Gas price hike deferred due to state elections: Pradhan
New Delhi : The cabinet decision to defer an increase in natural gas price till mid-November has been taken in view of next month's...
Gujarat to boost diamond and jewellery business
By IANS
Ahmedabad : Facing stiff challenges from Maharashtra and Tamil Nadu in the diamond and jewellery business, Gujarat is now evolving new strategies to retain its supremacy in the sector.
The state, one of the world's largest producers of gold jewellery, is planning a number of industrial projects in that segment aimed at expanding Gujarat's presence in the field, said an official source.
Shell posts record profits
By DPA,
London : Anglo-Dutch oil giant Royal Dutch Shell Thursday reported 2008 profits of $31.4 billion, despite a sharp fall in earnings in the last quarter due to tumbling oil and gas prices and the global economic downturn.
Shell, the first major oil company to report results for last year, said profits for the final three months of 2008 fell to $4.8 billion, down 28 percent from the same period a year ago, and 56 percent lower than in the previous quarter.
‘Sabotage’ causes net, telecom disruption in Bangladesh
By IANS
Dhaka : Internet and overseas telecommunications were disrupted in Bangladesh for the second time in a week, leading the government to suspect sabotage.
The 15-hour disruption Tuesday was caused by miscreants snapping the optic fibre cable between Cox's Bazar and Feni in the southern region from where the country gets access to the internet highway.
The state-run Bangladesh Telegraph and Telephone Board (BTTB) said this was the seventh "act of sabotage" aimed at disrupting the country's international telecom and internet activities.
Milk prices up by Rs.2 in Bihar
By IANS,
Patna : Millions of people in Bihar will have to pay Rs.2 more for a kg of milk from Friday, officials Thursday said.
India, Syria to perk up trade ties
By IANS
New Delhi : India and Syria Thursday identified areas to boost their bilateral trade relations and enhance cooperation in sectors of mutual benefit.
"Syria and India have a longstanding relationship both politically and economically. We want to enhance the trade between the countries and encourage investments," Commerce and Industry Minister Kamal Nath told reporters.
NALCO to import two lakh tonnes coal
By IANS,
Bhubaneswar : The state-run National Aluminium Company Ltd (NALCO) Friday placed an order with a government agency to import two lakh tonnes of coal to meet shortfall, an official said.
Public-private partnership needed to make Delhi a global city
By IANS
New Delhi : By 2020 Delhi can become a smart, global city in more ways than one if the public and private sectors work in tandem, experts from different fields said here Thursday.
"As the city's population is growing very fast, the pressure on existing infrastructure will keep on mounting. Accordingly, a blueprint has to be prepared," said Deep Kapuria, chairman, Confederation of Indian Industry (CII)-northern region at a seminar.
Vegetable prices soar in Jharkhand due to rain
By IANS
Ranchi : Soaring prices of vegetables due to incessant rain here has put housewives in trouble as they struggle to manage their budgets.
Price of green vegetables and onions have jumped more than 50 percent in the past fortnight. Jharkhand has been witnessing non-stop rain for the past two weeks, badly affecting transportation of vegetables.
Vistaar Religare invests over $1 million for ‘Victory’ publicity
By IANS,
New Delhi : Harman Baweja's second film “Victory”, which also stars over 30 national and international cricketers has come into big money. Vistaar Religare Film Fund (VRFF) is investing Over $1 million in the movie's promotion.
Directed by Ajitpal Mangat, it has been jointly co-produced by Walk Water Media, a production house promoted by Manmohan Shetty.
Russia fully cuts gas to Ukraine, ups supplies to Europe
By RIA Novosti,
Moscow : Russia's gas export monopoly Gazprom said Thursday that it has fully cut gas supplies to Ukraine but increased deliveries to Europe after last-ditch talks failed late Wednesday.
"Deliveries to Ukraine were cut in full at 10:00 a.m. Jan 1 (Thursday). The volume of the reduction is 90 million cubic metres. Gas transits to Europe are continuing at a volume of 300 million cubic metres per day," Gazprom said.
A source at Ukraine's state company Naftogaz also confirmed that gas supplies had been cut. "We have noticed a reduction in pressure," the source said.
World Bank launches $2 bn fast-track funds for poor nations
By Xinhua,
Nairobi : The World Bank (WB) has announced the creation of a $2 billion fast-track facility to speed up grants and long-term, interest-free loans to help the world's poorest countries face the global financial crisis.
The International Development Association (IDA) Financial Crisis Response Fast-Track Facility, approved late Tuesday by the WB, will allow the development bank to provide fast funds for social safety nets, infrastructure, education and health.
India surges past 250 mn telephone users
By IANS
New Delhi : Even while the country's telecom bosses battle over radio waves, telephone density in the country has risen to over 22 percent in October, adding up to a whopping 256.66 million subscribers, according to the Telecom Regulatory Authority of India (TRAI).
Of these, 8.05 million new additions have been recorded in the wireless segment in October compared with 7.80 million new subscribers in September.
However, in the landline segment, new subscribers declined to 39.41 million last month against September's 39.58 million, TRAI said.
Exide net profit surges 132 percent
By IANS,
Kolkata : Exide Industries, the country's largest lead acid storage battery manufacturer, saw its net profit rise 132 percent to Rs.130 crore in the third quarter this fiscal, the company said in a statement Monday.
It had posted a profit of Rs.56.15 crore in the corresponding quarter in 2008-09.
Qatar firm to build oil refinery in Malaysia
By Xinhua
Kuala Lumpur : A Qatar firm will build a $4.55 billion oil refinery in Manjong in the northern Malaysian state of Perak, the media reported Monday.
A memorandum of understanding was signed Sunday between the Perak government and Gulf Petroleum (Malaysia) Sdn Bhd Sunday formalising the deal.
The project will be developed over three phases. It will comprise an oil refinery, a petrochemical plant and storage facility. It is expected to be completed in three years.
Sri Lankan train fare hiked by 90 percent
By P. Karunakharan, IANS,
Colombo : The Sri Lankan government has announced a mammoth 90 percent hike in train fares, media reports here said Sunday. The hike comes a week after increase in petrol and diesel prices in the country.
"The minimum fare will be doubled. The charge per kilometre has been increased by 90 percent," Sunday Times newspaper quoted Sri Lankan Railway's commercial manager Wijeya Samarasinghe as saying.
Intel Capital invests Rs.115 crore in 3 Indian tech firms
By IANS,
Bangalore : Computer chip maker Intel's investment arm, Intel Capital has invested $23 million (Rs.115 crore) in three technology firms to foster innovation in India, the company said Thursday.
The three firms are July Systems, KLG Systel and MCX.
Intel Capital, however, did not disclose the investment in each of the firms, claiming confidentiality.
The company issued a statement here that funding would be drawn from the Intel Capital India Technology Fund floated in 2005.
Parties ask UP government to slash VAT on diesel
By IANS,
Lucknow : Legislators cutting across party lines Tuesday asked the Uttar Pradesh government to slash Value Added Tax (VAT) on diesel.
Ambuja Realty plans three hotels in north Bengal
By Aparajita Gupta, IANS,
Kolkata : City-based real estate developer Ambuja Realty Development Ltd will build three luxury hotels in northern West Bengal, the company's top official has said.
Two of the hotels would be in Darjeeling district - at Makaibari in Kurseong and Siliguri - while the third would be near Gorumara forest in Jalpaiguri district, company chairman Harshavardhan Neotia said in an exclusive interview to IANS.
The company has already acquired land for these hotels, and the project details are being worked out, he said.
‘Investment in Pakistan risky’
By IANS
Islamabad : Investments in countries like Pakistan may face "increased risk" during 2008, according to a report by a British consultancy firm.
In its report, Control Risks rates 57 percent of emerging markets at medium political risk or above, indicating significant threats to foreign investment, The News reported Saturday.
The report, titled RiskMap-2008, has identified a trend in these countries towards economic nationalism - the promotion of national interests in economic policy.
Kolkata’s landmark Old Silver Mint to be re-incarnated
By Aparajita Gupta, IANS,
Kolkata : Eight developers have bid for a Rs.1.5-billion project that will see the Old Silver Mint, a fine piece of Grecian architecture on Strand Road here, developed into a museum, hotel and food court, an official associated with the project said.
Chidambaram hints at moderating tax rates
By IANS
New Delhi : As he gets ready to present his seventh national budget next month, Finance Minister P. Chidambaram Tuesday said fiscal deficit targets for this year will be met and held out an assurance of moderation of taxes rates, if compliance was met.
"Let me recall what I said. If voluntary compliance increases, then there is a case for moderation," Chidambaram said. "That does not mean it's been accepted. You make a case for moderation instead of writing imaginary stories."
Exporters seek government intervention on rupee rise
By IANS
New Delhi : Fearing further appreciation of the rupee to Rs.38 to a dollar by December, Indian exporters Monday asked the government to implement the relief package announced last year and ease the service tax burden on them.
"The profitability of exporters has been wiped out and constant appreciation is threatening the competitiveness of our products," said G.K. Gupta, president of the Federation of Indian Export Organisations (FIEO).
India”s Bombay Stock Exchange touches new record in early trade
By KUNA
New Delhi : The benchmark index of India's key Bombay Stock Exchange (BSE) Thursday created a new record by registering 21,206.77 points in early trade.
BSE's 30-share sensitive index or Sensex today opened at 20,930.28 points, against the previous day's close of 20,869.78, news agency Indo Asian News Service reported from Mumbai, India's financial capital.
In early trade the BSE tocuhed a new peak following high buying interest in banking stocks, the news agency said.
The 50-share Nifty of the National Stock Exchange today touched 6,292.30 points.
YouTube gets billion hits per day
By DPA,
San Francisco : Google's online video site YouTube now gets a billion hits a day, the site's founder Chad Hurley said in a video posted Friday.
"Three years ago today (YouTube co-founder) Steve (Chen) and I stood in front of our offices and jokingly crowned ourselves the 'burger kings' of media," read the post, which was titled Y,000,000,000uTube.
India-US investment protection pact likely by year end
By NNN-PTI
Chicago : With Indian firms investing aggressively in the US, India has put on fast track negotiations on signing an investment protection agreement with the States.
While both the US and India have signed the investment protection agreements with a number of countries, the one between them has to be unique because it is a different type of relationship, Commerce and Industry Minister Kamal Nath said here Tuesday evening.
Chidamabaram justifies lending rate hike
By IANS,
New Delhi : Finance Minister P. Chidambaram Wednesday justified the decision of the Reserve Bank of India (RBI) to increase the lending rate or repo rate from 7.75 percent to 8 percent.
“Since inflation is high, the RBI must take measures to tighten the money supply. The increase in the repo rate was just one such measure,” Chidambaram told reporters here after attending a meeting of senior officials of the state-run Central Bank of India.
On June 11, the RBI, India's central bank, raised the repo rate, that is the rate at which the apex bank lends money to the banks.
Rs.10-mn assistance for jobless diamond workers’ children
By IANS,
Surat : Two diamond industry associations in Gujarat Tuesday came forward with Rs.10-million (Rs.1 crore) education assistance for the children of jobless diamond workers in the state.
The Surat Diamond Association (SDA) said it would spend Rs.7.5 million for nearly 16,500 students in 140 schools in Surat.
"The relief amount would benefit a total of 16,494 children in Surat schools. We have already informed the principals of various schools here that the amount would be directly deposited in schools tomorrow (Wednesday)," SDA secretary Prabhudas Patel told IANS.
Sensex choppy; realty, capital goods stocks drop
By IANS,
Mumbai : A benchmark index of Indian equities was trading weak in the afternoon session due to lack of supportive cues.
Economies need global monitoring agency: Manmohan Singh
By Murali Krishnan,IANS,
Beijing : Underscoring the immediate task before countries hit by the financial tsunami, Prime Minister Manmohan Singh Friday said economies the world over should de-clog their credit markets and also suggested that it was time to actively deliberate on a global regulatory body.
IT sector to grow 4-7 percent this fiscal: Nasscom
By IANS,
New Delhi : India's IT sector will grow between 4-7 percent this fiscal and is expected to see higher growth next year, a top industry official said here Tuesday.
"I think we are already seeing changes in trends that we had anticipated. The first half has been relatively flat, but the vector is right," said Som Mittal, president of the National Association of Software and Services Companies (Nasscom).
Indo-US business unaffected by rupee rise, sub-prime crisis
By Arun Kumar, IANS
Washington : The India-US business climate has been only marginally affected by the sub prime mortgage crisis in America or the unprecedented appreciation of rupee against the dollar, according to a business advocacy group.
The Indo-American Chamber of Commerce (IACC) painted this promising picture with a new business survey at a two-day conference on "Doing Business with India" it organised with the Centre for American and International Law in Dallas, Texas.
Air Passengers from Delhi to pay additional fee from March 1
By IANS,
New Delhi : The government Monday approved additional fee of Rs.200 on all domestic passengers and Rs.1,300 per head on those going abroad from the airport in the national capital as access development charges to its developer.
The development fee will be paid to the Delhi International Airport Ltd (DIAL), which has the Bangalore-based infrastructure major GMR and the state-run Airports Authority of India as principal promoters.
Sensex entrenched in consolidation zone, loses 5.44 percent in week
By IANS,
Mumbai : Indian equities markets entered into a consolidation zone with analysts terming the downward movement as long expected. A benchmark index fell 5.44 percent from its last weekly close and ended trade below the 16,000-mark.
The 30-share sensitive index (Sensex) ended 914.53 points, or 5.44 percent lower, at 15,896.28 points at the weekly close Friday, as opposed to the previous week's close at 16,810.81 points.
The broader S&P CNX Nifty of the National Stock Exchange (NSE), too slipped, closing at 4,711.7 points, down 5.7 percent from its last weekly close.
Price rise, food security dominate global agro meet
By IANS
New Delhi : Skyrocketing prices of food grain and food security figured prominently at the Global Agro Industries Forum (GAIF) meet Wednesday, as Agriculture Minister Sharad Pawar attributed the phenomenon to the declining agricultural production.
"There is a worldwide concern about rising food prices, and food security in the coming years on account of declining production due to the climate change, rising demand because of economic growth and pressure on account bio fuels," Pawar said.
Maharashtra announces Rs.5,000 crore package for Konkan
By IANS,
Sindhudurg (Maharashtra) : In a major pre-election exercise, the Maharashtra government Wednesday announced a Rs.5,000 crore (Rs.50 billion) package to develop and modernise the backward Konkan region.
The package includes an ambitious plan to make the 471-km Mumbai-Goa highway into a modern four-lane carriageway and measures to complete the state's coastal highway, according to the official announcement.
Microsoft may withdraw Yahoo offer: report
By DPA
San Francisco : Microsoft Corp is re-evaluating its more than $40-billion bid for Yahoo due to the tough economic climate and the delaying efforts of the Yahoo board, US news wire Marketwatch reported late Friday.
Quoting a source "familiar with the situation," the report said that Microsoft is growing more frustrated with the Yahoo board's refusal to engage in formal negotiations even amid widespread perception that the Internet company's business has been deteriorating.
Jaipur Hotel suite voted Asia’s Leading Suite at World Travel awards
By IANS,
New Delhi : The Durbar Suite of the Raj Palace Hotel, Jaipur has been voted Asia's Leading Suite at the World Travel Awards ceremony at Shanghai.
A total of 167,000 travel professionals, including 110,000 travel agents worldwide, took part in the voting process. Other Indian suites to make it to the Top Ten included Kohinoor Suite at The Oberoi Udaivilas, Udaipur, Maharaja Suite at The Leela Palace Kempinski, Bangalore, Presidential Villa at Kumarakom Lake Resort and Royal Imperial Suite at The Imperial, New Delhi.
Bajaj says its low-cost car will be out in 2011
By IANS,
New Delhi : Bajaj Auto Ltd Saturday said its small car, being developed in partnership with Renault SA and Nissan Motor, will be rolled out in 2011 as per schedule.
Bajaj managing director Rajiv Bajaj said: "The project remains largely on schedule, though in the course of development some specifications have been reviewed, leading to adjustments in the overall schedule."
AIG sells Canadian operations for $375 million
By IANS,
Toronto : Bank of Montreal (BMO) Tuesday announced it is buying Canadian business of the troubled global insurance giant American International Group (AIG).
The bank said it is acquiring the AIG Life Insurance Company of Canada (AIG Life of Canada) for $375 million in cash.
The deal will provide its clients with a wider range of investment, financial planning and insurance solutions, the Canadian bank said.
Kingfisher cancels London flights
By IANS,
Mumbai : Kingfisher Airlines Friday cancelled four flights to and from London airport in view of the closure of air traffic over British airspace, an official of the airline said.
"Volcanic ash has led to the closure of London's Heathrow airport, owing to which we had to cancel the flights to and from London," said Prakash Mirpuri, vice president, Corporate Communications of Kingfisher Airlines.
India Infrastructure Investment Fund to get $5 bn
By IANS,
New Delhi : With India's foreign exchange reserves topping $300 billion, the government and the Reserve Bank of India (RBI) have jointly decided to invest $5 billion in their wholly-owned subsidiary - India Infrastructure Finance Ltd.
The London branch of the off-shore fund, launched last month by Finance Minister P. Chidambaram, will lend to Indian companies implementing infrastructure projects in India. These projects are estimated to require a whopping $500 billion over the next few years.
China’s president calls for further cooperation with US
Beijing(Xinhua) : Chinese President Hu Jintao Thursday called for further cooperation between China and the US, as the two countries wound up their two days of economic talks here that culminated in a series of agreements.
"I hope the two sides can make efforts to perfect the dialogue so that it can better serve the overall development of the Sino-US constructive and cooperative relations," Hu told a delegation to the 3rd Strategic Economic Dialogue (SED) headed by US Treasury Secretary Henry Paulson.
Indian CEOs most optimistic on economic growth: Gallup poll
By IANS
Davos : Indian CEOs are the most optimistic in the world on revenue growth and the country's populace among the more optimistic on prosperity for the next generation, according to two Gallup polls conducted in connection with the World Economic Forum in Davos.
Ninety percent of Indian chief executives - the highest from all countries - said they expect strong revenue growth in the next 12 months. In comparison, only about 73 percent of their Chinese counterparts think so and a low 36 percent in the US, the survey of 1,150 CEOs around the world showed.
Bloodiest day for Toronto exchange in 8 years
By IANS,
Toronto : In its biggest single-day loss in eight years, the Toronto Stock Exchange (TSX) sank more than 840 points after the US House of Representatives rejected the $700-billion bailout for Wall Street Friday.
It was the worst single-day fall in the TSX index since Oct 25, 2002, when it lost 840.26 points during the tech meltdown.
The Monday hammering left the composite index down by 840.93 at 11,285 points at close, pushing the bourse 6.93 percent down in a single day.
JPMorgan Chase’s Anil Bhalla appointed to USIBC Board
By Arun Kumar, IANS,
Washington : The US-India Business Council (USIBC), an advocacy group seeking stronger US-India commercial ties, has appointed Anil Bhalla, Vice Chairman (Investment Banking-Asia Pacific) of JPMorgan Chase, to its Board of Directors.
"We are delighted to have someone of Anil's stature and reputation as a member of the USIBC Board," said Indra Nooyi, chairperson of USIBC, which represents 280 of the largest US companies investing in India, joined by two dozen of India's largest global companies.
Globalisation in reverse gear as oil prices soar: Canadian report
By Gurmukh Singh, IANS,
Toronto : Trade liberalisation and technology may have flattened the world, but rising transport prices will once again make it rounder, says a report by a major Canadian bank.
In its study - "Will Soaring Transport Costs Reverse Globalization?", the Canadian Imperial Bank of Commerce (CIBC) says soaring oil prices are driving transport costs to such levels that businesses will be forced to seek supplies locally, rather than importing at huge costs from China and India.
Tripura finds favour with investors from UAE, Italy
By IANS,
Agartala : Investors from the United Arab Emirates (UAE) and Italy will set up infrastructure and industrial projects in Tripura, officials said here Friday.
Separate delegations from the UAE and Italy, currently on a visit to the northeastern state, have met the chief minister to finalise some proposed ventures.
For instance, TechMate group of Ajman in the UAE is keen to invest in healthcaree and urban amenities, education and information technology sectors.
Government rolls out Adhar-based direct cash transfer system
By IANS,
Dudu (Rajasthan): Prime Minister Manmohan Singh Saturday launched the nationwide Aadhaar-enabled direct cash transfer system to plug leakages and corruption in various welfare schemes.
American auto love affair sours as fuel prices soar
By Andy Goldberg, DPA,
Los Angeles : For as long as anyone can remember, life in Los Angeles has involved driving a car.
But with prices of fuel reaching $4 a gallon ($1.05 a litre), the city that defined auto-induced urban sprawl is starting to rethink its love affair with the car.
From increased ridership on the city's much maligned public transport system to unprecedented demand at stores selling motorbikes and scooters, the signs are everywhere that the inexorable rise in gas prices is having a major impact on the most car-dependent US city.
Taking directional call on gold risky over next six months
By Vatsal Srivastava,
Gold has been in a narrow trading range of $1,200/ounce-$1,400/ounce so far this year. The yellow metal has managed to trade above the key support of $1,200/ounce mainly because US 10 year yields and the US Dollar index have not witnessed an uptick on the back of the US Federal Reserve taper. Prices have also been supported by factors such as weak economic data releases in the US early in the year due to the weaker manufacturing activity, corporate bond market fears in China, the Ukraine crisis and the militant insurgency in Iraq. Thus, although the US Federal Reserve has maintained its stance on tapering its monthly purchases of bonds and mortgage backed securities to the extent of $10 billion a month, the "fear trade" has been providing upside to gold prices despite the sucking out of cheap liquidity out of the financial system.
Hindustan Motors to report to BIFR
By IANS,
Kolkata : After losing more than 50 percent of its net worth, automobile manufacturer Hindustan Motors has decided to report to the Board for Industrial and Financial Reconstruction (BIFR) under the sick industrial companies act.
"We would also like to inform that the accumulated losses of the company at the end of financial year March 31, 2010, have resulted in erosion of more than 50 percent of its peak net worth during the immediately preceding four financial years," the company informed the National Stock Exchange.
IndiaFirst Life to expand distribution reach
By IANS,
Chennai : IndiaFirst Life Insurance, a three-way joint venture of Andhra Bank, Bank of Baroda and British financial institution Legal and General, will open 12 new branches to sell its insurance plans.
"We have been selling policies only through the branches of our promoter banks - Bank of Baroda and Andhra Bank. We will be opening 12 branches by the end of this month," P. Nandagopal, managing director of the Mumbai-based company, told IANS.
Curry in the land of the British queen
By Cynthia Chandran, IANS,
London : Steaming hot biryani, mouth watering tikkas and kebabs, delicious south Indian dosa, laced Kerala appam and stew are now part of the British palate through the thousands of Indian curry houses that are doing roaring business in Britain.
Britons' love affair with Indian cuisine can be traced to the early 1980s when celebrated food writer and television presenter Madhur Jaffrey made Indian cooking popular across the US and Europe with her simple and easy recipes.
A swish show: Personalities and their smart Swiss seats
By Madhusree Chatterjee, IANS,
New Delhi : Legendary violinist Yehudi Menuhin represented Mario Bellini and Dieter Thiel's straight-backed chair Persona and Hollywood actress Grace Jones liked to perch on the high-backed AC-2, while Grammy winner Phil Collins preferred the stylish Louis 20 chair that resonated with the intensity of his songs.
Welcome to the world of famous personalities and their seats.
US recession hits demand for H1B visas
By Arun Kumar, IANS,
Washington : Once much sought by Indian professionals, the US H1B visas are going abegging this year in a recession-hit economy with applications still falling 16,000 short of the Congressionally mandated cap of 65,000.
The US Citizenship and Immigration Services said it has received approximately 49,000 H1B petitions till Aug 7 counting toward the 65,000 cap, more than four months after it started accepting applications for visas for the 2010 fiscal beginning October.
Ordinance to provide CISF cover to private industries
By IANS,
New Delhi : Having failed to get the Central Industrial Security Force (Amendment) Bill, 2008, passed by Parliament, the government Friday decided to promulgate an ordinance enabling the private sector to avail of the paramilitary force to guard against terror attacks on industrial houses.
The union cabinet chaired by Prime Minister Manmohan Singh gave the go-ahead to bring in an ordinance said Science and Technology Minister Kapil Sibal.
Oil PSU execs call off strike following govt’s tough stance
By NNN-PTI,
New Delhi : Within hours of the Government cracking down on them, ordering arrests and calling in the Army, the oil PSU executives gave in Friday evening and called off their three-day-old strike, which had crippled fuel supplies and affected power generation in the country.
"Everything will be normal by tomorrow (Saturday)," Oil Minister Murli Deora said giving relief to millions of commuters, who were starved of fuel due to a majority of petrol pumps and CNG fuelling stations going dry because of the agitation.
India Inc toasts Modi’s victory
By IANS
New Delhi : Leaders of Indian industry unanimously raised a toast to Narendra Modi's re-election as Gujarat's chief minister, a man regarded for his development agenda.
"There were major doubts in the past on being able to convert developmental efforts into votes, there were doubts in capacity of developmental activities to be translated into votes. These have all been set aside by Narendra Modi's victory," Amit Mitra, secretary general, Federation of Indian Chambers of Commerce and Industry (Ficci) told IANS.
India can push growth to 10 percent: Manmohan Singh
By IANS
New Delhi : Despite the turmoil in the global economy, India can not only sustain its high growth momentum but also push it to 10 percent with right policies and dedication, Prime Minister Manmohan Singh said Wednesday.
"It is possible that with correct set of policies and dedicated effort by both the central and state governments, we will not only maintain this momentum of high growth but may be able to raise it to 10 percent," the prime minister said.
US firm appeals against $500 mn Spanish treasure handover
By IANS/EFE,
Miami : A US firm has appealed against a court order to handover $500-million-worth gold and silver coins it salvaged from the Atlantic Ocean to Spain, a company spokeswoman said.
The Odyssey Marine Exploration Inc. has asked the 11th US Circuit Court of Appeals in Atlanta to overturn a district judge's order.
The Florida-based firm filed the appeal last week, Odyssey spokeswoman Liz Shows told EFE Thursday.
She said the company does not expect the court to rule on the matter for months.
Mamata to meet governor on Singur
By IANS,
Singur : Indicating a breakthrough in the talks on the vexed Singur issue, Trinamool Congress chief Mamata Banerjee Sunday announced she would meet West Bengal Governor Gopalkrishna Gandhi to find a solution to the Tata Motors' Nano stand-off.
Banerjee, who is spearheading an indefinite sit-in since Aug 24 close to the Tata Motors plant here, told reporters that she had received an invitation from Gandhi to participate in the talks.
PWC predicts double digit growth for entertainment and media industry
By IANS,
New Delhi: The Rs.584 billion Indian Entertainment and Media industry is projected to grow by 8.3 percent in 2009 as compared to 10.3 percent in 2008 and 16.7 percent in 2007. But it is expected to return to double digit growth in 2010, says a report by PricewaterhouseCoopers (PWC).
Core infrastructure sector growth slips to 3.7 percent
By IANS,
New Delhi : India's core infrastructure industries like crude oil production logged a sluggish growth of 3.7 percent in April-July of the current fiscal against 6.6 percent in the last corresponding period, according to official data released here Wednesday.
These sectors with a combined weight of 26.7 percent in the index of industrial production (IIP) grew at 4.3 percent in July this year, against 7.2 percent in the corresponding month last year.
Jharkhand, Orissa steel plants ‘progressing’: Mittal
By IANS
New Delhi : Lakshmi Niwas Mittal, chief of the world's largest steel producer Arcelor Mittal, Wednesday said work on both the firm's steel plants in Jharkhand and Orissa were "progressing".
"I would be meeting the chief ministers of both Jharkhand and Orissa to reaffirm and re-emphasise our commitment to build the steel plants and we look forward to their support and cooperation," Mittal told reporters here.
"Our both the projects are progressing and in Orissa we are moving faster than Posco," he added.
Maruti Suzuki sales dip over nine percent in August
By IANS,
New Delhi : The country's largest passenger car-maker, Maruti Suzuki India Ltd, Monday said its sales have dipped in August for the first time in five months as a result of higher interest rates and soaring inflation.
Sales fell 9.2 percent last month to 59,908 cars, vans and sport-utility vehicles, the company said in a statement.
Interest-rates, which are at a seven-year high, and the annual rate of inflation, at a 16-year high, are squeezing consumer spending in India.
SBI, State Bank of Saurashtra moot merger
By IANS,
Kolkata : The merger of the State Bank of India (SBI) and the State Bank of Saurashtra (SBS) is awaiting the final approval from the finance ministry, SBI chairman O.P. Bhatt has said.
"As soon as we get the approval from the union ministry, we will proceed with the process. We are expecting to get the green signal from the ministry in May this year," Bhatt told reporters here Friday while presenting the annual report of the bank.
He said: "If the merger goes well and everything settles down the SBI will go for more mergers with associate banks by March 2009."
Markets surge as inflation falls, key index crosses 10,000
By IANS,
Mumbai : Falling rate of inflation Thursday boosted investors' confidence in equities markets, pushing a key index up 3.72 percent to close above 10,000 points.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) rose 361.14 points or 3.72 percent from Wednesday's 9,715.29 points to close at 10,076.43 points.
Earlier in the day, government data showed that India's annual rate of inflation dropped further to 6.84 percent for the week ended Dec 6 from 8 percent the week before.
New telecom operators can’t sell stakes for three years: Government
By IANS,
New Delhi : Mergers and acquisitions between new telecom operators will be allowed only if they have completed three years of operations after being issued licenses, Telecom Minister A. Raja said here Tuesday.
Additionally, the market share of the merged entity in the relevant telecom region should not be more than 40 percent either in terms of subscribers separately for wireless and wired line phones, or in terms of adjusted gross revenue (AGR), he said.
Rush for filing tax returns thins as e-filing gets popular
By IANS,
New Delhi : Thousands of income tax assessees queued up at the special collection centre in the capital Thursday to beat the July 31 deadline for filing returns, but not in the numbers seen in past years, thanks to the provision of e-filing.
"We expect around 150,000 tax payers to file their income tax returns today. Those who are unable to file their returns today can do it later also," the income tax commissioner Gopal Kamal told IANS.
He explained that if there is any tax pending, a penalty will be imposed on the balance payable to the government.
NCR Corp doubles installed capacity in India
By IANS
Puducherry : Global self-service technology major NCR Corp announced that it has doubled its installed production capacity in India. The company will now make at least 10,000 ATM machines a year from its new facility inaugurated here Friday.
The $6.5-billion company's closely held Indian arm, with an investment spread of $3.7 million, has already sold over 50,000 automated teller machines to banking giants State Bank of India and Canara Bank.
Bangladesh to import 400,000 tons of rice from India
By Xinhua
Dhaka : The caretaker government of Bangladesh Sunday opened a letter of credit to import 400,000 tons of rice at 430 U.S. dollars per ton from India, a senior official said.
"India will supply 100,000 tons of rice within a month and the rest within two months," Food Secretary Mollah Wahiduzzaman told Xinhua Sunday.
Four state-owned Indian companies will supply the rice under an agreement signed by Bangladesh and India last month.
Indian investors nervous on US bailout plan details
By Arjun Sen, IANS,
New Delhi : Indian investors are a nervous lot, and say the bailout bill announced by the Congress is a much watered down version of what was expected and is needed to add liquidity in the system.
The Emergency Economic Stabilization Act of 2008 involves taxpayer guarantees and ceilings on executive compensation. The Congress is slated to vote on the bailout bill Monday, and the Senate vote is likely Wednesday.
Markets rally in afternoon trade
By IANS,
Mumbai : Indian equities shot up Tuesday afternoon after staying sluggish in the earlier sessions with a key index ruling 2.12 percent higher than its previous close about 70 minutes before the closing bell.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was trading at 9,735.81 points, a rise of 202.29 points or 2.12 percent from its previous close of 9,533.52 points.
The broader S&P CNX Nifty index of the National Stock Exchange (NSE) also gained and was trading at 2,980.35 points, about 58.15 points or 1.99 percent higher than the previous close.
No rooms in Jaisalmer for tourists this Diwali
By Anil Sharma, IANS
Jaisalmer : In case you are planning to spend this Diwali and the coming New Year in the desert city of Jaisalmer, think twice.
With high advance bookings, hotel rooms are going full for both these days.Most hotels have put up 'No Rooms' boards at their entrances Thursday, on the eve of the festival of lights.
Jaisalmer has around 750-1,000 rooms in big and small hotels put together. Getting accommodation even in the 300-500 Swiss tents erected on sand dunes in and around the city is difficult.
Nikkei recovers to 9,000 level
By DPA,
Tokyo : Tokyo stocks ended Tuesday trading higher with the benchmark Nikkei index rising above 9,000 level as the market confidence was regained on a series of economic stimulus packages and the Asian stock market's advance the previous day.
The Nikkei 225 Stock Average surged 537.62 points, or 6.27 percent, to close at 9,114.6. The index had lost 5 per cent Friday. The Tokyo market was closed Monday for a national holiday.
The broader Topix index of all first-section issues also gained 43.58 points, or 5.02 percent, to 910.7.
Nine Nanos begin countrywide drive from Sanand
By IANS,
Sanand (Gujarat) : A fleet of nine Nanos driven by prospective customers who participated in an online contest, began a countrywide drive from here Wednesday to mark the inauguration of Tata's Motors' facility to roll out the world's least expensive car.
Called the Nano Superdrive, the nine-Nano rally was flagged off Tata Group chairman Ratan Tata, a company official said.
Pakistan invited Indian Petroleum Minister to discuss gas transit issue
By NNN-APP
New Delhi : Pakistan has invited Murli Deora, Indian Petroleum Minister to Islamabad on Feb 7 to sort out issues relating to Iran-Pakistan-India gas pipeline project.
Pakistan has offered India to charge transport fee based on global practice rather than the arbitrary tariff it sought last February, the Indian Express reported.
Crude down on strong Dollar
By IRNA,
Sydney : Crude oil futures fell in Asian trading Wednesday as the US dollar hit a 12-month high against the euro on Greece's sovereign debt woes and traders predicted bloated US oil inventories swelled further last week.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in June traded at $82.60 a barrel at 0624 GMT, down 14 cents in the Globex electronic session. June Brent crude on London's ICE Futures exchange was down 1 cent at $85.66 a barrel.
Thai firm lowest bidder for Kolkata airport upgradation
By IANS,
Kolkata : ITD Cem, an Italian-Thai infrastructure development company, has emerged as the lowest bidder for modernisation of the international airport here, an official close to the development said here.
The Airports Authority of India (AAI) invited financial bids from four shortlisted parties in New Delhi Wednesday for upgrading the Netaji Subhash Chandra Bose International Airport (NSCBI) at Kolkata.
"The bid would now be evaluated by the committee and then it would move to the AAI board for the final decision," the AAI official added.
Asian market for office space faces increasing slowdown
By IANS,
New Delhi : The market for office rentals in Asia has slowed further as a fallout of the global economic crisis, according to realty consultancy firm CB Richard Ellis' Asia Pacific Office Market Review for the third quarter of 2008.
“Leasing activity in India has slowed down during the third quarter. This was because businesses began to feel the impact of financial turmoil,” said Anshuman Magazine, chairman and managing director, CB Richard Ellis, South Asia.
Tata Motors inducts 80 land losers at Singur plant
By IANS
Kolkata : Tata Motors Wednesday inducted 80 people from those families that have lost their lands in West Bengal's Singur where its upcoming plant would make the Rs.100,000 ($2,500) Nano, the preview of which at Auto Expo 2008 in New Delhi is making waves around the world.
The 80 people were taken in as apprentices in keeping with the memorandum of understanding (MoU) signed between Tata Motors, West Bengal's government's department of technical education and training (DTET) and West Bengal Industrial Development Corp (WBIDC).
Territorial Army may step in to break oil strike: Minister
By IANS,
New Delhi : In an attempt to end the ongoing strike by officers of public sector oil firms, Petroleum Minister Murli Deora has begun conducting talks with the Territorial Army to break the impasse.
Meanwhile, Home Minister P. Chidambaram said he was willing to talk to the strike leaders Friday, but appealed to them to end the strike immediately "as they are placing an intolerable burden on the people".
"Strike is not the way. Strong action is being taken, I understand," he added.
Raising legal age for marriage for women in India: Here’s why it’s bad news...
While worry over early marriage is a start in the right direction, legislative action on the subject is equivalent to addressing symptoms rather...
Indian power company to be year’s biggest Aim float
By IANS,
London : An Indian power project development company has announced plans to raise up to $500 million after a dual-listing on Aim and the Channel Islands Stock Exchange, making it the biggest float on Aim so far this year.
Aim is the London Stock Exchange's international market for smaller growing companies.
Dealings in KSK Emerging Energy Fund Limited (KEF), a subsidiary of KSK Power Ventur, are expected to begin early June.
The Fund will be headed by non-executive director Tanmay Das, while Scott Bayman, a director of KSK, will also be a director of the Fund.
Output of core industries up 2.2 percent in February
By IANS,
New Delhi : Despite an 8.3 percent growth in cement production and 6 percent in coal output, the composite index for six core industries logged a mere 2 percent expansion in February, against 7 percent in the like month of last fiscal.
Data released by the commerce and industry ministry Friday showed that the cumulative growth in the six core infrastructure industries was 3 percent for the first 11 months of this fiscal, against 5.8 percent for the corresponding period of last fiscal.
Obama hails India’s economic reforms
By IANS,
New Delhi: American President Barack Obama Monday hailed India for proving sceptics wrong by surmounting overwhelming odds post-independence and becoming a model to the world.
MTNL’s net profit last fiscal falls 63 percent
By IANS,
New Delhi : State-run telecom operator Mahanagar Telephone Nigam Limited's (MTNL) net profit nose-dived 63 percent in 2008-09 to Rs.211.7 crore from Rs.586.8 crore the previous fiscal.
The public sector undertaking's turnover also fell 1.4 percent to Rs.5,250 crore in the period under review from Rs.5,329.9 crore the year before.
The government has earmarked Rs.15,740.02 crore ($3.2 billion) for the two state-run telecom majors including MTNL in the budget for 2009-10.
Various measures to solve Bengal’s financial problems: Pranab
By IANS,
Kolkata: Union Finance Minister and Congress stalwart Pranab Mukherjee Sunday said both short-term and long-term measures are necessary to solve West Bengal's critical financial problem.
Pakistan forex reserves remain unchanged at $17.3 bn
By IANS,
Islamabad : Pakistan's foreign exchange reserves remained unchanged from the previous week at $17.3 billion for the week ending Nov 11, the central bank said.
Karnataka tax ratio highest in India: RBI
By IANS,
Bangalore: The Reserve Bank of India (RBI) Thursday praised Karnataka for having the highest tax to gross state domestic product (GSDP) ratio in the country.
"The state tax to the gross state domestic product (GSDP) ratio at 1 percent is by far the highest in the country. To the best of my knowledge, Karnataka is one of the better states as far as state finances are concerned," RBI Governor D. Subbarao told reporters here.
Sensex moves up further in afternoon trade
By IANS,
Mumbai : A key index of the Indian equities markets climbed further Friday afternoon to rule 236 points higher about an hour before the closing bell.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 15,040.24 points, was ruling at 15,236.17 points - 236.47 points or 1.58 percent above Thursday's close.
The S&P CNX Nifty of the National Stock Exchange (NSE) followed the Sensex to rule in the positive terrain, rising 1.07 percent to 4,621.35 points.
Healthy buying pushes markets up
By IANS,
Mumbai : Healthy buying across the sectors pushed up Indian equities markets Tuesday for the second day in a row, with a key index gaining 1.92 percent over its previous close.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) closed in the green at 9,716.16 points after touching an intra-day high of 9,785.04 points, a rise of 182.64 points or 1.92 percent from its previous close of 9,533.52 points.
Google to release cell-phone next year
By DPA
San Francisco : Google is to release its own mobile platform next year in a bid to drastically shake up the cell-phone industry and provide mobile users with a host of new applications, the Wall Street Journal reported.
The paper Tuesday said that Google planned to make a formal announcement of its plans in about two weeks.
Scientists designing battery that only takes seconds to recharge
By IANS,
Washington : A new device that takes only seconds to recharge mobile phone or laptop batteries is being designed and is expected to hit the markets in two or three years.
The MIT breakthrough could also permit an electric car to be recharged as quickly as it takes to refill a car tank with petrol thus eliminating a virtually insurmountable hurdle to green, clean motoring.
Forex futures trading to begin soon
By IANS,
Mumbai : It is expected that Indian banks and residents will be allowed to trade in foreign currency futures by the month-end, going by the new guidelines announced by the Indian central bank here Wednesday.
The guidelines finalized by the Reserve Bank of India (RBI) and market regulator Securities and Exchange Board of India (SEBI) said that only dollar-rupee contracts can be traded and the size of each contract would be $1,000.
The contracts shall be quoted and settled in Indian rupees and the maturity of the contracts shall not exceed 12 months, the guidelines said.
‘Economic growth to fall to 5.8 percent next fiscal’
By IANS,
Chennai : India's economic growth would fall to 5.8 percent in 2009-10 mainly due to fall in exports, according to an economic analysis by a global financial services firm.
The report by DSP Merrill Lynch said the fall in exports due to recession in the US and European economies would bring down the pace of economic growth.
According to Indranil Sengupta, an economist at DSP Merrill Lynch, zero export growth is sufficient to pull GDP (gross domestic product) growth down 150 basis points.
It added that economy would grow at 7.3 percent this fiscal.
France calls for European sanctions against Iran
Paris, Sep 21 (Xinhua) France is calling on its European partners to take their own economic measures against Iran over its nuclear programme while working to secure new UN sanctions at the same time, the presidential office said.
These are basically "additional measures outside the UN" which "could even be taken without a common agreement between the Europeans", presidential office spokesman David Martinon said Thursday.
Reliance BigTV, Indiagames to introduce DTH Games
By IANS,
New Delhi : Reliance Big TV, the Direct-To-Home (DTH) arm of Reliance Communications, and UTV subsidiary Indiagames have tied up to introduce DTH Gaming services in India.
Called iGames, the gaming services will be offered by Indiagames on Reliance Big TV's DTH platform in the country.
Oil falls below $87 after Friday’s record $90
By Xinhua
New York : Oil fell almost $2 to drop below $87 a barrel Monday as financial markets tumbled on growing concerns over the health of the US economy, triggering a correction from recent record highs.
US light, sweet crude fell $1.90 to $86.70 at 4.14 p.m. GMT after reaching $90.07 all-time high Friday.
US oil has rallied more than 10 percent since Oct 8, climbing towards the inflation-adjusted high of $101.70 dollars, hit in April 1980, a year after the Iranian revolution.
‘Gujarat gained from investments by Indian diaspora’
By IANS,
New Delhi: Despite the global financial crisis, Gujarat's economy was boosted by record-breaking investments made by the Indian diaspora and companies, according to Chief Minister Narendra Modi.
Speaking on the concluding day of the three-day Pravasi Bharatiya Divas (PBD) 2010, the annual conclave of the Indian diaspora, here Friday, Modi said Gujarat has become a top investment destination in India and this has been proved by the "stupendous success" of the annual Vibrant Gujarat summits that bring overseas Gujaratis together.
Sensex extends gains, IT stocks shine
By IANS,
Mumbai : A benchmark index for Indian equities Tuesday extended its morning gains and was up 109 points, helped by buy-ins in IT stocks and heavyweight Reliance Industries, as investors turned bullish with the revival of the monsoon.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,402.68 points, was ruling at 17,550.65 points, 109.21 points or 0.63 percent up from its previous close at 17,441.44 points.
Bengal IT will need 200,000 professionals by 2010: minister
By IANS
Kolkata : West Bengal Information Technology (IT) Minister Debesh Das Tuesday said the state would require 200,000 IT professionals by 2010.
"We will need 200,000 IT professionals by 2010 in West Bengal as many IT and IT enabled services (ITeS) companies are coming up in the coming years," Das said at a seminar here organised by the Confederation of Indian Industry (CII).
He said presently there are about 44,000 IT professionals engaged in the sector and West Bengal had about four million sq ft of space occupied by IT and ITeS companies.
US stocks edge higher amid mixed jobs report
By DPA,
New York: US stocks closed higher Friday as investors digested a mixed unemployment report and watched ongoing protests against Egyptian President Hosni Mubarak.
Ban on multi-brand foreign retailers likely to stay
By IANS,
New Delhi : The ban on foreign investment in multi-brand retailing, which has kept global players like Wal-Mart and Carrefour from committing some big-ticket investment in India, is likely to continue, despite the emergence of a fresh political dispensation, experts said Tuesday.
The Left parties, which withdrew support to the Manmohan Singh government Tuesday, have been the most stringent opponent to foreign investment in the retail sector, saying it would have a negative impact on small trade and mom-and-pop stores.
Dhaka’s dependence on foreign aid to continue
By IANS,
Dhaka : Bangladesh will remain dependent on foreign aid to finance its development projects for at least three more years, according to both official and independent reports.
Besides slow development and charges of mismanagement of development funds, the country has to face a volatile global commodity market, fuel price hike, natural calamities and climate change prospects that cause food shortages.
The recent per capita debt is $151, or more than 10,000 taka, the Equity and Justice Working Group, an NGO, said its recent study titled "Drowning with Debt or Development".
Aviva Life Insurance partners Bank of Rajasthan
By IANS
Jaipur : Aviva Life Insurance and the Bank of Rajasthan Ltd Thursday announced their tie-up as bancassurance partners.
Bancassurance is the distribution of insurance products through a bank's network of branches.
Aviva will have access to a potential customer base of 2.5 million across India with this tie-up.
Aviva is one of the leaders in bancassurance, with close to 40 partnerships across the country.
It has now increased its presence to more than 1,700 locations in the country with a potential customer base of around 46 million.
Sensex ends 292 points up
By IANS,
Mumbai: A benchmark index for Indian equities Monday closed 292 points up with metals and realty scrips seeing substantial buys.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,654.81 points, shut shop at 17,863.15 points (provisional), 292.33 points or 1.66 percent up from its previous close at 17,570.82 points.
It had touched an intra-day high of 17,919.62 points.
UTL sends SOS to Indian telecom promoters
By IANS
Kathmandu : Indian joint venture United Telecom Ltd (UTL), the first private operator in Nepal's telecom sector, has sent an SOS to its Indian promoters after its appeal to the Nepal government and police failed to avert the indefinite strike called by a trade union.
World markets on roller-coaster ride amid concerted rate cuts
By DPA,
New York : A concerted rate-cutting move by the central banks of the world's economic heavyweights appeared Wednesday to be meet with a positive, if tentative, response on European exchanges and early gains on Wall Street. But markets and investors were still obviously on a roller coaster ride much of the time.
The central banks of the US, Britain, Canada, Switzerland, Sweden and China, as well as the European Central Bank, delivered a 50 basis points cut in their lead rates in a bid to ease monetary conditions and shore up market liquidity.
Anil Ambani group produces pact copy in court
By IANS,
Mumbai : Part of the much talked about Memorandum of Understanding (MoU) between the Ambani brothers was placed in the Bombay High court Wednesday.
Ram Jethmalani, counsel for Anil Ambani's Reliance Natural Resources Ltd (RNRL), submitted the MoU along with an affidavit to the court.
To which Harish Salve, counsel for Mukesh Ambani's Reliance Industries Ltd (RIL), said he had a right to cross-examine the document.
The two counsels united in saying that the contents of the documents should not be made public.
$40 mn UN-Indian project to target hazardous medical wastes
By IANS,
United Nations: A UN agency has teamed up with the Indian government in a $40-million pilot project in five Indian states to help the country's healthcare system dispose of hazardous medical waste.
The five-year project will be implemented in Gujarat, Karnataka, Maharashtra, Orissa and Punjab, with Bangalore's M.S. Ramaiah Medical College acting as national implementation body, UN Industrial Development Organisation (UNIDO) said in a news release Thursday.
Four large, eight medium and 16 small hospitals in each state will benefit from the project.
Nasscom, DRDO join hands to develop innovative technologies
By IANS
New Delhi : India's leading IT industry lobby National Association of Software and Services Industry (NASSCOM) has inked a deal with the Defence Research and Development Organisation (DRDO) to develop innovative technologies for the industry.
India Inc asks central bank for status quo on rates
By IANS,
Mumbai : India Inc Monday asked the central bank to maintain a status quo on interest rates, a day ahead of its monetary policy review that comes against the backdrop of annual inflation rate ruling at a 13-year high.
Reserve Bank of India (RBI) Governor Y.V. Reddy will conduct the first quarter review after hiking interest rates more than a dozen times since 2004 and asking banks to keep more money against deposits to curb liquidity and inflation which is now at 11.89 percent.
Centre issues bonds to oil marketers to tide over losses
By IANS
New Delhi : The Indian government Friday issued additional bonds worth Rs.112.5 billion ($2.87 billion) to help state-owned oil marketing companies to reduce losses in the current fiscal (2007-08) due to their inability to sell fuel at market prices.
"The special bonds are being issued at par to Indian Oil Corp (IOC) for Rs.63.6 billion, Bharat Petroleum Corp Ltd (BPCL) for Rs.25.3 billion, and Hindustan Petroleum Corp Ltd (HPCL) for Rs.23.5 billion on Jan 18," said an official statement issued Friday.
Hindustan Unilever net profit dips 2.68 percent
By IANS,
Mumbai : Net profits of fast moving consumer goods (FMCG) giant Hindustan Unilever dipped 2.68 percent to Rs.5,431.9 crore in the first quarter this fiscal from Rs.5,581.8 crore in the same period a year ago.
The total income of the company increased 7.5 percent to Rs.44,758.8 crore in the first quarter of current fiscal from Rs.41,628.4 crore in the year-ago period.
While sale of FMCG products in the period under review grew by nearly 13 percent, that of health and personal care goods increased almost 12 percent.
L&T bags orders worth Rs.1,749 crore from state-run firms
By IANS,
Mumbai : Engineering major Larsen and Toubro (L&T) Thursday said it has bagged three orders worth Rs.1,749 crore from state-run SAIL and Bharat Aluminium Company (BALCO).
L&T in a joint venture with Paul Wurth of Italy has been awarded an engineering, procurement and construction project for Rs.1,627 crore to build a 2.8 million tonne per annum (MTPA) blast furnace for SAIL's steel plant in Bhillai, Madhya Pradesh.
L&T stands to gain Rs.1,010 crore from this project.
The consortium has already upgraded two blast furnaces of SAIL in Bokaro and Vizag.
Markets on a see-saw, Sensex up over 318 points
By IANS,
Mumbai : It was a see-saw trading session till noon Tuesday at the Indian equities markets, with a key index pulling back into the green after slipping more than 373 points in the morning.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which had opened higher at 14,757.82 points, and slipped more than 373 points soon after, pulled back in the green to rule at 14,602.8 points, 318.59 points or 2.23 percent up from its close Monday.
Petrol price cut by 70 paise a litre
New Delhi : State-run Indian Oil Corp (IOC) Tuesday announced a cut in petrol prices by 70 paise a litre, effective from midnight.
The reduction...
Bajaj two-wheeler sales down 5 percent
By IANS,
New Delhi : India's second largest two-wheeler maker Bajaj Auto Thursday said its sales dipped 5 percent last month to 168,471 units, comparing to 177,112 units sold in June 2008.
However, the company's three-wheeler sales rose 26 percent to 24,731 units last month from 19,629 units in the like period last year.
"Domestic commercial vehicle sales have begun to grow on the back of marketing initiatives focused on the in-city segment," a company statement said.
BSNL employees demand wage hike, go on strike
By IANS,
Kolkata : Around 270,000 employees of state-run telecom giant Bharat Sanchar Nigam Ltd (BSNL) went on strike for two days starting Wednesday, demanding a bigger hike in wages than had been offered.
"Around 20,000 BSNL engineers and 250,000 group C and D employees have gone on a strike for two days (Aug 19, 20)," senior member of BSNL Employees Union Dilip Das told IANS.
Altogether nine BSNL unions have gone on strike among which BSNL Employees Union is the largest one. All the nine unions are striking together under a conglomerate body -- The United Forum of BSNL Unions.
Punish executives responsible for market crisis: Brazil
By Xinhua,
Sao Paulo : The Brazilian government has proposed to the Group of 20 (G20) industrialised and emerging economies that executives implicated in fraudulent practices endangering the financial integrity of their enterprises be punished.
The Brazilian delegation called for penal provisions in the new regulations of the international financial market during the two-day meeting of G20 finance ministers and central bank governors, which concluded here Sunday.
Sterlite bags orders worth Rs.2.78 bn for power conductors
By IANS,
New Delhi : Sterlite Technologies Ltd Thursday said it has bagged contracts worth Rs.278 crore (Rs.2.78 billion) from the Power Grid Corp of India Ltd, Jaypee Powergrid, Rajasthan's state electricity board, and the Ethiopian Electric Power Corp.
The contracts, which are for Sterlite's moose and power conductors, would be supplied between September 2008 and December 2009, as per customers' requirements, a company statement said.
BGR Energy inks technology transfer pact with Italian firm
By IANS,
Chennai : City-based Rs.15.25-billion BGR Energy Systems Ltd has inked a technology transfer agreement with Italian firm TME SpA Termomeccanica Ecologia (TME), the company announced Monday.
As per the agreement, the $235-million Italian environment and industrial engineering company would provide the technical know-how to BGR Energy to build condensate polishing plants that are used in power projects.
The condensate polisher is a device installed in plants to remove contaminants from demineralised water to enable its reuse.
Dubai Chamber seeks to boost trade ties with Gujarat
By IANS/WAM,
Dubai: A business delegation from the Indian state of Gujarat was in Dubai to explore opportunities to boost trade and investments in the UAE.
Mumbai terror, economic crises bad news for Kerala tourism
By IANS,
Thiruvananthapuram : Members of the Kerala tourism industry, already reeling under the impact of the global economic crisis, fear their losses will mount as foreign tourists are likely to stay away in the aftermath of the terror attacks in Mumbai.
"First the economic recession led to a fall in reservations. Now, following the terror attacks in Mumbai, we have been getting e-mails from people who want to cancel their bookings," hotelier Tomy Pulikattil told IANS.
SREI-BNP Paribas Lease Group announce joint venture
By IANS
Paris : A joint venture between SREI Infrastructure Finance Ltd. of India and BNP Paribas Lease Group of France has begun operations in Kolkata this week in the area of infrastructure equipment financing, it was announced here.
SREI, a leading equipment finance company specialising in the infrastructure sector, and BNP Paribas Lease Group (BPLG), a 100 percent BNP Paribas subsidiary focused on equipment financing-related services, have entered into an agreement which brings the asset finance division of SREI into the newly formed joint venture.
Africa deal makes Bharti world’s 5th largest telecom firm
By IANS,
New Delhi : India's top telecom player Bharti Airtel Tuesday said it has successfully concluded its $10.7-billion deal to acquire the African assets of Kuwait's Zain, making it the world's fifth largest mobile phone services company.
This is also the largest overseas acquisition of assets in Africa by an Indian company, even though it does not cover the Kuwaiti company's operations in Sudan and Morocco. The total customer base of Bharti now stands at over 180 million in 18 countries.
Maruti Suzuki sales up by 16.2 percent
By IANS,
Mumbai : Car market leader Maruti Suzuki India Ltd sold 69,001 vehicles in May 2008, compared to 59,400 in the corresponding period the previous year, an increase of 16.2 percent.
The company sold 64,143 vehicles in the domestic market and exported 4,858 vehicles in May.
Maruti's volume in the domestic A2 segment grew by 14.5 percent, while in A3 segment the volume growth was 18.7 percent over its sales in May 2007.
Iraq warns South Korea against Kurdish region oil exploration
By NNN-Xinhua
Seoul : Iraq has issued a warning, saying that it may cut off oil exports to South Korea unless South Korean energy companies halt oil exploration in the Kurdish region, South Korea's Yonhap News Agency reported on Monday.
The Iraqi government has given SK Energy Co., a leading South Korean refiner, the warning by phone, demanding SK Energy to halt the exploration as it did not get permission from Baghdad, the state-run Korea National Oil Corp. (KNOC) said.
Sensex crashes again, opens with a loss of 295 points
By IANS,
Mumbai : The Indian equities market opened in deep red Friday.
The 30-share benchmark sensitive index of Bombay Stock Exchange opened with a loss of 294.06 points at 14,127.76 points.
The S&P Nifty of National Stock Exchange opened at 4,315.30 points with a marginal loss of 0.65 points compared to its last close.
India Inc seeks 100-day focus on divestment, rate cuts
By IANS,
New Delhi : India Inc has readied its 100-day wish list for the new government. It wants the policies to focus on agriculture, divestment, skill development, infrastructure and manufacturing to nurse the Indian economy back to high growth.
These, said industry lobbies including the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Confederation of Indian Industry (CII), are some of the critical areas where the government's "serious action" was required.
PM wants Indo-Russian trade to hit $10 bn by 2010
By Manish Chand, IANS
Moscow : Indian Prime Minister Manmohan Singh Monday made a strong case for scaling up bilateral trade to $10 billion by 2010 and called for more Russian investment in the country during a two-day visit here.
At a meeting of Indian and Russian businessmen, Singh stressed the need for increased contacts between the business communities of the two countries that have been hobbled by visa problems.
Supreme Court begins hearing dispute over Reliance gas
By IANS,
New Delhi: The Supreme Court Tuesday commenced hearing the dispute over the supply and pricing of natural gas from the Krishna-Godavari basin that was awarded to Mukesh Ambani-led Reliance Industries.
The hearing by a three-member becnh comprising Chief Justice K.G. Balakrishnan, Justice R.V. Raveendran and Justice P. Sathasivam, will resume Wednesday.
The high profile legal battle is between Reliance Industries and Anil Ambani-led Reliance Natural Resources.
Myanmar confirms plan to export natural gas to Yunnan, China
By DPA
Yangon : Myanmar plans to build a road, a railway and a natural gas link to Yunnan, China, to foster closed economic ties with its neighbour to the north, media reports said Tuesday.
‘Olive oil prices to remain stable; not to rise’
By IANS,
New Delhi : The Indian Olive Association (IOA) said Monday the product's prices would remain stable and, contrary to expectations, would not fall as a result of the government's reduction of import duties to 7.5 percent from April 1.
In April, the IOA had stated that olive oil prices were expected to fall by 10-15 percent on fresh imports after duty reduction provided exchange rates remained stable.
However, "a phenomenal rise in the exchange rate of the euro has prevented olive oil companies from reducing prices," IOA president V.N. Dalmia said in a statement Monday.