension industries and factories and their residential colonies, hospitals, street lighting and staff quarters.
Ambuja Realty plans Rs.1,065 crore investment
By IANS,
Kolkata : Real estate company Ambuja Realty plans to invest Rs.1,065 crore over the next three to four years on commercial and residential complexes and business parks, the company's chairman said here Thursday.
"We have plans for three more business parks in Kolkata -- two in Salt Lake Sector V and one in Rajarhat," company chairman Harshavardhan Neotia said after inaugurating first phase of Ecospace business park in New Town.
The three business parks would require an investment of around Rs.295 crore.
Australia welcomes India’s decision to negotiate trade deal
By IANS,
New Delhi: Australia Tuesday welcomed the decision of the Indian government to start negotiations on a Free Trade Agreement (FTA) between the two countries.
Eastern India focal point of my development plan: Modi
Balasore (Odisha) : Prime Minister Narendra Modi on Thursday said eastern India has remained economically backward but his government has focussed its development plan...
Insurance firms may have to publish annual reports
By Venkatachari Jagannathan, IANS,
Chennai : Insurance companies may soon have to publish their annual reports in newspapers to bring more transparency. They have also been asked to furnish details of investments made in stock markets between September and November, a senior member of the country's regulatory authority said.
"We'll soon stipulate that insurers publish their annual reports," said R. Kannan, member-actuary with the Insurance Development and Regulatory Authority of India (IRDA), the watchdog.
India’s central bank cuts key rates to spur economy
By IANS,
Mumbai : In a bid to lower the cost of borrowings for commercial banks, the Reserve Bank of India (RBI) Friday cut the both the repurchase and reverse-repurchase rates by 100 basis points each, while reducing the cash reserve ratio (CRR) by 0.5 percent points.
“The reduction in the CRR will inject additional liquidity of around Rs.20,000 crore (Rs.200 billion/$4 billion),” the central bank said in a statement, while announcing a further monetary stimulus to prop the economy.
US recession not to hit Asia badly: Lee
By DPA
Singapore : Buoyed by bustling growth in China and India, Asia will not be "unduly disadvantaged" if recession hits the US, Singapore's first prime minister Lee Kuan Yew has said.
"I believe this may be the first time where the US economy catches a flu and we are not going to catch influenza - I hope," the city-state's founding prime minister said Sunday at a Singapore Airshow leadership dialogue.
Cut taxes in budget, industry asks finance minister
By IANS
New Delhi : Business representatives have at a pre-budget meeting here Tuesday asked Finance Minister P. Chidambaram to lower personal and corporate taxes in the coming budget to maintain the growth momentum of the country's economy.
Representatives from the Federation of Indian Chamber of Commerce (Ficci) and Industry and Associated Chamber of commerce and Industry of India (Assocham), among others, presented the finance minister their wish lists for the budget to be presented in February.
Indefinite transport strike in West Bengal from Friday
By IANS,
Kolkata : At least 17 associations of commercial vehicle operators in West Bengal will go on indefinite strike from Friday, to protest the state government's decision to ban all commercial vehicles that are over 15 years old.
"We're sticking to our stand to call the strike if the state government does not pay any attention to our interests," said Sarnakamal Saha of Kolkata Metropolitian Bus and Minibus Owners' Association.
Stocks crash in Asia-Pacific, governments cautious
By Xinhua
Hong Kong : Stock markets in the Asia-Pacfic region nosedived Tuesday as investors dumped shares on fears of a possible US economic recession.
In Japan, the benchmark 225-issue Nikkei Stock Average plunged 752.89 points, or 5.65 percent, from Monday to end at 12,573.05, its lowest closing since Sep 8, 2005.
Decision soon on coal blocks to cement, steel firms
By IANS
New Delhi : The ministry of coal will consider allocating 23 coal blocks to non-power infrastructure sectors like steel and cement at its screening committee meeting this December.
Minister of State for Coal Dasari Narayan Rao disclosed this Wednesday in reply to a question in the Lok Sabha, the lower house of Indian Parliament.
The ministry has identified 81 coal blocks with reserves of 20.02 billion tonnes for allocation to public and private sector companies.
British economic slowdown faster than expected in third quarter
By DPA,
London : The British economy slowed down faster in the third quarter of 2008 than previously estimated, official figures showed Tuesday.
The Office for National Statistics (ONS) said the economy contracted by 0.6 percent between July and September - higher than the previous estimate of 0.5 percent.
The previous quarter was left unrevised, with a figure of zero growth.
The economic growth figures are closely watched because two consecutive negative figures are generally thought to indicate a recession.
Insurance bill passed by Lok Sabha, suspense in Rajya Sabha
New Delhi/Chennai : The Lok Sabha on Wednesday passed the insurance sector amendment bill, which seeks to hike the foreign equity cap on domestic...
Tatas seen eyeing larger auto market through Thailand
By Bobby Anthony, IANS
Mumbai : Tata Motors' decision to set up a 70:30 joint venture in Thailand to manufacture pick-up trucks will bring it in direct competition with industry giant Mitsubishi for control of the lucrative East and Southeast Asian market.
"Thailand is obviously a very big market. So this is surely a positive move for Tata Motors," said Abhishek Gumashta, an automobile industry analyst with the Mumbai-based financial consultancy and share-broking firm ShareKhan.
With no gas to spare, Dhaka to seek revised proposal from Tatas
Dhaka, May 9(IANS) Bangladesh is expected to tell the Tata group that it cannot spare gas supplies for many of the ventures proposed as part of a $3 billion investment plan, a move that could further delay the Indian conglomerate's entry to the country.
Tata and the government are scheduled to resume talks here Sunday next.
The agenda for two-day talks was set last week when Tata's country director Manzer Hossain met Commerce Adviser Hossain Zillur Rahman and Board of Investment (BoI) chief Kamal Uddin Ahmed.
Regulator serves Ramalinga Raju with summons
By IANS,
Hyderabad : Market watchdog Securities and Exchange Board of India (Sebi) Friday served Satyam's disgraced chief B. Ramalinga Raju with summons, asking him to appear for hearing in connection with a Rs.70-billion accounting fraud.
A team of Sebi officials served the summons at Raju's residence in the upmarket Jubilee Hills. Raju or his family members were not available.
Raju's lawyer S. Bharat Kumar confirmed to IANS that summons were served and said he would represent Raju at the hearing.
Maharashtra auto-rickshaws on three-day strike
By IANS,
Mumbai : Commuters had a harrowing time as auto-rikshaws across Maharashtra went off the roads Tuesday, commencing a three-day strike against a government proposal to install electronic meters.
"We have launched the protest against the state government's decision to make electronic meters compulsory in all auto-rickshaws. Auto-rickshaw drivers and owners across the state have confirmed their participation in the strike," Thamty Kurian, working president of the Mumbai Autorickshaw Union, told IANS.
Small enterprises to contribute 22 percent of GDP
By IANS,
New Delhi : The share of small and medium enterprises (SMEs) in India's gross domestic product (GDP) is likely to go up to 22 percent by 2012, according to an industry lobby report, released here Sunday.
The Associated Chambers of Commerce and Industry of India (Assocham) said in the study that the SME sector was upgrading itself technologically.
“Technological upgradation will reduce input costs and increase production, which will enable SMEs to contribute 22 percent to India's GDP against 17 percent by 2012,” it said.
Markets close higher on New Year’s day
By IANS,
Mumbai : Indian equities markets began the New Year with handsome gains Thursday, with a key index ending trade 2.74 percent higher than its previous close.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) closed in the green at 9,911.34 points (provisional), up 264.03 points or 2.74 percent from its previous close of 9,647.31 points.
The broader S&P CNX Nifty index of the National Stock Exchange (NSE) gained 2.46 percent to close at 3,032.05 points.
Despite Rs.64,924 cr debt, Punjab says it is growing
By IANS,
Chandigarh: Despite a debt touching Rs.64,924 crore, Punjab is moving closer to the national growth rate of 7.2 per cent, Finance Minister Manpreet Singh Badal said Tuesday.
"In 2008-09, the growth rate for Punjab was 6.40 per cent against the national growth rate of 6.70 per cent. The advance estimates for 2009-10 indicate the growth rate for Punjab at 6.7 per cent against 7.2 per cent for the national economy. Thus, Punjab's growth rate is moving closer to the national growth rate," Badal said, presenting the state's budget in the assembly.
RNRL signs new gas pact with RIL; Stocks move up
By IANS,
Mumbai : Anil Ambani-promoted Reliance Natural Resources (RNRL) Friday signed a revised gas supply agreement with Reliance Industries (RIL), controlled by Mukesh Ambani, which sent stocks of both the groups soaring.
The agreement follows the Supreme Court ruling asking both sides to renegotiate and finalise a new gas sales deal as per the rules set by the government and subsequent assurance given by the elder Ambani to supply gas to the younger brother's company.
Moser Baer to invest Rs.20 bn in Tamil Nadu
By IANS,
Chennai : Optical storage device major Moser Baer India Ltd Monday signed a memorandum of understanding (MoU) with the Tamil Nadu government to set up a photo voltaic and nano technology plant at Oragadum, near Chennai.
The plant, to be set up at an estimated investment of Rs.20 billion ($476 million), will come up in the Small Industries Promotion Corp of Tamil Nadu (Sipcot) industrial estate there, said a government release.
Audi India sells 113 vehicles in February
By IANS,
New Delhi : Despite the auto industry facing the brunt of a slowing economy, the high-end segment seems to have weathered the storm with luxury carmaker Audi reporting a considerable increase in their monthly sales for the second consecutive month.
The German car manufacturer, posted a year-on-year increase of about 95 percent selling, 113 vehicles in February against 58 cars in the corresponding month last year.
The automaker, which offers six models in the Indian market had registered similar sales growth in January, selling 109 units against 56 sold in January 2008.
Airlines to discuss rising fuel prices with government
By IANS,
New Delhi : Airline operators will meet civil aviation ministry officials Wednesday to voice their concern over rising aviation fuel prices.
Though the meeting is a routine affair - it takes place every quarter, it assumes significance in the wake of the resentment among air operators over the recent hike in aviation turbine fuel (ATF) prices.
Civil Aviation Secretary Ashok Chawla will be present at the meeting.
The airline industry is concerned over the impact of the fuel hike and its repercussions on the financial health of their carriers.
Anil Ambani group offers to talk with Reliance Industries
By IANS,
New Delhi : Reliance Anil Dhirubhai Ambani Group (R-ADAG) Monday said it was open to meeting officials at Reliance Industries (RIL) to clarify any doubts on consolidation talks with South African telecom giant MTN.
It, however, added that RIL, led by Mukesh Ambani, “spurned” the offer to meet July 14, and sent a third letter threatening legal action on the issue.
Government to review fuel prices Dec 14
By IANS
New Delhi : A group of Indian ministers will meet Dec 14 to discuss retail prices of transport and cooking fuels, said an official here Monday.
"The petroleum ministry will put up before the group of ministers (GoM) the latest update on accumulating under-recoveries of oil marketing companies," petroleum secretary M.S. Srinivasan said after inaugurating a conference of the Oil Industry Safety Directorate (OISD) here.
Markets continue their gaining streak
By IANS,
Mumbai : The Indian equities markets continued their gaining rally and ended the day with a modest gain on the back of firm global cues and further fall in crude oil prices.
Banking, realty and oil and gas stocks led the rally.
The 30-share benchmark of the Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 15,430.31 points, touched a high of 15,520.71 points before closing at 15,503.92 points.
It went up 336.1 points or 2.22 percent at the day's close.
Yahoo stays silent as Microsoft deadline nears
By DPA,
San Francisco : Yahoo maintained a defiant silence Friday on Microsoft's $40-billion takeover bid, as Saturday's deadline to wrap up the deal came down to the wire.
Instead of publicly responding to the software giant's ultimatum, Yahoo ignored the issue entirely and instead unveiled plans to rewire its Internet services to make them more flexible for users and more compatible with other websites.
Beat back inflation, Chidambaram says
By IANS,
New Delhi : Asking people not to panic and "beat back inflation", Finance Minister P. Chidambaram Wednesday assured parliament that the government will take more steps to rein in prices, which is rising at the fastest rate in 41 months.
"This inflation is largely triggered by international prices... We cannot panic at this time. This inflation is reflected in all the international markets from China to Venezuela," the finance minister told the Lok Sabha Wednesday.
Government bans edible oil exports for one year
By IANS
Rajkot (Gujarat) : The central government Tuesday banned export of all edible oils for one year with immediate effect to check the rise of domestic prices.
Under a notification by the director general of foreign trade (DGFT), the department of commerce banned the export of all edible oils falling under Chapter 15 of Schedule 1.
The ban is enforced with immediate effect from March 17, 2008 and will be in force for one year from the date of the issue.
The notification has been signed by DGFT R.S. Gujral.
Etihad records 25 percent growth in its load factor
By IANS,
Mumbai : Abu Dhabi based Etihad Airways Friday said it has recorded a 25 percent year on year growth in the load factor to its four Indian destinations.
On the Indian sector, the load factor to Mumbai grew to 84 percent, followed by New Delhi at 79 percent.
In south India, Thiruvananthapuram notched a growth of 77 percent and Kochi 72 percent.
"The first quarter of 2008 has shown strong loads at an average of 78 percent from the four existing routes," said Etihad Airways country manager Neerja Bhatia.
Six percent excise duty on all mobile phones
By IANS,
New delhi : Finance Minister P. Chidambaram Monday said more funds should be allocated to the telecom sector and announced a restructuring of...
Satluj Jal Vidyut Nigam declares Rs.2.44 bn dividend
By IANS,
Shimla : Government-run hydroelectric major Satluj Jal Vidyut Nigam (SJVN), which is operating the 1,500 MW Nathpa Jhakri Hydropower Project in Himachal Pradesh, has declared its highest dividend of Rs.2.44 billion ($53 million) for 2007-08.
"This year's dividend was the highest so far," SJVN deputy general manager V.K. Verma told IANS Saturday.
He added that the company had achieved a record net profit of Rs.7.64 billion during the period against Rs.7.37 billion of 2006-07.
Sensex drops sharply, Asian cues depressing
By IANS,
Mumbai : A benchmark index for Indian equities Wednesday slipped further into the red during noon trade and was ruling 102 points lower than its previous close, joining other depressed Asian markets.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,308.51 points, was at 18,208.69 points, 102.9 points or 0.56 percent down from its previous close at 18,311.59 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling 0.57 percent lower at 5,473.9 points.
BHEL receives BS Star Performer Award
By Pervez Bari, TwoCircles.net
 Bhopal, June 14: Bharat Heavy Electricals Ltd. (BHEL), India's giant Public Sector Undertaking, has been awarded the “Business Standard Star Public Sector Company Award-2006â€?.Â
US crisis will slow India’s growth, say analysts
New Delhi, Oct 1 (IANS) The financial tsunami in the US, which threatens to engulf Europe, will slow India's economic growth to about 5-7 percent, economists and analysts said. "It is not just financial markets, there is now a process of adjustment in the real economy as well," said Partha Mukhopadhyay, an economist at the Delhi-based think tank Centre for Policy Research.
"Economic growth is likely to be in the region of 5-7 percent," Mukhopadhyay told IANS. "Certainly, six percent growth is not the same thing as nine percent growth."
Insulate poor from financial crisis, Ban tells world leaders
By IANS,
United Nations : As world leaders, including Indian Prime Minister Manmohan Singh, prepare to meet in Washington this week to discuss the global economic crisis and find a solution to it, UN Secretary General Ban Ki-moon has said their focus should be on making sure that its impact is not felt by poor and vulnerable people.
Over Rs.194 bn collected as excise, customs tax in August
By IANS,
New Delhi : India's customs and central excise revenue collection grew by 4.8 percent in August this year, totalling Rs.19,497 crore or Rs.194.97 billion, the government said Friday.
An official statement from the finance ministry said the cumulative customs and excise revenue collection up to August stood at Rs.93,856 crore (Rs.938.56 billion).
This is an increase of 10.5 percent over the Rs.84,974 crore (Rs.849.74 billion) realised during the corresponding period last fiscal.
The ministry said that the figures were provisional.
This restaurant serves food on the rocks, literally!
By Venkatachari Jagannathan, IANS,
Chennai : If you think hot food comes out of a five-star hotel kitchens and only drinks are served "on the rocks", it is time for a re-think.
Now, you can get 8x8 inch square volcanic stone slabs heated up to 400 degree centigrades right on your table so that you can cook your favourite dish and have it piping hot!
Using sun-heated searing rocks is an ancient form of food preparation. This has been given a new dimension by Sheraton Park Hotel and Towers at its restaurant, aptly called "On the Rocks", here in Chennai.
Haldia Petro buys out L&T’s stake in HPLCL
By IANS,
Kolkata : Haldia Petrochemicals Ltd (HPL) Tuesday acquired Larsen and Toubro's 51 percent stake in HPL Cogeneration Limited (HPLCL) for Rs.1.80 billion, getting full ownership of the firm that was set up as a joint venture in 1998.
HPL managing director S.K. Bhowmik said: "Earlier L&T had 51 percent and HPL had 49 percent stake in HPLCL. With this buyout, we have got full ownership of the power utility arm."
Tata Motors to launch new vehicles in India and China
By IANS,
Mumbai : Multinational Tata Motors is planning to introduce new fuel efficient cars and hybrid vehicles in emerging markets and looking at ways to raise sales of luxury brands Jaguar and Land Rover in China and India.
In India, the company plans to launch a new cross-over vehicle, two new passenger vehicles and a new range of heavy trucks, Tata Motors Chairman Ratan Tata said.
BT to return 2,750 Indian call-centre jobs to Britain: report
By IANS,
London : British Telecom will bring back at least 2,000 call-centre jobs from India to Britain as it prepares to close about half its customer service operation in the subcontinent, a newspaper reported Thursday.
BT chief executive Ian Livingston disclosed the move in response to a question by a shareholder at its annual general meeting in London Wednesday, The Times reported.
The paper said the eventual number of customer service positions that will be repatriated is likely to be closer to 2,750, representing half the group's 5,500 call-centre staff in India.
Malaysia battles edible oil, flour crisis
By IANS
Kuala Lumpur : Malaysia, one of the world's largest producers and exporters of palm oil, is battling an unusual shortage of edible oil and flour meant for making "roti", the bread made of wheat flour.
The shortage, attributed to the high festive season demand and hoarding by unscrupulous traders, has led to rationing of sales to five litres of oil per person.
There was checking this week of passengers to neighbouring Singapore who might be carrying the commodity in their baggage.
Equities recover on short covering, still end red
By IANS,
Mumbai : In a volatile day of trading, Indian equities markets recovered somewhat late afternoon Monday to end marginally down with a key index losing just 1 percent from its previous close last Friday after going below the psychologically important 9,000 mark mid-afternoon.
The 30-share benchmark sensitive index (Sensex) of the Bombay Stock Exchange (BSE) finished at 9,291.01, down 94.41 points or 1.01 percent from its previous close last Friday at 9,385.42 points.
Government to purchase rice at Rs.850 per quintal
By IANS,
New Delhi : The government Thursday fixed an interim purchase price of Rs.850 per quintal of rice pending a final decision on the rate to be paid to farmers for the upcoming winter crop.
The cabinet committee on economic affairs (CCEA) took the decision at its meeting here Thursday due to the divergence of views of the state governments on the price of Rs.745 per quintal recommended by the Commission for Agricultural Costs and Prices (CACP), Finance Minister P. Chidambaram said.
Nalco reduces explosive storage amid Maoist violence
By IANS,
Bhubaneswar : State-owned National Aluminium Company Limited (Nalco) has reduced the storage of explosives at its bauxite mine in Orissa due to rising Maoist activities in the region, the company said Friday.
The company has reduced the storage of explosives at its bauxite mine at Panchpatmali in Koraput district, some 370 km from here, it said. Explosives are used in mining operations.
Maoist rebels had attacked the Panchpatmali mine April 12 and killed 10 Central Industrial Security Force (CISF) personnels guarding it.
Kingfisher Airlines posts loss of Rs.419 crore
By IANS,
Mumbai : Private carrier Kingfisher Airlines has posted a net loss of Rs.419 crore for the quarter ended Sep 30 as compared to a loss of Rs.483 crore reported during the like period last year.
The airline, owned by liquor baron Vijay Mallya's UB Group, said in a regulatory statement Wednesday that its income from operations declined over 13 percent to Rs.1,142 crore during the quarter under review from 1,323 crore a year earlier.
CRR hiked by 50 basis points to check inflation
By IANS,
Mumbai : With India's inflation rate ruling at four-year high, the central bank Thursday increased the cash reserve ratio (CRR) by 50 basis points to suck out excess liquidity out of the financial system.
The move comes just a day after Reserve Bank of India (RBI) Governor Y.V Reddy said in New York that he would take necessary steps to rein in inflation which is at 7.14 percent for the week ending April 5.
Government defends raising foreign equity cap in insurance
By IANS,
New Delhi : Raising the foreign equity cap in the insurance sector to 49 percent will not lead to losing management control, the government informed parliament Monday.
"Increase in foreign equity holding limit to 49 percent in the insurance sector would not result in change in management control automatically," said Minister of State for Commerce and Industry Jyotiraditya Scindia in the Lok Sabha, the lower house of parliament.
TCS, Nokia Siemens join hands for R&D in Germany
By IANS
Mumbai : Tata Consultancy Service (TCS) Ltd and Nokia Siemens Networks have entered into a multimillion-euro agreement for jointly research and develop telecom products at Nokia Siemens' Dusseldorf centre in Germany.
Nokia Siemens will affect a transfer of product engineering, research and development services and parts of its operations and business software (OBS) to TCS.
The operations transfer includes 90 employees, who will be moved to TCS as part of the deal, according to an announcement here Monday.
Indian tea to be popularised globally: Ramesh
By IANS
Kolkata : Tata Tea, in collaboration with other enterprises, plans to popularise Indian tea as a prestigious international brand to regain its traditional markets abroad.
"Tata Tea and Tata Coffee are trying to form a joint forum to popularise Indian tea and coffee in the markets, which accounted for chunk of the exports," Union Minister of State for Commerce and Industries Jairam Ramesh said here Saturday.
"The forum will try to regain the tea and coffee market in Russia," Ramesh said.
Kolkata : Tata Tea, in collaboration with other enterprises, plans to popularise Indian tea as a prestigious international brand to regain its traditional markets abroad.
"Tata Tea and Tata Coffee are trying to form a joint forum to popularise Indian tea and coffee in the markets, which accounted for chunk of the exports," Union Minister of State for Commerce and Industries Jairam Ramesh said here Saturday.
"The forum will try to regain the tea and coffee market in Russia," Ramesh said.
Tata Power’s 800 MW thermal plant operational in Gujarat
By IANS,
Mumbai : Tata Power Thursday announced the synchronization of its 800 MW Unit-II of the 4,000 MW Mundra Ultra Mega Power Project (UMPP) in Gujarat.
Satyam bags SAP contract from top Oman conglomerate
By IANS,
Dubai : Leading Indian IT consultant and services provider Satyam has bagged a SAP implementation contract from one of Oman's largest business conglomerates, Khimji Ramdas.
According to the agreement signed between the two sides, Satyam will help Khimji Ramdas in standardizing and automating its business processes across its various divisions.
"The multi-module deployment will help Khimji Ramdas standardize and automate business processes across its numerous divisions," a Satyam statement said.
Inflation in China at 12-year high
By Xinhua
Beijing : China's consumer price index (CPI), the main inflation indicator, rose 8.7 percent in February over the same time last year, the highest in nearly 12 years.
In May 1996, the CPI touched a record 8.9 percent. The index rose by an annual rate of 14.11 percent from 1992 to 1996, the National Bureau of Statistics (NBS) said Tuesday.
The February figure was much higher than market estimate. The Bank of China, one of the country's major lenders, predicted a rise of 8.3 percent in February.
Bumper wheat crop causes godowns to overflow
By IANS,
New Delhi : The bumper wheat crop this year has left the government godowns overflowing with 18 million tonnes of staple gain that the central and state agencies have procureed till Thursday, said the ministry of consumer affairs, food and public distribution Friday.
The latest wheat procurement figures of the department of food and public distribution said the state and central government agencies have already procured 18.01 million tonnes.
The huge procurement comes as pleasant surprise to the government that is struggling with acute inflation.
Sahara Computers to focus on Kerala
By IANS
Kochi : Sahara Computers and Electronics Ltd (SCEL), a growing technology giant, is organising a carnival in Kerala as part of its nationwide plan to increase the PC penetration in India.
The company said in a statement here Saturday that an awareness campaign, which includes carnivals, was being organised all across India, in which consumers can try out a wide range of Sahara products.
The nationwide carnival was part of an initiative to educate consumers and offer them world-class services, SCEL COO George Van Der Merwe said.
Inflation will be tamed, growth to top 9 percent: PM
By IANS,
New Delhi : India will return to a high growth of over 9 percent and may eventually emerge as the fastest growing economy, Prime Minister Manmohan Singh said Friday. He admitted price rise remains a cause for worry but said all steps are being taken to combat it.
"I will be the last one to deny that the behaviour of food prices in the last one year is something which does not worry us," the prime minister told the Lok Sabha, the lower house of parliament.
No regulation of air fares: Patel
By IANS,
New Delhi : Civil Aviation Minister Praful Patel Saturday said the government was not considering any regulatory mechanism for fixing air fares, which would remain "totally deregulated".
"You all (existing private airlines) are born owing to deregulation of the pricing mechanism. Air fares will be totally deregulated," the minister said at the HT Leadership Summit.
Sony India eyes 30 percent market share in LCD TVs
By IANS,
Kolkata : Consumer electronic goods major Sony India is targeting a 30 percent market share in the liquid crystal display (LCD) television segment in 2010-11 from the present 25 percent, a top company official said here Wednesday.
"We are targeting to achieve 30 percent share in the LCD TV segment in 2010-11. The total market size of LCD TV is 1.6 million units now, which is going to increase by 70 percent to 2.7 million units in the next fiscal," Sunil Nayyar, general manager, sales, Sony India, told reporters.
Maharashtra BJP minister admits seized cash is his
Mumbai : In remarks that could embarrass the BJP, a senior BJP cabinet minister in Maharashtra on Friday admitted to hoarding Rs 91,50,000 in...
Dow closes above 10,000 points for first time in a year
By DPA,
New York : The Dow Jones Industrial Average topped 10,000 points Wednesday, passing the symbolic mark for the first time since Oct 2008 as the world economy pulls out of recession.
Investors pushed the Dow above 10,000 points on the back of better-than-expected retail sales figures and strong third-quarter earnings reports from technology and financial firms.
The blue-chip Dow last closed above the important mark Oct 3, 2008, at the start of a debilitating financial crisis that plunged the world into its worst recession since World War II.
EU ministers agree to increase bank deposit guarantees
By DPA,
Brussels : European Union (EU) finance ministers agreed Tuesday to raise the minimum level of bank deposit guarantees for their citizens, from 20,000 euros ($25,000) to 100,000 euros by the end of 2011.
In the meantime, the safety net is to be raised to 50,000 euros at the end of June 2009.
Individual member states will be free to raise these minimum levels, while the pay-out period in the event of a bank going bankrupt will be reduced, from three months to three days.
Maruti’s exports up 75 percent in December
By IANS
New Delhi : Indo-Japanese auto major Maruti Suzuki has registered a 51.5-percent jump in exports during the first nine months of this fiscal, though its overall sales grew by just 18.5 percent during the period.
The $3.37-billion company exported 37,990 automobiles during Aril-December 2007, as against 25,082 units in the like period of last fiscal, the company said in a filing with the stock exchanges Tuesday.
India, Brazil set trade of $10 bn by 2010
By IANS
New Delhi : Brazil has emerged as India's largest trading partner in Latin America and the two sides have set a target of $10 billion in bilateral trade by 2010, Commerce Minister Kamal Nath said here Monday.
Thirteen Indian companies on FT 500 list
By IANS,
London : Thirteen Indian companies, along with a growing number from Russia and China, are crowding out traditional occupants in a prestigious list of the world's most valuable companies.
The FT 500 for 2008 show that Americans still dominate the list but the number of Chinese companies have increased the most from eight to 25.
Topping the list of 13 Indian companies is Mukesh Ambani's Reliance Industries Ltd (RIL), which fell 15 places to rank 80th with a market cap of $82 billion.
Dhaka floats ‘better business’ forum
By IANS
Dhaka : The Bangladesh government has floated the country's first public-private forum to promote a business-friendly climate at home and attract foreign investment amidst reports that its foreign direct investment (FDI) had fallen by 98 percent in the last quarter of this fiscal.
The government Monday announced formation of the "Bangladesh Better Business Forum" (BBBF), designed to improve interaction between business and government.
Telecom sector revenues cross Rs.40,000 crore
By IANS,
New Delhi : Continuing its robust growth, the Indian telecom industry saw its gross revenues growing 2.6 percent to more than Rs.40,000 crore in the quarter ending March 31, said the sectoral watchdog here Monday.
According to the Telecom Regulatory Authority of India (TRAI), the gross revenue of the telecom sector for the period under review stood at Rs.40,444.66 crore, as against Rs.39,408 crore in the previous quarter.
State power firms to start energy efficiency company
By IANS,
New Delhi : Four state-run power firms will make equal contributions to float a new company, Energy Efficiency Services Ltd (EESL), to promote energy saving projects in the country, Power Minister Sushilkumar Shinde said Wednesday.
The four equal equity promoters of the new company are NTPC, Power Finance Corp, Rural Electrificaion Corp and Power Grid Corp.
"The equity of EESL will be Rs.190 crore. The company would be able to leverage a total investment of Rs.700-800 crore," Shinde said at the annual Economic Editors' Conference here.
Wipro floats consulting academy in US
By IANS,
Bangalore : Global software major Wipro Technologies Thursday said it has set up a consulting academy in the US to strengthen the customer management skills of its frontline employees.
"The enterprise application services consulting academy will inculcate the right engagement behaviour at an early stage for improving customer satisfaction," the company said in a statement here.
The academy offers a six-month certification programme to Wipro employees providing consulting solutions to clients. The programme combines classroom sessions with learning at the client workspace.
Sensex up 306 points in afternoon trade
By IANS,
Mumbai : Indian equities markets were in a comeback mode about 90 minutes before closing bell Tuesday, with a key index ruling 306 points higher than its previous close after dipping into the red earlier.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 11,629.97 points, was ruling 311.94 points or 2.67 percent higher at 11,994.93 points.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE), gained 2.31 percent from the previous close to trade at 3,636.6 points.
DLF bags $975 mn Durgapur township project
By IANS
New Delhi : DLF Ltd, India's largest real estate firm, has clinched the deal to develop the Rs.40 billion ($975 million) integrated township in the heart of Durgapur in West Bengal.
"The public-private participation project, envisaged by the Asansol Durgapur Development Authority (ADDA), is expected to be completed in four years," DLF said in a statement.
Time to savour sweet and juicy Kinnaur apples
By IANS,
Shimla : Himachal Pradesh's apple season may have begun nearly two months ago, but the really delicious ones, from Kinnaur district, are headed for markets across the country only now.
Kinnauri apples are known for their natural sweetness, colour and juiciness.
Every day, trucks carrying hundreds of apple cartons from the Chango, Ribba and Namgiya valley of Kinnaur, 250 km from here, are heading for Chandigarh, Delhi, Mumbai, Ahmedabad and Lucknow, giving tough competition to Kashmiri apples.
India ready to do a China in return for African oil
By IANS
New Delhi : India is prepared to participate in Africa's infrastructure development, much like China, in return for greater access to its hydrocarbon reserves.
This was indicated by Petroleum Secretary M.S. Srinivasan Wednesday evening at a function to announce the 'India-Africa Hydrocarbon conference and exhibition' next week -- which could be termed India's formal coming out party in the market of African hydrocarbon riches.
ICICI Prudential Life joins hands with IIM-Calcutta
By IANS,
Kolkata : ICICI Prudential Life Insurance Tuesday announced it has signed a memorandum of understanding (MoU) with the Indian Institute of Management-Calcutta (IIM-C) to start a new course focussing on the insurance sector.
The course, named as Executive Program in Management and Insurance (EPMI), is targeted at the fresh graduates.
India’s exports go up 35.25 percent in February
By IANS
New Delhi : India's exports registered a significant growth of 35.25 percent at $14,237.43 million in February, up from $10,526.67 million the same month last year.
Imports surged to $18,466.45 million, a growth of 30.53 percent, in February against $14,146.83 million reported in the same month in 2007.
Oil imports during the period were estimated at $6,272.18 million, 39.52 percent more compared to oil imports worth $4,495.64 million in the corresponding period last year.
Paprikaas to provide animation services to DreamWorks
By IANS
Bangalore : India's upcoming animation firm Paprikaas would set up a dedicated studio here for the US-based leading DreamWorks Animation SKG to provide creative and technical services, the company said Monday.
Thomson, the 6.2-billion euro ($9.23 billion) European digital video technologies firm, which has a controlling stake in Paprikaas through its Technicolor services division, will invest in building and equipping the studio.
SAIL official shot dead outside Noida home
By IANS
Noida (Uttar Pradesh) : An assistant manager of the Steel Authority of India Ltd (SAIL) was shot dead Tuesday by two unidentified motorcycle-borne assailants outside his home in Noida.
Rakesh Kumar Anand, 49, was going to his office in his Santro car when the assailants opened fire at him at a traffic signal, barely a few metres from his Varun Apartment home in Sector 62, around 9.30 a.m.
Anand sustained two bullets injuries, in chest and abdomen, and the assailants immediately fled from the scene.
UAE seeks to boost economic, energy ties with India
By IANS,
New Delhi: In the first visit here by a foreign minister since the formation of the new government in India, United Arab Emirates Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan Friday called for scaling up economic and energy ties and sought New Delhi's help to develop renewable energy.
The UAE's foreign minister, who ended his two-day visit to India Friday, met his Indian counterpart S.M. Krishna and discussed a further expansion of multi-faceted bilateral relations.
Markets continue to be sluggish late morning
By IANS,
Mumbai : Indian equities were trading on a dull note shortly before noon Friday with a key index still ruling around its last closing figure.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which had opened at 12,092.97 points, was ruling at 12,111.78 points at 11.30 a.m., 5.16 points or 0.04 percent lower than its previous close.
However, the S&P CNX Nifty of the National Stock Exchange (NSE) was ruling at 3,691.85 points At the same time, 7.95 points higher than its last close.
PM’s council lowers India’s growth forecast
By IANS,
New Delhi : The Prime Minister's Economic Advisory Council Friday lowered India's growth forecast for the current fiscal to 7.1 percent due to the impact of global meltdown and warned that the fiscal deficit was well above the comfort zone.
The council, headed by economist Suresh Tendulkar, also told a press conference here that it expected the country's gross domestic product (GDP) to expand by 7-7.5 percent during the next fiscal.
The council had earlier projected India's growth at 7.7 percent this fiscal.
Shashi Tharoor to start finishing school in Kerala
By IANS
Thiruvananthapuram : Former UN Under-Secretary General and chairman of Dubai-based Afras Projects India Shashi Tharoor signed an agreement Wednesday to start a finishing school in Kerala for the young software professionals at the Technopark here.
Tharoor and Technopark CEO R.K. Nair inked the agreement to start the school -Academy for Personality Development and Communication - by March. The school will focus on the capacity building of young professionals.
Don’t lose sight of poor nations: IMF
By IANS,
New York : Some 50 developing countries remain at risk through 2009 as a result of food and fuel price increases, the International Monetary Fund (IMF) has said, urging global powers not to lose sight of them in the din of the market crisis.
"While the international community is currently focussed on the ongoing financial crisis in advanced economies, it is important not to lose sight of the other crisis - the continued debilitating impact of food and fuel price hikes on some of the world's poorest countries," IMF Managing Director Dominique Strauss-Kahn has said.
Disposable income of British families down: Report
By Xinhua,
London : Disposable income for general households in Britain has fallen by a sixth in the last year alone, Liberal Democrat shadow chancellor Vince Cable has said.
"The credit crunch and soaring consumer prices are clearly having a massive impact on British families," Cable said following his party's release of a report on the national economy Tuesday.
"This is extremely worrying news for (Prime Minister) Gordon Brown, whose claims that all is well with UK PLC are now looking well wide of the mark," he said.
Air services pacts not harming Indian carriers: Patel
By IANS,
New Delhi : Bilateral air services pacts do not benefit foreign airlines at the cost of Indian carriers, Civil Aviation Minister Praful Patel said Tuesday.
"It's wrong to say routes are given away to foreign airlines. It is a two-way agreement. Both Indian and foreign carriers benefit from such agreements and it is an ongoing process," Patel said in Rajya Sabha.
Maintaining that people wanted more connectivity, the minister asked: "If some foreign airline wants to start services from Bangalore or any other city, what is the harm in that?"
Reliance Infra barred from charging higher rates
By IANS,
Mumbai : The Maharashtra Electricity Regulatory Commission (MERC) Wednesday stayed its June order permitting Reliance Infrastructure to hike power tariff charges for various categories of domestic and commercial users.
The order passed by MERC panel comprising chairman V.P. Raja and members A. Velayutham and S.B. Kulkarni, will provide relief to the 2.7 million consumers of Reliance Infra, who will now pay their bills at the old rates till further orders.
Nortel to shut down, sells wireless business to Nokia
By IANS,
Toronto : Toronto-headquartered Nortel, which is under bankruptcy protection in both the US and Canada, has announced that it will liquidate itself.
In a statement issued Friday, the 127-year-old Canadian telecom equipment giant said it has entered into a deal with Nokia Siemens to sell its wireless business for $650 million.
Diamond industry demands bailout from imminent crisis
By IANS,
Mumbai : An apex body representing 5,500 manufacturers and exporters of gems and jewellery, Tuesday warned of "an imminent crisis" looming over the industry in the face of the global economic meltdown.
The industry had been hit badly with the US, which accounts for nearly 35 percent of India's exports, reeling under a severe recession, Gems and Jewellery Export Promotion Council (GJEPC) chairman Vasant Mehta said.
Wipro net up 18 percent in second quarter
By IANS
Bangalore : Wipro Ltd posted net profit of Rs.8.24 billion in the second quarter (July-Sep) of this fiscal (2007-08), registering 18 percent year-on-year (YoY) growth over the same period last fiscal at Rs.7 billion under the Indian GAAP.
According to the company's notification to the stock exchanges here Friday, the IT bellwether's consolidated revenue grew by 35 percent YoY to Rs.47.85 billion during the quarter under review (Q2) from Rs.35.46 billion in the corresponding period a year ago under the Indian GAAP.
Malaysian Airlines told to pay for mishandling luggage
By IANS,
New Delhi : Holding Malaysian Airlines responsible for mishandling a passenger's baggage, a consumer court here has asked it to pay Rs.315,000 - the price of the damaged luggage - alongwith with the cost of litigation.
The Delhi State Consumer Disputes Redressal Commission headed by Justice J.D. Kapoor earlier this week upheld a District Consumer Forum order asking the airlines to compensate Rakesh Bawa, a resident of Gurgaon, for his damaged baggage.
The airlines had filed an appeal in the state consumer commission, challenging the 2007 district forum order.
Kingfisher starts Nepal flights
By IANS,
Kathmandu : Mumbai-based major Indian carrier Kingfisher Airlines has begun its much-awaited flight to Nepal, becoming the third Indian airline to connect the two neighbouring countries.
Vijay Mallya, chairman and chief executive officer of the group, flew to Kathmandu himself Saturday for the inaugural flight.
Kingfisher, which had flown more than a million visitors last year, will now run daily flights between New Delhi and Kathmandu.
In June, it will start direct flights between Mumbai and Kathmandu as well.
Sun Pharma gets US nod for women’s drug
By IANS,
New Delhi : Drug manufacturer Sun Pharmaceuticals Friday said it had received final approval from the US Food and Drug Administration to manufacture and sell generic alendronate sodium tablets for treatment of osteoporosis among women.
Alendronate sodium tablets are the generic version of pharma major Merck's Fosamax tablets, which are administered for the treatment and prevention of osteoporosis among post-menopausal women.
The approval is for doses of five mg, 10 mg, 35 mg and 70 mg, the company said.
More stimulus packages on the anvil
By IANS,
Chennai : The central government and the Reserve Bank of India (RBI) will jointly work to chart out more stimulus packages for industry, Home Minister P. Chidambaram said here Saturday.
"The country is facing only a slowdown and not a recession. Counter and corrective measures have to be taken to increase domestic demand," Chidambaram said.
OPEC oil price goes up ahead of expected production cut
By DPA,
Vienna : The price of oil produced by the Organization of Petroleum Exporting Countries (OPEC) rose by $1.21 Monday, ahead of an expected decision Wednesday to cut output in order to raise oil prices and react to lower demand.
One barrel (159 litres) of OPEC-produced crude stood at $42.53 Monday, the Vienna-based organization announced Tuesday.
OPEC President Chakib Khelil said Monday evening that all member states were in favour of lowering production at their meeting in Oran, Algeria Wednesday.
Investors lap up Tata scrip before Nano launch
By IANS,
Mumbai : Ahead of the launch of the world's cheapest car Nano, the Tata Motors scrip shot up over eight percent in Monday morning trade.
The commercial roll-out of the small car will take place around 4.30 p.m. in Mumbai at a ceremony in the Taj Mahal Palace & Tower, a hotel partially destroyed by terrorist attacks last November.
The Tata Motors stock, which opened higher at Rs.168.75, soon went up eight percent to touch an intra-day high of Rs.173.85.
Around 11 a.m., the scrip had settled down at Rs.168.60, still trading about 4.8 percent higher than its previous close.
Indian American executive says he got $1.75 million for confidential tips
By IANS,
New York : Anil Kumar, a former Indian-American director of McKinsey & Co, has claimed Galleon hedge fund founder Raj Rajaratnam, accused of masterminding a vast insider trading, paid him $1.75 million for confidential tips.
Kumar made the statement while pleading guilty in Manhattan federal court Thursday to conspiracy to commit securities fraud and securities fraud in what US prosecutors have called the biggest hedge fund insider trading case ever in the US.
Wipro institutes Global Applied Innovation Awards 2007
By IANS
Washington : Indian IT major Wipro Technologies has announced a global innovation award in partnership with the International Association of Outsourcing Professionals (IAOP) and Information Technology Association of America (ITAA).
The "Applied Innovation Awards for Business seek to recognise innovations that infuse newer ideas and newer ways of doing things into all parts of the organization, and improve business outcomes, often without major disruptive change.
ONGC Videsh to take over Venezuelan oil block
By IANS
Mumbai : An Indian team led by Petroleum and Natural Gas Minister Murli Deora will leave Sunday for Venezuela to complete the acquisition of oil fields worth around $450 million.
Deora, while refusing to confirm or quantify the transaction amount, told IANS Saturday: "We will meet officials from PDVSA (Venezuela's state-run oil company). The deal envisages both exploration and production. The production part will start in three years time."
Mumbai hosts textile and apparel machinery expo
By IANS,
Mumbai : The Garment and Textile Machinery and Accessories (Gartexma) 2010 expo showcasing Indian textile and apparel machinery and accessories kicked off here Sunday.
Safta agreement to be made effective for economic co-operation
By NNN-APP
New Delhi : President SAARC Chamber of Commerce and Industry Tariq Sayeed said that SAFTA (South Asian Free Trade Agreement) would be made more effective to revive economic co-operation for free trade in the region.
Giving a detailed presentation on SAFTA at expert committee meeting here Sunday, he said SAFTA has to be implemented in letter and spirit for South Asia to become an integrated and strong economic bloc.
Idea Cellular’s Q1 profit zooms to Rs.3.08 bn
By IANS
New Delhi : Idea Cellular Ltd, one of India's leading private mobile service operators, registered net profit of Rs.3.08 billion in the first quarter of the current fiscal (2007-08) against last year's Rs.1.93 billion in the same period, the company announced Tuesday.
Idea Cellular, which is a part of the $24 billion Aditya Birla Group, posted revenues of Rs.14.77 billion, which grew by 64 percent, compared to the first quarter of 2006-07 when its revenue was Rs.13.19 billion.
Economic Survey sees 7-7.5 percent growth for current fiscal
New Delhi: The Economic Survey for 2015-16 tabled in parliament on Friday has pegged India's growth for the current fiscal in the 7-7.5 percent...
Google, T-mobile to unveil iPhone competitor next week
By DPA,
San Francisco : Google will next week launch the first mobile phone running its Android software in a joint initiative with T-mobile, the companies have announced.
The open-source Android system is seen as Google's answer to Apple's successful iPhone and as a key initiative in the internet giant's quest to extend its dominance to the mobile web.
Google has worked closely with US carrier T-mobile and Taiwan electronics maker HTC to develop the new phone, which is to be called Dream.
India to appeal imposition of tax for New York property
By IANS
New York : India will appeal the decision of a US court that upheld imposition of $42.4 million tax on its property in New York.
The appeal will be filed in a higher court within the stipulated one month's time, a spokesperson of Permanent Mission of India (PMI) to United Nations told IANS Thursday.
The PMI building across the United Nations headquarters in mid Manhattan is being put to both official and diplomats' residential use.
Left moves protected India from financial meltdown: Bardhan
By IANS,
Chennai : The United Progressive Alliance (UPA) government wanted to privatise nationalised banks, insurance companies and Navratna companies, but was stopped by the Left parties, which has helped protect the Indian economy from the financial meltdown, Communist Party of India (CPI) leader A.B. Bardhan said Thursday.
"The economic policies pursued by the central government has not benefitted Dalits, Adivasis, Muslims. Only a handful of people have become affluent," Bardhan said at the AIADMK-led five party poll campaign.
Indian equities end lower after five weeks of gains
By IANS
Mumbai : Despite net purchases by both domestic and foreign funds, Indian equities finished lower during the week ended Friday to snap four straight weeks of gains as bears held a firm grip on the market amid sharp volatility.
No fresh oil bonds, but no fuel price rise: Deora
By IANS,
New Delhi : Petroleum and Natural Gas Minister Murli Deora Tuesday indicated there will be no hike in petro products prices for now, though the finance ministry had rejected his demand to issue fresh oil bonds to counteract the losses of state oil companies due to global rising oil prices.
Deora met Finance Minister P. Chidambaram to seek issue of oil bonds worth Rs.440 billion, amounting to 57.1 percent of the Rs.770 billion losses incurred by the state-run oil marketing companies during 2007-08.
Asia-Pacific future market for money management firms: KPMG
By IANS,
New Delhi : The investment management industry is set for exponential growth in Asia-Pacific including India, despite the challenges it faced in the region, according to a report by international accounting and consultancy firm KPMG.
"Asia-Pacific's healthy demographic and economic fundamentals, rising middle class and the limited existing penetration of structured or managed products in many markets has paved the way for continued growth," it said.
Now, anti-fraud cell to quiz Satyam Rajus Saturday
By IANS,
Hyderabad : The Serious Fraud Investigation Office (SFIO) has been permitted by a court here to interrogate Satyam Computer's disgraced founder B. Ramalinga Raju, his brother B. Rama Raju and the company's former chief financial officer Vadlamani Srinivas Saturday.
The criminal investigation department of the Andhra Pradesh police and market regulator Securities and Exchange Board of India had interrogated them earlier.
The SFIO can question the two former auditors of Pricewaterhouse the next day.
All the five are now lodged in the Chanchalaguda jail here.
India’s defence budget stays at Rs.141,703 crore
By IANS,
New Delhi : India's defence expenditure during 2009-10 remains unchanged from Rs.141,703 crore ($28 billion) allocated in the interim budget earlier this year - which was a hike of 34 percent over the previous year.
Finance Minister Pranab Mukherjee, while presenting the budget in the Lok Sabha, had a word of cheer for soldiers and junior commissioned officers (JCOs), saying their pensions would be enhanced. However, the officer cadre, which had led the "one-rank-one-pay" (OROP) demand, has been ignored.
Chidambaram’s remarks help Indian shares recover a little
By IANS
Mumbai : After crashing by over 1,700 points in the early hours of trading Wednesday and an hour-long suspension of business by the authorities, a key Indian index corrected itself by 940 points on assurances from Finance Minister P. Chidambaram.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange was ruling at 17,948.74 points soon after trading resumed at 10:55 a.m. following an hour-long suspension because of a 9.15 percent crash.
Talks to resume over Bajaj Auto plant closure
By IANS
Mumbai : The management of Bajaj Auto Ltd (BAL) and workers of its recently closed plant at Akurdi have agreed to meet again this week in Pune to resolve the stalemate over its closure.
The meeting between both sides at Mumbai Saturday evening, mediated by agriculture minister Sharad Pawar, ended inconclusively as both sides refused to dilute their stands.
India mulling scheme to catalyse hydropower generation
By Noor Mohd, IANS
New Delhi : After the successful launch of its coal-based ultra mega power project scheme, the Indian government is looking to launch a similar programme to implement hydroelectric projects.
Under the coal-fired ultra mega power project scheme, the power ministry has successfully given contracts to three 4,000-MW capacity projects for implementation at places like Sasan in Madhya Pradesh, Mundra in Gujarat and Krishnapatnam in Andhra Pradesh. It is currently in the process of allocating a similar-sized power project in Tilaiya in Jharkhand.
Daiichi completes acquisition of Ranbaxy
By IANS,
New Delhi : India's largest pharmaceutical major Ranbaxy Laboratories Monday officially became a subsidiary of the Japanese drug maker Daiichi Sankyo.
In a regulatory statement, Ranbaxy said Daiichi has acquired 52.5 percent in it, after the committee of directors approved allotment of equity shares and warrants on preferential basis.
Ranbaxy has now received $736 million or Rs.35.85 billion through the preferential issue of equity shares and warrants , the two companies said in the joint statement.
BP oil spill game changer for industry: ONGC chief
By IANS,
New Delhi : State-run Oil and Natural Gas Corporation (ONGC) chairman R.S. Sharma Thursday said the BP oil spill off the Gulf of Mexico has become a "game changer" for the hydrocarbon industry and will sharply increase insurance costs.
"Right away, we find insurance costs already going up two-three times," he said at a conference on Energy Security, organised jointly by Hindustan Times, Confederation of Indian Industry and Siemens group.
"It (BP oil spill) has been a game changer for the industry," he added.
OPEC crude price inches up towards $119 mark
By DPA,
Vienna : The price for crude oil produced by the Organisation of the Petroleum Exporting Countries (OPEC) climbed 18 cents Thursday, OPEC said Friday.
One barrel (159 litres) of crude from OPEC's reference basket stood at $118.95 Thursday, compared to $118.78 the previous day.
In its latest monthly oil market report, released Thursday, OPEC revised its 2008 demand growth forecast down by 40,000 barrels per day to 1.16 million barrels per day.
The 13-member cartel is responsible for about 40 percent of the global crude output.
OPEC crude price continues to slide
By DPA,
Vienna : The price for crude oil produced by the Organisation of the Petroleum Exporting Countries (OPEC) fell for the ninth day in a row Thursday, data released by the OPEC Friday showed.
One barrel (159 litres) of OPEC-produced crude stood at $122.42 Thursday, down $1.47 from $123.89 the previous day.
OPEC calculates an average basket price based on 13 important brands produced by cartel members.
Top power official protests diversion of natural gas
By IANS
New Delhi : Union power secretary Anil Razdan has protested the diversion of a portion of liquid natural gas (LNG) allocated to Dabhol power plant in Maharashtra for other purposes.
In a recent meeting with Petroleum Secretary M.S. Srinivasan, Razdan said that no portion of the gas allocated for power generation should be diverted for any other use, a source said.
Razdan said the northern and western regions were presently facing acute power shortages while power utility NTPC's gas-based power plants remained hamstrung by fuel shortages.
Revised fuel prices in Indian metros
By IANS,
New Delhi : Following are the new prices of transport and cooking fuels in the four metros announced by Indian Oil Corp, after the Cabinet Committee on Political Affairs permitted a price hike with effect from midnight Wednesday:
Diesel (Previous prices in brackets)
-Delhi Rs.34.80 (Rs.31.80)
-Kolkata Rs.37.17 (Rs.33.96)
-Mumbai Rs.39.54 (Rs.36.12)
-Chennai Rs.37.73 (Rs.34.44)
Petrol (Previous prices in brackets)
-Delhi Rs.50.56 (Rs.45.56)
-Kolkata Rs.54.29 (Rs.48.98)
-Mumbai Rs.55.88 (Rs.50.94)
-Chennai Rs.55.07 (Rs.49.64)
Vikram Solar invests Rs.100 crore in green power
By IANS,
Kolkata : Vikram Solar Private Ltd. has invested Rs.100 crore at its plant at Falta, a special economic zone (SEZ) in West Bengal's South 24 Parganas district, for producing solar modules of 50 MW capacity per annum, the company said Wednesday.
"Vikram Solar has invested around Rs.100 crore in this project, with an initial capacity of 25 MW per annum. We are already in the process of expanding its capacity to 50 MW by the middle of this year," H.K. Chaudhary, chairman of Vikram Group of Industries, said in a statement.
India to help Sri Lanka set up 500M-W power plant
By P.K. Balachandran, IANS
Colombo : India and Sri Lanka Wednesday agreed on a timetable to build a 500 MW coal-fired power plant in Veloor, near Nilaweli, in the eastern Sri Lankan district of Trincomalee.
The power plant, which is to cost $250 million, will be a joint venture between the Indian power utility giant, National Thermal Power Corporation (NTPC), and the Ceylon Electricity Board (CEB).
The first of the two 250 MW units will be commissioned by April 2012, and the second in July that year, according to an agreement signed here.
Cabinet to decide fuel price cut, as Deora gets notice for remarks
By IANS,
New Delhi : With state-run oil companies making profits on the sale of petrol and diesel, the petroleum ministry will seek a nod from the cabinet to revise prices, a top official said Wednesday, even as the Election Commission sought an explanation from Petroleum Minister Murli Deora for his remarks on price cuts a day earlier.
"We will go to the cabinet with a comprehensive picture," Petroleum Secretary R.S. Pandey told reporters at the Economic Editors Conference here, even as his minister Murli Deora declined comment on the subject.
Japan’s economy is in recession
By IRNA,
Tokyo : Japan, the world's second-largest economy, has officially slipped into recession, hurt by weak export growth and steep cuts in corporate spending amid the worsening global slowdown.
Japan's gross domestic product shrank at an annual rate of 0.4 percent from July to September after declining a revised 3.7 percent in the previous quarter, the government said Monday.
It was the first time since 2001 that Japan's economy has contracted for two consecutive quarters, the definition of a recession.