Per capita availability of food grains, cereals down
By IANS,
New Delhi : Per capita availability of food grains and cereals has been decreasing in India -- at a time when the government is planning to enact a law to ensure food security.
Latest data from the agriculture ministry show that the per capita availability of food grains had fallen to 436 grams per day in 2008 from 442.8 grams in 2007. In 2006, it was 445.3 grams.
Similarly, the per capita availability of cereals had slid to 394.2 grams a day in 2008 from 407.4 grams in 2007. In 2006, it was 412.8 grams.
Airtel launches new plans for US callers to India
By IANS,
New Delhi : Mobile operator Bharti Airtel Sunday announced two schemes enabling cheaper calls from the US to India as part of a festive season offer.
Under the first scheme, users will get 1,353 minutes of calls for $24.99.
"It also comes with a validity of six months so a user can buy the plan during this festive season and can use it till the Holi festival in March next year," Bharti Airtel said in a statement.
Drop in lentils, cereal prices lowers food inflation
By IANS,
New Delhi : India's annual food inflation fell to 16.30 percent for the week ended March 6 from 17.81 percent a week before largely due to a drop in prices of lentils, cereals and vegetables.
According to the data on wholesale price index released by the industry ministry Thursday, the indices for both food articles and non-food articles fell 1.09 percent and 0.6 percent respectively during the week.
Cherish India’s growth, I’ll tackle inflation: Mukherjee
By IANS,
New Delhi : Finance Minister Pranab Mukherjee Friday assured every step to tame inflation, which he feels may be higher than 8.5 percent by end-March, and said a 7.2-percent economic growth was not a fantasy given the industrial rebound.
"A 7.2-percent growth is not my pipedream, even though I have given up smoking pipes," Mukherjee told the Lok Sabha, the lower house of parliament, replying to a debate on the federal budget for the next fiscal, which he had tabled Feb 26.
Food concerns prompt China to prioritise GM rice
By Bill Smith, DPA,
Beijing : China's leaders decided in early July to go all out to develop genetically modified organisms (GMOs), prompted by rising prices and concerns that the nation of 1.3 billion people may become more reliant on expensive exports.
Premier Wen Jiabao led a meeting of the cabinet which said the development of GMOs was of "great strategic significance to strengthening innovation in agricultural technology, lifting the level of plant cultivation, promoting higher efficiency and yield, and raising the nation's international competitiveness in agriculture".
Hindusthan National Glass plans unit in Andhra Pradesh
By IANS,
Kolkata : Fuelled by the growing demand for liquor and food and beverages, Hindusthan National Glass and Industries Ltd will set up a greenfield project in Andhra Pradesh.
"We are on a high growth path indicative from the targeted increase in production capacities. We have already earmarked investment of an initial amount of Rs.350 crore for setting up a greenfield project in Andhra Pradesh," Hindusthan National Glass and Industries Joint Managing Director Mukul Somany said in a statement here Wednesday.
India, Mexico mean business, sign three pacts
By IANS
New Delhi : India and Mexico, the fast growing Latin American country that can be a gateway to the North American markets, Monday signed an extradition treaty and two other accords designed to combat terrorism and scale up trade and investment.
Prime Minister Manmohan Singh and Mexican President Felipe Calderon Hinojosa, now here on a four-day visit, held talks on a broad spectrum of bilateral and global issues as the two countries took a fresh look at lucrative opportunities offered by their growing economies.
Allahabad Bank posts 18 percent growth in 2008-09
By IANS,
Kolkata : City-based public sector lender Allahabad Bank registered 18 percent growth in deposits and advances in 2008-09 over the year before, a top official said here Tuesday.
"The bank has achieved a total business of Rs.144,000 crore as on March 31, 2009," K.R. Kamath, chairman and managing director of the bank, told reporters.
Of this amount, Rs.84,865 crore is from deposits and Rs.59,177 crore is from advances.
"The bank is aiming to achieve a total business of Rs.175,000 crore by March 2010 and Rs.200,000 crore by 2010-end," Kamath added.
Railway budget highlights 3
By IANS,
* Outlay of Rs.60,100 crore during 2012-13, the highest ever.
* Railways will require Rs.14 lakh crore in the next 10 years for modernisation.
US stocks rise on energy, overcoming Fannie-Freddie slump
By DPA,
Washington : Major US stock indices improved Wednesday on the back of gains in energy and metal shares, while new mortgage-market fears weighed heavily on financial institutions.
The price of crude oil inched upward 0.8 percent to $115.47 per barrel in New York trading, after Goldman Sachs Group Inc said it stood by a forecast that oil would climb back up to $149 per barrel by the end of the year.
Planters seek level-playing field to be globally competitive
By Fakir Balaji, IANS,
Coonoor (Tamil Nadu) : Tea, coffee, rubber and spice planters in South India Tuesday called for drastic amendments to the various acts pertaining to land, labour and wages so that they could be globally competitive.
"There is an urgent need to overhaul the Plantations Act, the Land Reforms Act and the Minimum Wages Act to become competitive in a global market," United Planters' Association of Southern India (UPASI) president D.P. Maheshwari said here.
Ants, birds, tobacco – way to profitable natural farming
By Ranjana Narayan, IANS
Faridkot (Punjab) : Don't drive away the ants from your fields or shoo the birds pecking at your crops - they are good for agriculture, say a new breed of farmers in Punjab who are doing away with pesticides and fertilisers in favour of "natural farming" that is fetching them higher economic returns.
Biological alternatives to chemical pesticides
By IANS,
London : Both farmers and supermarkets are under increasing pressure to minimise the use of pesticides in fruits and vegetables.
But a new study, funded by the Economic and Social Research Council (ESRC), looks at why there is currently little use of biological alternatives in the UK.
Biopesticides can play a significant role in a more sustainable food chain as chemical pesticides are withdrawn due to resistance problems or because they are no longer commercially viable, according to research.
Decision on fuel price deregulation soon: Deora
By IANS,
New Delhi : The government is actively considering deregulation of auto fuel prices and a decision on this will be taken soon by the cabinet, Minister for Petroleum and Natural Gas Murli Deora said here Friday.
He was speaking to reporters after taking charge as the petroleum minister for a second consecutive term. The new Minister of State, Jitin Prasada, also took charge Friday.
"The decision regarding decontrol of prices will be taken by the cabinet," Deora said.
NYSE Euronext to get stake in Indian commodities exchange
By IANS
Mumbai : NYSE Euronext Inc, the world's largest securities exchange group, will acquire five percent equity in Multi Commodity Exchange of India Ltd (MCX), India's leading commodity exchange, it was announced Friday.
Financial Technologies India Ltd, a stakeholder of MCX, announced that NYSE Euronext has signed an agreement to this effect.
The five percent equity investment is the maximum equity interest permitted to foreign investors in derivative exchanges under current Indian law.
Air India earns Rs.85 mn from travel packages in May
By IANS,
Mumbai : Air India Holiday sold 1,110 packages in first 20 days of May fetching the airline a revenue of around Rs.85 million, a company release said here Tuesday.
In April 2008, around 400 travel packages were sold. In fiscal 2007-08, the airline earned revenue of Rs.741 million from the sale of 13,120 holiday packages, said the statement.
No vehicle delivery without registration: consumer forum
By IANS
Ahmedabad : The Consumer Redressal Forum of Ahmedabad city has held that delivery of a motor vehicle without a temporary registration number was improper and contravened provisions of the Motor Vehicles Act.
The forum's order related to purchase of a Maruti Wagon-R bought from Cargo (Motors) Gujarat Pvt Ltd in 2004. The car was delivered at the buyer's residence without any temporary registration number.
German automotive major sets up shop in India
By IANS,
Bangalore : German automotive major Continental AG has set up a greenfield plant in India's IT hub to manufacture electronic components for the burgeoning automobile market in the sub-continent.
Russia Paves Way to Caspian Sea Gas Pipe
By Prensa Latina
Moscow : The Russian government approved a cooperation agreement with Kazakhstan and Turkmenistan to build a gas pipe to supply hydrocarbons to Europe from Central Asia through Russia, government sources said on Tuesday.
The gas pipe, which will hug the coast of the Caspian Sea, has been approved by the cabinet of ministers, Cabinet Vice President Sergei Narishkin pointed out.
For his part, Russian President Vladimir Putin asked the members of the executive to boost the project during Kazakh President Nursultan Nazarbayev's upcoming working visit.
Kingfisher defers aircraft delivery, cuts jobs
By IANS,
New Delhi : With the recession in the aviation sector worldwide, private Indian carrier Kingfisher Airlines Tuesday said it had deferred deliveries of a number of Airbus aircraft and sacked 300 employees.
"As part of a concerted effort to minimize the impact of the ongoing turbulence faced by the aviation industry, we have closely examined aircraft utilization and have identified surplus aircraft which are now redundant and are therefore being returned back," said the airlines spokesperson.
India’s much neglected periodic Haats or weekly markets: An equitable model for small farmers?
Amid the farmers' protests in India, a TCN Ground report from the weekly markets or haats of West Singhbhum district of Jharkhand demonstrates a...
Kuwait to fund launch of mental support centre for children in Lebanon
By NNN-KUNA
Beirut : The permanent representative in Lebanon of the Kuwaiti Fund for Arab Economic Development, Dr Mohammad Sadiqi, has expressed the fund's determination to secure funding for a Lebanese centre for mental support for children.
His made the remarks Thursday after conferring with a Kuwaiti delegation headed by the president of the Arab Children's Association, Dr Hassan Al-Ibrahimi. Together, they called on Lebanese Prime Minister Fuad Al-Siniora.
Larsen and Toubro scales down investment for Chennai shipyard
By IANS,
Chennai: Hit by the economic slowdown, engineering and construction major Larsen and Toubro (L&T) has scaled down its investment plan for the upcoming Chennai shipyard, a senior company official said here Thursday.
"Initially we planned to make commercial ships at an outlay of Rs.2,500 crore. With the global economy going down, we later decided to make only defence vessels and investment will now be lower by Rs.1,500 crore," J.P. Nayak, a member of the company board, told reporters.
Single-window clearance for tourism projects in Himachal
By IANS,
Shimla : All mega tourism projects involving an investment of over Rs.500 million will go through a single-window clearance authority in Himachal Pradesh, an official said Thursday.
A government spokesman said Thursday that this was being done to reduce red tape in the clearance of the projects.
Earlier, single-window clearance was for industrial projects only.
Several tourism projects had not made any headway due to procedural delays, official sources said.
Inflation to moderate by fiscal end, says Ahluwalia
By IANS,
New Delhi : India's headline inflation would fall below the 10 percent mark by the end of this financial year, a leading economist and planning strategist said here Thursday.
"Inflation is expected to moderate below the double-digit mark by the end of the current fiscal," Planning Commission deputy chairman Montek Singh Ahluwalia told reporters on the sidelines of a health summit of the Federation of Indian Chambers of Commerce and Industry, an industry lobby.
Coimbatore company creates ‘confidence’ in South America
By R. Viswanathan, IANS,
The name of a small but confident company from Coimbatore in Tamil Nadu has inspired confidence among Latin American clients in Peru, Ecuador, the Dominican Republic and Argentina, who have given it orders worth $500,000 for textile machinery. And this, perhaps, is only the beginning.
Iran car-maker to send 15,000 cars to ex-Soviet states
By IANS/RIA Novosti,
Moscow : Iran's largest car-maker Iran Khodro (IKCO) is planning to export 15,000 cars to Russia, Kazakhstan, Turkmenistan and Belarus by the end of this year.
Markets rise as buying continues
By IANS,
Mumbai : Indian equities markets started the week on a bullish note Monday with a key index rising about 146 points by a little before noon.
The Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 11,065.10 points, was at 11,169.13 points, 1.32 percent or 146.04 points higher than its previous close Friday.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) was at 3,427.25 points, 1.27 percent up from its last close of 3,384.4 points.
Wall Street bounces back after record plunge
By IANS,
New York : The US markets rallied Tuesday, a day after the benchmark Dow Jones plumbed to a 26-year low.
Market analysts said the Wall Street recovery could be due to investor belief that the three major US automobile manufacturers would get some kind of a bailout package from the federal government.
General Motors, Chrysler and Fords Tuesday submitted a $34 billion bailout package proposal to save them from bankruptcy.
Britain imposes $48.2 mn fine on JP Morgan
By DPA,
London : Investment bank JP Morgan in London has been given a record fine of 33.3 million pounds ($48.2 million) by Britain's Financial Services Authority (FSA)for failing to protect clients' money, the City regulator said Thursday.
The penalty was imposed after JP Morgan Securities failed to segregate client cash from its own money over a period of seven years, the FSA said.
Margaret Cole, FSA director of enforcement and financial crime, called the error a "serious breach" of FSA rules aimed at protecting clients from losses in the event of insolvency.
BSNL offers free installation to new broadband customers
By IANS,
New Delhi : State-run telecom operator Bharat Sanchar Nigam Ltd (BSNL) will offer free installation and unlimited data download for the
first 15 days to customers who subscribe to its landline-based broadband service by March 31.
"BSNL will offer free installation, free broadband usage for first 15 days at speeds upto 2 mbps, free music and video on demand, free games on demand and free web conferencing services for two months for customers who apply
for landline-based broadband connection up to March 31, 2010," it said in a statement.
Ramadorai steps down as Tata Consultancy chief
By IANS,
Mumbai : S. Ramadorai Tuesday stepped down as the chief executive and managing director of software major Tata Consultancy Services (TCS).
Ramadorai will be succeeded by the company's chief operating officer and executive director N. Chandrasekaran.
Ramadorai, who during his 13-year long career as the chief executive of TCS saw the company turn into a $6 billion firm, will continue as the company's non-executive vice-chairman.
Prices will come down soon, PM tells Rahul Gandhi
By IANS,
Bhopal : Congress general secretary Rahul Gandhi said Tuesday that he had discussed the "serious issue" of prices with Prime Minister Manmohan Singh who assured him that the government's efforts would "soon bear fruit" and prices would come down.
Describing price rise as a serious issue, Rahul Gandhi said: "I have already discussed the matter with the Prime Minister Dr. Manmohan Singh and he has assured that the continuous efforts being made by his government would help curb the prices as soon as possible."
India asks Africa to keep doors open to generic drug imports
By Groum Abate, IANS,
Addis Ababa : India has urged African countries not to put barriers on the production and import of generic drugs to the continent, especially in the current economic slowdown, which could adversely affect the purchasing power of patients.
"For the sake of their own people, Africa should not allow the ratification of banning generic medicine products," Rajeev Kher, joint secretary in India's Ministry of Commerce and Industry, told IANS on the sidelines of a four-day conference of African ministers for health here.
Singur’s young farmers want land back, unhappy being workers
By Soudhriti Bhabani, IANS,
Singur (West Bengal) : Anirban Bose, 20, of Gopalnagar is a school dropout. He switched to agriculture in his teens, helping his father cultivate 11 acres of land that is now part of the Tata Motors' Nano small car project in Singur.
With their farmland seized, Anirban's family members are now reduced to being part-time labourers, doing sundry jobs.
Airports near normal despite protest, some flights hit
By IANS
New Delhi : Airports around the country reported near normalcy Wednesday despite a nationwide de facto strike by some 20,000 employees opposed to the closure of the existing airports in Bangalore and Hyderabad, but some flights were hit here and there were warnings of more disruptions.
About 500 Indian Air Force (IAF) personnel trained in airfield safety, fire fighting and aircraft marshalling were deployed at 21 major civilian airports to ensure smooth take offs and landings, officials told IANS.
Microsoft seeks stay on Word sale ban
By IANS,
New York : Microsoft Tuesday sought stay on a court injunction which bars it from selling its popular Word document creation software in the US for violating a patent belonging to a Canadian company.
Toronto-based i4i had dragged Microsoft to court in 2007 for using its patented technology in the software without its permission.
In its ruling last week, the US District Court in Tyler, Texas, banned Microsoft from selling Word 2003, Word 2007 and future versions of the software that use i4i's technology without a licence.
Sensex jumps 5.43 percent
By IANS,
Mumbai : A strong start in European markets added impetus to the bull run at Indian equities markets Monday as a key index ended trade 5.43 percent higher than its previous close.
The 30-scrip Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 9,040.3 points, ended at 9,453.19 points (provisional) - an increase of 486.51 points or 5.43 percent.
The S&P CNX Nifty index of the National Stock Exchange (NSE) gained 4.95 percent from its last close to shut shop at 2,946.1 points.
Airtel adjudged best brand, best mobile operator
By IANS
New Delhi : Bharti Airtel, India's largest mobile service operator, has been adjudged the best brand and best mobile operator by the World Communication Awards 2007.
The awards were announced Nov 28 at an event in London that was attended by some of the world's leading brands in the communications industry.
In the Best Mobile Operator category, the other global operators in the final short-list were 3, Orange, T-Mobile UK and Telstra.
Altogether there were more than 200 entries across categories for the awards.
IT-BPO revenue to reach $75 bn target: Nasscom
By IANS
Mumbai : Brushing aside fears that the rising rupee could dent a hole in the growth of Indian software industry, the sector is set to achieve a healthy 33 percent growth in the fiscal year 2008.
The industry is also on fast-track to achieve the target of $75 billion in overall software and services revenues by 2010, Nasscom, an umbrella body of the Indian IT industry, said here Monday.
Third ‘stimulus like’ package by month-end: Commerce Secretary
By IANS,
New Delhi : The government will come out with a "stimulus like package" by the end of this month to help the country's corporate sector tide over the impact of the current global financial crisis, Commerce Secretary G.K. Pillai said Thursday.
"I don't think it would be a stimulus package like we had earlier but will be like that," Pillai said here on the sidelines of the International Plastic Conference, referring to two packages announced since December to pump-prime the economy.
‘India ripe for renewable energy market’
By DPA
Washington : India's role as a hub for US technology companies could be mimicked in the renewable energy market, US and Indian business leaders in the sector have said, calling for greater deregulation and a global price on carbon emissions to help spur growth in alternative fuel sources.
"It turns out that India's a very good place to start your endeavour," Raj S. Judge, a partner at the US law firm Wilson Sonsini Goodrich & Rosati told investors, trade officials and business leaders at a US-India renewable energy conference here Wednesday.
Maharashtra to spend Rs.15 bn for developing towns around Mumbai
By IANS
Mumbai : Maharashtra Chief Minister Vilasrao Deshmukh announced Saturday that his government would spend Rs.15 billion ($370.8 million) to improve transport and related infrastructure in towns around Mumbai.
The Mumbai Metropolitan Region Development Authority (MMRDA) would spend Rs.15 billion to extend the Mumbai Urban Infrastructure Project (MUIP), said the chief minister.
India’s central bank hikes key rates to tame inflation
By IANS,
Mumbai : India's central bank stepped up its attack on rising prices a tad more than expected by hiking two key short-term rates, predicted an eventual increase in interest rates on loans and deposits and raised its forecast on inflation and growth.
The hawkish monetary policy stance was spelt out by Reserve Bank of India (RBI) Governor D. Subbarao Tuesday who hiked the repurchase rate by 25 basis points to 5.75 percent and the reverse repurchase rate by 50 basis points to 4.50 percent with immediate effect.
Emami scouting domestic and overseas acquisitions
By IANS,
Kolkata : City-based Emami Group is planning to acquire a domestic company in the personal and healthcare segment with a market cap of around Rs.800-1,000 crore, a top group official said here Thursday.
"Within the country we are looking at companies having a portfolio of two-three brands," Chairman R.S. Agarwal told reporters after the annual general meeting of the company.
The Rs.3,000-crore diversified group has engaged Ernst & Young to identify targets for it.
Equities open strong, keep moving upwards
By IANS,
Mumbai : Indian equities markets opened strong on positive global cues and were ruling in positive territory two hours into trading with a key index up more than 350 points.
Two hours into trading the 30-share benchmark sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was ruling at 10,316.19, up 351.90 points or 3.53 percent from its previous close Friday at 9,964.29 points.
The Sensex opened strong at 10,154.56 points, up 190.27 points or 1.9 percent from its previous close and continued to gain steadily to its current value.
India-Britain trade could reach $40 bn by 2015: Industry
By IANS,
New Delhi : Bilateral trade between India and Britain, which crossed $12 billion last fiscal, has the potential to touch $40 billion by 2015, according to an industry lobby report.
The report by the Confederation of Indian Industry (CII) said: "CII proposes a target for merchandise trade at $40 billion by 2015 with special emphasis on expanding services trade to $12 billion and exploring other business avenues."
The industry will launch CII India Business Forum-UK to promote bilateral trade between the two countries.
New listing norms unveiled for small, medium companies
By IANS,
Mumbai : The Securities and Exchange Board of India (SEBI), the country's markets watchdog, Monday notified new norms for listing and raising of funds by small and medium enterprises (SMEs) but ruled out a new stock exchange for such entities.
The minimum market capitalisation for follow-on public issues by large companies also stands reduced to Rs.5,000 crore, against Rs.10,000 crore earlier, said SEBI chairman C.B. Bhave after a meeting of the watchdog's board.
India’s inflation rate falls further to 8.84 percent
By IANS,
New Delhi : India's annual rate of inflation measured on a point-to-point basis dropped marginally to 8.84 percent for the week ended Nov 15 from 8.9 percent the week before, according to fresh data released Thursday.
The annual inflation rate was 3.35 percent during the corresponding week the previous year.
On a week-to-next-week basis, however, the official wholesale price index (WPI) for all commodities during the week rose 0.04 percent to 235.1 (provisional) from 235 (provisional) the previous week.
Sensex goes down after positive opening
By IANS,
Mumbai : Major Indian equities markets went down Friday soon after opening in the green, despite strong initial buying interest in power, banking, capital goods, automobiles and IT stocks.
The 30-share benchmark sensitive index of the Bombay Stock Exchange (BSE), the Sensex, opened with a gain of 122.87 points at 17,476.41. But by 10.15 a.m., it had slid to 17,394.59, losing 81.82 points or 0.24 percent.
Metals joined FMCG in the red zone, though other major sectoral indices like banking, capital goods, IT and automobiles stayed in the positive zone.
Top Indian industrialists to tee off in Kashmir
By IANS
Srinagar : A delegation of 100 top Indian industrialists will visit Srinagar in September and play golf to send the message that Jammu and Kashmir is now safe for investors too.
The delegation organised by the Associated Chambers of Commerce and Industry of India (Assocham) will be led by Venugopal N. Dhoot, president of the trade body and head of the Videocon group.
Promoter of printer refills expands retail chain
By IANS
Chennai : Cartridge World, the $450 million Australian printer cartridge chain promoting the concept of refill and reuse cartridge is expanding its Indian presence, a company official said.
The company will be adding 18 stores to its existing 22 outlets across 15 Indian cities.
India gets $128.5 mn grant for AIDS, TB, malaria eradication
By IANS,
New Delhi: International aid agency Global Fund Tuesday announced a $128.5 million grant for India to fight AIDS, tuberculosis and malaria.
Of the newly approved grants, $69.4 million will be provided for expanding care and treatment services for tuberculosis (TB), particularly for multi-drug resistant tuberculosis. India bears 21 percent of the global TB burden and has the highest estimated incidence of multi-drug resistant cases of any country.
News, political ads…lot in store for FM radio
By Radhika Bhirani, IANS,
New Delhi : For long private radio stations have blared out only music and other entertainment programmes, but now they will also broadcast news. This is among the many new chapters that the Rs.6.2 billion Indian radio industry will write in 2009.
"Broadcasting news would also attract a diverse listener base and FM radio will be taken even more seriously," Harrish M. Bhatia, COO, 94.3 MY FM, told IANS.
He believes the addition of news and current affairs would enhance the content of radio, "lending it credibility and authenticity".
Andhra speaker tells Telugu NRIs of economic upturn back home
By Parveen Chopra, IANS
New York : Andhra Pradesh Speaker K.R. Suresh Reddy during his visit to Boston and New York this week informed the Telugu community about the economic progress in India and the state and also allayed their fears arising from the recent bomb blasts there.
In Boston, Reddy was the chief guest at a function Sep 1, organised by the Telugu community to celebrate 60 years of India's independence.
Contempt notice issued to Central Bank managing director
By IANS,
New Delhi : The Delhi High Court Monday issued a contempt notice against the managing director of the Central Bank of India for taking action against an official despite its stay order.
Justice S.N. Agrawal passed the order after the bank's general manager, Abhijit Ghosh, told the court that a fresh chargesheet was filed against him in an alleged misconduct matter despite the court staying all proceeding against him.
Ghosh was suspended from his job on Sep 24 after a chargesheet was filed against him on a charge of misconduct.
Canadian markets cross 11,000 mark first time in 2009
By IANS,
Toronto : Canadian markets crossed the 11,000-point mark Tuesday for the first time in 2009.
The last time the composite index on the Toronto Stock Exchange (TSX) stood at this mark was in October 2008.
After sinking to the lowest level of almost 7,500 points in March this year, the markets have made major gains to recoup some of the losses from peaks of June 2008.
The Canadian markets had crossed the 15,000 mark for the first in their 150-year history in June 2008.
Reliance Industries net profit dips 11.5 percent
By IANS,
Mumbai: The net profit of oil-to-petrochemicals major Reliance Industries (RIL) dropped 11.5 percent to Rs.3,636 crore ($759 million) for the quarter ended June 30, compared to the Rs.4,110 crore it netted in the corresponding period last fiscal.
In a regulatory statement Friday, the company said it has registered a turnover of Rs.33,309 crore ($7 billion), a decrease of 22.6 percent from the Rs.43,050 crore it earned in the year-ago period.
Withdraw rail fare, freight hike: Jayalalithaa
Chennai : Tamil Nadu Chief Minister J.Jayalalithaa Friday termed the hike in rail passenger and cargo carriage rates "worrisome" as it would fuel inflation...
German automotive company sets up India plant
By IANS,
Bangalore : German automotive major Continental AG has set up a Rs.2.2 billion ($50 million) greenfield plant here to manufacture electronic components for the booming automobile market of the sub-continent.
Oil jumps to $88 a barrel
By Xinhua
New York : Oil prices marched to a new all-time high of $88 dollars a barrel Wednesday as investors fretted over possible military action in northern Iraq and a potential supply crunch this winter.
The tensions are seen as dimming hopes for a recovery in Iraqi oil exports via Turkey that have been sporadic since 2003. But traders say the greater fear is the risk of unsettling the Middle East region, which pumps a third of the world's oil.
BMW, Daimler to idle car plants as sales crash
By DPA,
Stuttgart (Germany) : Daimler is to idle factories for five weeks because its worldwide sales of Mercedes cars have slumped, a newspaper reported Sunday, quoting a company spokesman.
The report came as Germany's other main premium car manufacturer, BMW, announced a four-day standstill at one of its car plants, in Leipzig, eastern Germany, amid signs that the world recession will be worse than so far feared.
US stocks jump as oil price falls
By DPA,
New York : US stock indices recorded their biggest jump in a month as oil prices fell sharply Tuesday and the Federal Reserve opened the door to extending emergency lending into 2009.
Fed Chairman Ben Bernanke said that the central bank's unprecedented lending to investment banks, set up in March at the height of the credit crisis for a six-month period, could be extended into 2009 if the financial sector's "unusual and exigent circumstances continue to prevail."
Markets trading flat, Sensex down 0.25 percent
By IANS,
Mumbai : Indian equities markets were trading on a fairly quiet note a little after Wednesday noon with a key index ruling 0.3 percent lower than its previous close.
At 12.23 p.m., the sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened marginally higher at 16,905.5 points against Tuesday's close at 16,886.43 points, was ruling 50.11 points or 0.3 percent lower at 16,835.8 points.
Around the same time, the S&P CNX Nifty of the National Stock Exchange (NSE), too, was trading in the negative terrain at 5,005.8 points, down 0.29 percent.
Sensex closes 176 points lower
By IANS,
Mumbai : A benchmark index of Indian equities shut shop 176 points lower Tuesday, with selling pressure dragging down heavyweights Reliance Industries and Infosys.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,650.82 points, closed at 17,464.56 points (provisional), down 176.52 points or 1 percent from its previous close at 17,641.08 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty ended at 5,223.8 points, against the previous close at 5,274.85 points, a loss of 0.97 percent.
Indian equities crash on global cues, liquidity worries
By IANS,
Mumbai : Seemingly dissatisfied with the interventions across the globe by governments and central banks to cushion the financial crisis, Indian equities crashed Friday, pulling a key index down to its lowest levels in more than two years.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was ruling at 10,726.01 points, an hour after the opening bell, with a loss of 602.35 points, or 5.32 percent, over the previous close.
More Highlights of Indian budget (Part 9)
By IANS
Additional 10,000 MW power generation by March 2009
To create national fund for power transmission and distribution
Foreign direct investment in April-Dec 200 at $12.7 billion
Sensex stems losses
By IANS,
Mumbai : A two-day rally by a key index of the Indian equities markets stemmed losses this week, but the index still ended 1.11 percent lower Friday than its previous weekly close.
A slump in Chinese stocks had a negative fallout on bourses across the world, with analysts fearing sharp consolidation would end a stock market resurgence.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) fell 170.8 points or 1.11 percent over previous Friday's close and ended trade at 15,012.32 points.
Farmers needn’t repay ‘unauthorised’ moneylenders: Pawar
By IANS
Mumbai : A day after Finance Minister P. Chidambaram waived bank loans to small farmers in the annual budget, Agriculture Minister Sharad Pawar said here Saturday that farmers need not pay back loans taken from "unauthorised" moneylenders either.
As farmers' groups around India pointed out that most small farmers were indebted to moneylenders rather than banks, Pawar said the central government would ask the states to set up a special machinery or task force to curb the influence of unauthorised moneylenders in rural India.
Sensex ends 136 points down amid weak global cues
By IANS,
Mumbai : A benchmark index for Indian equities Friday slipped back into the red to close 136 points lower amid a slump in global bourses.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,256.53 points, shut shop at 16,191.63 points, down 136.21 points or 0.83 percent from its previous close.
RIL, SBI and ICICI Bank were among the main contributors to the weakness in the Sensex.
India, China not to blame for WTO talks collapse: Mandelson
By Dipankar De Sarkar, IANS,
London : India and China are "certainly not" to blame for Tuesday's collapse of world trade talks in Geneva, European Trade Commissioner Peter Mandelson said.
"This failure was not inevitable. This was an eminently resolvable issue," a sombre-looking Mandelson said in a television interview after the talks collapsed over differences between the US and developing countries on mechanisms to protect small farmers from sudden surges in imports.
Equities in red, key index down 89 points
By IANS,
Mumbai : Indian equities markets ended with marginal losses Monday after a late afternoon rally, with a key index down only 12.09 points or 0.14 percent from its previous close Friday last week.
The 30-share benchmark sensitive index (Sensex) of the Bombay Stock Exchange (BSE) finished at 8,903.12, down 12.09 points or 0.14 percent from its close Friday previous week at 8,915.21 points.
New technology to bring down cost of fuel
By Jatindra Dash, IANS,
Bhubaneswar : It may now be possible to bring down the cost of emulsified fuel and also reduce India's dependence on crude imports, thanks to a new technology invented and tested by the Chennai-based Hydrodrive Systems and Controls.
"The technology we have developed does not use any additives or surfactant," Hydrodrive managing director and inventor Srinivasan Gopalakrishnan said.
Saudi Arabia to open its $530 billion stock market to foreigners
Jeddah : The Saudi Arabian Council of Ministers has approved opening its stock market, the largest in the Arab world, to direct foreign investment starting sometime in the first half of 2015, the market regulator said on Tuesday.
Equity markets flat in early trade
By IANS,
Mumbai : The Indian equities markets, which opened with a loss Wednesday, were flat in early trade. Capital goods, banking, power and gas sector stocks were under selling pressure.
The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened with a loss of 204.07 points at 17,065.61. Ten minutes into trading, it was at 17,089.06 with a loss 141.12 points or 0.82 percent from Tuesday's close.
At the same time the S&P Nifty index of the National Stock Exchange was trading at 5,061.45 points with a loss of 43.50 points or 0.85 percent.
Suzuki bets big on India, to launch new car
IANS
New Delhi : Japanese auto maker Suzuki Motor Corp (SMC) will launch a new "global car" in India and locate its biggest production units in the country, company chairman Osamu Suzuki said here Tuesday.
The new car, referred to as a "global car" by the company, would be made at Maruti Suzuki India Ltd's (MSIL) plant near the capital. Suzuki owns 54.2 percent stake in MSIL.
The car would be targeted primarily at the European market and is expected to be launched in the small car segment, officials said.
ADB to make first foray into China’s airport business
By Xinhua
Manila : The Asian Development Bank (ADB) is making its first foray into the airport business in China, said the Manila-based lender.
The project will involve a $50 million equity investment from ADB in HNA Airport Holding (Group) Co. Ltd., a private company primarily invests in airports and airport operations.
ADB is co-investing in HNA Airport Group with funds managed by Pacific Alliance, including ARC Capital Holdings Ltd. and Pacific Alliance Asia Opportunity Fund Ltd., said the multilateral development finance institution in a press release Friday.
NTPC forays into renewable power
By IANS,
New Delhi : The state-owned power utility NTPC Ltd will enter into renewable power generation through a joint venture with foreign power and financial firms, a company statement said Tuesday.
The joint venture company will primarily concentrate on wind power, mini and micro hydro-electric power, with NTPC holding 40 percent of the equity.
The rest will be shared equally by the constituents - Asian Development Bank (ADB), GE Energy Financial Services, Japan-based Kysushu Electric Power Co and Brookfield Renewable Power of the US.
US stocks rise on commodities, energy demand
By DPA
New York : Soaring demand for commodities and energy stocks lifted US stock indices Friday as the Standard & Poor's 500 index had its largest weekly gain in more than two months.
The S&P and Nasdaq continued their rally, despite bad news on the labour front and the darkening outlook for bank profits. The government said unemployment rose to 5.1 percent in March from 4.8 percent in February.
Madhya Pradesh plans to limit stocks of rice, pulses
By IANS,
Bhopal : The Madhya Pradesh government is planning to impose stock limits on pulses, gram, oilseeds and rice to control rising prices, officials said Friday.
"The government may soon introduce a pulses control order to start with. It would be issued in a couple of days," a state food department official told IANS.
The prices of pulses have skyrocketed in the last few months.
Marriott to build luxury hotel near new Bangalore airport
By IANS
Bangalore : Global hospitality major Marriott International will build a luxury resort hotel near the Bengaluru international airport at Devanahalli, about 40 km from the centre of this city.
The $13-billion Marriott has tied up with Bangalore-based leading property developer Prestige Group to set up the 300-room hotel on a 275-acre plot on the fringes of the picturesque Nandi Hills.
Massive land grabbing in Bangalore: survey
By IANS
Bangalore : India's IT hub has become a land grabbers' paradise, with around 45,000 acres worth Rs.500 billion ($12.6 billion) at market rates illegally occupied in and around the city, a survey by lawmakers shows.
Bangalore is also competing with other Indian cities over blatant violation of building laws.
The authorities' move to legalise violation by levying a hefty fine on violators has led to a storm of protests from political parties and associations of residents.
Chhattisgarh clocks over nine percent growth
By IANS
Raipur : The gross domestic product (GDP) of Chhattisgarh has grown 9.41 percent and its per capita income stands at Rs.25,321 in 2007-08, up 12.43 percent over the previous year, official data released here Friday has shown.
Chief Minister Raman Singh, who also holds the portfolio of finance, Friday tabled the economic survey of Chhattisgarh for 2007-08 in the state assembly, a day ahead of presenting the state's annual budget.
Indian shares inching closer to 18,000-mark
By IANS
Mumbai : Skyrocketing stock markets and a surging Indian rupee saw a key index setting records on 10 of the last 11 working days. It also nearly kissed the 18,000 mark before closing a little lower down 0.02 percent Friday.
Mayawati asks private sector to provide quotas
By IANS
Shimla : The private sector should provide job quotas for weaker sections of society, Uttar Pradesh Chief Minister Mayawati said at an election rally here Saturday.
"Her party, the Bahujan Samajwadi Party (BSP), is in favour of privatisation, but the private sector must have the responsibility of reserving jobs on caste and economic criteria and include needy people from the higher castes," said Mayawati.
Agricultural education gets Rs.22.76 bn boost
By IANS,
New Delhi : A cabinet panel Thursday sanctioned Rs.22.76 billion ($460 million) for strengthening and developing higher agricultural education in the country.
Of this, Rs.11.25 billion will be spent on development and strengthening of agricultural universities and Rs.4.21 billion on modernization of agricultural university farms, Minister of State in the Prime Minister's Office (PMO) Prithviraj Chavan said.
He was briefing reporters after a meeting of the Cabinet Committee on Economic Affairs presided over by Prime Minister Manmohan Singh.
Russia refutes peace deal with Japan at APEC summit
By IANS,
Moscow: Russia has declined to settle the peace treaty issue with Japan during the upcoming Asia-Pacific Economic Cooperation (APEC) summit in the Far Eastern city of Vladivostok.
$2 bn public-private partnership for rural internet access
By IANS,
New Delhi : The government Saturday announced a $2-billion public-private partnership to provide broadband and internet connectivity in country's rural areas.
Union Minister of State for Communications and Information Technology Jyotiraditya Madhavrao Scindia, speaking at Global Telecom Summit here, said that $1.5 billion for the project would be generated from the private sector and the balance would be funded from government sources.
Pressmart Media signs pact with US magazine
By IANS,
Hyderabad : Pressmart Media Ltd, a city-based digital delivery service provider for publishers, has signed an agreement with Editor and Publisher magazine of the US to produce a same-as-print electronic edition of the American trade publication, it was announced here Wednesday.
Editor and Publisher covers all aspects of the US newspaper industry, including business, newsroom, advertising, circulation, marketing, technology, online and syndicates.
Based in New York City, the magazine was first published in 1901.
Regulatory hurdles remain for Bharti-MTN deal
By IANS,
New Delhi : Regulatory roadblocks remained unresolved for the proposed $24-billion equity swap-cum-strategic tie-up between Indian telecom major Bharti Airtel and South Africa's MTN even as their deadline for exclusive talks was to expire Wednesday.
The developments are being closely watched by the global telecom industry as it has the potential to create the world's third largest mobile phone company, just behind China Mobile and Vodafone Group.
The new entity will have a combined base of 207 million subscribers and revenues of some $20 billion.
China’s millionaires to cross 450,000 mark
By IANS,
Beijing : The personal wealth of the rich in China has continued to expand despite the global economic downturn, and a new study says their number could cross 450,000 by the year-end.
The phenomenal growth comes despite the global economic slowdown, said a report from the Boston Consulting Group (BCG) Thursday.
Assets under management have hit $1.73 trillion, China Daily quoted the report as saying.
Sensex closes highest since Feb 2008
By IANS,
Mumbai : A benchmark index for Indian equities Wednesday rose sharply in late trade to close 108 points up at 18,222.98 -- the highest since February 2008.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,115.56 points, was at 18,222.98 points (provisional), 108.15 points or 0.6 percent up from its previous close at 18,114.83 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty shut 0.56 percent up at 5,469.9 points.
Industry inputs sought to boost food processing sector
By IANS,
New Delhi : The government has sought the food processing industry's support to set a 100-day target for the sector.
"We are in the preparatory process of setting a 100-day target for the food processing sector and are seeking inputs from the industry," Food Processing Industries Minister Subodh Kant Sahai said here Friday after chairing a meeting of industry representatives.
"We want the views of the industry to identify the lacunae in the policies of our ministry with regard to the sector," he added.
Meghalaya to put power projects on fast track
Shillong : The Meghalaya government will put all power projects on fast track to meet the power shortfall in the mountainous state, Chief Minister...
Gas pipeline project can extend to Southeast Asia: Iranian minister
By Vishnu Makhijani, IANS
New Delhi : A proposed pipeline project to transport natural gas from Iran to India via Pakistan could be extended to Southeast Asian countries, an Iranian minister says, expressing the hope that the first stage of the project would take off soon.
Iran's Minister of Economic Affairs and Finance Davood Danesh Jafari was also optimistic that the contentious gas pricing issue would soon be resolved and hinted at making large investments in India rather than parking his country's huge foreign exchange reserves in foreign banks.
Reliance Comm launches bundled mobile Internet data card
By IANS
New Delhi : Anil Ambani-promoted Reliance Communications (RCOM) Monday launched a bundled mobile Internet data card to promote the usage of mobile Internet services in the country.
Insurance companies on roll, target Rs.500 bn in premium
By IANS,
Kolkata : With the gross direct premium up by nearly Rs.200 billion during years 2002-08 and expected to reach Rs.500 billion in next five years, the insurance industry is on a high in the country.
Speaking at an Insurance Conclave here Thursday, M. Ramadoss, chairman and managing director of the Oriental Insurance Company, said: "This underlines the huge expansion of the market after liberalisation."
There are 27 private players in the insurance sector and the industry received Rs.21.7 billion investments in the last fiscal, he added.
Privatization gone sour, EPFO turns to NIC for modernisation
By Devirupa Mitra, IANS
New Delhi : The modernization of the Employees Provident Fund, which has 40 million subscribers across the country, is now back in the hands of a government body - after Rs.60 million and seven years spent on a private consultant.
'Reinventing EPF' was launched in 2001 as a way to modernize one of the world's largest social security organisations to manage its corpus of over Rs.2 trillion through computerisation of records, distribution of smart cards and access to online accounts, as well as faster processing of withdrawal claims.
India-US CEOs brainstorm to take business ties to new level
By Arun Kumar, IANS,
Washington: Top Indian and US business leaders and policymakers Tuesday began a brainstorming session to fine-tune ways of taking forward their business ties in key priority areas like trade and investment and an easier visa regime.
The India-US CEOs Forum meeting provides an "opportunity of reviewing the identified areas where deficiencies exist and how to improve those deficiencies", said Finance Minister Pranab Mukherjee, who leads the high-level Indian official team.
Yashwant Sinha’s prescription would fuel inflation: Chidambaram
By IANS,
New Delhi : Finance Minister P. Chidambaram is unimpressed by his predecessor's advice for deeper tax cuts, saying the move would fuel inflation.
In reply to the suggestion of "deeper tax cuts" by Yashwant Sinha, who was finance minister in the previous Bharatiya Janata Party (BJP) government, Chidambaram said that his government had already cut taxes and sacrificed revenue.
Net overseas investment plummets 31.9 percent in Pakistan
By IANS
Karachi : Net foreign investment in Pakistan plunged some $1 billion or 31.9 percent to $2.17 billion during the first six months of the current fiscal from July to December.
Pakistan had received foreign investment of $3.18 billion in the corresponding period of the previous fiscal.
"The inflow of foreign investment into the country continues to decline in the current financial year mainly due to withdrawal of money by foreign portfolio managers from stock markets of the country," the Daily Times newspaper reported Wednesday.
BHEL boiler auxiliaries division cuts cost, raises profit
By IANS,
Chennai : Strategic sourcing and value engineering in production have helped Bharat Heavy Electricals Ltd's (BHEL) boiler auxiliaries division at Ranipet near here to cut cost substantially and increase profit.
"Between September - November 2009, the steel prices went down and we bought our annual requirement then. We sourced steel at Rs.26,000-Rs.28,000 per tonne. Our annual steel requirement is around 200,000 tonne. The current steel price ranges between Rs.36,000 - Rs.38,000 per tonne," A. Chandrababu, the unit's general manager, told IANS Monday.
Bangladesh’s per capita income goes up to $599
By IANS,
Dhaka : The per capita income in Bangladesh has shot up to $599 this fiscal year (July 1, 2007-June 30, 2008) from $523 last year, mainly due to remittances from its citizens working abroad.
The latest economic indicators of the impoverished South Asian nation show a fall in growth by one to three percentage points in agriculture, manufacturing, construction and service sectors. Part of this is due to natural calamities.
US government agrees to rescue Citigroup
By DPA,
Washington : The US government has said that it will move to save ailing bank Citigroup by guaranteeing it against huge losses in the midst of the global financial crisis brought on by banks crippled by bad loans.
In a joint statement, the US Treasury, the Federal Reserve and the Federal Deposit Insurance Corporation said late Sunday that they would guarantee Citigroup against massive losses on its $306 billion in mortgage-related assets. In return, the bank will grant the government shares of stock.
India’s inflation rate rises marginally to 0.7 percent
By IANS,
New Delhi : India's annual rate of inflation rose marginally to 0.7 percent for the week ended April 25 from 0.57 percent the week before, official data showed Friday.
Among the three main commodity groups, the indices for manufactured products and primary articles rose 0.3 percent and 0.2 percent, respectively, during the week under review.
The index for fuel, power, light and lubricants remained unchanged at its previous week's level of 323 (provisional).
Rural Electrification Corp looks at equity investments
By IANS,
Chennai : The state-run Rural Electrification Corp, which funds and promotes projects that mainly target the hinterland, proposes to turn into an equity investor in thermal plants and enter distribution in a bid to expand its sphere of activities.
"We are planning to invest 11-26 percent in the equity of power generation companies. We are also looking at thermal power generation companies promoted by the state electricity boards," a senior official of the company said.
Indian economy bound to experience pain, says PM
By Murali Krishnan, IANS,
On Board Air India One : After discussing the financial crisis with world leaders in Beijing, Prime Minister Manmohan Singh declared early Sunday that India's economy was bound to feel the pain "sooner or later".
"Well, it all depends on how long it takes the world community to restore confidence to the global financial markets. We are not in complete control. There are bigger players and we are victims of that. The crisis is not of our making," Manmohan Singh told reporters as he flew home after meeting leaders from Asia and Europe in the Chinese capital.
Repo rate hike draws mixed responses from bankers
By IANS,
Mumbai : The apex bank's decision to hike repo rate by 25 basis points to eight percent drew mixed responses from the countries bankers as some said it was a clear signal to the commercial banks to manage their liquidity their own.
Many bankers said banks have to raise the prime lending rates (PLR), but added that they would continue the wait-and-watch policy for now.
Milk protest spills into the Baltics
By Aleks Tapinsh, DPA,
Riga (Latvia) : It seemed like a revival of early post-communist times as Latvians lined up for food Friday - only this time they got free milk from protesting dairy farmers.
About 1,000 people spilled into Riga's Dome Square for splashes of unpasteurised milk as farmers rallied against the European Union's (EU) decision to raise milk quotas and accused the Latvian government of failing to defend their interests in Brussels.
Salarpuria Group eyes hotel industry, IT SEZ
By IANS
Kolkata : Real estate major Salarpuria Group is all set to invest billions in West Bengal with projects ranging from hotels and residential complexes to IT special economic zones (SEZs), a top company official said here Wednesday.
Some of the key projects on the anvil for the group include a 350-room four-star hotel at the upcoming township of Rajarhat here and also investments in two IT special economic zones (SEZs).
Tata firm sets up roof-top solar panels in Gujarat
Bangalore : Leading energy producer Tata Power Solar has set up root-top solar panels at 62 sites across Gujarat with a cumulative capacity to...
Reliance Power’s Sasan UMPP starts commercial operation
By IANS,
Mumbai : Reliance Power Thursday said it has commissioned the first 660 MW unit of the Sasan ultra mega power project (UMPP) in Madhya Pradesh.
India’s handling of inflation to be closely tracked
By Arun Kumar, IANS
Washington : Faced with a slowing world economy and market turmoil, world financial leaders propose to closely follow how India tackles the problem of rising prices by balancing growth with the potential risks to price stability.
"India has become more and more a big player in the world economy," International Monetary Fund (IMF) managing director Dominique Strauss-Kahn said at a press conference Saturday after a meeting of the Fund's primary advisory body.
Bug makes meal of Punjab cotton, whither Bt magic?
By Jaideep Sarin, IANS
Chandigarh : The magic of Bt cotton in southern Punjab has vanished. Weary and stressed farmers - who are said to have sprayed pesticides worth over Rs.5 billion (over $120 million) this season to save their cotton crop from the mealy bug - are headed for major losses this time around.
Bharti Airtel all set to merge with South African MTN
By IANS,
London/New Delhi : Bharti Airtel, India's largest telecom firm, Wednesday entered into final stages of merger talks with South Africa's largest telecom operator MTN in a deal that is estimated to be worth nearly $45 billion, according to highly placed sources.
Airtel's chief Sunil Bharti Mittal, along with the firm's top brass, is said to be currently locked in talks with MTN chief Phuthuma Nhleko and its top management team in London to thrash out the final details of the deal.
Tata plans thriftier Nano for Europe in four years
By DPA
Munich : Indian carmaker Tata Motors plans to launch a second, thriftier version of its low-cost car Nano in the next four years in Europe, the project chief has told the German magazine Focus.
"We will develop a follow-on model in four years that will fulfil the Euro 5 emissions standard and pass European crash tests," head of the Tata Nano project Girish Wagh said.
Focus released a German version of his remarks in Munich Sunday, a day before the magazine goes on sale.
Wagh said the principal objective was to reduce the Nano's fuel consumption.
Minister urges steel firms to keep prices under check
By IANS,
Kolkata : Minister of state for steel Jitin Prasada Wednesday urged secondary steel makers to keep prices under check.
Participating in an interactive session with officials from the steel sector, the minister said: "I request all who are present here and also those who are not present, to keep prices under check".
Regarding the stand-off between the West Bengal government and the state's opposition parties over the Tata Motors' Nano small car project at Singur, he said: "Land allocation is a major challenge in the state".
ArcelorMittal to get government land for steel project
By IANS,
Ranchi : Steel major ArcelorMittal will be given government land to set up its proposed Rs.400-billion (Rs.40,000-crore) steel project in Jharkhand, state Industries Director Rahul Sharma said Friday.
"We have asked ArcelorMittal representatives to deposit Rs.12.5 crore (Rs.125 million) to Gumla district to get 1,000 acres of government land. We have also asked the Khuti administration to expedite the land survey work," Sharma told IANS.
He added that the government would soon start handing over the land to the company.
Infosys increases annual revenue guidance marginally
By IANS
Bangalore : Infosys Technologies Ltd. has revised its annual revenue guidance for the current fiscal (2007-08) marginally upwards by two to three percent in the wake of healthy top line growth in the second quarter (July-September).
In a notification to the stock exchanges here Thursday, India's second largest IT bellwether said as per the revised guidance, the consolidated income for the entire fiscal (FY 2008) would be about Rs.166-167 billion, projecting year-on-year (YoY) growth of 19-20 percent under the Indian GAAP.
Andhra Bank plans to raise forex loan
By IANS,
Kolkata : Andhra Bank plans to raise $125 million through a foreign currency loan immediately, which can go up to $300 million in the long term, its chairman and managing director K. Ramakrishnan said here Wednesday.
"We will raise tier-II bonds of Rs.2-3 billion ($46.6-70 million) by December," he said on the sidelines of the Banking Conclave 2008 organised by the Federation of Indian Chambers of Commerce and Industries (Ficci).
"The bank is looking at a 20-22 percent growth in loans and deposits during the current fiscal," said Ramakrishnan.
India, Zambia toast growing trade and investment ties
By Devirupa Mitra, IANS,
Lusaka: Amid exuberant tribal dances and Bollywood songs, India and Zambia toasted each other to an "ever deepening" of relations, particularly in trade and investment, during the highest level visit from New Delhi in two decades.
On Tuesday night, visiting Indian Vice President Mohammad Hamid Ansari and his entire delegation were invited to a state banquet hosted by his Zambian counterpart George Kunda at a five-star hotel in Lusaka. He arrived from Delhi Tuesday afternoon in Lusaka on the first leg of his three-nation African tour.
Chhattisgarh registers 19.88 percent growth
By IANS,
Raipur: Chhattisgarh's Gross State Domestic Product (GSDP) is estimated at Rs.95,204 crore for 2008-09, registering a growth of 19.88 percent over the previous year, according to an economic survey tabled in the state assembly Tuesday.
The economic survey 2009-10 said: "The GSDP estimates for the primary sector, which includes agriculture, forest, fisheries and mining, are Rs.27,250 crore while for the secondary sector that includes construction, manufacturing, electricity, gas and water supply the growth is Rs.37,592 crore."
Don’t put money in foreign banks: West Bengal minister
By IANS,
Kolkata : In the backdrop of the global financial crisis, West Bengal Finance Minister Asim Dasgupta Wednesday urged people not to keep their money in foreign banks and even in banks having significant foreign equity holdings.
"Please, don't put money in foreign banks and even in Indian banks having significant holding of equity by foreign institutions, whose names I would not like to take," Dasgupta said while inaugurating a branch of a rural bank at Barasat near Kolkata.
Abe calls for strategic ties between Japan, India
By IANS
New Delhi : Spelling out his vision for a "broader Asia" to be marked by a Japan-India strategic global partnership, Prime Minister Shinzo Abe asserted Wednesday that the changes in relations now taking place between the two Asian powers were unprecedented.
Addressing Indian MPs in the Central Hall of parliament, Prime Minister Manmohan Singh listening to him intently, Abe said that "a strong India is in the best interest of Japan and a strong Japan is in the best interest of India".
Slowdown may impact social sector allocations: Plan panel
By IANS,
Chennai : The economic slowdown will impact allocations to social sectors in the 11th Five-Year Plan, said a top Planning Commission official here Monday.
"The allocations were proposed in the 11th Plan on the assumption that the economy would grow at 9 percent. The economic slowdown would impact on the government's revenues, which might reduce the allocations to the social sectors," Planning Commisssion member Abhijit Sen said.
Assam Evictions: “No longer having land to cultivate is death sentence to us,” 250...
The Darrang district authorities in Assam have taken over the farmland of over 250 Muslim families in Niz Shalmara village and asked them to...
Rattha Group to invest Rs.17.5 bn in Chennai IT SEZ
By IANS,
Chennai : City-based Rattha Group will promote an IT special economic zone (SEZ) in Porur, west Chennai, at an investment of Rs.17.5 billion ($437.5 million).
"The IT SEZ will come up on 26 acres in Porur. It will have a built-up area of 4.5 million square feet, consisting of four blocks," group chairman H.S. Rattha told reporters Thursday.
The SEZ is designed by US-based architect firm HOK. The first phase is expected to be ready by 2009 and the whole project by 2012.
Interest rate may go up to curb inflation, Chidambaram hints
By IANS
Mumbai : Union Finance Minister P. Chidambaram Friday hinted that interest rate may go up in the coming days in order to curb the inflation rate.
Speaking at the valedictory function of the Indian Merchants' Chamber (IMC) centenary celebrations, the minister said the central bank has been asked to look into the modalities of the monetary policy.
"I have already started looking into the fiscal aspect of it," he added.
India Inc wasn’t expecting anything from interim budget
By IANS,
New Delhi : Following are the reactions from some prominent industrialists and economists to the interim budget presented by acting finance minister Pranab Mukherjee here Monday:
Deepak Parekh, chairman, HDFC Bank: Not a disappointment, I did not expect anything in the interim budget. It was never meant to be a giveaway. Interim budget is only an exercise of stating accounts.
Pradeep Jain, chairman of Parasvnath Developers: It's a non-event for the corporate world. The interim budget is merely a populist budget.
No price hike for LPG cylinders: Petroleum minister
Patna : Petroleum Minister Dharmendra Pradhan said Friday the price of non-subsidised cooking gas (LPG) cylinders will not be increased for now.
"The government has...
Sensex moves up 2 percent in afternoon trade
By IANS,
Mumbai : A benchmark index for Indian equities further built on its morning gains and was ruling over two percent higher about an hour before end of trade.
Auto stocks were among the key drivers of this rally with many such companies posting handsome February sales figures.
At 2.18 p.m. the 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,438.45 points, was ruling at 16,764.97 points, 335.42 points or 2.04 percent higher than its previous close at 16,429.55 points.
National capital region to get Rs.2,700-cr as development fund
By IANS,
New Delhi : The government Wednesday said it will provide Rs.2,700 crore for the development of the national capital region (NCR).
"The NCR Planning Board has agreed to provide a total financial assistance of Rs.2,700 crore for 2009-10 and 2010-11," Urban Development Minister S. Jaipal Reddy said here at the 31st annual meeting of the board.
Rupee falls to 60.50 against dollar on oil demands
Mumbai: The Indian rupee fell to 60.50 against a US dollar Thursday, registering decline for the fourth straight session on high demands for the...
Budget evokes mixed reactions from Andhra Pradesh industry
By IANS
Hyderabad : The union budget for 2008-09 has evoked mixed reactions from the industry in Andhra Pradesh. Information technology, biotechnology, textiles and tourism sectors have termed it as "disappointing" while some other sectors have described it as a balanced budget.
However, the industry has hailed the proposal for skill development mission, saying it would go a long way in improving the competitiveness of India Inc.
Chinese company inks MoU on educational cooperation with TCI
By IRNA,
Tehran : A memorandum of understanding (MoU) on educational cooperation was signed here Wednesday by managing director of Telecommunication Company of Iran (TCI) and regional director of Chinese " Hua-wy Company".
In the ceremony, Saber Feyzi said the aim of the MoU is to transfer know-how and holding educational training courses in cooperation with the Chinese telecommunication company.
Feyzi said, "Telecommunication college in Isfahan is an international center and Hua-wy company is also a well-known company in the field of telecommunication, too."