Tata’s Telcon project going strong in West Bengal
By IANS,
Kolkata : Though Tata Motors has decided to move its Nano small car plant out of West Bengal, another major investment project of the company, an earth moving equipment factory at Kharagpur in West Midnapore, is going strong, a top district official said Monday.
Tata Motors, which announced the Kharagpur project in mid-2006 along with the Singur small car plant, set up a joint venture company with Japan's Hitachi Construction Machinery Co Ltd to execute the project.
"The project is moving smoothly," West Midnapore District Magistrate N.S. Nigam told IANS.
Prized organic farming estate in Kerala lies idle
By Sanu George
Thiruvananthapuram,(IANS) Some describe it as the goose that lays the golden eggs, yet an estate run by the Poabs Organic Group that has earned many awards for organic farming is now lying idle as the Kerala government has taken back the land.
With the state's organic farming policy set to be unveiled Nov 1, the plight of the 351-acre Thuthampara estate in Palakkad district has come into sharp focus.
Rise of rupee unnerves exporters
By IANS
New Delhi : Appreciation of the rupee that has hit nine-year highs against the dollar is a "matter of concern", Commerce Minister Kamal Nath said Thursday even as exporters lamented that the steps taken by the government so far were inadequate in addressing their woes.
"The rising rupee is a matter of concern. The government is very much looking at it and it needs a new response," Kamal Nath told reporters on the sidelines of a conference here.
Swiss insulin pen injectors for Indian market
By IANS
Geneva : A Swiss medical company, Ypsomed, is planning to tap the growing market for insulin pen injectors in India, according to a report by Swiss news agency ATS.
The medical technologies companies, based in the Bern region, has already set up a subsidiary in New Delhi.
The number of diabetes patients in India is expected to double in 20 years to 75 million. The company estimates that the market for insulin is expected to grow from 88 millions Swiss francs (about $80 million) in 2005 to 1221 million Swiss francs in 2010.
Sensex crawls up after brief slip into negative
By IANS,
Mumbai : A key Indian equity index Tuesday climbed up after slipping briefly into the negative and was ruling 0.3 percent higher than its previous close a little before noon.
Indian markets had started on a positive note Tuesday, the first day of full time trade of Samwat 2066 - the new year according to the Hindu lunar calendar.
Markets had ushered in the new year Saturday with a 60-minute special Diwali trading session -- also called muhurat, and were closed Monday.
Food price inflation rises to 17.94 percent
By IANS,
New Delhi : India's annual food inflation based on wholesale prices rose to 17.94 percent for the week ended Jan 30 from 17.56 percent the week before, according to official data released Thursday.
Prices of essential items kept rising with vegetables dearer by 20.93 percent, potatoes 40.57 percent, pulses 41.24 percent and fruits 8.67 percent during the 52-week period.
The limited data on the wholesale index released by the commerce and industry ministry further showed rise in index for primary articles by 15.75 percent while that for fuels rose 10.44 percent.
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.
And now, Airtel to enter direct-to-home television market
By IANS,
New Delhi : Telecom operator Airtel Tuesday announced the launch of its direct-to-home (DTH) satellite television service.
The service will be available in 62 cities from Oct 9, a senior company official said here.
“This is a right time for Airtel to enter the market. We are very clear at Airtel and will take over as a leader of the sector as soon as possible,” Airtel chief executive officer and managing director Manoj Kohli said.
‘All profitable PSEs should be listed on stock exchanges’
By IANS,
Kolkata : All profitable public sector enterprises (PSEs) should be listed on the stock exchanges to realise their true worth and raise funds for the social sector and infrastructure projects, according to the chief of the Board for Reconstruction of Public Sector Enterprises (BRPSE).
"All profitable PSEs should be listed on the stock exchange. The government is also following a policy of getting all such PSEs listed so that their true worth can be visible in the public eye," BRPSE chairman Nitish Sengupta told mediapersons here Tuesday.
Indian equities enter choppy zone in afternoon trade
By IANS,
Mumbai : the record high inflation figure of 7.83 percent announced by the Indian government Friday created turbulence in the stock markets of the country in the afternoon.
The market had expected the inflation rate would be between 7.55 and 7.59 percent. But 12.30 p.m., shortly after the new figure was announced, the 30-share sensitive index of the Bombay Stock Exchange (BSE), the Sensex, fell to 17,441.82 from the day's high of 17,497.36.
New Nasscom programme to aid NGOs
By IANS
New Delhi : Taking corporate social responsibility forward, Nasscom Foundation (NF), the social development arm of India's premier software industry body Nasscom, Monday launched a technology assistance programme for non-profit and non-governmental organisations (NGOs).
The programme, BiG Tech, is a partnership between NF and TechSoup, a San Francisco-based non-profit technology capacity building organisation.
Nalco’s second phase expansion by year end
By IANS,
Bhubaneswar : The second phase Rs.5 billion expansion of India's state-run National Aluminium Co Ltd (Nalco) will be completed by the end of this year, a company statement said Wednesday, a day after it was accorded the much awaited Navratna status.
The expansion plans involves augmenting its bauxite mine capacity and increasing the capacity of its alumina smelter.
Plans are also afoot to set up smelter and power plants in Indonesia and South Africa by the company.
Ex-Satyam director resigns from Sasken board
By IANS,
Bangalore : Serial entrepreneur and NewPath Ventures co-founder Vinod K. Dham resigned from the board of Sasken Communications as an independent director, a top official of the communications solutions provider said Monday.
"Yes, Dham has resigned as a director of the company from the board on January 17," Sasken chairman and managing director Rajiv C. Mody told IANS but declined to elaborate.
"We will inform you later, as we are busy with investors and analysts in a conference call on our third quarter performance," Mody added.
A ‘restaurant’ for the destitute on Kolkata’s rail tracks
By Sreya Basu, IANS,
Kolkata : One chapatti for 50 paisa, a plate of rice for Re.1, a bowlful of curry for Re.1...So reads the menu card of a "restaurant" on railway tracks that has been running here for the last 51 years. In times of high inflation, it is a godsend for the poor.
Glenmark gets US nod for sale of arthritis drug
By IANS
Mumbai : Glenmark Pharmaceuticals Inc. has started the shipping of its non-steroid and anti-inflammatory drug to the US following approval by the country's drug authorities.
Informing the Bombay Stock Exchange (BSE) about this Thursday, the company said that the US Food and Drug Administration (FDA) has given its approval for two of its drugs - Nabumetone and Hydoxyzine Hydrochloride - through its partnership with InvaGen Pharmaceuticals Inc.
‘Farm loan-waiver process completed’
By IANS,
New Delhi : The state-run banks have completed the process of waiving loans of about 40 million farmers, a senior finance ministry official said here Monday.
"The banks have met the deadline of June 30. They have put out the list of eligible beneficiaries, and certificates of loan waiver are being issued," said the official who did not wish to be identified.
He said the feedback from the public sector banks suggested that the process was smoothly completed, and beneficiaries were being simultaneously issued the certificates.
Highlights of Maharashtra budget for 2011-12
By IANS,
Mumbai: Highlights of Maharashtra's budget for 2011-12 presented by Deputy Chief Minister and Finance Minister Ajit Pawar Wednesday:
Taxes and duties:
HCC hives off IT division into a separate arm
By IANS,
Mumbai : Ajit Gulabchand-promoted Hindustan Construction Company (HCC) has hived off its information technology division into a separate arm, Highbar Technologies, to tap the Rs.2,000 crore business in the infrastructure sector.
"As a business, our aim is to be a key player in the domestic untapped market for IT-enabled solutions for the infrastructure industry which currently stands at approximately Rs.2,000 crore," Gulabchand said in a regulatory filing Thursday.
The IT company will provide services to various players in the infrastructure sector.
Revenue collection doubles to Rs.6.7 trillion in five years
By IANS,
New Delhi : Gross revenue collection has doubled to Rs.6.7 trillion in the last five years, the government said Monday.
"This is the only government department which earns while the rest spend," Home Minister P. Chidambaram, who till recently was the finance minister, said at the foundation laying ceremony of the revenue department's headquarters in the heart of Lutyen's Delhi.
SC gives centre six weeks to appoint three central information commissioners
New Delhi : The Supreme Court on Friday asked the Centre to appoint three information commissioners, within six weeks, from among the applicants who...
Lucknow Biotech park to train women farmers
By IANS,
Lucknow : Free training programmes will be provided to women farmers by the Biotech Park here to enable them to apply new technologies to increase agricultural yield, an official said Monday.
"We will be launching training programmes to hone the skills of women farmers from Sep 7," said P.K. Seth, CEO of the Biotech Park.
"Though the programmes will be open to women farmers from across the state, initially we will enrol farmers from Lucknow and its adjoining districts," an official at the Biotech Park said.
Japan’s key Nikkei index falls almost 5 percent
By DPA,
Tokyo : Japan markets continued their losing streak Friday with the key Nikkei index dropping more than 4 percent.
In mid-morning traiding the Nikkei 225 Stock Average lost 413.99 points, or 4.89 percent, to 8,046.99.
The broader Topix index of all first-section issues fell 37.92 points, or 4.35 percent, to 833.78.
On currency markets at 9 a.m., the dollar was quoted at 97.58-63 yen, down from Thursday's quote of 97.68-70 yen.
The euro was quoted at $1.2897-2902, up from Thursday's 5 p.m. quote of $1.2819-20, and at 125.90-95 yen, up from 125.22-26 yen.
Sensex down 260 points, lesser scrips excel
By IANS,
Mumbai : While benchmark indices at the equities markets slipped into the red at end of trading Wednesday with a key index falling 260 points below its last close, mid- and small-sized firms outperformed blue-chip companies.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 14,230.73 points, ended at 14,041.34 points - 260.69 points or 1.82 percent - below Tuesday's close.
The S&P CNX Nifty of the National Stock Exchange (NSE) followed the Sensex to end in the red, slipping 1.36 percent to 4,259.7 points.
OPEC Secretary General speaks on oil production target by 2012
By SPA,
Rome : OPEC's Secretary-General says there are plans to boost oil production target capacity by 5 million barrels a day by 2012, the Associated Press reported.
Abdalla Salem el-Badri was speaking to reporters in Rome on Tuesday about targeted extra capacity.
El-Badri in separate comments in an interview with Dow Jones Newswires on the sidelines of a Rome energy forum has said that members of the Organization of Petroleum Exporting Countries are planning to spend US$160 billion (some ¤100 billion) over the next four years to boost production capacity.
German, Indian automotive industries agree to cooperate
By DPA
Frankfurt : German and Indian automotive industries have expanded their cooperation horizon, determining 18 joint-project goals including developing technologies and raising proportion of renewable fuels.
High-level German and Indian industry representatives met at the Frankfurt Motor Show (IAA) held during Sep 13-23 and signed a bilateral agenda.
Matthias Wissmann, president of the German Association of Automotive Industry (VDA), said the two automotive markets "cannot do without each other any longer".
Indian bourses touch six-month low
By IANS
Mumbai : Turbulence in the US market pushed the Sensex barometer of the Bombay Stock Exchange (BSE) to a six-month low this week.
The sub-prime mortgage crisis has resulted in the drying of liquidity around the world. The spillover effect was clear across all markets in Asia.
Developments on the domestic front acted as a catalyst to already dampened market sentiments. A surge in inflation rate coupled with lower-than-expected industrial production data made matters worse.
Loss-ridden Air India to get Rs.800 cr fresh equity
By IANS,
New Delhi : Beleaguered national carrier Air India will get equity infusion of Rs.800 crore ($160 million) in two instalments to tide over its cash flow problem and to finance fleet acquisition plans.
A meeting of the Cabinet Committee on Economic Affairs, presided over by Prime Minister Manmohan Singh here Thursday, approved the fresh equity induction for the state-run National Aviation Co of India Ltd, the company that runs the carrier.
Reserve Bank survey lowers India’s growth forecast to 5.7 percent
By IANS,
Mumbai : A study based on a survey conducted by India's central bank has lowered the country's economic growth forecast to 5.7 percent for this fiscal from the earlier projection of 6 percent because of a sharp downward revision in the anticipated expansion of industrial output.
The study, conducted on the basis of a survey among 17 professional forecasters, has kept unchanged the growth rate for the farm sector and the services industry at 3 percent and 7.5 percent, respectively, as per a statement issued by the Reserve Bank of India (RBI) Thursday.
Traders seeks revision of plastic ban
By IANS
Kolkata : With the government banning the manufacturing of plastic bags below the thickness of 40 micron in West Bengal, people associated with the trade say the move will render thousands jobless.
"The entire plastic industry in West Bengal, which employs 20,000 people in about 400 units virtually, is at stake," said K.M. Tibrewala, president of the Indian Plastic Federation (IPF).
New chair for institution that controls medicine prices
New Delhi : Injeti Srinivas, an Orissa cadre officer of the Indian Administrative Service (IAS), has been named chair of the National Pharmaceuticals Pricing...
Apollo gets World Economic Forum membership
By IANS
Mumbai : Leading tyre exporter Apollo International Ltd. (AIL) has been inducted into the World Economic Forum's Community of Global Growth Companies, the tyre maker said Thursday.
India to grow 7.7 percent as global recovery picks pace: IMF
By Arun Kumar, IANS,
Washington: With the global recovery off to a stronger start, Indian economy is projected to grow at 7.7 percent in 2010, 1.3 percentage points higher than forecast earlier, the International Monetary Fund (IMF) said Tuesday.
India, that recorded a growth rate of 7.3 percent in 2008, dipping down to an estimated 5.9 percent in 2009, is projected to grow at a still marginally higher 7.8 percent in 2011, up 0.5 percentage points from last year's forecast, the IMF said in an update of World Economic Outlook (WEO).
Sensex 47 points lower despite positive start
By IANS,
Mumbai : A couple of hours into trade Thursday, the benchmark index of Indian equities was 47 points lower than its previous close, having given up gains garnered just after the opening bell.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,264.1 points, was at 16,208.91 points, down 47.06 points or 0.29 percent from its previous close.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was at 4,845.8 points, against the previous close at 4,858.6 points, a loss of 0.26 percent or 12.8 points.
Moser Baer launches hi-speed discs at Berlin show
By IANS
Mumbai : Moser Baer India Ltd, leading developer of removable data storage media, Monday said it had launched its high-speed, high definition recordable discs for the European markets at the ongoing IFA Berlin Trade Show.
The company is the first to announce verification of the BR-R 1-4x discs globally.
"It is indeed a great pleasure to be part of one of the world's largest consumer electronic trade shows. We also launched our high definition products like HD-DVD and Blue-ray discs for the European market," said Moser Baer executive director Ratul Puri.
Government taking steps to check food prices: Pranab
By IANS,
Barala (West Bengal) : The government is trying to manage the "supply side" and "demand side" in a bid to contain rising food prices, Finance Minister Pranab Mukherjee announced Sunday.
"The government is taking necessary steps to contain the food price inflation. There are two ways to manage inflation - supply-side management and demand-side management.
UK firm to advice Uttar Pradesh on industrial institutes
By IANS,
Lucknow : The Uttar Pradesh government has sought suggestions from a British consultancy agency to help it in establishing Industrial Training Institutes (ITIs) through public-private partnership (PPP), an official said Tuesday.
"We have roped in the Grand Thorton and Co. for guidance to set up ITIs involving private players in various blocks of the state," the state's Technical Education Additional Director Rahul Dev told IANS.
Amway India’s first plant to be ready by 2015: CEO
By IANS,
Kolkata : Direct selling FMCG company Amway India Friday said that its first manufacturing plant, to be built at a cost of Rs.550 crore, would be ready in Tamil Nadu by early 2015.
NRI deposits go up marginally in Kerala banks
By IANS,
Thiruvananthapuram : Deposits by non-resident Indians (NRIs) in Kerala banks went up 6.6 percent in the April-June quarter this fiscal to touch Rs.318.65 billion ($7 billion), bankers' committee said.
"This is up by Rs.1,976 crore (Rs.19.76 billion) in comparison to the corresponding period of the previous fiscal," said the latest State Level Bankers Committee report, released here Monday.
In the last quarter of 2007-08, the NRI deposits stood at Rs.298.89 billion.
Tata Motors to keep Pune plant closed for six days
By IANS,
Kolkata : Tata Motors will keep its commercial vehicles plant in Pune closed Nov 21-26, a company official said.
"To match demand with supply, we will keep the plant closed. At present, demand is low as buyers are postponing purchases due to inadequate finance in the market and high interest rates," the official said.
New York’s pizza company to enter India
By James Jose, IANS,
New Delhi : New York-based pizza chain Famous Famiglia is all set to enter India through the franchise route and is scouting for partners.
"We will open our first outlet in about a year and will rely exclusively on our channel partners to expand in the country," Giorgio Kolaj, company co-founder and executive vice president, told IANS in an interview here.
"The chain will be opening its first outlet at the Bangalore airport, and will be targeting locations like airports and major metros in the first phase of the entry," he said.
Sentiments damp at Indian equities markets
By IANS,
Mumbai : Sentiments at Indian equity markets remained damp this week though a key index rose 290 points Friday, after four consecutive losing days.
Chinese markets -- which fell 6.74 percent at the beginning of the week -- primarily contributed to the investor's apprehension, sending bourses across the world southwards.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) fell 233.22 points or 1.46 percent over previous Friday's close and ended trade at 15,689.12 points.
Russian firm buys stake in Indian cell operator
Moscow, Sep 27 (RIA Novosti) A Russian firm has bought a 10 percent stake in an Indian cell phone service provider and is mulling to increase its share to 51 percent in the Indian company.
AFK Sistema, one of Russia's largest diversified corporations, has paid $11.4 million for the 10 percent stake in India's Shyam Telelink, a basic telecom services licensee for the state of Rajasthan with a population of 62 million.
AFK Sistema now intends to increase its stake to 51 percent, in a deal that could be worth a total of over $58 million, according to the company.
Nicholas Piramal to develop new drug with Eli Lilly
By IANS
Mumbai : Nicholas Piramal India Ltd's (NPIL) recently de-merged independent wing NPIL Research and Development (NRDL) has signed a second agreement with the Indianapolis-headquartered pharmaceutical company, Eli Lilly and Co, for developing a new drug.
A statement issued by the company Friday projected that NRDL's compensation could total up to $110 million, plus royalties on sales.
China’s gold thirst may catch up with India
By IANS,
Beijing : China's demand for gold will double in 10 years, making the country the world's second largest consumer of gold after India, the World Gold Council (WGC) has said.
Gold demand in China is likely to continue to accelerate in the long term, as buyers' appetite would keep growing despite higher gold prices, the London-based organisation said Monday in its first-ever report on China's gold market, Xinhua news agency reported.
Indian markets euphoric at new high
By IANS
Mumbai : The bulls have taken charge at India's financial markets, with the benchmark index hitting yet another record high Thursday in early...
Bihar’s mega hydropower project given environmental clearance
By IANS
Patna : Power starved Bihar's 126 MW capacity Dagmara hydropower project in Supaul district has got environmental clearance from the central government, official sources said Thursday.
The centre's nod has relieved the Bihar government, which is facing violent protests due to the worst power crisis the state has ever seen.
Three people were killed and at least two dozen injured in police firing in Kahalgaon town in Bhagalpur district Jan 18 when people were protesting against electricity outages.
Sensex sheds early gains, up 42 points in afternoon
By IANS,
Mumbai : A key index of the Indian equities markets, which zoomed over 134 points in early trades, shed most of its gains Thursday afternoon to trade 42 higher than its previous close.
At 2.04 p.m., the sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened higher at 16,686.38 points, was up 41.97 points or 0.25 percent at 16,719.01 points.
The index hit a high of 16,820.02 points in the morning session, but slipped to a low of 16,636.55 points.
Cyber criminals create $276 mn-worth Internet underground economy
By Fakir Balaji, IANS,
Bangalore : The burgeoning growth of e-commerce has spawned an online underground economy where cyber-criminals thrive by siphoning off goods and services worth millions of dollars with credit card information, a report by global security solutions provider Symantec reveals.
The worldwide report, based on a year-long study conducted by Symantec's security technology and response division in 2007-08, warns netizens of shopping online using credit cards without verifying the authenticity of sellers and their advertisers.
Euphoria over MTN-Bharti transaction wanes in South Africa
By Fakir Hassen, IANS,
Johannesburg : Analysts here, who were initially enthusiastic over the transaction between mobile phone giants Bharti Airtel of India and South Africa's MTN, have turned cautious after share prices of both companies dropped Wednesday.
MTN fell 4.46 percent and Bharti went down for the second consecutive day May 26, following an announcement Monday by the two that they were in discussions for a cross-ownership deal that could see the biggest mobile giant straddling Africa, India and the Middle East.
Amrit Group to enter processed chicken market in March
By Aparajita Gupta, IANS,
Kolkata : After emerging among India's top players in poultry breeding, hatchery and feed business, the Rs.850-crore (Rs.8.5 billion) Amrit Group based here is set to enter the processed chicken market next month with 50 percent of the products targeted at exports.
The company's products will be processed and marketed under the brand Fresco Pollo, or fresh chicken, with the target of achieving a turnover of Rs.1,000 crore during the current fiscal, a top official at Amrit Group said.
Bird group launches globally accredited travel, tourism courses
By IANS,
New Delhi : Bird group, one of India's largest diversified groups in the aviation, travel and IT arena, Monday announced the launch of specialized and globally accredited aviation and hospitality courses.
To be offered at the Bird Academy, the international certification will ensure "high standards of education at par with world-renowned training institutions", a statement from the group said.
Office rentals likely to remain stable in Delhi, Mumbai
By IANS,
New Delhi : Office rentals in Delhi and Mumbai will remain stable for the rest of 2008, according to a study by a global real estate services firm.
The quarterly Asian Office Market Flash, prepared by CB Richard Ellis, studied 16 Asian cities that have recorded vacancy levels below five percent for four or more quarters. These cities include the regional financial centres of Tokyo, Hong Kong and Singapore, India's tier-one cities, Manila in the Philippines and Ho Chi Minh City in Vietnam.
Reliance MediaWorks ties up with Russian firm for film restoration
By IANS,
New Delhi : Reliance MediaWorks Ltd. has inked a deal with Russian World Studios (RWS) to outsource film restoration, image processing and enhancement work.
Zooming passion for superbikes in India overrides cost factor
By Pupul Dutta, IANS,
New Delhi : A niche market for superbikes is quietly picking up pace in India, with enthusiasts increasingly seeking that tantalising rush of adrenaline, undeterred by the high prices of these roaring mean machines.
Yamaha, the Japanese biggie, alone has sold about 125 superbikes, YZF R1 and MT01, since its launch in December 2007. Suzuki with masterpieces like Hayabusa and Intruder has sold about 100 of them since 2006, while Honda and Ducati are others in the market.
Loan waiver for farmers welcomed in Kerala
By IANS
Kozhikode (Kerala) : Finance Minister P. Chidambaram's budget proposal for outstanding farm loans' waiver has been welcomed by the people in Kerala.
"The loan waiver for farmers is most welcome and I was looking forward to it. We will use it in the most fruitful way to the benefit of the farmers," state Finance Minister T.M. Thomas Isaac said.
"Though, the budget proposes loan waiver, it is not clear how the government would implement it or whether the burden of this scheme will be passed on to the states," he said.
Mukesh Ambani’s three IT SEZs cleared
By IANS
New Delhi : The government Tuesday gave formal clearance to three IT special economic zones (SEZs) in Navi Mumbai, promoted by Mukesh Ambani, and deferred all proposals for Uttar Pradesh.
The go-ahead was given at a meeting of commerce ministry's Board of Approval (BoA) on SEZs, which took up 19 proposals for consideration.
"Three IT SEZs in Navi Mumbai have been granted formal clearances," commerce secretary G.K. Pillai, who is also the chairperson of BoA, told reporters here.
BASF to expand in India, China
By IANS
Mumbai : Chemicals major BASF Catalysts is expanding its automotive catalyst plants in Chennai in southern India and Shanghai in China to meet the growing customer demand over the next few years.
BASF Catalysts already is a market leader in automotive catalysts throughout Asia and the planned expansions will support the company's continued leadership in the region.
Domestic car sales in China and India are expected to grow significantly over the next few years, spurring growth in demand for light-duty automotive catalysts.
Volvo India to focus on non-core business
By IANS,
Kolkata : Heavy commercial vehicles manufacturer Volvo India decided to focus on rental business and used equipment sales to tide over the present economic downturn, a top official said here Thursday.
"We have launched the rental business early this year and are also focusing on used equipment business," Volvo India managing director Mrityunjaya Singh told reporters.
He added that Volvo India has seen three recessions - in 1997, 2002 and the present one.
Engineering company bags export award
By IANS
Mumbai : Mumbai-based Uttam Galva Steels Ltd has won the Star Performer trophy for the ninth consecutive year from the Engineering Export Promotion Council.
The company has also crossed a new landmark by exporting 2 million tonnes of value-added steel to different countries. These exports are not for generic products but for high-end products tailor-made to specific requirements.
Indian Oil posts Q3 net loss of Rs.961 crore
By IANS,
New Delhi : State-run Indian Oil Corp (IOC) Thursday posted a net loss of Rs.961.45 crore in the third quarter ending December owing...
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.
Markets dip at opening bell
By IANS,
Mumbai : Indian markets fell at the opening bell Monday, with a key index starting lower than its last closing figure.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 9,363.58 points, 61 points lower than its close of 9,424.24 points Friday. After about 10 minutes of trading, it had fallen further to 9,292.29 points, 1.4 percent or 131.95 points below its previous close.
At the same time, the S&P CNX Nifty index of the National Stock Exchange (NSE) was at 2,823.9 points, 1.77 percent down from its last close of 2,874.8.
Pakistan’s informal sector grows by 20 percent
By IANS
Islamabad : Pakistan's informal sector has grown 20 percent, prompting alarm bells in the government that views it as a means for businessmen to evade taxes.
"The issue has become a matter of great concern, with the government considering a proposal to bring the informal sector in the mainstream through its 'decent work country programme'," Dawn reported Sunday, quoting informed sources.
Sensex up 72 points in morning trade
By IANS,
Mumbai : A benchmark index of the Indian equities markets was trading 72 points higher late Thursday morning, helped by gains in heavyweight stocks RIL and ONGC.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,525.71 points, was ruling at 17,584.88 points 30 minutes before noon, up 74.4 points or 0.47 percent from its previous close at 17,509.8 points.
RIL, ONGC and ICICI Bank were among the key stocks that were propping up the Sensex.
Pranab visit likely to boost fast-growing Indo-Saudi economic ties
By Aroonim Bhuyan, IANS,
Riyadh/New Delhi : Pranab Mukherjee arrives here Saturday to strengthen and deepen ties with Saudi Arabia, perhaps the richest and most influential Arab country. This will be Mukherjee's first visit to the country as India's foreign minister.
The economic ties between the two sides have been growing at a steady pace in the past decade or so. The attempt is to strengthen the existing architecture for dialogue so that the two sides can have regular and candid exchanges at the political level on issues that are of concern and interest to both.
Kerala to add 100,000 IT professionals, says minister
By IANS
Thiruvananthapuram : Home Minister Kodiyeri Balakrishnan told Kerala's legislative assembly that the IT sector would create 100,000 new jobs in the state in the next three years.
Balakrishnan was replying to questions raised in the assembly because Chief Minister V.S. Achuthanandan, who holds the IT portfolio, was away in Delhi.
"We propose to set up IT parks in 12 districts in the state. For this we have appointed PricewaterhouseCoopers as the consulting agency to prepare a roadmap," said Balakrishnan.
Lockheed Martin South Asia head named to USIBC board
By Arun Kumar, IANS,
Washington : Richard G. Kirkland, South Asia head of aerospace giant Lockheed Martin Global which has won a $596 million contract for six India bound military transport planes, has been named to the board of the US-India Business Council (USIBC).
The US Defence Department has awarded the $41.9 billion company the contract to work on the Super Hercules C-130J planes that India is buying in a $1 billion-plus package deal, its first major military purchase from the US for over 40 years.
Chennai’s realtors skid on fuel price hike, inflation
By T.S.V. Hari, IANS,
Chennai : Promoters of ongoing real estate projects, worth over Rs.40 billion, are reworking their pricing strategies as rising inflation and the fuel price hike have pushed up input costs.
Steel prices, already northbound, has shot up by over 30 percent since fuel costs went up, Builders Association of India office-bearer M.K. Sundaram told IANS.
Transportation has become more expensive with petrol costing Rs.5 more per litre, and diesel Rs.3 more. Other items like sand are dearer by nearly 40 percent, he said.
Prepared to cooperate in land holding probe: Kerala firm
By IANS,
Thiruvananthapuram : Harrison Malayalam Ltd (HML), a plantation company that was in the news for allegedly holding excess land, Tuesday said it was prepared to cooperate with any agency for an enquiry or survey.
Equity markets end flat
By IANS
Mumbai : The Indian equities market ended the day flat on sustained selling pressure in an extremely volatile market.
The 30-share benchmark of the Bombay Stock Exchange (BSE) sensitive index (Sensex) opened at 15,771.72 points and notched a high of 15,834.05 before closing at 15,626.62 points. It went down by 17.82 points at the day's close or 0.11 percent.
The National Stock Exchange (NSE) S&P Nifty, which opened at 4,735.65 points, closed at 4,739.55 points, after touching the day's high of 4,800.75 points.
Jet Airways to fly to Gulf
By IANS
New Delhi : Jet Airways has become the first Indian private carrier to receive the government's clearance to fly to the Gulf from Jan 1, 2008.
The airline had applied for the rights to fly to Kuwait, Oman, Qatar, Bahrain, Dubai and Abu Dhabi, of which the last two destinations are still under the government's consideration, an official statement said Friday.
The total entitlement for Indian carriers on the Gulf routes is 85,481 seats per week and the utilisation by Indian carriers is 49,348 seats, according to the statement.
Adani to raise $764 million to finance energy projects
By IANS
New Delhi : Diversified business interest group Adani Enterprises Ltd will raise Rs.30 billion ($764 million) in equity and equity-linked instruments to finance its energy businesses, the company said in a statement Tuesday.
The firm plans to raise the required funds through qualified institutional placements (QIP) and expects to complete the process by March.
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.
Chicken tikka flavour now for Britain’s favourite chips
By Venkata Vemuri, IANS,
London : Chicken tikka and Walkers' crisps. Britain's most popular ethnic food now has a chance of flavouring the country's equally popular brand of potato chips.
Walkers' launched a "Do us a flavour, win a packet" campaign last month to invite ideas for new flavours and among those favouring the chicken tikka flavour is British tabloid, The Sun.
The tabloid leads Tuesday's edition with the tikka campaign, even delving into what it calls the 500-year-old history of the famed dish from India.
Jaitley’s budget mustn’t sell rupee short
By Vatsal Srivastava,
The Iraqi crisis and the possibility of an oil supply shock have shown how quickly things can change in the foreign exchange market. The global macro risks that have merged out of the Middle East in recent weeks have pushed crude prices higher by about five percent and this in turn has led to the rupee breach the all important psychological 60 mark to the dollar.
Insurance regulator may focus on small policyholder this year
By Venkatachari Jagannathan, IANS,
Chennai: 2010 will see India's insurance regulator coming of age and focusing on how to provide maximum benefits to the average policyholder, industry watchers expect.
The Insurance Regulatory and Development Authority (IRDA) had a big year in 2009, coming out with several regulations including:
* the cap on charges levied by firms on their unit-linked insurance policies (ULIP),
* the solvency margin they have to keep,
* payment made to intermediaries,
* corporate governance,
* public disclosure, and
FDI must not replace unorganised sector in retail: Kamal Nath
By Liz Mathew, IANS
New York : The Indian government has to ensure that foreign direct investment (FDI) will not replace the unorganised sector in the retail market before allowing international players in the sector, Commerce Minister Kamal Nath said here.
"The position is still large versus small. Much of India's retail sector is outside the organised sector. We have to ensure that FDI does not replace them," Kamal Nath said while addressing a diaspora gathering on the occasion of the mini Pravasi Bharatiya Divas (PBD) held in the city Sunday evening.
Rural infrastructure fund increased to Rs.140 billion
By IANS,
New Delhi : The corpus of the Rural Infrastructure Development Fund (RIDF) was increased to Rs.140 billion (Rs.14,000 crore) in 2008-09 from Rs.55 billion in 2003-04, acting finance minister Pranab Mukherjee said here Monday.
Presenting the interim budget for 2009-10 in the Lok Sabha, Mukherjee said a separate window for rural roads was created under the RIDF with a corpus of Rs.40 billion for each of the last three years.
The RIDF is the main instrument of the government to channelise bank funds for financing rural infrastructure development programmes.
India to reduce negative list for trade with region’s LDCs
By IANS
New Delhi : India will allow 244 additional items to be freely traded with least developed countries in the region in what it said was a "unilateral" push to the South Asian Free Trade Agreement (Safta).
"India has unilaterally decided to reduce its negative list with reference to 0the Least Developed Countries (LDCs) of Saarc from 744 to around 500," Commerce and Industry Minister Kamal Nath said at the third Safta Ministerial Council here Monday.
The LDCs in the Saarc (South Asian Association for Regional Cooperation) region are Bangladesh, Nepal, Bhutan and Maldives.
India’s budget places common man above fiscal responsibility
By Sushma Ramachandran, IANS,
Finance Minister Pranab Mukherjee has pleased the "aam aadmi" (common man) but made the "khaas aadmi" (the elite) unhappy in his 2009-10 budget proposals. Constrained by the global recession and domestic economic strains, he has provided a much awaited further stimulus to the economy by raising plan expenditure by as much as 25 per cent in real terms.
Markets open in the red
By IANS,
Mumbai : Indian equities markets opened in the red Wednesday, with a key index trading about 1.12 percent lower than its last closing figure.
The Bombay Stock Exchange (BSE) Sensitive Index (Sensex) opened at 9,745.77 points, higher than its 9,708.5 point close Tuesday. About 10 minutes into trade, it was at 9,599.66 points, 1.12 percent or 108.84 points below its previous close.
The S&P CNX Nifty of the National Stock Exchange (NSE) was at 2,982 points, 1.29 percent lower than its last close of 3,020.95.
Raju supported by followers despite fall from grace
By IANS,
Hyderabad : From his native village Garagaparru in coastal Andhra Pradesh to this IT hub, the disgraced founder and former chairman of Satyam Computer Services B. Ramalinga Raju still enjoys a soft corner in the hearts of his followers, admirers and employees.
Ashok Leyland to hive off design engineering unit
By IANS,
Chennai : India's second largest commercial vehicle manufacturer Ashok Leyland is looking to spin off its design engineering unit Defiance Technologies into a group company, Defiance Tech Ltd, an official has said.
Defiance Technologies offers virtual engineering services, ranging from basic design to high-end predictive analysis for auto makers.
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.
Oil producer Tatneft’s reserves to rise by 254 mln bbls in 2007
By RIA Novosti
Moscow : Tatneft, Russia's sixth largest oil company, said on Tuesday its oil reserves would grow by 34 million metric tons (254.32 million barrels) in 2007.
With proven oil and condensate reserves of 3.6 billion barrels, the company's reserves will increase 7% in 2007, Tatneft said in a statement.
Tatneft and its subsidiaries handle upstream and downstream operations and account for over 80% of oil output in the Russian Republic of Tatarstan.
India, Pakistan begin talks on gas pipeline from Iran
By IANS
New Delhi : India and Pakistan began preliminary talks here Wednesday on the $7.4-billion gas pipeline from Iran. The focus was on the fee payable to Islamabad for the transit and safety of the project, oil ministry officials said.
Outsourced e-publishing slated for rapid growth
By IANS
Chennai : India is becoming a hot destination for outsourced e-publishing work since the country's firms are charging a sixth of the prices prevailing in the West, an seminar organised by Confederation of Indian Industry (CII) has found.
The industry is growing at an annual rate of 35 percent, experts said.
World Bank gives Senegal $55 mn to tackle flood
By IANS,
Dakar: The World Bank and Senegal have signed an agreement for $55 million which the west African nation will use to address the challenges arising from floods, Xinhua reported.
Economic Survey calls for more investment in transport
By IANS
New Delhi : India will have to remove its infrastructure impediments in sectors like roads, rail, air and sea transports to strengthen the foundation of sustained industrial growth, the Economic Survey 2007-08 said Thursday.
Stating that it was the biggest challenge before the country, the Survey urged to maximize the role of public-private partnerships (PPPs) in these transport sectors.
Three new power projects in Mizoram
By IANS,
Aizawl: The state-owned North Eastern Electric Power Corp (NEEPCO) has signed an agreement with the Mizoram government to commission three hydro-electric power projects having a capacity of 1,526 MW, officials said here Saturday.
"The power corporation would soon carry out field investigations and then study on the techno-commercial viability about the three proposed projects," NEEPCO chairman and managing director I.P. Barooah told reporters.
Barooah and Mizoram Chief Secretary Vanhela Pachuau signed the memorandum of agreement (MoA) late Friday.
India shows bull market for gold intact: Forbes
By IANS,
Washington : India's purchase of 200 tonnes of gold for $6.7 billion from the International Monetary Fund (IMF) "shows central banks are getting on board with the idea that the bull market in gold still has legs," according to Forbes magazine.
"India's purchase provides positive reinforcement for gold investors that the bull market in gold is intact," the leading US business magazine said, citing David Rosenberg, chief economist at Canadian wealth management firm Gluskin Sheff.
Abu Dhabi’s economy to grow by about eight percent in 2008
By IANS
Abu Dhabi : The economy of the emirate of Abu Dhabi in United Arab Emirates (UAE) will grow by eight percent in 2008, according to the projections made by the chairman of the nAbu Dhabi Chamber of Commerce and Industry (ADCCI), WAM news agency reported Monday.
The gross domestic product of the emirate is expected to reach $110 billion in 2007 and $160 billion by 2010, Selah Al Shamsi said in an address to the Abu Dhabi Economic Forum Sunday.
Shadow of global financial crisis dogs Singapore Pravasi Bharatiya meet
By Nirmala George, IANS,
Singapore : The turmoil gripping world economies is dogging a global conference of overseas Indians, with leaders from Singapore and India calling for firm measures to secure the future growth prospects of the two countries and the rest of Asia.
In their inaugural speeches at the Pravasi Bharatiya Divas-Singapore Thursday, the chief guest, Singapore Prime Minister Lee Hsien Loong, and Minister for Overseas Indian Affairs Vayalar Ravi, both warned that difficult days lay ahead for Asian economies.
Illegal chemical ripening method imperils India’s mango trade
By T.S.V. Hari, IANS,
Chennai : India's Rs.3 billion ($70 million) mango trade is fraught with health hazards due to the get-rich-quick schemes of vendors who artificially ripen the fruit using a harmful chemical.
Calcium carbide, used to ripen mangoes, is extremely hazardous and can have short-term as well as long-term health effects, said S. Krishna, the Chennai Corporation's additional health officer.
Kerala IT firms booked for software piracy
By IANS
Thiruvananthapuram : A three-member team from the legal department of Microsoft Corp inspected a few computer software companies here Thursday and found widespread use of pirated software.
Speaking to IANS, superintendent of police Arun Kumar Sinha confirmed that the legal wing of Microsoft had registered a complaint with them and sought assistance for conducting raids.
"Our officials assisted the Microsoft team in the raid at a few firms in Thiruvananthapuram and Kollam districts," Sinha said.
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.
UAE interior contractor to list on London, Dubai bourses
By IANS
Dubai : Depa, a leading provider of interior contracting services in the Middle East and North Africa (MENA,) has announced that it would pursue primary listing of its shares on the Dubai International Financial Exchange (DIFX) and a listing of global depositary receipts (GDRs) on the London Stock Exchange (LSE).
The Depa group of companies operates principally in the luxury fit-out sector with a focus primarily on the hospitality, commercial and residential property, airport, retail, yacht and specialist fit-out sectors.
L&T bags orders worth Rs.1,181 crore
By IANS,
Mumbai : Engineering and construction major Larsen and Toubro (L&T) Thursday said it has bagged six orders worth Rs.1,181 crore for power transmission and distribution works.
The company's construction division has bagged three orders worth Rs.741 crore from the Gulf market and another worth Rs.440 crore for domestic projects, L&T said in a regulatory filing.
Air Canada posts $132 mn quarterly loss
By IANS,
Toronto : Reeling from fuel costs, Air Canada has reported a loss of $132 million for the third quarter of the year. During the same period last year, the world's 11th largest airline had posted a profit of $273 million.
In a statement Friday, the Montreal-based airline said it netted just $112 million for the third quarter of 2008 as compared to $351 million in the third quarter of 2007. The huge dip in the income has been attributed to record fuel prices till September that cost the airline $348 million more in the third quarter, taking its fuel bill to $1.1 billion.
Sensex holds on to gains, 140 points up in afternoon
By IANS,
Mumbai : Indian equities markets were trading on a high Monday, with a key index rising 140 point from its last closing figure about 90 minutes before the closing bell.
Just before 2 p.m., the benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened at 14,815.9 points, was trading at 14,905.08 points - 140.44 points or 0.95 percent higher than Friday's close.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) gained 1.18 percent to stand at 4,427.15 points.
Telecom spectrum allocation only after verdict: Court
By IANS
New Delhi : The Delhi High Court Thursday directed the government to await its final ruling before allotting scarce radio frequency spectrum to a section of mobile telecom services providers.
The high court said any decision on the matter would have to wait for the final outcome of a petition before it filed by the Cellular Operators Association of India (COAI), an industry lobby for the GSM mobile phone operators.
Maruti Suzuki Nov car sales dip 24.3 percent
By IANS,
New Delhi : The automobile sales of India's leading car maker Maruti Suzuki declined 24.3 percent in November this year compared to sales in the same month last year, a company statement said here Monday.
The company sold 52,711 vehicles in November this year as compared to 69,699 in the like period a year ago, the statement said.
However, the company's volumes in the domestic sedan segment, called the A3 segment, which comprises SX4, Esteem and Swift D'zire models, grew by 40.3 percent from 4,260 cars in November last year to 5,975 this year.
Britain denies mulling the Zimbabwe solution for economy
By IANS,
London : The British government Thursday denied reports it was considering printing more money to kick start credit, amid speculation that interests rates were set to fall to a three-century-low.
The Bank of England's Monetary Policy Committee was Thursday expected to reduce the base rate of interest by at least 0.5 percent, which would bring it down to 1.5 percent - the lowest rate since the Bank of England was founded in 1694.
In the bank's 315-year history, interest rates have never fallen below two percent.
India: gold rises for fourth day on increased “Akshay Tritiya” seasonal demand
By NNN-PTI,
New Delhi : Gold prices today rose by Rs 35 to Rs 11,855 per 10 gram for the fourth straight day in the bullion market here today on scattered buying by retail customers.
Marketmen said, trading sentiment remained firm following small buying activities for the festival of 'Akshay Tritiya', an auspicious occasion in Hindu mythology for buying bullion. The gold in the last four trading sessions gained Rs 370 per 10 gram.
The market even discounted reports of a steep fall in gold prices in the overseas markets, which normally set price band in domestic markets, they added.
India helps secure G20 deal for developing countries
By Dipankar De Sarkar, IANS,
London : Prime Minister Manmohan Singh left here Friday after helping secure a G20 deal that he said would help inject up to $1.1 trillion into the rapidly-emptying coffers of developing countries struggling to cope with the world's worst economic crisis in 60 years.
"I was happy to note that our views received wide acceptance and support," Manmohan Singh, who led the Indian delegation, said at the close of the summit.
Financial Times launches new Middle East edition
By IANS,
Dubai : Leading British business daily Financial Times has announced the launch of a new Middle East edition with the first copy available Tuesday.
The new edition’s regional editorial and commercial offices will be based in the UAE capital Abu Dhabi while the printing will continue in Dubai as has been the practice since 2003, the newspaper said in a statement.
“We have identified a strong and growing demand for high quality, global independent news and analysis across the Gulf region,” said Financial Times editor Lionel Barber.
Northern India blacked out by snag in power grid
By IANS
New Delhi : A major snag in the northern power grid early Friday led to blackouts in and around the Indian capital for about six hours, halting trains on their tracks and forcing some power stations to shut down.
A spokesman for the Northern Regional Load Dispatch Centre (NRLDC) of the Power Grid Corporation said 50 lines of 400 kv in Delhi, western Uttar Pradesh and Haryana tripped at about 3 a.m. The system was restored at about 9 a.m., he added.
Focus on agriculture as Kamal Nath talks to US, Europe
By Dipankar De Sarkar, IANS
Davos : India stressed the importance of reaching an agreement on agriculture as Commerce and Industry Minister Kamal Nath and his counterparts from 15 countries and regions including the US and Europe met Saturday to revive the stalled Doha Round of world trade talks.
Meeting on the sidelines of the World Economic Forum (WEF) annual summit, Kamal Nath, US Trade Representative Susan Schwab, EU Trade Commissioner Peter Mandelson and others discussed ways to advance talks over lunch at a luxury hotel in this Swiss health resort.
India has 5,726 agri clinics and business centres: minister
By IANS,
New Delhi : India has 5,726 agri clinics and agri business centres to promote self-employment among farmers, Minister of State for Agriculture Kanti Lal Bhuria said here Monday.
The Agri-Clinics and Agri-Business Scheme (ACABS) was first launched in 2001 in Bulsar district in Gujarat in pursuance of the national agriculture policy presented by then agriculture minister Nitish Kumar for providing agri services to farmers and employment to agricultural graduates and post graduates.
Boom to gloom: Indian economy saw it all in 2008
By Arvind Padmanabhan,IANS,
No other year in recent times saw such wild mood swings in the Indian economy than 2008, which started on a strong note but ended on a weak wicket in the wake of a general global slowdown and severe recession in some of the richest countries like the US and Japan.
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.
FDI proposals of Unitech Wirelss, ByCell put off for security
By IANS,
New Delhi : The government Tuesday deferred foreign investment proposals of two telecom companies - Unitech Wireless (Tamil Nadu) and ByCell Telecommunication - citing security reasons.
ByCell's proposal to start operations in India has been deferred due to security reasons, an official statement said.
ByCell, founded by a group of Russian businessmen, was to hold 74 percent in an Indian telecom company set up in partnership with Hyderabad-based Jayalakshmi Group.
Profit booking pulls down Sensex
By IANS,
Mumbai : Profit-booking pulled down a key index of the Indian equities markets from the day's highs to end just 1.27 percent above its previous close.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened higher at 14,930.05 points, ended at 14,997.01 points (provisional), up 187.37 points or 1.27 percent.
It slipped in the last 40 minutes or so, after gaining more than 328 points to reach the day's high of 15,138.31 points.
Swiss Post International starts India operations
By IANS,
Mumbai : Swiss Post International (SPI), one of Europe's leading postal organisations, Thursday launched its Indian operations in partnership with Mail Order Solutions (MOS).
According to the agreement, MOS, an India-based company specialised in offering direct marketing (DM) solutions to advertisers and marketers, will operate as a sales agent of SPI in the country, said a MOS spokesperson.
In an official release, SPI said the partnership was part of the company's plan to expand its presence in mail markets beyond Europe.
Markets end in red on US bailout plan uncertainty
By IANS,
Mumbai : Indian equities markets opened weak and continued to slide to end deep in the red following news that the $700 billion US bailout plan is still to be cleared and the US troubles are far from over, analysts said.
There was news Friday that a crucial meeting between US presidential candidates Barak Obama of the Democratic Party and John McCain of the Republican Party has been postponed.
Maytas registers Rs.200 mn net profit
By IANS,
Hyderabad : Infrastructure development company Maytas Infra Ltd has posted a net profit of Rs.200 million ($4.76 million) for the first quarter of current fiscal.
Maytas reported a turnover of Rs.3.84 billion and an earning per share (EPS) of Rs.3.41 during the quarter, said a company statement released here Wednesday
"We continue to grow consistently and our results for this quarter are reflective of the same. We have bagged some prestigious projects in this quarter and are seeing significant traction across all the verticals," said Maytas CEO P.K. Madhav.
Information commission’s order on stock exchanges stayed
By IANS
New Delhi : In a setback to private investors, the Delhi High Court Wednesday stayed a Central Information Commission (CIC) order directing authorities to bring the stock exchanges under the purview of the Right to Information (RTI) Act.
Market opens with a positive gap
Mumbai : The Indian equities market opened in green Wednesday tracking strong Asian cues. The 30-share benchmark sensitive index of the Bombay Stock Exchange opened with a gain of 54.79 points at 16,823.99.
The S&P Nifty of the National Stock Exchange opened at 5,044.35 points with a marginal loss of five points compared to its previous close.
Hindustan Zinc gets LME registration
By IANS
Udaipur : Hindustan Zinc Limited (HZL), a subsidiary of Sterlite Industries India Limited, has received the London Metal Exchange (LME) registration for the lead ingots produced at its lead smelter near here.
The LME registration, recognised worldwide as one of the most demanding standards, signifies highest product quality, uniform physical characteristics and consistency of lead ingots, the company said in a statement Saturday.
Goans resisting expansion of mobile tower network: BSNL
By IANS,
Panaji : State-owned Bharat Sanchar Nigam Limited (BSNL) is finding it increasingly difficult to set up mobile phone towers in rural Goa due to stiff opposition from the locals, a senior BSNL official Thursday said.
The resistance had severly limited BSNL's expansion and connectivity in Goa's rural areas.
New deal for rural India in the offing
By IANS,
New Delhi : With two-thirds of India's billion-plus people living in its 650,000 villages, India's new government Thursday outlined a five-year agenda that promises a new deal for rural India, including improved agricultural practices,better roads, modern communication, access to drinking water, housing and overall improvement of its infrastructure.
Mukesh Ambani richest Indian as Bill Gates returns to top
By Arun Kumar,
Washington : Mukesh Ambani again emerged as the richest among ten Indians in the Forbes annual list of a record 1,645 billionaires...
Chinese firm to ply buses in Pakistan
By IANS,
Islamabad : A Chinese company is all set to sign an agreement that would allow it to operate 2,000 CNG buses in Pakistan's Sindh province.
India’s foreign reserves down by near $93 mn
By IANS,
Mumbai: India's foreign exchange (forex) reserves went down by $92.8 million to $296.53 billion for the week ended Dec 21, data released by the Reserve Bank of India (RBI) showed.
Where the Saree Was Born, the Thread Is Breaking: 50% US Tariff Pushes Banarasi...
Aradhana Pandey, TwoCircles.net
Varanasi (Uttar Pradesh): The city of Varanasi, once the shimmering epicentre of India’s silk legacy, now finds its Banarasi saree industry in deep...
SunTec announces $1 million seed funding for students
Thiruvananthapuram : As part of its silver jubilee celebrations, SunTec Business Solutions, headquartered in the capital city, Friday announced 'Xelerator', a $1 million seed...
Brighter prospects seen for Indian textile exports
By P.S. Anantharaman, IANS,
Ahmedabad : Appreciation of the Chinese yuan and a drop in China's cotton output have helped the Indian textile industry emerge as a major exporter once again, overcoming one of its worst phases, says a top official of an industry lobby.
An increase in exports to the US, the largest market for Indian exports, shows that the industry is recovering from its woes, says D.K. Nair, secretary-general of the Confederation of the Indian Textile Industry (CITI).
"Imports by the US are rising, which is very positive," Nair told IANS.
Turkey seeks free trade agreement with Gulf
By IANS
Abu Dhabi : Turkey is negotiating a free trade agreement with the United Arab Emirates (UAE) and other Gulf states, WAM news agency reported Friday.
In an exclusive interview with the Dubai-based newspaper Khaleej Times, Turkish President Abdullah Gul said his country attached great importance to the security and stability of the region and called for dialogue rather than using force to resolve problems.
We don’t want an Enron in nuclear power sector: Kakodkar
By IANS,
Tiruchirappalli (Tamil Nadu) : Atomic Energy Commission (AEC) chairman Anil Kakodkar Thursday said only experienced private companies will be allowed in nuclear power generation.
"Private players with experience in nuclear power generation alone can get into this segment and that too as a 26 percent stake holder in joint ventures with Nuclear Power Corporation of India (NPCIL)," Kakodkar told reporters on the sidelines of a welding seminar here.
Indian firms hire Americans to drive growth
By Arun Kumar, IANS
Washington: Call it reverse outsourcing or local talent hunting, but high-tech Indian firms say they have been hiring Americans as part of their long-term growth strategy.
Officials at companies like Tata Consultancy Services (TCS), India's largest outsourcing firm, and Wipro Technologies, another major Indian technology provider, say this has nothing to do with periodic outcries that Indians are taking away jobs from Americans.
India, Gulf ties now look beyond oil and gas
By Aroonim Bhuyan, IANS,
Dubai : Energy is not the sole area driving India's ties with the Gulf countries - trade and investment relations are also set to multiply, seeing the response of two high-level visits from India to the region in the last fortnight.
From free trade agreement being negotiated with the six Gulf Cooperation Council (GCC) countries to easier visas for their corporate chiefs, the two sides have begun to recognise that their bilateral potential remains to be fully tapped.
S African motorists stealing petrol amid high fuel levies
By Fakir Hassen, IANS,
Johannesburg : Amid surging world fuel prices, South African motorists have resorted to what police here are calling a new type of crime - filling up tanks at huge costs and then speeding away without paying.
This new phenomenon is rising countrywide, according to the Fuel Retailers Association (FRA), which highlighted several serious incidents in recent weeks. FRA chief executive Peter Morgan said there had been at least ten such incidents in the past month.
BSNL India’s most preferred broadband service provider: Government
By IANS,
New Delhi : Public sector telecom operator Bharat Sanchar Nigam Ltd (BSNL) remains the leader in the broadband services space with a market share of more than 54 percent, the government said here Monday.
"Efficient customer satisfaction strategy is being followed due to which BSNL is presently the leading service provider with a market share of about 54 percent in broadband connections and 35 percent in Internet connections," Minister of State for Communications and Information Technology Jyotiraditya M. Scindia said in parliament today.
Now, Chhattisgarh farmers oppose Tata Steel project
By Sujeet Kumar, IANS,
Lohandiguda (Chhattisgarh) : Tata Steel, which ran into land acquisition problems in Orissa's Kalinga Nagar district, now faces farmers' ire over a proposed Rs.100-billion (Rs.10,000-crore) steel plant in Chhattisgarh.
In June 2005, the steel major signed an agreement with the state government to set up the plant, with an annual manufacturing capacity of five million tonnes, in Bastar, one of India's most impoverished districts.
However, four years on, the Chhattisgarh government is yet to complete the land acquisition process.
Indian stock markets volatile in afternoon trade
By IANS,
Mumbai : Benchmark indices for Indian equities turned volatile in afternoon trade Wednesday amid lingering fears about the European debt crisis and negative sentiments at other global bourses.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,574.79 points, was ruling at 16,640.09 points, 68.06 points or 0.41 percent up from its previous close at 16,572.03 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling at 4,987.25 points, up 0.34 percent from its previous close at 4,970.2 points.
Housing demand falls 35 percent in smaller cities: Assocham
By IANS,
New Delhi : The demand in the housing sector fell by 35 percent in tier-II and tier-III cities in the first half of this fiscal due to the high cost of borrowings, says an assessment by an industry lobby.
According to the assessment of the Associated Chambers of Commerce and Industry of India (Assocham), over 20 million people in about 25 tier-II and tier-III cities, who want to purchase dwelling units, but had to back out on account of rising borrowing costs.
Economic growth to exceed 8 percent next fiscal: PM
By IANS,
New Delhi : Prime Minister Manmohan Singh Friday said the government was taking all possible steps to counter rising food prices and added that he was confident India's economic growth would exceed 8 percent in the next fiscal.
"This year we hope to achieve 7.2-7.5 percent economic growth; next fiscal we expect to achieve 8 percent and year thereafter we expect to return to 9 percent growth rate," the prime minister said in the Lok Sabha while answering questions on galloping food inflation.
Canadian firm to help look for gold in Chile
By IANS
Santiago : Chilean state-owned copper giant Codelco and Canada's Fortune Valley Resources Inc have announced a joint venture to explore for gold in the northern Antofagasta region, Spanish news agency EFE reported Friday.
In a statement Thursday Codelco said Fortune Valley would spend up to $3 million on exploration efforts and a feasibility study over the next six years in exchange for a 65 percent stake in the joint venture.
US stocks end flat
By DPA,
New York : Major stock indices ended Tuesday little changed, erasing a rally earlier in the day prompted by President Barack Obama's remarks on a deal to extend tax cuts.