India’s growth higher but no respite from price rise
By IANS,
New Delhi : For a country getting ready for an imminent hike in fuel prices, Friday brought a mixed bag of news for its policy makers with economic growth tweaked higher to 9 percent for 2007-08, but inflation breaching the 8 percent mark to its steepest levels in three-and-a-half years.
The most worrisome news was data on the official wholesale price index that put India's annual rate of inflation at 8.1 percent for the week ended May 17, from 7.32 percent for the week before.
India’s crude oil output 3.6 percent below Feb target
By IANS
New Delhi : India's crude oil production fell 3.6 percent below the envisaged target in February despite surplus output from private oilfields, an official statement Wednesday.
While the government had targeted crude oil production of 2.830 million metric tones (MMT), the actual output was just 2.728 MMT, the statement said. India imports some 70 percent of its crude needs.
The two state-owned upstream petroleum companies Oil and Natural Gas Corp (ONGC) and Oil India Ltd (OIL) reported significant shortfalls in their output targets for the month.
ICICI Bank opening branch in New York
By IANS
New York : ICICI Bank, India's largest private sector bank, is opening its first branch in the US, in New York, on Friday.
K.V. Kamath, managing director and chief executive officer, and Sonjoy Chatterjee, executive director of the bank, will be present at the opening of the branch.
On the occasion, Kamath will ring the closing bell at the New York Stock Exchange, where the bank is listed.
State Bank may increase interest rates again
By IANS,
New Delhi : India's leading public sector bank, the State Bank of India (SBI), could once again increase its interest rates including that for loans for housing and consumer durables, its chairman O.P. Bhatt indicated here Tuesday.
"Further hike in PLR (primary lending rate) isn't ruled out," Bhatt told reporters on the sidelines of a function.
Spelling more gloom for borrowers, Bhatt indicated SBI would also increase its home loan rates shortly.
"We will revise the home loan rate in a week's time," he told reporters.
Haryana launches Rs.220 mn project to generate power from cow dung
By IANS,
Chandigarh : This is one kind of waste that will light up a lot of lives.
The Haryana government has initiated a Rs.220 million (Rs.22 crore) project to generate 330 KV of power from cow-dung in 'gaushalas' (cow-sheds) across the state.
An official spokesman of the state government said Friday that five cow-sheds have been identified for the pilot project to generate power. These are in Bhiwani, Jind, Hisar, Sonipat and Rohtak districts.
Shaadi.com ventures into philanthropy
By Arpana, IANS
New Delhi : After playing cupid for a decade, shaadi.com, India's oldest and most popular matrimonial website, is now charting a new course in social responsibility.
It is tying up with the Foundation for Blood Ailments (FBA) and the Delhi Foundation for Deaf Women (DFDW). While DFDW has been providing matrimonial assistance to those with hearing impairments since 1991, FBA creates awareness about thalassemia, a genetic blood disorder, and helps prevent it since there is no real cure for the ailment.
Markets firm at early afternoon trade
By IANS,
Mumbai : The Indian equity markets maintained its lead in early afternoon trade Monday. Sustained buying was witnessed in banking, realty and metal stocks.
At 12.30 p.m., the 30-share BSE Sensex was up by 273.71 points or 1.80 percent at 15,463.33. At day's high, it touched 15,553.37.
The market breadth was positive. On BSE, 1,818 shares advanced compared to 592 that declined and 52 remained unchanged.
At the same time, the broader based S&P CNX Nifty was up by 70.35 points or 1.56 percent at 4,587.45.
Shares run out of steam as recession fears resurface
By DPA,
Frankfurt : A downbeat end to share trading in Wall Street and across Asia resulted in a weak start to stocks in Europe Wednesday as recession fears resurfaced.
After beginning the trading day down 0.7 percent, Europe's blue-chip Stoxx50 continued the downward momentum falling by 2.1 percent to 2358 points by mid morning.
Indeed, shares pulled back across national European bourses with stocks falling by 2.10 per cent in Frankfurt and by 1.84 percent in Paris.
Allahabad Bank net up 55.8 percent in fourth quarter
By IANS,
Kolkata : State-run lender Allahabad Bank Monday reported a net profit of Rs.264.09 crore in the fourth quarter of 2008-09 as against Rs.169.51 crore in the like period last fiscal, a rise of 55.8 percent.
However, the bank's yearly profit fell 21 percent last fiscal.
"Net profit of the financial year 2008-09 stood at Rs.768.6 crore as against Rs.974.74 crore a year before on account of higher provisioning for investment depreciation and income tax," K.R. Kamath, chairman and managing director of the bank, told reporters.
Jayshree Chemicals plans power projects
By IANS,
Kolkata : S.K. Bangur Group company Jayshree Chemicals Limited is planning to set up three hydro power projects for Rs.220 crore in Gajapati district of Orissa, a top company official said here Monday.
"We are planning to do three power projects -- two of six megawatts each and one of 20 megawatts -- for an investment of around Rs.220 crore. This project will be executed by one of the subsidiaries of Jayshree Chemicals," D.K. Maheshwari, executive director of the company, told reporters at a press meet.
Sensex closes 72 points in the green
By IANS,
Mumbai : Indian equity markets closed in the green Monday.
The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened at 13,561.92 points and touched a high of 13,793.39 before closing at 13,525.99. It went up by 71.99 points or 0.54 percent compared to its closing figure Friday.
The S&P CNX Nifty index of the National Stock Exchange, which opened at 4,002.00 points, closed at 4,030.00 points. It went up by 14 points or 0.35 percent from its previous close.
Major power outage in northern India; trains halted
By IANS
New Delhi : A major snag in the northern power grid early Friday led to large-scale power outage in and around the Indian capital for about six hours, halting trains on their tracks and forcing some power stations to shut down.
Northern Railway said 25 trains had been delayed in a big way, including Rajdhani and Shatabdi trains to and from various cities.
National Thermal Power Corporation (NTPC) officials said they had been forced to halt operations for a while at three of its plants here, in Uttar Pradesh and in Haryana.
HCL tech hub near Gurgaon opens Friday
By IANS,
Chandigarh : A new HCL technology hub will start functioning in Manesar near Gurgaon in Haryana from Friday (Nov 12), a state government official said here Monday.
Dramatic midnight fuel price hike in Sri Lanka
By P. Karunakharan, IANS,
Colombo : With global oil prices soaring, Sri Lanka announced a dramatic hike in the prices of petrol and diesel by Rs.30 a litre and of kerosene by Rs.10 a litre from midnight Saturday.
Auto diesel will now cost Rs.110 a litre and super diesel Rs.125. The price of 90 octane petrol has gone up from Rs.127 to Rs. 157 a litre while the 95 octane petrol will now cost Rs.170.
New gas price after three months: Cabinet
New Delhi : The Cabinet Committee on Economic Affairs (CCEA) Wednesday deferred a decision on the new price for domestic natural gas awaited by...
Bank of Baroda expects higher loan, deposit portfolio
By IANS,
Kolkata : Bank of Baroda expects to register a 27 percent growth in loans and 24 percent growth in deposits in the first quarter of the current fiscal, a top official said here Tuesday.
"Our loan portfolio in the first quarter this year will go up by 27 percent while deposits will rise 24 percent," the bank's chairman and managing director M.D. Mallya told reporters on the sidelines of the ongoing Banking Conclave 2008.
"In 2008-09, we expect to do a business of Rs.3,100 billion against Rs.2,590 billion in 2007-08," he added.
Posco gets clearance to build $12 bn steel plant in Orissa
By IANS,
Bhubaneswar : South Korean steel major Posco has got final clearance from the ministry of environment and forests for acquiring forest land in Orissa for its $12 billion steel plant project, a company official said Friday.
"We have received final forest clearance from the ministry," Posco-India General Manager (External Relation) Simanta Mohanty told IANS.
He said the ministry gave the clearance Wednesday.
‘India reshaping global IT, but remains small player’
By Frederick Noronha, IANS
Bangalore : Six decades after its birth, the global IT industry has grown into a trillion-dollar behemoth. But while India has played a stellar role in shaping the sector, its share in the pie is a minuscule three percent, say the authors of a new book.
"India showed that the characteristic of on-time and within-budget delivery is something that can be expected as the norm," said Priya Kurien, who has co-authored "Blind Men and The Elephant: Demystifying the Global IT Services Industry" with Was Rahman.
Middle East aviation sector poised for rapid growth
By IANS
Sharjah : The Middle East aviation sector is poised for sustained growth in the coming years, according to the CEO of the largest low-cost carrier in the Middle East and North Africa, WAM news agency reported Monday.
Adel Ali, chief executive officer of Air Arabia, said that factors such as continuous economic growth, high number of expatriates and the demographics of the region, where 100 million people are under the age of 24, are bound to make air travel a necessity rather than a luxury in the region.
Office rentals likely to remain stable in Delhi, Mumbai
By IANS,
New Delhi : Office rentals in Delhi and Mumbai will remain stable for the rest of 2008, according to a study by a global real estate services firm.
The quarterly Asian Office Market Flash, prepared by CB Richard Ellis, studied 16 Asian cities that have recorded vacancy levels below five percent for four or more quarters. These cities include the regional financial centres of Tokyo, Hong Kong and Singapore, India's tier-one cities, Manila in the Philippines and Ho Chi Minh City in Vietnam.
Sensex closes 838 points up
By IANS,
Mumbai : Indian equity markets closed with huge gains Wednesday, riding on the government victory in Tuesday's trust vote and a fall in international oil prices.
The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened at 14,568.22 points, touched a high of 14,979.90 before closing at 14,942.28. It went up by 838.08 points or 5.94 percent compared to its closing figure Tuesday.
Government to help food processing industry grow
By IANS
Chennai : The Indian food processing industry is logging an impressive growth rate of 18 percent, up from eight percent in 2004. The government would pitch in to facilitate the sector's growth, said a top government official Monday.
"Necessary measures are being taken to assist the sector's growth," said P.I. Suvrathan, secretary, ministry of food processing industries.
The measures would include setting up of mega food parks with adequate backward and forward linkages for entrepreneurs, he added.
Myanmar mulls telecom industry’s privatisation
By IANS,
Yangon: Myanmar government has plans to privatise the telecom industry in the country.
Kuwait plans to develop media city
By IANS,
Dubai : Kuwait is planning to develop a media city as part of its five-year 50-billion Kuwaiti dinars ($186.6 billion) overall development plan.
Kuwait's Minister for Information Sheikh Sabah Al-Khalid Al-Sabah said that the media city would be where all cultural and media and information venues would be located, and interact to better represent and serve the state's advancement and accomplishments, the official Kuwait News Agency (KUNA) reported.
The minister added 95 percent of the land on which the city is to be developed is state property.
Chidambaram says interest rate hike was necessary
By IANS,
New Delhi : A day after the Reserve Bank of India (RBI) hiked its short-term lending rate and the minimum cash balance commercial banks have to maintain, Finance Minister P. Chidambaram Wednesday said the steps were necessary to contain inflation that has scaled a 13-year high.
"These steps are necessary in the face of rising inflation due to relentless increase in crude oil prices," Chidambaram said in a statement, as India's annual rate of inflation peaked to over 11 percent in recent weeks.
Inflation in Gulf to touch 8 percent in 2008: IMF
By IANS
Dubai : The inflation rate across the Gulf nations is likely to touch 8 percent this year, up from 7 percent in 2007, according to the International Monetary Fund (IMF).
"The factors driving inflation in the Gulf Cooperation Council (GCC), especially in Qatar and the UAE (United Arab Emirates), are housing rents, and a substantial increase in food prices," the Khaleej Times Wednesday quoted Mohsin S. Khan, IMF director of the Middle East and Central Asia, as saying at a conference organised by the Emirates Centre for Strategic Studies and Research (ECSSR) in Abu Dhabi.
MTNL launches 3G services in Mumbai
By IANS,
Mumbai : State-run telecom operator Mahanagar Telephone Nigam Ltd (MTNL) Friday launched third generation (3G) mobile services in Mumbai at an investment of Rs.250 crore.
"Our total investment for the 3G launch in Mumbai is Rs.250 crore and we hope to rope in 100,000 customers by March next year. Connections will be available in about a month's time," MTNL chairman and managing director R.S.P. Sinha said.
MTNL has built up the capacity to provide service to 750,000 subscribers, but due to unavailability of the required spectrum, only 400,000 customers could be served.
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.
Non-stop Duronto will now have commercial stoppages
Kolkata: In a bid to augment its finances and cater to growing demand from passengers, the railways will provide commercial stoppages on the high-speed...
Sharjah to have Indian trade centre within 15 months
By Aroonim Bhuyan, IANS,
Sharjah : A new Indian Trade and Exhibition Centre to promote Indian trade and business in the Middle Eastern and North African markets will come up here within the next 15 months.
"The design for the building is ready and we hope to have the new trade centre open within the next 12 to 15 months," Sudesh Aggarwal, chairman of the Indian Business and Professional Council (IBPC) at Sharjah said at the council's annual business meeting here Tuesday night.
An all-women car unveiled in gender-sensitive Iran
By IANS,
London : Iran's state-backed motor manufacturer, Iran Khodro, has unveiled a new car specially designed for women that might take the country's gender sensitivity to new levels, the Daily Telegraph has reported.
The car, with electronic parking aids and a jack making it easier to change a wheel, will be painted in soft "feminine" colours and include interior design features aimed specifically at women.
World Bank reluctant to involve India in helping Africa
By IANS
New Delhi : The World Bank appears reluctant to involve India in the International Development Association (IDA) in helping out countries like Libera in Africa.
"On the one hand I welcome the participation of developing countries like India. But then there are nearly the same number of poor people in Africa as in India," World Bank President Robert B. Zoellick told reporters after meeting Prime Minister Manmohan Singh Saturday.
He had been asked about India's role in helping out poorer nations of Africa.
Jharkhand grain traders to down shutters Wednesday
By IANS,
Ranchi : Food grain traders in Jharkhand will shut their shops and hold a rally here Wednesday to protest new provisions of the Essential Commodities Act.
"We will hold a maha rally of traders on Wednesday in Ranchi. More than 1,500 traders in the food grain business will participate in the rally. We will also submit a memorandum to Chief Minister Madhu Koda," Manoj Naerdi, president of the Jharkhand Chamber of Commerce and Industries (JCCI), told IANS.
"The food grain traders will shut down their shops on Wednesday in protest," he said.
Daiichi to pay Rs.737 per Ranbaxy share in open offer
By IANS,
Tokyo : Japanese drug major Daiichi Sankyo Company Ltd will pay Rs.737 per share to shareholders of Ranbaxy Laboratories in its open offer beginning Aug 16, the Japanese company said in a regulatory statement here Monday.
On India's equities market, the Bombay Stock Exchange, Ranbaxy's share price was quoting at Rs.510.70 in late afternoon trade, up Rs.5.75 or 1.14 percent from its previous close Friday at Rs.504.95.
Rail budget disappointing: Raman Singh
By IANS,
Raipur : Chhattisgarh Chief Minister Raman Singh has said the rail budget for the current fiscal presented in parliament Friday is "disappointing" as it offered nothing but three new trains to the mineral rich state.
Durg-Jaipur, Bilaspur-Hyderabad and Ambikapur-Jabalpur are the three new trains the state has got in the budget presented by Railways Minister Mamata Banerjee.
Bear Stearns sale pulls down US stocks
By DPA
New York : Only the Dow Jones index was in positive territory Monday after a dramatic weekend intervention by the US central bank in financial markets dragged down markets in Europe and Asia.
The S&P 500 shed 11.54 points, or 0.9 percent, to 1,276.60. The NASDAQ lost 35.48 points, or 1.6 percent, to 2,177.01. The Dow Jones index of blue chips moved up 21.16 points or 0.18 percent, to 11,972.25.
Indian equities rise after Left pullout of support
By IANS,
Mumbai : Within minutes of Left parties withdrawing support to the United Progressive Alliance (UPA) government, Indian equities rose impressively on major bourses Tuesday, anticipating friendlier policies towards the corporate sector.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which at one point was trading at a loss of 476.03 points over the previous day's close, staged a smart rally, minutes after the Left parties formally announced their withdrawal of support to the Prime Minister Manmohan Singh government.
Essel to invest Rs.500 crore on education business
By IANS,
Chennai: Media major Essel group is planning to invest Rs.500 crore over the next seven years in the education sector, promoting pre-schools, schools and university, group chairman Subhash Chandra said Thursday.
"Over the next seven years the group will be investing around Rs.500 crore in the field of education. Already we have invested around Rs.100 crore," Chandra told reporters here.
The group's education vertical, Zee Learn, now a division of ETC Networks, will become an independent company after a restructuring.
Acute scarcity of skilled workers threatens Indian economy
By Rajeev Ranjan Roy, IANS,
New Delhi : An acute shortage of skilled workers is posing a major threat to the Indian economy. The Planning Commission estimates that only 20 percent of the 12.8 million entering the work force annually get some formal training.
The plan panel has assessed that in an economy growing at the rate of "over nine percent", skill development poses major challenges. At the same time, it opens up "unprecedented doors of opportunity" if the process of skill enhancement is carried out in an integrated manner.
Nokia India agrees to discuss workers’ demands
By IANS,
Chennai: A day after employees staged a sit-in in front of the Nokia India plant here, the management Saturday agreed to discuss their demands, including a higher wage hike than they were offered.
A union official said a reconciliatory meeting between employees representatives and company officials ended amicably Saturday and workers would submit a charter of demands next week.
"We will submit our charter of demands on August 21 to the company management. On August 24, it will be discussed at a meeting at the labour commissioner's office," the official told IANS.
Indian markets close in red after choppy trade
By IANS,
Mumbai : Indian equities markets that opened in the green Tuesday morning remained choppy in the second half and slid to close in the red, with a benchmark index shedding over 300 points from the day's high.
The stock markets started the day on a positive note following international cues but failed to sustain the momentum with heavy selling pressures in oil & gas, IT, technology, automobiles and capital goods scrips.
Indian firm builds luxury condos in Nepal
By Sudeshna Sarkar, IANS
Kathmandu : The Gurgaon-headquartered Ravi Jaipuria group has begun consolidating business in Nepal by launching its first residential project in Kathmandu and announcing plans to bring Pizza Hut and Costa Coffee to Nepal.
"Already 50 percent of our luxury condominiums have been booked," said Kamlesh Jain, country manager for Varun Beverages, RJ Corp's bottling agency for Pepsi in Nepal. The group is the sole bottler for Pepsi in the country.
Chandy promises free rice for poor in budget
Thiruvananthapuram : Kerala Chief Minister Oommen Chandy in his budget on Friday promised to provide 25 kgs of free rice from the next fiscal...
ArcelorMittal’s third steel plant will be in Karnataka
By IANS,
New Delhi : Global steel giant ArcelorMittal will set up its third steel plant in India in Karnataka, even as the company's chairman expressed disappointment over the slow response on the other two plants from the centre and some state governments.
"We haven't signed a memorandum of understanding yet. We are still evaluating. The Karnataka government seems quite enthusiastic," ArcelorMittal chairman L.N. Mittal told reporters here Thursday after a meeting with Karnataka Chief Minister B.S. Yeddyurappa.
Tata Steel sees domestic demand growth this fiscal
By IANS,
Kolkata : Despite the present global economic slowdown, the country's largest steel producer Tata Steel expects 4-5 percent growth in domestic demand in 2009-10, a top company official said here Friday.
"Impact of global recession is much less in India. We plan to produce and sell 20 percent more in the current year from our Indian operations," company managing director B. Muthuraman said.
Tata Steel witnessed an 11 percent jump in saleable steel production to 5.3 million tonnes in 2008-09, as against 4.8 million tonnes the previous year.
Reliance Power to raise Rs.20,000 crore this fiscal
By IANS,
New Delhi : The Anil Ambani-promoted Reliance Power is planning to raise Rs.20,000 crore ($4 billion) this fiscal to finance various power projects, the company chairman said Tuesday.
"In all, we raised about Rs.200 billion of debt for various generation projects. We are on course to raise Rs.20,000 crore of debt this fiscal," Anil Ambani told shareholders at the company's annual general meeting.
Reliance Power plans to add 3,000 MW of electricity generation capacity by 2012-end.
Survey ranks Spain top country for nightlife
By IANS
New Delhi : Spain, which is making a concerted bid to increase tourist arrivals from India, has been listed as the number one country in the world for nightlife in a recent survey.
The Country Brand Index (CBI) also listed Spain in the top 10 of the best places for fine dining, at seventh place in top country brands and among the top three countries that best marketed themselves.
No GoM consensus on proposed Greater Noida airport
By IANS,
New Delhi : A Group of Ministers (GoM) which met Tuesday to take a call on constructing a greenfield airport at Greater Noida failed to reach consensus on the issue and will meet again later, Civil Aviation Minister Praful Patel said.
"We met and discussed the issue. But we have not been able to reach consensus. We will meet sometime later," Patel told reporters after the meeting, which was attended among others by Finance Minister P Chidambaram and Science and Technology Minister Kapil Sibal.
Patel however could not specify when the GoM would meet again.
Indian Oil posts Rs.70 bn loss
By IANS,
New Delhi : India's largest oil marketing company, the state-run Indian Oil Corp, has slipped into the red in the second quarter due to the depreciation of the rupee and falling petroleum product prices.
In a regulatory statement, IOC said its profit in the second quarter last year was Rs.38.17 billion.
In the period under review, oil prices spiralled to as high as $147 mid-July, but have since been falling and hovering around a little over $60.
India will become 2nd largest steel maker by 2012: Virbhadra Singh
By Arvind Padmanabhan, IANS,
New Delhi : India will become the world's second largest steel producer by 2012, more than doubling its capacity of 57 million tonnes as part of push being given to assist overall infrastructure development, Steel Minister Virbhadra Singh has said.
"I have set a target of 124 million tonnes by 2012. Yes, we will become the world's second largest steel producer. But more importantly, India has a vast capacity to consume that kind of output. It is necessary for our infrastructure development," the minister said.
Gujarat is new home for Tatas’ small car Nano
By IANS,
Ahmedabad : Nano, the small car of Tata Motors, will now roll out of Gujarat. Group chairman Ratan Tata made the announcement in state capital Gandhinagar Tuesday along with Chief Minister Narendra Modi, on the day he completed seven years in office.
The site chosen is Sanand, 30 km from the state's commercial capital Ahmedabad, on an area of some 1,100 acres.
A memorandum of understanding to this effect was signed between Tata Motors and the Gujarat government Tuesday. "Welcome Nano," read a poster behind the podium where the two sides signed the agreement.
Better global governance needed in 2009: WEF
By IANS,
London : China will experience a hard landing, rich and poor nations will fight over climate change and gaps will open up in global governance in 2009, the World Economic Forum warned in a gloomy report released Tuesday.
Global Risks 2009 also identifies deteriorating fiscal positions and issues relating to natural resources and climate as among pivotal risks facing the world this year.
“Global risks require a multistakeholder response and cannot be appropriately tackled in isolation,” said Sheana Tambourgi, Director and Head of the Global Risk Network at the WEF.
NIOC: Oil production to increase to 88m bpd in 2008
By IRNA,
Ahvaz : Managing Director of the National Iranian Oil Company (NIOC) Seyfollah Jashnsaz said here Wednesday that given the growing trend of global demand for oil, it is predicted that the oil production would increase to 88 million barrels per day in 2008.
Jashnsaz, who is also deputy oil minister, made the remark in the inaugural ceremony of the National Congress on Iran's Excavation Industry in Ahvaz, adding that the constant increase of oil prices in international markets as a result of an increase in global demand will cause further growth in prices.
Saudis to invest $80 billion to raise oil output: Report
By DPA,
Riyadh : Saudi Arabia is planning to invest $80 billion to increase its oil output to 12.5 million barrels per day and boost its refining capacity by 43 percent in the next few years, according to an economic report published Tuesday.
With the increase in oil prices, Saudi Arabia's economy will expand and its investment in the oil industry and non-oil sectors will see a big increase in the next years, the report issued by the Federation of Chambers of Commerce and Industry in the Gulf Cooperation Council (GCC) predicted.
Government to borrow $64 bn in first half of 2010-11
By IANS,
New Delhi: The government will borrow $64 billion (Rs.2.87 trillion) in the first half of the 2010-11 financial year, which will be 63 percent of the full-year borrowing, Finance Secretary Ashok Chawla said Monday.
"The government plans to borrow 4.57 trillion rupees ($101 billion) in 2010/11 which is 1.3 percent over the previous year," Chawla said after meeting the Reserve Bank of India (RBI) officials.
RBI Deputy Governor Shyamala Gopinath said the central bank would look at making the government's borrowing more even.
Sensex falls 146 points, realty, metal stocks slump
By IANS,
Mumbai : A benchmark index for Indian equities fell 146 points Wednesday, closing in the red for the second straight day, due to selling pressure in realty, metal and banking stocks.
Opposition didn’t get time to prepare for demonetisation: Modi
New Delhi : Prime Minister Narendra Modi while hiting out at the criticism over demonetisation, said on Friday the opposition was charged up not...
Sensex down 0.71 percent in morning trade
By IANS,
Mumbai : A benchmark index for Indian equities Monday was ruling 0.71 percent lower than its previous close, a couple of hours into trade after having started off on a weak note.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,536.86 points, was ruling at 17,434.54 points, 124.17 points or 0.71 percent lower than its previous close at 17,558.71 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling at 5,237.5 points, a loss of 0.77 percent from its previous close at 5,278 points.
Airtel starts mobile service in remote Himalayan valley
By IANS
Shimla : The Bharti Airtel Ltd launched its mobile services Wednesday in the remote Lahaul and Spiti district in the Himalayan state of Himachal Pradesh, company officials said.
The Lahaul Valley bordering Tibet remains cut off from the rest of the country for over half a year due to heavy snowfall in the high mountain ranges and passes.
"Airtel services will now be available in and around Udaipur, besides Keylong, the only town in the district," said R.V.S. Bhullar, CEO, Bharti Airtel Ltd, Himachal Pradesh Circle.
Infosys bags IT project from Karnataka power utilities
By IANS,
Bangalore : IT bellwether Infosys Technologies has bagged a multi-billion-rupee IT project from the state's power distribution utilities, a top official said Thursday.
"Since Infosys emerged as the lowest bidder for the IT project, it has been awarded the contract," Karnataka Power Transmission Corp managing director Latha Krishna Rau told IANS.
Though Rau declined to give the value of the contract, a source at Bescom, one of the power utilities, said it was about Rs.390 crore (Rs.3.9 billion/$83 million).
Top Infosys officials were not reachable to confirm the deal.
Cutchsoft launches Cheque Management Software
By IANS,
Kochi : Chennai-based Cutchsoft Private Limited unveiled its new Windows-based cheque management application, Cheque Strategic Office Software (Cheque SOS), here Wednesday.
Cutchsoft Managing Director Yasser Rahman said Cheque SOS is a simple to use software that will help the user print cheques directly from one's home or office printer.
Fitch upgrades India’s ranking
By IANS
New Delhi : Hailing India's economy as stable, international ratings agency Fitch has upgraded its ranking to the investment grade 'BBB-' (BBB minus) while recommending greater thrust on fiscal reforms.
"Fitch upgraded India to investment grade in August 2006. One year on, the growth story remains firmly intact, reinforced by strong net capital inflows and further advances in India's external solvency and liquidity indicators," Paul Rawkins, senior director, Fitch said in a statement.
State Bank lowers prime lending rate
By IANS
Mumbai : The State Bank of India (SBI) has informed the Bombay Stock Exchange that it has decided to revise its benchmark prime lending rate by 25 basis points from 12.75 percent to 12.50 percent a year.
According to the announcement made by the SBI, the lowered rate will be effective Feb 16.
Trucks go off roads, food shortages feared
By IANS,
New Delhi : Over six million trucks went off roads across India in the early hours of Monday, a day after talks with the government over their demand to reduce prices of diesel and tyres failed. Traders voiced fears of food shortages as the indefinite strike started.
The truckers started their strike following a call given by the All-India Motor Transport Congress (AIMTC) after last-minute talks with Road, Transport and Highways Secretary Brahm Dutt Sunday failed to break the deadlock.
Gujarat guar gum exports could slide due to EU alert
By IANS
Ahmedabad : The export of guar gum, a kind of food additive, from Gujarat could fall by about 20 percent if the European Union (EU) continues with a safety alert on account of its alleged high levels of toxic chemical dioxin.
The EU alert was issued July 30.
Dioxin is a small family of toxic chemicals found sparsely in nature, but commonly manufactured as a by-product of other materials. The EU apprehension is that the gum from India could be contaminated with dioxin.
Deshmukh wants loan waiver eligibility raised to five hectares
By IANS
New Delhi : Maharashtra Chief Minister Vilasrao Deshmukh Wednesday sought a revision in the criteria for loan waiver to farmers, saying only 76 percent of farmers will benefit from the relief announced by the government in the national budget.
Deshmukh said the proposed loan waiver announced for farmers by Finance Minister P. Chidambaram was historic, but would not benefit all farmers unless the eligibility criterion was increased to a minimum five hectares.
India adding oil reserves faster than production
By IANS
New Delhi : Public sector oil and gas exploration companies added more hydrocarbon reserves in the past five years than they produced in the same period, Petroleum Minister Murli Deora said here Tuesday.
He was replying to a question in the Rajya Sabha, the upper house of parliament.
"ONGC (Oil and Natural Gas Corp Ltd) has made two gas discoveries during 2006-07 in Mahanadi offshore as a result of exploratory efforts," Deora said.
Thousands of tonnes of coal gutted in fire
By IANS,
Ranchi : Thousands of tonnes of coal kept in the stocks of the Central Coalfield Limited (CCL) in Jharkhand's Chatra district has been gutted in a fire that has been simmering for the last fortnight.
Officials said the fire started in the coal stock in CCL's Piparwar colliery, about 190 km from here, about a fortnight ago and still continues.
CCL sources said the stock has more than four million tonnes of coal.
Labourers at the colliery held the CCL management responsible.
L & T bags contracts worth Rs.2.67 bn
By IANS
Mumbai : Leading engineering and construction firm Larsen and Toubro Ltd. (L & T) has bagged two contracts for capacity expansion projects worth Rs.2.67 billion from the Indian Oil Corp Ltd. (IOCL) and China's Liaoning Huajin Chemical Corp.
"While the IOCL contact is for a residual upgradation project, the Huajin Chemical Corp's contact is for design, manufacture and supply of two reactors for a Chinese petrochemical plant," the company said in a statement Tuesday.
Flat in Moscow costlier than New York’s largest apartment
By IANS/RIA Novosti,
Moscow : An under-construction apartment in Moscow is to be sold for $42.8 million, 50 percent more than the price of the largest apartment in New York's Trump Tower.
"Now there is a $42.8 million apartment for sale on the Moscow real estate market. This is a panoramic penthouse in shell condition," Penny Lane Realty's elite property department chief Alexander Ziminskiy said.
He said the floor space of the Moscow apartment is 902.98 square meters, while the cheaper rival in Trump Tower was of comparable size to the White House in Washington.
British government for “good relations” with the Tatas
By Venkata Vemuri, IANS,
London : The new British government wants "good relations" with the Tata Group, which owns the Jaguar Land Rover, and the steel giant Corus, even as it has warned of an end to direct state support to carmakers.
Business secretary Vince Cable, who will soon visit India to boost industry-level ties, said he recently met Tata Group chairman Ratan Tata to discuss the latter's plans for the luxury cars that his company produces in Britain.
Transporters call off strike, trucks back on road
By IANS,
New Delhi : Truck owners called off their nationwide strike early Friday after reaching an agreement with the government to lower service tax and provide unbranded diesel.
"We have called off our strike since the government has assured us that our demands will be met. All our issues regarding service tax have been resolved," said Charan Singh Lohara, president of the All India Motor Transport Congress (AIMTC) - the apex body of truck owners - after its representatives met the government and reached an agreement.
Tata Motors net declines over 30 percent in first quarter
By IANS,
Mumbai : Indian auto major Tata Motors has announced a profit after tax of Rs.3.26 billion during the first quarter this fiscal, compared to Rs.4.66 billion for the corresponding period the previous year, reflecting a decline of 30.13 percent.
For the latest quarter ending June 30, total revenues stood at Rs.69.28 billion, as compared to Rs.60.56 billion in the corresponding quarter last year, an increase of 14.4 percent.
Four Indians in Forbes list of 10 richest in world
By Parveen Chopra, IANS
New York : Four Indians are among the 10 richest in the world, the highest number from a single country, according to Forbes' list of world's billionaires.
While Warren Buffet, the Berkshire Hathaway investor, takes the title of the world's richest man from Microsoft chief Bill Gates who slips to third place after a 13-year reign at the top, Britain-based industrialist Lakshmi Mittal has climbed one spot from last year to be ranked fourth this year in the US magazine's annual list of billionaires released Wednesday.
Sensex down 75 points, broader markets flat
By IANS,
Mumbai : Indian equities markets were trading weak Monday morning with a benchmark index down about 75 points and broader market indices ruling flat.
Oil prices soar above 133 dollars on U.S. supply drop
By Xinhua,
New York : Oil prices shattered record highs and soared above 133 U.S. dollars a barrel Wednesday after a report showed an unexpected drop in the U.S. crude stockpiles .
Light, sweet crude for July delivery rose 4.19 dollars to settled at 133.17 dollars a barrel on the New York Mercantile Exchange (NYMEX), trading up 4.19 dollars, the largest one-day price advance since March 26. But prices continued to rise as high as 133.82 dollars a barrel in the after-hour electronic trading.
Indian markets end on dull note
By IANS,
Mumbai : Indian equities markets Monday ended trade on a dull note even as blue chip stocks Sterlite and HDFC registered handsome gains.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,692.26 points, closed at 17,745.28 points, 51.08 points or 0.29 percent higher than its previous close at 17,694.2 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty ended at 5,322.45 points, a gain of 0.35 percent or 18.35 points from its previous close at 5,304.1 points.
London Mayor wants to close Heathrow and build new airport
By IANS,
London : London Mayor Boris Johnson was never fascinated by Heathrow. He has called it "a planning error of the 1960s" on many an occasion and is now proposing its closure to build a new airport.
His officials are drawing up plans for a new, 24-hour airport located on an artificial island in the Thames estuary.
‘Poor’ Punjab village hot destination for bankers, car dealers
By Alkesh Sharma, IANS,
Jeorheri (Punjab) : Jeorheri, on the outskirts of Punjab capital Chandigarh, does not have the best of roads. But that has not stopped bankers, investment planners and car dealers from heading for it.
In a village that is suddenly flush with funds, they all want a slice of the pie.
The acquisition of 306 acres by the Punjab government for the expansion of the Chandigarh airport to make it an international facility has turned out to be a windfall for residents of this "poor" village who have become millionaires overnight by selling their land.
Herbal products driving Indian cosmetics market
By Shilpa Raina, IANS,
New Delhi : The herbal cosmetics industry is "driving growth in the beauty business" in India and is expected to grow at a rate of seven percent as more people shun chemical products in favour of organic ones.
"During the last decade, the herbal beauty care business has actually driven the growth of the beauty business in India. The emphasis has been on the spectacular growth of the herbal and ayurvedic beauty products business," beauty expert Shahnaz Husain told IANS.
Social indicators eclipse India’s growth: Swraj Paul
By IANS
New Delhi : India's high economic growth will be unacceptable if 35 percent of its people continue to merely subsist on less than a dollar a day and children are denied basic education, Swraj Paul said here Monday.
"India is changing, people are realising their potential, and their demands and expectations are rising. But what is lacking is a serious attempt at alleviating the lot of the poor," Paul said in a lecture delivered at a function organised by the Federation of Indian Chambers of Commerce and Industry (Ficci).
EU says India main source of counterfeit medicines seized in Europe
By INEPNTEXT
Brussels: India is the number one source of counterfeit medicines seized in the European Union in 2006, according to an EU statistics released in Brussels Thursday.
31% of all fake medicines seized in the EU last year came from India, followed by the UAE (31 %) and China (8%). The three countries are responsible for more than 80% of all counterfeit medicines, noted the report.
Kashmir’s ailing industrial body cries for help
By Sarwar Kashani, IANS,
Srinagar : Finding it hard to even pay wages to its over 1,700 employees, Jammu and Kashmir Industries, an umbrella organisation for state government-run firms, may sell assets and close down many of its ventures in the industrially backward state.
The group, which has been criticised for alleged mismanagement, has 16 manufacturing units under its wing and has accumulated losses of over Rs.375 crore (Rs.3.75 billion) since it was incorporated in 1963 with a share capital of Rs.20 crore.
Directionless equities markets end marginally in green
By IANS,
Mumbai : After a day of volatile trading, Indian equities markets finished nearly flat with a key index closing just 8 points or 0.09 percent higher than its previous close Tuesday.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) finished at 8,747.43, up 8.19 points or 0.09 percent from its previous close Tuesday at 8,739.24 points.
The broader-based 50-share S&P CNX Nifty of the National Stock Exchange (NSE), however, finished marginally in the red at 2656.45, down 1.35 points or 0.05 percent from its previous close Tuesday at 2,657.80 points.
K.K. Birla: a titan of Indian industry
By Arvind Padmanabhan, IANS,
New Delhi : Legendary industrialist Krishna Kumar Birla was a man of many facets, with an equal passion for not just expanding his well-known, and much respected, business empire founded by his father, but also towards philanthropy and education.
Birla was for long considered the force behind the Indian sugar industry, which he joined as a 22-year-old. Besides media and sugar, his empire spans some 40 firms in fertilizers, chemicals, heavy engineering, textiles and shipping.
Pakistan receives third tranche of IMF loan
By IANS,
Karachi : Pakistan has received $1.2 billion from the International Monetary Fund (IMF) as the third tranche of an emergency loan agreed to last year, the central bank said.
"We have received $1.2 billion from the IMF," State Bank of Pakistan spokesperson Syed Wasimuddin told The News.
The IMF last week increased its loan to Pakistan to $11.3 billion under an economic programme first agreed to in November 2008 to avert a balance of payments crisis.
Markets slip on tax hike on short-term capital gains
By IANS
Mumbai : The Indian stock market reacted negatively to a hike declared on taxes on short-term capital gains to 15 percent from 10 percent. India's benchmark index tumbled over 350 points after the announcement by Finance Minister P. Chidambaram during his 2008-09 budget presentation Friday.
There was heavy selling in realty, oil and gas, banking and consumer durables scrips.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 17,779.54 points and notched a high of 17,337.46.
Bush reassures Americans on economy, banks
By DPA,
Washington : After days of US financial turmoil that have sent worldwide markets plunging, US President George W. Bush Tuesday assured Americans that their bank accounts were safe and defended his administration's decision to shore up two troubled mortgage firms.
Bush said the government acted over the weekend to protect the mortgage firms - known as Fannie Mae and Freddie Mac - because they are vital to the economy. The two companies finance or buy half of all home mortgages - estimated at a total of $12 trillion.
US stocks continue week’s plunge on recession fears
By DPA,
Washington : US stocks swung wildly Friday amid fears of a widening global credit crunch and recession.
The Dow Jones Industrial Average was down more than 4 percent by early afternoon in a wild trading day on Wall Street. The Dow plunged nearly 700 points to below 8,000 within minutes of opening, but had roared all the way to its starting point about 30 minutes later amid widespread uncertainty over the state of the US economy.
After rebounding from another over-500-point drop in the afternoon, the Dow was at 8,901.28 points, but lost again at closing.
Redpill Solutions launches operations in India
By IANS,
Chennai : Singapore-based customer management consulting company RedPill Solutions has launched its services in India and said it will target sectors like banking, telecom, retail and hospitality.
"The company's c-lab (customer-lab) will function as a full-fledged insight and innovation development and delivery centre for all our clients across the world," company's chief executive officer Suresh V. Shankar told reporters here Friday.
Speakers, exhibitors from around world to attend Abu Dhabi oil meet
By IANS,
Abu Dhabi : Top industry experts and exhibitors will participate in the Abu Dhabi International Petroleum Exhibition and Conference (Adipec)-2008, to be held here Nov 3-6.
Being organised by the Abu Dhabi National Exhibition Centre, Adipec-2008's theme would be 'Working Together to Deliver Sustainable Growth: Innovative Teams and Technology Deployment', according to the official Emirates news agency WAM.
This year's event will focus on a wide range of technical categories from
Shape your personal narrative: BlackBerry boss’s mantra
By IANS,
Toronto : Even as he faces a record $100-million penalty from market regulators, BlackBerry maker Research In Motion (RIM) co-CEO Jim Balsillie has been honoured with Canada's Outstanding Business Leader Award.
Accepting the award from his hometown Wilfrid Laurier University at Waterloo near here, Balsillie Thursday gave a lesson in personal and career wisdom to aspiring leaders.
Delhi government told to table fourth finance panel report in assembly
New Delhi : The Delhi High Court on Thursday directed the city government to table the fourth Finance Commission in the next assembly session.
The...
Kerala animation firm produces BBC cartoon series
By IANS
Thiruvananthapuram : Two BBC channels, CBBC and BBC One, will from this week air "Freefonix", an animated cartoon series co-produced by Toonz Animation India Pvt Ltd, based at the Technopark here.
Other producers of the 40-episode series include Cinnamon Entertainment, Method Films, Isle of Man and BBC.
Japanese firms, Kazakhstan prepare uranium production from 2010
By RIA Novosti
Tokyo : Japanese companies are set for cooperation with the Kazakh government to launch nuclear fuel production in Kazakhstan in 2010, the Japanese economics ministry said on Wednesday.
The Ministry of Economy, Trade and Industry said Kansai Electric Power Company and trading company Sumitomo Corporation were expected to sign a long-term agreement on the project with Kazakh state-run Kazatomprom in Astana, the former Kazakh capital, on Wednesday.
India’s health budget up by nearly Rs.4,000 crore
By IANS,
New Delhi : India's health budget has gone up by nearly Rs.4,000 crore to Rs.21,113.33 crore ($4.35 billion) with Finance Minister Pranab Mukherjee Monday giving special emphasis to the rural healthcare.
The National Rural Health Mission (NRHM) that aims to provide quality healthcare to villagers Monday saw its budget allocation increase by Rs.2,057 crore.
Chidambaram clears 17 foreign investment proposals
By IANS
New Delhi : A proposal from Australia's Carlson Hotels to acquire 26 percent equity in a hotel project in Noida on the outskirts of the national capital is among 17 foreign direct investment applications cleared by the government.
Chhattisgarh sponge iron units facing closure
By IANS,
Raipur : Dozens of sponge iron units in Chhattisgarh are facing closure due to recession and high raw material costs, industry officials said Monday.
The public sector National Mineral Development Corp has increased the domestic iron-ore prices by 40 percent effective from April 1, plunging the sponge iron industry into crisis, Chhattisgarh Sponge Iron Manufacturers Association president Anil Nachrani said.
“Chhattisgarh'S sponge iron manufacturers have refused to pay the increased price of domestic iron ore to NMDC," he said.
MTNL gets international long distance licence, ISD rates may come down
By IANS,
New Delhi : State-run telecom company Mahanagar Telecom Nigam Ltd (MTNL) received the much-awaited international long distance (ILD) licence, a development that could further lower ISD rates in the country.
The public sector company was issued the licence by the Department of Telecom (DoT) Wednesday.
MTNL is currently routing its international call traffic through other ILD licence holders like VSNL.
The company is gearing up to carry its own traffic in the near future and with this development MTNL's ISD carriage cost would fall significantly.
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.
Pakistan taxes petrol 39 percent
By IANS,
Karachi : The Pakistani government taxes petrol at a whopping 39 percent, earning Rs.19.82 for every litre sold. On Sunday, it jacked up the petrol price by Rs.6.10 to take it to Rs.71.21 per litre.
The ex-refinery price of petrol is Rs.42.72 per litre, to which is added Rs.4.42 as transportation charges, Rs.2.36 as dealers' commission and Rs.1.89 as profit for the oil marketing company, for a total of Rs.51.39 per litre.
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.
World Bank offers $200 million loan to Kerala
By IANS,
New Delhi: The World Bank has offered a $200 million interest-free loan to Kerala to help strengthen its local government system, a statement said here Tuesday.
Kamal Nath urges exporters to focus on unexplored pastures
By IANS
New Delhi : Expressing concern over the rising value of Indian rupee against the dollar, Commerce and Industry Minister Kamal Nath Wednesday urged exporters to view the situation as an "opportunity" to explore unexplored markets.
Sensex closes in the red for second day in a row
By IANS,
Mumbai: A benchmark index of Indian equities fell for the second straight day Thursday, closing 80 points lower on profit booking.
Foreign funds pump out $883 mn in four sessions
By IANS,
New Delhi : Foreign funds were net sellers of Indian equity to the extent of $883 million during four days of trading for the week ended Friday, shows the latest data with the markets watchdog.
The net sales by foreign institutional investors (FIIs) amounted to $932.8 million during the current month and $10.05 billion during the year, says the Securities and Exchange Board of India (SEBI).
There were 1,530 FIIs registered with the watchdog as on Friday.
GSFC announces voluntary retirement scheme
By IANS,
Ahmedabad : The ailing Gujarat State Financial Corporation (GSFC) Wednesday announced a voluntary retirement scheme for its 400-odd employees to "reduce the work force and curtail expenses".
The scheme, effective from May 12, will be in operation for a period of three months, the company said in a release. The scheme was notified on the Bombay Stock Exchange Wednesday.
Official sources told IANS that the state government's plan was to achieve a staff strength of 50 through downsizing of the organisation.
UAE, Norway to strengthen trade ties
By IANS,/WAM,
Oslo: Norway's Minister of Trade and Industry Trond Giske has said that the United Arab Emirates (UAE) provedes an ideal environment for foreign investment and the two countries plan to strengthen bilateral trade ties.
In an interview with a media delegation from the UAE, the minister said that a delegation accompanying the Crown Prince of UAE will hold talks with senior Norwegian officials on trade and activation of the free trade agreement.
Inflation in India at 13-month high
By IANS
New Delhi : India's annual rate of inflation, based on wholesale prices, rose sharply to a 13-month high of 6.68 percent for the week ended March 15, exerting pressure on the central bank that has targeted to keep it below 5 percent.
This is the highest level since the 6.69 percent rate Jan 27 last year. The inflation, computed from the Wholesale Price Index, was ruling at 5.92 percent for the week ended March 8, official data showed Friday.
UN panel adopts resolution on arms trade standards
By Xinhua,
United Nations : The UN has adopted a British sponsored resolution seeking to establish agreed standards of arms trade.
The resolution, tabled Friday, received an overwhelming support of 145 members at the General Assembly session of the Committee on Disarmament and International Security, with only the US and Zimbabwe dissenting, Britain's UN envoy John Sawers said.
He said "the standards that will be part of an arms trade treaty" would be negotiated in March and July.
Firstsource Solutions bags outsourcing partnership
By IANS
Mumbai : Mumbai-based offshore BPO firm Firstsource Solutions Ltd (FSL) has signed a five-year $80 million outsourcing partnership with financial services provider Barclays PLC for credit card business in the US.
Providing this information to the Bombay Stock Exchange (BSE) Friday, FSL said under the terms of the agreement it will manage and operate Barclays' operations centre in Colorado Springs and provide customer care and collections support to Barclays US cardholders.
Two percent of GDP to be spent on health: Ahluwalia
By IANS
New Delhi : Underlining the sorry state of healthcare facilities in rural India, Planning Commission deputy chairman Montek Singh Ahluwalia Tuesday said the country would spend two percent of its GDP on health in the 11th Five Year Plan (2007-12).
"Currently we (central and state governments) are spending one percent of our GDP on health sector and by the end of the 11th five year plan, say 2011-12, we will spend two percent of it," Ahluwalia said.
Indian equities slip after strong opening
By IANS,
Mumbai : Indian equities slipped into the red in early hours of trading Tuesday after opening on a strong note following interventions by the markets watchdog and a cut in minimum cash balance for banks against deposits announced by the central bank a day earlier.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened strong at 12,068.11 points, against the previous close at 11,801.70 points, and soon shot up to 12,181.43 points.
China combats price rise, speculation as snow wreaks havoc
By Xinhua
Beijing : Besides battling the worst winter in five decades, Chinese authorities find themselves fighting hoarding, price rise and speculations to maintain market order.
The extreme winter, which has hit 19 Chinese localities, has driven up costs of essential supplies, but the worst is still not over and the situation is compounded by elements seeking to harvest some quick bucks from the crisis.
Sensex sharply dips 277 points in afternoon
By IANS,
Mumbai : A key index of the Indian equities markets sharply dipped about an hour before the closing bell Thursday. It was ruling 277 points below its previous close.
The benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened at 14,503.05 points, was trading at 14,244.96 points - 277.88 points or 1.91 percent lower than Wednesday's close.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) slipped 2.37 percent to stand at 4,252.9 points.
India seeks more investments from New Zealand
By KUNA
New Delhi : India Tuesday called for strengthening bilateral economic and investment ties with New Zealand.
Visiting New Zealand Minister for Agriculture, Forestry, Bio-Security and Fisheries Jim Anderton today met Indias Commerce and Industry Minister Kamal Nath, to discuss possible steps to enhance bilateral business ties.
Bangladesh to import sugar
By IANS,
Dhaka : Bangladesh will import 25,000 metric tonnes of sugar, a media report said Sunday.
Bharat Petroleum Corp posts Rs.10.6 bn loss
By IANS,
New Delhi : Bharat Petroleum Corp Ltd (BPCL) has announced net loss of Rs.10.6 billion in the first quarter of 2008-09 compared to Rs.1.9 billion net profit of the year-ago period.
In a regulatory statement, BPCL announced that its total income has risen to Rs.392.9 billion in the first quarter from Rs.243.1 of the same period last year.
Sensex closes 1 percent lower
By IANS,
Mumbai : A key index of Indian equities markets, which had slipped sharply in the last 40 minutes of trade Wednesday, managed to climb slightly to close 1.01 percent in the red.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened marginally higher at 16,905.5 points, shut shop at 16,716.53 points (provisional), down 169.9 points or 1.01 percent.
The Nifty of the National Stock Exchange (NSE) ended marginally in the red at 4,970.5 points, down 0.99 percent.
Citigroup to bail out $49 bn in credit crunch: Pandit
By DPA
New York : Just two days after taking over, Citigroup's new head Vikram Pandit has taken the bull by the horns, with the giant bank saying it would assume $49 billion of debt in the US's unravelling home-mortgage credit meltdown.
The decision to bring the so-called structured-investment-vehicles (SIV) onto the company's balance sheets marked a turnaround for Citigroup, which in November said it would not consolidate the lagging SIVs.
India’s growth could be way out of global recession: Kamal Nath
By Dipankar De Sarkar, IANS
Davos (Switzerland) : Commerce and Industry Minister Kamal Nath said Wednesday that the world was faced with imminent recession but India's domestic consumption-driven growth could prove to be the way out of it.
"Unlike China, India's growth story is a domestic market driven growth," Nath told a panel.
Nokia to invest $75 million in India plant
By IANS
New Delhi : World's leading cell phone maker Nokia Wednesday announced an investment of $75 million in its manufacturing plant based in Sriperumbudur near Chennai.
The Finnish giant, for which India is the second largest market after China, has so far invested about $210 million since January last year in the plant.
Inflation needs to come down for rate hikes to ease: RBI
By IANS,
Mumbai: A day ahead of its monetary policy review, India's central bank Monday said inflation needs to come down from current levels for interest rate hikes to ease off.
Economic survey highlights-3
* Passage of PFRDA Act, shift of commodity futures trading into the finance ministry and the presentation of the FSLRC report were the three...
Trilateral meet on gas pipeline next month
By IANS,
New Delhi : In the wake of rocketing crude oil prices, petroleum secretary M.S. Srinivasan said Monday that India, Pakistan and Iran will meet next month to discuss issues pertaining to the Iran-Pakistan-India natural gas pipeline.
"We (India, Pakistan and Iran) will be meeting next month. There are no major constraints in supply of oil. Major producing countries have been asked to increase their output so that the supply response is even better," Srinivasan told reporters.
Tech Mahindra to build campus in Chandigarh
By IANS
Chandigarh : Leading software and telephone solutions provider, Tech Mahindra, is setting up its integrated IT campus at Chandigarh's IT park with an investment of Rs.2 billion ($51 million).
Punjab governor and Chandigarh's administrator S.F. Rodrigues laid the foundation stone of the campus Wednesday in the presence of Mahindra & Mahindra group chairman Keshub Mahindra.
The campus will be built on 15 acres of land at the Rajiv Gandhi Chandigarh Technology Park (RGCTP).
It will employ over 5,000 people when completed in two years.
Markets move north, Sensex gains 180 points
By IANS,
Mumbai : Indian equities continued their rally Tuesday for the second day in a row amid healthy buys across the sectors. A key index ended the day 1.92 percent higher than 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.
The broader S&P CNX Nifty index of the National Stock Exchange (NSE) gained 45.5 points or 1.56 percent to close at 2,967.7 points.
India’s Sensex breaches 15,000 mark but closes lower
By IANS
Mumbai : With Indian equities on a major upswing, the key sensitive index (Sensex) of the Bombay Stock Exchange (BSE) breached the magic figure of 15,000 points Friday for the first time ever. The major index, however, ended the day at 14,964.12, up 102 points from Thursday's close, with technology stocks making a revival.
US consumer prices fall by record one percent
By DPA,
Washington : In a continuing signal of economic decline, US consumer prices fell one percent month-on-month in October, the largest one-month decrease since inflation figures started being published in 1947, the US government said Wednesday.
The overall inflation index had remained flat through September after having its first decline in two years in August of 0.1 per cent.
The figures, which were seasonally adjusted, reflected an 8.6 percent drop in energy prices. Petrol prices were down more than 14 percent, the Bureau of Labour Statistics (BLS) said.
Russia needs $1 trillion investment to modernize economy – Ivanov
By RIA Novosti
Munich : Russia needs $1 trillion in investment to modernize its economy, Russian First Deputy Prime Minister Sergei Ivanov said on Sunday.
Ivanov, who spoke at an international conference on security in Munich, said Russia would like to focus on private investment while state support was a catalyst for investment processes and a guarantee for financial investment by business, including foreign investors.
Eveready posts Rs.17.5-cr second quarter net
By IANS,
Kolkata : Dry battery major and packet tea seller Eveready Industries registered a net profit of Rs.17.54 crore for the quarter ended Sep 30, as against Rs.2.26 crore earned in the corresponding period last fiscal, a company statement said here Wednesday.
"Price of zinc, a key input material, was softer in the current quarter as compared to the second quarter of the previous year, but this gain got more than eroded on account of a weak currency in current quarter," the statement said.
Battery volumes registered a 7 percent growth in the period under review.
Iran warns of sharp increase in oil prices if attacked
By RIA Novosti,
Tehran : Global oil prices will jump to unprecedented levels in case of any aggression against Iran, the country's oil minister said on Saturday.
Some Western media have long been circulating rumors of an 'imminent" attack on the Islamic Republic planned by either the United States or Israel in order to force Tehran to abandon its controversial uranium enrichment program.
Spain sets $789 mn budget for electric vehicles
By IANS/EFE,
Madrid : Spain has presented a 590-million euro ($789 million) budget to promote electric vehicles in the country and is set to register more than 70,000 all-electric and hybrid cars by 2012.
The aim is a total registration of 250,000 units by 2014, Prime Minister Jose Luis Rodriguez Zapatero said Tuesday.
Subsidies of up to 6,000 euro ($8,000) per vehicle for individual users was announced by the prime minister to make it more economical for the users to acquire such vehicles.
ISRO eyes commercial launches to earn cash
By IANS,
Kolkata : After a string of successes, a confident Indian Space Research Organisation (ISRO) is ready to offer its capacities on a commercial basis and ring in its cash registers, after meeting the domestic requirement that calls for four to five launches a year.
"ISRO launch vehicles are efficient, reliable and cost-effective. Our launch vehicles cost nearly 25 percent less than what international agencies demand," ISRO chairman G. Madhavan Nair Thursday said.