Infosys to pay 300 percent final dividend to investors
By IANS,
Bangalore : Recovering from a worst economic slump, a resilient Infosys Technologies Ltd Tuesday proposed to pay a final dividend of Rs.15 per share or 300 percent on par value of Rs.5 per share for fiscal 2009-10.
In a regulatory filing, the IT bellwether said its board of directors had recommended a final dividend of Rs.15 per share for the fiscal under review (FY 2010).
The blue chip firm paid an interim divided of Rs. 10 or 200 percent on par value of Rs.5 per share in October 2009 at the end of first six months (April-September).
South Eastern Coalfields makes record coal production
By IANS
Raipur : The South Eastern Coalfields Ltd (SECL), a subsidiary of Coal India Ltd (CIL), has registered a record in coal production in 2007-08.
Officials said the company ended up producing 93.79 million tonnes (MT) against the 91.5 MT production target set for 2007-08, registering 102.35 percent achievement. In 2006-07, the company produced 88.5 MT.
Of the total production, SECL, which was awarded Mini Ratna status by the government in 2007, produced 77.054 MT of coal from its open cast mines and 16.737 MT from underground mines.
Market ends in red after six days of gaining rally
By IANS,
Mumbai : After six consecutive days of gaining rally, the Indian equities market Wednesday closed in red in volatile trade.
With mixed cues from Asian markets, the Indian markets started the day with a marginal positive gap and slipped into red by the afternoon and were unable to recover till the close of the trading session.
The 30-share benchmark of the Bombay Stock Exchange (BSE) sensitive index (Sensex) opened at 16,823.99 points and touched a high of 16,871.27 before closing at 16,698.04 points. It went down by 85.83 points or 0.51 percent at the day's close.
Sensex down 115 points in noon trade
By IANS,
Mumbai : A benchmark index of Indian equities Wednesday was ruling 115 points lower around noon, with even broader markets subdued.
Major overseas acquisitions by Tata group
By IANS
New Delhi : With the takeover of two British automobile marquees Jaguar and Land Rover, the $28.8 billion Tata group, with 98 companies in its fold, will add another prominent entry to its growing roster of global acquisitions.
Barely a year ago, it paid over $12 billion to acquire Anglo-Dutch steel maker Corus, in what remains the largest buy-out deal overseas by an Indian company till date.
Prices of better quality Himachal apples firming up
By IANS,
Shimla : Prices of superior grade apples are slowly bouncing back, much to relief to the growers in Himachal Pradesh.
"The market has started looking up with prices of superior grade of apples increased by Rs.200 to Rs.300 a box," said Gian Singh Chandel, chairman of the apple market committee at Dhalli near here.
"The superior grade of Royal Delicious is getting Rs.1,300 to Rs.1,400 per box against Rs.1,100 per box last week in the Dhalli market. Similarly, Rich-a-Red is getting around Rs.1,200 per box against Rs.1,000 last week."
First steel processing plant in Kashmir Valley
By IANS,
Srinagar : Union Steel Minister Ram Vilas Paswan Monday laid the foundation of the first steel-processing plant in the industry-starved Kashmir Valley which will give employment to around 4,500 people.
The plant in Lassipora industrial growth centre in south Kashmir Pulwama district will have an annual capacity of 160,000 tonnes and will become operational in 2010.
Paswan said the capacity of the steel-processing plant would be expanded after it becomes operational in January 2010.
Indian company in Ethiopia for bio-fuel production
By Groum Abate, IANS,
Addis Ababa : Indian renewable energy company Praj has signed an agreement with Ethiopia's Eco Energy, a bio-fuel producing company, for providing consultancy in cultivating thousands of hectares for generating bio-fuels.
The growing increase in international oil prices caused the Ethiopian government to consider shifting to the consumption of bio-fuel. On an average, Ethiopia spends over 10 billion birr ($800 million) annually on importing petroleum, consuming about 90 percent of the hard currency earned from foreign trade each year.
Equities surge, key index tops 10,000 mark again
By IANS,
Mumbai : Indian equities markets opened strong Monday and steadily gained throughout the day to end in the green with a key index gaining by more than 500 points to breach the psychologically important 10,000 mark once again, thanks to the US markets ending with gains Friday and other Asian markets too showing gains Monday.
Analysts, however, felt much of the buying was due to short covering rather than any positive change in investor sentiment.
Samsung launches Galaxy Note 800 in India
By IANS,
New Delhi: Samsung Electronics Friday launched a new tablet, Galaxy Note 800, in the Indian market expanding its product portfolio.
Railway linked firms’ stocks rise ahead of budget
Mumbai : Stocks of companies associated with the railways rose around noon Monday a day before Railway Minister D.V. Sadananda Gowda is slated to...
India, China lag in economic well-being, living standards: ADB
By DPA
Manila : Economic powerhouses China and India are lagging behind other Asia-Pacific countries in terms of economic well-being and living standards of their population, according to a study released by the Asian Development Bank (ADB) Tuesday.
According to the bank's International Comparison Programme in Asia and the Pacific: Purchasing Power Parity Preliminary Report, China and India account for 64 percent of total real gross domestic product of 23 economies in the region.
Tripura seeks Rs.11 bn World Bank aid to improve power scenario
By IANS,
Agartala: The Tripura government has sought aid of Rs.11 billion from the World Bank to improve the power scenario in the northeastern state, an official said here Tuesday.
BHEL learning super critical boiler technology
By IANS,
Tiruchirappalli (Tamil Nadu) : Bharat Heavy Electricals Ltd (BHEL), a major producer of power equipment and industrial goods, is learning the technology to supply super critical boilers on its own without any outside support, a company official said.
A super critical boiler is one that performs under very high pressure.
"By 2013, we will learn the super critical boiler technology. Then we do not need technical assistance from Alstom anymore," BHEL Executive Director A.V. Krishnan told reporters here Friday.
German firm to build new Tamil Nadu assembly
By IANS
Chennai : The Tamil Nadu government has given the German firm GMP International the contract to build a new legislative assembly building, a government statement said here Saturday.
The project will cost Rs.2 billion and work on the project will begin in six months. The complex will have a built-up area of about 75,000 square metres and will be at the Omandurar estate, in the heart of Chennai city.
GMP International was selected from seven companies through a global selection process, the release added.
Samsung bets on CDMA handset business with new models
By IANS,
Chennai : Consumer durables company Samsung India Electronics is hoping to sell around two million mobile phone sets compatible with the code division multiple access (CDMA) platform through its open market channel next year.
The Indian subsidiary of the South Korean Samsung sells its CDMA phones through two channels -- directly in the open market and through mobile phone service providers.
‘Chinese economy may bounce back in second half of 2009’
By IANS,
Kolkata : The global economic slowdown has taken its toll on the Chinese economy as exports and equity markets are down, but things may turn around in the second half of 2009, a Chinese diplomat said here Saturday.
"Worst is not yet over. The first half of 2009 will be difficult for China, but the second half may be a turning point for the economy," China's Consul General to India Mao Siwei said.
He was speaking at an interactive session on 'China-India Real Estate and Architectural Cooperation', organised by the Bharat Chamber of Commerce.
Tata to launch GSM, BlackBerry services
By Pupul Dutta, IANS,
Agra : Tata Teleservices Ltd (TTSL), one of the leading telecom players in CDMA sector, will launch GSM services early next year and BlackBerry push-email services in three months, a top official said Saturday.
"The company will invest $2 billion for setting up nationwide services on GSM network over the next two years," TTSL managing director Anil Sardana told reporters.
"BlackBerry soft launch is already done. For official launch, the company is waiting for logistics arrangement, which should be done before year end," he added.
Incredible India now in the e-world
By IANS
New Delhi : Tourism and Culture Minister Ambika Soni Wednesday launched an e-commerce platform of the tourism ministry's 'Incredible India' campaign to allow tourists to access information about any travel destination in India with suitable accommodation and book the facilities online.
Soni said here that the latest initiative of the ministry would be the most effective method of accessing information by the tourists, while admitting that she was quite illiterate when it came to accessing information from the Internet.
Kerala firm’s system to run cargo terminal in Tokyo
By IANS,
Thiruvananthapuram : Technopark headquartered IBS Group has signed a deal with Tokyo International Air Cargo Terminal Ltd (TIACT) for implementation of the Cargo Terminal Operations (CTO) module of iCargo, a new-generation cargo management system.
The IBS system will manage the new cargo terminal at Tokyo International Airport, also known as Haneda Airport that is ranked among the world's busiest passenger airports.
The airport is currently undergoing a major expansion in terms of capacity and technology and is scheduled to be fully functional by October 2010.
India clears Cayman Island firm’s proposal on airports
By IANS,
New Delhi : The Indian government Thursday gave its approval to a proposal from a Cayman Islands-based company, Agam SPV Six Ltd, to set up new airports and upgrade existing ones in the country with foreign direct investment of up to $300 million.
A meeting of the Cabinet Committee on Economic Affairs, presided over by Prime Minister Manmohan Singh, gave the approval subject to the sectoral regulations notified by the civil aviation ministry.
PM vows focus on agriculture, says industrialisation also critical
By IANS
New Delhi : Indian Prime Minister Manmohan Singh marked the 60th anniversary of independence Wednesday with a pledge to focus in the coming years on crisis-hit agriculture but insisted that industrialisation was critical to progress and employment.
Delivering his fourth speech from the magnificent Red Fort monument here on a bright and clear day, the prime minister sounded confident - despite a political crisis sparked by a spat with his Left allies - as he spoke in Hindi, touching upon an array of subjects but focussing on education and agriculture.
Sensex slips from day’s high, up 94 points
By IANS,
Mumbai : A key index of the Indian equities markets ended trade Friday 94 points higher than its previous close. Till about 30 minutes before shutting shop, it was ruling more than 200 points above Thursday's closing figure.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 15,040.24 points, ended at 15,103.55 points - 94.87 points or 0.63 percent above its last close.
The S&P CNX Nifty of the National Stock Exchange (NSE) closed at 4,586.9 points, a marginal gain of 0.31 percent.
Pyramid Saimira chairman’s stakes go down to 17 percent
By IANS,
Chennai : The key promoter of city-based entertainment company Pyramid Saimira Theatre Limited, P.S. Saminathan has reduced his stake in the company by six percent to 17.989 percent.
In a notification to the bourses Monday, the company said Saminathan, the chairman, has sold just over 1.707 million shares (6.037 percent) Dec 20-31, 2008, for Rs.64.27 million (Rs.6.42 crore) in an off-market transaction.
Haryana recovers Rs.1,000 crore from power defaulters
By IANS,
Chandigarh: Implementing a carrot and stick policy against electricity consumers in the state has paid off for the power department in Haryana. The department has been able to recover over Rs.1,000 crore from power sector defaulters in just two months (December-January).
Haryana's Financial Commissioner and Principal Secretary (power), Madhusudan Prasad Wednesday told a meeting of senior officials here that the recovery was made possible after nearly 8,000 complaints were registered against consumers, including first information reports (FIRs) against 133 persons.
Sensex closes 192 points in red
By IANS,
Mumbai : A benchmark index for Indian equities shut shop 192 points in the red Tuesday, ending a three-day rally as traders stepped on the selling pedal.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,368.44 points, closed at 16,163.44 points, down 192.59 points or 1.18 percent from its previous close at 16,356.03 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty ended at 4,830.1 points, against the previous close at 4,899.7 points, a loss of 1.42 percent or 69.6 points.
Cabinet bans export of non-basmati rice
By IANS
New Delhi : The cabinet committee on prices Monday night imposed a complete ban on export of non-basmati rice and fixed the minimum export price for basmati rice at $1,200 per metric tonne.
All edible oils, include crude form of edible oil, will be imported at zero duty custom rate, while the refined form of edible oil will be imported at 7.5 percent customs duty.
The refined oil category includes sunflower, soya bean, coconut and groundnut.
Bangladeshi officials in Kolkata to buy rice
By IANS
Dhaka : A team of Bangladeshi officials is in Kolkata to purchase 500,000 tonnes of rice to meet the shortage in the country accentuated by last November's devastating cyclone.
The state-run West Bengal Essential Commodity Supply Corporation has submitted a tender to the central government of India for the supply of the rice. But the deal has not been settled as the two governments (India and Bangladesh) have not yet reached agreement on the price.
Women in Ahemdabad welcome budget proposals
By IANS
Ahmedabad : Working women and housewives in Ahmedabad welcomed the union budget Finance Minister P. Chidambaram presented Friday, but said it lacked any measures to control the price rise.
Sushma Desai, resident of Navrangpura who with her friends watched the live telecast of the finance minister's budget speech, said: "We expected the government to hike the price of cooking gas. We are happy that it did not happen."
No match for UPA government’s performance: Chidambaram
By IANS,
New Delhi : Finance Minister P. Chidambaram Tuesday said no other government other than his had achieved such an enviable economic growth for India and done as much for its farm sector, and alleged that some Indians did not want the country to become an economic superpower.
“There are some people in India who do not want India to catch up with China,” Chidambaram said in the debate in the Lok Sabha on the confidence motion moved by Prime Minister Manmohan Singh Monday.
3G, broadband auction may yield Rs.55,000 cr: Raja
By IANS,
New Delhi: The Indian government expects to raise Rs.55,000 crore from the ongoing auctions of radio frequency spectrum for third generation (3G) telecom services and for rolling out broadband wireless internet services in the country, Communications Minister A. Raja said here Tuesday.
"The revenue from 3G alone will touch Rs 40,000 crore...Putting both 3G and broadband spectrum together, we hope to get Rs.50,000-55,000 crore of revenue," he said.
Earlier, he had said the government expected to rake in Rs.45,000 crore from the auctions.
Canada turns to Europe to avert economic crisis
By IANS,
Toronto : Canada, which banks on the US for about 85 percent of its global trade, is turning to Europe to lessen the impact of the economic crisis in its big neighbour down south.
Prime Minister Stephen Harper Friday announced that Canada and the European Union (EU) have agreed to work towards a "historic, comprehensive economic agreement".
Trading flat at Indian markets
By IANS,
Mumbai : Trading at Indian equities markets was lacklustre, with a key index hovering around its last closing figure, a little after Wednesday noon.
Around 12.28 p.m., the benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened higher at 14,376.82 points was ruling at 14,346.53 points, 22.52 points or a mere 0.16 percent above Tuesday's close.
Around the same time, the S&P CNX Nifty of the National Stock Exchange (NSE) was ruling in the green, 0.37 percent up at 4,262.9 points.
Assocham hails government steps, says demand picking up
By IANS,
New Delhi : Industry lobby, the Associated Chambers of Commerce and Industry of India (Assocham) is greatly appreciative of the steps taken by the government to inject liquidity into the system and said Thursday that as a result of these steps demand has already begun to pick up.
"Our government is doing a lot more than what any other government is doing and demand has already begun to pick up," said Assocham's President Sajjan Jindal at a press conference here after a meeting of the full committee of the chamber.
Billion-dollar potential seen in carbon trading
By IANS
Washington : Carbon credits earned by companies for adopting clean technologies can emerge as a $1 billion regional market in the future, as more trades take place under a unique UN initiative, says a new report.
Called the futuristic regional greenhouse gas initiative (RGGI), the market for the same is a potential money-spinner as more firms trade in emissions of carbon dioxide, says Point Carbon, an independent consultancy in the area.
Modi’s One Year : Jan-Dhan Yojna amidst various hurdles
The Pradhan Mantri Jan Dhan Yojana (PMJDY) announced by the BJP-led NDA government at the Centre, which has promised almost a moon to a...
BSNL staff call off strike on government assurance
By IANS,
New Delhi : Employees and executives of Bharat Sanchar Nigam Ltd (BSNL) Tuesday called off their indefinite strike after the government assured them that plans for disinvestment in the telecom company will be referred to a group of ministers (GoM).
"The employees have been assured that the issue concerning disinvestment will be referred to a GoM. The GoM would consult before taking any decision in regard to disinvestment of BSNL," Telecom Minister A. Raja told reporters.
BJP welcomes PM’s nudge to banks to give poor preference
New Delhi : The Bharatiya Janata Party (BJP) on Sunday welcomed Prime Minister Narendra Modi's appeal to banks to give preference to the needs of...
KSE price index ends day with gain of 75.5 points to 13,336 points
By KUNA
Kuwait : The price index at Kuwait Stock Exchange made up for losses earlier in the day and even put on an additional 75.5 points by closing Wednesday, registering 13,336 points.
The weighted index meanwhile came up 1.99 points to read 761.02 points.
Volume for the day was 387,793,000 shares traded in 9,932 transactions worth KD 190,306,985.
All sector indices but real estate were up as well, with biggest gain of 145.9 points seen in the non-Kuwaitis sector.
Sensex tumbles 443 points on panic selling
By IANS,
Mumbai : A benchmark index of Indian equities tumbled 2.25 percent Thursday on last-hour panic selling.
India’s retail food sector seen doubling by 2025
By IANS,
Mumbai : The retail food sector in India is expected to grow from the current $70 billion to $150 billion by 2025, according to consultancy firm McKinsey & Co.
Speaking at the inaugural session of the two-day India Food Vision 2020, which opened here Tuesday, McKinsey & Co principal Ireena Vittal said that in comparison, the world food industry, which stands at $175 billion, will grow up to $400 billion by 2025.
Reliance Power founders to sell stake in company
By IANS,
New Delhi : Three of Reliance Power's founder companies will sell 5.42 percent stake in the company in an auction in the Bombay stock Exchange Wednesday, the company said Monday.
Pest attacks in Assam plantations hit tea production
By IANS,
Guwahati : India's tea production has been hit with rampant pests eating away the crop, adding to the woes of the cash-strapped tea industry in the northeastern state of Assam, officials said Monday.
Planters and industry officials in separate statements said a tea mosquito called helopeltis has attacked nearly 200 of Assam's estimated 800 tea plantations during the past two months.
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.
ADB gives $510 million loan to promote renewable energy in Pakistan
By NNN-ADB
Islamabad : Pakistani authorities on Friday signed an agreement with the Asian Development Bank for a $510 million multi-tranche loan for the development of renewable energy.
The program is the first of its kind in Pakistan, and is one of the first to be developed under ADB’s evolving clean energy and efficiency initiative.
Faster money orders between UAE and India soon
By IANS
Dubai : An International Express Money Orders service between India and the United Arab Emirates (UAE) will start soon, following an agreement between the two countries, WAM news agency reported Monday.
The agreement has been signed recently by I.M.G. Khan, director general of India Post and Ibrahim Karam Ali Bin Karam, chief executive officer of Emirates Post, a press release by the UAE government said.
Is Dubai’s retail glory fading?
By Rajendra K. Aneja, IANS,
Shopping is the soul of Dubai, a place whose very name can be pronounced "Do-Buy"! Retail is a key driver of Dubai's economy. It is the major tourist attraction. Dubai lures visitors from Asia, Africa, Europe and the Middle East since it offers very enticing shopping experiences. The city offers scintillating malls, almost every brand in the world, shopping bargains, huge discounts.
Bengal ties up with Brainware to train its jobless
By Sujoy Dhar, IANS
Kolkata : For decades, employment exchanges in West Bengal were farcical bleak houses where the state's unemployed registered in millions without expecting an interview call. This year, the government wants to change all that through job training.
Brainware, a leading vocational institute, will now be assisting the West Bengal government in providing training in multiple domains of IT to youths registered with the state employment exchanges under the Scheme for Skill Development for Registered Job Seekers.
Foreign funds lift India’s Sensex above 20,000-point mark
By IANS,
Mumbai : A benchmark index of Indian equities scaled the 20,000-point mark Tuesday, fuelled by some impressive buying by foreign funds and overall positive mood in other markets.
Himachal dam faces agitation over land acquisition
By IANS,
Shimla : A multi-billion rupee hydroelectric project in Himachal Pradesh that will provide drinking water to Delhi once complete has run into trouble with residents of the area threatening an indefinite agitation
against land acquisition for the dam.
The Rs.24-billion Renuka dam, to be constructed on the Yamuna river in Sirmaur district of Himachal Pradesh, will not only quench the thirst of the people in Delhi by providing 23 cubic metres of water per second but also
generate 40 MW of electricity for the hill state.
Hindustan Aeronautics to make light utility, medium lift copters
By IANS,
Bangalore : India's defence behemoth Hindustan Aeronautics Ltd (HAL) plans to manufacture light utility and medium lift helicopters for the Indian Army, air force and navy, a top official said here Tuesday.
"We have already started preliminary work to design, develop and produce indigenous light utility helicopters (LUH) and medium lift helicopters for the three services," HAL chairman Ashok Baweja told reporters on the sidelines of a function.
Court jolt to Haldia Petrochemicals promoters
By IANS
Kolkata : In a legal setback to Purnendu Chatterjee-led The Chatterjee Group (TCG), Calcutta High Court Friday set aside the order of Company Law Board (CLB) that had told the West Bengal government to transfer 155 million shares of Haldia Petrochemical Ltd (HPL) to its joint venture partner and exit the company.
South Korea-EU trade talks focus on manufacturing sector
By IANS
Seoul : Opening up South Korea's manufacturing sector would be the central issue in the ongoing talks for a free trade agreement (FTA) with the European Union (EU), Commerce and Industry Minister Oh Young-ho said Thursday.
Birla was one of India’s greatest Industrial leaders: PM
By IANS,
New Delhi : Prime Minister Manmohan Singh Saturday condoled the death of noted industrialist Krishna Kumar Birla, calling him one of India's greatest industrial leaders.
"Birla's contribution to the development of our country is immense. His was a multifaceted personality," the prime minister said in a statement.
"He ranks among the greatest industrial leaders that India has produced. His efforts for the promotion of technical education and Hindi literature in the country received wide acclaim. He set up the K.K. Birla Foundation for the promotion of Hindi literature."
Jivox closes $10.7 million Series A financing
By IANS,
Mumbai : California headquartered Jivox, an online video advertising platform, Monday reported here it has closed a $10.7 million Series A round of financing.
The Series A round was led by Opus Capital and an India-focussed venture fund, Helion Venture Partners, along with Jivox's existing investors.
A spokesperson of Jivox said that the funds will be used to continue the development of the online video advertising platform to enable smaller and local businesses to use it.
India presses for quicker business visas to Africa
By IANS
New Delhi : Ahead of the India-Africa partnership forum summit in April, Indian businesspersons have pressed for quicker business visas from African countries.
The Indian side will take up the issue of visas with ministers accompanying leaders of 14 countries who will be coming here to participate in the first-ever India-Africa summit, official sources said here Thursday.
The move can go a long way in enhancing trade and investment between the two sides.
Economic downturn hits Jharkhand sponge iron factories
By IANS,
Ranchi : Thanks to the economic downturn, most of the sponge iron factories in Jharkhand are either closing down or reducing production drastically.
Out of the 40 small and large scale sponge iron factories operating in the state, 10 have already stopped production.
"The sponge iron factories are facing their worst time due to slump in global market. The prices of sponge iron have come down by 40 percent, which caused huge losses to companies," Jharkhand Small Scale Industries Secretary Sharad Kumar Poddar told IANS.
Anil Ambani group to make major foray into cement, airports
By IANS,
Mumbai : Reliance Infrastructure has firmed up plans for a major foray into cement production and expansion of airports across the country, apart from bidding actively for major highways projects, company chairman Anil Ambani said Tuesday.
Addressing the company's annual general meeting here, Ambani said a pact was signed last week with the Maharashtra Government for a five-million-tonne cement unit in Yavatmal district at investment of Rs.2,250 crore ($450 million).
Pawan Goenka is new automobile society president
By IANS,
New Delhi : "Growth with responsibility" will be the mantra of new SIAM(Society of Indian Automobile Manufacturers) President Pawan Goenka who took charge of the organisation Friday.
"The auto sector should grow but with responsibility. We are all aware that the industry can lead to a lot of things like pollution, climate change, road safety among other issues," Goenka told the media.
The Mahindra and Mahindra (automotive sector) president succeeded outgoing SIAM president Ravi Kant.
India to spend $500 mn to boost capacity of drug regulators
Mumbai : As part of efforts to ensure that Indian pharmaceutical products meet international standards, the government is spending about $500 million to build...
Banks in UAE injected with first tranche of liquidity
By IANS,
Dubai : The United Arab Emirates' (UAE) finance ministry has injected the first tranche of 25 billion dirhams ($6.8 billion) into national banks in the country to boost liquidity and capital in the face of the global credit crunch.
Each bank will receive support on the basis of its loan and credit portfolios, the ministry announced.
Sensex closes 434 points down
By IANS,
Mumbai : Indian equity markets closed deep in the red Thursday.
The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened at 14,646.98 points, touched a low of 14,201.18 before closing at 14,243.73. It went down by 434.50 points or 2.96 percent compared to its closing figure Wednesday.
The S&P CNX Nifty index of the National Stock Exchange, which opened at 4,416.20 points, closed at 4,283.85. It went down by 131.90 points or 2.99 percent.
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.
Income tax exemption limit increased, corporate tax rate unchanged
By IANS,
New Delhi : Finance Minister Pranab Mukherjee Monday proposed to increase the income tax exemption limit for senior citizens by Rs.15,000, for women and others by Rs.10,000 each, while keeping the corporate tax rate unchanged.
The exemption limit will now be Rs.240,000 for senior citizens, Rs.190,000 for women and Rs.160,000 for others.
Nathpa Jhakri power plant shutdown continues
By IANS,
Shimla : The 1,500 MW Nathpa Jhakri hydel power project in Himachal Pradesh's Kinnaur district, which also supplies electricity to other states in north India, remained closed for the third consecutive day Friday due to high silt level in the Sutlej river.
The plant has been closed since Wednesday after the silt content in the river increased to 7,500 parts per million (ppm). The permissible limit is 4,000 ppm.
"However, it has reduced to 5,500 ppm," Vijay Kumar Verma, deputy general manager of the Sutlej Jal Vidyut Nigam, told IANS Friday.
Caution sets in over proposed Bharti, MTN telecom pact
By Fakir Hassen, IANS,
Johannesburg : After the initial enthusiasm over the $23-billion telecom deal proposed by India's Bharti Airtel and South Africa's MTN, analysts have turned cautious, even fearing if the transaction presented a fair value for shareholders.
Their fears were further fuelled after MTN shares fell 4.46 percent and those of Bharti closed lower for two consecutive days after the initial interest shown by the announcement Monday.
European Business and Technology Centre to be launched in India
By EuAsiaNews,
New Delhi : A European Business and Technology Centre (EBTC) will start to operate in New Delhi from 1 October, following the signature Thursday of the financing contract between Daniele Smadja, Ambassador and Head of the Delegation of the European Commission to India and Arnaldo Abruzzini, Secretary General of Eurochambres.
The creation of the Centre has been endorsed by EU-India leaders last year during their yearly Summit in New Delhi.
India’s growth intact but no escaping fuel price hike: PM
By IANS,
New Delhi : Calling for a wider political consensus on "rational economic policies", Prime Minister Manmohan Singh Monday said there was no way out of hiking prices of petroleum fuels to bail out state-run firms that were bleeding due to high global crude prices.
"We cannot allow the subsidy bill to rise any further,” the prime minister told the annual summit of leading industry lobby, the Associated Chambers of Commerce and Industry (Assocham).
2009 will be make or break year for Lakshmi Mittal
By Surender Bhutani, IANS,
Warsaw : With the steel industry shrouded in doom and gloom, Arcelor Mittal chairman Lakshmi Mittal may have to make major adjustments in his steel empire this year, say industry watchers.
Arcelor Mittal is the world's largest steel producing company and it has several plants in Western Europe, Eastern Europe, including Poland where it controls 70 percent of steel production, South Africa and Brazil.
Fiat India launches two new premium models
By IANS
Pune : Fiat India Friday launched two top-of-the-line models called Fiat 500 Cinquecento and Bravo.
"These two models should be seen as resurgence of the Fiat brand in India," said Fiat India Automobiles Pvt Ltd's CEO Rajeev Kapoor.
Fiat India is a joint venture between Fiat and Tata Motors.
The company will be importing the two models. The first lot is expected to arrive May this year. The cars will be fully customised.
Himachal hydel project generates record power
By IANS
Shimla : The Nathpa Jhakri hydel project in Himachal Pradesh has generated record power this year, company officials said Friday.
The 1500-MW hydel project, the largest in the country, is built on the Sutlej river, some 150 km from here. The project went into operation four years ago and is run by the Satlej Jal Vidyut Nigam Ltd (SJVNL), a joint venture of the government of India and the government of Himachal Pradesh.
Indian markets on downslide as oil price hits new high (Lead)
By IANS,
Mumbai : The Indian equities markets, which opened in the red Thursday, soon slipped sharply with selling pressure all around, especially in IT, banking, realty, capital goods, public sector undertakings, metals and the oil and gas sectors.
Oil touched $122 a barrel in the international market Wednesday, hitting market sentiment here. Equities here were also hit hard by the results of UBS Switzerland, which made a provision for sub-prime losses of $17 billion. The fact that other Asian markets were trading weak did not help either.
Five-day ‘business only’ rider at trade fair upsets vendors
By IANS,
New Delhi : The decision to earmark the first five days of the India International Trade Fair exclusively for business visitors has left small vendors from many countries disappointed as they are hoping to sell their wares rather than strike large business deals.
"We were not even aware that the first five days will be exclusive for the business visitors," said Mohammed Zaiuddin, a Bangladeshi trader of exotic heavy embroidery Zamdani silk saris and Dhakai silk.
Indian aluminium major to build $3.4-bn Indonesian plant
By IANS
Bhubaneswar : National Aluminium Co Ltd (Nalco), India's second biggest producer of aluminium, Friday inked a deal with the Indonesian government in Jakarta to set up a 500,000-tonne smelter and a 1,250-MW captive power plant in that country at a cost of $3.4 billion, the company said here.
A memorandum of understanding (MoU) to this effect was signed between B.L. Bagra, director, finance, NALCO, and H. Mahyuddin, vice-governor, South Sumatra Province, Indonesia.
Synaptris forays into Australian solutions market
By IANS
Chennai : Synaptris, the software products arm of CSS (Cybernet-SlashSupport) that offers flexible reporting solutions, Thursday announced its expansion plans for the Australian market.
Mexico’s economy contracts 6.2 percent in third quarter
By EFE,
Mexico City : Mexico's gross domestic product fell by 6.2 percent in the third quarter relative to the same period of 2008, beating analysts' expectations, authorities said.
Inegi statistics institute said Friday that, excluding seasonal factors, the country's GDP rose 2.93 percent in the July-September period compared to the previous quarter, indicating an end to the recession.
On a year-on-year basis, services fell by 6.5 percent, industrial production was down 6.6 percent and "primary" activities (agriculture and livestock) were off by 1.1 percent.
Tourism boom will provide more jobs: Soni
By IANS
New Delhi : The boom in the tourism industry has the potential to provide employment to more than 200,000 trained people by 2010, said Minister of Tourism and Culture Ambika Soni Tuesday.
Speaking to a group of students of Tourism and Hospitality Management from Acharya Nagarjuna University, Andhra Pradesh, Soni said with the ongoing tourism boom in the country, sufficient trained manpower is required to meet the growing demands in hotel and travel related agencies.
Rail passenger services to Katra soon: Kharge
By IANS,
New Delhi : Railway Minister Mallikarjun Kharge Wednesday said passenger services up to Katra are expected to commence shortly as the construction of...
Himachal inks $100 mn loan pact with World Bank
By IANS,
Shimla: Himachal Pradesh Saturday signed a $100 million loan agreement with the government of India and the World Bank to support green initiatives in the state.
Indian American faces 20-year jail for embezzling $34 mn from company
By Arun Kumar, IANS,
Washington : A former Indian-American executive, who "engaged in irrational and excessive buying sprees", faces up to 20 years in jail after pleading guilty to embezzling $34 million from stereo headphone manufacturer Koss Corporation where she worked as vice president, finance.
Hyundai India to expand dealers network, launch new SUV
By IANS,
Chennai : In order to take on new competition, India's second largest car manufacturer Hyundai Motor India plans to expand its distribution network and also launch a new small car and a sports utility vehicle (SUV) Santa Fe this year.
Speaking to reporters after inaugurating a new dealership here, managing director Hang Woo Park said Monday: "We will launch Santa Fe this year as a completely built unit and may consider making it here."
Mukesh Ambani, Lakshmi Mittal among world’s top ten rich
By Arun Kumar, IANS,
Washington : Reliance Industries chairman Mukesh Ambani has overtaken the London-based steel tycoon Lakshmi N. Mittal to emerge as Asia's richest person, as per the Forbes' list of world billionaires for 2009.
But Mukesh's younger and estranged brother Anil Ambani, who was the biggest gainer last year, dropped out of the top 10 list, with his stake in the telecom-to-energy empire losing over $31.9 billion over the past 12 months. The other major loser was realty baron Kushal Pal Singh, who runs the New Delhi-based DLF.
Isreael wants India to explore gas, sign trade pact: Envoy
By IANS,
Noida : Israel has invited Indian companies to take part in extracting natural gas from its newly-found reserves, with 40 percent of the...
Hutch becomes Vodafone on Sep 21
By IANS
Mumbai : UK-based telecom giant Vodafone and Indian partner Essar Wednesday announced that the Vodafone brand would be officially launched on Sep 21.
Vodafone acquired Hong Kong-based Hutchison International's Indian telecom arm Hutch's stake in Hutch-Essar for $11 billion in May this year.
Mining approval for Posco divides Orissa’s ruling coalition
By IANS,
Bhubaneswar : Orissa's recommendation to the central government that South Korean steel major Posco be given rights to an iron ore mine in Sundergarh district has caused a divide in the state's ruling coalition, with the Bharatiya Janata Party (BJP) openly opposing the move.
"We are not happy with the government's recommendation of Posco. We are not in support of this decision," BJP vice president Jual Oram told IANS.
Government to mull 15 SEZ proposals Friday
By IANS
New Delhi : An approval body of the Indian government will be meeting here Friday to consider 15 proposals of setting up special economic zones (SEZs) across the country.
The commerce and industry ministry's Board of Approvals (BoA) would be discussing the status of the proposals under the chairmanship of Commerce Secretary G.K. Pillai.
Cricket is serious business for Agra traders
By IANS
Agra : It's not all work for merchants and shopkeepers of the Taj city. They also enjoy playing cricket, if the enthusiasm displayed at a recent tournament is anything to go by.
The Siya Ram Trophy, sponsored by the Agra Wholesale Cloth Merchants Association, was won by a team from the neighbourhood Roshan Mohalla, which defeated the Subhash Bazar team on Christmas day in the 20-20 cup tournament held for the first time in Agra.
Tribunal to recover damages from Coke in Kerala
By IANS,
Thiruvananthapuram: A tribunal will be set up to recover Rs.216.26 crore from Coca-Cola for the socio-economic damages caused by its bottling plant in Palakkad that has now been shut down, Chief Minister V.S. Achuthanandan said Wednesday.
The cabinet came to this decision after the report submitted by a nine-member expert panel headed by Additional Chief Secretary K. Jayakumar was accepted, Achuthanandan told reporters here.
Pandit rejigs Citigroup’s house mortgage business
By IANS
New York : Vikram Pandit, the Indian-born new CEO of Citigroup, has created a US residential mortgage business combining origination, servicing and capital markets activities. Separate units within Citi's consumer and investment bank have so far conducted these activities.
"Aligning our existing US mortgage businesses in this way will improve their overall effectiveness and allow us to better serve our existing clients while providing greater value to our shareholders," an internal memo of the group issued Tuesday reads.
China far ahead, but Kazakhstan still desires India alliance
By Sarwar Kashani, IANS,
Astana : Despite being slow off the block, India can still build close economic and trade ties with oil and mineral rich Kazakhstan as the country is keen to attract Indian investments and expand economic collaboration, experts say.
Kazakhstan is a potential goldmine and has rich deposits of as many as 99 elements out of the 110 listed in Mendelev's periodic table. Plus, it has large proven reserves of oil.
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.
IMF sells 200 tonnes of gold worth $6.7 bn to India
By Arun Kumar, IANS,
Washington : The International Monetary Fund has sold 200 tonnes of gold worth $6.7 billion to the Reserve Bank of India to shore up the Fund's finances to enable it to step up concessional lending to the world's poorest countries.
This sale to India announced Monday represents almost half of the total sales volume of 403.3 tonnes that was approved by the IMF Executive Board Sep 18.
The Washington-based IMF said the transaction, which is in the process of being settled, involved daily sales that were phased over a two-week period during Oct 19-30.
Monetary measures to check inflation expected soon: Finance Secretary
By IANS,
New Delhi : India's central bank may soon announce monetary measures to check price rise, Finance Secretary D. Subbarao said here Saturday, a day after inflation hit a 13-year high of 11.05 percent. At the same time, he predicted that inflation would remain high for the next three months.
"The first line of defence for inflation is monetary measures," Subbarao told reporters. “As we cannot control the supply side, we require quick measures to control the demand side, which will be done by the central bank (Reserve Bank of India or RBI) by taking monetary policy action.”
Indian auto sector to log 12 percent growth in 2010: Fitch
By IANS,
Chennai : Credit rating agency Fitch expects the Indian automobile sector to log around 10-12 percent growth rate during 2010.
In its latest research report on the Indian auto sector, Fitch Ratings expects faster recovery in the passenger vehicle segment, which it predicts will grow 12-14 percent, as against 5-6 percent growth in the commercial vehicle segment.
Government to open 30 mega food parks
By IANS,
New Delhi : The government is setting up 30 mega food parks, complete with cold chains, to enable integration of the agriculture sector from farm gate to the retail outlet to prevent large scale waste, Food Processing Industries Minister Subodh Kant Sahai said Tuesday.
“The ministry will soon announce the setting up of 30 mega food parks in all the states so that cold chain facilities are available in catchment areas comprising not more than three to four districts”, Sahai said.
BHEL Bhopal’s profit up by 21 percent
By IANS,
Bhopal: Bharat Heavy Electricals Limited (BHEL) Bhopal has achieved a turnover of Rs.3,708 crore in fiscal 2009-2010 as against Rs.3,308 crore in the previous year, registering an increase of 12 percent, said an official Saturday.
Executive Director M.K. Dube told media persons that the unit also earned an amount of Rs.602 crore as profit before tax, which is 21 percent more than the previous year's profit of Rs.498 crore.
Sensex slips from opening highs
By IANS,
Mumbai : A benchmark index of Indian equities was ruling 65 points higher Thursday, having slipped from its opening highs.
Madhya Pradesh Targets to Achieve 7.6 pc Growth Rate
By Pervez Bari, TwoCircles.net,
Bhopal : Madhya Pradesh has targeted an overall growth rate of 7.6 per cent during the 11th Five Year Plan. It is envisaged to be achieved through five per cent growth in agriculture and allied sectors, ten per cent growth in industry and eight per cent growth in service sector.
Chennai firm bags Rs.49 bn order for Rajasthan power plant
By IANS,
Chennai : The Chennai-based engineering company BGR Energy Systems Limited has bagged a Rs.49 billion engineering procurement construction (EPC) contract for a thermal power project in Rajasthan.
Rajasthan Rajya Vidyut Utpadan Nigam Ltd has chosen BGR Energy for its 2x600 MW Kalisindh Thermal Power Project at Jhalawar in Rajasthan.
Sponge Iron’s merger with NMDC gets cabinet nod
By IANS,
New Delhi : The union cabinet Thursday approved the long-awaited merger of Hyderabad-based state-run Sponge Iron India Ltd (SIIL) with the National Mineral Development Corporation (NMDC).
The merger cleared at the cabinet meeting chaired by Prime Minister Manmohan Singh would be carried out within six months, Finance Minister P. Chidambaram told reporters.
“Merger will take place through acquisition of SIIL shares by NMDC in public interest,” he said.
Egypt asks Arab economies to join hands against globaL crunch
By IANS,
Abu Dhabi : Arab countries should join hands to stave off the impact of the global financial crunch on their economies, Egypt's Minister of Trade and Industry Rachid Mohamed Rachid has said.
"The international credit crisis will have negative impact on the world trade due to the recession which has hit the US and Europe. other economies will also feel the pinch in varying degrees," WAM quoted the Egyptian minister as telling reporters here Sunday.
Rachid arrived here Sunday on a two-day visit of the United Arab Emirates (UAE) as part of a regional tour.
Bloodbath on bourses squeezes small investors on Diwali-eve
By IANS,
New Delhi : Investors, both small and big, were Monday ruing the fact that the relentless erosion in their investment portfolio has of late taken much of the festive sheen off Diwali.
The 30-share Sensex, the key Indian equities index of the Bombay Stock Exchange, fell below the 8,000-point mark in intra-day trading on the first day of the trading week, to its lowest since end-2005.
Worse, the rupee crashed to an all-time low Monday, falling to Rs.50.23 to the dollar.
Sensex down in choppy trade
By IANS,
Mumba: In choppy trade Tuesday, a benchmark index of Indian equities was down after recording five days of gains.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,744.93 points, was ruling at 17,719.35 points, 25.93 points or 0.15 percent lower than its previous close at 17,745.28 points.
It earlier crawled into the green to 17,769.25 points, after a weak opening.
Himachal firm aims to generate 6,600 mn units of power
By IANS
Shimla : A top public sector hydel power company in Himachal Pradesh aims to generate a record 6,600 million units of electricity this fiscal.
The central government and the Himachal Pradesh government jointly own The Satluj Jal Vidyut Nigam Limited (SJVNL). It has built and now runs the 1,500 MW Nathpa Jhakri project, the country's largest hydel project.
Power Grid to invest Rs.575 crore in two projects
New Delhi : State-run transmission company Power Grid Corp Monday announced investments of over Rs.575 crore in two projects, one each in the eastern...
Bombay Stock Exchange gets SEBI nod for currency derivatives
By IANS,
Mumbai : Bombay Stock Exchange (BSE) has received "in-principle approval" from market regulator Securities and Exchange Board of India (SEBI) for setting up an exchange traded currency derivatives segment, it said Thursday.
This is in accordance with the recommendations laid down in the report of the RBI-SEBI Standing Technical Committee on Exchange Traded Currency Futures, released by the Reserve Bank of India and SEBI May 29 this year.
BSE will soon announce the formal launch date.
Jai Balaji opts for land-for-land rehabilitation package
By IANS,
Kolkata : Jai Balaji Industries Ltd, the flagship company of Jai Balaji Group, which is engaged in construction of a 5-million-tonne steel plant in Purulia in West Bengal plans a land-for-land rehabilitation package for the displaced people.
Rajeev Jajodia, joint managing director of Jai Balaji Group, said: "We will rehabilitate the displaced people within the 3,800 acres that will be acquired for the project. We are going for land-for-land package."
Wall Street gain in last day of trading for year
By DPA,
New York : US stocks finished the year with gains Wednesday as weekly unemployment figures dropped, but Wall Street still ended the year with its steepest slide since the Great Depression.
Unemployment claims fell by 94,000 this week, the lowest level in two months, Bloomberg financial news reported.
Tata Communications net profit plummets 67 percent
By IANS,
Mumbai : Telecom services provider Tata Communications Saturday said its net profit for the quarter ended June 30 fell 67 percent to Rs.32 crore ($6.6 million) as against Rs.98 crore in the same period last fiscal.
Tata's stand-alone revenue also fell 3.2 percent to Rs.843 crore for the quarter under review from Rs.871 crore, the company said in a statement.
The company's operating profit was, however, up 10 percent to Rs.218 crore from Rs.199 crore.
Tata Teleservices net loss $8.67 mn in first quarter
By IANS,
Mumbai : Tata Teleservices Maharashtra Ltd (TTML) has announced a net loss of $8.67 million (Rs.347.15 million) during the first quarter of fiscal year 2008-09, compared to a net loss of $7.10 million (Rs.284.29 million) for the same quarter in the previous fiscal.
For the latest quarter ending June, the total income of the company has increased to $126.22 million (Rs.5.04 billion) from $102.40 million (Rs.4.09 billion) in the corresponding quarter last year.
Akhilesh presents Rs.3.46 lakh crore budget – UP’s biggest
Lucknow : Uttar Pradesh Chief Minister Akhilesh Yadav on Friday presented a Rs.3.46 lakh crore budget for 2016-17 - the biggest-ever in the state...
Electric vehicles not cool enough for GenY
By James Jose, IANS,
New Delhi : Sanjiv Sharma, a city-based hospitality consultant, plans to buy a car. His first. And like most of his peers he is certainly concerned about the rising cost of fuel. Yet he has ruled out electric vehicles: He doesn't find them cool enough.
"I am planning to buy a car but don't think it will be an electric model like Reva. It's not very stylish. And how will I charge it if the battery runs out?" asks 26-year-old Sharma.
Russia to resume imports of Indian sesame, peanuts
By RIA Novosti
Moscow : Russia's agricultural watchdog has approved the resumption of Indian sesame and peanut imports from Sep 17, the regulator said in a press statement.
"Accepting the guarantees of safety and quality of Indian sesame and peanut imports by the Indian Agricultural and Processed Food Products Exports Development Authority, Rosselkhoznadzor has decided to allow the resumption of the imports as of Sep 17, 2007," the agency said Thursday.
India offers to buy 1,000MW electricity from Bangladesh
By IANS,
Dhaka : India has offered to buy 1,000MW of power from Bangladesh as part of its mega-plan to produce and procure 30,000MW in next 10 years from its South Asian neighbours including Nepal, Bhutan, Myanmar and Sri Lanka.
"We can have an agreement to export 1,000MW power," Jairam Ramesh, Indian minister of state for commerce and power told the media during his visit here Saturday.
He said the power sector cooperation could take place through a South Asian power grid, but the real issue would be how that grid could be reached. A bilateral approach could take place faster.
Indian designers lack marketing skills: buyers
By Shweta Thakur, IANS
New Delhi : The Indian fashion industry has huge potential but international buyers feel designers are unable to capture a bigger pie in the global market as they lack marketing skills.
"Indian designers are not famous abroad and global customers mainly want to buy branded stuff," Kichiro Motoyama, president of Japanese fashion store Sun Motoyama Co. Ltd, told IANS.
But Motoyama said he was planning to buy silhouettes for up to $60,000, which would include nearly 500 outfits of Tarun Tahiliani, Rohit Gandhi and Rahul Khanna.
Harita Seating ties up with Fehrer of Germany
By IANS,
Chennai : The city-based Harita Seating Systems Ltd, an automotive seating solutions supplier, has signed a Letter of Intent for a joint venture in India with the 420 million euro F.S. Fehrer Automotive GmbH, a specialist for vehicle interior components headquartered in Kitzingen, Germany.
The proposed joint venture Harita Fehrer Ltd is expected to be operational in three months, with Harita Seating holding 51 per cent and Fehrer 49 per cent.
India’s forex reserves rise by $673.4 mn
By IANS,
Mumbai : India's foreign exchange reserves increased by $673.4 million to $293.93 billion for the week ended Jan 27, Reserve Bank of India data showed.
American Express chief executive seen as Vikram Pandit’s replacement
By IANS,
New York : American Express chief executive Kenneth Chenault is among those being considered to replace Vikram Pandit, the Indian American chief of Citigroup Inc - the banking giant that Sunday received a massive bailout package from the US government.
Federal officials did not "push" for the immediate ouster of Pandit as part of the pact with Citigroup but the Wall Street Journal indicated in a front page report that he was not insulated completely and that several names were being touted as his replacement.
Sensex rises 173 points in early trade
By IANS,
Mumbai : A benchmark index of Indian equities Thursday soared in morning trade.
ONGC to invest $356 mn in Venezuelan oil asset
By IANS
New Delhi : The overseas arm of Oil and Natural Gas Corp (ONGC) is going to invest $356 million over the next five years to buy a 40-percent stake in a major hydrocarbon asset in Venezuala, it was announced here Wednesday.
Under an agreement signed in Caracas late Tuesday, ONGC Videsh Ltd (OVL) will form a 40:60 joint venture with Petroleos De Venezuela to jointly develop the San Cristobal field at Junin in the country's Orinoco region.
Employees’ stir paralyses banking in western India
Mumbai : All banking activities were paralysed in western India as over 450,000 staffers went on a strike Friday in the last leg of...
US stocks surge to five year high after Fed rate cut
By Arun Kumar, IANS
Washington : As the US central bank hoping to avert a recession, cut short-term interests by an additional three-quarters of a point, to 2.25 percent, American stocks rocketed to their biggest gains in almost five and a half years.
With the move Tuesday, the Federal Reserve as the central bank is called, has lowered interest rates by a full three points since September, bringing it to the lowest point since late 2004.
Sensex ends 0.59 percent lower on volatile day
By IANS,
Mumbai : A benchmark index for Indian equities Thursday sagged 0.59 percent on global worries that the Greek debt crisis could spread to other Euro zone economies.
In highly volatile trade, the 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,080.47 points, closed at 16,987.53 points, 100.43 points or 0.59 percent lower than its previous close at 17,087.96 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty ended at 5,090.85 points, a loss of 0.66 percent from its previous close at 5,124.9 points.
Venezuelan economy galloping on oil revenue
By IANS
Caracas : Riding on the surge of oil revenue, Venezuela is poised to register a growth rate of 12 per cent with the gross domestic product (GDP) reaching past $200 billion this year, Spanish news agency EFE reported Monday.
Planning Minister Jorge Giordani Sunday said the South American nation's oil wealth was now being used to boost domestic economy and noted that 17 per cent of the projected GDP would come from oil revenue.
China’s fiscal revenue touches $344 bn in first half
By Xinhua
Beijing : China's fiscal revenue grew 30.6 percent year-on-year to 2.6 trillion yuan (around $344 billion) in the first half of the year, putting the world's fourth largest economy well on track to break last year's record high of nearly four trillion yuan.
Colgate Palmolive sale row still on in Nepal
By IANS,
Kathmandu : Three weeks after oral care giant Colgate Palmolive India sold its Nepal arm to local company Everest Hygiene Products, the new owner has not been able to restart the factory due to continued protests by the employees.
Local media Thursday reported Madan Neupane, leader of the labour union at the factory of former Colgate Palmolive Nepal in Hetauda town in central Nepal's Makwanpur district, had said the workers were waiting for the Indian company to send a representative to discuss their grievances.
Brazil demands greater role of poor economies in global financial bodies
By Prensa Latina,
San Salvador : Brazil's President Luiz Inácio Lula da Silva has demanded greater presence of the poor economies in global financial institutions to resolve the current global market crisis.
The crisis and the prospect of recession could be contained only with international efforts, including the poor economies which are faced with an economic disaster brought about by the rich, the president Thursday told the Ibero-American summit here.
Sundaram Finance’s IT arm forays into Australia
By IANS
Chennai : Sundaram Infotech Solutions Ltd, (SISL), the IT arm of Sundaram Finance Ltd, said Tuesday that it would target Australian market and has already opened an office in Melbourne.
First bank for gulf businesswomen to be eastablished in Manama
By NNN-KUNA,
Kuwait : A study prepared by the Abu Dhabi Investment House (AIH) has estimated the volume of wealth of Gulf businesswomen to stand at nearly USD 37 billion, a matter that has prompted the AIH to establish a bank, the first of its kind, for Gulf businesswomen to be based in Bahrain.
The Abu Dhabi-based AIH said in a statement Tuesday that it has received the initial approval to form the bank in Bahrain with a capital of USD 100 million.
New international airport to be inaugurated March 14
By Mohammed Shafeeq, IANS
Hyderabad : A new international airport is almost ready here and will be formally inaugurated by United Progressive Alliance (UPA) chairperson Sonia Gandhi March 14, two days before it becomes commercially operational.
The government had earlier invited Sonia Gandhi to inaugurate the airport March 16 but it announced late Thursday that the formal inauguration would be held two days earlier.
NXP eyes Indian e-passports order
By IANS
Bangalore : The world's leading microchips maker NXP Semiconductors is pitching for a multi-million dollar order from the Indian government to supply chips for electronic passports (e-passport), according to official sources.
Markets in red, Sensex down 81 points
By IANS,
Mumbai : Indian equities markets closed in the red Tuesday, with a key index shutting shop 81.39 points lower than its previous close.
The 30-scrip Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 10,765.39 points, fell 81.39 points or 0.74 percent to close at 10,979.5 points.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) lost 0.35 percent from the previous close to end trade at 3,365.3 points.
The BSE midcap index lost 0.16 percent, while the BSE smallcap index was up 0.42 percent.
Punjab National Bank, Bank of Baroda reduce lending rates
By IANS,
New Delhi : Punjab National Bank (PNB) Monday reduced its benchmark prime lending rate (BPLR) by 50 basis points from 12.5 percent annually to 12 percent from Jan 1. Bank of Baroda too reduced its BPLR by 75 basis points from existing 13.25 percent to 12.5 percent, also from Jan 1.
PNB's revised BPLR shall be applicable for all existing and new accounts for loans and advances.